# EDGAR Filing Document

**Accession Number:** 0001027263
**File Stem:** 0001193125-23-059862
**Filing Date:** 2023-3
**Character Count:** 7731582
**Document Hash:** 41b9d709ec04e3b1c62e2ea208134c35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059862.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059862

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 103

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQ ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0001027263
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07953
- **FILM NUMBER:** 23703218

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024580 | Class IA     |  |
| C000024581 | Class IB     |  |
| C000104161 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024582 | Class IA     |  |
| C000024583 | Class IB     |  |
| C000104162 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024586 | Class IA     |  |
| C000024587 | Class IB     |  |
| C000104163 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024588 | Class IA     |  |
| C000024589 | Class IB     |  |
| C000104164 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024594 | Class IA     |  |
| C000024595 | Class IB     |  |
| C000104165 | Class K      |  |

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024600 | Class IA     |  |
| C000024601 | Class IB     |  |
| C000104168 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024604 | Class IA     |  |
| C000024605 | Class IB     |  |
| C000104170 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024610 | Class IA     |  |
| C000024611 | Class IB     |  |
| C000104171 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024879 | Class IA     |  |
| C000024880 | Class IB     |  |
| C000104174 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024881 | Class IA     |  |
| C000024882 | Class IB     |  |
| C000104175 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024883 | Class IA     |  |
| C000024884 | Class IB     |  |
| C000104176 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024885 | Class IA     |  |
| C000024886 | Class IB     |  |
| C000104177 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024887 | Class IA     |  |
| C000024888 | Class IB     |  |
| C000104178 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024923 | Class IA     |  |
| C000024924 | Class IB     |  |
| C000104179 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024929 | Class IA     |  |
| C000024930 | Class IB     |  |
| C000104181 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024931 | Class IA     |  |
| C000024932 | Class IB     |  |
| C000104182 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024933 | Class IA     |  |
| C000024934 | Class IB     |  |
| C000104183 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024935 | Class IA     |  |
| C000024936 | Class IB     |  |
| C000104184 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024939 | Class IA     |  |
| C000024940 | Class IB     |  |
| C000104185 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024941 | Class IA     |  |
| C000024942 | Class IB     |  |
| C000104186 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024945 | Class IA     |  |
| C000024946 | Class IB     |  |
| C000104187 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024982 | Class IA     |  |
| C000024983 | Class IB     |  |
| C000104189 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024984 | Class IA     |  |
| C000024985 | Class IB     |  |
| C000104190 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024986 | Class IA     |  |
| C000024987 | Class IB     |  |
| C000104191 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024990 | Class IA     |  |
| C000024991 | Class IB     |  |
| C000104192 | Class K      |  |

### EQ/T. Rowe Price Growth Stock Portfolio (Series ID: S000009207)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025010 | Class IA     |  |
| C000025011 | Class IB     |  |
| C000104193 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025014 | Class IA     |  |
| C000025015 | Class IB     |  |
| C000104195 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025016 | Class IA     |  |
| C000025017 | Class IB     |  |
| C000104196 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000025018 | Class IA     |  |
| C000025019 | Class IB     |  |
| C000104197 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029648 | Class IA     |  |
| C000029649 | Class IB     |  |
| C000104198 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035601 | Class IA     |  |
| C000035602 | Class IB     |  |
| C000104202 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035603 | Class IB     |  |
| C000035604 | Class IA     |  |
| C000104203 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035605 | Class IA     |  |
| C000035606 | Class IB     |  |
| C000104204 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075072 | Class IA     |  |
| C000075073 | Class IB     |  |
| C000104207 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075074 | Class IA     |  |
| C000075075 | Class IB     |  |
| C000104208 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075076 | Class IA     |  |
| C000075077 | Class IB     |  |
| C000104209 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075078 | Class IA     |  |
| C000075079 | Class IB     |  |
| C000104210 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075514 | Class IA     |  |
| C000075515 | Class IB     |  |
| C000104211 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077102 | Class IA     |  |
| C000077103 | Class IB     |  |
| C000104212 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077107 | Class IB     |  |
| C000104214 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077110 | Class IA     |  |
| C000077111 | Class IB     |  |
| C000104215 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077114 | Class IA     |  |
| C000077115 | Class IB     |  |
| C000104216 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077116 | Class IB     |  |
| C000077117 | Class IA     |  |
| C000104217 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077120 | Class IA     |  |
| C000077121 | Class IB     |  |
| C000104218 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077122 | Class IA     |  |
| C000077123 | Class IB     |  |
| C000104219 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090305 | Class IA     |  |
| C000090306 | Class IB     |  |
| C000104221 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095067 | Class IA     |  |
| C000095068 | Class IB     |  |
| C000104222 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000103341 | Class IA     |  |
| C000103342 | Class IB     |  |
| C000112719 | Class K      |  |

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000111959 | Class IB     |  |
| C000111960 | Class K      |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138915 | Class IA     |  |
| C000138916 | Class IB     |  |
| C000138917 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138924 | Class IA     |  |
| C000138925 | Class IB     |  |
| C000138926 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153794 | Class IB     |  |
| C000154468 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153797 | Class IB     |  |
| C000154469 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153798 | Class IB     |  |
| C000154470 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000163880 | Class IB     |  |
| C000163881 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194817 | Class IB     |  |
| C000194818 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194819 | Class IB     |  |
| C000194820 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203160 | Class IB     |  |
| C000203161 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203162 | Class IB     |  |
| C000203163 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203164 | Class IB     |  |
| C000203165 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203168 | Class IB     |  |
| C000203169 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203172 | Class IB     |  |
| C000203173 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203174 | Class IB     |  |
| C000203175 | Class K      |  |

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203178 | Class IB     |  |
| C000203179 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203180 | Class IB     |  |
| C000203181 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203182 | Class K      |  |
| C000203183 | Class IB     |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203186 | Class IB     |  |
| C000203187 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203188 | Class IB     |  |
| C000203189 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207176 | Class K      |  |
| C000207177 | Class IB     |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207178 | Class IB     |  |
| C000207179 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207184 | Class K      |  |
| C000207185 | Class IB     |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000207186 | Class IB     |  |
| C000207187 | Class K      |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228738 | Class IB     |  |
| C000228739 | Class K      |  |
| C000228740 | Class IA     |  |

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

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

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

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

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

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

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## EQ ADVISORS TRUST
**(Exact name of registrant as specified in charter)** 

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**1290 Avenue of the Americas** 

**New York, New York 10104** 

**(Address of principal executive offices)** 

------

**MAUREEN E. KANE, ESQ.** 

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

**Equitable Investment Management Group, LLC** 

**1290 Avenue of the Americas** 

**New York, New York 10104** 

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

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***Copies to:***

**MARK C. AMOROSI, ESQ.** 

**K&L Gates LLP** 

**1601 K Street N.W.** 

**Washington, D.C. 20006** 

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

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

**Date of reporting period: January 1, 2022 - December 31, 2022** 

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Item 1. Reports to Stockholders.

Item 1(a):

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## EQ Advisors Trust

## Annual Report

## December 31, 2022

------

**EQ Advisors Trust Annual Report** 

**December 31, 2022** 

**Table of Contents**

---

| | |
|:---|:---|
| **[Notes on Performance (Unaudited)](#tx401674_1)** | 4 |
| **Portfolios** |  |
| [EQ/All Asset Growth Allocation](#tx401674_2) | 10 |
| [EQ/Ultra Conservative Strategy](#tx401674_3) | 19 |
| [EQ/Conservative Strategy](#tx401674_4) | 26 |
| [EQ/Conservative Growth Strategy](#tx401674_5) | 33 |
| [EQ/Balanced Strategy](#tx401674_6) | 40 |
| [EQ/Moderate Growth Strategy](#tx401674_7) | 48 |
| [EQ/Growth Strategy](#tx401674_8) | 55 |
| [EQ/Aggressive Growth Strategy](#tx401674_9) | 63 |
| [Equitable Conservative Growth MF/ETF (formerly 1290 VT DoubleLine Dynamic Allocation)](#tx401674_10) | 70 |
| [Equitable Moderate Growth MF/ETF](#tx401674_11) | 78 |
| [Equitable Growth MF/ETF](#tx401674_12) | 86 |
| [1290 VT Moderate Growth Allocation](#tx401674_13) | 94 |
| [1290 VT Multi-Alternative Strategies](#tx401674_14) | 102 |
| [1290 VT Convertible Securities](#tx401674_15) | 110 |
| [1290 VT DoubleLine Opportunistic Bond](#tx401674_16) | 124 |
| [1290 VT Equity Income](#tx401674_17) | 148 |
| [1290 VT GAMCO Mergers & Acquisitions](#tx401674_18) | 157 |
| [1290 VT GAMCO Small Company Value](#tx401674_19) | 169 |
| [1290 VT High Yield Bond](#tx401674_20) | 184 |
| [1290 VT Micro Cap](#tx401674_21) | 199 |
| [1290 VT Natural Resources](#tx401674_22) | 225 |
| [1290 VT Real Estate](#tx401674_23) | 234 |
| [1290 VT Small Cap Value](#tx401674_24) | 246 |
| [1290 VT SmartBeta Equity ESG](#tx401674_25) (formerly 1290 VT SmartBeta Equity) | 269 |
| [1290 VT Socially Responsible](#tx401674_26) | 281 |
| [ATM Large Cap Managed Volatility](#tx401674_27) | 293 |
| [ATM Mid Cap Managed Volatility](#tx401674_28) | 307 |
| [ATM Small Cap Managed Volatility](#tx401674_29) | 320 |
| [ATM International Managed Volatility](#tx401674_30) | 347 |
| [EQ/500 Managed Volatility](#tx401674_31) | 364 |
| [EQ/400 Managed Volatility](#tx401674_32) | 378 |
| [EQ/2000 Managed Volatility](#tx401674_33) | 391 |
| [EQ/International Managed Volatility](#tx401674_34) | 418 |
| [EQ/AB Dynamic Aggressive Growth](#tx401674_35) | 436 |
| [EQ/AB Dynamic Growth](#tx401674_36) | 461 |
| [EQ/AB Dynamic Moderate Growth](#tx401674_37) | 485 |
| [EQ/AB Short Duration Government Bond](#tx401674_38) | 509 |
| [EQ/AB Small Cap Growth](#tx401674_39) | 523 |
| [EQ/AB Sustainable U.S. Thematic](#tx401674_40) | 551 |
| [EQ/American Century Mid Cap Value](#tx401674_41) | 559 |
| [EQ/American Century Moderate Growth Allocation](#tx401674_42) | 571 |
| [EQ/Capital Group Research](#tx401674_43) | 579 |
| [EQ/ClearBridge Large Cap Growth ESG (formerly EQ/ClearBridge Large Cap Growth)](#tx401674_44) | 588 |
| [EQ/ClearBridge Select Equity Managed Volatility](#tx401674_45) | 598 |
| [EQ/Common Stock Index](#tx401674_46) | 615 |
| [EQ/Core Bond Index](#tx401674_47) | 639 |
| [EQ/Emerging Markets Equity PLUS](#tx401674_48) | 687 |
| [EQ/Equity 500 Index](#tx401674_49) | 706 |
| [EQ/Fidelity Institutional AM<sup>®</sup> Large Cap](#tx401674_50) | 721 |
| [EQ/Franklin Moderate Allocation](#tx401674_51) | 734 |
| [EQ/Franklin Rising Dividends](#tx401674_52) | 749 |

---

------

---

| | |
|:---|:---|
| [EQ/Franklin Small Cap Value Managed Volatility](#tx401674_53) | 758 |
| [EQ/Global Equity Managed Volatility](#tx401674_54) | 787 |
| [EQ/Goldman Sachs Growth Allocation](#tx401674_55) | 811 |
| [EQ/Goldman Sachs Mid Cap Value](#tx401674_56) | 821 |
| [EQ/Goldman Sachs Moderate Growth Allocation](#tx401674_57) | 830 |
| [EQ/Intermediate Government Bond](#tx401674_58) | 844 |
| [EQ/International Core Managed Volatility](#tx401674_59) | 854 |
| [EQ/International Equity Index](#tx401674_60) | 874 |
| [EQ/International Value Managed Volatility](#tx401674_61) | 895 |
| [EQ/Invesco Comstock](#tx401674_62) | 922 |
| [EQ/Invesco Global](#tx401674_63) | 933 |
| [EQ/Invesco Global Real Assets](#tx401674_64) | 941 |
| [EQ/Invesco Moderate Allocation](#tx401674_65) | 949 |
| [EQ/Invesco Moderate Growth Allocation](#tx401674_66) | 963 |
| [EQ/Janus Enterprise](#tx401674_67) | 984 |
| [EQ/JPMorgan Growth Allocation](#tx401674_68) | 994 |
| [EQ/JPMorgan Value Opportunities](#tx401674_69) | 1003 |
| [EQ/Large Cap Core Managed Volatility](#tx401674_70) | 1012 |
| [EQ/Large Cap Growth Index](#tx401674_71) | 1028 |
| [EQ/Large Cap Growth Managed Volatility](#tx401674_72) | 1043 |
| [EQ/Large Cap Value Index](#tx401674_73) | 1059 |
| [EQ/Large Cap Value Managed Volatility](#tx401674_74) | 1077 |
| [EQ/Lazard Emerging Markets Equity](#tx401674_75) | 1096 |
| [EQ/Long-Term Bond](#tx401674_76) | 1105 |
| [EQ/Loomis Sayles Growth](#tx401674_77) | 1122 |
| [EQ/MFS International Growth](#tx401674_78) | 1132 |
| [EQ/MFS International Intrinsic Value](#tx401674_79) | 1141 |
| [EQ/MFS Mid Cap Focused Growth](#tx401674_80) | 1149 |
| [EQ/MFS Technology](#tx401674_81) | 1156 |
| [EQ/MFS Utilities Series](#tx401674_82) | 1164 |
| [EQ/Mid Cap Index](#tx401674_83) | 1174 |
| [EQ/Mid Cap Value Managed Volatility](#tx401674_84) | 1188 |
| [EQ/Money Market](#tx401674_85) | 1206 |
| [EQ/Morgan Stanley Small Cap Growth](#tx401674_86) | 1213 |
| [EQ/PIMCO Global Real Return](#tx401674_87) | 1233 |
| [EQ/PIMCO Real Return](#tx401674_88) | 1248 |
| [EQ/PIMCO Total Return ESG (formerly EQ/PIMCO Total Return)](#tx401674_89) | 1268 |
| [EQ/PIMCO Ultra Short Bond](#tx401674_90) | 1293 |
| [EQ/Quality Bond PLUS](#tx401674_91) | 1311 |
| [EQ/Small Company Index](#tx401674_92) | 1337 |
| [EQ/T. Rowe Price Growth Stock](#tx401674_93) | 1364 |
| [EQ/T. Rowe Price Health Sciences](#tx401674_94) | 1373 |
| [EQ/Value Equity](#tx401674_95) | 1382 |
| [EQ/Wellington Energy](#tx401674_96) | 1391 |
| [Multimanager Aggressive Equity](#tx401674_97) | 1399 |
| [Multimanager Core Bond](#tx401674_98) | 1414 |
| [Multimanager Technology](#tx401674_99) | 1466 |
| **[Notes to Financial Statements](#tx401674_100)** | 1478 |
| **[Report of Independent Registered Public Accounting Firm](#tx401674_101)** | 1528 |
| **[Approvals of Investment Advisory and Sub-Advisory Agreements (Unaudited)](#tx401674_102)** | 1531 |
| **[Federal Income Tax Information (Unaudited)](#tx401674_104)** | 1573 |
| **[Management of the Trust (Unaudited)](#tx401674_105)** | 1575 |
| **[Shareholder Meeting Voting Results](#tx401674_105a)** | 1581 |
| **[Liquidity Risk Management Program (Unaudited)](#tx401674_103)** | 1582 |
| **[Control Person and Principal Holders of Securities (Unaudited)](#tx401674_106)** | 1583 |
| **[Proxy Voting Policies and Procedures (Unaudited)](#tx401674_107)** | 1583 |
| **[Quarterly Portfolio Holdings Information (Unaudited)](#tx401674_108)** | 1583 |

---

------

**2022 Market Overview** 

**Market Overview** 

The past year was one defined by the world's central banks, as the U.S. Federal Reserve and others boosted the cost of obtaining credit to tamp down burgeoning inflation. Interest rates rose across the yield curve, and then flattened out or inverted—meaning short-term rates generally rose more than their long-term counterparts. At the same time, Russia's attack on Ukraine triggered higher energy prices in Europe and higher food costs in parts of the world dependent on Ukrainian wheat. China's zero COVID policy weighed on local productivity and created further supply bottlenecks. Nonetheless, after several rounds of rate hikes, inflationary pressures appeared to have peaked by the third quarter.

**Fixed Income** 

In U.S. fixed-income markets, persistent inflation, rapid central bank rate increases and slowing growth all combined to hurt investment-grade bond returns. Indeed, these factors helped lead the Bloomberg U.S. Aggregate Bond Index to a -13% return. Corporate bonds underperformed the broader market, reflecting the slowdown in economic growth and corporate profits. The ICE BofA Merrill Lynch U.S. High Yield Index generated a total return of -11.2% for the period, mainly due to increased uncertainty following the Federal Reserve's actions, the Ukraine war, and a prolonged drop in overall risk asset valuations. Flows into the high-yield market were negative for the year, with outflows concentrated in the first three quarters of 2022.

**Equity** 

Throughout 2022, the Cboe Volatility Index, known as the stock market's "fear" gauge, was very volatile and finished much higher overall. U.S. equity markets entered a bear market (defined as a loss of 20% or more) early in the year, before rallying back in the fourth quarter. Nevertheless, despite the fourth quarter's gain, the S&P 500 Index declined more than 18% for the year, making 2022 the worst year for stocks since the Great Financial Crisis of 2008. In this environment, mid-cap stocks held up better than large- and small-cap stocks, but all endured double-digit losses as measured by the Russell family of indices. In terms of returns by style, value stocks significantly outperformed growth across all capitalization ranges, as rising rates negatively impacted long-duration growth stocks.

**International** 

International stocks performed better than their U.S. counterparts, but still produced double-digit declines in U.S. dollar terms, with the MSCI EAFE Index returning -14.5%. European stocks benefited from relatively strong earnings reports; nevertheless, investors worried about a potential looming energy crisis and economic slowdown ahead. Non-U.S. value stocks beat growth, aided by investor preference for more durable earnings growth and cash in hand as opposed to growth stocks' promise for earnings in the future.

------

**NOTES ON PERFORMANCE (Unaudited)** 

**Total Returns** 

Performance of the EQ Advisors Trust Portfolios (the "Portfolios") as shown on the following pages compares each Portfolio's performance to that of a broad-based securities index. Each of the Portfolio's annualized rates of return is net of investment management fees and expenses of the Portfolio. Rates of return are not representative of the actual return you would receive under your variable life insurance policy or annuity contract. No policyholder or contract holder can invest directly in the Portfolios. Changes in policy values depend not only on the investment performance of the Portfolios, but also on the insurance and administrative charges, applicable sales charges, and the mortality and expense risk charge applicable under a policy. These policy charges effectively reduce the dollar amount of any net gains and increase the dollar amount of any net losses. Each of the Portfolios has a separate investment objective it seeks to achieve by following a separate investment policy. There is no guarantee that these objectives will be attained. The objectives and policies of each Portfolio will affect its return and its risk. Keep in mind that past performance is not an indication of future results.

**Growth of $10,000 Investment** 

The charts shown on the following pages illustrate the total value of an assumed investment in Class IA, Class IB and/or Class K shares of each Portfolio of the EQ Advisors Trust. The periods illustrated are from the inception dates shown, or for a ten year period if the inception date is prior to December 31, 2012, through December 31, 2022. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable to Class IA and Class IB shares. 12b-1 fees are not applicable to Class K shares. The values have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

**<u>The Benchmarks</u>**

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

**60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Aggregate Bond Index** 

A hypothetical combination of unmanaged indexes. The composite index combines the total return of the S&P 500<sup>®</sup> Index at a weighting of 60% and the Bloomberg U.S. Aggregate Bond Index at a weighting of 40%.

**Bloomberg U.S. 5-10 Year Corporate Bond Index** 

An unmanaged index that includes U.S. dollar-denominated, investment-grade, fixed rate, taxable securities issued by industrial, utility and financial companies, with maturities between 5 and 10 years.

**Bloomberg U.S. 7-10 Year Treasury Bond Index** 

An unmanaged index of securities consisting of all U.S. Treasury securities that have remaining maturities of 7 to 10 years.

**Bloomberg U.S. Aggregate Bond Index** 

An index which covers the U.S. dollar denominated investment- grade, fixed-rate, taxable bond market of securities. The index includes bonds from the Treasury, government-related and corporate securities, agency fixed rate and hybrid adjustable mortgage pass throughs, asset-backed securities and commercial

mortgage-backed securities.

**Bloomberg U.S. Convertible Liquid Bond Index** 

An Index designed to represent the market of U.S. convertible securities. The Index may include investment grade, below investment grade and unrated securities.

**Bloomberg U.S. Intermediate Government Bond Index** 

An unmanaged index of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years.

**Bloomberg U.S. Intermediate Government/Credit Bond Index** 

An unmanaged, market value weighted index which includes Treasuries, government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates with maturities of one to 10 years.

**Bloomberg U.S. Treasury Bond 3-7 Year Index** 

An unmanaged index of securities which measures the performance of government bonds issued by the U.S. Treasury that have a remaining maturity of more than three years and less than seven years.

**Bloomberg World Government Inflation-Linked Bond Index** 

An index which measures the performance of the major government inflation-linked bond markets. The index is designed to include only those markets in which a global government linked fund is likely and able to invest. To be included a market must have aggregate issuance of $4 billion or more and have

------

**NOTES ON PERFORMANCE (Unaudited)** 

minimum rating of A3/A- for G7 and Eurozone issuers, Aa3/AA- otherwise, using the middle rating from Moody's, S&P and Fitch ("two out of three" rule).

**Bloomberg U.S. TIPS Index** 

An unmanaged index comprised of all U.S. Treasury Inflation Protected Securities (TIPS) rated investment grade or better (Baa3 or better), having at least one year to final maturity and at least $250 million par amount outstanding.

**DJ EuroSTOXX 50<sup>®</sup> Index ("EuroSTOXX 50")** 

Europe's leading blue-chip index for the Eurozone, provides a blue-chip representation of supersector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

**FTSE 100 Index ("FTSE 100")** 

A market capitalization weighted index representing the performance of the 100 largest blue chip companies, listed on the London Stock Exchange, which meet the FTSE's size and liquidity screening.

**FTSE EPRA/NAREIT Developed Index** 

An index which is designed to measure the performance of listed real estate companies and REITs worldwide.

**FTSE EPRA/NAREIT Global (Net) Index** 

An index which is designed to track the performance of listed real estate companies and REITs in both developed and emerging markets.

**FTSE NAREIT All Equity REITs Index** 

FTSE NAREIT All Equity REITs Index measures the performance of all taxqualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate.

**ICE BofA 1-year U.S. Treasury Note Index** 

An index which measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of 1-year.

**ICE BofA 3-Month U.S. Treasury Bill Index** 

An index which measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

**ICE BofA U.S. High Yield Index** 

An index which tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. It is capitalization-weighted.

**International Proxy Index** 

An index that is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the DJ EuroSTOXX 50<sup>®</sup> Index at a weighting of 40%, the FTSE 100 Index at a weighting of 25%, the TOPIX Index at a weighting of 25% andthe S&P/ASX 200 Index at a weighting of 10%.

**Morgan Stanley Capital International (MSCI) ACWI (Net) Index** 

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets and 26 emerging markets. The index covers approximately 85% of the global investment opportunities.

**Morgan Stanley Capital International (MSCI) ACWI ex USA Growth (Net) Index** 

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 22 developed markets (excluding the U.S.) and 26 emerging markets and has growth style characteristics.

**Morgan Stanley Capital International (MSCI) ACWI Growth (Net) Index** 

An index which captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets countries and 24 emerging markets countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward earnings per share ("EPS") growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

**Morgan Stanley Capital International (MSCI) ACWI Minimum Volatility (Net) Index** 

An index which aims to reflect the performance characteristics of a minimum variance strategy applied to large and mid cap equities across 23 developed markets and 27 emerging markets countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI ACWI Index.

**Morgan Stanley Capital International (MSCI) EAFE<sup>®</sup> Index ("MSCI EAFE<sup>®</sup> Index")** 

A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,

------

**NOTES ON PERFORMANCE (Unaudited)** 

Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

**Morgan Stanley Capital International (MSCI) Emerging Markets (Gross Dividends) Index<sup>SM</sup> ("MSCI EM (Gross Div) Index")** 

A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

**Morgan Stanley Capital International (MSCI) Emerging Markets (Net Dividends) Index<sup>SM</sup>** 

A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 27 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

**Morgan Stanley Capital International (MSCI) ACWI Energy (Net) Index** 

An Index that includes large and mid-cap securities across 23 Developed Markets and 27 Emerging Markets countries. All securities in the index are classified in the Energy sector as per the Global Industry Classification Standard (GICS<sup>®</sup>).

**Morgan Stanley Capital International (MSCI) ACWI Utilities (Net) Index** 

An Index that captures large and mid-cap representation across 23 Developed Markets and 27 Emerging Markets countries. All securities in the index are classified in the Utilities sector as per the Global Industry Classification Standard (GICS<sup>®</sup>).

**Morgan Stanley Capital International (MSCI) KLD 400 Social Index** 

A capitalization weighted index of 400 U.S. securities that provides exposure to companies with outstanding Environmental, Social and Governance (ESG) ratings and excludes companies whose products have negative social or environmental impacts.

**Morgan Stanley Capital International (MSCI) World 100% Hedged to USD Index** 

An index that represents a close estimation of the performance that can be achieved by hedging the currency exposures of its parent index, the MSCI World Index, to the USD, the "home" currency for the hedged index. The index is 100% hedged to the USD by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid cap stocks across 23 Developed Markets countries and its local performance is calculated in 13 different currencies, including the Euro.

**Morgan Stanley Capital International (MSCI) World Commodity Producers (Net) Index** 

A free float-adjusted market capitalization index designed to reflect the performance of listed commodity producers across three industry (or subindustry) categories as defined by the Global Industry Classification Standard (GICS<sup>®</sup>): energy, metals and agriculture.

**Morgan Stanley Capital International (MSCI) World (Net) Index ("MSCI World (Net) Index")** 

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Index consists of 23 developed market country indexes.

**Russell 1000<sup>®</sup> Index** 

An index which measures the performance of approximately 1,000 of the largest companies in the Russell 3000<sup>®</sup> Index, and represents approximately 92% of the total market capitalization of the Russell 3000<sup>®</sup> Index. It is market-capitalization weighted.

**Russell 1000<sup>®</sup> Growth Index** 

An index which measures the performance of those Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

**Russell 1000<sup>®</sup> Value Index** 

An index which measures the performance of those Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

**Russell 2000<sup>®</sup> Index** 

An unmanaged index which measures the performance of approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index, which represents approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index. It is market-capitalization weighted.

**Russell 2000<sup>®</sup> Growth Index** 

An index which measures the performance of those Russell 2000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

**Russell 2000<sup>®</sup> Value Index** 

An index which measures the performance of those Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

------

**NOTES ON PERFORMANCE (Unaudited)** 

**Russell 3000<sup>®</sup> Index** 

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

**Russell 3000<sup>®</sup> Growth Index** 

An index which measures the performance of those Russell 3000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

**Russell 3000<sup>®</sup> Health Care Index** 

An unmanaged index representative of companies involved in medical services or health care in the Russell 3000<sup>®</sup> Index.

**Russell Microcap<sup>®</sup> Index** 

An index which measures the performance of the smallest 1,000 securities in the small-cap Russell 2000<sup>®</sup> Index, plus the next 1,000 smallest eligible securities by market cap, which represents less than 3% of the U.S. equity market. It is market-capitalization weighted.

**Russell Midcap<sup>®</sup> Growth Index** 

An index which measures the performance of those Russell Midcap<sup>®</sup> Index companies with higher price-to- book ratios and higher forecasted growth values. It is market-capitalization weighted.

**Russell Midcap<sup>®</sup> Value Index** 

An index which measures the performance of those Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

**Standard & Poor's 500<sup>®</sup> Composite Stock Price Index ("S&P 500<sup>®</sup> Index")** 

A weighted index of common stocks of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The index is market-capitalization weighted, thereby giving greater weight to companies with the largest market capitalizations.

**Standard & Poor's Australian Security Exchange 200 Index (a.k.a. S&P/ASX 200 Index)** 

An index recognized as the primary investable benchmark in Australia. The index represents the 200 largest and most liquid publicly listed companies in Australia and represents approximately 78% of the Australian equity market capitalization.

**S&P Long-Only Merger Arbitrage Index ("S&P LOMA Index")** 

An index which seeks to model a risk arbitrage strategy that exploits commonly observed price changes associated with mergers. The index is comprised of a maximum of 40 large and liquid stocks that are active targets in pending merger deals.

**Standard & Poor's MidCap 400<sup>®</sup> Index ("S&P MidCap 400<sup>®</sup> Index")** 

A weighted index of 400 domestic stocks chosen for market size, liquidity, and industry group representation. The index captures approximately 7% of the U.S. equities market. The index returns reflect the reinvestment of dividends.

**S&P Real Assets Equity Index** 

A static weighted return of investable and liquid equity indexed components that measures the performance of real return strategies that invest in listed global property, infrastructure, natural resources, and timber and forestry companies.

**S&P North American Technology Sector Index** 

A modified capitalization-weighted index composed of U.S. traded securities classified under the Global Industry Classification Standard (GICS<sup>®</sup>) technology (sector) and Internet retail (sub-industry).

**TOPIX Index ("TOPIX")** 

A free-float adjusted capitalization-weighted index that is calculated based on all the domestic common stocks listed on the Tokyo Stock Exchange First Section.

**EQ/All Asset Growth Allocation Index** 

The EQ/All Asset Growth Allocation Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government/Credit Bond Index at a weighting of 25%, the MSCI EAFE<sup>®</sup> Index at a weighting of 20%, the S&P Mid Cap 400<sup>®</sup> Index at a weighting of 10%, the S&P 500<sup>®</sup> Index at a weighting of 17%, the Russell 2000<sup>®</sup> Index at a weighting of 8%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 15%, and the FTSE NAREIT All Equity REITs Index at a weighting of 5%.

**EQ/Conservative Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 60%, the MSCI EAFE<sup>®</sup> Index at a weighting of 3%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 3%, the S&P 500<sup>®</sup> Index at a weighting of 11%, the Russell 2000<sup>®</sup> Index at a weighting of 3%,

------

**NOTES ON PERFORMANCE (Unaudited)** 

the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 7% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 13%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 66%, 14% and 0%, respectively.

**EQ/Conservative Growth Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 43%, the MSCI EAFE<sup>®</sup> Index at a weighting of 7%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 7%, the S&P 500<sup>®</sup> Index at a weighting of 19%, the Russell 2000<sup>®</sup> Index at a weighting of 7%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 5% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 12%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 50%, 10% and 0%, respectively.

**EQ/Balanced Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 35%, the MSCI EAFE<sup>®</sup> Index at a weighting of 8%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 8%, the S&P 500<sup>®</sup> Index at a weighting of 26%, the Russell 2000<sup>®</sup> Index at a weighting of 8%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 4% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 11%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 42%, 8% and 0%, respectively.

**EQ/Moderate Growth Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 27%, the MSCI EAFE<sup>®</sup> Index at a weighting of 10%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 10%, the S&P 500<sup>®</sup> Index at a weighting of 30%, the Russell 2000<sup>®</sup> Index at a weighting of 10%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 3.5% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 9.5%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 33%, 7% and 0%, respectively.

**EQ/Growth Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 20%, the MSCI EAFE<sup>®</sup> Index at a weighting of 12%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 12%, the S&P 500<sup>®</sup> Index at a weighting of 34%, the Russell 2000<sup>®</sup> Index at a weighting of 12%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 2.5% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 7.5%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 25%, 5% and 0%, respectively.

**EQ/Aggressive Growth Strategy Index** is a hypothetical time-weighted combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 13.5%, the MSCI EAFE<sup>®</sup> Index at a weighting of 13%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 13%, the S&P 500<sup>®</sup> Index at a weighting of 41%, the Russell 2000<sup>®</sup> Index at a weighting of 13%, the ICE BofA 3-Month U.S. Treasury Bill Index at a weighting of 1.5% and the Bloomberg U.S. Long Government/Credit Bond Index at a weighting of 5%. Prior to January 1, 2022, the weightings of the Bloomberg U.S. Intermediate Government Bond Index, ICE BofA 3-Month U.S. Treasury Bill Index, and Bloomberg U.S. Long Government/Credit Bond Index were 17%, 3% and 0%, respectively.

**EQ/Ultra Conservative Strategy Index** 

EQ/Ultra Conservative Strategy Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 90%, the MSCI EAFE<sup>®</sup> Index at a weighting of 1.5%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 1.5%, the S&P 500<sup>®</sup> Index at a weighting of 5.5%, and the Russell 2000<sup>®</sup> Index at a weighting of 1.5%.

**1290 VT Moderate Growth Allocation Index** 

An Index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. 5-10 Year Corporate Bond Index at a weighting of 40%, the MSCI EAFE<sup>®</sup> Index at a weighting of 18%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 5%, the S&P 500<sup>®</sup> Index at a weighting of 35%, and the Russell 2000<sup>®</sup> Index at a weighting of 2%.

**Equitable Conservative Growth MF/ETF Index** 

Equitable Conservative Growth MF/ETF Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the

------

**NOTES ON PERFORMANCE (Unaudited)** 

MSCI ACWI Index at a weighting of 40% and the Bloomberg U.S. Aggregate Bond Index at a weighting of 60%.

**Equitable Growth MF/ETF Index** 

Equitable Growth MF/ETF Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI ACWI Index at a weighting of 80% and the Bloomberg U.S. Aggregate Bond Index at a weighting of 20%.

**Equitable Moderate Growth MF/ETF Index** 

Equitable Moderate Growth MF/ETF Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI ACWI Index at a weighting of 60% and the Bloomberg U.S. Aggregate Bond Index at a weighting of 40%.

**EQ/AB Dynamic Aggressive Growth Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 20%, the MSCI EAFE<sup>®</sup> Index at a weighting of 24%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 5%, the S&P 500<sup>®</sup> Index at a weighting of 46% and the Russell 2000<sup>®</sup> Index at a weighting of 5%.

**EQ/AB Dynamic Growth Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 30%, the MSCI EAFE<sup>®</sup> Index at a weighting of 21%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 4%, the S&P 500<sup>®</sup> Index at a weighting of 41% and the Russell 2000<sup>®</sup> Index at a weighting of 4%.

**EQ/AB Dynamic Moderate Growth Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 40%, the MSCI EAFE<sup>®</sup> Index at a weighting of 18%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 4%, the S&P 500<sup>®</sup> Index at a weighting of 34% and the Russell 2000<sup>®</sup> Index at a weighting of 4%.

**EQ/American Century Moderate Growth Allocation Index** 

An Index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. 5-10 Year Corporate Bond Index at a weighting of 40%, the MSCI EAFE<sup>®</sup> Index at a weighting of 18%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 3%, the S&P 500<sup>®</sup> Index at a weighting of 36%, and the Russell 2000<sup>®</sup> Index at a weighting of 3%.

**EQ/Franklin Moderate Allocation Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Treasury Bond 3-7 Year Index Index at a weighting of 45%, the MSCI EAFE<sup>®</sup> Index at a weighting of 26.5%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 7.5%, the S&P 500<sup>®</sup> Index at a weighting of 17% and the Russell 2000<sup>®</sup> Index at a weighting of 4%.

**EQ/Goldman Sachs Growth Allocation Index** 

An Index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI World 100% Hedged to USD Index at a weighting of 70% and the Bloomberg U.S. 5-10 Year Corporate Bond Index at a weighting of 30%.

**EQ/Goldman Sachs Moderate Growth Allocation Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite or "blended" index combines the total return of the MSCI World 100% Hedged to USD Index at a weighting of 60% and the Bloomberg U.S. 7-10 Year Treasury Bond Index at a weighting of 40%.

**EQ/Invesco Moderate Allocation Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. Intermediate Government Bond Index at a weighting of 50%, the MSCI EAFE<sup>®</sup> Index at a weighting of 20%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 3.5%, the S&P 500<sup>®</sup> Index at a weighting of 23%, and the Russell 2000<sup>®</sup> Index at a weighting of 3.5%.

**EQ/Invesco Moderate Growth Allocation Index** 

An Index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg U.S. 5-10 Year Corporate Bond Index at a weighting of 40%, the MSCI EAFE<sup>®</sup> Index at a weighting of 24%, the S&P MidCap 400<sup>®</sup> Index at a weighting of 4%, the S&P500<sup>®</sup> Index at a weighting of 28%, and the Russell 2000<sup>®</sup> Index at a weighting of 4%.

**EQ/JPMorgan Growth Allocation Index** 

An index which is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI World 100% Hedged to USD Index at a weighting of 65% and the Bloomberg U.S. Intermediate Treasury Index at a weighting of 35%.

------

**EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g50t51.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (14.48)% | 3.23% | 5.27 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.46) | 3.24 | 5.27 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (14.24) | 3.50 | 5.54 |  |
| &nbsp;&nbsp;&nbsp; EQ/All Asset Growth Allocation Index | (11.74) | 4.00 | 5.92 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government/Credit Bond Index | (8.23) | 0.73 | 1.12 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.46)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/All Asset Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index, which returned (11.74)%, (18.11)% and (8.23)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. In the equity market, companies with lower valuations and higher dividends did relatively well, and among bonds, short-term government issues and corporate bonds (with bigger coupons) also mitigated some of the losses. Among alternative strategies, which tend to be less correlated with traditional stocks and bonds, there was a wide dispersion of returns — between oil-related strategies, which soared, and interest-rate sensitive sectors, which fell.

Against this backdrop, the Portfolio underperformed its composite benchmark, with performance net of fees that fell between that of the stock market (as measured by the S&P 500 Index) and the bond market (as measured by the Bloomberg Aggregate U.S. Bond Index).

***What helped performance during the year:***

• From an asset-allocation perspective, with the broad bond market down 13.0% (Bloomberg U.S. Aggregate Bond Index) and the
stock market down 18.1% (S&P 500 Index), holding approximately 22% of the assets in fixed-income funds and another 22% in alternative strategies provided a cushion against what would have led to bigger losses from an all-stock portfolio.

• Within the alternatives sector, and the Portfolio as a whole, the position in 1290 VT Natural Resources was a standout,
exceeding its benchmark by a narrow margin and providing a substantial positive return. In the equity allocation, a trio of actively managed value-oriented funds provided performance well in excess of the Russell 1000 Value Index, but also in fact,
in positive territory for the year: 1290 VT Equity Income Portfolio, EQ/Invesco Comstock Portfolio and EQ/JPMorgan Value Opportunities Portfolio. Among bond funds, EQ/PIMCO Ultra Short Bond Portfolio, EQ/Intermediate Government Bond Portfolio and
1290 Diversified Bond Fund provided some cushion against the sector's generally negative results.

***What hurt performance during the year:***

• The Portfolio's equity holdings produced about 69% of the negative total return.

• In the equity markets, the contribution to losses was most evident in two growth stock funds that not only suffered from
the market's rotation away from this sector, but also underperformed their respective benchmarks — EQ/T. Rowe Price Growth Stock Portfolio (versus the Russell 1000 Growth Index) and EQ/AB Small Cap Portfolio (versus the Russell 2000 Growth
Index).

• Alternative holdings that contributed to absolute negative returns, while underperforming their benchmarks, included 1290
VT Convertible Securities Portfolio and 1290 VT Real Estate Portfolio.

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**EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 55.8% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 22.2 |
| &nbsp;&nbsp;&nbsp; Alternatives | 14 |
| &nbsp;&nbsp;&nbsp; Commodity | 7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/MFS International Growth Portfolio | 8.0% |
| &nbsp;&nbsp;&nbsp; 1290 VT GAMCO Small Company Value Portfolio | 6.1 |
| &nbsp;&nbsp;&nbsp; EQ/AB Small Cap Growth Portfolio | 6.1 |
| &nbsp;&nbsp;&nbsp; 1290 VT GAMCO Mergers & Acquisitions Portfolio | 5.4 |
| &nbsp;&nbsp;&nbsp; EQ/Core Plus Bond Portfolio | 5.2 |
| &nbsp;&nbsp;&nbsp; EQ/Loomis Sayles Growth Portfolio | 4.7 |
| &nbsp;&nbsp;&nbsp; EQ/Invesco Comstock Portfolio | 4.4 |
| &nbsp;&nbsp;&nbsp; EQ/T. Rowe Price Growth Stock Portfolio | 4.2 |
| &nbsp;&nbsp;&nbsp; EQ/JPMorgan Value Opportunities Portfolio | 4.0 |
| &nbsp;&nbsp;&nbsp; 1290 VT Real Estate Portfolio | 3.9 |

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UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid**<br> **During**<br> **Period\***<br> **7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1024.80 | $2.75 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.49 | 2.75 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1025.30 | 2.75 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.49 | 2.75 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1026.40 | 1.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.75 | 1.47 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

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**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

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| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Commodity (7.1%)** |  |  |
|  Invesco DB Gold Fund‡ | 129300 | $6571091 |
|  Invesco DB Precious Metals Fund‡ | 168590 | 8100412 |
|  Invesco DB Silver Fund‡ | 103180 | 3357529 |
|  iShares Gold Trust\* | 363500 | 12573465 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 30602497 |
|  **Equity (3.8%)** |  |  |
|  iShares China Large-Cap ETF (x) | 67185 | 1901336 |
|  iShares International Developed Property ETF‡ | 140710 | 3851275 |
|  iShares MSCI EAFE Small-Cap ETF (x) | 121070 | 6838033 |
|  SPDR S&P Emerging Asia Pacific ETF (x) | 15550 | 1493111 |
|  SPDR S&P Emerging Markets SmallCap ETF (x) | 46145 | 2258336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 16342091 |
|  **Fixed Income (2.0%)** | **Fixed Income (2.0%)** | **Fixed Income (2.0%)** |
|  iShares JP Morgan USD Emerging Markets Bond ETF | 105960 | 8963156 |
|  **Total Exchange Traded Funds (12.9%)**<br> *(Cost $49,523,262)* | **Total Exchange Traded Funds (12.9%)**<br> *(Cost $49,523,262)* | 55907744 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Alternatives (14.1%)** |  |  |
|  1290 VT Convertible Securities Portfolio‡ | 1517643 | 12402945 |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio‡ | 1979531 | 23373966 |
|  1290 VT Natural Resources Portfolio‡ | 850542 | 8514282 |
|  1290 VT Real Estate Portfolio‡ | 3082955 | 16811178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 61102371 |
|  **Equity (52.6%)** |  |  |
|  1290 VT Equity Income Portfolio‡ | 2021742 | 10033605 |
|  1290 VT GAMCO Small Company Value Portfolio‡ | 431070 | 26825659 |
|  1290 VT SmartBeta Equity ESG Portfolio‡ | 725451 | 10947851 |
|  EQ/AB Small Cap Growth Portfolio‡ | 1868373 | 26695814 |
|  EQ/Emerging Markets Equity PLUS Portfolio‡ | 1197586 | 9775222 |
|  EQ/International Equity Index Portfolio‡ | 1312155 | 12160648 |
|  EQ/Invesco Comstock Portfolio‡ | 965726 | 19006261 |
|  EQ/Janus Enterprise Portfolio\*‡ | 242688 | 4699233 |
|  EQ/JPMorgan Value Opportunities Portfolio‡ | 965632 | 17608096 |
|  EQ/Loomis Sayles Growth Portfolio\*‡ | 2736400 | 20512164 |
|  EQ/MFS International Growth Portfolio‡ | 5199661 | 34855023 |
|  EQ/T. Rowe Price Growth Stock Portfolio\*‡ | 389471 | 18213798 |
|  EQ/Value Equity Portfolio‡ | 866767 | 16108712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 227442086 |
|  **Fixed Income (20.3%)** | **Fixed Income (20.3%)** | **Fixed Income (20.3%)** |
|  1290 Diversified Bond Fund‡ | 722852 | 6505664 |
|  1290 VT DoubleLine Opportunistic Bond Portfolio‡ | 1147080 | 9665822 |
|  1290 VT High Yield Bond Portfolio‡ | 1596885 | 13159013 |
|  EQ/Core Plus Bond Portfolio‡ | 6616059 | 22777660 |
|  EQ/Intermediate Government Bond Portfolio‡ | 382027 | 3592090 |
|  EQ/PIMCO Global Real Return Portfolio‡ | 2165173 | 15910770 |
|  EQ/PIMCO Ultra Short Bond Portfolio‡ | 875222 | 8395886 |
|  Multimanager Core Bond Portfolio‡ | 938475 | 7916074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 87922979 |
|  **Total Investment Companies (87.0%)**<br> *(Cost $430,758,227)* |  | 376467436 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (1.1%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,567,177, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,636,824. (xx) | $3565513 | 3565513 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 4565513 |
|  **Total Short-Term Investments (1.1%)**<br> *(Cost $4,565,513)* | **Total Short-Term Investments (1.1%)**<br> *(Cost $4,565,513)* | 4565513 |
|  **Total Investments in Securities (101.0%)**<br> *(Cost $484,847,002)* | **Total Investments in Securities (101.0%)**<br> *(Cost $484,847,002)* | 436940693 |
|  **Other Assets Less Liabilities (-1.0%)** |  | (4224377) |
|  **Net Assets (100%)** |  | $432716316 |

---

*\** *Non-income producing.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,990,200. This was collateralized by $612,076 of various U.S. Government Treasury Securities, ranging from 0.125% - 5.250%, maturing 7/15/23 - 5/15/51 and by cash of $4,565,513 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class K shares except for the following: 1290 Diversified Bond Fund are Class I shares.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED<br>FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Commodity** |  |  |  |  |  |  |  |  |  |
|  Invesco DB Gold Fund | 129300 | 6963215 | 1817846 | (2244515) | 206733 | (172188) | 6571091 | 32302 |  |
|  Invesco DB Precious Metals Fund | 168590 | 7194178 | 1013458 |  |  | (107224) | 8100412 | 36684 |  |
|  Invesco DB Silver Fund | 103180 | 3327906 |  |  |  | 29623 | 3357529 | 14145 |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares International Developed Property ETF | 140710 | 4668725 | 421652 |  |  | (1239102) | 3851275 | 90178 |  |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Alternatives** |  |  |  |  |  |  |  |  |  |
|  1290 VT Convertible Securities Portfolio | 1517643 | 14202549 | 2502882 | (1114755) | (60832) | (3126899) | 12402945 | 194240 |  |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 1979531 | 24404288 | 3333146 | (2152133) | 1302 | (2212637) | 23373966 | 66341 | 773842 |
|  1290 VT Natural Resources Portfolio | 850542 | 8507447 | 484944 | (2687003) | (106394) | 2315288 | 8514282 | 297149 |  |
|  1290 VT Real Estate Portfolio | 3082955 | 21582233 | 3014230 | (2583257) | (232048) | (4969980) | 16811178 | 88326 | 3364 |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 VT Equity Income Portfolio | 2021742 | 10403017 | 922565 | (877003) | 63389 | (478363) | 10033605 | 193240 | 541529 |
|  1290 VT GAMCO Small Company Value Portfolio | 431070 | 31052222 | 2988850 | (2388761) | (23601) | (4803051) | 26825659 | 182924 | 1351693 |
|  1290 VT Low Volatility Global Equity Portfolio |  | 12784387 | 221 | (12693944) | 2397036 | (2487700) |  |  |  |
|  1290 VT SmartBeta Equity ESG Portfolio | 725451 |  | 14505117 | (1566089) | (113999) | (1877178) | 10947851 | 164208 | 148759 |
|  EQ/AB Small Cap Growth Portfolio | 1868373 | 39265125 | 2882812 | (3185015) | 3433 | (12270541) | 26695814 | 108914 | 1084920 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1197586 | 6902790 | 5699085 | (716628) | (2900) | (2107125) | 9775222 | 236165 | 501649 |
|  EQ/International Equity Index Portfolio | 1312155 | 11459681 | 3188857 | (875879) | (6818) | (1605193) | 12160648 | 330638 |  |
|  EQ/Invesco Comstock Portfolio | 965726 | 20180147 | 3237173 | (2502882) | 297792 | (2205969) | 19006261 | 354742 | 1686416 |
|  EQ/Janus Enterprise Portfolio\* | 242688 | 3157838 | 2658866 | (159251) | (46) | (958174) | 4699233 |  | 311919 |
|  EQ/JPMorgan Value Opportunities Portfolio | 965632 | 17935796 | 2816720 | (1592508) | 12284 | (1564196) | 17608096 | 232500 | 1364732 |
|  EQ/Loomis Sayles Growth Portfolio\* | 2736400 | 27186320 | 5265650 | (1831384) | (83653) | (10024769) | 20512164 |  | 2475738 |
|  EQ/MFS International Growth Portfolio | 5199661 | 35550921 | 9037156 | (2627638) | (7227) | (7098189) | 34855023 | 393641 | 1368859 |
|  EQ/T. Rowe Price Growth Stock Portfolio\* | 389471 | 26965348 | 4301060 | (1831384) | (117514) | (11103712) | 18213798 |  | 511148 |
|  EQ/Value Equity Portfolio | 866767 | 18491727 | 2522326 | (1512882) | (40237) | (3352222) | 16108712 | 222346 | 353965 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 722852 | 6238920 | 1205815 |  |  | (939071) | 6505664 | 205815 |  |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 1147080 | 11710119 | 1407736 | (1675879) | (84333) | (1691821) | 9665822 | 339411 | 10106 |
|  1290 VT High Yield Bond Portfolio | 1596885 | 15101999 | 2054362 | (1785130) | (85170) | (2127048) | 13159013 | 749195 |  |
|  EQ/Core Plus Bond Portfolio | 6616059 | 27115626 | 3118853 | (3601009) | (310502) | (3545308) | 22777660 | 629893 | 25573 |
|  EQ/Intermediate Government Bond Portfolio | 382027 | 3632055 | 664783 | (398127) | (11214) | (295407) | 3592090 | 44497 | 2914 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EQ/PIMCO Global Real Return Portfolio | 2165173 | 20255588 | 4528040 | (4312882) | (149367) | (4410609) | 15910770 | 1711869 | 156 |
|  EQ/PIMCO Ultra Short Bond Portfolio | 875222 | 10464800 | 1103503 | (2975879) | (37376) | (159162) | 8395886 | 137559 | 7725 |
|  Multimanager Core Bond Portfolio | 938475 | 9927357 | 1145146 | (1837003) | (109962) | (1209464) | 7916074 | 207350 |  |
|  **Total** |  | **456632324** | **87842854** | **(61728820)** | **1398776** | **(85797391)** | **398347743** | **7264272** | **12525007** |

---

*(a)* *Formerly known as 1290 VT SmartBeta Equity Portfolio.* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $55907744 | $— | $— | $55907744 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 6505664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369961772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376467436 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 4565513 |  | 4565513 |
|  **Total Assets** | $**62413408** | $**374527285** | $**—** | $**436940693** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**62413408** | $**374527285** | $**—** | $**436940693** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $91820855 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64194487 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $18524982 |
|  Aggregate gross unrealized depreciation | (71184540) |
|  Net unrealized depreciation | $(52659558) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489600251 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $451,634,267) | $398347743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $28,647,222) | 34027437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,565,513) | 4565513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 811476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 112270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 437899862 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4565513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 337462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 80345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 48488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 37191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 12417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 101523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5183546 |
|  **NET ASSETS** | $432716316 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $479246295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (46529979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $432716316 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $57,190,226 / 3,567,417 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.03 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $373,193,683 / 23,186,147 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.10 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,332,407 / 145,896 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.99 |

---

*(x)* *Includes value of securities on loan of $4,990,200.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($7,264,272 of dividend income received from affiliates) | $7932341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 9593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 27107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7969041 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 981022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 532129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 431422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 147600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 91753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 50317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2286052 |
|  **NET INVESTMENT INCOME (LOSS)** | 5682989 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($1,398,776 realized gain (loss) from affiliates) | 2122589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 12525007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14647596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(85797391) of change in unrealized appreciation (depreciation) from affiliates) | (91818994) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (77171398) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(71488409) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5682989 | $5419430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14647596 | 46676089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (91818994) | (1590978) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (71488409) | 50504541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (3591560) | (6647384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (33387872) | (77500761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (213294) | (448695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (37192726) | (84596840) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,796,425 and 106,969 shares, respectively ] | 30156533 | 2480050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 224,586 and 317,881 shares, respectively ] | 3591560 | 6647384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (342856) and (212981) shares, respectively ] | (6051950) | (4967473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 27696143 | 4159961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,513,897 and 1,031,450 shares, respectively ] | 26627889 | 24097365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,084,428 and 3,693,034 shares, respectively ] | 33387872 | 77500761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2405191) and (2067005) shares, respectively ] | (43136683) | (48010909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 16879078 | 53587217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,347 and 32,347 shares, respectively ] | 291691 | 763057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 13,382 and 21,480 shares, respectively ] | 213294 | 448695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6898) and (29651) shares, respectively ] | (118072) | (688628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 386913 | 523124 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 44962134 | 58270302 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (63719001) | 24178003 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 496435317 | 472257314 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $432716316 | $496435317 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.61 | $22.31 | $20.86 | $18.50 | $21.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.40 | 0.26 | 0.19 | 0.33 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.42) | 2.08 | 2.32 | 3.18 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.02) | 2.34 | 2.51 | 3.51 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.85) | (0.32) | (0.35) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.33) | (3.19) | (0.74) | (0.80) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.56) | (4.04) | (1.06) | (1.15) | (1.10) |
|  Net asset value, end of year | $16.03 | $20.61 | $22.31 | $20.86 | $18.50 |
|  Total return | (14.48)% | 10.90% | 12.28% | 19.14% | (7.60)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $57190 | $38941 | $37418 | $28759 | $27529 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.53 %(j) | 0.53 %(j) | 0.55 %(m) | 0.55 %(n) | 0.56 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.53% | 0.53% | 0.55% | 0.55% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 2.24% | 1.10% | 0.92% | 1.62% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 2.24% | 1.10% | 0.91% | 1.62% | 1.23% |
|  Portfolio turnover rate^ | 15% | 14% | 79 %(aa) | 11% | 12% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.69 | $22.38 | $20.92 | $18.55 | $21.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.22 | 0.26 | 0.20 | 0.34 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.25) | 2.09 | 2.32 | 3.18 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.03) | 2.35 | 2.52 | 3.52 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.85) | (0.32) | (0.35) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.33) | (3.19) | (0.74) | (0.80) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.56) | (4.04) | (1.06) | (1.15) | (1.10) |
|  Net asset value, end of year | $16.10 | $20.69 | $22.38 | $20.92 | $18.55 |
|  Total return | (14.46)% | 10.92% | 12.29% | 19.14% | (7.58)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273992 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.53 %(j) | 0.53 %(j) | 0.54 %(m) | 0.55 %(n) | 0.56 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.53% | 0.53% | 0.55% | 0.55% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.23% | 1.12% | 0.96% | 1.65% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.23% | 1.12% | 0.95% | 1.65% | 1.24% |
|  Portfolio turnover rate^ | 15% | 14% | 79 %(aa) | 11% | 12% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ALL ASSET GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.56 | $22.26 | $20.81 | $18.46 | $21.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.28 | 0.32 | 0.15 | 0.39 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.25) | 2.07 | 2.41 | 3.16 | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.97) | 2.39 | 2.56 | 3.55 | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.90) | (0.37) | (0.40) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.33) | (3.19) | (0.74) | (0.80) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.60) | (4.09) | (1.11) | (1.20) | (1.15) |
|  Net asset value, end of year | $15.99 | $20.56 | $22.26 | $20.81 | $18.46 |
|  Total return | (14.24)% | 11.21% | 12.55% | 19.41% | (7.36)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.28 %(j) | 0.28 %(j) | 0.30 %(m) | 0.30 %(n) | 0.31 %(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.28% | 0.28% | 0.30% | 0.30% | 0.31% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.57% | 1.37% | 0.74% | 1.90% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.57% | 1.37% | 0.74% | 1.90% | 1.42% |
|  Portfolio turnover rate^ | 15% | 14% | 79 %(aa) | 11% | 12% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class IA, 1.21% for Class IB and 0.96% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class IA, 1.25% for Class IB and 1.00% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.26% for Class IA, 1.26% for Class IB and 1.01% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.28% for Class IA, 1.28% for Class IB and 1.03% for Class K.* 

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

*(aa)* *The portfolio turnover rate calculation includes purchases and sales made as a result of implementing a tax planning strategy. Excluding such transactions, the portfolio turnover rate would have been 19%.* 

See Notes to Financial Statements.

------

**EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g65s68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (9.09)% | 0.30% | 0.80 | % |
| &nbsp;&nbsp;&nbsp; EQ/Ultra Conservative Strategy Index | (8.55) | 1.28 | 1.76 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (9.09)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Ultra Conservative Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (8.55)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale.

From an asset-allocation perspective, the broad bond market fell 13.0% (Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (S&P 500 Index). Against this backdrop, the Portfolio underperformed its blended benchmark.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio especially benefitted from a position in intermediate-term government bonds, which fell only around half as much as the broad market, as measured by the Bloomberg U.S. Aggregate Bond Index.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling equity prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• Overall, the Portfolio's small (10% of assets) target allocation to equity contributed 24% of negative total returns.

• The contribution to losses was most evident in managed-volatility portfolio holdings that employ a strategy which sometimes
results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Fixed Income | 89.6% |
| &nbsp;&nbsp;&nbsp; Equity | 10.4 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 89.6% |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 5.9 |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 2.5 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 1.6 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 0.4 |

---

------

**EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $981.20 | $2.45 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.74 | 2.50 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (10.4%)** | **Equity (10.4%)** | **Equity (10.4%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 3595273 | $61225736 |
|  EQ/400 Managed Volatility Portfolio‡ | 404540 | 8337740 |
|  EQ/500 Managed Volatility Portfolio‡ | 5730174 | 144410262 |
|  EQ/International Managed Volatility Portfolio‡ | 3184413 | 39333996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 253307734 |
|  **Fixed Income (89.5%)** | **Fixed Income (89.5%)** | **Fixed Income (89.5%)** |
|  EQ/Intermediate Government Bond Portfolio‡ | 231893527 | 2180425416 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $2,544,865,918)* |  | 2433733150 |
|  **Other Assets Less Liabilities (0.1%)** |  | 3548276 |
|  **Net Assets (100%)** |  | $2437281426 |

---

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 3595273 | 23081328 | 70324666 | (25898227) | 17588 | (6299619) | 61225736 | 629884 | 1173583 |
|  EQ/400 Managed Volatility Portfolio | 404540 | 2576932 | 8869456 | (2589823) | 11229 | (530054) | 8337740 | 85113 | 212223 |
|  EQ/500 Managed Volatility Portfolio | 5730174 | 59995410 | 165594483 | (60865922) | 34998 | (20348707) | 144410262 | 1622143 | 8013580 |
|  EQ/International Managed Volatility Portfolio | 3184413 | 13356244 | 41509162 | (15538936) | 39534 | (32008) | 39333996 | 517121 | 259321 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/Intermediate Government Bond Portfolio | 231893527 | 833240520 | 2393815217 | (941936174) | (224999) | (104469148) | 2180425416 | 25835590 | 2016455 |
|  **Total** |  | **932250434** | **2680112984** | **(1046829082)** | **(121650)** | **(131679536)** | **2433733150** | **28689851** | **11675162** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2433733150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2433733150 |
|  **Total Assets** | $**—** | $**2433733150** | $**—** | $**2433733150** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**2433733150** | $**—** | $**2433733150** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680112984 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1046829082 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4449738 |
|  Aggregate gross unrealized depreciation | (116761939) |
|  Net unrealized depreciation | $(112312201) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546045351 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,544,865,918) | $2433733150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4348561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1209837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 100030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2439391578 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 1113729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 510377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 265349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 194427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 24396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2110152 |
|  **NET ASSETS** | $2437281426 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2544366160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (107084734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2437281426 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,437,281,426 / 281,595,583 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.66 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $28689851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 162174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 28852025 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4337147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2163952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1700586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 74564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 65400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 63932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 44093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8467413 |
|  **NET INVESTMENT INCOME (LOSS)** | 20384612 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (121650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 11675162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11553512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (131679536) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (120126024) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(99741412) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20384612 | $4426891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11553512 | 27688103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (131679536) | (31680302) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (99741412) | 434692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (38246796) | (35202472) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 298,275,331 and 20,898,796 shares, respectively ] | 2647761766 | 208596348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,396,616 and 3,605,322 shares, respectively ] | 38246796 | 35202472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (117460889) and (29064239) shares, respectively ] | (1043468217) | (292170701) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1642540345 | (48371881) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1504552137 | (83139661) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 932729289 | 1015868950 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2437281426 | $932729289 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/ULTRA CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.68 | $10.06 | $9.96 | $9.67 | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.11 | 0.05 | 0.05 | 0.09 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.99) | (0.05) | 0.51 | 0.49 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.88) |  | 0.56 | 0.58 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.07) | (0.10) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) | (0.31) | (0.36) | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.38) | (0.46) | (0.29) | (0.13) |
|  Net asset value, end of year | $8.66 | $9.68 | $10.06 | $9.96 | $9.67 |
|  Total return | (9.09)% | 0.02 | 5.68% | 6.03% | (0.36)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084793 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.49 %(j) | 0.49 | 0.51 %(k) | 0.51 %(k) | 0.52 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.49% | 0.49 | 0.51% | 0.53% | 0.53% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 1.18% | 0.49 | 0.48% | 0.90% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 1.18% | 0.49 | 0.48% | 0.88% | 2.64% |
|  Portfolio turnover rate^ | 60% | 26 | 175% | 107% | 28% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.90% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.91% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/CONSERVATIVE STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g66p56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (12.26)% | 0.72% | 1.74 | % |
| &nbsp;&nbsp;&nbsp; EQ/ Conservative Strategy Index | (11.46) | 1.44 | 2.46 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (12.26)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Conservative Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (11.46)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale.

From an asset-allocation perspective, the broad bond market fell 13.0% (Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark, with bond holdings contributing around two-thirds of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio especially benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• The Portfolio's long-duration bonds provided a substantial drag on fixed income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

• On the equity side, the contribution to losses was most evident in managed-volatility portfolios that employ a strategy
that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility
Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Fixed Income | 79.6% |
| &nbsp;&nbsp;&nbsp; Equity | 20.4 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 33.7% |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 31.2 |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 11.8 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 8.2 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 6.6 |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 4.4 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 3.1 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 1 |

---

------

**EQ/CONSERVATIVE STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $| 1000.00 | $| 984.20 | $| 2.53 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1022.65 |  | 2.58 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.51%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (20.4%)** | **Equity (20.4%)** | **Equity (20.4%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 1621794 | $27618345 |
|  EQ/400 Managed Volatility Portfolio‡ | 310234 | 6394049 |
|  EQ/500 Managed Volatility Portfolio‡ | 2898545 | 73048330 |
|  EQ/International Managed Volatility Portfolio‡ | 1555999 | 19219767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 126280491 |
|  **Fixed Income (79.7%)** | **Fixed Income (79.7%)** | **Fixed Income (79.7%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 4210610 | 40543058 |
|  EQ/Core Bond Index Portfolio‡ | 21439002 | 192764579 |
|  EQ/Intermediate Government Bond Portfolio‡ | 22172857 | 208484741 |
|  EQ/Long-Term Bond Portfolio‡ | 7333083 | 50777217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 492569595 |
|  **Total Investments in Securities (100.1%)**<br> *(Cost $648,817,306)* |  | 618850086 |
|  **Other Assets Less Liabilities (-0.1%)** |  | (628159) |
|  **Net Assets (100%)** |  | $618221927 |

---

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 1621794 | 39230413 | 9646828 | (12051364) | (351984) | (8855548) | 27618345 | 298568 | 579436 |
|  EQ/400 Managed Volatility Portfolio | 310234 | 4764247 | 3856214 | (1130137) | (9784) | (1086491) | 6394049 | 67427 | 171905 |
|  EQ/500 Managed Volatility Portfolio | 2898545 | 106319567 | 22312810 | (30823273) | 2731607 | (27492381) | 73048330 | 860235 | 4247403 |
|  EQ/International Managed Volatility Portfolio | 1555999 | 23431249 | 5590649 | (5915750) | 16191 | (3902572) | 19219767 | 264206 | 133589 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 4210610 | 50303124 | 5859095 | (14481637) | (248566) | (888958) | 40543058 | 316507 |  |
|  EQ/Core Bond Index Portfolio | 21439002 | 255567246 | 32652165 | (69853387) | (2837797) | (22763648) | 192764579 | 3777411 | 536491 |
|  EQ/Intermediate Government Bond Portfolio | 22172857 | 271273434 | 32204907 | (72678592) | (2181108) | (20133900) | 208484741 | 2589569 | 201752 |
|  EQ/Long-Term Bond Portfolio | 7333083 | 87372484 | 11699292 | (23693137) | (4069219) | (20532203) | 50777217 | 1761884 | 39116 |
|  **Total** |  | **838261764** | **123821960** | **(230627277)** | **(6950660)** | **(105655701)** | **618850086** | **9935807** | **5909692** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $618850086 | $— | $618850086 |
|  **Total Assets** | $**—** | $**618850086** | $**—** | $**618850086** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**618850086** | $**—** | $**618850086** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $123821960 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230627277 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $41058646 |
|  Aggregate gross unrealized depreciation | (73230946) |
|  Net unrealized depreciation | $(32172300) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651022386 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $648,817,306) | $618850086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 640554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 12881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 619506445 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 790796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 206581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 133528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 69422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 52547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 31468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1284518 |
|  **NET ASSETS** | $618221927 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $649657222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (31435295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $618221927 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $618,221,927 / 57,683,551 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.72 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $9935807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9943047 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1759391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 866937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 703751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 60100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 32725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 23654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3518512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (3136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3515376 |
|  **NET INVESTMENT INCOME (LOSS)** | 6427671 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (6950660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 5909692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1040968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (105655701) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (106696669) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(100268998) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6427671 | $4950827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1040968) | 38805511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (105655701) | (22027900) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (100268998) | 21728438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (25072084) | (35881360) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 14,856,147 and 14,866,845 shares, respectively ] | 172256195 | 194843303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,337,009 and 2,806,075 shares, respectively ] | 25072084 | 35881360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (25380018) and (21910968) shares, respectively ] | (291577930) | (286972403) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (94249651) | (56247740) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (219590733) | (70400662) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 837812660 | 908213322 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $618221927 | $837812660 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.72 | $12.95 | $12.36 | $11.58 | $12.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.11 | 0.07 | 0.13 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.67) | 0.25 | 0.77 | 0.86 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.56) | 0.32 | 0.90 | 1.04 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.14) | (0.19) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.32) | (0.41) | (0.12) | (0.07) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (0.55) | (0.31) | (0.26) | (0.42) |
|  Net asset value, end of year | $10.72 | $12.72 | $12.95 | $12.36 | $11.58 |
|  Total return | (12.26)% | 2.50% | 7.26% | 8.97% | (1.41)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671127 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.50 %(j) | 0.50 %(k) | 0.49 %(k) | 0.48 %(k) | 0.48 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.50% | 0.50% | 0.50% | 0.50% | 0.51% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 0.91% | 0.56% | 1.00% | 1.48% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 0.91% | 0.56% | 0.99% | 1.46% | 1.06% |
|  Portfolio turnover rate^ | 17% | 27% | 23% | 17% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g17w38.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.46)% | 2.00% | 3.64 | % |
| &nbsp;&nbsp;&nbsp; EQ/Conservative Growth Strategy Index | (13.12) | 2.82 | 4.43 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.46)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Conservative Growth Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (13.12)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale.

From an asset-allocation perspective, the broad bond market fell 13.0% (the Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (the S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark, with bond holdings contributing around 45% of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio especially benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• The Portfolio's long-duration bonds provided a substantial drag on fixed-income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

• On the equity side, the contribution to losses was most evident in managed-volatility portfolios that employ a strategy
that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility
Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Fixed Income | 59.5% |
| &nbsp;&nbsp;&nbsp; Equity | 40.5 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 24.1% |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 23.5 |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 22.2 |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 9.0 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 8.4 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 6.2 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 4.8 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 1.8 |

---

------

**EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $993.80 | $2.51 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.69 | 2.55 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.50%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.50%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.50%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.50%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (40.4%)** | **Equity (40.4%)** | **Equity (40.4%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 5834915 | $99365737 |
|  EQ/400 Managed Volatility Portfolio‡ | 946087 | 19499241 |
|  EQ/500 Managed Volatility Portfolio‡ | 10342336 | 260644700 |
|  EQ/International Managed Volatility Portfolio‡ | 5532592 | 68338795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 447848473 |
|  **Fixed Income (59.6%)** | **Fixed Income (59.6%)** | **Fixed Income (59.6%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 5486178 | 52825229 |
|  EQ/Core Bond Index Portfolio‡ | 27374721 | 246134426 |
|  EQ/Intermediate Government Bond Portfolio‡ | 28420509 | 267229537 |
|  EQ/Long-Term Bond Portfolio‡ | 13433242 | 93017172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 659206364 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $1,067,375,812)* |  | 1107054837 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (479367) |
|  **Net Assets (100%)** |  | $1106575470 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income ($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 5834915 | 147336058 | 30441891 | (43358057) | (528266) | (34525889) | 99365737 | 1073725 | 2085063 |
|  EQ/400 Managed Volatility Portfolio | 946087 | 17600625 | 9612661 | (3972621) | (5924) | (3735500) | 19499241 | 205800 | 529107 |
|  EQ/500 Managed Volatility Portfolio | 10342336 | 399686125 | 59461602 | (106242909) | 16033032 | (108293150) | 260644700 | 3069350 | 15126151 |
|  EQ/International Managed Volatility Portfolio | 5532592 | 88866046 | 15783664 | (21567572) | 31542 | (14774885) | 68338795 | 939517 | 472061 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 5486178 | 70693912 | 6512440 | (22826795) | (377875) | (1176453) | 52825229 | 412545 |  |
|  EQ/Core Bond Index Portfolio | 27374721 | 343243162 | 34919889 | (98529511) | (4309186) | (29189928) | 246134426 | 4822702 | 681034 |
|  EQ/Intermediate Government Bond Portfolio | 28420509 | 365661692 | 34681001 | (103865822) | (3573918) | (25673416) | 267229537 | 3318691 | 257279 |
|  EQ/Long-Term Bond Portfolio | 13433242 | 162369118 | 13949904 | (38198833) | (8084019) | (37018998) | 93017172 | 3224628 | 69982 |
|  **Total** |  | **1595456738** | **205363052** | **(438562120)** | **(814614)** | **(254388219)** | **1107054837** | **17066958** | **19220677** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $1107054837 | $— | $1107054837 |
|  **Total Assets** | $**—** | $**1107054837** | $**—** | $**1107054837** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**1107054837** | $**—** | $**1107054837** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $205363052 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438562120 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $135470347 |
|  Aggregate gross unrealized depreciation | (99373435) |
|  Net unrealized appreciation | $36096912 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070957925 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers(Cost $1,067,375,812) | $1107054837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 771100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 36060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 19493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1107887046 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 837155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 239643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 124592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 95039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1311576 |
|  **NET ASSETS** | $1106575470 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1060684905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 45890565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1106575470 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,106,575,470 / 88,206,295 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.55 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $17066958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 10518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17077476 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3208835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1580240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1281589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 61600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 43305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6324921 |
|  **NET INVESTMENT INCOME (LOSS)** | 10752555 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (814614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 19220677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18406063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (254388219) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (235982156) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(225229601) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10752555 | $9201892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18406063 | 111487063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (254388219) | (9783043) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (225229601) | 110905912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (75821881) | (102120874) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 11,169,887 and 6,383,733 shares, respectively ] | 152965257 | 103670146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,010,510 and 6,469,253 shares, respectively ] | 75821881 | 102120874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (30443175) and (13633206) shares, respectively ] | (416699285) | (221576061) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (187912147) | (15785041) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (488963629) | (7000003) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1595539099 | 1602539102 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1106575470 | $1595539099 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/CONSERVATIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $15.72 | $15.67 | $14.83 | $13.45 | $14.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.12 | 0.09 | 0.13 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.40) | 1.01 | 1.33 | 1.60 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.28) | 1.10 | 1.46 | 1.80 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.25) | (0.25) | (0.22) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.76) | (0.80) | (0.37) | (0.20) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (1.05) | (0.62) | (0.42) | (0.48) |
|  Net asset value, end of year | $12.55 | $15.72 | $15.67 | $14.83 | $13.45 |
|  Total return | (14.46)% | 7.08% | 9.93% | 13.40% | (3.29)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375253 |
|  Ratio of expenses to average net assets (f) | 0.49 %(j) | 0.48 %(k) | 0.50 %(m) | 0.51 %(n) | 0.50 %(n) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.84% | 0.57% | 0.87% | 1.38% | 1.06% |
|  Portfolio turnover rate^ | 16% | 22% | 28% | 15% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.96% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/BALANCED STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g33t53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (15.57)% | 2.65% | 4.58 | % |
| &nbsp;&nbsp;&nbsp; EQ/Balanced Strategy Index | (13.96) | 3.62 | 5.53 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.57)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Balanced Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (13.96)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates.

From an asset-allocation perspective, the broad bond market fell 13.0% (the Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (the S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark, with equity holdings contributed around 65% of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio especially benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• The Portfolio's long-duration bonds provided a substantial drag on fixed-income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

• On the equity side, the contribution to losses was most evident in managed-volatility portfolios that employ a strategy
that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility
Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 50.6% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 49.4 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 29.3% |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 19.5 |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 18.0 |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 11.2 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 8.1 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 7.9 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 3.9 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 2.2 |

---

------

**EQ/BALANCED STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $998.80 | $2.48 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.73 | 2.51 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (50.6%)** | **Equity (50.6%)** | **Equity (50.6%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 20546360 | $349894402 |
|  EQ/400 Managed Volatility Portfolio‡ | 3260591 | 67202093 |
|  EQ/500 Managed Volatility Portfolio‡ | 36376952 | 916761898 |
|  EQ/International Managed Volatility Portfolio‡ | 19959716 | 246543204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1580401597 |
|  **Fixed Income (49.4%)** | **Fixed Income (49.4%)** | **Fixed Income (49.4%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 12642221 | 121729222 |
|  EQ/Core Bond Index Portfolio‡ | 62552692 | 562430238 |
|  EQ/Intermediate Government Bond Portfolio‡ | 64641175 | 607801617 |
|  EQ/Long-Term Bond Portfolio‡ | 36584771 | 253327677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1545288754 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $2,964,080,092)* |  | 3125690351 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (1082104) |
|  **Net Assets (100%)** |  | $3124608247 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 20546360 | 508975951 | 81755231 | (119351774) | (573105) | (120911901) | 349894402 | 3775544 | 7360005 |
|  EQ/400 Managed Volatility Portfolio | 3260591 | 58429494 | 31833906 | (10688956) | (26629) | (12345722) | 67202093 | 708808 | 1817989 |
|  EQ/500 Managed Volatility Portfolio | 36376952 | 1380438589 | 154875350 | (296484956) | (22510615) | (299556470) | 916761898 | 10781199 | 53323505 |
|  EQ/International Managed Volatility Portfolio | 19959716 | 307521976 | 40983873 | (51458156) | 20358 | (50524847) | 246543204 | 3380395 | 1663661 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 12642221 | 160931313 | 12721125 | (48366869) | (1014118) | (2542229) | 121729222 | 949795 |  |
|  EQ/Core Bond Index Portfolio | 62552692 | 763165646 | 67557480 | (193257600) | (8505805) | (66529483) | 562430238 | 11004001 | 1555355 |
|  EQ/Intermediate Government Bond Portfolio | 64641175 | 814184071 | 68277410 | (209170973) | (7571414) | (57917477) | 607801617 | 7539361 | 585662 |
|  EQ/Long-Term Bond Portfolio | 36584771 | 422092609 | 26814908 | (77187234) | (17486790) | (100905816) | 253327677 | 8765710 | 189473 |
|  **Total** |  | **4415739649** | **484819283** | **(1005966518)** | **(57668118)** | **(711233945)** | **3125690351** | **46904813** | **66495650** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $3125690351 | $— | $3125690351 |
|  **Total Assets** | $**—** | $**3125690351** | $**—** | $**3125690351** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**3125690351** | $**—** | $**3125690351** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $484819283 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005966518 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $393996080 |
|  Aggregate gross unrealized depreciation | (245077203) |
|  Net unrealized appreciation | $148918877 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976771474 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers(Cost $2,964,080,092) | $3125690351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1389983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 430403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 346361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 176485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3128052964 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 2106701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 677169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 352065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 254397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 54385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3444717 |
|  **NET ASSETS** | $3124608247 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2956882254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 167725993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3124608247 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,124,608,247 / 222,425,786 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.05 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($46,904,813 of dividend income received from affiliates) | $46937786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 18468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 46956254 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 8980912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4423790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3446068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 153052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 134003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 120487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 89200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 79603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17427115 |
|  **NET INVESTMENT INCOME (LOSS)** | 29529139 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(57668118) realized gain (loss) from affiliates) | (57655676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 66495650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8840127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (711233945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (11218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (711245163) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (702405036) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(672875897) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $29529139 | $26750349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8840127 | 281002989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (711245163) | 60074942 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (672875897) | 367828280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (182006751) | (247629679) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 0# shares, respectively ] |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 0 and 192,600 shares, respectively ] |  | 3449858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (197402) shares, respectively ] |  | (3538612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions |  | (88750) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 19,815,243 and 7,843,718 shares, respectively ] | 306989130 | 140873973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 0 and 39,881,495 shares, respectively ] |  | 715354048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 13,024,471 and 14,053,825 shares, respectively ] | 182006751 | 247629679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (60582613) and (27049042) shares, respectively ] | (924262833) | (486141635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (435266952) | 617716065 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (435266952) | 617627315 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1290149600) | 737825916 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4414757847 | 3676931931 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3124608247 | $4414757847 |
| &nbsp;&nbsp;&nbsp;&nbsp; # Number of shares is less than 0.5. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on September 1, 2021, operations for Class IA ceased and shares of seed capital were fully redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on September 1, 2021, operations for Class IA ceased and shares of seed capital were fully redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on September 1, 2021, operations for Class IA ceased and shares of seed capital were fully redeemed |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **January 1, 2021 to<br>September 1, 2021‡** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **January 1, 2021 to<br>September 1, 2021‡** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.04 | $16.04 | $14.33 | $15.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.05) | 0.14 | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.52 | 1.64 | 2.03 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.47 | 1.78 | 2.24 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.29) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.49) | (0.29) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.78) | (0.53) | (0.52) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 |
|  Total return (b) | 8.63 | 11.22% | 15.65% | (4.16)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $— | $82 | $79 | $73 |
|  Ratio of expenses to average net assets (a)(f) | 0.46 | 0.49 %(k) | 0.49 %(k) | 0.50 %(m) |
|  Ratio of net investment income (loss) to average net assets (a)(f)(x) | (0.46) | 0.84% | 1.34% | 0.44% |
|  Portfolio turnover rate^ | 24 | 27% | 14% | 10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.65 | $17.07 | $16.07 | $14.35 | $15.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.13 | 0.12 | 0.14 | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.89) | 1.48 | 1.64 | 2.04 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.76) | 1.60 | 1.78 | 2.25 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.32) | (0.29) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.70) | (0.70) | (0.49) | (0.29) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (1.02) | (0.78) | (0.53) | (0.52) |
|  Net asset value, end of year | $14.05 | $17.65 | $17.07 | $16.07 | $14.35 |
|  Total return | (15.57)% | 9.48% | 11.20% | 15.70% | (4.15)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218857 |
|  Ratio of expenses to average net assets (f) | 0.49 %(n) | 0.48 %(g)(j) | 0.49 %(k) | 0.49 %(k) | 0.50 %(m) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.82% | 0.65% | 0.86% | 1.36% | 1.06% |
|  Portfolio turnover rate^ | 13% | 24% | 27% | 14% | 10% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/BALANCED STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*‡* *After the close of business on September 1, 2021 operations for Class IA ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.95% for Class IA and 0.97% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IA and 1.00% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IA and 1.01% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/MODERATE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g24t91.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (16.51)% | 3.28% | 5.53 | % |
| &nbsp;&nbsp;&nbsp; EQ/Moderate Growth Strategy Index | (14.61) | 4.27 | 6.49 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (16.51)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Moderate Growth Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (14.61)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates.

From an asset-allocation perspective, the broad bond market fell 13.0% (the Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (the S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark, with equity holdings contributing around 72% of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio especially benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• The Portfolio's long-duration bonds provided a substantial drag on fixed-income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

• On the equity side, the contribution to losses was most evident in managed-volatility portfolios that employ a strategy
that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility
Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 60.7% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 39.3 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 35.2% |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 15.2 |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 14.0 |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 13.5 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 9.4 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 7.0 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 3.1 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 2.6 |

---

------

**EQ/MODERATE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.50 | $2.46 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.75 | 2.48 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (60.7%)** | **Equity (60.7%)** | **Equity (60.7%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 42078742 | $716580261 |
|  EQ/400 Managed Volatility Portfolio‡ | 6893522 | 142078286 |
|  EQ/500 Managed Volatility Portfolio‡ | 74152552 | 1868772136 |
|  EQ/International Managed Volatility Portfolio‡ | 40340569 | 498288314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3225718997 |
|  **Fixed Income (39.3%)** | **Fixed Income (39.3%)** | **Fixed Income (39.3%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 16938923 | 163101243 |
|  EQ/Core Bond Index Portfolio‡ | 83226796 | 748317384 |
|  EQ/Intermediate Government Bond Portfolio‡ | 85672015 | 805548313 |
|  EQ/Long-Term Bond Portfolio‡ | 53447088 | 370089149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2087056089 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $4,672,520,382)* |  | 5312775086 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (1673936) |
|  **Net Assets (100%)** |  | $5311101150 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 42078742 | 1022967719 | 143736686 | (205786744) | (3078782) | (241258618) | 716580261 | 7727299 | 14976514 |
|  EQ/400 Managed Volatility Portfolio | 6893522 | 137732051 | 54569189 | (22162193) | 110832 | (28171593) | 142078286 | 1499153 | 3850553 |
|  EQ/500 Managed Volatility Portfolio | 74152552 | 2782568589 | 243184569 | (502722261) | 65302857 | (719561618) | 1868772136 | 21967373 | 108673509 |
|  EQ/International Managed Volatility Portfolio | 40340569 | 616194495 | 74297458 | (91616367) | 126418 | (100713690) | 498288314 | 6830293 | 3358242 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 16938923 | 215259941 | 17234332 | (64635188) | (1347775) | (3410067) | 163101243 | 1272358 |  |
|  EQ/Core Bond Index Portfolio | 83226796 | 1006771408 | 88782254 | (248158348) | (9990315) | (89087615) | 748317384 | 14634936 | 2068437 |
|  EQ/Intermediate Government Bond Portfolio | 85672015 | 1071058896 | 90420065 | (269747546) | (7818643) | (78364459) | 805548313 | 9988152 | 776036 |
|  EQ/Long-Term Bond Portfolio | 53447088 | 597609634 | 35166862 | (94310966) | (20925949) | (147450432) | 370089149 | 12794365 | 275074 |
|  **Total** |  | **7450162733** | **747391415** | **(1499139613)** | **22378643** | **(1408018092)** | **5312775086** | **76713929** | **133978365** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5312775086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5312775086 |
|  **Total Assets** | $**—** | $**5312775086** | $**—** | $**5312775086** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**5312775086** | $**—** | $**5312775086** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $747391415 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499139613 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $963272901 |
|  Aggregate gross unrealized depreciation | (334778090) |
|  Net unrealized appreciation | $628494811 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684280275 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,672,520,382) | $5312775086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3199669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 435222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 123263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 26102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5316559342 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 3272855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1152159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 599016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 424492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 9670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5458192 |
|  **NET ASSETS** | $5311101150 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4615287110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 695814040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5311101150 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $5,311,101,150 / 361,001,410 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.71 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $76713929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 30743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 76744672 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 15157554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 7467132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5665668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 289762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 202684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 186235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 78300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 108292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 29155627 |
|  **NET INVESTMENT INCOME (LOSS)** | 47589045 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | 22378643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 133978365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 156357008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (1408018092) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1251661084) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1204072039) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $47589045 | $42044487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 156357008 | 716026998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1408018092) | 88910355 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1204072039) | 846981840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (488969932) | (627715054) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,813,036 and 7,453,138 shares, respectively ] | 274215422 | 149198699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 32,961,479 and 32,387,218 shares, respectively ] | 488969932 | 627715054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (73774371) and (47836716) shares, respectively ] | (1207713894) | (960152879) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (444528540) | (183239126) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2137570511) | 36027660 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7448671661 | 7412644001 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5311101150 | $7448671661 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/MODERATE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.35 | $18.86 | $17.76 | $15.63 | $17.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.13 | 0.11 | 0.15 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.34) | 2.10 | 2.02 | 2.57 | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.21) | 2.21 | 2.17 | 2.80 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.40) | (0.35) | (0.26) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.28) | (1.32) | (0.72) | (0.41) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.43) | (1.72) | (1.07) | (0.67) | (0.61) |
|  Net asset value, end of year | $14.71 | $19.35 | $18.86 | $17.76 | $15.63 |
|  Total return | (16.51)% | 11.91% | 12.38% | 18.00% | (5.17)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5311101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7448672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7333348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621253 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.47 %(k) | 0.48 %(m) | 0.48 %(m) | 0.49 %(n) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.79% | 0.56% | 0.83% | 1.32% | 1.02% |
|  Portfolio turnover rate^ | 12% | 20% | 24% | 12% | 9% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/GROWTH STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g44c37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (17.42)% | 3.91% | 6.47 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (17.40) | 3.91 | 6.47 |  |
| &nbsp;&nbsp;&nbsp; EQ/Growth Strategy Index | (15.22) | 4.91 | 7.46 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (17.40)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Growth Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (15.22)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates.

From an asset-allocation perspective, the broad bond market fell 13.0% (the Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (the S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark and equity holdings contributed around 80% of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in mid-cap U.S. stocks (as measured by the S&P
Midcap 400 Index) and international equities (as measured by the MSCI EAFE Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in
outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• On the equity side, the contribution to losses was most evident in managed-volatility portfolios that employ a strategy
that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed Volatility
Portfolio.

• The Portfolio's long-duration bonds provided a substantial drag on fixed-income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 70.9% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 29.1 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 41.2% |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 15.9 |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 10.9 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 10.8 |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 10.2 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 5.7 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 3.0 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 2.3 |

---

------

**EQ/GROWTH STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1008.50 | $2.46 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.76 | 2.48 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1008.50 | 2.46 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.76 | 2.48 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.49% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.49% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.49% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.49% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (70.9%)** | **Equity (70.9%)** | **Equity (70.9%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 40859679 | $695820218 |
|  EQ/400 Managed Volatility Portfolio‡ | 6259332 | 129007372 |
|  EQ/500 Managed Volatility Portfolio‡ | 71338590 | 1797855426 |
|  EQ/International Managed Volatility Portfolio‡ | 38241958 | 472366187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3095049203 |
|  **Fixed Income (29.1%)** | **Fixed Income (29.1%)** | **Fixed Income (29.1%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 10568454 | 101761365 |
|  EQ/Core Bond Index Portfolio‡ | 49249356 | 442815908 |
|  EQ/Intermediate Government Bond Portfolio‡ | 50647583 | 476224059 |
|  EQ/Long-Term Bond Portfolio‡ | 35888585 | 248507004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1269308336 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $3,893,522,191)* |  | 4364357539 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (2136649) |
|  **Net Assets (100%)** |  | $4362220890 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 40859679 | 966841392 | 112118766 | (151235929) | 1178068 | (233082079) | 695820218 | 7492529 | 14279365 |
|  EQ/400 Managed Volatility Portfolio | 6259332 | 127776833 | 45447837 | (18615992) | 23845 | (25625151) | 129007372 | 1360314 | 3508477 |
|  EQ/500 Managed Volatility Portfolio | 71338590 | 2619963749 | 185498264 | (382785825) | 18559171 | (643379933) | 1797855426 | 21105322 | 104283025 |
|  EQ/International Managed Volatility Portfolio | 38241958 | 574733694 | 64596286 | (73079958) | 67203 | (93951038) | 472366187 | 6468534 | 3182533 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 10568454 | 128534647 | 10620873 | (34515992) | (667443) | (2210720) | 101761365 | 791828 |  |
|  EQ/Core Bond Index Portfolio | 49249356 | 586502212 | 50415296 | (135929958) | (5361623) | (52810019) | 442815908 | 8651407 | 1218671 |
|  EQ/Intermediate Government Bond Portfolio | 50647583 | 625314465 | 50129355 | (148556957) | (5214805) | (45447999) | 476224059 | 5898567 | 456940 |
|  EQ/Long-Term Bond Portfolio | 35888585 | 384028977 | 23328939 | (49328972) | (10486656) | (99035284) | 248507004 | 8572810 | 183105 |
|  **Total** |  | **6013695969** | **542155616** | **(994049583)** | **(1902240)** | **(1195542223)** | **4364357539** | **60341311** | **127112116** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for**<br> **Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices**<br> **for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the**<br> **Portfolio's own**<br> **assumptions in<br>determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $— | $4364357539 | $— | $4364357539 |
|  **Total Assets** | $**—** | $**4364357539** | $**—** | $**4364357539** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**4364357539** | $**—** | $**4364357539** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $542155616 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994049583 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $681760168 |
|  Aggregate gross unrealized depreciation | (217979928) |
|  Net unrealized appreciation | $463780240 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900577299 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,893,522,191) | $4364357539.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1638436.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 790346.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22680.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 198257.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4367007258.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 2857157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 945972.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 491981.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 351281.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1397.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 313.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 138267.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4786368.0 |
|  **NET ASSETS** | $4362220890.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3835876383.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 526344507.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4362220890.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,451,381 / 87,930 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.51 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,360,769,509 / 263,859,830 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.53 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $60341311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 21976 |
|  Total income | 60363287 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 12298389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6061660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4647279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 178600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 163660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 158688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 71300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 90566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 23674013 |
|  **NET INVESTMENT INCOME (LOSS)** | 36689274 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (1902240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 127112116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 125209876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (1195542223) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1070332347) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1033643073) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $36689274 | $33720275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 125209876 | 556540479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1195542223) | 207723907 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1033643073) | 797984661 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (131534) | (138198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (400235265) | (464052091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (400366799) | (464190289) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 32,968 shares, respectively ] |  | 718196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,933 and 6,313 shares, respectively ] | 131534 | 138198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2118) and (33087) shares, respectively ] | (39756) | (725811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 91778 | 130583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 17,860,655 and 7,152,932 shares, respectively ] | 350099003 | 160542030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 24,107,608 and 21,172,235 shares, respectively ] | 400235265 | 464052091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (51385145) and (31215149) shares, respectively ] | (966716924) | (702101690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (216382656) | (77507569) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (216290878) | (77376986) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1650300750) | 256417386 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6012521640 | 5756104254 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4362220890 | $6012521640 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.97 | $20.82 | $19.31 | $16.60 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.15 | 0.13 | 0.16 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.00) | 2.81 | 2.44 | 3.10 | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.85) | 2.94 | 2.60 | 3.35 | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.51) | (0.40) | (0.29) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.45) | (1.28) | (0.69) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.61) | (1.79) | (1.09) | (0.64) | (0.54) |
|  Net asset value, end of year | $16.51 | $21.97 | $20.82 | $19.31 | $16.60 |
|  Total return | (17.42)% | 14.30% | 13.66% | 20.23% | (6.08)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1451 | $1804 | $1580 | $1419 | $1294 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.47 %(k) | 0.49 %(m) | 0.48 %(n) | 0.49 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.81% | 0.58% | 0.85% | 1.33% | 0.95% |
|  Portfolio turnover rate^ | 11% | 19% | 24% | 11% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.99 | $20.84 | $19.33 | $16.62 | $18.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.13 | 0.16 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.99) | 2.81 | 2.44 | 3.10 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.85) | 2.94 | 2.60 | 3.35 | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.51) | (0.40) | (0.29) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.45) | (1.28) | (0.69) | (0.35) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.61) | (1.79) | (1.09) | (0.64) | (0.54) |
|  Net asset value, end of year | $16.53 | $21.99 | $20.84 | $19.33 | $16.62 |
|  Total return | (17.40)% | 14.28% | 13.64% | 20.21% | (6.07)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5754524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727029 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.47 %(k) | 0.49 %(m) | 0.48 %(n) | 0.49 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.75% | 0.56% | 0.82% | 1.33% | 1.01% |
|  Portfolio turnover rate^ | 11% | 19% | 24% | 11% | 10% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IA and 1.00% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.99% for Class IA and 0.99% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.02% for Class IA and 1.02% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IA and 1.01% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.03% for Class IA and 1.03% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g78a84.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (18.34)% | 4.48% | 7.37 | % |
| &nbsp;&nbsp;&nbsp; EQ/Aggressive Growth Strategy Index | (15.83) | 5.69 | 8.55 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (18.34)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Aggressive Growth Strategy Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (15.83)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Within equities, companies in the international developed world outperformed the U.S. market; domestic companies with lower stock valuations and higher dividends also performed better, on a relative scale. Among bonds, short-term U.S. government issues and corporate bonds (with bigger coupons) provided a cushion, while long-duration government bonds felt the brunt of the impact of rising interest rates.

From an asset-allocation perspective, the broad bond market fell 13.0% (the Bloomberg U.S. Aggregate Bond Index) and the U.S. stock market was down 18.1% (the S&P 500 Index). Against this backdrop, the Portfolio underperformed its combination benchmark and equity holdings contributed almost 90% of the Portfolio's negative total return for the year.

***What helped performance during the year:***

• From an asset-allocation perspective, certain fixed-income sectors mitigated the market's broad losses in 2022, and
the Portfolio benefitted from positions in short-term bonds, which were only slightly negative for the year.

• In addition, underlying holdings in international equities (as measured by the MSCI EAFE Index) and mid-cap U.S. stocks (as
measured by the S&P Midcap 400 Index) provided a cushion against falling prices, as these sectors had roughly 360 to 500 basis points (a basis point is one hundredth of a percentage point) in outperformance compared to the S&P 500 Index.

***What hurt performance during the year:***

• On the equity side, the contribution to losses was most evident in a number of managed-volatility portfolios that employ a
strategy that sometimes results in underperformance when volatility is high, but equities are rising, as happened at several points in the year. This was particularly true for the EQ/500 Managed Volatility Portfolio and the EQ/2000 Managed
Volatility Portfolio.

• The Portfolio's long-duration bonds provided a substantial drag on fixed-income returns. Rising interest rates have a
significant negative impact on long-duration bonds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 81.2% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 18.8 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; EQ/500 Managed Volatility Portfolio | 48.0% |
| &nbsp;&nbsp;&nbsp; EQ/2000 Managed Volatility Portfolio | 18.0 |
| &nbsp;&nbsp;&nbsp; EQ/International Managed Volatility Portfolio | 12.0 |
| &nbsp;&nbsp;&nbsp; EQ/Intermediate Government Bond Portfolio | 7.0 |
| &nbsp;&nbsp;&nbsp; EQ/Core Bond Index Portfolio | 6.5 |
| &nbsp;&nbsp;&nbsp; EQ/Long-Term Bond Portfolio | 3.8 |
| &nbsp;&nbsp;&nbsp; EQ/400 Managed Volatility Portfolio | 3.2 |
| &nbsp;&nbsp;&nbsp; EQ/AB Short Duration Government Bond Portfolio | 1.5 |

---

------

**EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1012.90 | $2.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.75 | 2.48 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.49%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (81.2%)** | **Equity (81.2%)** | **Equity (81.2%)** |
|  EQ/2000 Managed Volatility Portfolio‡ | 48579232 | $827280395 |
|  EQ/400 Managed Volatility Portfolio‡ | 7225974 | 148930244 |
|  EQ/500 Managed Volatility Portfolio‡ | 87711744 | 2210487122 |
|  EQ/International Managed Volatility Portfolio‡ | 44772020 | 553025775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3739723536 |
|  **Fixed Income (18.8%)** | **Fixed Income (18.8%)** | **Fixed Income (18.8%)** |
|  EQ/AB Short Duration Government Bond Portfolio‡ | 7195339 | 69282368 |
|  EQ/Core Bond Index Portfolio‡ | 33350778 | 299866969 |
|  EQ/Intermediate Government Bond Portfolio‡ | 34093014 | 320566404 |
|  EQ/Long-Term Bond Portfolio‡ | 25536269 | 176823403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 866539144 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $4,468,991,601)* |  | 4606262680 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (1671118) |
|  **Net Assets (100%)** |  | $4604591562 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

The holdings in affiliated Investment Companies are all Class K shares.

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  EQ/2000 Managed Volatility Portfolio | 48579232 | 1121672899 | 78003687 | (102480250) | 18825 | (269934766) | 827280395 | 8882768 | 16588600 |
|  EQ/400 Managed Volatility Portfolio | 7225974 | 148884564 | 42365686 | (12839507) | 34722 | (29515221) | 148930244 | 1568350 | 3940453 |
|  EQ/500 Managed Volatility Portfolio | 87711744 | 3045189488 | 181974021 | (274052477) | (318682) | (742305228) | 2210487122 | 25878250 | 127872913 |
|  EQ/International Managed Volatility Portfolio | 44772020 | 663315188 | 50770212 | (53277780) | 8021 | (107789866) | 553025775 | 7556673 | 3732560 |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  EQ/AB Short Duration Government Bond Portfolio | 7195339 | 85347720 | 4022362 | (18153704) | (368808) | (1565202) | 69282368 | 538231 |  |
|  EQ/Core Bond Index Portfolio | 33350778 | 381003199 | 21630791 | (64398766) | (2747689) | (35620566) | 299866969 | 5842800 | 820781 |
|  EQ/Intermediate Government Bond Portfolio | 34093014 | 406284131 | 21296257 | (73616668) | (3043875) | (30353441) | 320566404 | 3961445 | 306226 |
|  EQ/Long-Term Bond Portfolio | 25536269 | 261061152 | 12463767 | (21311112) | (3929826) | (71460578) | 176823403 | 6080996 | 130379 |
|  **Total** |  | **6112758341** | **412526783** | **(620130264)** | **(10347312)** | **(1288544868)** | **4606262680** | **60309513** | **153391912** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $4606262680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $4606262680 |
|  **Total Assets** | $**—** | $**4606262680** | $**—** | $**4606262680** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**—** | $**4606262680** | $**—** | $**4606262680** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $412526783 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620130264 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $395704312 |
|  Aggregate gross unrealized depreciation | (269451906) |
|  Net unrealized appreciation | $126252406 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480010274 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,468,991,601) | $4606262680.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 273908.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1356651.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 147392.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 22054.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4608062685.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 1482674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 998071.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 518904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 349642.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 121832.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3471123.0 |
|  **NET ASSETS** | $4604591562.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $4400959444.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 203632118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4604591562.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,604,591,562 / 325,463,343 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.15 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (All dividend income received from affiliates) | $60309513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 60321914 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 12688402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6254475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4786262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 221529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 167323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 161240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 73600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 92728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 24445559 |
|  **NET INVESTMENT INCOME (LOSS)** | 35876355 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities (All realized gain (loss) from affiliates) | (10347312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 153391912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 143044600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities (All of change in unrealized appreciation (depreciation) from affiliates) | (1288544868) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1145500268) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1109623913) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $35876355 | $34715949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 143044600 | 555389099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1288544868) | 322011114 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1109623913) | 912116162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (419087654) | (461217632) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,217,708 and 15,322,577 shares, respectively ] | 260352403 | 297018856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 29,548,174 and 24,429,516 shares, respectively ] | 419087654 | 461217632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (41273592) and (35445452) shares, respectively ] | (656951924) | (682001468) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 22488133 | 76235020 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1506223434) | 527133550 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6110814996 | 5583681446 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4604591562 | $6110814996 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AGGRESSIVE GROWTH STRATEGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.04 | $17.63 | $16.04 | $13.49 | $14.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.11 | 0.11 | 0.15 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.62) | 2.81 | 2.15 | 2.83 | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.51) | 2.92 | 2.30 | 3.03 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.48) | (0.36) | (0.24) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.25) | (1.03) | (0.35) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.38) | (1.51) | (0.71) | (0.48) | (0.42) |
|  Net asset value, end of year | $14.15 | $19.04 | $17.63 | $16.04 | $13.49 |
|  Total return | (18.34)% | 16.82% | 14.52% | 22.51% | (6.97)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434710 |
|  Ratio of expenses to average net assets (f) | 0.48 %(j) | 0.47 %(k) | 0.49 %(m) | 0.49 %(n) | 0.49 %(o) |
|  Ratio of net investment income (loss) to average net assets (f)(x) | 0.71% | 0.58% | 0.92% | 1.34% | 1.01% |
|  Portfolio turnover rate^ | 8% | 16% | 21% | 8% | 6% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.01% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.00% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.03% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.04% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.05% for Class IB.* 

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

See Notes to Financial Statements.

------

**EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

(Effective August 19, 2022, the 1290 VT DoubleLine Dynamic Allocation Portfolio was restructured as a fund of funds and renamed Equitable Conservative Growth MF/ETF Portfolio; DoubleLine Capital LP was terminated as the Sub-Adviser to the Portfolio.)

PERFORMANCE RESULTS

![LOGO](g401674g50a01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (12.40)% | 4.32% | 4.89 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (12.17) | 4.59 | 5.16 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI (Net) Index\* | (18.37) | 5.23 | 7.98 |  |
| &nbsp;&nbsp;&nbsp; Equitable Conservative Growth MF/ETF Index  | (14.95) | 2.41 | 4.01 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01) | 0.02 | 1.06 |  |
| &nbsp;&nbsp;&nbsp; *\* Effective August 19, 2022, the MSCI ACWI (Net) Index replaced the S&P 500<sup>®</sup> Index as the Portfolio's benchmark because the MSCI ACWI (Net) Index is more relevant to the Portfolio's investment strategy and better reflects the markets in which the Portfolio invests.* | &nbsp;&nbsp;&nbsp; *\* Effective August 19, 2022, the MSCI ACWI (Net) Index replaced the S&P 500<sup>®</sup> Index as the Portfolio's benchmark because the MSCI ACWI (Net) Index is more relevant to the Portfolio's investment strategy and better reflects the markets in which the Portfolio invests.* | &nbsp;&nbsp;&nbsp; *\* Effective August 19, 2022, the MSCI ACWI (Net) Index replaced the S&P 500<sup>®</sup> Index as the Portfolio's benchmark because the MSCI ACWI (Net) Index is more relevant to the Portfolio's investment strategy and better reflects the markets in which the Portfolio invests.* | &nbsp;&nbsp;&nbsp; *\* Effective August 19, 2022, the MSCI ACWI (Net) Index replaced the S&P 500<sup>®</sup> Index as the Portfolio's benchmark because the MSCI ACWI (Net) Index is more relevant to the Portfolio's investment strategy and better reflects the markets in which the Portfolio invests.* |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (12.40)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the MSCI ACWI (Net) Index, Equitable Conservative Growth MF/ETF Index, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index, which returned (18.37)%, (14.95)%, (18.11)% and (13.01)%, respectively.

**Portfolio Highlights** 

In August 2022, the Portfolio's strategy and benchmark were re-structured. Through the end of 2022 equities and bonds continued to produce losses, both domestically and internationally, although the magnitude of U.S. stock market losses (as measured by the S&P 500 Index) began to slow, and actually reversed course in October. Stocks from the developed world outside the U.S. were slightly positive for the period. In the equity market, companies with lower valuations and higher dividends performed better than the broad market. Among bonds, short-term government issues and corporate bonds (with bigger coupons) also mitigated some of the losses.

The Portfolio's total return derives from two aspects of its strategy. The first is the long-term strategic allocation to global equity and fixed income sectors, and the performance of the active managers selected in these categories. The second is its tactical allocation shifts, made generally through passive funds, and based on momentum factors, as well as the level of volatility.

***What helped performance during the year:***

• Prior to the restructuring, the Portfolio's high-grade bond holdings benefitted from maintaining lower interest-rate
risk than the benchmark, reducing volatility and helping relative performance in the first half of the year. In addition, the active equity portfolio had a value orientation, which outperformed the broad market, and added to relative performance.

• Following the restructuring, the Portfolio maintained certain tactical shifts that added to performance relative to the
benchmark. Being underweight in equities early in the period helped avoid a sharp downdraft in September — avoiding the emerging markets early on also helped. Being overweight in value equities, compared to growth equities, was helpful
throughout the period.

• Underlying portfolio selection was helpful since inception of the new strategy, with active managers ahead of their
respective benchmarks in both the equity and fixed income markets:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, 1290 SmartBeta Equity Fund outperformed the MSCI World Index and 1290 GAMCO Small/Mid Cap Value Fund
outperformed the Russell 2000 Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 Diversified Bond Fund outperformed the Bloomberg Aggregate U.S. Bond Index.

• The Portfolio's minimum-volatility holdings helped relative performance.

***What hurt performance during the year:***

• Prior to the restructuring, the Portfolio's allocations to equities and fixed income declined in value, hurting
absolute performance. In the latter part of the period, certain fixed-income holdings began to experience more price volatility than the benchmark, hurting relative performance. The worst performing fixed-income sector was high-yield corporate
bonds.

------

**EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

• Following the restructuring, most of the detractors to performance came from tactical shifts that lagged big moves in the
U.S. growth market and the emerging markets.

• Also weighing on performance were actively managed underlying portfolios that underperformed their benchmarks during the
period:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, AB Small Cap Growth Portfolio lagged the Russell 2000 Growth Index by a wide margin.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 High Yield Bond Fund slightly underperformed the ICE BofA High Yield Bond Index.

• At the beginning of the fourth quarter, the tactical underweighting of equities detracted from performance by not capturing
fully advances in the broad-based markets in October and part of November.

• To a lesser extent, tactical risk-off positioning in the fixed income markets, which favored investment-grade bonds over
high-yield bonds, was a negative factor.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Fixed Income | 53.6% |
| &nbsp;&nbsp;&nbsp; Equity | 35.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 6.7 |
| &nbsp;&nbsp;&nbsp; Investment Company | 4.0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; 1290 Diversified Bond Fund | 33.2% |
| &nbsp;&nbsp;&nbsp; 1290 SmartBeta Equity Fund | 10.3 |
| &nbsp;&nbsp;&nbsp; 1290 High Yield Bond Fund | 8.3 |
| &nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 7.7 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Total US Stock Market ETF | 5.2 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P U.S. Value ETF | 4.5 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Global Min Vol Factor ETF | 4.4 |
| &nbsp;&nbsp;&nbsp; 1290 GAMCO Small/Mid Cap Value Fund | 4.3 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 4.0 |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund | 4.0 |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1038.40 | $4.11 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1039.10 | 2.89 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.37 | 2.86 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.80% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.80% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.80% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.80% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Security (0.0%)†** |  |  |  |  |
|  RASC Trust,<br>Series 2007-EMX1 A13 4.589%, 1/25/37 (l) | $| 1 | $| 1 |
|  **Total Asset-Backed Security** |  |  |  | 1 |
|  **Total Long-Term Debt Securities (0.0%)†**<br> *(Cost $—)* |  |  |  | 1 |
|  | **Number of<br>Shares** | **Number of<br>Shares** |  |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (18.7%)** | **Equity (18.7%)** | **Equity (18.7%)** | **Equity (18.7%)** | **Equity (18.7%)** |
|  iShares Core S&P Total US Stock Market ETF (x) |  | 45900 |  | 3892320 |
|  iShares Core S&P U.S. Value ETF (x) |  | 48600 |  | 3432618 |
|  iShares MSCI Global Min Vol Factor ETF (x) |  | 35300 |  | 3354206 |
|  SPDR Portfolio Developed World ex-US ETF (x) |  | 62300 |  | 1849687 |
|  Vanguard FTSE Emerging Markets ETF (x) |  | 8400 |  | 327432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  |  |  | 12856263 |
|  **Fixed Income (13.2%)** | **Fixed Income (13.2%)** | **Fixed Income (13.2%)** | **Fixed Income (13.2%)** | **Fixed Income (13.2%)** |
|  iShares Broad USD High Yield Corporate Bond ETF (x) |  | 30600 |  | 1056618 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) |  | 29300 |  | 2271043 |
|  Vanguard Total Bond Market ETF |  | 80700 |  | 5797488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  |  |  | 9125149 |
|  **Total Exchange Traded Funds (31.9%)**<br> *(Cost $22,935,782)* |  |  |  | 21981412 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (20.6%)** | **Equity (20.6%)** | **Equity (20.6%)** | **Equity (20.6%)** | **Equity (20.6%)** |
|  1290 Essex Small Cap Growth Fund\*‡ |  | 31835 |  | 320574 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ |  | 226948 |  | 3227204 |
|  1290 SmartBeta Equity Fund‡ |  | 539360 |  | 7782966 |
|  AB Small Cap Growth Portfolio\*‡ |  | 53996 |  | 2838039 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  |  |  | 14168783 |
|  **Fixed Income (45.6%)** | **Fixed Income (45.6%)** | **Fixed Income (45.6%)** | **Fixed Income (45.6%)** | **Fixed Income (45.6%)** |
|  1290 Diversified Bond Fund‡ |  | 2789182 |  | 25102642 |
|  1290 High Yield Bond Fund‡ |  | 794533 |  | 6308588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  |  |  | 31411230 |
|  **Total Investment Companies (66.2%)**<br> *(Cost $47,884,532)* |  |  |  | 45580013 |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |
|  **Investment Company (4.4%)** |  |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) |  | 3000000 |  | 3000000 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (7.3%)** | **Repurchase Agreements (7.3%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | $2000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,015,876, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,074,758. (xx) | 3014469 | 3014469 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $50,024, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $51,027. (xx) | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 5064469 |
|  **Total Short-Term Investments (11.7%)**<br> *(Cost $8,064,469)* |  | 8064469 |
|  **Total Investments in Securities (109.8%)**<br> *(Cost $78,884,783)* |  | 75625895 |
|  **Other Assets Less Liabilities (-9.8%)** |  | (6759047) |
|  **Net Assets (100%)** |  | $68866848 |

---

*†* *Percent shown is less than 0.05%.* 

*\** *Non-income producing.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $8,131,148. This was collateralized by $277,557 of various U.S. Government Treasury Securities, ranging from 0.125% - 5.250%, maturing 7/15/23 - 5/15/51 and by cash of $8,064,469 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss)<br>($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend<br>/Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Essex Small Cap Growth Fund\* | 31835 |  | 330768 |  |  | (10194) | 320574 |  | 1768 |
|  1290 GAMCO Small/Mid Cap Value Fund | 226948 |  | 3938883 | (474312) | 22885 | (260252) | 3227204 | 7415 | 72182 |
|  1290 SmartBeta Equity Fund | 539360 |  | 9062037 | (867167) | 13929 | (425833) | 7782966 | 83500 | 86 |
|  AB Small Cap Growth Portfolio\* | 53996 |  | 3854297 | (603316) | (11231) | (401711) | 2838039 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 2789182 |  | 27703656 | (1688122) | (48980) | (863912) | 25102642 | 346376 |  |
|  1290 High Yield Bond Fund | 794533 |  | 7003786 | (344530) | (8051) | (342617) | 6308588 | 151054 |  |
|  DoubleLine Floating Rate Fund |  | 2394647 |  | (2314323) | (108938) | 28614 |  | 52375 |  |
|  DoubleLine Global Bond Fund |  | 2091618 |  | (1860232) | (318746) | 87360 |  |  |  |
|  **Total** |  | **4486265** | **51893427** | **(8152002)** | **(459132)** | **(2188545)** | **45580013** | **640720** | **74036** |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted<br>prices for similar<br>securities, interest<br>rates, prepayment<br>speeds, credit<br>risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** |  |  |  |  |
|  Asset-Backed Securities | $— | $1 | $— | $1 |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | 21981412 |  |  | 21981412 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 45580013 |  |  | 45580013 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 3000000 |  |  | 3000000 |
|  Repurchase Agreements |  | 5064469 |  | 5064469 |
|  **Total Assets** | $**70561425** | $**5064470** | $**—** | $**75625895** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**70561425** | $**5064470** | $**—** | $**75625895** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Swaps** | **Total** |
|  Equity contracts | $(743471) | $(743471) |
|  **Total** | $(743471) | $(743471) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Swaps** | **Total** |
|  Equity contracts | $(674779) | $(674779) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674779) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674779) |

---

^ The Portfolio held swaps contracts as a substitute for investing in conventional securities.

The Portfolio held swaps contracts with an average notional balance of approximately $19,788,000 for eight months during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $94534618 |
|  Long-term U.S. government debt securities | 37750829 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132285447 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $64631837 |
|  Long-term U.S. government debt securities | 43766434 |
|  | $108398271 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8507 |
|  Aggregate gross unrealized depreciation | (3419095) |
|  Net unrealized depreciation | $(3410588) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79036483 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $47,884,532) | $45580013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $25,935,782) | 24981413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,064,469) | 5064469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1511574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 19471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 77159659 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 8064469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 155102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 14174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 7695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 41373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8292811 |
|  **NET ASSETS** | $68866848 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $72450336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (3583488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $68866848 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $65,986,277 / 6,047,910 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.91 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,880,571 / 263,850 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.92 |

---

*(x)* *Includes value of securities on loan of $8,131,148.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($640,720 of dividend income received from affiliates) (net of $733 foreign withholding tax) | $1110872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 644707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 17062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1772641 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 372665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 166486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 70382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 27600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 736447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (57173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 679274 |
|  **NET INVESTMENT INCOME (LOSS)** | 1093367 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(459132) realized gain (loss) from affiliates) | 1919953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 74036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (743471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1250518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(2188545) of change in unrealized appreciation (depreciation) from affiliates) | (11329319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (674779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12004098) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (10753580) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(9660213) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1093367 | $440677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1250518 | 5297575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12004098) | 1162174 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (9660213) | 6900426 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2988762) | (5609792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (139449) | (268291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3128211) | (5878083) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,113,015 and 989,372 shares, respectively ] | 13017781 | 13278819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 271,692 and 431,035 shares, respectively ] | 2988762 | 5609792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (981495) and (797707) shares, respectively ] | (11414681) | (10776573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4591862 | 8112038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 38,602 and 164,576 shares, respectively ] | 450818 | 2218361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 12,664 and 20,605 shares, respectively ] | 139449 | 268291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (47706) and (72250) shares, respectively ] | (545211) | (981030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 45056 | 1505622 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4636918 | 9617660 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (8151506) | 10640003 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 77018354 | 66378351 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $68866848 | $77018354 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE CONSERVATIVE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.04 | $12.84 | $11.88 | $10.60 | $11.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 (x) | 0.08 | 0.12 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.80) | 1.20 | 1.42 | 1.71 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.62) | 1.28 | 1.54 | 1.91 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.08) | (0.12) | (0.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (1.00) | (0.46) | (0.39) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (1.08) | (0.58) | (0.63) | (0.46) |
|  Net asset value, end of year | $10.91 | $13.04 | $12.84 | $11.88 | $10.60 |
|  Total return | (12.40)% | 10.10% | 13.10% | 18.14% | (4.10)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41616 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.99 %(j) | 1.16 %(k) | 1.16 %(k) | 1.16 %(k) | 1.19 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.07% | 1.26% | 1.32% | 1.36% | 1.28% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.56 %(x) | 0.60% | 1.01% | 1.69% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.48 %(x) | 0.51% | 0.85% | 1.49% | 1.49% |
|  Portfolio turnover rate^ | 194 %(h) | 131% | 135% | 67% | 83% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.05 | $12.84 | $11.88 | $10.60 | $11.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 (x) | 0.11 | 0.15 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.79) | 1.21 | 1.42 | 1.71 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.59) | 1.32 | 1.57 | 1.94 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.11) | (0.15) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.31) | (1.00) | (0.46) | (0.39) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (1.11) | (0.61) | (0.66) | (0.49) |
|  Net asset value, end of year | $10.92 | $13.05 | $12.84 | $11.88 | $10.60 |
|  Total return | (12.17)% | 10.42% | 13.36% | 18.41% | (3.86)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2881 | $3397 | $1893 | $882 | $11891 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.74 %(j) | 0.91 %(k) | 0.91 %(k) | 0.91 %(k) | 0.94 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.82% | 1.00% | 1.08% | 1.03% | 1.03% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.75 %(x) | 0.84% | 1.25% | 2.00% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.68 %(x) | 0.75% | 1.09% | 1.87% | 1.74% |
|  Portfolio turnover rate^ | 194 %(h) | 131% | 135% | 67% | 83% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class IB and 0.92% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.24% for Class IB and 0.99% for Class K.* 

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

See Notes to Financial Statements.

------

**EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g74n01.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** |
|  | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (11.78)% |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (11.59) |
| &nbsp;&nbsp;&nbsp; MSCI ACWI (Net) Index | (14.24) |
| &nbsp;&nbsp;&nbsp; Equitable Moderate Growth MF/ETF Index | (12.01) |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (9.23) |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/15/22.* |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.78)% for the period ended December 31, 2022. This compares to the following benchmarks over the same period: the MSCI ACWI (Net) Index, Equitable Moderate Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index, which returned (14.24)%, (12.01)%, and (9.23)%, respectively.

**Portfolio Highlights** 

Since inception of the Portfolio on February 15, 2022, equities and bonds produced substantial losses, both domestically and internationally. In the equity market, companies with lower valuations and higher dividends, along with international developed-world equities generally, performed better than the broad U.S. market. Among bonds, short-term government issues and corporate bonds (with bigger coupons) also mitigated some of the losses.

The Portfolio's total return derives from two aspects of its strategy. The first is the long-term strategic allocation to global equity and fixed income sectors, and the performance of the active managers selected in these categories. The second is its tactical allocation shifts, made generally through passive funds, and based on momentum factors, as well as the level of volatility.

***What helped performance during the period February 15, 2022 to December 31, 2022:***

• Strategic asset allocation tended to be neutral overall. Although the small-cap holdings underperformed the broad market
during this period, the Portfolio's allocation to minimum-volatility global stocks helped offset that factor.

• Fund selection was a positive factor. Several active managers outperformed their respective benchmarks in both the equity
and fixed income markets:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, 1290 SmartBeta Equity Fund outperformed the MSCI World Index and 1290 GAMCO Small/Mid Cap Value Fund
outperformed the Russell 2000 Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 High Yield Bond Fund outperformed the ICE BofA High Yield Index.

***What hurt performance during the period February 15, 2022 to December 31, 2022:***

• Certain tactical shifts that lagged big moves in the U.S. growth market and the emerging markets detracted from
performance.

• Also weighing on performance were some of the actively managed portfolios that underperformed their benchmarks during this
period:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, AB Small Cap Growth Portfolio lagged the Russell 2000 Growth Index by a wide margin.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 Diversified Bond Fund underperformed the Bloomberg Aggregate U.S. Bond Index.

• At certain points during the second half of the year, the tactical underweighting of equities detracted from performance by
not capturing fully advances in the broad-based markets in October and part of November.

• To a lesser extent, tactical risk-off positioning in the fixed income markets, which favored investment-grade bonds over
high-yield bonds, was a negative factor.

------

**EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) | &nbsp;&nbsp;&nbsp;**Table by Asset Class** (as a percentage of Total<br>Investments in Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 52.1% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 34.5 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 11.7 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 1.7 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) | &nbsp;&nbsp;&nbsp;**Top 10 Holdings** (as a percentage of Total Investments in<br>Securities) |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2022** | &nbsp;&nbsp;&nbsp;**As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; 1290 Diversified Bond Fund | 23.3% |
| &nbsp;&nbsp;&nbsp; 1290 SmartBeta Equity Fund | 18.5 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 11.7 |
| &nbsp;&nbsp;&nbsp; 1290 GAMCO Small/Mid Cap Value Fund | 7.0 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Global Min Vol Factor ETF | 6.6 |
| &nbsp;&nbsp;&nbsp; AB Small Cap Growth Portfolio | 6.4 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Total US Stock Market ETF | 5.9 |
| &nbsp;&nbsp;&nbsp; 1290 High Yield Bond Fund | 4.4 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P U.S. Value ETF | 4.3 |
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF | 3.0 |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.60 | $2.99 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.22 | 3.02 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.70 | 1.73 |  |
| &nbsp;&nbsp;&nbsp; **Hypothetical (5% average annual return before expenses)** | 1000.00 | 1023.48 | 1.75 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (22.5%)** | **Equity (22.5%)** | **Equity (22.5%)** |
|  iShares Core S&P Total US Stock Market ETF (x) | 7830 | $663984 |
|  iShares Core S&P U.S. Value ETF (x) | 6905 | 487700 |
|  iShares MSCI Global Min Vol Factor ETF (x) | 7860 | 746857 |
|  SPDR Portfolio Developed World ex-US ETF | 8070 | 239599 |
|  Vanguard FTSE Emerging Markets ETF | 2530 | 98620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2236760 |
|  **Fixed Income (7.6%)** | **Fixed Income (7.6%)** | **Fixed Income (7.6%)** |
|  iShares Broad USD High Yield Corporate Bond ETF (x) | 4610 | 159183 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 4320 | 334843 |
|  Vanguard Total Bond Market ETF | 3780 | 271555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 765581 |
|  **Total Exchange Traded Funds (30.1%)**<br> *(Cost $3,201,377)* |  | 3002341 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (36.6%)** | **Equity (36.6%)** | **Equity (36.6%)** |
|  1290 Essex Small Cap Growth Fund\*‡ | 4645 | 46771 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 55415 | 788005 |
|  1290 SmartBeta Equity Fund‡ | 144449 | 2084404 |
|  AB Small Cap Growth Portfolio\*‡ | 13812 | 725953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3645133 |
|  **Fixed Income (31.4%)** | **Fixed Income (31.4%)** | **Fixed Income (31.4%)** |
|  1290 Diversified Bond Fund‡ | 292659 | 2633932 |
|  1290 High Yield Bond Fund‡ | 61862 | 491181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 3125113 |
|  **Total Investment Companies (68.0%)**<br> *(Cost $7,725,681)* |  | 6770246 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 100000 | 100000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 101880 | 101931 |
|  **Total Investment Companies** |  | 201931 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreement (13.2%)** | **Repurchase Agreement (13.2%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,319,032, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,344,785. (xx) | $1318417 | 1318417 |
|  **Total Short-Term Investments (15.3%)**<br> *(Cost $1,520,326)* |  | 1520348 |
|  **Total Investments in Securities (113.4%)<br>(***Cost $12,447,384)* |  | 11292935 |
|  **Other Assets Less Liabilities (-13.4%)** | **Other Assets Less Liabilities (-13.4%)** | (1331982) |
|  **Net Assets (100%)** |  | $9960953 |

---

*\** *Non-income producing.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,385,276. This was collateralized by cash of $1,418,417 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the period ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>February 15,<br>2022 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend<br>/Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Essex Small Cap Growth Fund\* | 4645 |  | 48258 |  |  | (1487) | 46771 |  | 258 |
|  1290 GAMCO Small/Mid Cap Value Fund | 55415 |  | 957068 | (78025) | 1273 | (92311) | 788005 | 1804 | 17574 |
|  1290 SmartBeta Equity Fund | 144449 |  | 2666551 | (355010) | (15678) | (211459) | 2084404 | 22278 | 23 |
|  AB Small Cap Growth Portfolio\* | 13812 |  | 1071084 | (101972) | (2037) | (241122) | 725953 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 292659 |  | 3135478 | (144084) | (1018) | (356444) | 2633932 | 68303 |  |
|  1290 High Yield Bond Fund | 61862 |  | 598048 | (53758) | (497) | (52612) | 491181 | 23933 |  |
|  **Total** |  |  | **8476487** | **(732849)** | **(17957)** | **(955435)** | **6770246** | **116318** | **17855** |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002341 | $— | $— | $3002341 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 6770246 |  |  | 6770246 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 201931 |  |  | 201931 |
|  Repurchase Agreement |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1318417 |
|  **Total Assets** | $**9974518** | $**1318417** | $**—** | $**11292935** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**9974518** | $**1318417** | $**—** | $**11292935** |

---

The Portfolio held no derivatives contracts during the period ended December 31, 2022.

Investment security transactions for the period ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15428660 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4283963 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1304 |
|  Aggregate gross unrealized depreciation | (1170741) |
|  Net unrealized depreciation | $(1169437) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12462372 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $7,725,681) | $6770246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $3,403,286) | 3204272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $1,318,417) | 1318417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 104299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 9885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred offering cost | 8331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 11416594 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1418417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 36926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1455641 |
|  **NET ASSETS** | $9960953 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $11314241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1353288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9960953 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,212,008 / 139,684 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.68 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,748,945 / 1,008,382 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.68 |

---

*(x)* *Includes value of securities on loan of $1,385,276.* 

***STATEMENT OF OPERATIONS***

***For the Period Ended December 31, 2022\****

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($116,318 of dividend income received from affiliates) | $191809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 197228 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 56507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 29130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 13100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 184144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (41711) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (112823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 29610 |
|  **NET INVESTMENT INCOME (LOSS)** | 167618 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(17957) realized gain (loss) from affiliates) | (217638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds ($17,855 received from affiliates) | 18003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (199635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(955435) of change in unrealized appreciation (depreciation) from affiliates) | (1154449) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1354084) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1186466) |

---

*\** *The Portfolio commenced operations on February 15, 2022.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | |
|:---|:---|
|  | **February 15, 2022\* to<br>December 31, 2022** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $167618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (199635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1154449) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1186466) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (19595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (160895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (180490) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 141,047 shares ] | 1278973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,238 shares ] | 19595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3601) shares ] | (31554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1267014 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 990,000 shares ] | 9900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18,382 shares ] | 160895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 10060895 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 11327909 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9960953 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $9960953 |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Commencement of operations. |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE MODERATE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | |
|:---|:---|
| **Class IB** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) |
|  Net asset value, end of period | $8.68 |
|  Total return (b) | (11.78)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1212 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.59 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.62% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.47 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.43 %(l) |
|  Portfolio turnover rate^ | 50 %(z) |
| **Class K** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) |
|  Net asset value, end of period | $8.68 |
|  Total return (b) | (11.59)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8749 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.34 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.10% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.96 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.20 %(l) |
|  Portfolio turnover rate^ | 50 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10% for Class IB and 0.85% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

**EQUITABLE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g74n02.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** |
|  | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (11.95) |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (11.75) |
| &nbsp;&nbsp;&nbsp; MSCI ACWI (Net) Index | (14.24) |
| &nbsp;&nbsp;&nbsp; Equitable Growth MF/ETF Index | (13.09) |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (9.23) |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/15/22.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/15/22.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.95)% for the period ended December 31, 2022. This compares to the following benchmarks over the same period: the MSCI ACWI (Net) Index, Equitable Growth MF/ETF Index and Bloomberg U.S. Aggregate Bond Index, which returned (14.24)%, (13.09)%, and (9.23)%, respectively.

**Portfolio Highlights** 

Since inception of the Portfolio on February 15, 2022, equities and bonds produced substantial losses, both domestically and internationally. In the equity market, companies with lower valuations and higher dividends, along with international developed-world equities generally, performed better than the broad U.S. market. Among bonds, short-term government issues and corporate bonds (with bigger coupons) also mitigated some of the losses.

The Portfolio's total return derives from two aspects of its strategy. The first is the long-term strategic allocation to global equity and fixed income sectors, and the performance of the active managers selected in these categories. The second is its tactical allocation shifts, made generally through passive funds, and based on momentum factors, as well as the level of volatility.

***What helped performance during the period February 15, 2022 to December 31, 2022:***

• Strategic asset allocation tended to be neutral overall. Although the small-cap holdings underperformed the broad market
during this period, the Portfolio's allocation to minimum-volatility global stocks helped offset that factor.

• Fund selection was a positive factor. Several active managers outperformed their respective benchmarks in both the equity
and fixed income markets:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, 1290 SmartBeta Equity Fund outperformed the MSCI World Index and 1290 GAMCO Small/Mid Cap Value Fund
outperformed the Russell 2000 Value Index.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 High Yield Bond Fund outperformed the ICE BofA High Yield Index.

***What hurt performance during the period February 15, 2022 to December 31, 2022:***

• Certain tactical shifts that lagged big moves in the U.S. growth market and the emerging markets detracted from
performance.

• Also weighing on performance were some of the actively managed portfolios that underperformed their benchmarks during this
period:

&nbsp;&nbsp;&nbsp;&nbsp;• In equities, AB Small Cap Growth Portfolio lagged the Russell 2000 Growth Index by a wide margin.

&nbsp;&nbsp;&nbsp;&nbsp;• In fixed income, 1290 Diversified Bond Fund underperformed the Bloomberg Aggregate U.S. Bond Index.

• At certain points during the second half of the year, the tactical underweighting of equities detracted from performance by
not capturing fully advances in the broad-based markets in October and part of November.

• To a lesser extent, tactical risk-off positioning in the fixed income markets, which favored investment-grade bonds over
high-yield bonds, was a negative factor.

------

**EQUITABLE GROWTH MF/ETF PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Table by Asset Class** (as a percentage of Total<br>Investments in Securities)<br> **As of December 31, 2022** | &nbsp;&nbsp;&nbsp; **Table by Asset Class** (as a percentage of Total<br>Investments in Securities)<br> **As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Equity | 65.4% |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 18.1 |
| &nbsp;&nbsp;&nbsp; Fixed Income | 15.5 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top 10 Holdings** (as a percentage of Total Investments in<br>Securities)<br> **As of December 31, 2022** | &nbsp;&nbsp;&nbsp; **Top 10 Holdings** (as a percentage of Total Investments in<br>Securities)<br> **As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; 1290 SmartBeta Equity Fund | 27.2% |
| &nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 18.1 |
| &nbsp;&nbsp;&nbsp; 1290 Diversified Bond Fund | 12.1 |
| &nbsp;&nbsp;&nbsp; 1290 GAMCO Small/Mid Cap Value Fund | 8.6 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Global Min Vol Factor ETF | 8.2 |
| &nbsp;&nbsp;&nbsp; AB Small Cap Growth Portfolio | 8.0 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P Total US Stock Market ETF | 6.7 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P U.S. Value ETF | 4.1 |
| &nbsp;&nbsp;&nbsp; 1290 High Yield Bond Fund | 2.1 |
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF | 1.4 |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\***<br> **7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1011.00 | $2.89 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.34 | 2.90 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.10 | 1.62 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.60 | 1.63 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.57% and 0.32%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.57% and 0.32%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.57% and 0.32%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.57% and 0.32%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (25.5%)** | **Equity (25.5%)** | **Equity (25.5%)** |
|  iShares Core S&P Total US Stock Market ETF (x) | 10810 | $916688 |
|  iShares Core S&P U.S. Value ETF (x) | 7940 | 560802 |
|  iShares MSCI Global Min Vol Factor ETF (x) | 11770 | 1118386 |
|  SPDR Portfolio Developed World ex-US ETF | 5830 | 173092 |
|  Vanguard FTSE Emerging Markets ETF | 2740 | 106805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2875773 |
|  **Fixed Income (1.7%)** | **Fixed Income (1.7%)** | **Fixed Income (1.7%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 2420 | 187574 |
|  **Total Exchange Traded Funds (27.2%)**<br> *(Cost $3,256,963)* | **Total Exchange Traded Funds (27.2%)**<br> *(Cost $3,256,963)* | 3063347 |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Equity (53.8%)** | **Equity (53.8%)** | **Equity (53.8%)** |
|  1290 Essex Small Cap Growth Fund\*‡ | 6483 | 65284 |
|  1290 GAMCO Small/Mid Cap Value Fund‡ | 82939 | 1179399 |
|  1290 SmartBeta Equity Fund‡ | 257538 | 3716272 |
|  AB Small Cap Growth Portfolio\*‡ | 20756 | 1090923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 6051878 |
|  **Fixed Income (17.1%)** | **Fixed Income (17.1%)** | **Fixed Income (17.1%)** |
|  1290 Diversified Bond Fund‡ | 182701 | 1644313 |
|  1290 High Yield Bond Fund‡ | 35618 | 282805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1927118 |
|  **Total Investment Companies (70.9%)**<br> *(Cost $8,915,524)* | **Total Investment Companies (70.9%)**<br> *(Cost $8,915,524)* | 7978996 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.2%)** | **Investment Companies (1.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1373 | 1373 |
|  JPMorgan Prime Money Market Fund, IM Shares | 129993 | 130058 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 131431 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreement (21.9%)** | **Repurchase Agreement (21.9%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,471,085, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,519,331. (xx) | $2469932 | $2469932 |
|  **Total Short-Term Investments (23.1%)**<br> *(Cost $2,601,338)* | **Total Short-Term Investments (23.1%)**<br> *(Cost $2,601,338)* | 2601363 |
|  **Total Investments in Securities (121.2%)**<br> *(Cost $14,773,825)* | **Total Investments in Securities (121.2%)**<br> *(Cost $14,773,825)* | 13643706 |
|  **Other Assets Less Liabilities (-21.2%)** | **Other Assets Less Liabilities (-21.2%)** | (2382939) |
|  **Net Assets (100%)** |  | $11260767 |

---

*\** *Non-income producing.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $2,411,890. This was collateralized by cash of $2,471,305 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

The holdings in affiliated Investment Companies are all Class I shares except for AB Small Cap Growth Portfolio which are Class Z shares.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the period ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>February 15,<br>2022 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  1290 Essex Small Cap Growth Fund\* | 6483 |  | 67360 |  |  | (2076) | 65284 |  | 360 |
|  1290 GAMCO Small/Mid Cap Value Fund | 82939 |  | 1384280 | (88903) | (432) | (115546) | 1179399 | 2644 | 25880 |
|  1290 SmartBeta Equity Fund | 257538 |  | 4477616 | (436328) | (3815) | (321201) | 3716272 | 38842 | 40 |
|  AB Small Cap Growth Portfolio\* | 20756 |  | 1532251 | (121623) | (704) | (319001) | 1090923 |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  1290 Diversified Bond Fund | 182701 |  | 2000278 | (184866) | (1227) | (169872) | 1644313 | 36505 |  |
|  1290 High Yield Bond Fund | 35618 |  | 948520 | (602733) | (54150) | (8832) | 282805 | 16754 |  |
|  **Total** |  |  | **10410305** | **(1434453)** | **(60328)** | **(936528)** | **7978996** | **94745** | **26280** |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $3063347 | $— | $— | $3063347 |
|  **Investment Companies** |  |  |  |  |
|  Investment Companies | 7978996 |  |  | 7978996 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 131431 |  |  | 131431 |
|  Repurchase Agreement |  | 2469932 |  | 2469932 |
|  **Total Assets** | $**11173774** | $**2469932** | $**—** | $**13643706** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**11173774** | $**2469932** | $**—** | $**13643706** |

---

The Portfolio held no derivatives contracts during the period ended December 31, 2022.

Investment security transactions for the period ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16658116 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4282401 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $25 |
|  Aggregate gross unrealized depreciation | (1153907) |
|  Net unrealized depreciation | $(1153882) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14797588 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $8,915,524) | $7978996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $3,388,369) | 3194778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $2,469,932) | 2469932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 98718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 8729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred offering cost | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 13767955 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2471305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 35294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2507188 |
|  **NET ASSETS** | $11260767 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $12567291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1306524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11260767 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,524,758 / 289,882 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.71 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,736,009 / 1,003,090 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.71 |

---

*(x)* *Includes value of securities on loan of $2,411,890.* 

***STATEMENT OF OPERATIONS***

***For the Period Ended December 31, 2022\****

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($94,745 of dividend income received from affiliates) | $155144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 159156 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 55448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 29184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 182171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (42266) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (110467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 29438 |
|  **NET INVESTMENT INCOME (LOSS)** | 129718 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(60328) realized gain (loss) from affiliates) | (203202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds (All realized gains received from affiliates) | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (176922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(936528) of change in unrealized appreciation (depreciation) from affiliates) | (1130119) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1307041) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1177323) |

---

*\** *The Portfolio commenced operations on February 15, 2022.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | |
|:---|:---|
|  | **February 15, 2022\* to<br>December 31, 2022** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $129718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (176922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1130119) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1177323) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (27496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (114869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (142365) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 289,678 shares ] | 2564020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,133 shares ] | 27496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2930) shares ] | (25930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2565586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 990,000 shares ] | 9900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 13,090 shares ] | 114869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 10014869 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 12580455 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 11260767 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11260767 |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Commencement of operations. |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQUITABLE GROWTH MF/ETF PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | |
|:---|:---|
| **Class IB** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) |
|  Net asset value, end of period | $8.71 |
|  Total return (b) | (11.95)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $2525 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.57 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.43% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.23 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.36 %(l) |
|  Portfolio turnover rate^ | 47 %(z) |
| **Class K** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) |
|  Net asset value, end of period | $8.71 |
|  Total return (b) | (11.75)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.31 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.98% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 1.40 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | (0.27)%(l) |
|  Portfolio turnover rate^ | 47 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.15% for Class B and 0.90% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

**1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g58z69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (17.36)% | 3.07 | % |
| &nbsp;&nbsp;&nbsp; 1290 VT Moderate Growth Allocation Index | (15.30) | 5.89 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 11.27 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. 5-10 Year Corporate Bond Index | (13.89) | 0.92 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (17.36)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the 1290 VT Moderate Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. 5-10 Year Corporate Bond Index, which returned (15.30)%, (18.11)% and (13.89)%, respectively.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. In the equity market, companies with lower valuations and higher dividends did relatively well, and among bonds, short-term government issues and corporate bonds (with bigger coupons) also mitigated some of the losses.

Against this backdrop, the Portfolio underperformed its blended benchmark, with roughly 70% of the negative total return attributable to equity holdings.

***What helped performance during the year:***

• From an allocation perspective, the Portfolio's holdings benchmarked to international equity indexes (the MSCI EAFE
Index and the MSCI EAFE IMI Index) relatively outperformed large-cap U.S. equities, mainly on the heels of a strong fourth quarter for non-U.S. stocks.

• In addition, the Portfolio's small-cap holdings, which combine holdings benchmarked to the S&P SmallCap 600 Index
to those tracking the Russell 2000 Index, also added value, as this increased exposure to the Information Technology, Industrials and Health Care sectors.

***What hurt performance during the year:***

• The allocations to risk assets, especially the large-cap and mid-cap U.S. equity market, sold off, as concerns that the
Federal Reserve's tight-money policy would push the economy into recession dominated investor sentiment for most of the year.

• Similarly, interest-rate sensitive asset classes declined during the year in response to the Federal Reserve's action,
which inverted the yield curve (making short-term interest rates higher than their long-term counterparts) and impacted investment-grade credits in the intermediate-term range.

• The volatility management and momentum overlays negatively impacted returns.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 6.20 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | A- |  |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

------

**1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 99.6% |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 27.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 1.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (28.4) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1006.70 | $5.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.95 | 5.31 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.04%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.04%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.04%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.04%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (64.5%)** | **Equity (64.5%)** | **Equity (64.5%)** |
|  iShares Core MSCI EAFE ETF | 325470 | $20061971 |
|  iShares Core S&P 500 ETF | 48338 | 18571943 |
|  iShares Core S&P Mid-Cap ETF | 27150 | 6567314 |
|  iShares Core S&P Small-Cap ETF | 10050 | 951132 |
|  iShares MSCI EAFE ETF | 51860 | 3404090 |
|  iShares Russell 2000 ETF (x) | 9825 | 1713087 |
|  Vanguard Large-Cap ETF | 37760 | 6577792 |
|  Vanguard S&P 500 ETF | 53470 | 18786150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 76633479 |
|  **Fixed Income (35.1%)** | **Fixed Income (35.1%)** | **Fixed Income (35.1%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 537657 | 41673794 |
|  **Total Exchange Traded Funds (99.6%)**<br> *(Cost $121,924,178)* | **Total Exchange Traded Funds (99.6%)**<br> *(Cost $121,924,178)* | 118307273 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.3%)** | **Investment Companies (1.3%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 | 1000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 601678 | 601979 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 1601979 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (27.5%)** | **Repurchase Agreements (27.5%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $5,979,032, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $6,095,768. (xx) | 5976243 | 5976243 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $20,009,556, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $20,410,601. (xx) | 20000000 | 20000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $5,702,787, collateralized by various Common Stocks; total market value $6,330,686. (xx) | 5700000 | $5700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 32676243 |
|  **Total Short-Term Investments (28.8%)**<br> *(Cost $34,278,041)* | **Total Short-Term Investments (28.8%)**<br> *(Cost $34,278,041)* | 34278222 |
|  **Total Investments in Securities (128.4%)**<br> *(Cost $156,202,219)* | **Total Investments in Securities (128.4%)**<br> *(Cost $156,202,219)* | 152585495 |
|  **Other Assets Less Liabilities (-28.4%)** | **Other Assets Less Liabilities (-28.4%)** | (33735444) |
|  **Net Assets (100%)** |  | $118850051 |

---

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $32,875,574. This was collateralized by cash of $33,676,243 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** | $118307273 | $— | $— | $118307273 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1601979 |  |  | 1601979 |
|  Repurchase Agreements |  | 32676243 |  | 32676243 |
|  **Total Assets** | $**119909252** | $**32676243** | $**—** | $**152585495** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**119909252** | $**32676243** | $**—** | $**152585495** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $82031297 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60015736 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1777719 |
|  Aggregate gross unrealized depreciation | (6451774) |
|  Net unrealized depreciation | $(4674055) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157259550 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $123,525,976) | $119909252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $32,676,243) | 32676243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 148962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 152765069 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 33676243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 61764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 52779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 85392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 33915018 |
|  **NET ASSETS** | $118850051 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $123524106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (4674055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $118850051 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $118,850,051 / 11,181,688 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.63 |

---

*(x)* *Includes value of securities on loan of $32,875,574.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2028994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 46732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2077546 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 594431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 212296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 105272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 986634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (101711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 884923 |
|  **NET INVESTMENT INCOME (LOSS)** | 1192623 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 360778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (15306138) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (14945360) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(13752737) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1192623 | $684854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 360778 | 297543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15306138) | 6093518 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (13752737) | 7075915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2320298) | (580448) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,129,797 and 2,461,162 shares, respectively ] | 24203662 | 31007575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 3,075,788 and 0 shares, respectively ] | 32119785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 212,110 and 44,712 shares, respectively ] | 2320298 | 580448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (356186) and (165884) shares, respectively ] | (4020256) | (2109393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 54623489 | 29478630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (329418) shares, respectively ] |  | (3964189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | (3964189) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 54623489 | 25514441 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 38550454 | 32009908 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 80299597 | 48289689 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $118850051 | $80299597 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 1, 2019\* to<br>December 31, 2019** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **February 1, 2019\* to<br>December 31, 2019** |
|  Net asset value, beginning of period | $13.12 | $11.75 | $11.16 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.14 | 0.12 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.43) | 1.33 | 0.58 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.27) | 1.47 | 0.70 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.10) | (0.11) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.09) |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.22) | (0.10) | (0.11) | (0.23) |
|  Net asset value, end of period | $10.63 | $13.12 | $11.75 | $11.16 |
|  Total return (b) | (17.36)% | 12.51% | 6.33 | 13.86% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19469 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.04 %(j) | 1.04 %(k) | 1.03 | 1.04 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.16% | 1.18% | 1.28 | 1.84% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.40% | 1.12% | 1.15 | 2.48 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.28% | 0.98% | 0.90 | 1.65 %(l) |
|  Portfolio turnover rate^ | 73% | 7% | 69 | 50 %(z) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **January 1, 2021 to<br>March 22, 2021‡** | **Year Ended<br>December 31, 2020** | **February 1, 2019\* to<br>December 31, 2019** |
|  Net asset value, beginning of period | $11.75 | $11.17 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | (0.01) | 0.13 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | 0.59 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | 0.72 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.14) | (0.25) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 |
|  Total return (b) | 2.38% | 6.48 | 14.21% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $— | $3872 | $5594 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80 %(k) | 0.78 | 0.89 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.96% | 1.04 | 1.76% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | (0.21)% | 1.17 | 2.27 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.37)% | 0.91 | 1.38 %(l) |
|  Portfolio turnover rate^ | 7% | 69 | 50 %(z) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*‡* *After the close of business on March 22, 2021 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB and 0.85% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

------

**1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g47f32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (11.40)% | (0.27)% | (0.09) |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (11.17) | (0.02) | 0.15 |
| &nbsp;&nbsp;&nbsp; ICE BofA US 3-Month Treasury Bill Index | 1.47 | 1.27 | 1.27 |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.40)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the ICE BofA US 3-Month Treasury Bill Index, which returned 1.47% over the same period.

**Portfolio Highlights** 

In 2022, equities and bonds produced substantial losses, both domestically and internationally. Among alternative strategies, which tend not to be correlated with traditional stocks and bonds, there was a wide dispersion of returns — between oil-related strategies, which soared, and interest-rate sensitive sectors, which fell.

Against this backdrop, the Portfolio underperformed its cash benchmark, with performance net of fees that outperformed the stock market (as measured by the S&P 500 Index) and the bond market (as measured by the Bloomberg Aggregate U.S. Bond Index).

***What helped performance during the year:***

• The Portfolio's exposure to the energy and agriculture segments of the commodities sector added to performance. Global
supply shortages, due in part to the Russian invasion of Ukraine, drove the prices of commodities higher over the year.

• The momentum overlay was additive to performance by overweighting relatively outperforming sectors such as commodities
— and underweighting underperforming asset classes such as long/short equity.

***What hurt performance during the year:***

• The Portfolio's exposure to long/short equity strategies, particularly within the retail sector, was a drag on
performance.

• Positions in global real estate suffered in 2022, as these securities felt the crunch from falling equity markets coupled
with the negative impact of higher interest rates on real estate activity.

• Similarly, convertible bond holdings, which normally combine the income-producing benefits of bonds with the capital
appreciation potential of equities, were under strain in 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Table by Asset Class** (as a percentage of Total<br>Investments in Securities)<br> **As of December 31, 2022** | &nbsp;&nbsp;&nbsp; **Table by Asset Class** (as a percentage of Total<br>Investments in Securities)<br> **As of December 31, 2022** |
| &nbsp;&nbsp;&nbsp; Alternatives | 37.1% |
| &nbsp;&nbsp;&nbsp; Fixed Income | 27.7 |
| &nbsp;&nbsp;&nbsp; Equity | 18.0 |
| &nbsp;&nbsp;&nbsp; Commodity | 15.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 1.9 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Top 10 Holdings** (as a percentage of Total<br>Investments in Securities)<br> **As of December 31, 2022** | |
| &nbsp;&nbsp;&nbsp; IQ Merger Arbitrage ETF | 17.0% |
| &nbsp;&nbsp;&nbsp; WisdomTree Managed Futures Strategy Fund | 14.5 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Inflation-Protected Securities ETF | 14.2 |
| &nbsp;&nbsp;&nbsp; iShares Convertible Bond ETF | 13.6 |
| &nbsp;&nbsp;&nbsp; iShares Core US REIT ETF | 6.0 |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Premium Income ETF | 6.0 |
| &nbsp;&nbsp;&nbsp; Vanguard Global ex-U.S. Real Estate ETF | 5.9 |
| &nbsp;&nbsp;&nbsp; ProShares Long Online/Short Stores ETF | 5.6 |
| &nbsp;&nbsp;&nbsp; Invesco DB Precious Metals Fund | 4.5 |
| &nbsp;&nbsp;&nbsp; Invesco DB Agriculture Fund | 3.8 |

---

------

**1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $969.50 | $5.46 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.66 | 5.60 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 971.00 | 4.22 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.92 | 4.33 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Alternatives (37.6%)** | **Alternatives (37.6%)** | **Alternatives (37.6%)** |
|  IQ Merger Arbitrage ETF (x)\* | 39290 | $1246672 |
|  ProShares Long Online/Short Stores ETF\* | 13930 | 411524 |
|  ProShares RAFI Long/Short, Escrow Shares (r)\* | 8820 |  |
|  WisdomTree Managed Futures Strategy Fund | 33560 | 1058315 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 2716511 |
|  **Commodity (15.5%)** | **Commodity (15.5%)** | **Commodity (15.5%)** |
|  Invesco DB Agriculture Fund | 13960 | 281294 |
|  Invesco DB Energy Fund | 11790 | 267279 |
|  Invesco DB Gold Fund | 4750 | 241397 |
|  Invesco DB Precious Metals Fund | 6830 | 328168 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 1118138 |
|  **Equity (18.2%)** | **Equity (18.2%)** | **Equity (18.2%)** |
|  iShares Core US REIT ETF | 8930 | 441588 |
|  JPMorgan Equity Premium Income ETF (x) | 8090 | 440824 |
|  Vanguard Global ex-U.S. Real Estate ETF | 10490 | 433657 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1316069 |
|  **Fixed Income (28.1%)** | **Fixed Income (28.1%)** | **Fixed Income (28.1%)** |
|  iShares Convertible Bond ETF (x) | 14300 | 993421 |
|  Vanguard Short-Term Inflation-Protected Securities ETF (x) | 22200 | 1036962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2030383 |
|  **Total Exchange Traded Funds (99.4%)**<br> *(Cost $8,409,460)* |  | 7181101 |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |
|  **Repurchase Agreement (2.0%)** | **Repurchase Agreement (2.0%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $141,241, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $143,999. (xx) | $&nbsp;&nbsp;&nbsp;&nbsp;141175 | 141175 |
|  **Total Short-Term Investment (2.0%)**<br> *(Cost $141,175)* |  | 141175 |
|  **Total Investments in Securities (101.4%)**<br> *(Cost $8,550,635)* |  | 7322276 |
|  **Other Assets Less Liabilities (-1.4%)** | **Other Assets Less Liabilities (-1.4%)** | (95379) |
|  **Net Assets (100%)** |  | $7226897 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $331,977. This was collateralized by $199,989 of various U.S. Government Treasury Securities, ranging from 0.000% - 4.750%, maturing 1/12/23 - 11/15/51 and by cash of $141,175 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |
|  **Alternatives** |  |  |  |  |  |  |  |  |  |
|  ProShares RAFI Long/Short |  | 222606 | 53685 | (292701) | (30768) | 47178 |  | 409 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $7181101 | $— | $— (a) | $7181101 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 141175 |  | 141175 |
|  **Total Assets** | $**7181101** | $**141175** | $**—** | $**7322276** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7181101** | $**141175** | $**—** | $**7322276** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $3067445 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264455 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $148935 |
|  Aggregate gross unrealized depreciation | (1440894) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1291959) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $8614235 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $8,409,460) | $7181101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $141,175) | 141175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 113408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7453400 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 141175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 42526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 38458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 226503 |
|  **NET ASSETS** | $7226897 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $8496407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1269510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7226897 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,287,520 / 274,254 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $4,939,377 / 592,079 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.34 |

---

*(x)* *Includes value of securities on loan of $331,977.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($409 of dividend income received from affiliates) | $186059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 199694 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 35640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 6400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 131291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (65928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 65363 |
|  **NET INVESTMENT INCOME (LOSS)** | 134331 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(30768) realized gain (loss) from affiliates) | 60259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($47,178 of change in unrealized appreciation (depreciation) from affiliates) | (1020069) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (959810) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(825479) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $134331 | $214727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60259 | 660647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1020069) | (679111) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (825479) | 196263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (114898) | (128742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (299857) | (415992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (414755) | (544734) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 173,603 and 70,049 shares, respectively ] | 1591759 | 764119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 13,462 and 13,051 shares, respectively ] | 114898 | 128742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (93165) and (10983) shares, respectively ] | (896457) | (118032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 810200 | 774829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 35,073 and 42,164 shares, respectively ] | 299857 | 415992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 299857 | 415992 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1110057 | 1190821 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (130177) | 842350 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7357074 | 6514724 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7226897 | $7357074 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.98 | $10.45 | $10.06 | $9.53 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.17 | 0.35 | 0.05 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.30) | (0.03) | 0.40 | 0.48 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.13) | 0.32 | 0.45 | 0.73 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.30) | (0.06) | (0.20) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.33) | (0.49) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.51) | (0.79) | (0.06) | (0.20) | (0.11) |
|  Net asset value, end of year | $8.34 | $9.98 | $10.45 | $10.06 | $9.53 |
|  Total return | (11.40)% | 3.09% | 4.54 | 7.72% | (4.06)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2288 | $1799 | $1132 | $625 | $111 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 1.10% | 1.14 %(j) | 1.06 | 1.04 %(g)(m) | 1.04 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 2.08% | 2.08% | 2.44 | 2.88% | 3.53% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 1.83% | 3.22% | 0.49 | 2.50% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 0.85% | 2.28% | (0.89) | 0.66% | (0.58)% |
|  Portfolio turnover rate^ | 32% | 61% | 16 | 4% | 5% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.98 | $10.46 | $10.06 | $9.53 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.18 | 0.32 | 0.06 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.29) | 0.01 | 0.43 | 0.60 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.11) | 0.33 | 0.49 | 0.76 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.32) | (0.07) | (0.23) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.33) | (0.49) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (0.81) | (0.09) | (0.23) | (0.14) |
|  Net asset value, end of year | $8.34 | $9.98 | $10.46 | $10.06 | $9.53 |
|  Total return | (11.17)% | 3.22% | 4.88 | 7.99% | (3.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.85% | 0.89 %(j) | 0.81 | 0.80 %(g)(m) | 0.79 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.76% | 1.76% | 2.11 | 2.22% | 3.20% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f)(x) | 1.91% | 2.98% | 0.60 | 1.60% | 1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f)(x) | 1.00% | 2.11% | (0.70) | 0.17% | (0.42)% |
|  Portfolio turnover rate^ | 32% | 61% | 16 | 4% | 5% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MULTI-ALTERNATIVE STRATEGIES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Tax expense of 0.02%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.50% for Class IB and 1.25% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.65% for Class IB and 1.40% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.67% for Class IB and 1.42% for Class K.* 

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

See Notes to Financial Statements.

------

**1290 VT CONVERTIBLE SECURITIES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> SSGA Funds Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g73x32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (20.99)% | 5.68% | 6.28 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (20.74) | 5.94 | 6.55 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Convertible Liquid Bond Index | (20.06) | 8.94 | 9.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.* |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (20.99)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Convertible Liquid Bond Index which returned (20.06)% over the same period.

**Portfolio Highlights**

As we look back on 2022, there were some things no one could predict, like the war in Ukraine, whose impact on fixed income markets was mostly limited to emerging markets and global indices. Throughout 2022 the Federal Reserve (Fed) hiked rates by a total of 4.25%, and another two hikes are still expected for 2023! The Fed made good on their claims that they would stop at nothing to curb inflation. To their credit, inflation has come down to 7.1% in November, but this is still well away from their 2% target, hence the anticipation of more hikes going forward.

The fixed income markets responded violently to the Fed's aggressive hiking cycle. U.S. Treasury yields surged, albeit unevenly, resulting in a curve inversion in June that deepened throughout the second half of the year — a telltale sign of impending recession. Bonds had one of their worst years in history, with all major U.S. indices posting negative returns for the majority of the twelve months.

As this is an index Portfolio, primary factors that affected markets also affected the Portfolio's performance. The main macroeconomic factor that contributed to Portfolio performance was the Federal Reserve's aggressive rate hiking cycle as a response to elevated inflation. All major U.S. bond indices experienced negative returns during the year. Investment grade corporate bonds, though supported by strong technicals and consistent issuance, experienced heightened volatility amid inflationary concerns. Risk assets were also highly volatile throughout the period as investors weighed the forward path of interest rates, with the S&P 500 Index down 18.1% for the year.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | N/A |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.89 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 2.12 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | BAA3 |  |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

------

**1290 VT CONVERTIBLE SECURITIES PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 29.0% |
| &nbsp;&nbsp;&nbsp; Health Care | 15.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 14.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 12.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 7.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 7.3 |
| &nbsp;&nbsp;&nbsp; Financials | 7.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 4.4 |
| &nbsp;&nbsp;&nbsp; Energy | 1.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |
| &nbsp;&nbsp;&nbsp; Materials | 1.7 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.9 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (4.8) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1013.00 | $4.57 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1014.40 | 3.30 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.93 | 3.31 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCK: | COMMON STOCK: | COMMON STOCK: |  |
|  **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** |  |
|  ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** | ***Multi-Utilities (0.0%)†*** | **** |
|  Dominion Energy, Inc. <br>*(Cost $—)* | 2 | $123 |  |
|  CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: | CONVERTIBLE PREFERRED STOCKS: |  |
|  **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |  |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** | **** |
|  Paramount Global <br>5.750% | 1295 | 32077 |  |
|  ***Wireless Telecommunication Services (1.1%)*** | ***Wireless Telecommunication Services (1.1%)*** | ***Wireless Telecommunication Services (1.1%)*** | **** |
|  2020 Cash Mandatory Exchangeable Trust <br>5.250%\*§ | 370 | 423287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 455364 |  |
|  **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** | **Consumer Discretionary (0.6%)** |  |
|  ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | **** |
|  Aptiv plc <br>5.500% | 2090 | 224299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 224299 |  |
|  **Financials (4.9%)** | **Financials (4.9%)** | **Financials (4.9%)** |  |
|  ***Banks (3.8%)*** | ***Banks (3.8%)*** | ***Banks (3.8%)*** | **** |
|  Bank of America Corp. <br>7.250%(y) | 550 | 638000 |  |
|  Wells Fargo & Co. <br>7.500%(y) | 695 | 823575 |  |
|  |  | 1461575 |  |
|  ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | **** |
|  AMG Capital Trust II <br>5.150% | 1115 | 57423 |  |
|  KKR Group Co., Inc. <br>6.000% | 4205 | 240736 |  |
|  |  | 298159 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  2020 Mandatory Exchangeable Trust <br>6.500%§ | 135 | 119167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 1878901 |  |
|  **Health Care (2.3%)** | **Health Care (2.3%)** | **Health Care (2.3%)** |  |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | **** |
|  Becton Dickinson and Co. <br>6.000% | 5000 | 250400 |  |
|  Boston Scientific Corp. <br>5.500% | 1775 | 203806 |  |
|  |  | 454206 |  |
|  ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | **** |
|  Danaher Corp. <br>5.000%(x) | 290 | 393399 |  |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | **** |
|  Elanco Animal Health, Inc. <br>5.000% | 2140 | 41794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 889399 |  |
|  **Industrials (1.5%)** | **Industrials (1.5%)** | **Industrials (1.5%)** |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  GFL Environmental, Inc. <br>6.000% | 2310 | 149434 |  |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | **** |
|  Fluor Corp. <br>6.500%(y) | 125 | 205434 |  |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | **** |
|  Chart Industries, Inc. <br>6.750%\* | 1000 | 50640 |  |
|  RBC Bearings, Inc. <br>5.000% | 900 | 92322 |  |
|  |  | 142962 |  |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | **** |
|  Clarivate plc <br>5.250% | 2200 | 83336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 581166 |  |
|  **Information Technology (0.1%)** | **Information Technology (0.1%)** | **Information Technology (0.1%)** |  |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | **** |
|  Coherent Corp. <br>6.000% | 295 | 47170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 47170 |  |
|  **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |  |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | **** |
|  ArcelorMittal SA <br>5.500% (x) | 4520 | 279969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 279969 |  |
|  **Utilities (5.8%)** | **Utilities (5.8%)** | **Utilities (5.8%)** |  |
|  ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** | ***Electric Utilities (4.6%)*** | **** |
|  American Electric Power Co., Inc. <br>6.125% | 3180 | 164025 |  |
|  NextEra Energy, Inc. <br>5.279% | 23630 | 1192798 |  |
|  PG&E Corp. <br>5.500% | 2725 | 393054 |  |
|  |  | 1749877 |  |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | **** |
|  AES Corp. (The) <br>6.875% | 1925 | 196369 |  |
|  ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | ***Multi-Utilities (0.7%)*** | **** |
|  Algonquin Power & Utilities Corp. <br>7.750% | 3945 | 94167 |  |
|  NiSource, Inc. <br>7.750% | 1675 | 172961 |  |
|  |  | 267128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2213374 |  |
|  **Total Convertible Preferred Stocks (17.2%)**<br> *(Cost $7,512,463)* |  | 6569642 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Convertible Bonds (82.2%)** | **Convertible Bonds (82.2%)** | **Convertible Bonds (82.2%)** |  |
|  **Communication Services (11.1%)** | **Communication Services (11.1%)** |  |  |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | **** |
|  Liberty Latin America Ltd.<br>2.000%, 7/15/24 | $65000 | $57688 |  |
|  ***Entertainment (3.9%)*** | ***Entertainment (3.9%)*** | ***Entertainment (3.9%)*** | **** |
|  Bilibili, Inc.<br>1.375%, 4/1/26 | 60000 | 69708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/26 | 233000 | 171255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/15/27 | 145000 | 143463 |  |
|  Cinemark Holdings, Inc.<br>4.500%, 8/15/25 | 80000 | 76406 |  |
|  iQIYI, Inc.<br>2.000%, 4/1/25 | 195000 | 158438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/26 | 170000 | 104550 |  |
|  Liberty Media Corp.-Liberty Formula One<br>2.250%, 8/15/27§ | 78000 | 74529 |  |
|  Live Nation Entertainment, Inc.<br>2.500%, 3/15/23 | 70000 | 74414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 | 60000 | 58890 |  |
|  Sea Ltd.<br>2.375%, 12/1/25 | 185000 | 180726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/15/26 | 520000 | 380900 |  |
|  |  | 1493279 |  |
|  ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** | **** |
|  fuboTV, Inc.<br>3.250%, 2/15/26 | 45000 | 20475 |  |
|  Hello Group, Inc.<br>1.250%, 7/1/25 | 100000 | 95122 |  |
|  JOYY, Inc.<br>0.750%, 6/15/25 | 70000 | 66850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 6/15/26 | 90000 | 78210 |  |
|  Snap, Inc.<br>0.250%, 5/1/25 | 55000 | 49748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/1/26 | 110000 | 93170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/27 | 225000 | 157162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/1/28§ | 300000 | 200250 |  |
|  Ziff Davis, Inc.<br>1.750%, 11/1/26§ | 90000 | 89730 |  |
|  |  | 850717 |  |
|  ***Media (4.8%)*** | ***Media (4.8%)*** | ***Media (4.8%)*** | **** |
|  Cable One, Inc. | Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 140000 | 109970 |  |
|  DISH Network Corp.<br>2.375%, 3/15/24(x) | 215000 | 193715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/25 | 330000 | 210540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/26 | 545000 | 341442 |  |
|  Liberty Broadband Corp.<br>1.250%, 9/30/50 (x)§ | 125000 | 120625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/30/50§ | 140000 | 136353 |  |
|  Liberty Interactive LLC<br>4.000%, 11/15/29 | 50000 | 16750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/30 | 59929 | 20376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/30/46§ | 35000 | 33880 |  |
|  Liberty Media Corp.<br>1.375%, 10/15/23 | 150000 | 184725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/48§ | 40000 | 37520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 12/1/49 (x)§ | 150000 | 136725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/50§ | 190000 | 189479 |  |
|  Magnite, Inc.<br>0.250%, 3/15/26 | 80000 | 61352 |  |
|  TechTarget, Inc. | TechTarget, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/26§ | 72000 | 54648 |  |
|  |  | 1848100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 4249784 |  |
|  **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** |  |  |
|  ***Auto Components (0.4%)*** | ***Auto Components (0.4%)*** | ***Auto Components (0.4%)*** | **** |
|  LCI Industries<br>1.125%, 5/15/26 | 100000 | 84250 |  |
|  Luminar Technologies, Inc.<br>1.250%, 12/15/26§ | 100000 | 55880 |  |
|  |  | 140130 |  |
|  ***Automobiles (2.6%)*** | ***Automobiles (2.6%)*** | ***Automobiles (2.6%)*** | **** |
|  Fisker, Inc.<br>2.500%, 9/15/26§ | 100000 | 48000 |  |
|  Ford Motor Co. | Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 420000 | 396270 |  |
|  Li Auto, Inc.<br>0.250%, 5/1/28 | 155000 | 155852 |  |
|  Lucid Group, Inc.<br>1.250%, 12/15/26§ | 375000 | 191437 |  |
|  NIO, Inc. | NIO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/1/26(x) | 145000 | 126513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/1/27 | 100000 | 74880 |  |
|  |  | 992952 |  |
|  ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** | **** |
|  2U, Inc.<br>2.250%, 5/1/25 | 60000 | 38790 |  |
|  Chegg, Inc.<br>0.125%, 3/15/25 | 95000 | 86688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/1/26 | 130000 | 101972 |  |
|  Stride, Inc.<br>1.125%, 9/1/27 | 60000 | 53436 |  |
|  |  | 280886 |  |
|  ***Hotels, Restaurants & Leisure (5.3%)*** | ***Hotels, Restaurants & Leisure (5.3%)*** | ***Hotels, Restaurants & Leisure (5.3%)*** | **** |
|  Airbnb, Inc. | Airbnb, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 365000 | 300395 |  |
|  Booking Holdings, Inc.<br>0.750%, 5/1/25(x) | 145000 | 193126 |  |
|  Carnival Corp.<br>5.750%, 10/1/24 | 75000 | 82575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/27§ | 175000 | 156275 |  |
|  DraftKings Holdings, Inc. | DraftKings Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/28 | 225000 | 139163 |  |
|  Expedia Group, Inc. | Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/26 | 175000 | 152413 |  |
|  H World Group Ltd.<br>3.000%, 5/1/26 | 100000 | 121550 |  |
|  Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/26 | 125000 | 121875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/15/27§ | 83000 | 81962 |  |
|  NCL Corp. Ltd.<br>5.375%, 8/1/25 | 100000 | 100850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/27 | 132000 | 89602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/27§ | 121000 | 86817 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Royal Caribbean Cruises Ltd.<br>4.250%, 6/15/23 | $| 75000 | $| 74419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/15/25§ |  | 180000 |  | 226080 |  |
|  Vail Resorts, Inc. | Vail Resorts, Inc. | Vail Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/1/26 |  | 105000 |  | 97387 |  |
|  |  |  |  | 2024489 |  |
|  ***Internet & Direct Marketing Retail (4.2%)*** | ***Internet & Direct Marketing Retail (4.2%)*** | ***Internet & Direct Marketing Retail (4.2%)*** | ***Internet & Direct Marketing Retail (4.2%)*** | ***Internet & Direct Marketing Retail (4.2%)*** | **** |
|  Etsy, Inc.<br>0.125%, 10/1/26 |  | 125000 |  | 193063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 9/1/27 (x) |  | 110000 |  | 109725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/15/28 |  | 175000 |  | 149415 |  |
|  Farfetch Ltd.<br>3.750%, 5/1/27 |  | 55000 |  | 41250 |  |
|  Fiverr International Ltd. | Fiverr International Ltd. | Fiverr International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/1/25 |  | 105000 |  | 84675 |  |
|  Match Group Financeco 2, Inc.<br>0.875%, 6/15/26§ |  | 80000 |  | 70850 |  |
|  Match Group Financeco 3, Inc.<br>2.000%, 1/15/30§ |  | 120000 |  | 103440 |  |
|  MercadoLibre, Inc.<br>2.000%, 8/15/28 |  | 80000 |  | 162120 |  |
|  Pinduoduo, Inc. | Pinduoduo, Inc. | Pinduoduo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/25 |  | 345000 |  | 319988 |  |
|  Porch Group, Inc.<br>0.750%, 9/15/26§ |  | 71000 |  | 38708 |  |
|  Wayfair, Inc.<br>0.625%, 10/1/25 |  | 215000 |  | 138997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/15/26 |  | 180000 |  | 101934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/27§ |  | 142000 |  | 108275 |  |
|  |  |  |  | 1622440 |  |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | **** |
|  Peloton Interactive, Inc. | Peloton Interactive, Inc. | Peloton Interactive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/26 |  | 175000 |  | 124043 |  |
|  ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | **** |
|  Burlington Stores, Inc.<br>2.250%, 4/15/25 |  | 85000 |  | 97750 |  |
|  National Vision Holdings, Inc.<br>2.500%, 5/15/25 |  | 55000 |  | 75465 |  |
|  Vroom, Inc.<br>0.750%, 7/1/26 |  | 130000 |  | 45500 |  |
|  |  |  |  | 218715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 5403655 |  |
|  **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |  |  |  |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | **** |
|  Beyond Meat, Inc. | Beyond Meat, Inc. | Beyond Meat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/27 |  | 230000 |  | 58190 |  |
|  Post Holdings, Inc.<br>2.500%, 8/15/27§ |  | 119000 |  | 124974 |  |
|  |  |  |  | 183164 |  |
|  ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | **** |
|  Beauty Health Co. (The)<br>1.250%, 10/1/26§ |  | 118000 |  | 89208 |  |
|  Herbalife Nutrition Ltd. 2.625%, 3/15/24 |  | 75000 |  | 69150 |  |
|  |  |  |  | 158358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 341522 |  |
|  **Energy (1.8%)** | **Energy (1.8%)** | **Energy (1.8%)** |  |  |  |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | **** |
|  EQT Corp.<br>1.750%, 5/1/26 |  | 70000 |  | 162540 |  |
|  Northern Oil and Gas, Inc.<br>3.625%, 4/15/29§ |  | 93000 |  | 99975 |  |
|  Pioneer Natural Resources Co.<br>0.250%, 5/15/25 |  | 180000 |  | 419760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 682275 |  |
|  **Financials (2.4%)** | **Financials (2.4%)** | **Financials (2.4%)** |  |  |  |
|  ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | **** |
|  BofA Finance LLC<br>0.600%, 5/25/27 |  | 100000 |  | 114793 |  |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | **** |
|  Ares Capital Corp.<br>4.625%, 3/1/24 |  | 50000 |  | 53031 |  |
|  Coinbase Global, Inc.<br>0.500%, 6/1/26 |  | 245000 |  | 138385 |  |
|  JPMorgan Chase Financial Co. LLC<br>0.250%, 5/1/23§ |  | 130000 |  | 132275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/15/27 |  | 65000 |  | 78683 |  |
|  |  |  |  | 402374 |  |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | **** |
|  LendingTree, Inc.<br>0.500%, 7/15/25 |  | 120000 |  | 87312 |  |
|  SoFi Technologies, Inc. | SoFi Technologies, Inc. | SoFi Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/15/26 (x)§ |  | 198000 |  | 135531 |  |
|  Upstart Holdings, Inc.<br>0.250%, 8/15/26 |  | 92000 |  | 48300 |  |
|  |  |  |  | 271143 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  JPMorgan Chase Bank NA<br>0.125%, 1/1/23§ |  | 120000 |  | 119520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 907830 |  |
|  **Health Care (12.9%)** | **Health Care (12.9%)** | **Health Care (12.9%)** |  |  |  |
|  ***Biotechnology (5.3%)*** | ***Biotechnology (5.3%)*** | ***Biotechnology (5.3%)*** | ***Biotechnology (5.3%)*** | ***Biotechnology (5.3%)*** | **** |
|  Alnylam Pharmaceuticals, Inc.<br>1.000%, 9/15/27§ |  | 192000 |  | 207840 |  |
|  Ascendis Pharma A/S<br>2.250%, 4/1/28§ |  | 92000 |  | 94119 |  |
|  BioMarin Pharmaceutical, Inc.<br>0.599%, 8/1/24 |  | 85000 |  | 90210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/27 (x) |  | 130000 |  | 139693 |  |
|  Bridgebio Pharma, Inc.<br>2.500%, 3/15/27 |  | 135000 |  | 60075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/29 |  | 100000 |  | 37188 |  |
|  Cytokinetics, Inc.<br>3.500%, 7/1/27§ |  | 100000 |  | 114650 |  |
|  Exact Sciences Corp.<br>1.000%, 1/15/25 |  | 20000 |  | 20510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/15/27 |  | 110000 |  | 90750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/1/28 |  | 270000 |  | 211626 |  |
|  Halozyme Therapeutics, Inc.<br>0.250%, 3/1/27 |  | 140000 |  | 135538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/15/28§ |  | 138000 |  | 162581 |  |
|  Insmed, Inc.<br>0.750%, 6/1/28 |  | 80000 |  | 66000 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Intercept Pharmaceuticals, Inc.<br>3.250%, 7/1/23 | $| 14000 | $| 13720 |  |
|  Ionis Pharmaceuticals, Inc.<br>0.125%, 12/15/24 |  | 95000 |  | 86270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/1/26 |  | 105000 |  | 96928 |  |
|  Sarepta Therapeutics, Inc.<br>1.500%, 11/15/24 |  | 70000 |  | 130760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/15/27§ |  | 220000 |  | 253550 |  |
|  |  |  |  | 2012008 |  |
|  ***Health Care Equipment & Supplies (4.4%)*** | ***Health Care Equipment & Supplies (4.4%)*** | ***Health Care Equipment & Supplies (4.4%)*** | ***Health Care Equipment & Supplies (4.4%)*** | ***Health Care Equipment & Supplies (4.4%)*** | **** |
|  CONMED Corp.<br>2.250%, 6/15/27§ |  | 115000 |  | 104765 |  |
|  Dexcom, Inc.<br>0.750%, 12/1/23 |  | 135000 |  | 371790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/15/25 (x) |  | 205000 |  | 222937 |  |
|  Envista Holdings Corp.<br>2.375%, 6/1/25 |  | 90000 |  | 151110 |  |
|  Haemonetics Corp. | Haemonetics Corp. | Haemonetics Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 |  | 95000 |  | 78499 |  |
|  Insulet Corp.<br>0.375%, 9/1/26 |  | 145000 |  | 204740 |  |
|  Integra LifeSciences Holdings Corp.<br>0.500%, 8/15/25 |  | 105000 |  | 101798 |  |
|  Lantheus Holdings, Inc.<br>2.625%, 12/15/27§ |  | 86000 |  | 86593 |  |
|  Novocure Ltd. | Novocure Ltd. | Novocure Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/1/25 |  | 120000 |  | 105828 |  |
|  NuVasive, Inc.<br>1.000%, 6/1/23 |  | 110000 |  | 107662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/15/25 |  | 60000 |  | 52560 |  |
|  Omnicell, Inc.<br>0.250%, 9/15/25 |  | 115000 |  | 100280 |  |
|  SmileDirectClub, Inc. | SmileDirectClub, Inc. | SmileDirectClub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/1/26§ |  | 105000 |  | 9975 |  |
|  |  |  |  | 1698537 |  |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | **** |
|  Guardant Health, Inc. | Guardant Health, Inc. | Guardant Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/27 |  | 210000 |  | 130599 |  |
|  Invitae Corp.<br>2.000%, 9/1/24 |  | 40000 |  | 31500 |  |
|  Oak Street Health, Inc. | Oak Street Health, Inc. | Oak Street Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 |  | 170000 |  | 128680 |  |
|  |  |  |  | 290779 |  |
|  **Health Care Technology (0.5%)** | **Health Care Technology (0.5%)** | **Health Care Technology (0.5%)** | **Health Care Technology (0.5%)** | **Health Care Technology (0.5%)** |  |
|  Livongo Health, Inc.<br>0.875%, 6/1/25 |  | 110000 |  | 96118 |  |
|  Teladoc Health, Inc.<br>1.250%, 6/1/27 |  | 135000 |  | 103706 |  |
|  |  |  |  | 199824 |  |
|  ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | ***Life Sciences Tools & Services (0.5%)*** | **** |
|  CryoPort, Inc.<br>0.750%, 12/1/26§ |  | 72000 |  | 52783 |  |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/23 |  | 150000 |  | 144897 |  |
|  |  |  |  | 197680 |  |
|  ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | ***Pharmaceuticals (1.4%)*** | **** |
|  Aphria, Inc.<br>5.250%, 6/1/24§ |  | 40000 |  | 37947 |  |
|  Jazz Investments I Ltd.<br>1.500%, 8/15/24 |  | 120000 |  | 118125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/26 (x) |  | 190000 |  | 225862 |  |
|  Pacira BioSciences, Inc.<br>0.750%, 8/1/25 |  | 70000 |  | 63044 |  |
|  Supernus Pharmaceuticals, Inc.<br>0.625%, 4/1/23 |  | 75000 |  | 73687 |  |
|  |  |  |  | 518665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 4917493 |  |
|  **Industrials (5.8%)** | **Industrials (5.8%)** | **Industrials (5.8%)** |  |  |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | **** |
|  Axon Enterprise, Inc.<br>0.500%, 12/15/27§ |  | 135000 |  | 133785 |  |
|  Parsons Corp.<br>0.250%, 8/15/25 |  | 55000 |  | 62507 |  |
|  Virgin Galactic Holdings, Inc.<br>2.500%, 2/1/27§ |  | 53000 |  | 23559 |  |
|  |  |  |  | 219851 |  |
|  ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | **** |
|  ZTO Express Cayman, Inc.<br>1.500%, 9/1/27§ |  | 194000 |  | 204961 |  |
|  ***Airlines (2.1%)*** | ***Airlines (2.1%)*** | ***Airlines (2.1%)*** | ***Airlines (2.1%)*** | ***Airlines (2.1%)*** | **** |
|  American Airlines Group, Inc.<br>6.500%, 7/1/25 |  | 185000 |  | 194990 |  |
|  Copa Holdings SA<br>4.500%, 4/15/25 |  | 50000 |  | 85052 |  |
|  GOL Equity Finance SA<br>3.750%, 7/15/24§ |  | 55000 |  | 26208 |  |
|  JetBlue Airways Corp.<br>0.500%, 4/1/26 (x) |  | 135000 |  | 98425 |  |
|  Southwest Airlines Co.<br>1.250%, 5/1/25 (x) |  | 290000 |  | 348290 |  |
|  Spirit Airlines, Inc.<br>1.000%, 5/15/26 |  | 70000 |  | 56350 |  |
|  |  |  |  | 809315 |  |
|  ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | **** |
|  Array Technologies, Inc.<br>1.000%, 12/1/28 |  | 75000 |  | 76238 |  |
|  Stem, Inc.<br>0.500%, 12/1/28§ |  | 88000 |  | 55334 |  |
|  Sunrun, Inc. | Sunrun, Inc. | Sunrun, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/1/26 |  | 50000 |  | 34550 |  |
|  |  |  |  | 166122 |  |
|  ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | **** |
|  3D Systems Corp. | 3D Systems Corp. | 3D Systems Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/26 |  | 83000 |  | 56606 |  |
|  Greenbrier Cos., Inc. (The)<br>2.875%, 4/15/28 |  | 90000 |  | 79335 |  |
|  John Bean Technologies Corp.<br>0.250%, 5/15/26 |  | 50000 |  | 42925 |  |
|  Middleby Corp. (The)<br>1.000%, 9/1/25 |  | 130000 |  | 152815 |  |
|  |  |  |  | 331681 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | **** |
|  KBR, Inc.<br>2.500%, 11/1/23 | $70000 | $147595 |  |
|  Upwork, Inc.<br>0.250%, 8/15/26 | 86000 | 64488 |  |
|  |  | 212083 |  |
|  ***Road & Rail (0.7%)*** | ***Road & Rail (0.7%)*** | ***Road & Rail (0.7%)*** | **** |
|  Lyft, Inc.<br>1.500%, 5/15/25 | 125000 | 110058 |  |
|  Uber Technologies, Inc. | Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/25 (x) | 180000 | 151606 |  |
|  |  | 261664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 2205677 |  |
|  **Information Technology (28.9%)** | **Information Technology (28.9%)** |  |  |
|  ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | **** |
|  Infinera Corp.<br>3.750%, 8/1/28§ | 75000 | 92955 |  |
|  Lumentum Holdings, Inc.<br>0.250%, 3/15/24 | 105000 | 110408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/15/26 | 165000 | 141487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/15/28§ | 125000 | 94613 |  |
|  |  | 439463 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Insight Enterprises, Inc.<br>0.750%, 2/15/25 | 70000 | 105070 |  |
|  Itron, Inc. | Itron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 60000 | 49128 |  |
|  Vishay Intertechnology, Inc.<br>2.250%, 6/15/25 | 60000 | 57906 |  |
|  |  | 212104 |  |
|  ***IT Services (8.0%)*** | ***IT Services (8.0%)*** | ***IT Services (8.0%)*** | **** |
|  Affirm Holdings, Inc. | Affirm Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/26 | 303000 | 166650 |  |
|  Akamai Technologies, Inc.<br>0.125%, 5/1/25 | 200000 | 210000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/1/27 | 210000 | 202230 |  |
|  Block, Inc.<br>0.500%, 5/15/23 | 110000 | 114015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/1/25 | 180000 | 171225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/26 | 65000 | 52618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/1/27 | 90000 | 67837 |  |
|  Cloudflare, Inc. | Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/26 | 200000 | 163000 |  |
|  DigitalOcean Holdings, Inc. | DigitalOcean Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/26 | 269000 | 201077 |  |
|  Euronet Worldwide, Inc.<br>0.750%, 3/15/49 | 115000 | 108747 |  |
|  Fastly, Inc. | Fastly, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 130000 | 94250 |  |
|  MongoDB, Inc.<br>0.250%, 1/15/26 | 225000 | 263813 |  |
|  Okta, Inc.<br>0.125%, 9/1/25 | 205000 | 180092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/15/26 | 160000 | 134400 |  |
|  Perficient, Inc.<br>0.125%, 11/15/26 | 69000 | 53302 |  |
|  Repay Holdings Corp. | Repay Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/1/26§ | 70000 | 51122 |  |
|  Shift4 Payments, Inc. | Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/25 | 100000 | 99062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/1/27 | 129000 | 108554 |  |
|  Shopify, Inc.<br>0.125%, 11/1/25 | 165000 | 140869 |  |
|  Spotify USA, Inc. | Spotify USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 285000 | 229425 |  |
|  Vnet Group, Inc. | Vnet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/1/26 | 110000 | 89100 |  |
|  Wix.com Ltd. | Wix.com Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 7/1/23 | 100000 | 97130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 8/15/25 | 75000 | 63150 |  |
|  |  | 3061668 |  |
|  ***Semiconductors & Semiconductor Equipment (3.7%)*** | ***Semiconductors & Semiconductor Equipment (3.7%)*** | ***Semiconductors & Semiconductor Equipment (3.7%)*** | **** |
|  Enphase Energy, Inc. | Enphase Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 | 80000 | 90120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 | 120000 | 140328 |  |
|  MACOM Technology Solutions Holdings, Inc.<br>0.250%, 3/15/26 | 55000 | 54422 |  |
|  Microchip Technology, Inc.<br>0.125%, 11/15/24 (x) | 135000 | 144788 |  |
|  ON Semiconductor Corp. | ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 5/1/27 | 140000 | 185500 |  |
|  Silicon Laboratories, Inc.<br>0.625%, 6/15/25 | 75000 | 93705 |  |
|  SolarEdge Technologies, Inc. | SolarEdge Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/25 | 110000 | 136565 |  |
|  Wolfspeed, Inc.<br>1.750%, 5/1/26 | 100000 | 160650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/28 (x)§ | 130000 | 112385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 12/1/29§ | 324000 | 291762 |  |
|  |  | 1410225 |  |
|  ***Software (14.7%)*** | ***Software (14.7%)*** | ***Software (14.7%)*** | **** |
|  Alarm.com Holdings, Inc. | Alarm.com Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/26 | 115000 | 93369 |  |
|  Alteryx, Inc.<br>0.500%, 8/1/24 | 55000 | 50428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/1/26 | 90000 | 74700 |  |
|  Bentley Systems, Inc.<br>0.125%, 1/15/26 | 115000 | 104880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/1/27 | 100000 | 81400 |  |
|  Bill.com Holdings, Inc. | Bill.com Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/1/25 | 215000 | 219945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/1/27 | 101000 | 79841 |  |
|  Blackline, Inc.<br>0.125%, 8/1/24 | 35000 | 38805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 (x) | 220000 | 187412 |  |
|  Ceridian HCM Holding, Inc.<br>0.250%, 3/15/26 | 120000 | 105180 |  |
|  Confluent, Inc. | Confluent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/27 | 235000 | 177425 |  |
|  Coupa Software, Inc.<br>0.125%, 6/15/25 | 100000 | 96630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/15/26 | 280000 | 269220 |  |
|  CyberArk Software Ltd. | CyberArk Software Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/24 | 115000 | 121690 |  |
|  Datadog, Inc.<br>0.125%, 6/15/25 | 110000 | 120037 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  DocuSign, Inc. | DocuSign, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/15/24 | 135000 | $| 126900 |  |
|  Dropbox, Inc. | Dropbox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/26 | 135000 |  | 121905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/28 | 100000 |  | 89100 |  |
|  Envestnet, Inc.<br>0.750%, 8/15/25 | 50000 |  | 45125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/1/27§ | 118000 |  | 126614 |  |
|  Everbridge, Inc. | Everbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 40000 |  | 33952 |  |
|  Five9, Inc.<br>0.500%, 6/1/25 | 145000 |  | 132820 |  |
|  Guidewire Software, Inc.<br>1.250%, 3/15/25 | 55000 |  | 50903 |  |
|  HubSpot, Inc.<br>0.375%, 6/1/25 | 70000 |  | 86240 |  |
|  InterDigital, Inc.<br>3.500%, 6/1/27§ | 91000 |  | 85995 |  |
|  Jamf Holding Corp.<br>0.125%, 9/1/26 | 66000 |  | 54318 |  |
|  LivePerson, Inc. | LivePerson, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 12/15/26 | 65000 |  | 46352 |  |
|  Marathon Digital Holdings, Inc.<br>1.000%, 12/1/26 | 110000 |  | 24547 |  |
|  MicroStrategy, Inc.<br>0.750%, 12/15/25 | 115000 |  | 53130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 2/15/27 | 140000 |  | 50932 |  |
|  New Relic, Inc.<br>0.500%, 5/1/23 | 65000 |  | 63570 |  |
|  Nice Ltd. | Nice Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 9/15/25 | 110000 |  | 103675 |  |
|  Nutanix, Inc.<br>0.250%, 10/1/27 | 85000 |  | 71103 |  |
|  Palo Alto Networks, Inc.<br>0.750%, 7/1/23 | 315000 |  | 497700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/1/25 | 345000 |  | 509392 |  |
|  Pegasystems, Inc.<br>0.750%, 3/1/25 | 105000 |  | 89972 |  |
|  Progress Software Corp.<br>1.000%, 4/15/26 | 40000 |  | 40880 |  |
|  Q2 Holdings, Inc.<br>0.125%, 11/15/25 | 50000 |  | 41155 |  |
|  Rapid7, Inc.<br>0.250%, 3/15/27 | 85000 |  | 66384 |  |
|  RingCentral, Inc. | RingCentral, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/1/25 | 175000 |  | 150281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 3/15/26 | 95000 |  | 74575 |  |
|  Splunk, Inc.<br>0.500%, 9/15/23 | 105000 |  | 101167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/15/25 | 155000 |  | 145933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 6/15/27 | 245000 |  | 206731 |  |
|  Tyler Technologies, Inc.<br>0.250%, 3/15/26 | 85000 |  | 78965 |  |
|  Unity Software, Inc. | Unity Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/26 | 279000 |  | 208831 |  |
|  Zscaler, Inc.<br>0.125%, 7/1/25 | 205000 |  | 215250 |  |
|  |  |  | 5615359 |  |
|  ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | **** |
|  Pure Storage, Inc.<br>0.125%, 4/15/23 | 110000 |  | 118415 |  |
|  Western Digital Corp.<br>1.500%, 2/1/24 (e) | 185000 |  | 176212 |  |
|  |  |  | 294627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 11033446 |  |
|  **Materials (0.9%)** | **Materials (0.9%)** |  |  |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | **** |
|  Amyris, Inc.<br>1.500%, 11/15/26 | 95000 |  | 29830 |  |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | **** |
|  MP Materials Corp.<br>0.250%, 4/1/26§ | 145000 |  | 126694 |  |
|  United States Steel Corp.<br>5.000%, 11/1/26 | 95000 |  | 190000 |  |
|  |  |  | 316694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 346524 |  |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | **** |
|  Pebblebrook Hotel Trust (REIT)<br>1.750%, 12/15/26 | 135000 |  | 111038 |  |
|  ***Real Estate Management & Development (1.4%)*** | ***Real Estate Management & Development (1.4%)*** | ***Real Estate Management & Development (1.4%)*** | ***Real Estate Management & Development (1.4%)*** | **** |
|  Opendoor Technologies, Inc.<br>0.250%, 8/15/26§ | 150000 |  | 58544 |  |
|  Realogy Group LLC<br>0.250%, 6/15/26 | 85000 |  | 59415 |  |
|  Redfin Corp. | Redfin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 10/15/25 | 130000 |  | 76782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/1/27 | 80000 |  | 36560 |  |
|  Zillow Group, Inc.<br>0.750%, 9/1/24 | 140000 |  | 144760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/15/25 | 110000 |  | 104610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/1/26 | 65000 |  | 65487 |  |
|  |  |  | 546158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 657196 |  |
|  **Utilities (1.7%)** | **Utilities (1.7%)** |  |  |  |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | **** |
|  NRG Energy, Inc.<br>2.750%, 6/1/48 | 95000 |  | 93908 |  |
|  ***Independent Power and Renewable Electricity Producers (1.3%)*** | ***Independent Power and Renewable Electricity Producers (1.3%)*** | ***Independent Power and Renewable Electricity Producers (1.3%)*** | ***Independent Power and Renewable Electricity Producers (1.3%)*** | **** |
|  NextEra Energy Partners LP | NextEra Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/15/24§ | 70000 |  | 65695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 11/15/25§ | 115000 |  | 114310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/15/26§ | 100000 |  | 93300 |  |
|  Ormat Technologies, Inc.<br>2.500%, 7/15/27§ | 68000 |  | 79084 |  |
|  Sunnova Energy International, Inc.<br>0.250%, 12/1/26 | 80000 |  | 61880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/28§ | 97000 |  | 78327 |  |
|  |  |  | 492596 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** |
|  CenterPoint Energy, Inc.<br>3.369%, 9/15/29(e) | $200000 | $81756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 668260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bonds** |  | 31413662 |
|  **Total Long-Term Debt Securities (82.2%)**<br> *(Cost $41,010,338)* |  | 31413662 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (1.0%**) | **Investment Company (1.0%**) |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 400000 | 400000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (4.4%)** | **Repurchase Agreements (4.4%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $882,465, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $899,695. (xx) | $882054 | 882054 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $800,692, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $871,063. (xx) | 800000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 1682054 |
|  **Total Short-Term Investments (5.4%)**<br> *(Cost $2,082,054)* | **Total Short-Term Investments (5.4%)**<br> *(Cost $2,082,054)* | 2082054 |
|  **Total Investments in Securities (104.8%)**<br> *(Cost $50,604,855)* | **Total Investments in Securities (104.8%)**<br> *(Cost $50,604,855)* | 40065481 |
|  **Other Assets Less Liabilities (-4.8%)** | **Other Assets Less Liabilities (-4.8%)** | (1819772) |
|  **Net Assets (100%)** |  | $38245709 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $6,525,450 or 17.1% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $2,134,291. This was collateralized by $97,003 of various U.S. Government Treasury Securities, ranging from 0.125% - 3.875%, maturing 4/15/23 - 11/15/50 and by cash of $2,082,054 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stock** |  |  |  |  |
|  Utilities | $123 | $— | $— | $123 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 4249784 |  | 4249784 |
|  Consumer Discretionary |  | 5403655 |  | 5403655 |
|  Consumer Staples |  | 341522 |  | 341522 |
|  Energy |  | 682275 |  | 682275 |
|  Financials |  | 907830 |  | 907830 |
|  Health Care |  | 4917493 |  | 4917493 |
|  Industrials |  | 2205677 |  | 2205677 |
|  Information Technology |  | 11033446 |  | 11033446 |
|  Materials |  | 346524 |  | 346524 |
|  Real Estate |  | 657196 |  | 657196 |
|  Utilities |  | 668260 |  | 668260 |
|  **Convertible Preferred Stocks** |  |  |  |  |
|  Communication Services | 32077 | 423287 |  | 455364 |
|  Consumer Discretionary | 224299 |  |  | 224299 |
|  Financials | 1702311 | 176590 |  | 1878901 |
|  Health Care | 889399 |  |  | 889399 |
|  Industrials | 375732 | 205434 |  | 581166 |
|  Information Technology | 47170 |  |  | 47170 |
|  Materials | 279969 |  |  | 279969 |
|  Utilities | 2213374 |  |  | 2213374 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 400000 |  |  | 400000 |
|  Repurchase Agreements |  | 1682054 |  | 1682054 |
|  **Total Assets** | $**6164454** | $**33901027** | $**—** | $**40065481** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**6164454** | $**33901027** | $**—** | $**40065481** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11326764 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $7886208 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $704883 |
|  Aggregate gross unrealized depreciation | (11407362) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10702479) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $50767960 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $48,922,801) | $38383427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $1,682,054) | 1682054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 235048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 206300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 99599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 40615253 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2082054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 198626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 4218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 73038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2369544 |
|  **NET ASSETS** | $38245709 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $49993071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (11747362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38245709 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $19,545,898 / 2,385,352 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.19 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $18,699,811 / 2,288,152 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.17 |

---

*(x)* *Includes value of securities on loan of $2,134,291.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $3,036 foreign withholding tax) | $371186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 356073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 34110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 761369 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 192661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 49124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 35738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 410364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (111005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 299359 |
|  **NET INVESTMENT INCOME (LOSS)** | 462010 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (899373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (9005361) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (9904734) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(9442724) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $462010 | $178994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (899373) | 13885580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (9005361) | (13612269) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (9442724) | 452305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (252338) | (7542524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (292648) | (7522482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (544986) | (15065006) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 498,255 and 466,936 shares, respectively ] | 4396000 | 7265192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 30,023 and 713,056 shares, respectively ] | 252338 | 7542524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (286889) and (282296) shares, respectively ] | (2554513) | (4375306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2093825 | 10432410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 265,573 and 18,096 shares, respectively ] | 2308643 | 285060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 34,895 and 712,766 shares, respectively ] | 292648 | 7522482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (127253) and (73305) shares, respectively ] | (1114755) | (1166349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1486536 | 6641193 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 3580361 | 17073603 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (6407349) | 2460902 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 44653058 | 42192156 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $38245709 | $44653058 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.50 | $15.62 | $11.81 | $10.06 | $11.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.04 | 0.15 | 0.15 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.29) | 0.07 | 4.45 | 2.24 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.20) | 0.11 | 4.60 | 2.39 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (1.89) | (0.18) | (0.34) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (3.34) | (0.61) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.11) | (5.23) | (0.79) | (0.64) | (0.52) |
|  Net asset value, end of year | $8.19 | $10.50 | $15.62 | $11.81 | $10.06 |
|  Total return | (20.99)% | 1.04% | 39.08% | 23.93% | (4.22)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $19546 | $22507 | $19467 | $12255 | $9403 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90% | 0.96 %(k) | 1.05 %(m) | 1.10 %(n) | 1.19 %(g)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.19% | 1.21% | 1.48% | 1.59% | 1.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.08% | 0.27% | 1.17% | 1.35% | 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.02% | 0.74% | 0.86% | 1.75% |
|  Portfolio turnover rate^ | 20% | 209 %(h) | 51% | 35% | 32% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.47 | $15.59 | $11.79 | $10.04 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.08 | 0.18 | 0.18 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.28) | 0.07 | 4.44 | 2.24 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.16) | 0.15 | 4.62 | 2.42 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (1.93) | (0.21) | (0.37) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (3.34) | (0.61) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (5.27) | (0.82) | (0.67) | (0.55) |
|  Net asset value, end of year | $8.17 | $10.47 | $15.59 | $11.79 | $10.04 |
|  Total return | (20.74)% | 1.25% | 39.34% | 24.27% | (3.98)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11526 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.71 %(k) | 0.80 %(m) | 0.85 %(n) | 0.94 %(g)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.94% | 0.96% | 1.23% | 1.34% | 1.41% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.33% | 0.52% | 1.40% | 1.61% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 0.26% | 0.98% | 1.12% | 1.93% |
|  Portfolio turnover rate^ | 20% | 209 %(h) | 51% | 35% | 32% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT CONVERTIBLE SECURITIES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Tax Expense of 0.01%.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 28%.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IB and 0.76% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB and 0.90% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.22% for Class IB and 0.97% for Class K.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.31% for Class IB and 1.06% for Class K.* 

See Notes to Financial Statements.

------

**1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> DoubleLine Capital LP

PERFORMANCE RESULTS

![LOGO](g401674g14c69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (13.46)% | (0.75)% | 0.34 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (13.14) | (0.48) | 0.60 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01) | 0.02 | 0.72 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 5/1/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/1/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/1/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/1/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.46)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (13.01)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio's performance was primarily driven by its shorter duration profile and overweight allocation to
structured credit sectors relative to the benchmark.

• Floating rate sectors, such as bank loans and collateralized loan obligations, were the top performers within the
Portfolio, as these sectors benefitted from high interest income and were insulated from the negative impact of rising interest rates.

***What hurt performance during the year:***

• U.S. Treasuries was the worst performing sector as they were negatively impacted by the rising rate environment due to
their longer duration profile.

• Investment grade corporate credit and emerging market debt also detracted from performance, driven by spread widening and
the increase in interest rates.

**Portfolio Positioning and Outlook — DoubleLine Capital LP** 

We reduced credit risk across the Portfolio during the year in favor of higher quality sectors, which became more attractive as yields continued to move higher. During the period, the Portfolio increased exposure towards Agency residential mortgage-backed securities (MBS), non-Agency residential MBS and investment grade corporate credit, while decreasing exposure towards global bonds, emerging market, commercial MBS and high yield. The Portfolio ended the period with more credit exposure and a slightly lower duration than the benchmark.

The swift rise in interest rates in 2022 created yield opportunities within fixed income not seen in the past decade. While this improved opportunity set must be weighed against a macroeconomic backdrop of slowing growth and more restrictive policy from global central banks, we believe that bonds look extremely attractive. With inflation figures in decline and U.S. economic indicators showing more signs of deterioration, we have turned more constructive on duration, particularly at the long end of the U.S. Treasury curve.

We favor high quality assets in this environment and have utilized paydowns to systematically upgrade the quality of the Portfolio's credit holdings. While corporate defaults have remained below historical averages, downgrade activity has picked up in recent months and we see this trend continuing into 2023 with corporate earnings likely to be pressured by sticky wage inflation and softening economic conditions. We remain constructive on structured credit relative to corporate credit as we believe it offers more attractive spread levels while also benefitting from structural protections such as credit enhancement.

------

**1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 9.01 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.73 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 5.93 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | A3 |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 21.7 | % |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 16.3 |  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 11.9 |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 10.8 |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | 6.7 |  |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 6.5 |  |
| &nbsp;&nbsp;&nbsp; Financials | 5.3 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 3.6 |  |
| &nbsp;&nbsp;&nbsp; Energy | 3 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 2.1 |  |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 2 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.7 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 1.6 |  |
| &nbsp;&nbsp;&nbsp; Materials | 1.5 |  |
| &nbsp;&nbsp;&nbsp; Information Technology | 1.2 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 1 |  |
| &nbsp;&nbsp;&nbsp; Health Care | 0.9 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Municipal Bond | 0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.6 |  |
|  | 100 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

------

**1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -**<br> **12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $968.40 | $4.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.72 | 4.53 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 969.90 | 3.18 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.98 | 3.26 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.89% and 0.64%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.89% and 0.64%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.89% and 0.64%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.89% and 0.64%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (16.3%)** | **Asset-Backed Securities (16.3%)** | **Asset-Backed Securities (16.3%)** |
|  AASET US Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>3.844%, 1/16/38§ | $512172 | $310333 |
|  ABFC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 A1A<br>5.639%, 6/25/37 (l) | 2668125 | 1762983 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-ASP5 A2D<br>4.909%, 10/25/36 (l) | 2309267 | 796634 |
|  AIMCO CLO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AA D<br>6.629%, 4/17/31 (l)§ | 500000 | 464064 |
|  Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>1.937%, 8/15/46§ | 1250000 | 1066329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.482%, 8/15/46§ | 1000000 | 825504 |
|  American Airlines Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 B<br>3.700%, 5/1/23 | 1832798 | 1789781 |
|  Amortizing Residential Collateral Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-BC10 M1<br>5.889%, 1/25/33 (l) | 1983142 | 1844732 |
|  Apidos CLO XII, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-12A DR<br>6.679%, 4/15/31 (l)§ | 500000 | 454251 |
|  Ares XXVIIIR CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28RA C<br>6.229%, 10/17/30 (l)§ | 500000 | 469599 |
|  Atrium IX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A DR<br>8.336%, 5/28/30 (l)§ | 500000 | 459743 |
|  Babson CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-IA DR<br>6.843%, 1/20/31 (l)§ | 500000 | 434089 |
|  Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A D<br>7.793%, 1/20/32 (l)§ | 1000000 | 922513 |
|  Barings CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A DR<br>7.193%, 10/20/30 (l)§ | 500000 | 443550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A DR<br>7.729%, 4/15/36 (l)§ | 500000 | 463157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A CR<br>7.479%, 4/15/36 (l)§ | 500000 | 455192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR<br>7.279%, 10/15/36 (l)§ | 1000000 | 924012 |
|  Blackbird Capital Aircraft, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>3.446%, 7/15/46§ | 1877164 | 1415233 |
|  BSPRT Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.638%, 12/15/38 (l)§ | 654000 | 624804 |
|  Canyon Capital CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A CR<br>7.165%, 1/30/31(l)§ | 500000 | 430765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A DR<br>7.079%, 7/15/30 (l)§ | 500000 | 446872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A D<br>7.179%, 4/15/34 (l)§ | 500000 | 458070 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A DRR<br>7.543%, 7/20/34 (l)§ | 1000000 | 902646 |
|  Carlyle US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A D<br>10.079%, 4/15/34 (l)§ | 500000 | 436530 |
|  Castlelake Aircraft Structured Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A<br>3.967%, 4/15/39§ | 303633 | 256611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>6.656%, 1/15/46§ | 1450581 | 1109752 |
|  Cathedral Lake VIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A C<br>6.863%, 1/20/35 (l)§ | 500000 | 461701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A D1<br>7.663%, 1/20/35 (l)§ | 1000000 | 877548 |
|  CHCP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 C<br>6.540%, 2/15/38 (l)§ | 550000 | 508941 |
|  CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A CR2<br>7.243%, 4/20/34 (l)§ | 1000000 | 912458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A D<br>7.778%, 4/23/29 (l)§ | 1000000 | 945960 |
|  CLI Funding VIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.640%, 2/18/46§ | 812881 | 691586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook Park CLO Ltd., |  |  |
|  Series 2018-1A C<br>5.829%, 4/17/30 (l)§ | 1000000 | 931409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A D<br>6.679%, 4/17/30 (l)§ | 500000 | 422016 |
|  Crown Point CLO IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A C<br>6.143%, 4/20/31 (l)§ | 500000 | 465931 |
|  DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>2.060%, 2/27/51§ | 500000 | 432360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.650%, 2/27/51§ | 1500000 | 1310594 |
|  Dryden 40 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40A DR<br>7.706%, 8/15/31 (l)§ | 500000 | 448749 |
|  Dryden 41 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-41A DR<br>6.679%, 4/15/31 (l)§ | 500000 | 440717 |
|  Dryden 43 Senior Loan Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43A DR3<br>7.493%, 4/20/34 (l)§ | 500000 | 456745 |
|  Dryden 57 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-57A D<br>7.156%, 5/15/31 (l)§ | 500000 | 441762 |
|  Dryden 87 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-87A D<br>7.625%, 5/20/34 (l)§ | 500000 | 452656 |
|  Elevation CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A BR2<br>7.856%, 8/15/32 (l)§ | 1250000 | 1208860 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  FMC GMSR Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1 A<br>4.450%, 1/25/26 (l)§ | $2000000 | $1769277 |
|  Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-D 1A1<br>4.529%, 11/25/36 (l) | 4945897 | 2868019 |
|  Galaxy Xxviii CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A D<br>7.079%, 7/15/31 (l)§ | 500000 | 436956 |
|  Generate CLO 2 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A CR<br>6.175%, 1/22/31 (l)§ | 500000 | 470433 |
|  Gilbert Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A D<br>7.029%, 10/15/30 (l)§ | 500000 | 465648 |
|  Goldentree Loan Management US CLO 3 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A D<br>7.093%, 4/20/30 (l)§ | 1500000 | 1409343 |
|  Goodgreen Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.630%, 4/15/55§ | 313509 | 258250 |
|  ITE Rail Fund Levered LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A<br>2.210%, 6/28/51§ | 466115 | 394873 |
|  Jersey Mike's Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A2<br>4.433%, 2/15/50§ | 992500 | 902883 |
|  JOL Air Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.967%, 4/15/44§ | 371407 | 303407 |
|  Kestrel Aircraft Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.250%, 12/15/38§ | 710159 | 561054 |
|  LCM 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A D<br>7.193%, 10/20/30(l)§ | 500000 | 398520 |
|  LCM XXI LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A DR<br>7.043%, 4/20/28 (l)§ | 500000 | 476850 |
|  Long Point Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A C<br>6.479%, 1/17/30 (l)§ | 500000 | 423235 |
|  MACH 1 Cayman Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.474%, 10/15/39§ | 1018771 | 823481 |
|  Madison Park Funding LII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A D<br>7.475%, 1/22/35 (l)§ | 500000 | 450913 |
|  Madison Park Funding XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-11A DR<br>7.575%, 7/23/29 (l)§ | 500000 | 465387 |
|  Madison Park Funding XX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-20A DR<br>7.358%, 7/27/30 (l)§ | 900000 | 819017 |
|  Magnetite XXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-23A DR<br>7.408%, 1/25/35 (l)§ | 500000 | 468114 |
|  Magnetite XXXI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A E<br>10.079%, 7/15/34 (l)§ | 500000 | 449018 |
|  Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A2C<br>4.689%, 7/25/37 (l) | 5305359 | 1172794 |
|  MidOcean Credit CLO III, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A BR<br>6.078%, 4/21/31 (l)§ | 1000000 | 946760 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.010%, 6/22/43§ | 179067 | 163233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2GS A<br>4.200%, 2/22/44§ | 283163 | 256620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A B<br>3.280%, 9/20/40§ | 258031 | 220591 |
|  Nassau Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-IA A<br>5.229%, 7/15/31 (l)§ | 500000 | 486652 |
|  NBC Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>2.989%, 7/30/51§ | 1364688 | 1154165 |
|  Neighborly Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>3.584%, 4/30/51§ | 4925000 | 3890962 |
|  Neuberger Berman Loan Advisers CLO 37 Ltd., | Neuberger Berman Loan Advisers CLO 37 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-37A DR<br>7.093%, 7/20/31 (l)§ | 1000000 | 945064 |
|  NP SPE II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1<br>3.372%, 10/21/47§ | 354064 | 333306 |
|  Octagon 53 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A E<br>10.579%, 4/15/34 (l)§ | 1000000 | 886382 |
|  Octagon Investment Partners 31 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A DR<br>7.643%, 7/20/30 (l)§ | 500000 | 459892 |
|  Octagon Investment Partners 34 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A D<br>6.743%, 1/20/30 (l)§ | 500000 | 442373 |
|  OHA Credit Funding 5 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A E<br>10.444%, 4/18/33 (l)§ | 1000000 | 909517 |
|  Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M2<br>4.959%, 1/25/36 (l) | 3164000 | 2208478 |
|  Ownit Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M1<br>4.884%, 3/25/37 (l) | 2290244 | 2162364 |
|  Primrose Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A2<br>4.475%, 7/30/49§ | 970000 | 883617 |
|  Sapphire Aviation Finance II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>3.228%, 3/15/40§ | 373315 | 282535 |
|  Sound Point CLO XXIV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A DR<br>7.858%, 10/25/34 (l)§ | 500000 | 419665 |
|  Sound Point CLO XXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A DR<br>7.593%, 7/20/34 (l)§ | 500000 | 433684 |
|  Sound Point CLO XXXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A D<br>7.758%, 10/25/34 (l)§ | 500000 | 427198 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Stack Infrastructure Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A2<br>3.080%, 10/25/44§ | $| 500000 | $| 485567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A2<br>1.893%, 8/25/45§ |  | 500000 |  | 448537 |
|  Sunnova Helios II Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B B<br>2.010%, 7/20/48§ |  | 564432 |  | 420386 |
|  Sunnova Helios V Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A<br>1.800%, 2/20/48§ |  | 636663 |  | 523635 |
|  Sunnova Sol II Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A<br>2.730%, 11/1/55§ |  | 711831 |  | 565597 |
|  Sunrun Atlas Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 A<br>3.610%, 2/1/55§ |  | 457726 |  | 403306 |
|  TAL Advantage VII LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.050%, 9/20/45§ |  | 305500 |  | 266661 |
|  Textainer Marine Containers VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A<br>2.100%, 9/20/45§ |  | 391778 |  | 340550 |
|  THL Credit Wind River CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A DR<br>6.979%, 1/15/31 (l)§ |  | 500000 |  | 431177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A ER<br>9.829%, 1/15/31 (l)§ |  | 500000 |  | 362807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A DR<br>7.929%, 4/15/35 (l)§ |  | 1000000 |  | 893042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A B<br>5.729%, 7/15/30 (l)§ |  | 2000000 |  | 1919220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A D<br>6.979%, 7/15/30 (l)§ |  | 500000 |  | 430416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A E<br>9.579%, 7/15/30 (l)§ |  | 500000 |  | 395796 |
|  Thunderbolt Aircraft Lease Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A A<br>4.212%, 5/17/32 (e)§ |  | 501772 |  | 426864 |
|  Triton Container Finance VIII LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.110%, 9/20/45§ |  | 404375 |  | 347556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.860%, 3/20/46§ |  | 851250 |  | 711720 |
|  Triumph Rail Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A<br>2.150%, 6/19/51§ |  | 465185 |  | 396771 |
|  United Airlines Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1 B<br>3.650%, 1/7/26 |  | 357350 |  | 319422 |
|  Upland CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A CR<br>7.143%, 4/20/31 (l)§ |  | 1000000 |  | 898552 |
|  Vantage Data Centers LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A A2<br>1.992%, 9/15/45§ |  | 250000 |  | 203568 |
|  Vivint Solar Financing V LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>4.730%, 4/30/48§ |  | 915144 |  | 811761 |
|  VOLT CVI LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NP12 A1<br>2.734%, 12/26/51 (e)§ |  | 2511626 |  | 2276253 |
|  Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4A DR<br>9.961%, 7/14/31 (l)§ |  | 1000000 |  | 683534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A CR<br>7.393%, 4/20/34 (l)§ |  | 1500000 |  | 1346504 |
|  WAVE LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.597%, 9/15/44§ |  | 810497 |  | 613748 |
|  Wind River CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A DR2<br>7.725%, 10/22/31 (l)§ |  | 1500000 |  | 1305953 |
|  York CLO 1 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A CRR<br>6.425%, 10/22/29 (l)§ |  | 1000000 |  | 963752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 84270927 |
|  **Collateralized Mortgage Obligations (11.9%)** | **Collateralized Mortgage Obligations (11.9%)** | **Collateralized Mortgage Obligations (11.9%)** | **Collateralized Mortgage Obligations (11.9%)** | **Collateralized Mortgage Obligations (11.9%)** |
|  Ajax Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D A<br>2.250%, 6/25/60 (e)§ |  | 611075 |  | 569557 |
|  Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-69 A1<br>3.048%, 12/25/35 (l) |  | 1121963 |  | 972493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB A15<br>6.000%, 8/25/36 |  | 176137 |  | 107375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6CB 2A10<br>6.000%, 5/25/36 |  | 1653004 |  | 722567 |
|  AMSR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR1 E<br>3.471%, 1/19/39§ |  | 3400000 |  | 2888569 |
|  Asset-Backed Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-IM1 A2<br>4.869%, 4/25/36 (l) |  | 836118 |  | 695362 |
|  Banc of America Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 1A8<br>6.000%, 10/25/35 |  | 197388 |  | 153124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 3A1<br>6.000%, 7/25/37 |  | 1823368 |  | 1392997 |
|  Banc of America Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 2A8<br>7.000%, 9/25/37 |  | 2108605 |  | 1768120 |
|  CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 A2<br>6.000%, 2/25/37 |  | 1738909 |  | 873399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J4 A5<br>6.250%, 9/25/36 |  | 307848 |  | 118809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14 A18<br>6.000%, 9/25/37 |  | 1516280 |  | 835893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 1A1<br>2.871%, 4/25/37 (l) |  | 177092 |  | 156001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY1 2A1<br>3.412%, 3/25/37 (l) |  | 71000 |  | 60244 |
|  Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 1A2<br>2.968%, 3/25/36 (l) |  | 116571 |  | 107827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 2A3A<br>3.717%, 11/25/36 (l) |  | 207971 |  | 194586 |
|  CitiMortgage Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2 1A4<br>6.000%, 2/25/37 |  | 1159927 |  | 1001165 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2M2<br>6.928%, 1/25/42 (l)§ | $| 2500000 | $| 2355580 |
|  CSMC Mortgage-Backed Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A1<br>6.500%, 6/25/36 |  | 5222019 |  | 1164420 |
|  FHLMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4050 ND<br>2.500%, 9/15/41 |  | 162883 |  | 157603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4076 QD<br>2.500%, 11/15/41 |  | 186403 |  | 178140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4471 GA<br>3.000%, 2/15/44 |  | 240438 |  | 223853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4483 CA<br>3.000%, 6/15/44 |  | 114371 |  | 106793 |
|  FHLMC STACR REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 M1B<br>6.328%, 2/25/42 (l)§ |  | 1000000 |  | 972518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M1B<br>6.828%, 4/25/42 (l)§ |  | 2800000 |  | 2766772 |
|  Figure Line of Credit Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.040%, 9/25/49 (l)§ |  | 721914 |  | 688611 |
|  FNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-18 CD<br>1.500%, 10/25/27 |  | 189553 |  | 181810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-54 NP<br>2.500%, 3/25/43 |  | 474311 |  | 434567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-42 CA<br>3.000%, 3/25/44 |  | 333118 |  | 313661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-46 ZL<br>3.500%, 6/25/57 |  | 3403321 |  | 2735432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-44 PZ<br>3.500%, 6/25/48 |  | 2054020 |  | 1845186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-48 NS<br>3.361%, 8/25/51 IO (l) |  | 2245742 |  | 59563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-17 ZG<br>2.500%, 1/25/52 |  | 3050366 |  | 1759645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-40 AZ<br>2.000%, 8/25/50 |  | 6554348 |  | 4278287 |
|  GNMA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-188<br>2.000%, 12/20/50 IO |  | 2779030 |  | 295099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-117 ID<br>3.500%, 6/20/51 IO |  | 1696196 |  | 187434 |
|  GreenPoint Mortgage Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 1A3<br>4.629%, 4/25/47 (l) |  | 2587220 |  | 2238671 |
|  HomeBanc Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M4<br>5.364%, 10/25/35 (l) |  | 7066300 |  | 5337331 |
|  Imperial Fund Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM4 M1<br>3.446%, 1/25/57 (l)§ |  | 1500000 |  | 967242 |
|  PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10 A1<br>2.487%, 10/25/26 (e)§ |  | 1592804 |  | 1474451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A2<br>3.770%, 3/25/26 (l)§ |  | 3100000 |  | 2659610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5 A1<br>6.900%, 9/27/27 (e)§ |  | 4547871 |  | 4516486 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17 A7<br>6.000%, 12/25/36 |  | 1515730 |  | 1193194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS8 A10<br>6.000%, 6/25/37 |  | 982823 |  | 749457 |
|  RBSGC Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A 3A<br>6.000%, 4/25/35 |  | 1450107 |  | 629561 |
|  RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S6 A14<br>6.000%, 7/25/36 |  | 138439 |  | 112344 |
|  Seasoned Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2 HV<br>3.000%, 11/25/57 (l) |  | 2131988 |  | 1902659 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19XS 1A2A<br>5.269%, 10/25/35 (l) |  | 1030583 |  | 924323 |
|  Suntrust Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1F 2A8<br>6.000%, 12/25/35 |  | 126419 |  | 111600 |
|  Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.722%, 3/25/58 (l)§ |  | 2500000 |  | 1979065 |
|  Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4 M1<br>3.291%, 5/25/65 (l)§ |  | 1200000 |  | 927382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 M1<br>2.397%, 6/25/66 (l)§ |  | 2500000 |  | 1544990 |
|  Wells Fargo Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2 1A1<br>6.000%, 6/25/37 |  | 141699 |  | 125002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA6 A1<br>4.796%, 12/28/37 (l) |  | 1015079 |  | 917635 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 61634065 |
|  **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** | **Commercial Mortgage-Backed Securities (6.5%)** |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ISQ C<br>3.606%, 8/14/34 (l)§ |  | 516000 |  | 403588 |
|  Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS7 C<br>4.339%, 9/15/48 (l) |  | 886000 |  | 763575 |
|  BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5 B<br>3.896%, 6/15/60 (l) |  | 557000 |  | 496357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5 C<br>4.191%, 6/15/60 (l) |  | 600000 |  | 515398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35 A5<br>2.285%, 6/15/64 |  | 343000 |  | 278566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 C<br>3.108%, 11/15/64 (l) |  | 412000 |  | 299032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 AS<br>3.181%, 2/15/55 |  | 698000 |  | 574288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39 E<br>2.500%, 2/15/55§ |  | 174000 |  | 95528 |
|  BBCMS Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL F<br>7.553%, 3/15/37 (l)§ |  | 550000 |  | 333290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6 F5TC<br>3.688%, 2/15/53 (l)§ |  | 644000 |  | 422926 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12 XD<br>1.034%, 11/15/54 IO (l)§ | $9899000 | $720695 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2 C<br>4.227%, 2/15/51 (l) | 803000 | 666182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA<br>1.272%, 2/15/54 IO (l) | 4859963 | 319070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B32 AS<br>3.411%, 1/15/55 (l) | 650000 | 516328 |
|  BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OANA A<br>6.234%, 4/15/37 (l)§ | 1000000 | 976142 |
|  BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 E<br>6.163%, 10/15/38 (l)§ | 841457 | 791018 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D<br>3.944%, 12/9/41 (l)§ | 517000 | 414078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 E<br>3.944%, 12/9/41 (l)§ | 458000 | 346939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW C<br>6.668%, 6/15/36 (l)§ | 601000 | 575839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW D<br>7.218%, 6/15/36 (l)§ | 601000 | 563872 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF1 65C<br>4.123%, 5/15/52 (l)§ | 502000 | 450681 |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 B<br>3.804%, 11/10/49 | 900000 | 786821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 514000 | 457087 |
|  Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36 B<br>4.747%, 2/10/49 (l) | 504000 | 441516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4 XA<br>1.895%, 7/10/49 IO (l) | 663368 | 31939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4 B<br>4.096%, 10/12/50 (l) | 343000 | 298110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41 B<br>3.199%, 8/10/56 | 276000 | 216797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br>3.312%, 11/10/42 (l)§ | 350000 | 261825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K E<br>3.312%, 11/10/42 (l)§ | 350000 | 251835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555 F<br>3.503%, 12/10/41 (l)§ | 364000 | 254226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-555 G<br>3.503%, 12/10/41 (l)§ | 364000 | 235674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46 B<br>3.150%, 2/15/53 (l) | 401000 | 307838 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR10 XA<br>0.637%, 8/10/46 IO (l) | 1201678 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16 C<br>4.917%, 4/10/47 (l) | 900000 | 811010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25 B<br>4.518%, 8/10/48 (l) | 675000 | 624921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26 XA<br>0.900%, 10/10/48 IO(l) | 1063068 | 20369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 C<br>4.297%, 2/10/48(l) | 100000 | 82405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2 XA<br>0.935%, 2/10/49 IO (l) | 735489 | 16893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CX D<br>2.683%, 11/10/46 (l)§ | 900000 | 625569 |
|  CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.817%, 4/15/50 IO (l) | 1295382 | 16023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6 B<br>3.924%, 1/15/49 (l) | 485000 | 433569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14 C<br>4.916%, 11/15/51 (l) | 640000 | 536119 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 B<br>3.645%, 10/10/43 (l)§ | 679000 | 546418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 C<br>3.645%, 10/10/43 (l)§ | 228000 | 174228 |
|  GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RIVR C<br>5.568%, 7/15/35 (l)§ | 272000 | 221014 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC26 D<br>4.521%, 11/10/47 (l)§ | 197000 | 127105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 B<br>4.238%, 11/10/48 (l) | 582000 | 470747 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1 XA<br>0.892%, 1/15/49 IO (l) | 638676 | 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LOOP E<br>3.861%, 12/5/38 (l)§ | 345000 | 226684 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23 D<br>3.982%, 9/15/47 (l)§ | 370000 | 319427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 D<br>3.806%, 2/15/48 (l)§ | 347000 | 289148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32 C<br>4.655%, 11/15/48 (l) | 91000 | 64535 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.708%, 7/15/50 (l) | 800000 | 662857 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 AS<br>3.484%, 6/15/49 | 800000 | 731128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.492%, 6/15/49 IO (l) | 717402 | 26064 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 400000 | 333780 |
|  LSTAR Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4 C<br>4.601%, 3/10/49 (l)§ | 72000 | 65425 |
|  MKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-525M E<br>2.941%, 2/12/40 (l)§ | 275000 | 157152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-525M F<br>2.941%, 2/12/40 (l)§ | 275000 | 147588 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 B<br>3.880%, 11/15/49 (l) | 871000 | 747207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 B<br>4.105%, 5/15/50 | 753000 | 668290 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS8 XA<br>0.865%, 12/15/48 IO (l) | 966478 | $| 18800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11 XA<br>1.441%, 8/15/49 IO (l) | 756745 |  | 31355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR2 C<br>4.335%, 12/15/50 (l) | 845000 |  | 719146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H7 C<br>4.128%, 7/15/52 | 850000 |  | 664636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7 XD<br>0.923%, 10/15/54 IO (l)§ | 11180000 |  | 704615 |  |
|  SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 XA<br>1.878%, 10/10/48 IO (l) | 521211 |  | 22719 |  |
|  SLG Office Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA E<br>2.851%, 7/15/41§ | 603000 |  | 423391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA F<br>2.851%, 7/15/41§ | 603000 |  | 394511 |  |
|  TTAN, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC F<br>7.218%, 3/15/38 (l)§ | 864 |  | 799 |  |
|  UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1 B<br>4.036%, 6/15/50 | 1336000 |  | 1167732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2 C<br>4.295%, 8/15/50 (l) | 800000 |  | 659110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 B<br>4.154%, 12/15/50 (l) | 343000 |  | 293227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7 C<br>4.615%, 12/15/50 (l) | 1009000 |  | 865496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10 C<br>5.055%, 5/15/51 (l) | 640000 |  | 521137 |  |
|  UBS-Barclays Commercial Mortgage Trust, | UBS-Barclays Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5 D<br>4.065%, 3/10/46 (l)§ | 499000 |  | 350877 |  |
|  Velocity Commercial Capital Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.940%, 3/25/49 (l)§ | 532840 |  | 471554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M2<br>4.010%, 3/25/49 (l)§ | 227454 |  | 206163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M3<br>4.120%, 3/25/49 (l)§ | 198740 |  | 173496 |  |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30 XA<br>0.881%, 9/15/58 IO (l) | 6479682 |  | 122552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31 C<br>4.596%, 11/15/48 (l) | 105000 |  | 92870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P2 XA<br>0.932%, 12/15/48 IO (l) | 640569 |  | 13911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35 B<br>3.438%, 7/15/48 | 533000 |  | 449239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 B<br>3.811%, 11/15/49 | 750000 |  | 664496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 XA<br>1.583%, 11/15/49 IO (l) | 712884 |  | 30029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC1 XA<br>1.384%, 1/15/60 IO (l) | 777703 |  | 35515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 C<br>4.345%, 5/15/52 | 412000 |  | 328268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 B<br>2.704%, 7/15/53 | 800000 |  | 596835 |  |
|  WFRBS Commercial Mortgage Trust, | WFRBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21 XA<br>0.999%, 8/15/47 IO (l) | 1901499 |  | 22363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23 D<br>4.004%, 10/15/57 (l)§ | 517000 |  | 450688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  | 33724998 |  |
|  **Convertible Bond (0.0%)†** | **Convertible Bond (0.0%)†** | **Convertible Bond (0.0%)†** | **Convertible Bond (0.0%)†** |  |
|  **Communication Services (0.0%)†** | **Communication Services (0.0%)†** |  |  |  |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | **** |
|  Digicel Group Holdings Ltd.<br>7.000%, 1/17/23 PIK (y)§ | 41024 |  | 2958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 2958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bond** |  |  | 2958 |  |
|  **Corporate Bonds (22.7%)** | **Corporate Bonds (22.7%)** | **Corporate Bonds (22.7%)** | **Corporate Bonds (22.7%)** |  |
|  **Communication Services (1.7%)** | **Communication Services (1.7%)** |  |  |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | **** |
|  AT&T, Inc.<br>4.300%, 2/15/30 | 500000 |  | 472163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/31 (x) | 225000 |  | 187190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/53 | 984000 |  | 663006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 9/15/55 | 527000 |  | 353671 |  |
|  Bell Canada (The)<br>3.650%, 8/15/52 | 85000 |  | 62614 |  |
|  CCO Holdings LLC<br>4.750%, 3/1/30§ | 140000 |  | 119239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ | 150000 |  | 121469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34§ | 145000 |  | 107343 |  |
|  Frontier Communications Holdings LLC<br>5.875%, 10/15/27§ | 50000 |  | 46399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/28 (x)§ | 110000 |  | 95403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/30 (x)§ | 150000 |  | 117750 |  |
|  KT Corp.<br>2.500%, 7/18/26 (m)(x) | 600000 |  | 543678 |  |
|  Lumen Technologies, Inc.<br>5.125%, 12/15/26§ | 65000 |  | 56505 |  |
|  NBN Co. Ltd.<br>1.450%, 5/5/26§ | 275000 |  | 243338 |  |
|  Sable International Finance Ltd.<br>5.750%, 9/7/27 (m) | 200000 |  | 184750 |  |
|  Verizon Communications, Inc.<br>3.150%, 3/22/30 | 500000 |  | 442919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/1/52 (x) | 115000 |  | 88247 |  |
|  |  |  | 3905684 |  |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | **** |
|  Lions Gate Capital Holdings LLC<br>5.500%, 4/15/29§ | 170000 |  | 97996 |  |
|  Live Nation Entertainment, Inc.<br>4.750%, 10/15/27 (x)§ | 195000 |  | 173895 |  |
|  Warnermedia Holdings, Inc.<br>3.755%, 3/15/27§ | 375000 |  | 338490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29§ | 385000 |  | 333183 |  |
|  |  |  | 943564 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** | **** |
|  Charter Communications Operating LLC<br>4.908%, 7/23/25 | $315000 | $308489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/42 | 410000 | 265987 |  |
|  Clear Channel Outdoor Holdings, Inc.<br>7.500%, 6/1/29 (x)§ | 135000 | 97875 |  |
|  Comcast Corp.<br>3.950%, 10/15/25 | 220000 | 215677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/30 | 390000 | 356531 |  |
|  Directv Financing LLC<br>5.875%, 8/15/27§ | 130000 | 116150 |  |
|  DISH DBS Corp.<br>5.750%, 12/1/28§ | 155000 | 123419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/29 | 65000 | 41938 |  |
|  GCI LLC<br>4.750%, 10/15/28§ | 150000 | 126000 |  |
|  Interpublic Group of Cos., Inc. (The)<br>5.400%, 10/1/48 | 250000 | 229760 |  |
|  McGraw-Hill Education, Inc.<br>5.750%, 8/1/28§ | 125000 | 104788 |  |
|  News Corp.<br>5.125%, 2/15/32§ | 90000 | 81873 |  |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 85000 | 77829 |  |
|  Scripps Escrow II, Inc.<br>3.875%, 1/15/29§ | 270000 | 218712 |  |
|  Townsquare Media, Inc.<br>6.875%, 2/1/26§ | 135000 | 119017 |  |
|  VTR Finance NV<br>6.375%, 7/15/28 (m) | 200000 | 73350 |  |
|  |  | 2557395 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  Digicel Group Holdings Ltd.<br>5.000%, 4/1/25 PIK§ | 28456 | 7052 |  |
|  Telefonica Moviles Chile SA<br>3.537%, 11/18/31§ | 300000 | 245212 |  |
|  T-Mobile USA, Inc.<br>2.250%, 2/15/26 | 365000 | 332213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 300000 | 273128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/15/31 | 500000 | 410344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/15/52 | 390000 | 264981 |  |
|  VTR Comunicaciones SpA<br>5.125%, 1/15/28 (m) | 200000 | 123163 |  |
|  |  | 1656093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 9062736 |  |
|  **Consumer Discretionary (1.6%)** | **Consumer Discretionary (1.6%)** |  |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Dealer Tire LLC<br>8.000%, 2/1/28§ | 115000 | 100625 |  |
|  Goodyear Tire & Rubber Co. (The)<br>5.250%, 7/15/31 | 190000 | 159504 |  |
|  Icahn Enterprises LP<br>5.250%, 5/15/27 | 150000 | 137250 |  |
|  |  | 397379 |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  Ford Motor Co.<br>3.250%, 2/12/32 | 390000 | 292461 |  |
|  Hyundai Capital America<br>2.650%, 2/10/25 (x)§ | 705000 | 662453 |  |
|  Volkswagen Group of America Finance LLC<br>4.250%, 11/13/23 (x)§ | 290000 | 286692 |  |
|  |  | 1241606 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  BCPE Empire Holdings, Inc.<br>7.625%, 5/1/27(x)§ | 195000 | 174384 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Metis Merger Sub LLC<br>6.500%, 5/15/29§ | 245000 | 205800 |  |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | **** |
|  Caesars Entertainment, Inc.<br>4.625%, 10/15/29§ | 155000 | 125919 |  |
|  Carnival Corp.<br>5.750%, 3/1/27§ | 525000 | 374063 |  |
|  Cedar Fair LP<br>5.250%, 7/15/29 (x) | 130000 | 116513 |  |
|  Expedia Group, Inc.<br>5.000%, 2/15/26 | 180000 | 177752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/28 | 75000 | 68749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 | 130000 | 110710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/31 (x) | 45000 | 36373 |  |
|  Fertitta Entertainment LLC<br>6.750%, 1/15/30§ | 255000 | 205364 |  |
|  Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II 2.750%, 10/15/33 | 480000 | 366417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R 3.125%, 6/15/26 | 350000 | 325803 |  |
|  McDonald's Corp.<br>4.450%, 3/1/47 | 390000 | 341160 |  |
|  Midwest Gaming Borrower LLC<br>4.875%, 5/1/29§ | 325000 | 277696 |  |
|  NCL Corp. Ltd.<br>5.875%, 2/15/27§ | 150000 | 129945 |  |
|  Premier Entertainment Sub LLC<br>5.625%, 9/1/29 (x)§ | 145000 | 106575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/1/31 (x)§ | 65000 | 45825 |  |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ | 280000 | 236516 |  |
|  Scientific Games International, Inc.<br>7.250%, 11/15/29§ | 135000 | 129431 |  |
|  Viking Cruises Ltd.<br>5.875%, 9/15/27§ | 310000 | 254200 |  |
|  |  | 3429011 |  |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | **** |
|  Mattamy Group Corp.<br>4.625%, 3/1/30§ | 180000 | 146250 |  |
|  SWF Escrow Issuer Corp.<br>6.500%, 10/1/29§ | 95000 | 55048 |  |
|  |  | 201298 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp.<br>4.250%, 9/20/24 | 175000 | 172701 |  |
|  Dollar Tree, Inc.<br>4.000%, 5/15/25 | 615000 | 600883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/1/51 | 65000 | 44319 |  |
|  |  | 817903 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | **** |
|  Dick's Sporting Goods, Inc.<br>3.150%, 1/15/32 | $685000 | $539031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 1/15/52 | 200000 | 129947 |  |
|  Lowe's Cos., Inc.<br>4.400%, 9/8/25 | 205000 | 201957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/15/53 | 210000 | 198922 |  |
|  Michaels Cos., Inc. (The)<br>5.250%, 5/1/28 (x)§ | 150000 | 120563 |  |
|  Sonic Automotive, Inc.<br>4.625%, 11/15/29§ | 265000 | 212991 |  |
|  SRS Distribution, Inc.<br>4.625%, 7/1/28(x)§ | 225000 | 199687 |  |
|  Staples, Inc.<br>7.500%, 4/15/26§ | 230000 | 197754 |  |
|  Victoria's Secret & Co.<br>4.625%, 7/15/29 (x)§ | 170000 | 133042 |  |
|  |  | 1933894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8401275 |  |
|  **Consumer Staples (0.8%)** | **Consumer Staples (0.8%)** |  |  |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | **** |
|  Anheuser-Busch Cos. LLC<br>4.900%, 2/1/46 | 385000 | 351855 |  |
|  Anheuser-Busch InBev Worldwide, Inc.<br>4.600%, 4/15/48 | 291000 | 255194 |  |
|  Constellation Brands, Inc.<br>3.150%, 8/1/29 | 315000 | 277209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/1/30 | 90000 | 77002 |  |
|  PepsiCo, Inc.<br>3.600%, 2/18/28 | 220000 | 210931 |  |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ | 155000 | 134463 |  |
|  |  | 1306654 |  |
|  ***Food & Staples Retailing (0.1%)*** | ***Food & Staples Retailing (0.1%)*** | ***Food & Staples Retailing (0.1%)*** | **** |
|  Performance Food Group, Inc.<br>4.250%, 8/1/29§ | 145000 | 125287 |  |
|  Sysco Corp.<br>3.300%, 2/15/50 (x) | 530000 | 366553 |  |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ | 165000 | 157988 |  |
|  |  | 649828 |  |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | **** |
|  Indofood CBP Sukses Makmur Tbk. PT<br>3.398%, 6/9/31 (m) | 200000 | 164772 |  |
|  Post Holdings, Inc.<br>5.500%, 12/15/29§ | 170000 | 153391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/15/30§ | 28000 | 24084 |  |
|  Smithfield Foods, Inc.<br>4.250%, 2/1/27§ | 635000 | 585783 |  |
|  |  | 928030 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28§ | 125000 | 108125 |  |
|  Kronos Acquisition Holdings, Inc.<br>5.000%, 12/31/26§ | 65000 | 55900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/31/27§ | 65000 | 53300 |  |
|  |  | 217325 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Coty, Inc.<br>5.000%, 4/15/26§ | 150000 | 141375 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  BAT Capital Corp.<br>3.462%, 9/6/29 | 795000 | 685066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 3928278 |  |
|  **Energy (3.0%)** | **Energy (3.0%)** |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Halliburton Co.<br>2.920%, 3/1/30 (x) | 145000 | 124680 |  |
|  Transocean Poseidon Ltd.<br>6.875%, 2/1/27§ | 183750 | 178465 |  |
|  USA Compression Partners LP<br>6.875%, 9/1/27 | 115000 | 108100 |  |
|  Weatherford International Ltd.<br>6.500%, 9/15/28§ | 155000 | 151947 |  |
|  |  | 563192 |  |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | **** |
|  Antero Midstream Partners LP<br>5.750%, 3/1/27§ | 64000 | 60297 |  |
|  APA Infrastructure Ltd.<br>4.250%, 7/15/27§ | 500000 | 464656 |  |
|  BP Capital Markets America, Inc.<br>2.939%, 6/4/51 | 295000 | 196155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.001%, 3/17/52 | 390000 | 260921 |  |
|  Callon Petroleum Co.<br>7.500%, 6/15/30(x)§ | 195000 | 178912 |  |
|  Chesapeake Energy Corp.<br>5.875%, 2/1/29§ | 220000 | 208175 |  |
|  CNX Resources Corp.<br>6.000%, 1/15/29§ | 175000 | 160125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 1/15/31§ | 110000 | 105187 |  |
|  Continental Resources, Inc.<br>2.268%, 11/15/26§ | 275000 | 238879 |  |
|  Ecopetrol SA<br>4.625%, 11/2/31 | 150000 | 114375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/28/45 | 100000 | 69581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/2/51 | 700000 | 470750 |  |
|  EIG Pearl Holdings Sarl<br>3.545%, 8/31/36 (m) | 400000 | 335450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%, 11/30/46 (m) | 400000 | 306200 |  |
|  Enbridge, Inc.<br>3.400%, 8/1/51 | 330000 | 227385 |  |
|  Energy Transfer LP<br>4.750%, 1/15/26 | 335000 | 326911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/27 | 220000 | 209149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/44 (e) | 430000 | 354489 |  |
|  EQM Midstream Partners LP<br>4.750%, 1/15/31§ | 285000 | 233728 |  |
|  Exxon Mobil Corp.<br>4.227%, 3/19/40 | 345000 | 312366 |  |
|  Fermaca Enterprises S de RL de CV<br>6.375%, 3/30/38 (m) | 235448 | 220659 |  |
|  Galaxy Pipeline Assets Bidco Ltd.<br>2.160%, 3/31/34§ | 1294524 | 1098727 |  |
|  GNL Quintero SA<br>4.634%, 7/31/29 (m) | 411800 | 397207 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Gran Tierra Energy International Holdings Ltd.<br>6.250%, 2/15/25 (m) | $| 400000 | $| 348575 |  |
|  Hess Midstream Operations LP<br>5.125%, 6/15/28§ |  | 160000 |  | 148703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/30§ |  | 285000 |  | 242606 |  |
|  Hilcorp Energy I LP<br>6.250%, 11/1/28§ |  | 125000 |  | 111749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/29§ |  | 230000 |  | 207000 |  |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru<br>6.375%, 6/1/28 (m) |  | 524400 |  | 496967 |  |
|  Kinder Morgan Energy Partners LP<br>6.950%, 1/15/38 |  | 605000 |  | 642467 |  |
|  Marathon Petroleum Corp.<br>5.125%, 12/15/26 |  | 315000 |  | 313304 |  |
|  MC Brazil Downstream Trading Sarl<br>7.250%, 6/30/31 (m) |  | 600000 |  | 492375 |  |
|  NGL Energy Operating LLC<br>7.500%, 2/1/26§ |  | 175000 |  | 155312 |  |
|  NGPL PipeCo LLC<br>3.250%, 7/15/31§ |  | 160000 |  | 130605 |  |
|  Occidental Petroleum Corp.<br>6.625%, 9/1/30 |  | 75000 |  | 77504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/1/31 (x) |  | 110000 |  | 111059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 9/15/36 |  | 105000 |  | 107100 |  |
|  Oleoducto Central SA<br>4.000%, 7/14/27 (m) |  | 400000 |  | 351200 |  |
|  ONEOK, Inc.<br>3.400%, 9/1/29 |  | 195000 |  | 168982 |  |
|  Parkland Corp.<br>4.500%, 10/1/29§ |  | 195000 |  | 162338 |  |
|  Petrobras Global Finance BV<br>6.750%, 6/3/50 |  | 600000 |  | 521737 |  |
|  Petroleos del Peru SA<br>4.750%, 6/19/32 (m) |  | 400000 |  | 305380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/19/47 (m) |  | 200000 |  | 129163 |  |
|  Petroleos Mexicanos<br>6.750%, 9/21/47 |  | 200000 |  | 127376 |  |
|  Pioneer Natural Resources Co.<br>1.900%, 8/15/30 |  | 150000 |  | 118246 |  |
|  QatarEnergy Trading LLC<br>2.250%, 7/12/31 (m) |  | 600000 |  | 495113 |  |
|  Reliance Industries Ltd.<br>2.875%, 1/12/32 (m)(x) |  | 500000 |  | 408290 |  |
|  Sabine Pass Liquefaction LLC<br>5.000%, 3/15/27 |  | 255000 |  | 250941 |  |
|  Southwestern Energy Co.<br>5.375%, 2/1/29 |  | 145000 |  | 134118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 170000 |  | 145280 |  |
|  Sunoco LP<br>6.000%, 4/15/27 |  | 90000 |  | 88699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/29 |  | 65000 |  | 56855 |  |
|  TransCanada PipeLines Ltd.<br>4.250%, 5/15/28 |  | 500000 |  | 474909 |  |
|  Transportadora de Gas del Peru SA<br>4.250%, 4/30/28 (m) |  | 200000 |  | 186913 |  |
|  UEP Penonome II SA<br>6.500%, 10/1/38 (m) |  | 646295 |  | 480076 |  |
|  Western Midstream Operating LP<br>3.350%, 2/1/25 (e) |  | 130000 |  | 122850 |  |
|  |  |  |  | 14864076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 15427268 |  |
|  **Financials (5.3%)** | **Financials (5.3%)** | **Financials (5.3%)** |  |  |  |
|  ***Banks (2.7%)*** | ***Banks (2.7%)*** | ***Banks (2.7%)*** | ***Banks (2.7%)*** | ***Banks (2.7%)*** | **** |
|  Australia & New Zealand Banking Group Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%),<br>2.570%, 11/25/35 (k)§ |  | 850000 |  | 627185 |  |
|  Banco Internacional del Peru SAA Interbank (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.71%),<br>4.000%, 7/8/30 (k)(m) |  | 550000 |  | 495103 |  |
|  Banco Nacional de Panama<br>2.500%, 8/11/30§ |  | 200000 |  | 159663 |  |
|  Bank of America Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>3.841%, 4/25/25 (k) |  | 225000 |  | 219770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%),<br>4.827%, 7/22/26 (k) |  | 255000 |  | 251900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) |  | 325000 |  | 255304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%),<br>2.482%, 9/21/36 (k) |  | 790000 |  | 582218 |  |
|  Bank of Montreal<br>(USD Swap Semi 5 Year + 1.43%),<br>3.803%, 12/15/32 (k) |  | 505000 |  | 444448 |  |
|  Bank of Nova Scotia (The)<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%),<br>4.588%, 5/4/37 (k) |  | 680000 |  | 579909 |  |
|  Barclays plc<br>(ICE LIBOR USD 3 Month + 1.38%),<br>6.024%, 5/16/24 (k) |  | 600000 |  | 599494 |  |
|  BNP Paribas SA<br>(SOFR + 1.51%),<br>3.052%, 1/13/31 (k)§ |  | 750000 |  | 617657 |  |
|  Citigroup, Inc.<br>(ICE LIBOR USD 3 Month + 1.10%),<br>5.750%, 5/17/24 (k) |  | 705000 |  | 705930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>2.014%, 1/25/26 (k) |  | 160000 |  | 148153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) |  | 150000 |  | 135591 |  |
|  Commonwealth Bank of Australia<br>4.316%, 1/10/48§ |  | 700000 |  | 522566 |  |
|  HSBC Holdings plc<br>(ICE LIBOR USD 3 Month + 1.38%),<br>6.115%, 9/12/26(k) |  | 900000 |  | 886340 |  |
|  JPMorgan Chase & Co.<br>(SOFR + 0.92%),<br>2.595%, 2/24/26 (k) |  | 275000 |  | 258854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br>4.851%, 7/25/28 (k) |  | 125000 |  | 122102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.069%, 6/1/29 (k) |  | 290000 |  | 242788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>2.522%, 4/22/31 (k) |  | 470000 |  | 385864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 2.580%, 4/22/32 (k) |  | 460000 |  | 369939 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) | $| 390000 | $| 318983 |  |
|  Korea Development Bank (The)<br>1.000%, 9/9/26 |  | 800000 |  | 698480 |  |
|  Lloyds Banking Group plc<br>(ICE LIBOR USD 3 Month + 1.21%),<br>3.574%, 11/7/28 (k) |  | 725000 |  | 653556 |  |
|  National Australia Bank Ltd.<br>2.990%, 5/21/31§ |  | 645000 |  | 507706 |  |
|  NatWest Markets plc<br>0.800%, 8/12/24§ |  | 475000 |  | 441005 |  |
|  Santander Holdings USA, Inc.<br>(SOFR + 1.25%),<br>2.490%, 1/6/28 (k) |  | 180000 |  | 154956 |  |
|  Scotiabank Peru SAA<br>(ICE LIBOR USD 3 Month + 3.86%),<br>8.625%, 12/13/27 (k)(m) |  | 200000 |  | 197038 |  |
|  Toronto-Dominion Bank (The)<br>4.693%, 9/15/27 (x) |  | 1080000 |  | 1067105 |  |
|  Wells Fargo & Co.<br>(ICE LIBOR USD 3 Month + 1.17%),<br>3.196%, 6/17/27 (k) |  | 350000 |  | 325381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%),<br>4.808%, 7/25/28 (k) |  | 320000 |  | 311619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%),<br>2.879%, 10/30/30 (k) |  | 400000 |  | 341264 |  |
|  Westpac Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.53%),<br>3.020%, 11/18/36 (k) |  | 475000 |  | 353204 |  |
|  |  |  |  | 13981075 |  |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | **** |
|  CI Financial Corp.<br>4.100%, 6/15/51 |  | 285000 |  | 169863 |  |
|  Goldman Sachs Group, Inc. (The)<br>(ICE LIBOR USD 3 Month + 1.17%),<br>5.776%, 5/15/26 (k) |  | 750000 |  | 741277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%),<br>5.129%, 9/10/27 (k) |  | 225000 |  | 211304 |  |
|  Israel Electric Corp. Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6<br>5.000%, 11/12/24 (m) |  | 300000 |  | 296034 |  |
|  Macquarie Group Ltd.<br>(SOFR + 1.53%),<br>2.871%, 1/14/33 (k)§ |  | 955000 |  | 733394 |  |
|  Morgan Stanley<br>(SOFR + 1.67%),<br>4.679%, 7/17/26 (k) |  | 240000 |  | 235867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.210%, 4/20/28 (k) |  | 295000 |  | 280695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.943%, 1/21/33 (k) |  | 105000 |  | 84982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>2.484%, 9/16/36 (k) |  | 855000 |  | 620059 |  |
|  Nasdaq, Inc.<br>3.950%, 3/7/52 |  | 70000 |  | 53802 |  |
|  Temasek Financial I Ltd.<br>1.000%, 10/6/30§ |  | 1200000 |  | 918852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/6/30 (m) |  | 250000 |  | 191427 |  |
|  |  |  |  | 4537556 |  |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | **** |
|  American Express Co.<br>3.950%, 8/1/25 |  | 630000 |  | 617283 |  |
|  Avolon Holdings Funding Ltd.<br>3.250%, 2/15/27§ |  | 590000 |  | 507736 |  |
|  Capital One Financial Corp.<br>(SOFR + 2.16%),<br>4.985%, 7/24/26 (k) |  | 180000 |  | 176234 |  |
|  Discover Financial Services<br>4.100%, 2/9/27 |  | 800000 |  | 754695 |  |
|  General Motors Financial Co., Inc.<br>2.400%, 10/15/28 |  | 440000 |  | 365240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 1/12/32 |  | 450000 |  | 353974 |  |
|  Navient Corp.<br>5.000%, 3/15/27 |  | 85000 |  | 74410 |  |
|  OneMain Finance Corp.<br>6.625%, 1/15/28 |  | 130000 |  | 119513 |  |
|  Synchrony Financial<br>3.950%, 12/1/27 |  | 570000 |  | 508459 |  |
|  |  |  |  | 3477544 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Interoceanica IV Finance Ltd.<br>(Zero Coupon), 11/30/25 (m) |  | 100428 |  | 85898 |  |
|  Inversiones La Construccion SA<br>4.750%, 2/7/32 (m) |  | 500000 |  | 408750 |  |
|  National Rural Utilities Cooperative Finance Corp.<br>5.450%, 10/30/25 |  | 100000 |  | 101839 |  |
|  Petronas Capital Ltd.<br>2.480%, 1/28/32§ |  | 1000000 |  | 826150 |  |
|  |  |  |  | 1422637 |  |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | **** |
|  Acrisure LLC<br>4.250%, 2/15/29§ |  | 120000 |  | 99000 |  |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27(x)§ |  | 105000 |  | 94307 |  |
|  AmWINS Group, Inc.<br>4.875%, 6/30/29§ |  | 225000 |  | 192375 |  |
|  Athene Global Funding<br>(United States SOFR Compounded Index + 0.56%),<br>4.879%, 8/19/24 (k)§ |  | 750000 |  | 731777 |  |
|  Berkshire Hathaway Finance Corp.<br>2.850%, 10/15/50 |  | 305000 |  | 207028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/15/52 |  | 145000 |  | 118340 |  |
|  Brighthouse Financial Global Funding<br>1.000%, 4/12/24§ |  | 160000 |  | 150713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/28/28§ |  | 215000 |  | 178912 |  |
|  GTCR AP Finance, Inc.<br>8.000%, 5/15/27(x)§ |  | 280000 |  | 267691 |  |
|  Massachusetts Mutual Life Insurance Co.<br>3.200%, 12/1/61§ |  | 370000 |  | 228222 |  |
|  NFP Corp.<br>4.875%, 8/15/28§ |  | 290000 |  | 246164 |  |
|  Prudential Financial, Inc.<br>3.905%, 12/7/47 |  | 380000 |  | 303901 |  |
|  Willis North America, Inc.<br>4.500%, 9/15/28 |  | 625000 |  | 588799 |  |
|  |  |  |  | 3407229 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | **** |
|  BPCE SA<br>1.000%, 1/20/26§ | $325000 | $285152 |  |
|  Nationstar Mortgage Holdings, Inc.<br>5.750%, 11/15/31§ | 345000 | 265650 |  |
|  PennyMac Financial Services, Inc.<br>4.250%, 2/15/29 (x)§ | 280000 | 217000 |  |
|  |  | 767802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 27593843 |  |
|  **Health Care (0.9%)** | **Health Care (0.9%)** |  |  |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | **** |
|  AbbVie, Inc.<br>4.700%, 5/14/45 | 771000 | 690408 |  |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | **** |
|  Medline Borrower LP<br>5.250%, 10/1/29§ | 310000 | 245780 |  |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | **** |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ | 310000 | 263140 |  |
|  Centene Corp.<br>2.500%, 3/1/31 | 625000 | 489844 |  |
|  Community Health Systems, Inc.<br>6.000%, 1/15/29§ | 170000 | 141794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 4/15/29§ | 90000 | 46471 |  |
|  Elevance Health, Inc.<br>2.375%, 1/15/25 | 305000 | 289550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 5/15/52 | 120000 | 105985 |  |
|  HCA, Inc.<br>4.125%, 6/15/29 | 330000 | 299739 |  |
|  Health Care Service Corp. A Mutual Legal Reserve Co.<br>3.200%, 6/1/50§ | 250000 | 173938 |  |
|  Legacy LifePoint Health LLC<br>6.750%, 4/15/25§ | 95000 | 89198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/27§ | 120000 | 101312 |  |
|  ModivCare Escrow Issuer, Inc.<br>5.000%, 10/1/29§ | 80000 | 67088 |  |
|  Owens & Minor, Inc.<br>6.625%, 4/1/30§ | 225000 | 192814 |  |
|  RP Escrow Issuer LLC<br>5.250%, 12/15/25§ | 130000 | 99018 |  |
|  Tenet Healthcare Corp.<br>6.250%, 2/1/27§ | 110000 | 104732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30§ | 270000 | 255542 |  |
|  UnitedHealth Group, Inc.<br>4.950%, 5/15/62 | 165000 | 156473 |  |
|  |  | 2876638 |  |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | **** |
|  Illumina, Inc.<br>0.550%, 3/23/23 | 220000 | 217866 |  |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | **** |
|  1375209 BC Ltd.<br>9.000%, 1/30/28§ | 16000 | 15540 |  |
|  Bausch Health Cos., Inc.<br>6.125%, 2/1/27§ | 115000 | 79002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 9/30/28§ | 29000 | 22736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.000%, 10/15/30§ | 5000 | 2975 |  |
|  Royalty Pharma plc<br>3.300%, 9/2/40 | 495000 | 345000 |  |
|  Viatris, Inc.<br>1.650%, 6/22/25 | 240000 | 217287 |  |
|  |  | 682540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4713232 |  |
|  **Industrials (2.1%)** | **Industrials (2.1%)** |  |  |
|  ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | **** |
|  Boeing Co. (The)<br>2.950%, 2/1/30 | 455000 | 387572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/1/50 | 235000 | 162442 |  |
|  Northrop Grumman Corp.<br>5.150%, 5/1/40 | 545000 | 534193 |  |
|  Raytheon Technologies Corp.<br>3.030%, 3/15/52 | 480000 | 329820 |  |
|  TransDigm, Inc.<br>5.500%, 11/15/27 | 155000 | 145313 |  |
|  |  | 1559340 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  American Airlines, Inc.<br>5.750%, 4/20/29§ | 580000 | 528438 |  |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | **** |
|  Builders FirstSource, Inc.<br>5.000%, 3/1/30§ | 120000 | 105300 |  |
|  Carrier Global Corp.<br>3.377%, 4/5/40 | 695000 | 526996 |  |
|  Griffon Corp.<br>5.750%, 3/1/28 | 280000 | 254884 |  |
|  Owens Corning<br>4.400%, 1/30/48 | 380000 | 296665 |  |
|  |  | 1183845 |  |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | **** |
|  Allied Universal Holdco LLC<br>6.625%, 7/15/26§ | 115000 | 105369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 7/15/27§ | 220000 | 190300 |  |
|  Garda World Security Corp.<br>6.000%, 6/1/29§ | 255000 | 207187 |  |
|  Madison IAQ LLC<br>4.125%, 6/30/28§ | 190000 | 156750 |  |
|  WASH Multifamily Acquisition, Inc.<br>5.750%, 4/15/26§ | 195000 | 183788 |  |
|  |  | 843394 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  Pike Corp.<br>5.500%, 9/1/28§ | 395000 | 344638 |  |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | **** |
|  Flowserve Corp.<br>2.800%, 1/15/32 (x) | 475000 | 357249 |  |
|  Parker-Hannifin Corp.<br>4.250%, 9/15/27 | 185000 | 179451 |  |
|  Weir Group plc (The)<br>2.200%, 5/13/26§ | 390000 | 347730 |  |
|  |  | 884430 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | **** |
|  MV24 Capital BV<br>6.748%, 6/1/34 (m) | $171300 | $156450 |  |
|  ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | **** |
|  CSX Corp.<br>3.800%, 11/1/46 | 845000 | 671467 |  |
|  Movida Europe SA<br>5.250%, 2/8/31 (m)(x) | 200000 | 148850 |  |
|  Penske Truck Leasing Co. LP<br>4.200%, 4/1/27§ | 370000 | 349795 |  |
|  Simpar Europe SA<br>5.200%, 1/26/31 (m) | 200000 | 149310 |  |
|  Uber Technologies, Inc.<br>7.500%, 9/15/27§ | 105000 | 104868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/29§ | 145000 | 125969 |  |
|  Union Pacific Corp.<br>3.700%, 3/1/29 (x) | 500000 | 472816 |  |
|  |  | 2023075 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Air Lease Corp.<br>1.875%, 8/15/26 | 245000 | 213484 |  |
|  Aviation Capital Group LLC<br>1.950%, 9/20/26§ | 540000 | 456333 |  |
|  BOC Aviation Ltd. (ICE LIBOR USD 3 Month + 1.13%),<br>5.849%, 9/26/23 (k)§ | 570000 | 569304 |  |
|  |  | 1239121 |  |
|  ***Transportation Infrastructure (0.4%)*** | ***Transportation Infrastructure (0.4%)*** | ***Transportation Infrastructure (0.4%)*** | **** |
|  Adani International Container Terminal Pvt Ltd.<br>3.000%, 2/16/31 (m) | 562500 | 442019 |  |
|  Adani International Container Terminal Pvt. Ltd.<br>3.000%, 2/16/31 (x)§ | 281250 | 221010 |  |
|  Adani Ports & Special Economic Zone Ltd.<br>4.000%, 7/30/27§ | 250000 | 217469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/30/27 (m) | 200000 | 173975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/3/29 (m) | 400000 | 334700 |  |
|  PSA Treasury Pte. Ltd.<br>2.125%, 9/5/29 (m) | 300000 | 251223 |  |
|  Rutas 2 and 7 Finance Ltd.<br>(Zero Coupon),<br>9/30/36 (m) | 186667 | 118825 |  |
|  Sydney Airport Finance Co. Pty. Ltd.<br>3.375%, 4/30/25§ | 225000 | 212732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/28/26§ | 225000 | 210689 |  |
|  |  | 2182642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 10945373 |  |
|  **Information Technology (1.2%)** | **Information Technology (1.2%)** |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | **** |
|  CommScope, Inc.<br>4.750%, 9/1/29§ | 185000 | 148000 |  |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | **** |
|  Arrow Electronics, Inc.<br>3.875%, 1/12/28 | 335000 | 304965 |  |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | **** |
|  Global Payments, Inc.<br>4.950%, 8/15/27 | 360000 | 350481 |  |
|  Western Union Co. (The)<br>2.750%, 3/15/31 | 660000 | 501870 |  |
|  |  | 852351 |  |
|  ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | **** |
|  Broadcom, Inc.<br>3.419%, 4/15/33§ | 630000 | 508346 |  |
|  Marvell Technology, Inc.<br>4.200%, 6/22/23 | 585000 | 581752 |  |
|  NXP BV<br>3.875%, 6/18/26 | 330000 | 314634 |  |
|  Renesas Electronics Corp.<br>2.170%, 11/25/26§ | 860000 | 735137 |  |
|  TSMC Global Ltd.<br>1.250%, 4/23/26§ | 415000 | 367624 |  |
|  |  | 2507493 |  |
|  ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** | **** |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30 (x)§ | 235000 | 173313 |  |
|  Clarivate Science Holdings Corp.<br>4.875%, 7/1/29§ | 135000 | 114797 |  |
|  Fortinet, Inc.<br>1.000%, 3/15/26 | 405000 | 353661 |  |
|  Oracle Corp.<br>6.250%, 11/9/32 (x) | 190000 | 198933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/37 | 130000 | 102483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/50 | 380000 | 259810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/1/60 | 220000 | 148154 |  |
|  VMware, Inc.<br>2.200%, 8/15/31 | 435000 | 331556 |  |
|  Workday, Inc.<br>3.700%, 4/1/29 | 160000 | 147120 |  |
|  |  | 1829827 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  NetApp, Inc.<br>1.875%, 6/22/25 | 350000 | 322618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 5965254 |  |
|  **Materials (1.5%)** | **Materials (1.5%)** |  |  |
|  ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | ***Chemicals (0.5%)*** | **** |
|  ASP Unifrax Holdings, Inc.<br>5.250%, 9/30/28§ | 245000 | 197384 |  |
|  Braskem Idesa SAPI<br>6.990%, 2/20/32 (m) | 400000 | 285000 |  |
|  CF Industries, Inc.<br>5.375%, 3/15/44 | 375000 | 340547 |  |
|  CVR Partners LP<br>6.125%, 6/15/28§ | 150000 | 134648 |  |
|  Equate Petrochemical BV<br>2.625%, 4/28/28 (m) | 200000 | 173600 |  |
|  LG Chem Ltd.<br>2.375%, 7/7/31§ | 200000 | 156350 |  |
|  Sasol Financing USA LLC<br>5.500%, 3/18/31 | 400000 | 323825 |  |
|  SK Invictus Intermediate II Sarl<br>5.000%, 10/30/29§ | 260000 | 213133 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  UPL Corp. Ltd.<br>4.500%, 3/8/28 (m) | $| 200000 | $| 168725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/16/30 (m) |  | 400000 |  | 312200 |  |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ |  | 140000 |  | 112843 |  |
|  |  |  |  | 2418255 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Berry Global, Inc.<br>1.650%, 1/15/27 |  | 250000 |  | 212661 |  |
|  CCL Industries, Inc.<br>3.050%, 6/1/30§ |  | 315000 |  | 260113 |  |
|  Clydesdale Acquisition Holdings, Inc.<br>6.625%, 4/15/29§ |  | 215000 |  | 204519 |  |
|  Packaging Corp. of America<br>3.400%, 12/15/27 |  | 100000 |  | 92329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/15/29 |  | 315000 |  | 270573 |  |
|  WRKCo., Inc.<br>3.750%, 3/15/25 |  | 625000 |  | 604239 |  |
|  |  |  |  | 1644434 |  |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | **** |
|  AngloGold Ashanti Holdings plc<br>3.750%, 10/1/30 |  | 400000 |  | 347075 |  |
|  Arconic Corp.<br>6.125%, 2/15/28§ |  | 240000 |  | 224268 |  |
|  CAP SA<br>3.900%, 4/27/31§ |  | 400000 |  | 312450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/27/31 (m) |  | 650000 |  | 507731 |  |
|  Freeport Indonesia PT<br>5.315%, 4/14/32 (x)§ |  | 200000 |  | 183522 |  |
|  Freeport-McMoRan, Inc.<br>4.375%, 8/1/28 |  | 100000 |  | 93575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/1/29 |  | 200000 |  | 192516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 |  | 200000 |  | 185437 |  |
|  Glencore Funding LLC<br>1.625%, 4/27/26§ |  | 320000 |  | 283541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/23/51§ |  | 300000 |  | 198151 |  |
|  Indonesia Asahan Aluminium Persero PT<br>5.800%, 5/15/50 (m) |  | 200000 |  | 165913 |  |
|  JSW Steel Ltd.<br>5.050%, 4/5/32 (m) |  | 600000 |  | 470925 |  |
|  SunCoke Energy, Inc.<br>4.875%, 6/30/29§ |  | 195000 |  | 165933 |  |
|  Vedanta Resources Finance II plc<br>9.250%, 4/23/26§ |  | 200000 |  | 127038 |  |
|  Vedanta Resources Ltd.<br>6.125%, 8/9/24 (m) |  | 400000 |  | 252575 |  |
|  |  |  |  | 3710650 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Glatfelter Corp.<br>4.750%, 11/15/29 (x)§ |  | 175000 |  | 103906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 7877245 |  |
|  **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | **** |
|  Agree LP (REIT)<br>2.600%, 6/15/33 |  | 135000 |  | 102150 |  |
|  Alexandria Real Estate Equities, Inc. (REIT)<br>3.000%, 5/18/51 |  | 300000 |  | 191873 |  |
|  American Tower Corp. (REIT)<br>3.375%, 10/15/26 |  | 700000 |  | 655779 |  |
|  Corporate Office Properties LP (REIT)<br>2.900%, 12/1/33 |  | 295000 |  | 208895 |  |
|  Crown Castle, Inc. (REIT)<br>3.700%, 6/15/26 |  | 300000 |  | 285354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 |  | 694000 |  | 646235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/28 |  | 85000 |  | 79000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/31 |  | 200000 |  | 161241 |  |
|  Digital Realty Trust LP (REIT)<br>3.700%, 8/15/27 |  | 750000 |  | 698011 |  |
|  Equinix, Inc. (REIT)<br>1.800%, 7/15/27 (x) |  | 390000 |  | 331500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/15/30 |  | 750000 |  | 595275 |  |
|  Host Hotels & Resorts LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.900%, 12/15/31 |  | 480000 |  | 368074 |  |
|  Invitation Homes Operating Partnership LP (REIT)<br>2.700%, 1/15/34 |  | 320000 |  | 234261 |  |
|  Iron Mountain, Inc. (REIT)<br>4.500%, 2/15/31§ |  | 100000 |  | 82145 |  |
|  Park Intermediate Holdings LLC (REIT)<br>4.875%, 5/15/29§ |  | 165000 |  | 139112 |  |
|  Sabra Health Care LP (REIT)<br>3.200%, 12/1/31 |  | 70000 |  | 51870 |  |
|  Vornado Realty LP (REIT)<br>2.150%, 6/1/26 |  | 160000 |  | 135192 |  |
|  |  |  |  | 4965967 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  Realogy Group LLC<br>5.250%, 4/15/30 (x)§ |  | 145000 |  | 105431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 5071398 |  |
|  **Utilities (3.6%)** | **Utilities (3.6%)** | **Utilities (3.6%)** |  |  |  |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | **** |
|  Adani Electricity Mumbai Ltd.<br>3.867%, 7/22/31 (m) |  | 200000 |  | 142254 |  |
|  AES Andres BV<br>5.700%, 5/4/28§ |  | 400000 |  | 346500 |  |
|  Chile Electricity PEC SpA<br>(Zero Coupon), 1/25/28§ |  | 1000000 |  | 715187 |  |
|  Duke Energy Carolinas LLC<br>2.850%, 3/15/32 |  | 60000 |  | 50830 |  |
|  Duke Energy Corp.<br>3.150%, 8/15/27 |  | 300000 |  | 277524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 |  | 185000 |  | 177966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/47 |  | 615000 |  | 468018 |  |
|  Duquesne Light Holdings, Inc.<br>3.616%, 8/1/27§ |  | 345000 |  | 308331 |  |
|  Entergy Corp.<br>2.800%, 6/15/30 |  | 200000 |  | 168708 |  |
|  Exelon Corp.<br>4.050%, 4/15/30 |  | 750000 |  | 696903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/52§ |  | 105000 |  | 84369 |  |
|  Fenix Power Peru SA<br>4.317%, 9/20/27 (m) |  | 448235 |  | 411956 |  |
|  Georgia Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A 2.200%, 9/15/24 |  | 340000 |  | 323057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/51 |  | 910000 |  | 631120 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ITC Holdings Corp.<br>3.250%, 6/30/26 | $| 600000 | $| 561337 |
|  JSW Hydro Energy Ltd.<br>4.125%, 5/18/31§ |  | 177000 |  | 147275 |
|  Korea East-West Power Co. Ltd.<br>1.750%, 5/6/25 (m) |  | 600000 |  | 550238 |
|  Korea Electric Power Corp.<br>1.125%, 6/15/25§ |  | 300000 |  | 271181 |
|  LLPL Capital Pte. Ltd.<br>6.875%, 2/4/39(m) |  | 682560 |  | 587002 |
|  Mercury Chile Holdco LLC<br>6.500%, 1/24/27§ |  | 800000 |  | 764000 |
|  Metropolitan Edison Co.<br>4.000%, 4/15/25§ |  | 500000 |  | 478124 |
|  Mexico Generadora de Energia S de rl<br>5.500%, 12/6/32 (m) |  | 136700 |  | 130916 |
|  Minejesa Capital BV<br>4.625%, 8/10/30 (m) |  | 200000 |  | 174022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/10/37 (m) |  | 900000 |  | 694294 |
|  Monongahela Power Co.<br>5.400%, 12/15/43§ |  | 255000 |  | 247037 |
|  NextEra Energy Capital Holdings, Inc.<br>4.255%, 9/1/24 |  | 270000 |  | 266370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 |  | 500000 |  | 413064 |
|  NRG Energy, Inc.<br>2.000%, 12/2/25§ |  | 240000 |  | 214285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/31§ |  | 270000 |  | 204376 |
|  Pacific Gas and Electric Co.<br>2.500%, 2/1/31 |  | 430000 |  | 335082 |
|  Pampa Energia SA<br>9.125%, 4/15/29§ |  | 150000 |  | 137372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 4/15/29 (m) |  | 150000 |  | 137372 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A<br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%),<br>3.750%, 9/15/51 (k) |  | 280000 |  | 227024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.700%, 4/30/30 |  | 500000 |  | 452877 |
|  Southwestern Electric Power Co.<br>3.250%, 11/1/51 |  | 245000 |  | 162267 |
|  Transelec SA<br>3.875%, 1/12/29 (m) |  | 500000 |  | 451344 |
|  Virginia Electric and Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.500%, 3/15/27 |  | 300000 |  | 284694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>3.750%, 5/15/27 |  | 115000 |  | 109468 |
|  Xcel Energy, Inc.<br>3.300%, 6/1/25 |  | 750000 |  | 719252 |
|  |  |  |  | 13522996 |
|  **Gas Utilities (0.2%)** | **Gas Utilities (0.2%)** | **Gas Utilities (0.2%)** | **Gas Utilities (0.2%)** | **Gas Utilities (0.2%)** |
|  Brooklyn Union Gas Co. (The)<br>4.487%, 3/4/49 (x)§ |  | 760000 |  | 586624 |
|  Ferrellgas LP<br>5.375%, 4/1/26§ |  | 120000 |  | 109055 |
|  Suburban Propane Partners LP<br>5.000%, 6/1/31§ |  | 255000 |  | 218099 |
|  Superior Plus LP<br>4.500%, 3/15/29§ |  | 250000 |  | 213438 |
|  |  |  |  | 1127216 |
|  **Independent Power and Renewable Electricity Producers (0.2%)** | **Independent Power and Renewable Electricity Producers (0.2%)** | **Independent Power and Renewable Electricity Producers (0.2%)** | **Independent Power and Renewable Electricity Producers (0.2%)** | **Independent Power and Renewable Electricity Producers (0.2%)** |
|  Calpine Corp.<br>4.625%, 2/1/29§ |  | 105000 |  | 90200 |
|  Emirates Semb Corp. Water & Power Co. PJSC<br>4.450%, 8/1/35§ |  | 500000 |  | 467813 |
|  Empresa Electrica Angamos SA<br>4.875%, 5/25/29 (m) |  | 226000 |  | 200617 |
|  |  |  |  | 758630 |
|  **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** | **Multi-Utilities (0.6%)** |
|  Ameren Corp.<br>3.650%, 2/15/26 |  | 550000 |  | 525804 |
|  Berkshire Hathaway Energy Co.<br>4.600%, 5/1/53§ |  | 445000 |  | 388443 |
|  Dominion Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>3.375%, 4/1/30 |  | 300000 |  | 265342 |
|  DTE Energy Co.<br>4.220%, 11/1/24 (e) |  | 310000 |  | 304305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/1/26 |  | 300000 |  | 276611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/30 |  | 300000 |  | 256551 |
|  Empresas Publicas de Medellin ESP 4.250%, 7/18/29 (m) |  | 400000 |  | 316825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/31 (m) |  | 400000 |  | 306825 |
|  NiSource, Inc.<br>3.490%, 5/15/27 |  | 500000 |  | 470573 |
|  |  |  |  | 3111279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 18520121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 117506023 |
|  **Foreign Government Securities (2.0%)** | **Foreign Government Securities (2.0%)** | **Foreign Government Securities (2.0%)** | **Foreign Government Securities (2.0%)** | **Foreign Government Securities (2.0%)** |
|  Dominican Republic Government Bond<br>4.875%, 9/23/32§ |  | 1300000 |  | 1074775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/22/33§ |  | 200000 |  | 179850 |
|  Federative Republic of Brazil<br>5.625%, 2/21/47 |  | 500000 |  | 395406 |
|  Kingdom of Saudi Arabia<br>2.250%, 2/2/33 (m) |  | 900000 |  | 726919 |
|  Republic of Chile<br>2.550%, 1/27/32 |  | 200000 |  | 163538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/7/41 |  | 900000 |  | 645356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/50 |  | 400000 |  | 288075 |
|  Republic of Colombia<br>3.125%, 4/15/31 |  | 400000 |  | 296450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/22/32 |  | 600000 |  | 435300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/45 |  | 200000 |  | 137225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/51 |  | 850000 |  | 509628 |
|  Republic of Indonesia<br>2.150%, 7/28/31 |  | 300000 |  | 249033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/30/49 |  | 600000 |  | 460566 |
|  Republic of Panama<br>2.252%, 9/29/32 |  | 600000 |  | 444300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/29/53 |  | 200000 |  | 145537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/56 |  | 200000 |  | 146663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870%, 7/23/60 |  | 600000 |  | 386550 |
|  Republic of Philippines<br>1.648%, 6/10/31 |  | 500000 |  | 397555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/41 |  | 600000 |  | 489066 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Republic of South Africa<br>4.300%, 10/12/28 | $300000 | $| 266494 |
|  United Mexican States<br>3.750%, 1/11/28 | 1040000 |  | 979680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%, 5/24/31 | 700000 |  | 565600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 8/14/41 | 950000 |  | 730194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 10113760 |
|  **Mortgage-Backed Securities (10.8%)** | **Mortgage-Backed Securities (10.8%)** | **Mortgage-Backed Securities (10.8%)** | **Mortgage-Backed Securities (10.8%)** |
|  FHLMC<br>2.500%, 1/1/43 | 260496 |  | 227242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 | 202886 |  | 183690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/45 | 324141 |  | 293472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 | 899491 |  | 810732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/47 | 530549 |  | 510293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 185017 |  | 176797 |
|  FHLMC UMBS<br>3.000%, 4/1/47 | 892746 |  | 806682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 | 4009480 |  | 3315979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 2894825 |  | 2722925 |
|  FNMA<br>2.460%, 4/1/32 | 2157590 |  | 1796012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 | 111619 |  | 99882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 | 258097 |  | 229748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.225%, 12/1/50 | 3400000 |  | 2259076 |
|  FNMA UMBS<br>3.000%, 3/1/43 | 1032878 |  | 930723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 | 591794 |  | 534004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/46 | 1850985 |  | 1670231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 1277473 |  | 1151128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/46 | 1188170 |  | 1108128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 | 1989863 |  | 1793060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/48 | 2487781 |  | 2244842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/49 | 3340219 |  | 3199281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/50 | 3482929 |  | 3214559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | 7659259 |  | 6348833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/51 | 5607881 |  | 4797863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/51 | 3534376 |  | 3266736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/51 | 2519805 |  | 2143238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/52 | 2233094 |  | 2100489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/52 | 1904999 |  | 1881840 |
|  GNMA<br>2.500%, 10/20/51 | 4231378 |  | 3654088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/51 | 2971756 |  | 2566317 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  | 56037890 |
|  **Municipal Bond (0.0%)†** | **Municipal Bond (0.0%)†** | **Municipal Bond (0.0%)†** | **Municipal Bond (0.0%)†** |
|  State of California, Various Purposes, General Obligation Bonds, Series 2009<br>7.550%, 4/1/39 | 150000 |  | 187745 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bond** |  |  | 187745 |
|  **U.S. Treasury Obligations (19.1%)** | **U.S. Treasury Obligations (19.1%)** | **U.S. Treasury Obligations (19.1%)** | **U.S. Treasury Obligations (19.1%)** |
|  U.S. Treasury Bonds<br>2.250%, 5/15/41 | 750000 |  | 567672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 3770000 |  | 3330334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 (x) | 560000 |  | 552312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 95500000 |  | 52000514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 650000 |  | 526637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 | 4310000 |  | 3595115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 455000 |  | 460119 |
|  U.S. Treasury Notes<br>3.000%, 6/30/24 | 465000 |  | 453933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/25 | 520000 |  | 504118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/25 | 505000 |  | 490756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 465000 |  | 450325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 7/31/27 | 290000 |  | 274839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 250000 |  | 251324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 1970000 |  | 1980097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 360000 |  | 345207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 | 2145000 |  | 1980313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 29690000 |  | 27456611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 (x) | 3645000 |  | 3729496 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 98949722 |
|  **Total Long-Term Debt Securities (89.3%)**<br> *(Cost $541,339,975)* |  |  | 462428088 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: | INVESTMENT COMPANIES: |
|  **Fixed Income (1.6%)** | **Fixed Income (1.6%)** | **Fixed Income (1.6%)** | **Fixed Income (1.6%)** |
|  DoubleLine Floating Rate Fund , Class I‡ | 533930 |  | 4735961 |
|  DoubleLine Global Bond Fund , Class I‡ | 431290 |  | 3558141 |
|  **Total Investment Companies (1.6%)**<br> *(Cost $9,785,319)* |  |  | 8294102 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (5.1%)** | **Investment Company (5.1%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 26168120 |  | 26181205 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (0.8%)** | **Repurchase Agreements (0.8%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $478,063, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $487,397. (xx) | $477840 |  | 477840 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $2,000,956, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $2,041,060. (xx) | 2000000 |  | 2000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,301,125, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,415,477. (xx) | 1300000 |  | 1300000 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $500,244, collateralized by various Common Stocks; total market value $555,323. (xx) | $| 500000 | $500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 4277840 |
|  **U.S. Treasury Obligations (2.6%)** | **U.S. Treasury Obligations (2.6%)** | **U.S. Treasury Obligations (2.6%)** |  |
|  U.S. Treasury Bills<br>3.95%, 2/21/23 (p) |  | 13100000 | 13025604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 4/20/23 (p) |  | 370000 | 365217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 13390821 |
|  **Total Short-Term Investments (8.5%)**<br> *(Cost $43,843,721)* |  |  | 43849866 |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $594,969,015)* |  |  | 514572056 |
|  **Other Assets Less Liabilities (0.6%)** |  |  | 3166665 |
|  **Net Assets (100%)** |  |  | $517738721 |

---

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $148,349,830 or 28.7% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $16,660,136 or 3.2% of net assets.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,706,525. This was collateralized by $545,265 of various U.S. Government Treasury Securities, ranging from 0.125% - 6.250%, maturing 4/15/23 - 2/15/52 and by cash of $4,277,840 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*CLO* *— Collateralized Loan Obligation* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GNMA* *— Government National Mortgage Association* 

*ICE* *— Intercontinental Exchange* 

*IO* *— Interest Only* 

*LIBOR* *— London Interbank Offered Rate* 

*PIK* *— Payment-in Kind Security* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SOFR* *— Secured Overnight Financing Rate* 

*STACR* *— Structured Agency Credit Risk* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp;**Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Argentina | 0.1 | % |
| &nbsp;&nbsp;&nbsp; Australia | 0.9 |  |
| &nbsp;&nbsp;&nbsp; Belgium | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Bermuda | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Brazil | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Canada | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 7.8 |  |
| &nbsp;&nbsp;&nbsp; Chile | 1.1 |  |
| &nbsp;&nbsp;&nbsp; China | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Colombia | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Dominican Republic | 0.3 |  |
| &nbsp;&nbsp;&nbsp; France | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Germany | 0.1 |  |
| &nbsp;&nbsp;&nbsp; India | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Indonesia | 0.5 |  |
| &nbsp;&nbsp;&nbsp; Ireland | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Israel | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Jamaica | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Japan | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Kuwait | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Malaysia | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Mexico | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Panama | 0.3 |  |
| &nbsp;&nbsp;&nbsp; Paraguay | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Peru | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Philippines | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Qatar | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | 0.3 |  |
| &nbsp;&nbsp;&nbsp; Singapore | 0.4 |  |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |  |
| &nbsp;&nbsp;&nbsp; South Korea | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Taiwan | 0.1 |  |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | 0.3 |  |
| &nbsp;&nbsp;&nbsp; United Kingdom | 0.7 |  |
| &nbsp;&nbsp;&nbsp; United States | 81.1 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.6 |  |
|  | 100.0 | % |

---

*#* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  INVESTMENT COMPANIES: |  |  |  |  |  |  |  |  |  |
|  **Fixed Income** |  |  |  |  |  |  |  |  |  |
|  DoubleLine Floating Rate Fund, Class I | 533930 | 5093694 |  |  |  | (357733) | 4735961 | 243586 |  |
|  DoubleLine Global Bond Fund, Class I | 431290 | 20070499 |  | (15400001) | (1246888) | 134531 | 3558141 |  |  |
|  **Total** |  | **25164193** |  | **(15400001)** | **(1246888)** | **(223202)** | **8294102** | **243586** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $84270927 | $— | $84270927 |
|  **Collateralized Mortgage Obligations** |  | 61634065 |  | 61634065 |
|  **Commercial Mortgage-Backed Securities** |  | 33724998 |  | 33724998 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 2958 |  | 2958 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 9062736 |  | 9062736 |
|  Consumer Discretionary |  | 8401275 |  | 8401275 |
|  Consumer Staples |  | 3928278 |  | 3928278 |
|  Energy |  | 15427268 |  | 15427268 |
|  Financials |  | 27593843 |  | 27593843 |
|  Health Care |  | 4713232 |  | 4713232 |
|  Industrials |  | 10945373 |  | 10945373 |
|  Information Technology |  | 5965254 |  | 5965254 |
|  Materials |  | 7877245 |  | 7877245 |
|  Real Estate |  | 5071398 |  | 5071398 |
|  Utilities |  | 18520121 |  | 18520121 |
|  **Foreign Government Securities** |  | 10113760 |  | 10113760 |
|  **Investment Companies** | 8294102 |  |  | 8294102 |
|  **Mortgage-Backed Securities** |  | 56037890 |  | 56037890 |
|  **Municipal Bond** |  | 187745 |  | 187745 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 26181205 |  |  | 26181205 |
|  Repurchase Agreements |  | 4277840 |  | 4277840 |
|  U.S. Treasury Obligations |  | 13390821 |  | 13390821 |
|  **U.S. Treasury Obligations** |  | 98949722 |  | 98949722 |
|  **Total Assets** | $**34475307** | $**480096749** | $**—** | $**514572056** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**34475307** | $**480096749** | $**—** | $**514572056** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $103244377 |
|  Long-term U.S. government debt securities | 503409269 |
|  | $606653646 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $153868395 |
|  Long-term U.S. government debt securities | 499105455 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652973850 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1072458 |
|  Aggregate gross unrealized depreciation | (82778605) |
|  Net unrealized depreciation | $(81706147) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596278203 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $9,785,319) | $8294102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $580,905,856) | 502000114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,277,840) | 4277840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4460542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3429954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 26765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 8832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 522505107 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4277840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 219510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 86071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 42418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 12476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 127365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4766386 |
|  **NET ASSETS** | $517738721 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $620617524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (102878803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $517738721 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $58,791,850 / 6,979,515 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.42 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $458,946,871 / 54,464,871 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.43 |

---

*(x)* *Includes value of securities on loan of $4,706,525.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $549 foreign withholding tax) | $19424688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($243,586 of dividend income received from affiliates) | 739013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 50726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 20214427 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3358273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 518964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 149474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 88735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 37400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 82804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4284970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Voluntary waiver from investment manager | (62837) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver from investment manager | (499410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3722723 |
|  **NET INVESTMENT INCOME (LOSS)** | 16491704 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($(1246888) realized gain (loss) from affiliates) | (20040967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(223202) of change in unrealized appreciation (depreciation) from affiliates) | (78127210) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (98168177) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(81676473) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16491704 | $12835272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20040967) | 1379307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (78127210) | (15521207) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (81676473) | (1306628) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1946560) | (1334389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (16626182) | (13325926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (18572742) | (14660315) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,268,872 and 1,422,754 shares, respectively ] | 11536398 | 14604197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 226,394 and 132,633 shares, respectively ] | 1946560 | 1334389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (942690) and (750811) shares, respectively ] | (8610436) | (7703175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4872522 | 8235411 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,608,368 and 8,277,310 shares, respectively ] | 23451520 | 85171843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,933,130 and 1,324,141 shares, respectively ] | 16626182 | 13325926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7528764) and (5336093) shares, respectively ] | (69552898) | (54823937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (29475196) | 43673832 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (24602674) | 51909243 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (124851889) | 35942300 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 642590610 | 606648310 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $517738721 | $642590610 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT DOUBLELINE OPPORTUNISTIC BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.06 | $10.31 | $10.13 | $9.64 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.18 | 0.23 | 0.31 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.60) | (0.22) | 0.20 | 0.48 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.35) | (0.04) | 0.43 | 0.79 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.20) | (0.22) | (0.30) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.01) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.21) | (0.25) | (0.30) | (0.29) |
|  Net asset value, end of year | $8.42 | $10.06 | $10.31 | $10.13 | $9.64 |
|  Total return | (13.46)% | (0.36)% | 4.26% | 8.18% | (0.96)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $58792 | $64627 | $57987 | $47029 | $34500 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.89% | 0.92 %(j) | 0.94 %(k) | 0.96 %(m) | 0.98 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.99% | 0.98% | 1.00% | 1.00% | 1.00% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.74% | 1.78% | 2.25% | 3.06% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.64% | 1.72% | 2.20% | 3.03% | 2.73% |
|  Portfolio turnover rate^ | 116% | 156% | 122% | 57% | 62% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.06 | $10.32 | $10.13 | $9.65 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.21 | 0.26 | 0.34 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.59) | (0.23) | 0.21 | 0.46 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.32) | (0.02) | 0.47 | 0.80 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.23) | (0.25) | (0.32) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.01) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.24) | (0.28) | (0.32) | (0.32) |
|  Net asset value, end of year | $8.43 | $10.06 | $10.32 | $10.13 | $9.65 |
|  Total return | (13.14)% | (0.23)% | 4.61% | 8.33% | (0.61)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297879 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.64% | 0.67 %(j) | 0.69 %(k) | 0.71 %(m) | 0.73 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.74% | 0.73% | 0.75% | 0.75% | 0.75% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.97% | 2.04% | 2.50% | 3.32% | 2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.87% | 1.97% | 2.44% | 3.28% | 2.96% |
|  Portfolio turnover rate^ | 116% | 156% | 122% | 57% | 62% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.94% for Class IB and 0.69% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.95% for Class IB and 0.70% for Class K.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.98% for Class IB and 0.73% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.01% for Class IB and 0.76% for Class K.* 

See Notes to Financial Statements.

------

**1290 VT EQUITY INCOME PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Barrow, Hanley, Mewhinney & Strauss, LLC

PERFORMANCE RESULTS

![LOGO](g401674g64n01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | 3.11% | 6.42% | 9.65 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | 3.09 | 6.41 | 9.64 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | 3.36 | 6.67 | 9.92 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 3.09% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection and an overweight position within the Health Care sector was the largest contributor to relative
performance.

• An underweight position and stock selection within Information Technology as well as stock selection within Financials also
contributed to performance.

• Leading relative contributors were Cigna Corporation, Hess Corporation, Merck & Co., Inc., Phillips 66, and Valero
Energy Corporation.

***What hurt performance during the year:***

• Stock selection within the Consumer Discretionary sector was the largest relative detractor from performance for the
period.

• An underweight position to the Utilities sector also detracted from performance.

• Leading relative detractors for the period were Stanley Black & Decker, Inc., International Flavors & Fragrances,
Inc., Advance Auto Parts, Inc., Northern Trust Corp., and Lowe's Cos., Inc.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** | |
| &nbsp;&nbsp;&nbsp; Health Care | 26.3 | % |
| &nbsp;&nbsp;&nbsp; Financials | 17.9 |  |
| &nbsp;&nbsp;&nbsp; Energy | 12.1 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 11.8 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 10.1 |  |
| &nbsp;&nbsp;&nbsp; Materials | 9 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 4.3 |  |
| &nbsp;&nbsp;&nbsp; Information Technology | 3.4 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.2 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 1.1 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 1 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.8 |  |
|  | 100 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

------

**1290 VT EQUITY INCOME PORTFOLIO (Unaudited)** 

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1085.60 | $4.99 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.42 | 4.84 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1084.90 | 4.99 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.42 | 4.84 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1086.00 | 3.68 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.68 | 3.57 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.95%, 0.95% and 0.70%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.95%, 0.95% and 0.70%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.95%, 0.95% and 0.70%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.95%, 0.95% and 0.70%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |  |
|  ***Media (2.2%)*** | ***Media (2.2%)*** | ***Media (2.2%)*** | **** |
|  Comcast Corp., Class A | 331273 | $11584617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 11584617 |  |
|  **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** |  |
|  ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | **** |
|  Advance Auto Parts, Inc. | 38997 | 5733729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 5733729 |  |
|  **Consumer Staples (11.8%)** | **Consumer Staples (11.8%)** | **Consumer Staples (11.8%)** |  |
|  ***Beverages (4.8%)*** | ***Beverages (4.8%)*** | ***Beverages (4.8%)*** | **** |
|  Coca-Cola Europacific Partners plc | 300241 | 16609332 |  |
|  Molson Coors Beverage Co., Class B | 168892 | 8701316 |  |
|  |  | 25310648 |  |
|  ***Household Products (2.0%)*** | ***Household Products (2.0%)*** | ***Household Products (2.0%)*** | **** |
|  Procter & Gamble Co. (The) | 67205 | 10185590 |  |
|  ***Tobacco (5.0%)*** | ***Tobacco (5.0%)*** | ***Tobacco (5.0%)*** | **** |
|  Philip Morris International, Inc. | 257687 | 26080501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 61576739 |  |
|  **Energy (12.1%)** | **Energy (12.1%)** | **Energy (12.1%)** |  |
|  ***Oil, Gas & Consumable Fuels (12.1%)*** | ***Oil, Gas & Consumable Fuels (12.1%)*** | ***Oil, Gas & Consumable Fuels (12.1%)*** | **** |
|  Enbridge, Inc. | 364136 | 14237718 |  |
|  Hess Corp. | 128042 | 18158916 |  |
|  Phillips 66 | 235450 | 24505636 |  |
|  Valero Energy Corp. | 52173 | 6618667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 63520937 |  |
|  **Financials (17.9%)** | **Financials (17.9%)** | **Financials (17.9%)** |  |
|  ***Banks (9.0%)*** | ***Banks (9.0%)*** | ***Banks (9.0%)*** | **** |
|  JPMorgan Chase & Co. | 130407 | 17487579 |  |
|  US Bancorp | 266708 | 11631136 |  |
|  Wells Fargo & Co. | 437231 | 18053268 |  |
|  |  | 47171983 |  |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | **** |
|  Northern Trust Corp. | 106851 | 9455245 |  |
|  ***Insurance (7.1%)*** | ***Insurance (7.1%)*** | ***Insurance (7.1%)*** | **** |
|  Allstate Corp. (The) | 136315 | 18484314 |  |
|  Chubb Ltd. | 84034 | 18537900 |  |
|  |  | 37022214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 93649442 |  |
|  **Health Care (26.3%)** | **Health Care (26.3%)** | **Health Care (26.3%)** |  |
|  ***Health Care Equipment & Supplies (4.6%)*** | ***Health Care Equipment & Supplies (4.6%)*** | ***Health Care Equipment & Supplies (4.6%)*** | **** |
|  Becton Dickinson and Co. | 45221 | 11499700 |  |
|  Medtronic plc | 161747 | 12570977 |  |
|  |  | 24070677 |  |
|  ***Health Care Providers & Services (13.4%)*** | ***Health Care Providers & Services (13.4%)*** | ***Health Care Providers & Services (13.4%)*** | **** |
|  Cigna Corp. | 80177 | 26565847 |  |
|  CVS Health Corp. | 185847 | 17319082 |  |
|  Humana, Inc. | 13332 | 6828517 |  |
|  UnitedHealth Group, Inc. | 36603 | 19406179 |  |
|  |  | 70119625 |  |
|  ***Pharmaceuticals (8.3%)*** | ***Pharmaceuticals (8.3%)*** | ***Pharmaceuticals (8.3%)*** | **** |
|  Johnson & Johnson | 48447 | 8558162 |  |
|  Merck & Co., Inc. | 257542 | 28574285 |  |
|  Perrigo Co. plc | 178432 | 6082747 |  |
|  |  | 43215194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 137405496 |  |
|  **Industrials (10.1%)** | **Industrials (10.1%)** | **Industrials (10.1%)** |  |
|  ***Aerospace & Defense (6.2%)*** | ***Aerospace & Defense (6.2%)*** | ***Aerospace & Defense (6.2%)*** | **** |
|  General Dynamics Corp. | 55134 | 13679297 |  |
|  Raytheon Technologies Corp. | 183775 | 18546573 |  |
|  |  | 32225870 |  |
|  ***Machinery (3.9%)*** | ***Machinery (3.9%)*** | ***Machinery (3.9%)*** | **** |
|  Deere & Co. | 19818 | 8497165 |  |
|  Stanley Black & Decker, Inc. | 159549 | 11985321 |  |
|  |  | 20482486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 52708356 |  |
|  **Information Technology (3.4%)** | **Information Technology (3.4%)** | **Information Technology (3.4%)** |  |
|  ***Software (3.4%)*** | ***Software (3.4%)*** | ***Software (3.4%)*** | **** |
|  Oracle Corp. | 216464 | 17693767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 17693767 |  |
|  **Materials (9.0%)** | **Materials (9.0%)** | **Materials (9.0%)** |  |
|  ***Chemicals (9.0%)*** | ***Chemicals (9.0%)*** | ***Chemicals (9.0%)*** | **** |
|  Air Products and Chemicals, Inc. | 72485 | 22344226 |  |
|  DuPont de Nemours, Inc. | 185806 | 12751866 |  |
|  International Flavors & Fragrances, Inc. | 115313 | 12089415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 47185507 |  |
|  **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | **** |
|  Corporate Office Properties Trust (REIT) (x) | 199763 | 5181852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5181852 |  |
|  **Utilities (4.3%)** | **Utilities (4.3%)** | **Utilities (4.3%)** |  |
|  ***Electric Utilities (4.3%)*** | ***Electric Utilities (4.3%)*** | ***Electric Utilities (4.3%)*** | **** |
|  Entergy Corp. | 99900 | 11238751 |  |
|  Pinnacle West Capital Corp. | 145652 | 11075378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 22314129 |  |
|  **Total Common Stocks (99.2%)**<br> *(Cost $423,785,327)* |  | 518554571 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |
|  **Repurchase Agreement (0.0%**)**†** | **Repurchase Agreement (0.0%**)**†** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,651, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,703. (xx) | $2650 | $2650 |
|  **Total Short-Term Investment (0.0%)†**<br> *(Cost $2,650)* | **Total Short-Term Investment (0.0%)†**<br> *(Cost $2,650)* | 2650 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $423,787,977)* | **Total Investments in Securities (99.2%)**<br> *(Cost $423,787,977)* | 518557221 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 4194946 |
|  **Net Assets (100%)** |  | $522752167 |

---

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $2,594. This was collateralized by cash of $2,650 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $11584617 | $— | $— | $11584617 |
|  Consumer Discretionary | 5733729 |  |  | 5733729 |
|  Consumer Staples | 61576739 |  |  | 61576739 |
|  Energy | 63520937 |  |  | 63520937 |
|  Financials | 93649442 |  |  | 93649442 |
|  Health Care | 137405496 |  |  | 137405496 |
|  Industrials | 52708356 |  |  | 52708356 |
|  Information Technology | 17693767 |  |  | 17693767 |
|  Materials | 47185507 |  |  | 47185507 |
|  Real Estate | 5181852 |  |  | 5181852 |
|  Utilities | 22314129 |  |  | 22314129 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 2650 |  | 2650 |
|  **Total Assets** | $**518554571** | $**2650** | $**—** | $**518557221** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**518554571** | $**2650** | $**—** | $**518557221** |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $103863788 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170047437 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $121239781 |
|  Aggregate gross unrealized depreciation | (25351762) |
|  Net unrealized appreciation | $95888019 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422669202 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $423,785,327) | $518554571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $2,650) | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3204875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1392699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 109318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 523266511 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 252528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 107342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 42257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 37930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 514344 |
|  **NET ASSETS** | $522752167 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $420693331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 102058836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $522752167 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $31,207,070 / 6,293,383 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.96 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $178,718,767 / 35,725,147 shares outstanding (unlimited amount authorized: $0.01 par value) | $5 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $312,826,330 / 63,033,597 shares outstanding (unlimited amount authorized: $0.01 par value) | $4.96 |

---

*(x)* *Includes value of securities on loan of $2,594.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $150,959 foreign withholding tax) | $13686418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 112371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13811127 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4050432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 500816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 439519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 76743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 67429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 49200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5243859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (947671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4296188 |
|  **NET INVESTMENT INCOME (LOSS)** | 9514939 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 48092082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (41630800) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6461282 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15976221 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9514939 | $8996164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 48092082 | 40106230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (41630800) | 84025954 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15976221 | 133128348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (2247896) | (466855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (12726184) | (2546193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (23210400) | (6178193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (38184480) | (9191241) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 824,750 and 600,166 shares, respectively ] | 4162683 | 2959597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 450,706 and 91,502 shares, respectively ] | 2247896 | 466855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1297386) and (1088067) shares, respectively ] | (6691688) | (5287663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (281109) | (1861211) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,343,224 and 2,081,699 shares, respectively ] | 17329231 | 10114568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,529,230 and 494,977 shares, respectively ] | 12726184 | 2546193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4465428) and (4382517) shares, respectively ] | (23035670) | (21324191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 7019745 | (8663430) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 694,782 and 767,509 shares, respectively ] | 3557685 | 3751327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,650,376 and 1,210,224 shares, respectively ] | 23210400 | 6178193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14915907) and (12605027) shares, respectively ] | (76843013) | (60669820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (50074928) | (50740300) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (43336292) | (61264941) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (65544551) | 62672166 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 588296718 | 525624552 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $522752167 | $588296718 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $5.18 | $4.16 | $4.45 | $3.71 | $6.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.07 | 0.07 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | 1.03 | (0.27) | 0.81 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.17 | 1.10 | (0.20) | 0.90 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.08) | (0.08) | (0.10) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.29) |  | (0.01) | (0.06) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.39) | (0.08) | (0.09) | (0.16) | (1.77) |
|  Net asset value, end of year | $4.96 | $5.18 | $4.16 | $4.45 | $3.71 |
|  Total return | 3.11% | 26.35% | (4.55) | 24.30% | (11.69) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $31207 | $32714 | $27913 | $35150 | $33493 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.95% | 0.95 | 0.95% | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.13% | 1.12% | 1.14 | 1.13% | 1.13 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.62% | 1.40% | 1.94 | 2.17% | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.44% | 1.23% | 1.75 | 1.98% | 1.75 |
|  Portfolio turnover rate^ | 20% | 28% | 39 | 56% | 106 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $5.22 | $4.19 | $4.48 | $3.74 | $6.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.07 | 0.07 | 0.09 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | 1.04 | (0.27) | 0.81 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.17 | 1.11 | (0.20) | 0.90 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.08) | (0.08) | (0.10) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.29) |  | (0.01) | (0.06) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.39) | (0.08) | (0.09) | (0.16) | (1.77) |
|  Net asset value, end of year | $5.00 | $5.22 | $4.19 | $4.48 | $3.74 |
|  Total return | 3.09% | 26.40% | (4.52) | 24.10% | (11.62) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144780 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.95% | 0.95 | 0.95% | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.13% | 1.12% | 1.14 | 1.13% | 1.13 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.62% | 1.41% | 1.93 | 2.17% | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.45% | 1.24% | 1.74 | 1.99% | 1.75 |
|  Portfolio turnover rate^ | 20% | 28% | 39 | 56% | 106 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT EQUITY INCOME PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $5.18 | $4.16 | $4.45 | $3.71 | $6.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.08 | 0.08 | 0.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | 1.03 | (0.27) | 0.81 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.18 | 1.11 | (0.19) | 0.91 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.09) | (0.09) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.29) |  | (0.01) | (0.06) | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.09) | (0.10) | (0.17) | (1.79) |
|  Net asset value, end of year | $4.96 | $5.18 | $4.16 | $4.45 | $3.71 |
|  Total return | 3.36% | 26.62% | (4.33) | 24.59% | (11.45) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342603 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.70% | 0.70% | 0.70 | 0.70% | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.88% | 0.87% | 0.89 | 0.88% | 0.88 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.85% | 1.65% | 2.17 | 2.42% | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.67% | 1.48% | 1.99 | 2.24% | 2.00 |
|  Portfolio turnover rate^ | 20% | 28% | 39 | 56% | 106 |

---

*\** *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 31%.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> GAMCO Asset Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g13s23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (6.01)% | 1.32% | 3.51 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (5.97) | 1.32 | 3.51 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (5.78) | 1.58 | 3.78 |  |
| &nbsp;&nbsp;&nbsp; S&P Long-Only Merger Arbitrage Index | (3.35) | 2.76 | 3.64 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (5.97)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the S&P Long-Only Merger Arbitrage Index and the S&P 500<sup>®</sup> Index, which returned (3.35)% and (18.11)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Uncertainty in the board room and elevated borrowing costs curtailed Mergers & Acquisitions (M&A) deals and
financial engineering, and M&A declined by a little more than 1/3 in 2022 from record levels in 2021. Activity by both strategic and financial buyers reawakened late in the year as market dislocations presented bargains too enticing to resist.
The Portfolio benefitted from the announced acquisition of top holding Aerojet Rocketdyne Holdings, Inc. by L3Harris Technologies, Inc. at the end of the fourth quarter. This is Aerojet's second trip to the altar in as many years and the stock
was up nearly 40% on the news.

• Shares of Madison Square Garden Sports had a solid year as pent-up consumer demand for live entertainment continued. The
company was up sharply in the fourth quarter on headlines around team valuations as well as the new NBA media rights deal that is currently being negotiated by the league.

• Lower exposure to technology was a strong contributor to relative performance for the year.

***What hurt performance during the year:***

• Energy was a strong sector during the year and the Portfolio's lower allocation to the sector detracted from relative
performance.

• The Portfolio's higher exposure to small- and mid-capitalization companies, defined as companies with market caps
lower than $3 billion and $12 billion respectively, was a detractor to relative contribution to return during the year, though strong stock selection helped to offset some of this impact.

• The pre-announced deal portion of the Portfolio (companies that may be taken over) hurt performance during the year
compared to the announced deal portion of the Portfolio. This announced deal portion of the Portfolio has historically helped to protect on the downside in periods during which the broader market is challenged.

**Portfolio Positioning and Outlook — GAMCO Asset Management, Inc.** 

The direction of markets in 2023 and beyond depends largely upon the answers to three questions: (a) will hot and cold conflicts in Ukraine and Taiwan, respectively, stay contained? (b) can the Fed return inflation to the low-single-digits without triggering deep economic and earnings recessions? and (c) given the altered political economic backdrop, what multiple should investors pay for stocks? Despite abysmal sentiment, market volatility remains subdued with inflation data driven rallies and sell-offs punctuating what has generally been a steady grind lower.

Modern corporate finance dictates that an asset is worth the sum of its discounted future cash flows. The higher the discount rate (geared to the risk-free rate on Treasuries), the lower the value of that stream of cash

------

**1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (Unaudited)** 

Interest rates and nominal growth may determine short/medium term market performance, but productivity and population growth underpin these factors. Thus, we'll bookend our opening questions with several worthy of longer-term consideration: (a) can democratic capitalism thrive in a world increasingly living under autocracy? (b) how do advanced economies adapt to aging demographics? (c) will climate change stymie improvements in the quality of life for most of the world's population? and (d) what opportunities and threats do new technologies, including robotics, automation, quantum computing and artificial intelligence offer in addressing these and other challenges.

No one can offer definitive answers to these questions, but we have seen the U.S. overcome serious challenges in the past. Naysayers may characterize the West's disorganization and sometime chaos as a weakness, but it may actually be our strength. A robust marketplace of ideas eases the path toward finding a "right" answer — a new equilibrium that may be better in some ways, worse in others but the reality in which we live.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Investment Companies | 29.8% |
| &nbsp;&nbsp;&nbsp; Industrials | 14.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 12.0 |
| &nbsp;&nbsp;&nbsp; Health Care | 8.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 8.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 7.0 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.0 |
| &nbsp;&nbsp;&nbsp; Materials | 4.2 |
| &nbsp;&nbsp;&nbsp; Financials | 4.0 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 3.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.4 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.3 |
| &nbsp;&nbsp;&nbsp; Energy | 0.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

------

**1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1026.10 | $6.38 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1018.90 | 6.36 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1026.30 | 6.38 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1018.90 | 6.36 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1027.50 | 5.11 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.25%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.25%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.25%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.25%, 1.25% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (12.0%)** | **Communication Services (12.0%)** | **Communication Services (12.0%)** |  |
|  ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** | **** |
|  Koninklijke KPN NV | 90000 | $278424 |  |
|  Liberty Global plc, Class A\* | 40000 | 757200 |  |
|  Liberty Global plc, Class C\* | 11000 | 213730 |  |
|  Lumen Technologies, Inc. | 72000 | 375840 |  |
|  Telesat Corp.(x)\* | 80000 | 600000 |  |
|  |  | 2225194 |  |
|  ***Entertainment (3.3%)*** | ***Entertainment (3.3%)*** | ***Entertainment (3.3%)*** | **** |
|  Activision Blizzard, Inc. | 8400 | 643020 |  |
|  Liberty Media Corp.-Liberty Braves, Class A (x)\* | 86000 | 2809620 |  |
|  Madison Square Garden Entertainment Corp.\* | 3000 | 134910 |  |
|  Madison Square Garden Sports Corp., Class A | 11000 | 2016630 |  |
|  |  | 5604180 |  |
|  ***Media (5.4%)*** | ***Media (5.4%)*** | ***Media (5.4%)*** | **** |
|  Beasley Broadcast Group, Inc., Class A\* | 40000 | 36808 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 350000 | 367500 |  |
|  DallasNews Corp. (x) | 27000 | 103680 |  |
|  DISH Network Corp., Class A (x)\* | 60000 | 842400 |  |
|  EW Scripps Co. (The), Class A\* | 65000 | 857350 |  |
|  Fox Corp., Class B | 70000 | 1991500 |  |
|  Lee Enterprises, Inc.\* | 14042 | 260620 |  |
|  Shaw Communications, Inc., Class B | 40000 | 1152128 |  |
|  TEGNA, Inc. | 80000 | 1695200 |  |
|  Telenet Group Holding NV | 124000 | 2024221 |  |
|  |  | 9331407 |  |
|  ***Wireless Telecommunication Services (2.0%)*** | ***Wireless Telecommunication Services (2.0%)*** | ***Wireless Telecommunication Services (2.0%)*** | **** |
|  Millicom International Cellular SA (x)\* | 90000 | 1136700 |  |
|  Orange Belgium SA\* | 24000 | 442909 |  |
|  Telephone and Data Systems, Inc. | 40000 | 419600 |  |
|  United States Cellular Corp.\* | 70000 | 1459500 |  |
|  |  | 3458709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 20619490 |  |
|  **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** | **Consumer Discretionary (5.0%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Modine Manufacturing Co.\* | 1000 | 19860 |  |
|  ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** | ***Diversified Consumer Services (0.7%)*** | **** |
|  Vivint Smart Home, Inc.\* | 100000 | 1190000 |  |
|  ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** | ***Hotels, Restaurants & Leisure (0.1%)*** | **** |
|  Entain plc | 10000 | 159763 |  |
|  Playtech plc\* | 6000 | 36921 |  |
|  |  | 196684 |  |
|  ***Household Durables (3.3%)*** | ***Household Durables (3.3%)*** | ***Household Durables (3.3%)*** | **** |
|  iRobot Corp. (x)\* | 26000 | 1251380 |  |
|  Lennar Corp., Class B | 32500 | 2430350 |  |
|  Nobility Homes, Inc. | 16000 | 380800 |  |
|  Sony Group Corp. (ADR) | 19000 | 1449320 |  |
|  Weber, Inc., Class A (x) | 15376 | 123777 |  |
|  |  | 5635627 |  |
|  ***Internet & Direct Marketing Retail (0.4%)*** | ***Internet & Direct Marketing Retail (0.4%)*** | ***Internet & Direct Marketing Retail (0.4%)*** | **** |
|  Altaba, Inc. (x)\* | 102200 | 388360 |  |
|  Home24 SE\* | 8562 | 68372 |  |
|  Poshmark, Inc., Class A\* | 10000 | 178800 |  |
|  |  | 635532 |  |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | **** |
|  Sportsman's Warehouse Holdings, Inc.\* | 80000 | 752800 |  |
|  Yamada Holdings Co. Ltd. | 12400 | 44124 |  |
|  |  | 796924 |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | **** |
|  Tod's SpA\* | 1000 | 32413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8507040 |  |
|  **Consumer Staples (0.3%)** | **Consumer Staples (0.3%)** | **Consumer Staples (0.3%)** |  |
|  ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | **** |
|  Albertsons Cos., Inc., Class A | 24000 | 497760 |  |
|  Fresh Market, Inc. (The) (r)\* | 160000 |  |  |
|  GrainCorp Ltd., Class A | 6000 | 30311 |  |
|  |  | 528071 |  |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | **** |
|  United Malt Group Ltd. (x) | 10000 | 23626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 551697 |  |
|  **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |  |
|  ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | ***Oil, Gas & Consumable Fuels (0.3%)*** | **** |
|  Alvopetro Energy Ltd. | 88333 | 490594 |  |
|  Gulf Coast Ultra Deep Royalty Trust | 550000 | 21450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 512044 |  |
|  **Financials (4.0%)** | **Financials (4.0%)** | **Financials (4.0%)** |  |
|  ***Banks (1.9%)*** | ***Banks (1.9%)*** | ***Banks (1.9%)*** | **** |
|  Cadence Bank | 14500 | 357570 |  |
|  First Horizon Corp. | 40000 | 980000 |  |
|  Flushing Financial Corp. | 60000 | 1162800 |  |
|  Horizon Bancorp, Inc. | 10000 | 150800 |  |
|  SouthState Corp. | 1200 | 91632 |  |
|  Webster Financial Corp. | 9500 | 449730 |  |
|  |  | 3192532 |  |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | **** |
|  BKF Capital Group, Inc.\* | 2434 | 36510 |  |
|  Cowen, Inc., Class A | 70000 | 2703400 |  |
|  |  | 2739910 |  |
|  ***Insurance (0.2%)*** | ***Insurance (0.2%)*** | ***Insurance (0.2%)*** | **** |
|  Fanhua, Inc. (ADR) (x) | 7500 | 55500 |  |
|  Topdanmark A/S | 1000 | 52600 |  |
|  Trean Insurance Group, Inc.\* | 45000 | 270000 |  |
|  |  | 378100 |  |
|  ***Thrifts & Mortgage Finance (0.3%)*** | ***Thrifts & Mortgage Finance (0.3%)*** | ***Thrifts & Mortgage Finance (0.3%)*** | **** |
|  Aareal Bank AG\* | 16500 | 565198 |  |
|  CNFinance Holdings Ltd. (ADR)\* | 1765 | 3018 |  |
|  |  | 568216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 6878758 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Health Care (8.6%)** | **Health Care (8.6%)** | **Health Care (8.6%)** |  |
|  ***Biotechnology (5.6%)*** | ***Biotechnology (5.6%)*** | ***Biotechnology (5.6%)*** | **** |
|  AVEO Pharmaceuticals, Inc.\* | 110000 | $1644500 |  |
|  Biohaven Ltd. (x)\* | 11000 | 152680 |  |
|  F-star Therapeutics, Inc.\* | 2000 | 12640 |  |
|  Grifols SA (ADR)\* | 24000 | 204000 |  |
|  Horizon Therapeutics plc\* | 15000 | 1707000 |  |
|  Idorsia Ltd. (x)\* | 12000 | 174163 |  |
|  Imago Biosciences, Inc.\* | 38252 | 1375159 |  |
|  Myovant Sciences Ltd. (x)\* | 100000 | 2696000 |  |
|  Oyster Point Pharma, Inc.\* | 150000 | 1675500 |  |
|  |  | 9641642 |  |
|  ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | **** |
|  Apollo Endosurgery, Inc.\* | 34107 | 340047 |  |
|  Bioventus, Inc., Class A\* | 3000 | 7830 |  |
|  ICU Medical, Inc.\* | 500 | 78740 |  |
|  Innocoll Holdings Ltd. (r)(x)\* | 125000 |  |  |
|  Meridian Bioscience, Inc.\* | 6000 | 199260 |  |
|  QuidelOrtho Corp.\* | 2500 | 214175 |  |
|  |  | 840052 |  |
|  ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | ***Health Care Providers & Services (1.6%)*** | **** |
|  1Life Healthcare, Inc.\* | 55000 | 919050 |  |
|  LHC Group, Inc.\* | 1459 | 235906 |  |
|  Signify Health, Inc., Class A\* | 55000 | 1576300 |  |
|  |  | 2731256 |  |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | **** |
|  EMIS Group plc | 8000 | 181052 |  |
|  Teladoc Health, Inc.\* | 2500 | 59125 |  |
|  |  | 240177 |  |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | **** |
|  Illumina, Inc.\* | 200 | 40440 |  |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | **** |
|  AstraZeneca plc (ADR) | 4500 | 305100 |  |
|  Opiant Pharmaceuticals, Inc.\* | 10000 | 202800 |  |
|  TherapeuticsMD, Inc. (x)\* | 4000 | 22360 |  |
|  Viatris, Inc. | 60000 | 667800 |  |
|  |  | 1198060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 14691627 |  |
|  **Industrials (14.8%)** | **Industrials (14.8%)** | **Industrials (14.8%)** |  |
|  ***Aerospace & Defense (6.5%)*** | ***Aerospace & Defense (6.5%)*** | ***Aerospace & Defense (6.5%)*** | **** |
|  Aerojet Rocketdyne Holdings, Inc.\* | 142000 | 7942061 |  |
|  Hexcel Corp. (x) | 14000 | 823900 |  |
|  Kaman Corp. | 50000 | 1115000 |  |
|  Maxar Technologies, Inc. | 25000 | 1293500 |  |
|  |  | 11174461 |  |
|  ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | **** |
|  Atlas Air Worldwide Holdings, Inc.\* | 16000 | 1612800 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  Carrier Global Corp. | 6200 | 255750 |  |
|  Griffon Corp. | 10000 | 357900 |  |
|  |  | 613650 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Biffa plc (m) | 40000 | 197010 |  |
|  IAA, Inc.\* | 12000 | 480000 |  |
|  |  | 677010 |  |
|  ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | **** |
|  Altra Industrial Motion Corp. | 43000 | 2569250 |  |
|  CFT SpA (r)\* | 25000 | 116947 |  |
|  CIRCOR International, Inc.\* | 51000 | 1221960 |  |
|  Crane Holdings Co. | 3500 | 351575 |  |
|  EnPro Industries, Inc. | 11700 | 1271673 |  |
|  Mueller Industries, Inc. | 22500 | 1327500 |  |
|  Mueller Water Products, Inc., Class A | 12000 | 129120 |  |
|  Park-Ohio Holdings Corp. | 10000 | 122300 |  |
|  SLM Solutions Group AG (x)\* | 4000 | 85208 |  |
|  Valmet OYJ | 16384 | 441262 |  |
|  |  | 7636795 |  |
|  ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | **** |
|  Ework Group AB | 1441 | 16848 |  |
|  ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | **** |
|  Herc Holdings, Inc. | 17700 | 2328789 |  |
|  ***Transportation Infrastructure (0.8%)*** | ***Transportation Infrastructure (0.8%)*** | ***Transportation Infrastructure (0.8%)*** | **** |
|  Atlas Corp. (x) | 92774 | 1423153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 25483506 |  |
|  **Information Technology (7.0%)** | **Information Technology (7.0%)** | **Information Technology (7.0%)** |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | **** |
|  Digi International, Inc.\* | 1200 | 43860 |  |
|  ***Electronic Equipment, Instruments & Components (1.1%)*** | ***Electronic Equipment, Instruments & Components (1.1%)*** | ***Electronic Equipment, Instruments & Components (1.1%)*** | **** |
|  CTS Corp. | 3500 | 137970 |  |
|  Rogers Corp.\* | 14000 | 1670760 |  |
|  |  | 1808730 |  |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | **** |
|  Evo Payments, Inc., Class A\* | 50000 | 1692000 |  |
|  MoneyGram International, Inc.\* | 55000 | 598950 |  |
|  |  | 2290950 |  |
|  ***Software (4.6%)*** | ***Software (4.6%)*** | ***Software (4.6%)*** | **** |
|  AVEVA Group plc | 5000 | 194218 |  |
|  Black Knight, Inc.\* | 18000 | 1111500 |  |
|  Coupa Software, Inc.\* | 30000 | 2375100 |  |
|  ForgeRock, Inc., Class A (x)\* | 50000 | 1138500 |  |
|  Gen Digital, Inc. | 5209 | 111629 |  |
|  KnowBe4, Inc., Class A\* | 70000 | 1734600 |  |
|  UserTesting, Inc. (x)\* | 73000 | 548230 |  |
|  VMware, Inc., Class A\* | 5500 | 675180 |  |
|  |  | 7888957 |  |
|  ***Technology Hardware, Storage & Peripherals (0.0%)†*** | ***Technology Hardware, Storage & Peripherals (0.0%)†*** | ***Technology Hardware, Storage & Peripherals (0.0%)†*** | **** |
|  Diebold Nixdorf, Inc.\* | 45000 | 63900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 12096397 |  |
|  **Materials (4.2%)** | **Materials (4.2%)** | **Materials (4.2%)** |  |
|  ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | **** |
|  Chr Hansen Holding A/S | 2500 | 179831 |  |
|  Mativ Holdings, Inc. | 26000 | 543400 |  |
|  Valvoline, Inc. | 15000 | 489750 |  |
|  |  | 1212981 |  |
|  ***Construction Materials (1.9%)*** | ***Construction Materials (1.9%)*** | ***Construction Materials (1.9%)*** | **** |
|  Vulcan Materials Co. | 19000 | 3327090 |  |
|  ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | **** |
|  Myers Industries, Inc. | 51000 | 1133730 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | **** |
|  Endeavour Mining plc | 4700 | $100595 |  |
|  Kinross Gold Corp. | 5960 | 24298 |  |
|  Pan American Silver Corp. | 25000 | 408050 |  |
|  Sierra Metals, Inc. (x)\* | 45000 | 7776 |  |
|  |  | 540719 |  |
|  ***Paper & Forest Products (0.6%)*** | ***Paper & Forest Products (0.6%)*** | ***Paper & Forest Products (0.6%)*** | **** |
|  Resolute Forest Products, Inc.\* | 45000 | 971550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 7186070 |  |
|  **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | **** |
|  Healthcare Realty Trust, Inc. (REIT) | 4500 | 86715 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 4400 | 279356 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 11000 | 899580 |  |
|  STORE Capital Corp. (REIT) | 35000 | 1122100 |  |
|  |  | 2387751 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  Corem Property Group AB, Class B | 10000 | 8040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2395791 |  |
|  **Utilities (8.3%)** | **Utilities (8.3%)** | **Utilities (8.3%)** |  |
|  ***Electric Utilities (3.9%)*** | ***Electric Utilities (3.9%)*** | ***Electric Utilities (3.9%)*** | **** |
|  Evergy, Inc. | 18000 | 1132740 |  |
|  PNM Resources, Inc. | 103000 | 5025370 |  |
|  Portland General Electric Co. | 11000 | 539000 |  |
|  |  | 6697110 |  |
|  ***Gas Utilities (2.7%)*** | ***Gas Utilities (2.7%)*** | ***Gas Utilities (2.7%)*** | **** |
|  National Fuel Gas Co. | 45000 | 2848500 |  |
|  South Jersey Industries, Inc. | 8000 | 284240 |  |
|  Southwest Gas Holdings, Inc. | 25000 | 1547000 |  |
|  |  | 4679740 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Alerion Cleanpower SpA(x) | 8000 | 275748 |  |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | **** |
|  Avista Corp. | 30000 | 1330200 |  |
|  ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** | **** |
|  Severn Trent plc | 40000 | 1281971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 14264769 |  |
|  **Total Common Stocks (65.9%)**<br> *(Cost $116,292,382)* |  | 113187189 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** | **Consumer Staples (0.0%)†** |  |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | **** |
|  Contraf-Nicotex-Tobacco GmbH, CVR(r)\* | 15000 | 7500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 7500 |  |
|  **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |  |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | **** |
|  Achillion Pharmaceuticals, Inc., CVR (r)(x)\* | 21000 | 7245 |  |
|  Adamas Pharmaceuticals, Inc., CVR \* | 108000 | 5400 |  |
|  Akouos, Inc., CVR (r)(x)\* | 141148 | 83630 |  |
|  Ambit Biosciences Corp., CVR (r)\* | 20000 | 25350 |  |
|  Clementia Pharmaceuticals, Inc., CVR (r)\* | 40000 |  |  |
|  Epizyme, Inc., CVR (r)\* | 10000 | 150 |  |
|  Radius Health, Inc., CVR (r)\* | 2000 | 120 |  |
|  Tobira Therapeutics, Inc., CVR (r)(x)\* | 15000 |  |  |
|  |  | 121895 |  |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | **** |
|  ABIOMED, Inc., CVR\* | 21000 | 31500 |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Ocera Therapeutics, Inc., CVR (r)\* | 16000 | 2720 |  |
|  Zogenix, Inc., CVR\* | 1500 | 1500 |  |
|  |  | 4220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 157615 |  |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |  |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | **** |
|  Pineapple Energy, Inc., CVR (r)\* | 12500 | 36782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 36782 |  |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |  |
|  ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | ***IT Services (0.0%)†*** | **** |
|  Flexion, Inc., CVR\* | 1000 | 650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 650 |  |
|  **Materials (0.0%)** | **Materials (0.0%)** | **Materials (0.0%)** |  |
|  ***Metals & Mining (0.0%)*** | ***Metals & Mining (0.0%)*** | ***Metals & Mining (0.0%)*** | **** |
|  Kinross Gold Corp., CVR (r)\* | 14000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  |
|  **Total Rights (0.1%)**<br> *(Cost $140,792)* |  | 202547 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (29.8%)** | **Investment Companies (29.8%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 300000 | 300000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 50977745 | 51003234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 51303234 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (3.1%)** | **Repurchase Agreements (3.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $4,382,318, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $4,467,879. (xx) | $4380274 | $4380274 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $800,692, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $871,063. (xx) | 800000 | 800000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $100,049, collateralized by various Common Stocks; total market value $111,065. (xx) | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 5280274 |
|  **Total Short-Term Investments (32.9%)**<br> *(Cost $56,562,811)* |  | 56583508 |
|  **Total Investments in Securities (98.9%)**<br> *(Cost $172,995,985)* |  | 169973244 |
|  **Other Assets Less Liabilities (1.1%)** |  | 1805053 |
|  **Net Assets (100%)** |  | $171778297 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $197,010 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $6,663,991. This was collateralized by $1,468,037 of various U.S. Government Treasury Securities, ranging from 0.125% - 6.625%, maturing 1/15/23 - 2/15/52 and by cash of $5,580,274 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17873936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745554 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20619490 |
|  Consumer Discretionary | 7396287 | 1110753 |  | 8507040 |
|  Consumer Staples | 497760 | 53937 | — (a) | 551697 |
|  Energy | 512044 |  |  | 512044 |
|  Financials | 6224450 | 654308 |  | 6878758 |
|  Health Care | 14336412 | 355215 | — (a) | 14691627 |
|  Industrials | 24626231 | 740328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116947 | 25483506 |
|  Information Technology | 11902179 | 194218 |  | 12096397 |
|  Materials | 7006239 | 179831 |  | 7186070 |
|  Real Estate | 2387751 | 8040 |  | 2395791 |
|  Utilities | 12707050 | 1557719 |  | 14264769 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Rights** |  |  |  |  |
|  Consumer Staples | $— | $— | $7500 | $7500 |
|  Health Care |  | 38400 | 119215 | 157615 |
|  Industrials |  |  | 36782 | 36782 |
|  Information Technology |  | 650 |  | 650 |
|  Materials |  |  | — (a) | — (a) |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 51303234 |  |  | 51303234 |
|  Repurchase Agreements |  | 5280274 |  | 5280274 |
|  **Total Assets** | $**156773573** | $**12919227** | $**280444** | $**169973244** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**156773573** | $**12919227** | $**280444** | $**169973244** |

---

*(a)* *Value is zero.* 

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $193577232 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211998411 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $16200362 |
|  Aggregate gross unrealized depreciation | (19551251) |
|  Net unrealized depreciation | $(3350889) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173324133 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $326 as brokerage commissions with G. Research, an affiliated broker/dealer.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $167,715,711) | $164692970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,280,274) | 5280274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7526511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $14,096) | 14248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1422468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 364893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 15096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 9392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 179332578 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5580274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1712208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 116390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 56666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 29435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 13885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 43134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7554281 |
|  **NET ASSETS** | $171778297 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $175022925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (3244628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $171778297 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $8,466,558 / 725,540 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.67 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $138,464,107 / 11,939,865 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.60 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $24,847,632 / 2,104,342 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.81 |

---

*(x)* *Includes value of securities on loan of $6,663,991.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $40,365 foreign withholding tax) | $2312719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 96459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 72712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2481890 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1639872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 372980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 168969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 50400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 22284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2360007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (143266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2216741 |
|  **NET INVESTMENT INCOME (LOSS)** | 265149 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3918513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 36702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3955215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (16337196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16340464) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (12385249) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(12120100) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $265149 | $1071395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3955215 | 16897967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16340464) | 3948030 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (12120100) | 21917392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (295065) | (335059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (4867855) | (5568371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (897071) | (915830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6059991) | (6819260) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 48,854 and 83,557 shares, respectively ] | 591557 | 1069253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 25,215 and 26,386 shares, respectively ] | 295065 | 335059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (125788) and (157926) shares, respectively ] | (1533699) | (2025360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (647077) | (621048) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 841,096 and 965,948 shares, respectively ] | 10188468 | 12378213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 418,571 and 441,162 shares, respectively ] | 4867855 | 5568371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2355438) and (2054415) shares, respectively ] | (28315184) | (26078196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (13258861) | (8131612) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 283,291 and 209,705 shares, respectively ] | 3433705 | 2654169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 75,609 and 71,316 shares, respectively ] | 897071 | 915830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (269341) and (345927) shares, respectively ] | (3322575) | (4575931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1008201 | (1005932) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (12897737) | (9758592) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (31077828) | 5339540 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 202856125 | 197516585 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $171778297 | $202856125 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.86 | $11.95 | $12.13 | $11.84 | $13.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.06 | (0.01) | 0.48 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.79) | 1.30 | (0.15) | 0.53 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.78) | 1.36 | (0.16) | 1.01 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.09) | (0.02) | (0.51) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (0.36) |  | (0.04) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.41) | (0.45) | (0.02) | (0.72) | (0.54) |
|  Net asset value, end of year | $11.67 | $12.86 | $11.95 | $12.13 | $11.84 |
|  Total return | (6.01)% | 11.36 | (1.32) | 8.62 | (4.85) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $8467 | $9997 | $9860 | $11656 | $11854 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.25% | 1.25 | 1.31 | 1.31 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33% | 1.31 | 1.32 | 1.31 | 1.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.11% | 0.46 | (0.12) | 3.89 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.03% | 0.40 | (0.13) | 3.89 | 1.33 |
|  Portfolio turnover rate^ | 155% | 190 | 213 | 184 | 175 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.78 | $11.88 | $12.06 | $11.77 | $12.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.06 | (0.01) | 0.49 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.78) | 1.29 | (0.15) | 0.52 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.77) | 1.35 | (0.16) | 1.01 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.09) | (0.02) | (0.51) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (0.36) |  | (0.04) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.41) | (0.45) | (0.02) | (0.72) | (0.54) |
|  Net asset value, end of year | $11.60 | $12.78 | $11.88 | $12.06 | $11.77 |
|  Total return | (5.97)% | 11.34 | (1.33) | 8.67 | (4.88) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $138464 | $166650 | $162540 | $179897 | $181045 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.25% | 1.25 | 1.31 | 1.31 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33% | 1.31 | 1.32 | 1.31 | 1.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.11% | 0.49 | (0.12) | 3.96 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.03% | 0.44 | (0.14) | 3.96 | 1.35 |
|  Portfolio turnover rate^ | 155% | 190 | 213 | 184 | 175 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO MERGERS & ACQUISITIONS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.01 | $12.08 | $12.25 | $11.95 | $13.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.10 | 0.01 | 0.54 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.81) | 1.31 | (0.13) | 0.52 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.76) | 1.41 | (0.12) | 1.06 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.12) | (0.05) | (0.54) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (0.36) |  | (0.04) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (0.48) | (0.05) | (0.76) | (0.57) |
|  Net asset value, end of year | $11.81 | $13.01 | $12.08 | $12.25 | $11.95 |
|  Total return | (5.78)% | 11.65 | (1.00) | 8.89 | (4.64) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $24848 | $26209 | $25116 | $20863 | $19942 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00 | 1.05 | 1.06 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08% | 1.06 | 1.07 | 1.06 | 1.05 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.38% | 0.76 | 0.10 | 4.29 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.30% | 0.70 | 0.08 | 4.29 | 1.58 |
|  Portfolio turnover rate^ | 155% | 190 | 213 | 184 | 175 |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.07, $0.07 and $0.11 for Class IA, Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.04, $0.05 and $0.09 for Class IA, Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.05), $(0.05) and $(0.03) for Class IA, Class IB and Class K, respectively.* 

*(4)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.02, $0.02 and $0.05 for Class IA, Class IB and Class K, respectively.* 

*(5)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.04, $0.04 and $0.08 for Class IA, Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.77% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.32% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.34% lower.* 

*(hh)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 3.56% lower.* 

*(ii)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.14% lower.* 

See Notes to Financial Statements.

------

**1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> GAMCO Asset Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g07e72.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (10.67)% | 4.98% | 9.45 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (10.67) | 4.98 | 9.45 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (10.45) | 5.24 | 9.72 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | (14.48) | 4.13 | 8.48 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (10.67)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Value Index, which returned (14.48)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• While headwinds from input costs for commodities, transportation, labor and energy brought challenges for cyclical parts of
the economy such as industrial companies, Portfolio stock selection in this area drove relatively stronger total returns in the sector and there were some bright spots in the underlying companies' performance. Companies including Griffon Corp.
and Curtiss Wright Corp. had strong annual performance amidst a challenging broader economic environment.

• The Portfolio's underweighting in the Financial and Real Estate sectors helped returns for the calendar year relative
to the benchmark.

• Myers Industries, Inc. was up nearly 15% during the year, contributing to the Portfolio's performance during the
period. The Akron, Ohio-based company is a manufacturer of polymer products for storing and transporting materials and goods, and global distributor of tire repair and retread products. Shares rose following the third consecutive quarter of record
net sales results. Myers' strong balance sheet and cash position has driven share gains as less financially stable competitors have faltered.

***What hurt performance during the year:***

• Detractors from performance over the period included cyclically-sensitive manufacturers such as Kaman Corporation. The
Bloomfield, Connecticut company is a 70-year old aerospace and defense supplier with business operations in over 50 countries. The company reported supplier challenges during the third quarter for its
Precision Products and Structures division. We believe Kaman is an attractive acquisition candidate as a more pure-play manufacturer following the sale of its industrial distribution business to Littlejohn & Co. in late 2019.

• The 2022 winners tended to act as inflation conduits and/or offer a haven from a potential cyclical downturn. Energy was by
far the strongest sector and the Portfolio's lower allocation to the sector detracted from relative performance for the year.

• Select Media stocks, including The EW Scripps Co. and Sinclair Broadcast Group, Inc., performed poorly due to a combination
of secular concerns around shifting video consumption and wireless substitution and a cyclical collapse in advertising. Many legacy media companies now trade at multiples not seen since the 2007-08 financial
crisis. Their transition to new direct-to-consumer business models has been painful, but rationalization of content costs has already begun, with consolidation not far
behind, in our opinion, giving us confidence that many of these securities will be future stars.

**Portfolio Positioning and Outlook — GAMCO Asset Management, Inc.** 

The direction of markets in 2023 and beyond depends largely upon the answers to three questions: (a) will hot and cold conflicts in Ukraine and Taiwan, respectively, stay contained? (b) can the Fed return inflation to the low-single-digits without triggering deep economic and earnings recessions? and (c) given the altered political economic backdrop, what multiple should investors pay for stocks? Despite abysmal sentiment, market volatility remains subdued with inflation data driven rallies and sell-offs punctuating what has generally been a steady grind lower.

------

**1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (Unaudited)** 

Interest rates and nominal growth may determine short/medium term market performance, but productivity and population growth underpin these factors. Thus, we'll bookend our opening questions with several worthy of longer-term consideration: (a) can democratic capitalism thrive in a world increasingly living under autocracy? (b) how do advanced economies adapt to aging demographics? (c) will climate change stymie improvements in the quality of life for most of the world's population? and (d) what opportunities and threats do new technologies, including robotics, automation, quantum computing and artificial intelligence offer in addressing these and other challenges.

No one can offer definitive answers to these questions, but we have seen the U.S. overcome serious challenges in the past. Naysayers may characterize the West's disorganization and sometime chaos as a weakness, but it may actually be our strength. A robust marketplace of ideas eases the path toward finding a "right" answer – a new equilibrium that may be better in some ways, worse in others but the reality in which we live.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 44.3% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 14.2 |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.4 |
| &nbsp;&nbsp;&nbsp; Materials | 6.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 4.2 |
| &nbsp;&nbsp;&nbsp; Financials | 3.8 |
| &nbsp;&nbsp;&nbsp; Information Technology | 3.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.5 |
| &nbsp;&nbsp;&nbsp; Energy | 1.5 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.2) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

------

**1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1093.20 | $5.58 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.87 | 5.39 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1093.40 | 5.58 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.87 | 5.39 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1094.70 | 4.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.13 | 4.12 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.06%, 1.06% and 0.81%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.06%, 1.06% and 0.81%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.06%, 1.06% and 0.81%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.06%, 1.06% and 0.81%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.4%)** | **Communication Services (7.4%)** | **Communication Services (7.4%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | **** |
|  Anterix, Inc.\* | 30000 | $965100 |  |
|  Consolidated Communications Holdings, Inc.\* | 33000 | 118140 |  |
|  EchoStar Corp., Class A\* | 30000 | 500400 |  |
|  Iridium Communications, Inc.\* | 240000 | 12336000 |  |
|  Liberty Global plc, Class A\* | 98971 | 1873521 |  |
|  Liberty Global plc, Class C\* | 230000 | 4468900 |  |
|  Liberty Latin America Ltd., Class A\* | 85000 | 640050 |  |
|  Liberty Latin America Ltd., Class C\* | 8920 | 67792 |  |
|  Telesat Corp.\* | 370000 | 2775000 |  |
|  Verizon Communications, Inc. | 82000 | 3230800 |  |
|  |  | 26975703 |  |
|  ***Entertainment (3.2%)*** | ***Entertainment (3.2%)*** | ***Entertainment (3.2%)*** | **** |
|  IMAX Corp.\* | 58000 | 850280 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 385000 | 12577950 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 150000 | 4834500 |  |
|  Live Nation Entertainment, Inc.\* | 253000 | 17644220 |  |
|  Madison Square Garden Entertainment Corp.\* | 309707 | 13927524 |  |
|  Madison Square Garden Sports Corp., Class A | 177000 | 32449410 |  |
|  Marcus Corp. (The) (x) | 529000 | 7612310 |  |
|  Reading International, Inc., Class A (x)\* | 186000 | 515220 |  |
|  Reading International, Inc., Class B (x)\* | 11100 | 220335 |  |
|  Take-Two Interactive Software, Inc.\* | 57000 | 5935410 |  |
|  Warner Bros Discovery, Inc.\* | 46500 | 440820 |  |
|  World Wrestling Entertainment, Inc., Class A | 29000 | 1987080 |  |
|  |  | 98995059 |  |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | **** |
|  Cars.com, Inc.\* | 22000 | 302940 |  |
|  ***Media (2.7%)*** | ***Media (2.7%)*** | ***Media (2.7%)*** | **** |
|  AMC Networks, Inc., Class A\* | 100000 | 1567000 |  |
|  Beasley Broadcast Group, Inc., Class A\*‡ | 487000 | 448138 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 1000000 | 1050000 |  |
|  Corus Entertainment, Inc., Class B (x) | 355000 | 566322 |  |
|  DISH Network Corp., Class A (x)\* | 35000 | 491400 |  |
|  EW Scripps Co. (The), Class A\* | 2070000 | 27303300 |  |
|  Gray Television, Inc. | 319300 | 3572967 |  |
|  Gray Television, Inc., Class A (x) | 42007 | 457452 |  |
|  Grupo Televisa SAB (ADR) | 300000 | 1368000 |  |
|  Interpublic Group of Cos., Inc. (The) | 680000 | 22650800 |  |
|  Nexstar Media Group, Inc., Class A | 34600 | 6056038 |  |
|  Salem Media Group, Inc.\* | 175000 | 183750 |  |
|  Sinclair Broadcast Group, Inc., Class A | 530000 | 8220300 |  |
|  Sirius XM Holdings, Inc. (x) | 1000000 | 5840000 |  |
|  Townsquare Media, Inc., Class A\* | 190000 | 1377500 |  |
|  WideOpenWest, Inc.\* | 450000 | 4099500 |  |
|  |  | 85252467 |  |
|  ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | **** |
|  Gogo, Inc.\* | 220000 | 3247200 |  |
|  Rogers Communications, Inc., Class B (x) | 200000 | 9368000 |  |
|  Shenandoah Telecommunications Co. | 112236 | 1782307 |  |
|  Telephone and Data Systems, Inc. | 165000 | 1730850 |  |
|  United States Cellular Corp.\* | 160000 | 3336000 |  |
|  |  | 19464357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 230990526 |  |
|  **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** |  |
|  **Auto Components (2.9%)** | **Auto Components (2.9%)** | **Auto Components (2.9%)** |  |
|  BorgWarner, Inc. | 244000 | 9821000 |  |
|  Brembo SpA | 1000088 | 11187187 |  |
|  Dana, Inc. | 1185035 | 17929580 |  |
|  Garrett Motion, Inc. (x)\* | 350000 | 2667000 |  |
|  Garrett Motion, Inc. Series A (r)\* | 136929 | 1131718 |  |
|  Gentex Corp. | 190000 | 5181300 |  |
|  Modine Manufacturing Co.\* | 1240000 | 24626400 |  |
|  Standard Motor Products, Inc. | 240123 | 8356280 |  |
|  Stoneridge, Inc.\* | 246000 | 5303760 |  |
|  Strattec Security Corp.\*‡ | 230005 | 4726603 |  |
|  Superior Industries International, Inc.\* | 70000 | 295400 |  |
|  |  | 91226228 |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  Thor Industries, Inc. (x) | 4000 | 301960 |  |
|  Winnebago Industries, Inc. | 98000 | 5164600 |  |
|  |  | 5466560 |  |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | **** |
|  Uni-Select, Inc.\* | 172000 | 5442009 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Universal Technical Institute, Inc.\* | 190000 | 1276800 |  |
|  ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** | **** |
|  Biglari Holdings, Inc., Class A\*‡ | 11700 | 8061300 |  |
|  Boyd Gaming Corp. | 540000 | 29446200 |  |
|  Canterbury Park Holding Corp. (x)‡ | 326500 | 10206390 |  |
|  Cheesecake Factory, Inc. (The) (x) | 130000 | 4122300 |  |
|  Churchill Downs, Inc. | 98000 | 20720140 |  |
|  Cracker Barrel Old Country Store, Inc. | 6000 | 568440 |  |
|  Denny's Corp.\* | 390017 | 3592057 |  |
|  Full House Resorts, Inc.\* | 435000 | 3271200 |  |
|  GAN Ltd.\* | 27000 | 40500 |  |
|  Golden Entertainment, Inc.\* | 106000 | 3964400 |  |
|  Inspired Entertainment, Inc.\* | 17000 | 215390 |  |
|  International Game Technology plc | 60000 | 1360800 |  |
|  Las Vegas Sands Corp.\* | 82000 | 3941740 |  |
|  Nathan's Famous, Inc. | 192500 | 12937925 |  |
|  Rock Field Co. Ltd. | 208000 | 2390003 |  |
|  |  | 104838785 |  |
|  ***Household Durables (2.3%)*** | ***Household Durables (2.3%)*** | ***Household Durables (2.3%)*** | **** |
|  Bassett Furniture Industries, Inc. | 380000 | 6604400 |  |
|  Cavco Industries, Inc.\* | 156500 | 35408125 |  |
|  Ethan Allen Interiors, Inc. | 35000 | 924700 |  |
|  La-Z-Boy, Inc. | 275000 | 6275500 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lennar Corp., Class B | 105000 | $| 7851900 |  |
|  Lifetime Brands, Inc. | 19000 |  | 144210 |  |
|  Nobility Homes, Inc. | 174087 |  | 4143270 |  |
|  Skyline Champion Corp.\* | 195000 |  | 10044450 |  |
|  |  |  | 71396555 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 677000 |  | 6472120 |  |
|  Lands' End, Inc.\* | 188000 |  | 1426920 |  |
|  |  |  | 7899040 |  |
|  ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | ***Leisure Products (0.5%)*** | **** |
|  American Outdoor Brands, Inc.\* | 90000 |  | 901800 |  |
|  Brunswick Corp. | 56500 |  | 4072520 |  |
|  Johnson Outdoors, Inc., Class A | 37000 |  | 2446440 |  |
|  Marine Products Corp. | 265700 |  | 3127289 |  |
|  Universal Entertainment Corp.\* | 55000 |  | 996571 |  |
|  Vista Outdoor, Inc.\* | 140000 |  | 3411800 |  |
|  |  |  | 14956420 |  |
|  ***Specialty Retail (4.2%)*** | ***Specialty Retail (4.2%)*** | ***Specialty Retail (4.2%)*** | ***Specialty Retail (4.2%)*** | **** |
|  Aaron's Co., Inc. (The) | 65500 |  | 782725 |  |
|  AutoNation, Inc.\* | 371800 |  | 39894140 |  |
|  Big 5 Sporting Goods Corp. (x) | 60000 |  | 529800 |  |
|  Bowlin Travel Centers, Inc.\* | 76500 |  | 325125 |  |
|  Monro, Inc. | 178000 |  | 8045600 |  |
|  O'Reilly Automotive, Inc.\* | 10000 |  | 8440300 |  |
|  Penske Automotive Group, Inc. | 445700 |  | 51224301 |  |
|  Pets at Home Group plc | 255000 |  | 874288 |  |
|  Sally Beauty Holdings, Inc.\* | 680024 |  | 8513901 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 40000 |  | 376400 |  |
|  Tractor Supply Co. | 63000 |  | 14173110 |  |
|  |  |  | 133179690 |  |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | **** |
|  Hanesbrands, Inc. | 150000 |  | 954000 |  |
|  Movado Group, Inc. | 196500 |  | 6337125 |  |
|  Wolverine World Wide, Inc. | 53500 |  | 584755 |  |
|  |  |  | 7875880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 443557967 |  |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |  |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 5800 |  | 1911216 |  |
|  Brown-Forman Corp., Class A | 87000 |  | 5721120 |  |
|  Crimson Wine Group Ltd.\* | 385000 |  | 2159850 |  |
|  Davide Campari-Milano NV | 417000 |  | 4233446 |  |
|  Primo Water Corp. | 755000 |  | 11732700 |  |
|  |  |  | 25758332 |  |
|  ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | **** |
|  Casey's General Stores, Inc. | 9500 |  | 2131325 |  |
|  Ingles Markets, Inc., Class A‡ | 456500 |  | 44033990 |  |
|  Village Super Market, Inc., Class A | 145524 |  | 3389254 |  |
|  |  |  | 49554569 |  |
|  ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | **** |
|  Calavo Growers, Inc. | 73000 |  | 2146200 |  |
|  Farmer Bros Co.\* | 655000 |  | 3019550 |  |
|  Flowers Foods, Inc. | 60000 |  | 1724400 |  |
|  Hain Celestial Group, Inc. (The)\* | 390000 |  | 6310200 |  |
|  Ingredion, Inc. | 19500 |  | 1909635 |  |
|  J & J Snack Foods Corp. | 45000 |  | 6736950 |  |
|  John B Sanfilippo & Son, Inc. | 17000 |  | 1382440 |  |
|  Lifecore Biomedical, Inc.\* | 80000 |  | 518400 |  |
|  Lifeway Foods, Inc.\* | 30000 |  | 166500 |  |
|  Limoneira Co.(x) | 90000 |  | 1098900 |  |
|  Maple Leaf Foods, Inc. (x) | 132000 |  | 2383604 |  |
|  Post Holdings, Inc.\* | 100000 |  | 9026000 |  |
|  Tootsie Roll Industries, Inc. | 83000 |  | 3533310 |  |
|  |  |  | 39956089 |  |
|  ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | **** |
|  Church & Dwight Co., Inc. | 100000 |  | 8061000 |  |
|  Energizer Holdings, Inc. | 165000 |  | 5535750 |  |
|  Oil-Dri Corp. of America‡ | 436400 |  | 14636856 |  |
|  Spectrum Brands Holdings, Inc. | 34000 |  | 2071280 |  |
|  WD-40 Co. | 39000 |  | 6287190 |  |
|  |  |  | 36592076 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  BellRing Brands, Inc.\* | 94000 |  | 2410160 |  |
|  Edgewell Personal Care Co. | 132000 |  | 5087280 |  |
|  United-Guardian, Inc. | 140000 |  | 1456000 |  |
|  |  |  | 8953440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 160814506 |  |
|  **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |  |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | **** |
|  Dril-Quip, Inc.\* | 500000 |  | 13585000 |  |
|  KLX Energy Services Holdings, Inc. (x)\* | 19000 |  | 328890 |  |
|  Oceaneering International, Inc.\* | 185000 |  | 3235650 |  |
|  RPC, Inc. | 1410000 |  | 12534900 |  |
|  |  |  | 29684440 |  |
|  ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** | ***Oil, Gas & Consumable Fuels (0.5%)*** | **** |
|  CNX Resources Corp.\* | 190000 |  | 3199600 |  |
|  Navigator Holdings Ltd.\* | 410000 |  | 4903600 |  |
|  ONEOK, Inc. | 137000 |  | 9000900 |  |
|  |  |  | 17104100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 46788540 |  |
|  **Financials (3.8%)** | **Financials (3.8%)** | **Financials (3.8%)** | **Financials (3.8%)** |  |
|  ***Banks (2.1%)*** | ***Banks (2.1%)*** | ***Banks (2.1%)*** | ***Banks (2.1%)*** | **** |
|  Ameris Bancorp | 35000 |  | 1649900 |  |
|  Atlantic Union Bankshares Corp. | 12000 |  | 421680 |  |
|  Cadence Bank | 42000 |  | 1035720 |  |
|  Colony Bankcorp, Inc. | 12000 |  | 152280 |  |
|  Eagle Bancorp, Inc. | 60000 |  | 2644200 |  |
|  FB Financial Corp. | 12000 |  | 433680 |  |
|  First Bancorp (Nasdaq Stock Exchange) | 10000 |  | 428400 |  |
|  First Bancorp (Quotrix Stock Exchange) | 84000 |  | 1068480 |  |
|  First Busey Corp. | 28500 |  | 704520 |  |
|  First Horizon Corp. | 68000 |  | 1666000 |  |
|  Flushing Financial Corp. | 632000 |  | 12248160 |  |
|  FNB Corp. | 46000 |  | 600300 |  |
|  Hanover Bancorp, Inc. (x) | 5000 |  | 101950 |  |
|  Hope Bancorp, Inc. | 570000 |  | 7301700 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Huntington Bancshares, Inc. | 250000 | $| 3525000 |  |
|  OceanFirst Financial Corp. | 63000 |  | 1338750 |  |
|  Peapack-Gladstone Financial Corp. | 14000 |  | 521080 |  |
|  Primis Financial Corp. | 11000 |  | 130350 |  |
|  Renasant Corp. | 22000 |  | 826980 |  |
|  Sandy Spring Bancorp, Inc. | 78000 |  | 2747940 |  |
|  Seacoast Banking Corp. of Florida | 37000 |  | 1154030 |  |
|  ServisFirst Bancshares, Inc. | 26000 |  | 1791660 |  |
|  Southern First Bancshares, Inc.\* | 19000 |  | 869250 |  |
|  SouthState Corp. | 19000 |  | 1450840 |  |
|  SVB Financial Group\* | 3600 |  | 828504 |  |
|  Synovus Financial Corp. | 75000 |  | 2816250 |  |
|  Thomasville Bancshares, Inc. | 15960 |  | 1037400 |  |
|  Towne Bank | 11000 |  | 339240 |  |
|  Trustmark Corp. | 12000 |  | 418920 |  |
|  United Community Banks, Inc. | 23000 |  | 777400 |  |
|  Webster Financial Corp. | 330000 |  | 15622200 |  |
|  |  |  | 66652764 |  |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | **** |
|  BKF Capital Group, Inc.\* | 13000 |  | 195000 |  |
|  Charles Schwab Corp. (The) | 75000 |  | 6244500 |  |
|  Cohen & Steers, Inc. | 266000 |  | 17172960 |  |
|  Federated Hermes, Inc., Class B | 80000 |  | 2904800 |  |
|  GAM Holding AG\* | 335000 |  | 340561 |  |
|  Janus Henderson Group plc | 254500 |  | 5985840 |  |
|  KKR & Co., Inc. | 150000 |  | 6963000 |  |
|  PJT Partners, Inc., Class A | 80000 |  | 5895200 |  |
|  Post Holdings Partnering Corp., Class A\* | 80000 |  | 794400 |  |
|  Wright Investors' Service Holdings, Inc.\* | 50000 |  | 5875 |  |
|  |  |  | 46502136 |  |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | **** |
|  Medallion Financial Corp.(x) | 170000 |  | 1213800 |  |
|  PROG Holdings, Inc.\* | 79039 |  | 1334969 |  |
|  |  |  | 2548769 |  |
|  ***Diversified Financial Services (0.0%)†*** | ***Diversified Financial Services (0.0%)†*** | ***Diversified Financial Services (0.0%)†*** | ***Diversified Financial Services (0.0%)†*** | **** |
|  Compass Diversified Holdings | 47200 |  | 860456 |  |
|  ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | **** |
|  Argo Group International Holdings Ltd. | 68000 |  | 1757800 |  |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  Capitol Federal Financial, Inc. | 40000 |  | 346000 |  |
|  Crazy Woman Creek Bancorp, Inc. | 14000 |  | 332500 |  |
|  |  |  | 678500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 119000425 |  |
|  **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** |  |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | **** |
|  Align Technology, Inc.\* | 300 |  | 63270 |  |
|  Cardiovascular Systems, Inc.\* | 60000 |  | 817200 |  |
|  CONMED Corp. | 57500 |  | 5096800 |  |
|  Cooper Cos., Inc. (The) | 12800 |  | 4232576 |  |
|  Cutera, Inc. (x)\* | 679000 |  | 30025380 |  |
|  Dexcom, Inc.\* | 52000 |  | 5888480 |  |
|  Heska Corp.\* | 14000 |  | 870240 |  |
|  ICU Medical, Inc.\* | 21000 |  | 3307080 |  |
|  Masimo Corp.\* | 85000 |  | 12575750 |  |
|  Meridian Bioscience, Inc.\* | 199895 |  | 6638513 |  |
|  Neogen Corp.\* | 40000 |  | 609200 |  |
|  Neuronetics, Inc.\* | 65000 |  | 446550 |  |
|  NuVasive, Inc.\* | 150000 |  | 6186000 |  |
|  Orthofix Medical, Inc.\* | 64000 |  | 1313920 |  |
|  QuidelOrtho Corp.\* | 161000 |  | 13792870 |  |
|  STERIS plc | 86000 |  | 15883340 |  |
|  Surmodics, Inc.\* | 57352 |  | 1956850 |  |
|  |  |  | 109704019 |  |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | **** |
|  Chemed Corp. | 2000 |  | 1020860 |  |
|  Henry Schein, Inc.\* | 20000 |  | 1597400 |  |
|  Invitae Corp. (x)\* | 60000 |  | 111600 |  |
|  OPKO Health, Inc.\* | 200000 |  | 250000 |  |
|  Patterson Cos., Inc. | 325000 |  | 9109750 |  |
|  |  |  | 12089610 |  |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | **** |
|  Evolent Health, Inc., Class A\* | 80000 |  | 2246400 |  |
|  Teladoc Health, Inc.\* | 10000 |  | 236500 |  |
|  |  |  | 2482900 |  |
|  ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | ***Life Sciences Tools & Services (0.2%)*** | **** |
|  Bio-Rad Laboratories, Inc., Class A\* | 20000 |  | 8409800 |  |
|  NeoGenomics, Inc.\* | 4000 |  | 36960 |  |
|  |  |  | 8446760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 132723289 |  |
|  **Industrials (44.3%)** | **Industrials (44.3%)** | **Industrials (44.3%)** | **Industrials (44.3%)** |  |
|  ***Aerospace & Defense (6.7%)*** | ***Aerospace & Defense (6.7%)*** | ***Aerospace & Defense (6.7%)*** | ***Aerospace & Defense (6.7%)*** | **** |
|  AAR Corp.\* | 120000 |  | 5388000 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 1490000 |  | 83335700 |  |
|  Astronics Corp.\* | 10000 |  | 103000 |  |
|  Astronics Corp., Class B (x)\* | 30000 |  | 298500 |  |
|  Curtiss-Wright Corp. | 128000 |  | 21374720 |  |
|  Ducommun, Inc.\* | 125000 |  | 6245000 |  |
|  HEICO Corp. | 120900 |  | 18575076 |  |
|  HEICO Corp., Class A | 3000 |  | 359550 |  |
|  Innovative Solutions and Support, Inc.\* | 107500 |  | 883650 |  |
|  Kaman Corp. | 1188500 |  | 26503550 |  |
|  Moog, Inc., Class A | 67000 |  | 5879920 |  |
|  Moog, Inc., Class B | 34021 |  | 2985683 |  |
|  National Presto Industries, Inc. | 7000 |  | 479220 |  |
|  Park Aerospace Corp. | 639500 |  | 8575695 |  |
|  Textron, Inc. | 286000 |  | 20248800 |  |
|  Woodward, Inc. | 82000 |  | 7922020 |  |
|  |  |  | 209158084 |  |
|  ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | **** |
|  A O Smith Corp. | 78000 |  | 4464720 |  |
|  Fortune Brands Innovations, Inc. | 10000 |  | 571100 |  |
|  Gibraltar Industries, Inc.\* | 50000 |  | 2294000 |  |
|  Griffon Corp. | 1629500 |  | 58319805 |  |
|  Johnson Controls International plc | 112000 |  | 7168000 |  |
|  Masterbrand, Inc.\* | 10000 |  | 75500 |  |
|  |  |  | 72893125 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | **** |
|  ACCO Brands Corp. | 155000 | $866450 |  |
|  Casella Waste Systems, Inc., Class A\* | 116000 | 9199960 |  |
|  IAA, Inc.\* | 422500 | 16900000 |  |
|  KAR Auction Services, Inc.\* | 440000 | 5742000 |  |
|  Kimball International, Inc., Class B | 258000 | 1677000 |  |
|  Loomis AB | 210000 | 5755713 |  |
|  Matthews International Corp., Class A | 589000 | 17929160 |  |
|  Pitney Bowes, Inc. | 20000 | 76000 |  |
|  Republic Services, Inc. | 327500 | 42244225 |  |
|  Rollins, Inc. | 1335000 | 48780900 |  |
|  Team, Inc. (x)\* | 59000 | 309750 |  |
|  |  | 149481158 |  |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | **** |
|  Arcosa, Inc. | 100000 | 5434000 |  |
|  Granite Construction, Inc. | 15000 | 526050 |  |
|  Valmont Industries, Inc. | 10000 | 3306700 |  |
|  |  | 9266750 |  |
|  ***Electrical Equipment (2.5%)*** | ***Electrical Equipment (2.5%)*** | ***Electrical Equipment (2.5%)*** | **** |
|  Allied Motion Technologies, Inc. | 72326 | 2517668 |  |
|  AMETEK, Inc. | 330000 | 46107600 |  |
|  AZZ, Inc. | 178000 | 7155600 |  |
|  Pineapple Energy, Inc. (x)\* | 30000 | 69900 |  |
|  Rockwell Automation, Inc. | 87000 | 22408590 |  |
|  |  | 78259358 |  |
|  ***Machinery (19.3%)*** | ***Machinery (19.3%)*** | ***Machinery (19.3%)*** | **** |
|  Albany International Corp., Class A | 36000 | 3549240 |  |
|  Altra Industrial Motion Corp. | 39000 | 2330250 |  |
|  Astec Industries, Inc. | 509000 | 20695940 |  |
|  Chart Industries, Inc.\* | 117200 | 13504956 |  |
|  CIRCOR International, Inc.\* | 753000 | 18041880 |  |
|  CNH Industrial NV | 2690000 | 43201400 |  |
|  Commercial Vehicle Group, Inc.\* | 125500 | 854655 |  |
|  Crane Holdings Co. | 552500 | 55498625 |  |
|  Donaldson Co., Inc. | 209000 | 12303830 |  |
|  Eastern Co. (The)(x) | 266039 | 5129232 |  |
|  Enerpac Tool Group Corp. | 95000 | 2417750 |  |
|  EnPro Industries, Inc. | 403500 | 43856415 |  |
|  Federal Signal Corp. | 480000 | 22305600 |  |
|  Flowserve Corp. | 104000 | 3190720 |  |
|  Franklin Electric Co., Inc. | 250000 | 19937500 |  |
|  Gencor Industries, Inc.\* | 98800 | 997880 |  |
|  Gorman-Rupp Co. (The) | 430000 | 11016600 |  |
|  Graco, Inc. | 438000 | 29459880 |  |
|  Graham Corp.\* | 60000 | 577200 |  |
|  Hyster-Yale Materials Handling, Inc. | 270000 | 6833700 |  |
|  IDEX Corp. | 89000 | 20321370 |  |
|  Interpump Group SpA | 210000 | 9477336 |  |
|  Iveco Group NV\* | 700000 | 4127269 |  |
|  Kennametal, Inc. | 214000 | 5148840 |  |
|  L B Foster Co., Class A\* | 525000 | 5082000 |  |
|  Lincoln Electric Holdings, Inc. | 94000 | 13582060 |  |
|  Lindsay Corp. | 58500 | 9526725 |  |
|  LS Starrett Co. (The), Class A\*‡ | 450046 | 3312338 |  |
|  Manitowoc Co., Inc. (The)\* | 245000 | 2244200 |  |
|  Middleby Corp. (The)\* | 4800 | 642720 |  |
|  Mueller Industries, Inc. | 1414000 | 83426000 |  |
|  Mueller Water Products, Inc., Class A | 1360000 | 14633600 |  |
|  Nordson Corp. | 39500 | 9389940 |  |
|  Park-Ohio Holdings Corp. | 557000 | 6812110 |  |
|  Shyft Group, Inc. (The) | 272000 | 6761920 |  |
|  Standex International Corp. | 81000 | 8295210 |  |
|  Tennant Co. | 409000 | 25182130 |  |
|  Toro Co. (The) | 47000 | 5320400 |  |
|  Trinity Industries, Inc. | 425000 | 12567250 |  |
|  Twin Disc, Inc.\* | 552073 | 5366150 |  |
|  Watts Water Technologies, Inc., Class A | 281000 | 41090630 |  |
|  |  | 608013451 |  |
|  ***Trading Companies & Distributors (8.4%)*** | ***Trading Companies & Distributors (8.4%)*** | ***Trading Companies & Distributors (8.4%)*** | **** |
|  Distribution Solutions Group, Inc.\* | 100000 | 3686000 |  |
|  GATX Corp. | 840000 | 89325600 |  |
|  H&E Equipment Services, Inc. | 40000 | 1816000 |  |
|  Herc Holdings, Inc. | 863800 | 113650166 |  |
|  McGrath RentCorp | 23000 | 2271020 |  |
|  Rush Enterprises, Inc., Class B‡ | 744500 | 41893015 |  |
|  Titan Machinery, Inc.\* | 56000 | 2224880 |  |
|  United Rentals, Inc.\* | 26500 | 9418630 |  |
|  |  | 264285311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1391357237 |  |
|  **Information Technology (3.6%)** | **Information Technology (3.6%)** | **Information Technology (3.6%)** |  |
|  ***Electronic Equipment, Instruments & Components (2.5%)*** | ***Electronic Equipment, Instruments & Components (2.5%)*** | ***Electronic Equipment, Instruments & Components (2.5%)*** | **** |
|  Badger Meter, Inc. | 97000 | 10575910 |  |
|  Bel Fuse, Inc., Class A‡ | 162500 | 5409625 |  |
|  Bel Fuse, Inc., Class B | 23000 | 757160 |  |
|  CTS Corp. | 1000000 | 39420000 |  |
|  Daktronics, Inc. (x)\* | 150000 | 423000 |  |
|  Itron, Inc.\* | 67000 | 3393550 |  |
|  Landis+Gyr Group AG\* | 26500 | 1870032 |  |
|  Littelfuse, Inc. | 45000 | 9909000 |  |
|  Napco Security Technologies, Inc.\* | 36000 | 989280 |  |
|  Rogers Corp.\* | 59000 | 7041060 |  |
|  Trans-Lux Corp.\* | 120060 | 43354 |  |
|  |  | 79831971 |  |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | **** |
|  Alithya Group, Inc., Class A\* | 760000 | 1124800 |  |
|  MoneyGram International, Inc.\* | 32000 | 348480 |  |
|  Steel Connect, Inc.\* | 860000 | 1229800 |  |
|  |  | 2703080 |  |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | **** |
|  Fortinet, Inc.\* | 114500 | 5597905 |  |
|  Roper Technologies, Inc. | 26200 | 11320758 |  |
|  Tyler Technologies, Inc.\* | 37000 | 11929170 |  |
|  |  | 28847833 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  Diebold Nixdorf, Inc.\* | 975000 | 1384500 |  |
|  Intevac, Inc.\* | 55700 | 360379 |  |
|  TransAct Technologies, Inc. (x)\* | 80000 | 497600 |  |
|  |  | 2242479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 113625363 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Materials (6.7%)** | **Materials (6.7%)** | **Materials (6.7%)** |  |
|  ***Chemicals (3.4%)*** | ***Chemicals (3.4%)*** | ***Chemicals (3.4%)*** | **** |
|  Ashland, Inc. | 57500 | $6182975 |  |
|  Chase Corp. | 10000 | 862600 |  |
|  Core Molding Technologies, Inc.\* | 344000 | 4468560 |  |
|  Element Solutions, Inc. | 67000 | 1218730 |  |
|  FMC Corp. | 20000 | 2496000 |  |
|  Hawkins, Inc. | 45000 | 1737000 |  |
|  HB Fuller Co. | 350000 | 25067000 |  |
|  Huntsman Corp. | 100000 | 2748000 |  |
|  Livent Corp.\* | 52000 | 1033240 |  |
|  Minerals Technologies, Inc. | 195000 | 11840400 |  |
|  NewMarket Corp. | 14500 | 4511095 |  |
|  Olin Corp. | 115000 | 6088100 |  |
|  Quaker Chemical Corp. | 4700 | 784430 |  |
|  Scotts Miracle-Gro Co. (The) | 74000 | 3595660 |  |
|  Sensient Technologies Corp. | 180000 | 13125600 |  |
|  Takasago International Corp. | 28500 | 552671 |  |
|  Tredegar Corp. (x) | 1490092 | 15228740 |  |
|  Valvoline, Inc. | 162000 | 5289300 |  |
|  |  | 106830101 |  |
|  ***Containers & Packaging (1.9%)*** | ***Containers & Packaging (1.9%)*** | ***Containers & Packaging (1.9%)*** | **** |
|  Greif, Inc., Class A | 211000 | 14149660 |  |
|  Myers Industries, Inc. | 1654014 | 36768731 |  |
|  Sonoco Products Co. | 155000 | 9410050 |  |
|  |  | 60328441 |  |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | **** |
|  Ampco-Pittsburgh Corp. (x)\* | 960000 | 2409600 |  |
|  ATI, Inc.\* | 500000 | 14930000 |  |
|  Barrick Gold Corp. | 24000 | 412320 |  |
|  Haynes International, Inc. | 7000 | 319830 |  |
|  Kinross Gold Corp. | 45000 | 184050 |  |
|  Materion Corp. | 255000 | 22315050 |  |
|  TimkenSteel Corp.\* | 212000 | 3852040 |  |
|  |  | 44422890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 211581432 |  |
|  **Real Estate (3.5%)** | **Real Estate (3.5%)** | **Real Estate (3.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.2%)*** | **** |
|  Indus Realty Trust, Inc. (REIT) (x)‡ | 336000 | 21332640 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 564000 | 46123920 |  |
|  |  | 67456560 |  |
|  ***Real Estate Management & Development (1.3%)*** | ***Real Estate Management & Development (1.3%)*** | ***Real Estate Management & Development (1.3%)*** | **** |
|  Capital Properties, Inc., Class A | 75004 | 825044 |  |
|  Gyrodyne LLC\* | 4004 | 32432 |  |
|  Seritage Growth Properties (REIT), Class A (x)\* | 140000 | 1656200 |  |
|  St Joe Co. (The) | 784000 | 30301600 |  |
|  Tejon Ranch Co.\* | 488094 | 9195691 |  |
|  |  | 42010967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 109467527 |  |
|  **Utilities (4.9%)** | **Utilities (4.9%)** | **Utilities (4.9%)** |  |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | **** |
|  Evergy, Inc. | 148000 | 9313640 |  |
|  Otter Tail Corp. | 275000 | 16145250 |  |
|  PNM Resources, Inc. | 692000 | 33762680 |  |
|  |  | 59221570 |  |
|  ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | **** |
|  Chesapeake Utilities Corp. | 6000 | 709080 |  |
|  National Fuel Gas Co. | 170000 | 10761000 |  |
|  Northwest Natural Holding Co. | 34000 | 1618060 |  |
|  ONE Gas, Inc. | 34000 | 2574480 |  |
|  Southwest Gas Holdings, Inc. | 414000 | 25618320 |  |
|  |  | 41280940 |  |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | **** |
|  AES Corp. (The) | 240000 | 6902400 |  |
|  Ormat Technologies, Inc. | 84000 | 7264320 |  |
|  |  | 14166720 |  |
|  ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | **** |
|  Black Hills Corp. | 172000 | 12098480 |  |
|  NorthWestern Corp. | 264000 | 15665760 |  |
|  |  | 27764240 |  |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | **** |
|  Cadiz, Inc. (x)\* | 9500 | 23750 |  |
|  SJW Group | 97500 | 7916025 |  |
|  York Water Co. (The) | 43500 | 1956630 |  |
|  |  | 9896405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 152329875 |  |
|  **Total Common Stocks (99.1%)**<br> *(Cost $1,325,866,593)* |  | 3112236687 |  |
|  CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: |  |
|  **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Garrett Motion, Inc. <br>11.000% (y) | 305000 | 2653500 |  |
|  **Total Convertible Preferred Stock (0.1%)**<br> *(Cost $1,601,250)* |  | 2653500 |  |
|  PREFERRED STOCK: | PREFERRED STOCK: | PREFERRED STOCK: |  |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Steel Partners Holdings LP <br>6.000% | 49000 | 1125530 |  |
|  **Total Preferred Stock (0.0%)†**<br> *(Cost $1,158,621)* |  | 1125530 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |  |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | **** |
|  Pineapple Energy, Inc., CVR (r)(x)\* <br>*(Cost $—)* | 115000 | 338399 |  |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |  |
|  WARRANTS: | WARRANTS: | WARRANTS: |  |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |  |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | **** |
|  Ampco-Pittsburgh Corp., expiring 8/1/25\* <br>*(Cost $—)* | 532000 | 83790 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $3,001,427, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $3,061,455. (xx) | $3000000 | $3000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $6,813,947, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $6,946,984. (xx) | 6810769 | 6810769 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 | 10000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $9,207,961, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $10,017,222. (xx) | 9200000 | 9200000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $1,000,490, collateralized by various Common Stocks; total market value $1,112,847. (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 30010769 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $30,010,769)* |  | 30010769 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $1,358,637,233)* |  | 3146448675 |
|  **Other Assets Less Liabilities (-0.2%)** |  | (5187093) |
|  **Net Assets (100%)** |  | $3141261582 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $31,363,304. This was collateralized by $2,093,289 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $30,010,769 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Communication Services** |  |  |  |  |  |  |  |  |  |
|  **Media** |  |  |  |  |  |  |  |  |  |
|  Beasley Broadcast Group, Inc., Class A\* | 487000 | 1014930 |  | (60241) | (161472) | (345079) | 448138 |  |  |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |
|  **Auto Components** |  |  |  |  |  |  |  |  |  |
|  Strattec Security Corp.\* | 230005 | 8244539 | 175169 |  |  | (3693105) | 4726603 |  |  |
|  **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |  |
|  Biglari Holdings, Inc., Class A\* | 11700 | 8340000 |  | (210620) | 3978 | (72058) | 8061300 |  |  |
|  Canterbury Park Holding Corp.(x) | 326500 | 5644020 |  | (13497) | 4901 | 4570966 | 10206390 | 114415 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net**<br>**Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/**<br>**Interest<br>Income**<br>**($)** | **Capital Gain<br>Distributions<br>($)** |
|  **Consumer Staples** |  |  |  |  |  |  |  |  |  |
|  **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
|  Ingles Markets, Inc., Class A | 456500 | 54092010 |  | (15986249) | 12328827 | (6400598) | 44033990 | 377438 |  |
|  **Household Products** |  |  |  |  |  |  |  |  |  |
|  Oil-Dri Corp. of America | 436400 | 13941507 | 325161 | (19203) | (9) | 389400 | 14636856 | 476529 |  |
|  **Industrials** |  |  |  |  |  |  |  |  |  |
|  **Machinery** |  |  |  |  |  |  |  |  |  |
|  LS Starrett Co. (The), Class A\* | 450046 | 4132700 | 62000 |  |  | (882362) | 3312338 |  |  |
|  **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |
|  Rush Enterprises, Inc., Class B | 744500 | 40315590 |  | (123429) | 96445 | 1604409 | 41893015 | 596170 |  |
|  **Information Technology** |  |  |  |  |  |  |  |  |  |
|  **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |
|  Bel Fuse, Inc., Class A | 162500 | 2391475 |  | (78739) | 1880 | 3095009 | 5409625 | 39570 |  |
|  **Real Estate** |  |  |  |  |  |  |  |  |  |
|  **Equity Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
|  Indus Realty Trust, Inc. (REIT)(x) | 336000 | 27560400 | 50620 | (329044) | 39872 | (5989208) | 21332640 | 222400 |  |
|  **Total** |  | **165677171** | **612950** | **(16821022)** | **12314422** | **(7722626)** | **154060895** | **1826522** |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230312739 | $677787 | $— | $230990526 |
|  Consumer Discretionary | 401510580 | 40915669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131718 | 443557967 |
|  Consumer Staples | 156581060 | 4233446 |  | 160814506 |
|  Energy | 46788540 |  |  | 46788540 |
|  Financials | 116294689 | 2705736 |  | 119000425 |
|  Health Care | 132723289 |  |  | 132723289 |
|  Industrials | 1368712736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22644501 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391357237 |
|  Information Technology | 106302352 | 7323011 |  | 113625363 |
|  Materials | 211028761 | 552671 |  | 211581432 |
|  Real Estate | 108610051 | 857476 |  | 109467527 |
|  Utilities | 152329875 |  |  | 152329875 |
|  **Convertible Preferred Stock** |  |  |  |  |
|  Consumer Discretionary | 2653500 |  |  | 2653500 |
|  **Preferred Stock** |  |  |  |  |
|  Industrials | 1125530 |  |  | 1125530 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Rights** |  |  |  |  |
|  Industrials | $— | $— | $338399 | $338399 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 30010769 |  | 30010769 |
|  **Warrants** |  |  |  |  |
|  Materials | 83790 |  |  | 83790 |
|  **Total Assets** | $**3035057492** | $**109921066** | $**1470117** | $**3146448675** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3035057492** | $**109921066** | $**1470117** | $**3146448675** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $86868008 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241533174 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1950320165 |
|  Aggregate gross unrealized depreciation | (165347463) |
|  Net unrealized appreciation | $1784972702 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361475973 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $2,122 as brokerage commissions with G. Research, an affiliated broker/dealer.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $52,774,738) | $154060895.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,275,851,726) | 2962377011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $30,010,769) | 30010769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 25226497.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $809,957) | 845167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2076875.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 305472.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 66158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 23582.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13861.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3175006287.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 30010769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1877411.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 931872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 547693.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 257428.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 72964.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 42307.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 50.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 4211.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 33744705.0 |
|  **NET ASSETS** | $3141261582.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1343169207.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1798092375.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3141261582.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $195,697,112 / 3,147,257 shares outstanding (unlimited amount authorized: $0.01 par value) | $62.18 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,542,133,655 / 40,785,024 shares outstanding (unlimited amount authorized: $0.01 par value) | $62.33 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $403,430,815 / 6,482,853 shares outstanding (unlimited amount authorized: $0.01 par value) | $62.23 |

---

*(x)* *Includes value of securities on loan of $31,363,304.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,826,522 of dividend income received from affiliates) (net of $201,485 foreign withholding tax) | $48123921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 570685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 580424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 49275030 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 22495539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6530498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3013663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 520397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 155451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 146911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 108200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 104886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 76566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 33152111 |
|  **NET INVESTMENT INCOME (LOSS)** | 16122919 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($12,314,422 realized gain (loss) from affiliates) | 119850040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 135109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119985149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(7722626) of change in unrealized appreciation (depreciation) from affiliates) | (533432767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (9510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (533442277) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (413457128) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(397334209) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16122919 | $18271098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119985149 | 268599513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (533442277) | 508089371 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (397334209) | 794959982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (10811812) | (18347141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (139093709) | (219437728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (23253350) | (37890267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (173158871) | (275675136) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 71,654 and 141,330 shares, respectively ] | 4702028 | 10434567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 172,596 and 254,318 shares, respectively ] | 10811812 | 18347141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (464655) and (590933) shares, respectively ] | (30595937) | (43238705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (15082097) | (14456997) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,257,918 and 1,257,657 shares, respectively ] | 82324823 | 92537275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,214,884 and 3,035,041 shares, respectively ] | 139093709 | 219437728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3304672) and (4050888) shares, respectively ] | (216834112) | (295417159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 4584420 | 16557844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 320,020 and 347,355 shares, respectively ] | 21198011 | 25403464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 370,473 and 524,831 shares, respectively ] | 23253350 | 37890267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1006550) and (1950311) shares, respectively ] | (66499215) | (138812431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (22047854) | (75518700) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (32545531) | (73417853) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (603038611) | 445866993 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3744300193 | 3298433200 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3141261582 | $3744300193 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $73.59 | $63.55 | $59.78 | $50.02 | $62.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.30 | 0.34 | 0.28 | 0.33 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.17) | 15.47 | 5.28 | 11.33 | (9.97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.87) | 15.81 | 5.56 | 11.66 | (9.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.48) | (0.40) | (0.35) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.19) | (5.29) | (1.39) | (1.55) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.54) | (5.77) | (1.79) | (1.90) | (3.18) |
|  Net asset value, end of year | $62.18 | $73.59 | $63.55 | $59.78 | $50.02 |
|  Total return | (10.67) | 25.14 | 9.51 | 23.35 | (15.57) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $195697 | $247825 | $226426 | $234644 | $207870 |
|  Ratio of expenses to average net assets (f) | 1.05 | 1.05 | 1.07 | 1.07 | 1.07 |
|  Ratio of net investment income (loss) to average net assets (f) | 0.46 | 0.47 | 0.53 | 0.57 | 0.57 |
|  Portfolio turnover rate^ | 3 | 4 | 5 | 2 | 6 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $73.76 | $63.68 | $59.90 | $50.12 | $62.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.30 | 0.35 | 0.29 | 0.33 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.19) | 15.50 | 5.28 | 11.35 | (9.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.89) | 15.85 | 5.57 | 11.68 | (9.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.48) | (0.40) | (0.35) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.19) | (5.29) | (1.39) | (1.55) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.54) | (5.77) | (1.79) | (1.90) | (3.18) |
|  Net asset value, end of year | $62.33 | $73.76 | $63.68 | $59.90 | $50.12 |
|  Total return | (10.67) | 25.15 | 9.51 | 23.35 | (15.57) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079297 |
|  Ratio of expenses to average net assets (f) | 1.05 | 1.05 | 1.07 | 1.07 | 1.07 |
|  Ratio of net investment income (loss) to average net assets (f) | 0.46 | 0.47 | 0.54 | 0.57 | 0.57 |
|  Portfolio turnover rate^ | 3 | 4 | 5 | 2 | 6 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT GAMCO SMALL COMPANY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $73.64 | $63.57 | $59.77 | $50.01 | $62.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.47 | 0.53 | 0.39 | 0.47 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.17) | 15.47 | 5.33 | 11.33 | (9.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.70) | 16.00 | 5.72 | 11.80 | (9.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.52) | (0.64) | (0.53) | (0.49) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.19) | (5.29) | (1.39) | (1.55) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.71) | (5.93) | (1.92) | (2.04) | (3.34) |
|  Net asset value, end of year | $62.23 | $73.64 | $63.57 | $59.77 | $50.01 |
|  Total return | (10.45) | 25.45 | 9.78 | 23.65 | (15.36) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529887 |
|  Ratio of expenses to average net assets (f) | 0.80 | 0.80 | 0.82 | 0.82 | 0.82 |
|  Ratio of net investment income (loss) to average net assets (f) | 0.71 | 0.72 | 0.76 | 0.82 | 0.82 |
|  Portfolio turnover rate^ | 3 | 4 | 5 | 2 | 6 |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.24, $0.24 and $0.40 for Class IA, Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.24, $0.24 and $0.39 for Class IA, Class IB and Class K, respectively.* 

*(3)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.12, $0.12 and $0.23 for Class IA, Class IB and Class K, respectively.* 

*(4)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.18, $0.19, and $0.37 for Class IA, Class IB and Class K, respectively.* 

*(5)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18, $0.19, and $0.37 for Class IA, Class IB and Class K, respectively.* 

*(6)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.22, $0.22 and $0.39 for Class IA, Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.31% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.15% lower.* 

*(dd)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.22% lower.* 

*(ee)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

*(ff)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.22% lower.* 

See Notes to Financial Statements.

------

**1290 VT HIGH YIELD BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AXA Investment Managers US Inc. (Effective January 1, 2022, AXA Investment Managers, Inc. was renamed AXA Investment Managers US Inc.)

<sub>⮚</sub> Post Advisory Group, LLC

PERFORMANCE RESULTS

![LOGO](g401674g82e21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (10.30)% | 1.85% | 3.23 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (9.99) | 2.12 | 3.49 |  |
| &nbsp;&nbsp;&nbsp; ICE BofAML U.S. High Yield Index | (11.17) | 2.13 | 3.89 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (10.30)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the ICE BofAML U.S. High Yield Index, which returned (11.17)% over the same period.

**Asset Class Overview** 

**Portfolio Highlights** 

***What helped performance during the year:***

• Lower than benchmark duration helped the relative performance.

• Exposure to the loan asset class, which benefitted from a floating rate coupon, enhanced the relative performance.

• Security selection within Health Care, Technology, Retailers, and Food & Beverage helped relative performance.

***What hurt performance during the year:***

• From a macro risk positioning perspective, an overweight position to the highest yielding segment of the market detracted
from relative performance.

• Security selection in the Basic Industry, gaming and chemicals detracted from the Portfolio's performance

• An underweight to oil field services hurt relative performance.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 5.44 |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 5.84 |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.86 |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | B+ |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.2% |
| &nbsp;&nbsp;&nbsp; Financials | 11.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 10.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 10.3 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.1 |
| &nbsp;&nbsp;&nbsp; Energy | 10.0 |
| &nbsp;&nbsp;&nbsp; Information Technology | 9.4 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 8.9 |
| &nbsp;&nbsp;&nbsp; Materials | 8.5 |
| &nbsp;&nbsp;&nbsp; Health Care | 5.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.0 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.5 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (11.0) |
|  | 100.0% |

---

------

**1290 VT HIGH YIELD BOND PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1030.90 | $5.12 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1032.20 | 3.84 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.42 | 3.82 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Corporate Bonds (82.6%)** | **Corporate Bonds (82.6%)** | **Corporate Bonds (82.6%)** |  |
|  **Communication Services (10.7%)** | **Communication Services (10.7%)** |  |  |
|  ***Diversified Telecommunication Services (3.6%)*** | ***Diversified Telecommunication Services (3.6%)*** | ***Diversified Telecommunication Services (3.6%)*** | **** |
|  CCO Holdings LLC<br>5.500%, 5/1/26§ | $150000 | $145500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28§ | 225000 | 203155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29 (x)§ | 494000 | 464232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30§ | 358000 | 304912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/1/31§ | 475000 | 380309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ | 277000 | 224312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 | 550000 | 438157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33 (x)§ | 450000 | 344817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34§ | 1125000 | 832837 |  |
|  Iliad Holding SASU<br>7.000%, 10/15/28§ | 375000 | 339881 |  |
|  Level 3 Financing, Inc.<br>4.625%, 9/15/27§ | 25000 | 20786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/1/28§ | 620000 | 488374 |  |
|  Lumen Technologies, Inc.<br>5.125%, 12/15/26 (x)§ | 452000 | 392924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/29§ | 486000 | 357006 |  |
|  Sprint Capital Corp.<br>8.750%, 3/15/32 | 250000 | 297616 |  |
|  Virgin Media Finance plc<br>5.000%, 7/15/30§ | 600000 | 480750 |  |
|  Virgin Media Secured Finance plc<br>5.500%, 5/15/29§ | 1175000 | 1052036 |  |
|  Windstream Escrow LLC<br>7.750%, 8/15/28§ | 297000 | 242601 |  |
|  Zayo Group Holdings, Inc.<br>4.000%, 3/1/27§ | 423000 | 313739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/28§ | 442000 | 251936 |  |
|  |  | 7575880 |  |
|  ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** | ***Entertainment (2.2%)*** | **** |
|  Cinemark USA, Inc.<br>8.750%, 5/1/25§ | 225000 | 227013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/28§ | 1650000 | 1221000 |  |
|  Lions Gate Capital Holdings LLC<br>5.500%, 4/15/29§ | 634000 | 365469 |  |
|  Live Nation Entertainment, Inc.<br>4.875%, 11/1/24§ | 376000 | 366600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/15/27§ | 657000 | 640503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/27§ | 900000 | 802593 |  |
|  Playtika Holding Corp.<br>4.250%, 3/15/29§ | 1200000 | 939000 |  |
|  |  | 4562178 |  |
|  ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | ***Interactive Media & Services (0.2%)*** | **** |
|  Rackspace Technology Global, Inc.<br>5.375%, 12/1/28§ | 306000 | 133839 |  |
|  ZipRecruiter, Inc.<br>5.000%, 1/15/30§ | 425000 | 348912 |  |
|  |  | 482751 |  |
|  ***Media (4.5%)*** | ***Media (4.5%)*** | ***Media (4.5%)*** | **** |
|  CSC Holdings LLC<br>5.250%, 6/1/24(x) | 300000 | 278625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/1/28§ | 250000 | 169375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/30§ | 375000 | 210469 |  |
|  Gray Escrow II, Inc.<br>5.375%, 11/15/31§ | 257000 | 185305 |  |
|  Gray Television, Inc.<br>5.875%, 7/15/26§ | 222000 | 197025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 347000 | 248105 |  |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29§ | 564000 | 465028 |  |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 978000 | 895493 |  |
|  Outfront Media Capital LLC<br>5.000%, 8/15/27 (x)§ | 1435000 | 1298196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/29§ | 850000 | 705270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/30§ | 250000 | 206645 |  |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ | 304000 | 212040 |  |
|  Sirius XM Radio, Inc.<br>3.125%, 9/1/26§ | 444000 | 393131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/28§ | 475000 | 411018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/1/30§ | 100000 | 82521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31§ | 657000 | 512046 |  |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ | 539000 | 442594 |  |
|  TEGNA, Inc.<br>4.750%, 3/15/26§ | 500000 | 484545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/29 | 215000 | 202981 |  |
|  Univision Communications, Inc.<br>7.375%, 6/30/30§ | 418000 | 398584 |  |
|  Videotron Ltd.<br>3.625%, 6/15/29§ | 212000 | 178608 |  |
|  VZ Secured Financing BV<br>5.000%, 1/15/32§ | 526000 | 422772 |  |
|  Ziggo Bond Co. BV<br>6.000%, 1/15/27§ | 737000 | 684349 |  |
|  |  | 9284725 |  |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | **** |
|  Sprint LLC<br>7.875%, 9/15/23 | 260000 | 263837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/26 | 198000 | 207919 |  |
|  |  | 471756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 22377290 |  |
|  **Consumer Discretionary (12.5%)** | **Consumer Discretionary (12.5%)** |  |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Clarios Global LP<br>6.250%, 5/15/26§ | 113000 | 110288 |  |
|  Icahn Enterprises LP<br>6.375%, 12/15/25 | 216000 | 209542 |  |
|  |  | 319830 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Ford Motor Co.<br>6.625%, 10/1/28 | 286000 | 283855 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Univar Solutions USA, Inc.<br>5.125%, 12/1/27§ | 202000 | 191252 |  |
|  ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | ***Diversified Consumer Services (0.6%)*** | **** |
|  GEMS MENASA Cayman Ltd.<br>7.125%, 7/31/26§ | 200000 | 191162 |  |
|  Sotheby's<br>7.375%, 10/15/27 (x)§ | 1150000 | 1075250 |  |
|  |  | 1266412 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Hotels, Restaurants & Leisure (6.9%)*** | ***Hotels, Restaurants & Leisure (6.9%)*** | ***Hotels, Restaurants & Leisure (6.9%)*** | **** |
|  1011778 BC ULC<br>5.750%, 4/15/25§ | $268000 | $267077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/28§ | 1412000 | 1272565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/29§ | 100000 | 86000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/30§ | 650000 | 526792 |  |
|  Boyd Gaming Corp.<br>4.750%, 6/15/31 (x)§ | 525000 | 456750 |  |
|  Caesars Entertainment, Inc.<br>6.250%, 7/1/25§ | 784000 | 763922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 7/1/27§ | 575000 | 565070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/29 (x)§ | 245000 | 199033 |  |
|  Caesars Resort Collection LLC<br>5.750%, 7/1/25§ | 350000 | 340813 |  |
|  Carnival Corp.<br>7.625%, 3/1/26 (x)§ | 175000 | 137601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/27§ | 925000 | 659062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/29§ | 421000 | 277860 |  |
|  CDI Escrow Issuer, Inc.<br>5.750%, 4/1/30§ | 424000 | 381396 |  |
|  CEC Entertainment LLC<br>6.750%, 5/1/26§ | 222000 | 205905 |  |
|  Churchill Downs, Inc.<br>5.500%, 4/1/27§ | 298000 | 285335 |  |
|  Dave & Buster's, Inc.<br>7.625%, 11/1/25§ | 547000 | 549735 |  |
|  Everi Holdings, Inc.<br>5.000%, 7/15/29§ | 1000000 | 861250 |  |
|  Hilton Domestic Operating Co., Inc.<br>5.750%, 5/1/28§ | 470000 | 456487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/32§ | 888000 | 707310 |  |
|  IRB Holding Corp.<br>7.000%, 6/15/25§ | 829000 | 826928 |  |
|  Life Time, Inc.<br>5.750%, 1/15/26§ | 362000 | 335936 |  |
|  MajorDrive Holdings IV LLC<br>6.375%, 6/1/29 (x)§ | 340000 | 251600 |  |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ | 546000 | 444307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625%, 8/15/27§ | 250000 | 251318 |  |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ | 324000 | 273683 |  |
|  Speedway Motorsports LLC<br>4.875%, 11/1/27§ | 400000 | 357000 |  |
|  Station Casinos LLC<br>4.500%, 2/15/28§ | 717000 | 622091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ | 1460000 | 1171821 |  |
|  Vail Resorts, Inc.<br>6.250%, 5/15/25§ | 146000 | 146365 |  |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28 (x)§ | 419000 | 375927 |  |
|  Yum! Brands, Inc.<br>5.375%, 4/1/32 | 523000 | 483100 |  |
|  |  | 14540039 |  |
|  ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | **** |
|  CD&R Smokey Buyer, Inc.<br>6.750%, 7/15/25§ | 716000 | 612180 |  |
|  Newell Brands, Inc.<br>6.625%, 9/15/29 (x) | 515000 | 508562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/1/36 (e) | 125000 | 106250 |  |
|  |  | 1226992 |  |
|  ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | **** |
|  Getty Images, Inc.<br>9.750%, 3/1/27§ | 1086000 | 1069871 |  |
|  Photo Holdings Merger Sub, Inc.<br>8.500%, 10/1/26§ | 651000 | 371867 |  |
|  |  | 1441738 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Mattel, Inc.<br>3.750%, 4/1/29 (x)§ | 202000 | 176719 |  |
|  ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | **** |
|  Asbury Automotive Group, Inc.<br>4.750%, 3/1/30 | 144000 | 120326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/32 (x)§ | 320000 | 262496 |  |
|  eG Global Finance plc<br>8.500%, 10/30/25§ | 372000 | 346332 |  |
|  LBM Acquisition LLC<br>6.250%, 1/15/29§ | 883000 | 564016 |  |
|  LCM Investments Holdings II LLC<br>4.875%, 5/1/29§ | 302000 | 241978 |  |
|  LSF9 Atlantis Holdings LLC<br>7.750%, 2/15/26§ | 1025000 | 914813 |  |
|  Park River Holdings, Inc.<br>6.750%, 8/1/29§ | 275000 | 187000 |  |
|  Rent-A-Center, Inc.<br>6.375%, 2/15/29§ | 825000 | 669317 |  |
|  Sonic Automotive, Inc.<br>4.625%, 11/15/29§ | 225000 | 180842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/31§ | 279000 | 216922 |  |
|  Specialty Building Products Holdings LLC<br>6.375%, 9/30/26§ | 1766000 | 1417162 |  |
|  SRS Distribution, Inc.<br>4.625%, 7/1/28§ | 282000 | 250275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/29§ | 1016000 | 807720 |  |
|  White Cap Buyer LLC<br>6.875%, 10/15/28§ | 391000 | 338215 |  |
|  |  | 6517414 |  |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | **** |
|  Crocs, Inc.<br>4.125%, 8/15/31§ | 252000 | 203490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 26167741 |  |
|  **Consumer Staples (5.0%)** | **Consumer Staples (5.0%)** |  |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | **** |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ | 287000 | 248972 |  |
|  ***Food & Staples Retailing (2.2%)*** | ***Food & Staples Retailing (2.2%)*** | ***Food & Staples Retailing (2.2%)*** | **** |
|  Albertsons Cos., Inc.<br>3.500%, 3/15/29§ | 150000 | 125143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/30§ | 250000 | 223115 |  |
|  Performance Food Group, Inc.<br>6.875%, 5/1/25§ | 284000 | 283917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/27§ | 800000 | 757392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/1/29§ | 1075000 | 928854 |  |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ | 361000 | 345658 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  US Foods, Inc.<br>6.250%, 4/15/25§ | $| 374000 | $| 369845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/29§ |  | 830000 |  | 734052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/30 (x)§ |  | 1083000 |  | 942210 |  |
|  |  |  |  | 4710186 |  |
|  ***Food Products (1.7%)*** | ***Food Products (1.7%)*** | ***Food Products (1.7%)*** | ***Food Products (1.7%)*** | ***Food Products (1.7%)*** | **** |
|  B&G Foods, Inc.<br>5.250%, 4/1/25 (x) |  | 265000 |  | 229888 |  |
|  Chobani LLC<br>4.625%, 11/15/28§ |  | 300000 |  | 261000 |  |
|  Kraft Heinz Foods Co.<br>4.375%, 6/1/46 |  | 306000 |  | 249540 |  |
|  Post Holdings, Inc.<br>5.750%, 3/1/27§ |  | 144000 |  | 138960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/29§ |  | 500000 |  | 451150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/15/30§ |  | 490000 |  | 421473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/31 (x)§ |  | 997000 |  | 842465 |  |
|  Sigma Holdco BV<br>7.875%, 5/15/26§ |  | 392000 |  | 276360 |  |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ |  | 720000 |  | 588600 |  |
|  |  |  |  | 3459436 |  |
|  ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | **** |
|  Central Garden & Pet Co.<br>4.125%, 10/15/30 |  | 182000 |  | 148330 |  |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28§ |  | 396000 |  | 342540 |  |
|  Kronos Acquisition Holdings, Inc.<br>7.000%, 12/31/27 (x)§ |  | 93000 |  | 76260 |  |
|  Spectrum Brands, Inc.<br>5.750%, 7/15/25 |  | 370000 |  | 365375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/30§ |  | 48000 |  | 42360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31§ |  | 350000 |  | 272125 |  |
|  |  |  |  | 1246990 |  |
|  ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | **** |
|  Herbalife Nutrition Ltd.<br>7.875%, 9/1/25 (x)§ |  | 422000 |  | 373795 |  |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31§ |  | 589000 |  | 481507 |  |
|  |  |  |  | 855302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 10520886 |  |
|  **Energy (10.0%)** | **Energy (10.0%)** | **Energy (10.0%)** |  |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Precision Drilling Corp.<br>7.125%, 1/15/26§ |  | 244000 |  | 238510 |  |
|  ***Oil, Gas & Consumable Fuels (9.9%)*** | ***Oil, Gas & Consumable Fuels (9.9%)*** | ***Oil, Gas & Consumable Fuels (9.9%)*** | ***Oil, Gas & Consumable Fuels (9.9%)*** | ***Oil, Gas & Consumable Fuels (9.9%)*** | **** |
|  Aethon United BR LP<br>8.250%, 2/15/26§ |  | 395000 |  | 391050 |  |
|  Antero Midstream Partners LP<br>5.750%, 1/15/28§ |  | 450000 |  | 416511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/29§ |  | 450000 |  | 411408 |  |
|  Antero Resources Corp.<br>7.625%, 2/1/29§ |  | 88000 |  | 88816 |  |
|  Ascent Resources Utica Holdings LLC<br>7.000%, 11/1/26§ |  | 430000 |  | 416562 |  |
|  Blue Racer Midstream LLC<br>7.625%, 12/15/25§ |  | 321000 |  | 318618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/26§ |  | 304000 |  | 295640 |  |
|  Buckeye Partners LP<br>4.500%, 3/1/28§ |  | 250000 |  | 220625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 11/15/43 |  | 175000 |  | 129500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/44 |  | 150000 |  | 109500 |  |
|  Callon Petroleum Co.<br>7.500%, 6/15/30 (x)§ |  | 425000 |  | 389938 |  |
|  Chesapeake Energy Corp.<br>6.750%, 4/15/29§ |  | 400000 |  | 388480 |  |
|  CNX Midstream Partners LP<br>4.750%, 4/15/30§ |  | 200000 |  | 164984 |  |
|  CNX Resources Corp.<br>7.375%, 1/15/31§ |  | 325000 |  | 310781 |  |
|  Colgate Energy Partners III LLC<br>5.875%, 7/1/29§ |  | 1388000 |  | 1191945 |  |
|  Comstock Resources, Inc.<br>6.750%, 3/1/29§ |  | 25000 |  | 22500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/30§ |  | 950000 |  | 818567 |  |
|  Crescent Energy Finance LLC<br>7.250%, 5/1/26§ |  | 376000 |  | 354850 |  |
|  Crestwood Midstream Partners LP<br>5.625%, 5/1/27§ |  | 136000 |  | 126650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/29§ |  | 638000 |  | 588555 |  |
|  CrownRock LP<br>5.625%, 10/15/25§ |  | 656000 |  | 630611 |  |
|  Delek Logistics Partners LP<br>6.750%, 5/15/25 |  | 637000 |  | 613088 |  |
|  Encino Acquisition Partners Holdings LLC<br>8.500%, 5/1/28§ |  | 302000 |  | 274065 |  |
|  EnLink Midstream LLC<br>6.500%, 9/1/30§ |  | 325000 |  | 321653 |  |
|  Enviva Partners LP<br>6.500%, 1/15/26§ |  | 575000 |  | 540500 |  |
|  EQM Midstream Partners LP<br>4.750%, 1/15/31§ |  | 325000 |  | 266532 |  |
|  Genesis Energy LP<br>8.000%, 1/15/27 |  | 564000 |  | 530284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/1/28 |  | 799000 |  | 733730 |  |
|  Hess Midstream Operations LP<br>5.500%, 10/15/30§ |  | 250000 |  | 227500 |  |
|  Hilcorp Energy I LP<br>6.000%, 4/15/30§ |  | 200000 |  | 179750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/31§ |  | 325000 |  | 274800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/32§ |  | 375000 |  | 332344 |  |
|  Holly Energy Partners LP<br>6.375%, 4/15/27§ |  | 179000 |  | 176183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28§ |  | 785000 |  | 719256 |  |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ |  | 510000 |  | 478269 |  |
|  MEG Energy Corp.<br>5.875%, 2/1/29§ |  | 650000 |  | 611357 |  |
|  New Fortress Energy, Inc.<br>6.750%, 9/15/25§ |  | 225000 |  | 212724 |  |
|  NuStar Logistics LP<br>5.750%, 10/1/25 |  | 218000 |  | 210098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/26 |  | 250000 |  | 242187 |  |
|  Occidental Petroleum Corp.<br>6.625%, 9/1/30 |  | 227000 |  | 234577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/1/31 (x) |  | 115000 |  | 116107 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 9/15/36 | $| 1369000 | $| 1396380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 3/15/40 |  | 125000 |  | 120808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 3/15/46 |  | 425000 |  | 437321 |  |
|  Rockcliff Energy II LLC<br>5.500%, 10/15/29§ |  | 157000 |  | 143263 |  |
|  Rockies Express Pipeline LLC<br>4.950%, 7/15/29§ |  | 25000 |  | 22656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/30§ |  | 625000 |  | 550781 |  |
|  Southwestern Energy Co.<br>7.750%, 10/1/27 |  | 245000 |  | 250439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 |  | 501000 |  | 428150 |  |
|  Summit Midstream Holdings LLC<br>8.500%, 10/15/26§ |  | 585000 |  | 553937 |  |
|  Sunoco LP<br>6.000%, 4/15/27 |  | 575000 |  | 566685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/30/30 (x) |  | 976000 |  | 847217 |  |
|  Western Midstream Operating LP<br>5.300%, 3/1/48 |  | 375000 |  | 307969 |  |
|  |  |  |  | 20706701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 20945211 |  |
|  **Financials (10.4%)** | **Financials (10.4%)** | **Financials (10.4%)** |  |  |  |
|  ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** | ***Capital Markets (0.1%)*** | **** |
|  Aretec Escrow Issuer, Inc.<br>7.500%, 4/1/29§ |  | 202000 |  | 166650 |  |
|  ***Consumer Finance (3.5%)*** | ***Consumer Finance (3.5%)*** | ***Consumer Finance (3.5%)*** | ***Consumer Finance (3.5%)*** | ***Consumer Finance (3.5%)*** | **** |
|  Bread Financial Holdings, Inc.<br>4.750%, 12/15/24§ |  | 1279000 |  | 1128718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 1/15/26§ |  | 758000 |  | 678410 |  |
|  Credit Acceptance Corp.<br>6.625%, 3/15/26 |  | 200000 |  | 189975 |  |
|  Curo Group Holdings Corp.<br>7.500%, 8/1/28§ |  | 532000 |  | 246875 |  |
|  Ford Motor Credit Co. LLC<br>4.125%, 8/17/27 |  | 750000 |  | 670312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%, 11/2/27 |  | 200000 |  | 175640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 2/16/28 |  | 250000 |  | 206250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 5/3/29 |  | 200000 |  | 180810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/13/30 |  | 2175000 |  | 1783000 |  |
|  OneMain Finance Corp.<br>6.625%, 1/15/28 |  | 600000 |  | 551598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/30 |  | 775000 |  | 579421 |  |
|  PROG Holdings, Inc.<br>6.000%, 11/15/29§ |  | 925000 |  | 742109 |  |
|  VistaJet Malta Finance plc<br>6.375%, 2/1/30§ |  | 225000 |  | 179642 |  |
|  |  |  |  | 7312760 |  |
|  ***Diversified Financial Services (1.3%)*** | ***Diversified Financial Services (1.3%)*** | ***Diversified Financial Services (1.3%)*** | ***Diversified Financial Services (1.3%)*** | ***Diversified Financial Services (1.3%)*** | **** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ |  | 243000 |  | 182554 |  |
|  MPH Acquisition Holdings LLC<br>5.500%, 9/1/28 (x)§ |  | 300000 |  | 234030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/1/28 (x)§ |  | 100000 |  | 66500 |  |
|  Oxford Finance LLC<br>6.375%, 2/1/27§ |  | 825000 |  | 767250 |  |
|  Shift4 Payments LLC<br>4.625%, 11/1/26§ |  | 907000 |  | 851446 |  |
|  Verscend Escrow Corp.<br>9.750%, 8/15/26§ |  | 707000 |  | 692655 |  |
|  |  |  |  | 2794435 |  |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | **** |
|  Acrisure LLC<br>7.000%, 11/15/25§ |  | 1900000 |  | 1740875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/29§ |  | 275000 |  | 226875 |  |
|  Alliant Holdings Intermediate LLC<br>4.250%, 10/15/27§ |  | 850000 |  | 766063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/27 (x)§ |  | 526000 |  | 472432 |  |
|  AmWINS Group, Inc.<br>4.875%, 6/30/29§ |  | 1669000 |  | 1426995 |  |
|  AssuredPartners, Inc.<br>7.000%, 8/15/25§ |  | 675000 |  | 653062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/15/29§ |  | 375000 |  | 307500 |  |
|  HUB International Ltd.<br>7.000%, 5/1/26§ |  | 987000 |  | 965335 |  |
|  NFP Corp.<br>4.875%, 8/15/28 (x)§ |  | 600000 |  | 509304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 8/15/28 (x)§ |  | 1675000 |  | 1384488 |  |
|  |  |  |  | 8452929 |  |
|  ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | **** |
|  Freedom Mortgage Corp.<br>8.250%, 4/15/25§ |  | 508000 |  | 458582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27§ |  | 419000 |  | 326443 |  |
|  Home Point Capital, Inc.<br>5.000%, 2/1/26 (x)§ |  | 225000 |  | 153328 |  |
|  Nationstar Mortgage Holdings, Inc.<br>5.500%, 8/15/28§ |  | 350000 |  | 288663 |  |
|  PHH Mortgage Corp.<br>7.875%, 3/15/26§ |  | 208000 |  | 184773 |  |
|  Provident Funding Associates LP<br>6.375%, 6/15/25§ |  | 675000 |  | 589781 |  |
|  Rocket Mortgage LLC<br>2.875%, 10/15/26§ |  | 226000 |  | 194650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/1/31§ |  | 425000 |  | 327165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/33§ |  | 75000 |  | 55856 |  |
|  United Wholesale Mortgage LLC<br>5.500%, 11/15/25§ |  | 450000 |  | 405630 |  |
|  |  |  |  | 2984871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 21711645 |  |
|  **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** |  |  |  |
|  ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | ***Biotechnology (0.1%)*** | **** |
|  Grifols Escrow Issuer SA<br>4.750%, 10/15/28§ |  | 230000 |  | 198598 |  |
|  ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | **** |
|  Garden Spinco Corp.<br>8.625%, 7/20/30§ |  | 913000 |  | 967780 |  |
|  Medline Borrower LP<br>3.875%, 4/1/29§ |  | 347000 |  | 278797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/1/29§ |  | 554000 |  | 439233 |  |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ |  | 445000 |  | 438325 |  |
|  |  |  |  | 2124135 |  |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | **** |
|  Acadia Healthcare Co., Inc.<br>5.500%, 7/1/28§ |  | 550000 |  | 522335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/29§ |  | 250000 |  | 229925 |  |
|  AdaptHealth LLC<br>6.125%, 8/1/28§ |  | 281000 |  | 260628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/1/30§ |  | 298000 |  | 252954 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Encompass Health Corp.<br>5.750%, 9/15/25 | $| 275000 | $| 271906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/30 |  | 800000 |  | 700000 |  |
|  HCA, Inc.<br>7.690%, 6/15/25 |  | 254000 |  | 265747 |  |
|  HealthEquity, Inc.<br>4.500%, 10/1/29 (x)§ |  | 694000 |  | 616716 |  |
|  Legacy LifePoint Health LLC<br>4.375%, 2/15/27§ |  | 50000 |  | 42214 |  |
|  Radiology Partners, Inc.<br>9.250%, 2/1/28 (x)§ |  | 600000 |  | 336000 |  |
|  RP Escrow Issuer LLC<br>5.250%, 12/15/25§ |  | 700000 |  | 533175 |  |
|  Tenet Healthcare Corp.<br>4.875%, 1/1/26§ |  | 522000 |  | 491019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/1/27§ |  | 200000 |  | 186120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28§ |  | 100000 |  | 88625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/28§ |  | 825000 |  | 737707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30§ |  | 264000 |  | 249863 |  |
|  US Acute Care Solutions LLC<br>6.375%, 3/1/26§ |  | 428000 |  | 376640 |  |
|  |  |  |  | 6161574 |  |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | **** |
|  IQVIA, Inc.<br>5.000%, 5/15/27§ |  | 200000 |  | 190160 |  |
|  ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | **** |
|  Bausch Health Cos., Inc.<br>5.500%, 11/1/25(x)§ |  | 604000 |  | 513575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 9/30/28§ |  | 249000 |  | 195214 |  |
|  Catalent Pharma Solutions, Inc.<br>5.000%, 7/15/27§ |  | 538000 |  | 500953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/30 (x)§ |  | 575000 |  | 453963 |  |
|  Cheplapharm Arzneimittel GmbH<br>5.500%, 1/15/28§ |  | 200000 |  | 166620 |  |
|  Organon & Co.<br>5.125%, 4/30/31(x)§ |  | 642000 |  | 554906 |  |
|  P&L Development LLC<br>7.750%, 11/15/25§ |  | 335000 |  | 269675 |  |
|  |  |  |  | 2654906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 11329373 |  |
|  **Industrials (10.0%)** | **Industrials (10.0%)** | **Industrials (10.0%)** |  |  |  |
|  ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | **** |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ |  | 252000 |  | 240030 |  |
|  TransDigm UK Holdings plc<br>6.875%, 5/15/26 |  | 225000 |  | 220219 |  |
|  TransDigm, Inc.<br>6.250%, 3/15/26§ |  | 750000 |  | 739193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 6/15/26 |  | 50000 |  | 48547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 3/15/27 |  | 400000 |  | 396029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/27 |  | 300000 |  | 281250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 1/15/29 |  | 375000 |  | 329726 |  |
|  |  |  |  | 2254994 |  |
|  ***Airlines (0.8%)*** | ***Airlines (0.8%)*** | ***Airlines (0.8%)*** | ***Airlines (0.8%)*** | ***Airlines (0.8%)*** | **** |
|  Air Canada<br>3.875%, 8/15/26§ |  | 750000 |  | 663526 |  |
|  American Airlines, Inc.<br>5.500%, 4/20/26§ |  | 200000 |  | 192000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/20/29§ |  | 325000 |  | 296108 |  |
|  Hawaiian Brand Intellectual Property Ltd.<br>5.750%, 1/20/26§ |  | 325000 |  | 294125 |  |
|  United Airlines, Inc.<br>4.375%, 4/15/26§ |  | 250000 |  | 231448 |  |
|  |  |  |  | 1677207 |  |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | **** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ |  | 61000 |  | 58560 |  |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ |  | 216000 |  | 196290 |  |
|  CP Atlas Buyer, Inc.<br>7.000%, 12/1/28§ |  | 322000 |  | 239890 |  |
|  Eco Material Technologies, Inc.<br>7.875%, 1/31/27§ |  | 650000 |  | 617500 |  |
|  JELD-WEN, Inc.<br>6.250%, 5/15/25§ |  | 250000 |  | 233750 |  |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ |  | 279000 |  | 246915 |  |
|  Smyrna Ready Mix Concrete LLC<br>6.000%, 11/1/28§ |  | 375000 |  | 335513 |  |
|  Standard Industries, Inc.<br>4.375%, 7/15/30 (x)§ |  | 332000 |  | 269750 |  |
|  Summit Materials LLC<br>5.250%, 1/15/29§ |  | 383000 |  | 355826 |  |
|  |  |  |  | 2553994 |  |
|  ***Commercial Services & Supplies (4.2%)*** | ***Commercial Services & Supplies (4.2%)*** | ***Commercial Services & Supplies (4.2%)*** | ***Commercial Services & Supplies (4.2%)*** | ***Commercial Services & Supplies (4.2%)*** | **** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29 (x)§ |  | 306000 |  | 251685 |  |
|  ADT Security Corp. (The)<br>4.125%, 6/15/23 |  | 164000 |  | 161950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/32§ |  | 491000 |  | 417350 |  |
|  Allied Universal Holdco LLC<br>6.625%, 7/15/26§ |  | 732000 |  | 670695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 7/15/27§ |  | 464000 |  | 401360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ |  | 151000 |  | 109852 |  |
|  Aramark Services, Inc.<br>5.000%, 4/1/25§ |  | 528000 |  | 514140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/1/25§ |  | 365000 |  | 361084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28 (x)§ |  | 775000 |  | 722176 |  |
|  Cimpress plc<br>7.000%, 6/15/26 (x)§ |  | 224000 |  | 155400 |  |
|  Covanta Holding Corp.<br>4.875%, 12/1/29§ |  | 1200000 |  | 983124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/30 |  | 75000 |  | 60375 |  |
|  Garda World Security Corp.<br>9.500%, 11/1/27 (x)§ |  | 850000 |  | 807500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ |  | 310000 |  | 251875 |  |
|  GFL Environmental, Inc.<br>5.125%, 12/15/26 (x)§ |  | 356000 |  | 339980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/28§ |  | 250000 |  | 213750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/29§ |  | 575000 |  | 501860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/29§ |  | 825000 |  | 697125 |  |
|  KAR Auction Services, Inc.<br>5.125%, 6/1/25 (x)§ |  | 218000 |  | 213095 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Madison IAQ LLC<br>5.875%, 6/30/29§ | $| 367000 | $| 251395 |  |
|  Matthews International Corp.<br>5.250%, 12/1/25§ |  | 688000 |  | 647021 |  |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ |  | 146000 |  | 137605 |  |
|  |  |  |  | 8870397 |  |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | **** |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ |  | 470000 |  | 410082 |  |
|  Pike Corp.<br>5.500%, 9/1/28§ |  | 500000 |  | 436250 |  |
|  Weekley Homes LLC<br>4.875%, 9/15/28§ |  | 242000 |  | 202872 |  |
|  |  |  |  | 1049204 |  |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | **** |
|  ATS Corp.<br>4.125%, 12/15/28 (x)§ |  | 350000 |  | 304062 |  |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ |  | 299000 |  | 300286 |  |
|  |  |  |  | 604348 |  |
|  ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | ***Professional Services (0.8%)*** | **** |
|  AMN Healthcare, Inc.<br>4.625%, 10/1/27§ |  | 275000 |  | 253514 |  |
|  ASGN, Inc.<br>4.625%, 5/15/28§ |  | 575000 |  | 520398 |  |
|  Dun & Bradstreet Corp. (The)<br>5.000%, 12/15/29 (x)§ |  | 375000 |  | 322553 |  |
|  KBR, Inc.<br>4.750%, 9/30/28§ |  | 300000 |  | 261750 |  |
|  Science Applications International Corp.<br>4.875%, 4/1/28§ |  | 312000 |  | 286260 |  |
|  |  |  |  | 1644475 |  |
|  ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | **** |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ |  | 548000 |  | 480870 |  |
|  Watco Cos. LLC<br>6.500%, 6/15/27§ |  | 1052000 |  | 999400 |  |
|  Williams Scotsman International, Inc.<br>6.125%, 6/15/25§ |  | 79000 |  | 78210 |  |
|  XPO Escrow Sub LLC<br>7.500%, 11/15/27§ |  | 373000 |  | 377165 |  |
|  |  |  |  | 1935645 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  WESCO Distribution, Inc.<br>7.250%, 6/15/28§ |  | 469000 |  | 471345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 21061609 |  |
|  **Information Technology (8.5%)** | **Information Technology (8.5%)** | **Information Technology (8.5%)** |  |  |  |
|  ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | ***Communications Equipment (1.7%)*** | **** |
|  CommScope Technologies LLC<br>6.000%, 6/15/25§ |  | 967000 |  | 880231 |  |
|  CommScope, Inc.<br>6.000%, 3/1/26§ |  | 576000 |  | 531187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 3/1/27§ |  | 424000 |  | 331072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 7/1/28 (x)§ |  | 50000 |  | 35897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ |  | 1172000 |  | 937600 |  |
|  Viasat, Inc.<br>5.625%, 9/15/25§ |  | 450000 |  | 419625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/15/27§ |  | 400000 |  | 367000 |  |
|  |  |  |  | 3502612 |  |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | **** |
|  Coherent Corp.<br>5.000%, 12/15/29§ |  | 217000 |  | 189875 |  |
|  Likewize Corp.<br>9.750%, 10/15/25§ |  | 298000 |  | 276767 |  |
|  Sensata Technologies, Inc.<br>3.750%, 2/15/31§ |  | 274000 |  | 226735 |  |
|  |  |  |  | 693377 |  |
|  ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | **** |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28§ |  | 200000 |  | 160750 |  |
|  Black Knight InfoServ LLC<br>3.625%, 9/1/28§ |  | 207000 |  | 179158 |  |
|  Cablevision Lightpath LLC<br>3.875%, 9/15/27§ |  | 650000 |  | 537597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/28§ |  | 200000 |  | 148441 |  |
|  ION Trading Technologies Sarl<br>5.750%, 5/15/28§ |  | 200000 |  | 167500 |  |
|  Northwest Fiber LLC<br>6.000%, 2/15/28§ |  | 267000 |  | 205924 |  |
|  Presidio Holdings, Inc.<br>8.250%, 2/1/28§ |  | 104000 |  | 96408 |  |
|  Twilio, Inc.<br>3.875%, 3/15/31 |  | 450000 |  | 355973 |  |
|  Unisys Corp.<br>6.875%, 11/1/27 (x)§ |  | 494000 |  | 377712 |  |
|  |  |  |  | 2229463 |  |
|  ***Software (5.4%)*** | ***Software (5.4%)*** | ***Software (5.4%)*** | ***Software (5.4%)*** | ***Software (5.4%)*** | **** |
|  ACI Worldwide, Inc.<br>5.750%, 8/15/26§ |  | 756000 |  | 727650 |  |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30 (x)§ |  | 606000 |  | 446925 |  |
|  Boxer Parent Co., Inc.<br>7.125%, 10/2/25 (x)§ |  | 346000 |  | 338333 |  |
|  Camelot Finance SA<br>4.500%, 11/1/26§ |  | 608000 |  | 568480 |  |
|  Central Parent, Inc.<br>7.250%, 6/15/29 (x)§ |  | 261000 |  | 255780 |  |
|  Clarivate Science Holdings Corp.<br>3.875%, 7/1/28 (x)§ |  | 400000 |  | 346520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/1/29 (x)§ |  | 1390000 |  | 1181987 |  |
|  Cloud Software Group Holdings, Inc.<br>6.500%, 3/31/29§ |  | 234000 |  | 198624 |  |
|  Condor Merger Sub, Inc.<br>7.375%, 2/15/30§ |  | 624000 |  | 502320 |  |
|  Gen Digital, Inc.<br>5.000%, 4/15/25§ |  | 258000 |  | 251550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/30/30 (x)§ |  | 697000 |  | 684291 |  |
|  GoTo Group, Inc.<br>5.500%, 9/1/27§ |  | 380000 |  | 204208 |  |
|  Helios Software Holdings, Inc.<br>4.625%, 5/1/28§ |  | 472000 |  | 356950 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  NCR Corp.<br>5.000%, 10/1/28§ | $| 419000 | $| 358438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ |  | 609000 |  | 509593 |  |
|  Open Text Holdings, Inc.<br>4.125%, 12/1/31§ |  | 635000 |  | 493211 |  |
|  Oracle Corp.<br>5.800%, 11/10/25 |  | 104000 |  | 106255 |  |
|  Rocket Software, Inc.<br>6.500%, 2/15/29§ |  | 580000 |  | 458084 |  |
|  SS&C Technologies, Inc.<br>5.500%, 9/30/27§ |  | 2161000 |  | 2035879 |  |
|  ZoomInfo Technologies LLC<br>3.875%, 2/1/29§ |  | 1510000 |  | 1272175 |  |
|  |  |  |  | 11297253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 17722705 |  |
|  **Materials (8.2%)** | **Materials (8.2%)** | **Materials (8.2%)** |  |  |  |
|  ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | **** |
|  ASP Unifrax Holdings, Inc.<br>5.250%, 9/30/28§ |  | 275000 |  | 221554 |  |
|  Avient Corp.<br>5.750%, 5/15/25§ |  | 184000 |  | 179979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 8/1/30§ |  | 339000 |  | 333707 |  |
|  Axalta Coating Systems LLC<br>4.750%, 6/15/27§ |  | 350000 |  | 322875 |  |
|  Diamond BC BV<br>4.625%, 10/1/29(x)§ |  | 510000 |  | 409275 |  |
|  HB Fuller Co.<br>4.250%, 10/15/28 |  | 372000 |  | 329220 |  |
|  Illuminate Buyer LLC<br>9.000%, 7/1/28§ |  | 978000 |  | 817852 |  |
|  INEOS Quattro Finance 2 plc<br>3.375%, 1/15/26§ |  | 300000 |  | 270000 |  |
|  LSF11 A5 HoldCo LLC<br>6.625%, 10/15/29§ |  | 338000 |  | 278193 |  |
|  Minerals Technologies, Inc.<br>5.000%, 7/1/28§ |  | 555000 |  | 499500 |  |
|  NOVA Chemicals Corp.<br>4.875%, 6/1/24§ |  | 160000 |  | 154600 |  |
|  Nufarm Australia Ltd.<br>5.000%, 1/27/30§ |  | 318000 |  | 277455 |  |
|  Olin Corp.<br>5.625%, 8/1/29 |  | 356000 |  | 337826 |  |
|  Olympus Water US Holding Corp.<br>4.250%, 10/1/28 (x)§ |  | 558000 |  | 449357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/1/29 (x)§ |  | 200000 |  | 152000 |  |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ |  | 627000 |  | 505375 |  |
|  |  |  |  | 5538768 |  |
|  ***Containers & Packaging (4.0%)*** | ***Containers & Packaging (4.0%)*** | ***Containers & Packaging (4.0%)*** | ***Containers & Packaging (4.0%)*** | ***Containers & Packaging (4.0%)*** | **** |
|  ARD Finance SA<br>6.500%, 6/30/27 PIK§ |  | 496000 |  | 342222 |  |
|  Ardagh Metal Packaging Finance USA LLC<br>4.000%, 9/1/29§ |  | 1509000 |  | 1192110 |  |
|  Ardagh Packaging Finance plc<br>4.125%, 8/15/26§ |  | 400000 |  | 345240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/15/27§ |  | 200000 |  | 150068 |  |
|  Ball Corp.<br>6.875%, 3/15/28 |  | 355000 |  | 363996 |  |
|  Clydesdale Acquisition Holdings, Inc.<br>8.750%, 4/15/30 (x)§ |  | 385000 |  | 331100 |  |
|  Crown Americas LLC<br>5.250%, 4/1/30§ |  | 514000 |  | 485997 |  |
|  Intelligent Packaging Ltd. Finco, Inc.<br>6.000%, 9/15/28§ |  | 453000 |  | 361834 |  |
|  LABL, Inc.<br>6.750%, 7/15/26§ |  | 355000 |  | 334588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 7/15/27§ |  | 617000 |  | 563012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28§ |  | 227000 |  | 197495 |  |
|  Mauser Packaging Solutions Holding Co.<br>5.500%, 4/15/24§ |  | 655000 |  | 636169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 4/15/25§ |  | 1150000 |  | 1062312 |  |
|  Owens-Brockway Glass Container, Inc.<br>6.625%, 5/13/27 (x)§ |  | 333000 |  | 323426 |  |
|  Trivium Packaging Finance BV<br>5.500%, 8/15/26 (e)§ |  | 1640000 |  | 1504700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 8/15/27 (e)§ |  | 200000 |  | 182997 |  |
|  |  |  |  | 8377266 |  |
|  ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | **** |
|  Arconic Corp.<br>6.125%, 2/15/28§ |  | 1350000 |  | 1261507 |  |
|  Constellium SE<br>5.875%, 2/15/26§ |  | 250000 |  | 239063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/15/28§ |  | 250000 |  | 228750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/29§ |  | 325000 |  | 263718 |  |
|  Kaiser Aluminum Corp.<br>4.500%, 6/1/31 (x)§ |  | 378000 |  | 303818 |  |
|  Novelis Corp.<br>4.750%, 1/30/30 (x)§ |  | 250000 |  | 221125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/31§ |  | 100000 |  | 81615 |  |
|  SunCoke Energy, Inc.<br>4.875%, 6/30/29§ |  | 750000 |  | 638205 |  |
|  |  |  |  | 3237801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 17153835 |  |
|  **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | **** |
|  Iron Mountain, Inc. (REIT)<br>5.000%, 7/15/28§ |  | 429000 |  | 386100 |  |
|  Park Intermediate Holdings LLC (REIT)<br>5.875%, 10/1/28§ |  | 356000 |  | 323590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/29§ |  | 479000 |  | 403845 |  |
|  VICI Properties LP (REIT)<br>4.625%, 6/15/25§ |  | 350000 |  | 334316 |  |
|  XHR LP (REIT)<br>6.375%, 8/15/25§ |  | 354000 |  | 344931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/29§ |  | 156000 |  | 128700 |  |
|  |  |  |  | 1921482 |  |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | **** |
|  Cushman & Wakefield US Borrower LLC<br>6.750%, 5/15/28§ |  | 336000 |  | 320171 |  |
|  Greystar Real Estate Partners LLC<br>5.750%, 12/1/25§ |  | 820000 |  | 797451 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Howard Hughes Corp. (The)<br>4.375%, 2/1/31§ | $| 255000 | $| 205428 |  |
|  |  |  |  | 1323050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 3244532 |  |
|  **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |  |  |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  Suburban Propane Partners LP<br>5.000%, 6/1/31§ |  | 250000 |  | 213823 |  |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | **** |
|  Solaris Midstream Holdings LLC<br>7.625%, 4/1/26§ |  | 552000 |  | 548550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 762373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 172997200 |  |
|  **Loan Participations (3.8%)** | **Loan Participations (3.8%)** | **Loan Participations (3.8%)** | **Loan Participations (3.8%)** | **Loan Participations (3.8%)** |  |
|  **Consumer Discretionary (0.7%)** | **Consumer Discretionary (0.7%)** | **Consumer Discretionary (0.7%)** |  |  |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  EyeCare Partners LLC, 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 6.75%),<br>11.480%, 11/15/29 (k) |  | 425000 |  | 348500 |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  First Brands Group LLC, 1st Lien Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 5.00%),<br>8.368%, 3/30/27 (k) |  | 467679 |  | 441956 |  |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | **** |
|  Tecta America Corp., 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 8.50%),<br>12.938%, 4/9/29 (k) |  | 625000 |  | 587500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 1377956 |  |
|  **Financials (1.4%)** | **Financials (1.4%)** | **Financials (1.4%)** |  |  |  |
|  ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | **** |
|  Nexus Buyer LLC, 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 6.25%),<br>10.634%, 11/5/29 (k) |  | 1300000 |  | 1197625 |  |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | **** |
|  Asurion LLC, 2nd Lien Term Loan B3 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 5.25%),<br>9.634%, 1/31/28 (k) |  | 1050000 |  | 812700 |  |
|  Asurion LLC, 2nd Lien Term Loan B4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 5.25%),<br>9.634%, 1/20/29 (k) |  | 1100000 |  | 848834 |  |
|  |  |  |  | 1661534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 2859159 |  |
|  **Health Care (0.4%)** | **Health Care (0.4%)** | **Health Care (0.4%)** |  |  |  |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | **** |
|  LifePoint Health, Inc., 1st Lien Term Loan B |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.75%),<br>8.165%, 11/16/25 (k) |  | 325000 |  | 305663 |  |
|  National Mentor Holdings, Inc., 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 7.25%),<br>11.980%, 3/2/29 (k) |  | 375000 |  | 245625 |  |
|  Sound Inpatient Physicians, Inc., 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 6.75%),<br>11.134%, 6/26/26 (k) |  | 475000 |  | 369114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 920402 |  |
|  **Industrials (0.1%)** | **Industrials (0.1%)** | **Industrials (0.1%)** |  |  |  |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | **** |
|  VC GB Holdings I Corp., 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 6.75%),<br>11.134%, 7/23/29 (k) |  | 225000 |  | 186375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 186375 |  |
|  **Information Technology (0.9%)** | **Information Technology (0.9%)** | **Information Technology (0.9%)** |  |  |  |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | **** |
|  Applied Systems, Inc., 2nd Lien Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 1 Month + 6.75%),<br>10.910%, 9/19/25 (k) |  | 967193 |  | 958730 |  |
|  Ascend Learning LLC, 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 1 Month + 5.75%),<br>10.134%, 12/10/29 (k) |  | 100000 |  | 85250 |  |
|  Loyalty Ventures, Inc., Term Loan B |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 4.50%),<br>8.571%, 11/3/27 (k) |  | 330313 |  | 129923 |  |
|  UKG, Inc., 2nd Lien Incremental Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 5.25%),<br>8.998%, 5/3/27 (k) |  | 775000 |  | 709609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 1883512 |  |
|  **Materials (0.3%)** | **Materials (0.3%)** | **Materials (0.3%)** |  |  |  |
|  ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | **** |
|  CPC Acquisition Corp., 2nd Lien Initial Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 7.75%),<br>12.480%, 12/29/28 (k) |  | 750000 |  | 450000 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  First Brands Group LLC, 2nd Lien Term Loan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 8.50%),<br>11.871%, 3/30/28 (k) |  | 300000 |  | 268500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 718500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Loan Participations** |  |  |  | 7945904 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | | **Value<br>(Note 1)** |
|  **Total Long-Term Debt Securities (86.4%)**<br> *(Cost $204,558,141)* |  | $180943104 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Fixed Income (8.9%)** | **Fixed Income (8.9%)** | **Fixed Income (8.9%)** |
|  iShares Broad USD High Yield Corporate Bond ETF (x) | 220970 | 7630094 |
|  iShares iBoxx High Yield Corporate Bond ETF (x) | 74030 | 5450829 |
|  SPDR Bloomberg High Yield Bond ETF (x) | 61144 | 5502960 |
|  **Total Exchange Traded Funds (8.9%)**<br> *(Cost $22,630,865)* |  | 18583883 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.1%)** | **Investment Companies (4.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 8000000 | 8000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 509435 | 509690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 8509690 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (10.3%)** | **Repurchase Agreements (10.3%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | 2000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $6,435,995, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $6,561,652. (xx) | 6432993 | 6432993 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $5,002,389, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $5,102,650. (xx) | 5000000 | 5000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $6,105,278, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $6,641,854. (xx) | 6100000 | 6100000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,000,978, collateralized by various Common Stocks; total market value $2,221,293. (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 21532993 |
|  **U.S. Treasury Obligations (1.3%)** | **U.S. Treasury Obligations (1.3%)** |  |
|  U.S. Treasury Bills<br>3.50%, 1/26/23 (p)(x) | 2400000 | 2393940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 2/16/23 (p) | 325000 | 323391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 2717331 |
|  **Total Short-Term Investments (15.7%)**<br> *(Cost $32,759,481)* |  | 32760014 |
|  **Total Investments in Securities (111.0%)**<br> *(Cost $259,948,487)* |  | 232287001 |
|  **Other Assets Less Liabilities (-11.0%)** |  | (22979632) |
|  **Net Assets (100%)** |  | $209307369 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $152,763,232 or 73.0% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $29,068,467. This was collateralized by $105,577 of various U.S. Government Treasury Securities, ranging from 0.125% - 3.875%, maturing 4/15/23 - 11/15/50 and by cash of $29,532,993 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CME* *— Chicago Mercantile Exchange* 

*ICE* *— Intercontinental Exchange* 

*LIBOR* *— London Interbank Offered Rate* 

*PIK* *— Payment-in Kind Security* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $22377290 | $— | $22377290 |
|  Consumer Discretionary |  | 26167741 |  | 26167741 |
|  Consumer Staples |  | 10520886 |  | 10520886 |
|  Energy |  | 20945211 |  | 20945211 |
|  Financials |  | 21711645 |  | 21711645 |
|  Health Care |  | 11329373 |  | 11329373 |
|  Industrials |  | 21061609 |  | 21061609 |
|  Information Technology |  | 17722705 |  | 17722705 |
|  Materials |  | 17153835 |  | 17153835 |
|  Real Estate |  | 3244532 |  | 3244532 |
|  Utilities |  | 762373 |  | 762373 |
|  **Exchange Traded Funds** | 18583883 |  |  | 18583883 |
|  **Loan Participations** |  |  |  |  |
|  Consumer Discretionary |  | 1377956 |  | 1377956 |
|  Financials |  | 2859159 |  | 2859159 |
|  Health Care |  | 920402 |  | 920402 |
|  Industrials |  | 186375 |  | 186375 |
|  Information Technology |  | 1883512 |  | 1883512 |
|  Materials |  | 718500 |  | 718500 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 8509690 |  |  | 8509690 |
|  Repurchase Agreements |  | 21532993 |  | 21532993 |
|  U.S. Treasury Obligations |  | 2717331 |  | 2717331 |
|  **Total Assets** | $**27093573** | $**205193428** | $**—** | $**232287001** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**27093573** | $**205193428** | $**—** | $**232287001** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $58167326 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54437761 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $645234 |
|  Aggregate gross unrealized depreciation | (28758321) |
|  Net unrealized depreciation | $(28113087) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260400088 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $238,415,494) | $210754008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $21,532,993) | 21532993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3691288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,954) | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3103001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 22061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 14695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 239131229 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 29532993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 94608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 60430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 23435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 22089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 11070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 79173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 29823860 |
|  **NET ASSETS** | $209307369 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $253627318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (44319949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $209307369 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $51,671,155 / 6,267,832 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.24 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $157,636,214 / 19,129,614 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.24 |

---

*(x)* *Includes value of securities on loan of $29,068,467.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $11962123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1070601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 289540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13322264 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1303699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 268038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 131926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 75447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 72600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1895461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (134713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1760748 |
|  **NET INVESTMENT INCOME (LOSS)** | 11561516 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (3991507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (31703956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31704037) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (35695544) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(24134028) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11561516 | $10494236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3991507) | 2680845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31704037) | (3708861) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (24134028) | 9466220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2789675) | (2401122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (8958170) | (8384624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (11747845) | (10785746) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,000,361 and 1,586,317 shares, respectively ] | 8992966 | 15706788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 330,469 and 249,639 shares, respectively ] | 2789675 | 2401122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (963586) and (735112) shares, respectively ] | (8625359) | (7269245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 3157282 | 10838665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,326,078 and 2,737,620 shares, respectively ] | 11807052 | 27121777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,061,764 and 872,163 shares, respectively ] | 8958170 | 8384624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2519724) and (1976790) shares, respectively ] | (22658913) | (19601466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1893691) | 15904935 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 1263591 | 26743600 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (34618282) | 25424074 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 243925651 | 218501577 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $209307369 | $243925651 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT HIGH YIELD BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.70 | $9.75 | $9.60 | $8.94 | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.46 | 0.43 | 0.46 | 0.48 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.45) | (0.05) | 0.16 | 0.67 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.99) | 0.38 | 0.62 | 1.15 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.47) | (0.43) | (0.47) | (0.49) | (0.53) |
|  Net asset value, end of year | $8.24 | $9.70 | $9.75 | $9.60 | $8.94 |
|  Total return | (10.30)% | 3.95% | 6.48% | 12.94% | (2.23)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $51671 | $57218 | $46783 | $41122 | $28369 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.06% | 1.04% | 1.08% | 1.07% | 1.07% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.14% | 4.31% | 4.79% | 4.92% | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.08% | 4.26% | 4.71% | 4.85% | 5.16% |
|  Portfolio turnover rate^ | 26% | 53% | 67% | 47% | 41% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.69 | $9.74 | $9.59 | $8.93 | $9.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.48 | 0.45 | 0.48 | 0.50 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.44) | (0.05) | 0.16 | 0.68 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.96) | 0.40 | 0.64 | 1.18 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.49) | (0.45) | (0.49) | (0.52) | (0.55) |
|  Net asset value, end of year | $8.24 | $9.69 | $9.74 | $9.59 | $8.93 |
|  Total return | (9.99)% | 4.19% | 6.74% | 13.23% | (1.99)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $157636 | $186707 | $171719 | $176238 | $163753 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.81% | 0.79% | 0.83% | 0.82% | 0.82% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.38% | 4.56% | 5.04% | 5.18% | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.32% | 4.51% | 4.96% | 5.11% | 5.41% |
|  Portfolio turnover rate^ | 26% | 53% | 67% | 47% | 41% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**1290 VT MICRO CAP PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Lord, Abbett & Co. LLC

PERFORMANCE RESULTS

![LOGO](g401674g61f40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\*,\*\* | (26.00)% | 8.72% | 9.16 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (25.71) | 8.96 | 9.38 |  |
| &nbsp;&nbsp;&nbsp; Russell Microcap<sup>®</sup> Index | (21.96) | 3.69 | 5.78 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (26.00)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Microcap<sup>®</sup> Index, which returned (21.96)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio's position in Agilysys, Inc., a developer and marketer of proprietary enterprise software and other
products for the hospitality industry, was the Portfolio's largest individual contributor. Shares of the stock benefitted from strong quarterly earnings results, as well as momentum following the announcement of an agreement with Marriott
International.

• Security selection within the Health Care sector was a primary contributor to relative performance over the one-year period. Leading the way was the Portfolio's position in Ventyx Biosciences, Inc., a clinical-stage biopharmaceutical company focused on advancing novel oral therapies for patients living with
autoimmune and inflammatory disorders. After treading water for most of the year, shares of the stock significantly rose in September after the company announced positive Phase 1 trial results for VTX958, a TYK2 inhibitor which has a role in a broad
range of immune-mediated diseases. The stock was also positively impacted by the FDA's approval of Bristol-Myers Squibb's TYK inhibitor which, as a result, reduced regulatory risk for Ventyx and similar companies. As of the end of the
period, Ventyx is among the Portfolio's top-5 active overweights.

***What hurt performance during the year:***

• The Portfolio's position in Citi Trends, Inc., a retailer of urban fashion apparel, accessories, and home
décor, was a primary detractor from relative performance over the one-year period. Shares of the company fell early in the year as a result of a marked deceleration in store traffic and sales following
the holiday season amid worsening macro conditions driven by surges of the Omicron variant.

• The Portfolio's position in Pulmonx Corporation, Inc., a global leader in interventional pulmonology, planning tools,
and treatments for obstructive lung disease, was a primary detractor from relative performance over the period. Investors reacted negatively to the company's regulatory filing to the SEC to sell up to $200 million of securities over time.

**Portfolio Positioning and Outlook — Lord Abbett and Co. LLC** 

Following the November Consumer Price Index (CPI) announcement, we are cautiously optimistic that the peak in inflation and the accelerated pace of Federal Reserve rate hikes is behind us. While we believe the decline in inflation to historical norms will not be linear, several leading indicators suggest that headline inflation numbers have a downward bias for the foreseeable future. However, the labor market remains stubbornly strong, which the Federal Reserve views as an "issue," and earnings within the technology sector are increasingly at risk -particularly in software, for example. Outside of technology and materials, Q3 earnings were rather resilient, and we question the market's overly negative view on earnings in 2023 given margin

------

**1290 VT MICRO CAP PORTFOLIO (Unaudited)** 

tailwinds, a softening dollar, and a resilient consumer. Small caps, in particular, have begun to show some outperformance on the heels of this resilience.

From a technical standpoint, we continue to see signs of a market bottoming process, but markets are still shaky. Market trend, as measured by Investor's Business Daily (IBD), closed the year in a downtrend as general markets failed to hold their moving averages. Market breadth also retreated after showing some improvements throughout November. Finally, we saw an uptick in pullbacks and downtrends over the final few weeks of the year.

Looking ahead into 2023 and beyond, our view continues to be that the powerful secular forces that kept inflation low before the pandemic — namely demographics, high debt levels, and the technology revolution — will reassert themselves at some point. Tighter monetary and fiscal policy, too, may cause inflation to decelerate from very high levels. However, until that happens, we are likely to continue to face a hostile Federal Reserve. We remain bullish on the long-term outlook for equities because the technology revolution is ever more powerful with each passing year. However, we expect to see a broadening out of market leadership in areas across innovation, such as consumer, health care, and technology, as well as in less commonly perceived innovative sectors such as industrials and energy. We believe many of these companies have dominant market positions, are experiencing tremendous growth, are very early on in their penetration, and have years of high compounding annual growth ahead.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Health Care | 33.9% |
| &nbsp;&nbsp;&nbsp; Information Technology | 19.0 |
| &nbsp;&nbsp;&nbsp; Financials | 11.8 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 8.3 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.1 |
| &nbsp;&nbsp;&nbsp; Energy | 3.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.1 |
| &nbsp;&nbsp;&nbsp; Materials | 2.0 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.6 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (8.4) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

------

**1290 VT MICRO CAP PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1073.30 | $6.01 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1074.20 | 4.71 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.1%)** | **Communication Services (3.1%)** | **Communication Services (3.1%)** |  |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | **** |
|  Anterix, Inc.\* | 3038 | $97732 |  |
|  ATN International, Inc. | 1785 | 80878 |  |
|  Bandwidth, Inc., Class A\* | 3995 | 91685 |  |
|  Charge Enterprises, Inc. (x)\* | 22515 | 27919 |  |
|  Consolidated Communications Holdings, Inc.\* | 12806 | 45846 |  |
|  IDT Corp., Class B\* | 2545 | 71693 |  |
|  Ooma, Inc.\* | 62495 | 851182 |  |
|  |  | 1266935 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  Chicken Soup For The Soul Entertainment, Inc. (x)\* | 1358 | 6953 |  |
|  CuriosityStream, Inc. (x)\* | 4484 | 5112 |  |
|  FG Group Holdings, Inc.\* | 2491 | 6526 |  |
|  Gaia, Inc.\* | 2475 | 5891 |  |
|  Golden Matrix Group, Inc.\* | 1434 | 3642 |  |
|  Marcus Corp. (The) (x) | 3924 | 56466 |  |
|  Playstudios, Inc. (x)\* | 13718 | 53226 |  |
|  Reading International, Inc., Class A\* | 3239 | 8972 |  |
|  Reservoir Media, Inc. (x)\* | 3647 | 21773 |  |
|  |  | 168561 |  |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | **** |
|  Arena Group Holdings, Inc. (The)\* | 1958 | 20774 |  |
|  Cars.com, Inc.\* | 11154 | 153591 |  |
|  DHI Group, Inc.\* | 6406 | 33888 |  |
|  EverQuote, Inc., Class A\* | 3362 | 49556 |  |
|  fuboTV, Inc. (x)\* | 30586 | 53220 |  |
|  IZEA Worldwide, Inc. (x)\* | 11241 | 6104 |  |
|  Leafly Holdings, Inc. (x)\* | 4555 | 2969 |  |
|  Liberty TripAdvisor Holdings, Inc., Class A (x)\* | 12598 | 8436 |  |
|  Outbrain, Inc.\* | 5236 | 18954 |  |
|  QuinStreet, Inc.\* | 8550 | 122692 |  |
|  Society Pass, Inc. (x)\* | 651 | 644 |  |
|  Super League Gaming, Inc. (x)\* | 3051 | 1037 |  |
|  Travelzoo\* | 1116 | 4966 |  |
|  TrueCar, Inc.\* | 13263 | 33290 |  |
|  Vinco Ventures, Inc. (x)\* | 38987 | 18090 |  |
|  Wejo Group Ltd. (x)\* | 10981 | 5282 |  |
|  Zedge, Inc., Class B (x)\* | 2047 | 3603 |  |
|  ZipRecruiter, Inc., Class A\* | 23533 | 386412 |  |
|  |  | 923508 |  |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 6219 | 10324 |  |
|  Audacy, Inc. (x)\* | 22077 | 4970 |  |
|  Beasley Broadcast Group, Inc., Class A\* | 1845 | 1698 |  |
|  Boston Omaha Corp., Class A\* | 3658 | 96937 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 59751 | 62739 |  |
|  comScore, Inc.\* | 13728 | 15924 |  |
|  Cumulus Media, Inc., Class A\* | 3143 | 19518 |  |
|  Daily Journal Corp.\* | 197 | 49350 |  |
|  DallasNews Corp. (x) | 950 | 3648 |  |
|  Digital Media Solutions, Inc. (x)\* | 1063 | 1424 |  |
|  Direct Digital Holdings, Inc., Class A\* | 353 | 865 |  |
|  Emerald Holding, Inc. (x)\* | 3741 | 13243 |  |
|  Entravision Communications Corp., Class A | 9678 | 46454 |  |
|  Fluent, Inc.\* | 8054 | 8779 |  |
|  Gambling.com Group Ltd.\* | 1546 | 14146 |  |
|  Gannett Co., Inc.\* | 22729 | 46140 |  |
|  Harte Hanks, Inc.\* | 793 | 9270 |  |
|  Innovid Corp. (x)\* | 13181 | 22540 |  |
|  Integral Ad Science Holding Corp.\* | 47029 | 413385 |  |
|  Lee Enterprises, Inc.\* | 979 | 18170 |  |
|  Loyalty Ventures, Inc. (x)\* | 3576 | 8618 |  |
|  Marchex, Inc., Class B\* | 3708 | 5822 |  |
|  National CineMedia, Inc. (x) | 11609 | 2554 |  |
|  Saga Communications, Inc., Class A | 729 | 17204 |  |
|  Salem Media Group, Inc.\* | 2044 | 2146 |  |
|  Stran & Co., Inc. (x)\* | 1123 | 1437 |  |
|  Thryv Holdings, Inc.\* | 4176 | 79344 |  |
|  Townsquare Media, Inc., Class A\* | 2192 | 15892 |  |
|  Urban One, Inc.\* | 2013 | 7569 |  |
|  Urban One, Inc., Class A\* | 1392 | 6334 |  |
|  |  | 1006444 |  |
|  ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | **** |
|  FingerMotion, Inc. (x)\* | 4539 | 12755 |  |
|  Gogo, Inc.\* | 87706 | 1294540 |  |
|  KORE Group Holdings, Inc. (x)\* | 6256 | 7883 |  |
|  Spok Holdings, Inc. | 3076 | 25192 |  |
|  SurgePays, Inc. (x)\* | 1219 | 7997 |  |
|  |  | 1348367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 4713815 |  |
|  **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Cooper-Standard Holdings, Inc.\* | 2947 | 26700 |  |
|  Horizon Global Corp.\* | 4479 | 1742 |  |
|  Modine Manufacturing Co.\* | 8326 | 165354 |  |
|  Motorcar Parts of America, Inc.\* | 3200 | 37952 |  |
|  Spruce Power Holding Corp. (x)\* | 21175 | 19462 |  |
|  Stoneridge, Inc.\* | 4302 | 92751 |  |
|  Strattec Security Corp.\* | 651 | 13378 |  |
|  Superior Industries International, Inc.\* | 3804 | 16053 |  |
|  Sypris Solutions, Inc.\* | 2100 | 4242 |  |
|  |  | 377634 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Arcimoto, Inc. (x)\* | 280 | 924 |  |
|  AYRO, Inc. (x)\* | 5793 | 2217 |  |
|  Cenntro Electric Group Ltd. (x)\* | 31633 | 13918 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 33707 | 9785 |  |
|  Lordstown Motors Corp. (x)\* | 28918 | 32967 |  |
|  Mullen Automotive, Inc. (x)\* | 57281 | 16382 |  |
|  Volcon, Inc.\* | 1741 | 1758 |  |
|  Workhorse Group, Inc. (x)\* | 26284 | 39952 |  |
|  |  | 117903 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  AMCON Distributing Co. | 30 | 5430 |  |
|  Educational Development Corp. (x) | 1194 | 3773 |  |
|  Funko, Inc., Class A (x)\* | 5448 | 59438 |  |
|  Weyco Group, Inc. | 993 | 21012 |  |
|  |  | 89653 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | **** |
|  American Public Education, Inc.\* | 3224 | $39623 |  |
|  Beachbody Co., Inc. (The) (x)\* | 18659 | 9815 |  |
|  Carriage Services, Inc. | 2107 | 58027 |  |
|  Lincoln Educational Services Corp.\* | 4067 | 23548 |  |
|  Nerdy, Inc. (x)\* | 9294 | 20912 |  |
|  OneSpaWorld Holdings Ltd.\* | 10974 | 102387 |  |
|  Perdoceo Education Corp.\* | 11239 | 156222 |  |
|  Regis Corp.\* | 7902 | 9640 |  |
|  Rover Group, Inc. (x)\* | 16041 | 58871 |  |
|  Universal Technical Institute, Inc.\* | 5671 | 38109 |  |
|  WW International, Inc.\* | 9305 | 35917 |  |
|  XWELL, Inc. (x)\* | 15438 | 5602 |  |
|  |  | 558673 |  |
|  ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** | ***Hotels, Restaurants & Leisure (3.3%)*** | **** |
|  Allied Gaming & Entertainment, Inc. (x)\* | 3877 | 4071 |  |
|  Ark Restaurants Corp. | 394 | 6525 |  |
|  Biglari Holdings, Inc., Class B\* | 124 | 17211 |  |
|  BJ's Restaurants, Inc.\* | 3739 | 98635 |  |
|  Bluegreen Vacations Holding Corp. | 1309 | 32673 |  |
|  Bowlero Corp. (x)\* | 47713 | 643171 |  |
|  BurgerFi International, Inc.\* | 2254 | 2840 |  |
|  Canterbury Park Holding Corp. (x) | 517 | 16161 |  |
|  Carrols Restaurant Group, Inc.\* | 6313 | 8586 |  |
|  Century Casinos, Inc.\* | 4747 | 33371 |  |
|  Chuy's Holdings, Inc.\* | 3003 | 84985 |  |
|  Denny's Corp.\* | 9234 | 85045 |  |
|  EBET, Inc. (x)\* | 2687 | 1693 |  |
|  El Pollo Loco Holdings, Inc. | 3320 | 33067 |  |
|  F45 Training Holdings, Inc. (x)\* | 6451 | 18385 |  |
|  FAT Brands, Inc., Class A (x) | 858 | 4178 |  |
|  Fiesta Restaurant Group, Inc.\* | 2867 | 21072 |  |
|  First Watch Restaurant Group, Inc.\* | 2495 | 33757 |  |
|  Flanigan's Enterprises, Inc. | 177 | 4581 |  |
|  Full House Resorts, Inc.\* | 5680 | 42714 |  |
|  GAN Ltd.\* | 6598 | 9897 |  |
|  Golden Entertainment, Inc.\* | 3345 | 125103 |  |
|  Good Times Restaurants, Inc. (x)\* | 1812 | 4041 |  |
|  Inspirato, Inc.\* | 3674 | 4372 |  |
|  Inspired Entertainment, Inc.\* | 3342 | 42343 |  |
|  Kura Sushi USA, Inc., Class A\* | 20671 | 985593 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 5840 | 44968 |  |
|  Lottery.com, Inc. (x)\* | 6359 | 1113 |  |
|  Monarch Casino & Resort, Inc.\* | 16346 | 1256844 |  |
|  Nathan's Famous, Inc. | 479 | 32194 |  |
|  NEOGAMES SA\* | 2249 | 27415 |  |
|  Noodles & Co., Class A\* | 7133 | 39160 |  |
|  ONE Group Hospitality, Inc. (The)\* | 3830 | 24129 |  |
|  PlayAGS, Inc.\* | 4806 | 24511 |  |
|  Potbelly Corp.\* | 4370 | 24341 |  |
|  RCI Hospitality Holdings, Inc. | 1426 | 132889 |  |
|  Red Robin Gourmet Burgers, Inc. (x)\* | 2649 | 14781 |  |
|  Ruth's Hospitality Group, Inc. | 5214 | 80713 |  |
|  Sonder Holdings, Inc. (x)\* | 32820 | 40697 |  |
|  Target Hospitality Corp.\* | 5039 | 76291 |  |
|  Xponential Fitness, Inc., Class A\* | 38832 | 890418 |  |
|  |  | 5074534 |  |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | **** |
|  Aterian, Inc. (x)\* | 10857 | 8363 |  |
|  Bassett Furniture Industries, Inc. | 1503 | 26122 |  |
|  Beazer Homes USA, Inc.\* | 4765 | 60802 |  |
|  Dixie Group, Inc. (The)\* | 2564 | 2054 |  |
|  Ethan Allen Interiors, Inc. | 3704 | 97860 |  |
|  Flexsteel Industries, Inc. | 603 | 9286 |  |
|  Green Brick Partners, Inc. (x)\* | 4647 | 112597 |  |
|  Hamilton Beach Brands Holding Co., Class A | 1285 | 15921 |  |
|  Harbor Custom Development, Inc. (x)\* | 2194 | 856 |  |
|  Hooker Furnishings Corp. | 2012 | 37624 |  |
|  Hovnanian Enterprises, Inc., Class A\* | 888 | 37367 |  |
|  Koss Corp.\* | 741 | 3616 |  |
|  Landsea Homes Corp.\* | 1681 | 8758 |  |
|  Legacy Housing Corp.\* | 1242 | 23548 |  |
|  Lifetime Brands, Inc. | 2236 | 16971 |  |
|  Live Ventures, Inc.\* | 273 | 8545 |  |
|  Lovesac Co. (The)\* | 2419 | 53242 |  |
|  Purple Innovation, Inc. (x)\* | 9515 | 45577 |  |
|  Traeger, Inc.\* | 5498 | 15504 |  |
|  Tupperware Brands Corp.\* | 7557 | 31286 |  |
|  Universal Electronics, Inc.\* | 2096 | 43618 |  |
|  VOXX International Corp.\* | 2610 | 21872 |  |
|  Vuzix Corp. (x)\* | 10185 | 37073 |  |
|  |  | 718462 |  |
|  ***Internet & Direct Marketing Retail (1.0%)*** | ***Internet & Direct Marketing Retail (1.0%)*** | ***Internet & Direct Marketing Retail (1.0%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 4631 | 44272 |  |
|  1stdibs.com, Inc.\* | 4102 | 20838 |  |
|  aka Brands Holding Corp. (x)\* | 1993 | 2531 |  |
|  BARK, Inc. (x)\* | 20505 | 30552 |  |
|  Boxed, Inc. (x)\* | 8836 | 1722 |  |
|  CarParts.com, Inc.\* | 8680 | 54337 |  |
|  ContextLogic, Inc., Class A\* | 92005 | 44871 |  |
|  Duluth Holdings, Inc., Class B(x)\* | 2296 | 14189 |  |
|  Fiverr International Ltd.\* | 27109 | 789956 |  |
|  Groupon, Inc. (x)\* | 3844 | 32982 |  |
|  iMedia Brands, Inc.(x)\* | 3581 | 2292 |  |
|  iPower, Inc.\* | 833 | 317 |  |
|  Lands' End, Inc.\* | 2630 | 19962 |  |
|  Liquidity Services, Inc.\* | 4188 | 58883 |  |
|  Lulu's Fashion Lounge Holdings, Inc. (x)\* | 2885 | 7241 |  |
|  PARTS iD, Inc.\* | 907 | 884 |  |
|  PetMed Express, Inc. (x) | 3230 | 57171 |  |
|  Polished.com, Inc. (x)\* | 17851 | 10313 |  |
|  Porch Group, Inc. (x)\* | 14012 | 26343 |  |
|  Poshmark, Inc., Class A\* | 7911 | 141449 |  |
|  Quotient Technology, Inc.\* | 11335 | 38879 |  |
|  RealReal, Inc. (The) (x)\* | 15175 | 18969 |  |
|  Rent the Runway, Inc., Class A (x)\* | 8329 | 25403 |  |
|  RumbleON, Inc., Class B (x)\* | 1758 | 11374 |  |
|  ThredUp, Inc., Class A (x)\* | 10466 | 13711 |  |
|  |  | 1469441 |  |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | **** |
|  American Outdoor Brands, Inc.\* | 2272 | 22765 |  |
|  AMMO, Inc. (x)\* | 14857 | 25703 |  |
|  Clarus Corp. (x) | 4893 | 38361 |  |
|  Escalade, Inc. (x) | 1700 | 17306 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  JAKKS Pacific, Inc.\* | 975 | $| 17053 |  |
|  Johnson Outdoors, Inc., Class A | 847 |  | 56004 |  |
|  Marine Products Corp. | 1472 |  | 17325 |  |
|  MasterCraft Boat Holdings, Inc.\* | 2864 |  | 74092 |  |
|  Nautilus, Inc.\* | 4718 |  | 7218 |  |
|  Smith & Wesson Brands, Inc. | 7234 |  | 62791 |  |
|  Solo Brands, Inc., Class A (x)\* | 3918 |  | 14575 |  |
|  |  |  | 353193 |  |
|  ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | ***Specialty Retail (1.7%)*** | **** |
|  Aaron's Co., Inc. (The) | 5233 |  | 62534 |  |
|  America's Car-Mart, Inc.\* | 971 |  | 70165 |  |
|  Barnes & Noble Education, Inc.\* | 7748 |  | 13559 |  |
|  Big 5 Sporting Goods Corp. (x) | 3680 |  | 32494 |  |
|  Build-A-Bear Workshop, Inc.\* | 2269 |  | 54093 |  |
|  Caleres, Inc. (x) | 5825 |  | 129781 |  |
|  Cato Corp. (The), Class A | 3075 |  | 28690 |  |
|  Chico's FAS, Inc.\* | 20149 |  | 99133 |  |
|  Children's Place, Inc. (The)\* | 2057 |  | 74916 |  |
|  Citi Trends, Inc.\* | 1402 |  | 37125 |  |
|  Conn's, Inc.\* | 2249 |  | 15473 |  |
|  Container Store Group, Inc. (The)\* | 5552 |  | 23929 |  |
|  Destination XL Group, Inc.\* | 10000 |  | 67500 |  |
|  Envela Corp.\* | 1275 |  | 6707 |  |
|  Express, Inc. (x)\* | 10820 |  | 11037 |  |
|  Genesco, Inc.\* | 2085 |  | 95952 |  |
|  GrowGeneration Corp. (x)\* | 9924 |  | 38902 |  |
|  Haverty Furniture Cos., Inc. | 2400 |  | 71760 |  |
|  Hibbett, Inc. | 2133 |  | 145513 |  |
|  J Jill, Inc. (x)\* | 718 |  | 17806 |  |
|  JOANN, Inc. (x) | 1845 |  | 5258 |  |
|  Kirkland's, Inc.\* | 1678 |  | 5537 |  |
|  Lazydays Holdings, Inc. (x)\* | 1712 |  | 20441 |  |
|  LL Flooring Holdings, Inc.\* | 4922 |  | 27662 |  |
|  MarineMax, Inc.\* | 3480 |  | 108646 |  |
|  OneWater Marine, Inc., Class A(x)\* | 1929 |  | 55169 |  |
|  Party City Holdco, Inc. (x)\* | 18536 |  | 6775 |  |
|  Shift Technologies, Inc. (x)\* | 19965 |  | 2973 |  |
|  Shoe Carnival, Inc. | 2963 |  | 70845 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 6370 |  | 59942 |  |
|  Tile Shop Holdings, Inc.\* | 4935 |  | 21615 |  |
|  Tilly's, Inc., Class A\* | 3893 |  | 35232 |  |
|  Torrid Holdings, Inc. (x)\* | 2475 |  | 7326 |  |
|  TravelCenters of America, Inc.\* | 2055 |  | 92023 |  |
|  Volta, Inc. (x)\* | 21785 |  | 7742 |  |
|  Vroom, Inc. (x)\* | 22098 |  | 22540 |  |
|  Warby Parker, Inc., Class A (x)\* | 63943 |  | 862591 |  |
|  Winmark Corp. | 462 |  | 108954 |  |
|  Zumiez, Inc.\* | 2487 |  | 54067 |  |
|  |  |  | 2672407 |  |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 14564 |  | 35245 |  |
|  Charles & Colvard Ltd. (x)\* | 5246 |  | 4276 |  |
|  Crown Crafts, Inc. | 1260 |  | 6728 |  |
|  Culp, Inc. | 2118 |  | 9722 |  |
|  Delta Apparel, Inc.\* | 1089 |  | 11554 |  |
|  Fossil Group, Inc.\* | 8213 |  | 35398 |  |
|  Jerash Holdings US, Inc. | 733 |  | 2844 |  |
|  Lakeland Industries, Inc. (x)\* | 1191 |  | 15840 |  |
|  Movado Group, Inc. | 2653 |  | 85559 |  |
|  Oxford Industries, Inc. | 9118 |  | 849615 |  |
|  PLBY Group, Inc. (x)\* | 4886 |  | 13437 |  |
|  Rocky Brands, Inc. | 1183 |  | 27943 |  |
|  Superior Group of Cos., Inc. | 2006 |  | 20180 |  |
|  Unifi, Inc.\* | 2397 |  | 20638 |  |
|  Vera Bradley, Inc.\* | 4799 |  | 21740 |  |
|  Vince Holding Corp.\* | 647 |  | 5066 |  |
|  |  |  | 1165785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 12597685 |  |
|  **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** |  |
|  ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | **** |
|  Fresh Vine Wine, Inc. (x)\* | 954 |  | 934 |  |
|  MGP Ingredients, Inc. | 7291 |  | 775617 |  |
|  Splash Beverage Group, Inc. (x)\* | 4761 |  | 4577 |  |
|  Vintage Wine Estates, Inc. (x)\* | 5536 |  | 18047 |  |
|  Vita Coco Co., Inc. (The) (x)\* | 66234 |  | 915354 |  |
|  Willamette Valley Vineyards, Inc.\* | 879 |  | 5265 |  |
|  Zevia PBC, Class A (x)\* | 2366 |  | 9677 |  |
|  |  |  | 1729471 |  |
|  ***Food & Staples Retailing (1.3%)*** | ***Food & Staples Retailing (1.3%)*** | ***Food & Staples Retailing (1.3%)*** | ***Food & Staples Retailing (1.3%)*** | **** |
|  Blue Apron Holdings, Inc., Class A (x)\* | 4283 |  | 3555 |  |
|  Chefs' Warehouse, Inc. (The)\* | 50841 |  | 1691989 |  |
|  HF Foods Group, Inc.\* | 6153 |  | 24981 |  |
|  MedAvail Holdings, Inc. (x)\* | 6828 |  | 2047 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 1596 |  | 14587 |  |
|  Rite Aid Corp. (x)\* | 9479 |  | 31660 |  |
|  SpartanNash Co. | 5873 |  | 177600 |  |
|  Village Super Market, Inc., Class A | 1411 |  | 32862 |  |
|  |  |  | 1979281 |  |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | **** |
|  Alico, Inc. | 1063 |  | 25374 |  |
|  AppHarvest, Inc. (x)\* | 12730 |  | 7223 |  |
|  Barfresh Food Group, Inc.\* | 949 |  | 1243 |  |
|  Benson Hill, Inc. (x)\* | 27139 |  | 69204 |  |
|  Better Choice Co., Inc. (x)\* | 3912 |  | 2109 |  |
|  Blue Star Foods Corp. (x)\* | 928 |  | 362 |  |
|  Bridgford Foods Corp. (x)\* | 344 |  | 4121 |  |
|  Calavo Growers, Inc. | 2805 |  | 82467 |  |
|  Farmer Bros Co.\* | 3045 |  | 14037 |  |
|  Lifecore Biomedical, Inc.\* | 4558 |  | 29536 |  |
|  Lifeway Foods, Inc.\* | 756 |  | 4196 |  |
|  Limoneira Co. | 2752 |  | 33602 |  |
|  Local Bounti Corp. (x)\* | 10547 |  | 14660 |  |
|  MamaMancini's Holdings, Inc. (x)\* | 2704 |  | 4854 |  |
|  Real Good Food Co., Inc. (The), Class A\* | 1137 |  | 7538 |  |
|  Rocky Mountain Chocolate Factory, Inc. (x)\* | 843 |  | 4805 |  |
|  S&W Seed Co. (x)\* | 2725 |  | 4060 |  |
|  Seneca Foods Corp., Class A\* | 853 |  | 51990 |  |
|  SunOpta, Inc.\* | 16220 |  | 136897 |  |
|  Tattooed Chef, Inc. (x)\* | 8242 |  | 10138 |  |
|  Vital Farms, Inc.\* | 5135 |  | 76614 |  |
|  Whole Earth Brands, Inc.\* | 7066 |  | 28759 |  |
|  |  |  | 613789 |  |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | **** |
|  Oil-Dri Corp. of America | 862 |  | 28911 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Personal Products (1.2%)*** | ***Personal Products (1.2%)*** | ***Personal Products (1.2%)*** | **** |
|  e.l.f. Beauty, Inc.\* | 29226 | $1616198 |  |
|  Honest Co., Inc. (The)\* | 11200 | 33712 |  |
|  LifeMD, Inc. (x)\* | 3312 | 6425 |  |
|  Lifevantage Corp. | 2174 | 8087 |  |
|  Mannatech, Inc. | 207 | 3705 |  |
|  Natural Alternatives International, Inc.\* | 842 | 7065 |  |
|  Natural Health Trends Corp. | 1085 | 3689 |  |
|  Nature's Sunshine Products, Inc.\* | 2348 | 19536 |  |
|  Thorne HealthTech, Inc. (x)\* | 2232 | 8102 |  |
|  United-Guardian, Inc. | 532 | 5533 |  |
|  Upexi, Inc. (x)\* | 1277 | 3831 |  |
|  Veru, Inc. (x)\* | 11151 | 58877 |  |
|  Zivo Bioscience, Inc.\* | 971 | 2379 |  |
|  |  | 1777139 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 23068 | 21234 |  |
|  Turning Point Brands, Inc. | 2337 | 50549 |  |
|  |  | 71783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6200374 |  |
|  **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |  |
|  ***Energy Equipment & Services (1.1%)*** | ***Energy Equipment & Services (1.1%)*** | ***Energy Equipment & Services (1.1%)*** | **** |
|  Borr Drilling Ltd. (x)\* | 33570 | 166843 |  |
|  Bristow Group, Inc.\* | 3826 | 103799 |  |
|  Dawson Geophysical Co.\* | 1513 | 2965 |  |
|  Diamond Offshore Drilling, Inc.\* | 16865 | 175396 |  |
|  DMC Global, Inc.\* | 2961 | 57562 |  |
|  Energy Services of America Corp.\* | 1567 | 4059 |  |
|  ENGlobal Corp.\* | 4793 | 3691 |  |
|  Enservco Corp.\* | 1640 | 2673 |  |
|  Forum Energy Technologies, Inc.\* | 777 | 22921 |  |
|  Geospace Technologies Corp.\* | 2345 | 9896 |  |
|  Gulf Island Fabrication, Inc.\* | 2292 | 11758 |  |
|  Helix Energy Solutions Group, Inc.\* | 23803 | 175666 |  |
|  Independence Contract Drilling, Inc. (x)\* | 1624 | 5310 |  |
|  KLX Energy Services Holdings, Inc. (x)\* | 1631 | 28233 |  |
|  Mammoth Energy Services, Inc.\* | 3261 | 28208 |  |
|  National Energy Services Reunited Corp.\* | 6462 | 44846 |  |
|  Natural Gas Services Group, Inc.\* | 1984 | 22737 |  |
|  NCS Multistage Holdings, Inc.\* | 120 | 3000 |  |
|  Newpark Resources, Inc.\* | 14900 | 61835 |  |
|  Nine Energy Service, Inc. (x)\* | 3116 | 45275 |  |
|  Oil States International, Inc.\* | 10134 | 75600 |  |
|  Profire Energy, Inc.\* | 6676 | 7010 |  |
|  Ranger Energy Services, Inc.\* | 1900 | 20919 |  |
|  SEACOR Marine Holdings, Inc.\* | 4099 | 37547 |  |
|  Select Energy Services, Inc., Class A | 11639 | 107544 |  |
|  Smart Sand, Inc.\* | 3842 | 6877 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 5370 | 53324 |  |
|  Superior Drilling Products, Inc.\* | 1463 | 1345 |  |
|  TETRA Technologies, Inc.\* | 21484 | 74335 |  |
|  Tidewater, Inc.\* | 7852 | 289346 |  |
|  |  | 1650520 |  |
|  ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | ***Oil, Gas & Consumable Fuels (2.6%)*** | **** |
|  Adams Resources & Energy, Inc. | 424 | 16502 |  |
|  Aemetis, Inc. (x)\* | 5088 | 20149 |  |
|  Alto Ingredients, Inc.\* | 12472 | 35919 |  |
|  American Resources Corp. (x)\* | 9683 | 12782 |  |
|  Amplify Energy Corp.\* | 6127 | 53856 |  |
|  Ardmore Shipping Corp.\* | 6861 | 98867 |  |
|  Battalion Oil Corp.\* | 451 | 4379 |  |
|  Berry Corp. | 12722 | 101776 |  |
|  Centrus Energy Corp., Class A\* | 1677 | 54469 |  |
|  Comstock, Inc.\* | 8255 | 2270 |  |
|  Dorian LPG Ltd. | 5276 | 99980 |  |
|  Ecoark Holdings, Inc. (x)\* | 4258 | 979 |  |
|  Empire Petroleum Corp. (x)\* | 1737 | 21365 |  |
|  Energy Fuels, Inc. (x)\* | 26064 | 161858 |  |
|  Epsilon Energy Ltd. | 2418 | 16031 |  |
|  Evolution Petroleum Corp. | 5321 | 40174 |  |
|  Gevo, Inc. (x)\* | 34017 | 64632 |  |
|  Hallador Energy Co.\* | 3730 | 37263 |  |
|  Houston American Energy Corp. (x)\* | 1664 | 5724 |  |
|  International Seaways, Inc. | 8217 | 304193 |  |
|  Laredo Petroleum, Inc.\* | 2794 | 143668 |  |
|  Lightbridge Corp. (x)\* | 1711 | 6656 |  |
|  Mexco Energy Corp.\* | 190 | 2371 |  |
|  NACCO Industries, Inc., Class A | 691 | 26258 |  |
|  NextDecade Corp. (x)\* | 5495 | 27145 |  |
|  Nordic American Tankers Ltd. (x) | 34155 | 104514 |  |
|  Overseas Shipholding Group, Inc., Class A\* | 10036 | 29004 |  |
|  Par Pacific Holdings, Inc.\* | 8173 | 190022 |  |
|  PEDEVCO Corp.\* | 4334 | 4767 |  |
|  PHX Minerals, Inc. | 5545 | 21570 |  |
|  PrimeEnergy Resources Corp.\* | 139 | 12075 |  |
|  REX American Resources Corp.\* | 2558 | 81498 |  |
|  Riley Exploration Permian, Inc. (x) | 1784 | 52503 |  |
|  Ring Energy, Inc. (x)\* | 14909 | 36676 |  |
|  SandRidge Energy, Inc.\* | 5394 | 91860 |  |
|  SilverBow Resources, Inc. (x)\* | 2022 | 57182 |  |
|  Sitio Royalties Corp. (x) | 11991 | 345940 |  |
|  Stabilis Solutions, Inc.\* | 522 | 2704 |  |
|  Talos Energy, Inc.\* | 45161 | 852640 |  |
|  Teekay Corp.\* | 10827 | 49155 |  |
|  Teekay Tankers Ltd., Class A\* | 3782 | 116524 |  |
|  Uranium Energy Corp. (x)\* | 59529 | 230973 |  |
|  Ur-Energy, Inc. (x)\* | 36212 | 41644 |  |
|  US Energy Corp. (x) | 673 | 1548 |  |
|  VAALCO Energy, Inc. (x) | 18309 | 83489 |  |
|  Vertex Energy, Inc. (x)\* | 9267 | 57455 |  |
|  W&T Offshore, Inc.\* | 15416 | 86021 |  |
|  |  | 3909030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5559550 |  |
|  **Financials (11.8%)** | **Financials (11.8%)** | **Financials (11.8%)** |  |
|  ***Banks (7.1%)*** | ***Banks (7.1%)*** | ***Banks (7.1%)*** | **** |
|  ACNB Corp. | 1430 | 56928 |  |
|  Affinity Bancshares, Inc.\* | 774 | 11687 |  |
|  Amalgamated Financial Corp. | 2981 | 68682 |  |
|  Amerant Bancorp, Inc. | 4595 | 123330 |  |
|  American National Bankshares, Inc. | 1693 | 62522 |  |
|  AmeriServ Financial, Inc. | 2922 | 11483 |  |
|  Ames National Corp. | 1500 | 35415 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Arrow Financial Corp. | 2473 | $83835 |
|  Auburn National Bancorp, Inc. (x) | 431 | 9988 |
|  Bancorp, Inc. (The)\* | 9164 | 260074 |
|  Bank First Corp. (x) | 1303 | 120944 |
|  Bank of Marin Bancorp | 2578 | 84765 |
|  Bank of Princeton (The) | 927 | 29404 |
|  Bank of South Carolina Corp. | 443 | 7265 |
|  Bank of the James Financial Group, Inc. | 790 | 9733 |
|  Bank7 Corp. | 671 | 17178 |
|  BankFinancial Corp. | 2048 | 21565 |
|  Bankwell Financial Group, Inc. | 979 | 28812 |
|  Bar Harbor Bankshares | 2539 | 81350 |
|  BayCom Corp. | 1953 | 37068 |
|  Bayfirst Financial Corp. | 556 | 9296 |
|  BCB Bancorp, Inc. | 2476 | 44543 |
|  Blue Ridge Bankshares, Inc. | 2974 | 37145 |
|  Business First Bancshares, Inc. | 3864 | 85549 |
|  Byline Bancorp, Inc. | 36796 | 845204 |
|  C&F Financial Corp. | 572 | 33330 |
|  California Bancorp\* | 1310 | 31152 |
|  Cambridge Bancorp | 1107 | 91947 |
|  Camden National Corp. | 2366 | 98639 |
|  Capital Bancorp, Inc. | 1565 | 36840 |
|  Capital City Bank Group, Inc. | 2336 | 75920 |
|  Capstar Financial Holdings, Inc. | 3500 | 61810 |
|  Carter Bankshares, Inc.\* | 3967 | 65813 |
|  CB Financial Services, Inc. | 748 | 16030 |
|  Central Pacific Financial Corp. | 4477 | 90794 |
|  Central Valley Community Bancorp | 1734 | 36726 |
|  Chemung Financial Corp. | 601 | 27568 |
|  ChoiceOne Financial Services, Inc. | 1169 | 33901 |
|  Citizens & Northern Corp. | 2583 | 59047 |
|  Citizens Community Bancorp, Inc. | 1731 | 20824 |
|  Citizens Holding Co. | 853 | 11686 |
|  Civista Bancshares, Inc. | 2600 | 57226 |
|  CNB Financial Corp. | 3259 | 77532 |
|  Coastal Financial Corp.\* | 1799 | 85488 |
|  Codorus Valley Bancorp, Inc. (x) | 1610 | 38318 |
|  Colony Bankcorp, Inc. | 2853 | 36205 |
|  Community Financial Corp. (The) | 918 | 36628 |
|  Community Trust Bancorp, Inc. | 2610 | 119877 |
|  Community West Bancshares | 1174 | 17575 |
|  ConnectOne Bancorp, Inc. | 6213 | 150417 |
|  CrossFirst Bankshares, Inc.\* | 7494 | 93001 |
|  Dime Community Bancshares, Inc. | 5468 | 174046 |
|  Eagle Bancorp Montana, Inc. | 1071 | 17307 |
|  Emclaire Financial Corp. | 469 | 14820 |
|  Enterprise Bancorp, Inc. | 1499 | 52915 |
|  Equity Bancshares, Inc., Class A | 2631 | 85955 |
|  Esquire Financial Holdings, Inc. | 1197 | 51782 |
|  Evans Bancorp, Inc. | 938 | 35072 |
|  Farmers & Merchants Bancorp, Inc. | 2084 | 56643 |
|  Farmers National Banc Corp. | 5090 | 71871 |
|  Fidelity D&D Bancorp, Inc. | 801 | 37759 |
|  Financial Institutions, Inc. | 2602 | 63385 |
|  Finward Bancorp | 630 | 22806 |
|  Finwise Bancorp\* | 1631 | 15103 |
|  First Bancorp, Inc. (The) | 1734 | 51916 |
|  First Bancshares, Inc. (The) | 3554 | 113764 |
|  First Bank | 2653 | 36505 |
|  First Business Financial Services, Inc. | 1391 | 50841 |
|  First Capital, Inc. (x) | 508 | 12649 |
|  First Community Bankshares, Inc. | 2634 | 89293 |
|  First Community Corp. | 1258 | 27538 |
|  First Financial Corp. | 1917 | 88335 |
|  First Financial Northwest, Inc. | 1068 | 15999 |
|  First Foundation, Inc. | 8790 | 125961 |
|  First Guaranty Bancshares, Inc. (x) | 1081 | 25349 |
|  First Internet Bancorp | 1318 | 32001 |
|  First Mid Bancshares, Inc. | 3057 | 98069 |
|  First National Corp. | 859 | 14715 |
|  First Northwest Bancorp | 1350 | 20736 |
|  First of Long Island Corp. (The) | 3848 | 69264 |
|  First Savings Financial Group, Inc. | 988 | 19760 |
|  First United Corp. | 1141 | 22421 |
|  First US Bancshares, Inc. | 971 | 8448 |
|  First Western Financial, Inc.\* | 1330 | 37439 |
|  Five Star Bancorp | 2162 | 58893 |
|  Flushing Financial Corp. | 4672 | 90543 |
|  FNCB Bancorp, Inc. (x) | 2748 | 22561 |
|  Franklin Financial Services Corp. | 676 | 24404 |
|  FVCBankcorp, Inc.\* | 2079 | 39647 |
|  German American Bancorp, Inc. | 4652 | 173520 |
|  Glen Burnie Bancorp | 418 | 3344 |
|  Great Southern Bancorp, Inc. | 1620 | 96374 |
|  Guaranty Bancshares, Inc. | 1432 | 49604 |
|  Hanmi Financial Corp. | 5119 | 126695 |
|  Hanover Bancorp, Inc. (x) | 676 | 13784 |
|  HarborOne Bancorp, Inc. | 7329 | 101873 |
|  Hawthorn Bancshares, Inc. (x) | 1070 | 23294 |
|  HBT Financial, Inc. | 1761 | 34463 |
|  Heritage Commerce Corp. | 9791 | 127283 |
|  HomeStreet, Inc. | 3075 | 84808 |
|  HomeTrust Bancshares, Inc. | 2287 | 55277 |
|  Horizon Bancorp, Inc. | 6617 | 99784 |
|  Independent Bank Corp. | 3285 | 78577 |
|  Investar Holding Corp. | 1632 | 35137 |
|  John Marshall Bancorp, Inc. | 1989 | 57243 |
|  Lakeland Bancorp, Inc. | 10469 | 184359 |
|  Landmark Bancorp, Inc. (x) | 731 | 16543 |
|  LCNB Corp. | 1807 | 32526 |
|  Limestone Bancorp, Inc. | 913 | 22295 |
|  Macatawa Bank Corp. | 4153 | 45808 |
|  MainStreet Bancshares, Inc. | 1200 | 32988 |
|  Malvern Bancorp, Inc. (x)\* | 1209 | 21460 |
|  Mercantile Bank Corp. | 2677 | 89626 |
|  Meridian Corp. | 742 | 22475 |
|  Metrocity Bankshares, Inc. | 3003 | 64955 |
|  Metropolitan Bank Holding Corp.\* | 1688 | 99035 |
|  Mid Penn Bancorp, Inc. | 2452 | 73486 |
|  Middlefield Banc Corp. (x) | 968 | 26523 |
|  Midland States Bancorp, Inc. | 3653 | 97243 |
|  MidWestOne Financial Group, Inc. | 2451 | 77819 |
|  MVB Financial Corp. | 1747 | 38469 |
|  National Bankshares, Inc. | 925 | 37277 |
|  Nicolet Bankshares, Inc.\* | 2059 | 164288 |
|  Northeast Bank | 1142 | 48078 |
|  Northrim Bancorp, Inc. | 898 | 49004 |
|  Norwood Financial Corp. | 1281 | 42837 |
|  Oak Valley Bancorp (x) | 1143 | 25889 |
|  Ohio Valley Banc Corp. (x) | 707 | 18679 |
|  Old Point Financial Corp. (x) | 616 | 16607 |
|  Old Second Bancorp, Inc. | 7024 | 112665 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Orange County Bancorp, Inc. | 873 | $| 40664 |  |
|  Origin Bancorp, Inc. | 3739 |  | 137221 |  |
|  Orrstown Financial Services, Inc. | 1747 |  | 40461 |  |
|  Parke Bancorp, Inc. | 1705 |  | 35362 |  |
|  Partners Bancorp | 1676 |  | 14849 |  |
|  Pathfinder Bancorp, Inc. | 565 |  | 10814 |  |
|  PCB Bancorp | 2028 |  | 35875 |  |
|  PCSB Financial Corp. | 2229 |  | 42440 |  |
|  Peapack-Gladstone Financial Corp. | 2889 |  | 107529 |  |
|  Penns Woods Bancorp, Inc. | 1146 |  | 30507 |  |
|  Peoples Bancorp of North Carolina, Inc. | 821 |  | 26732 |  |
|  Peoples Bancorp, Inc. | 4634 |  | 130910 |  |
|  Peoples Financial Services Corp. | 1127 |  | 58424 |  |
|  Plumas Bancorp | 957 |  | 35457 |  |
|  Preferred Bank | 1928 |  | 143867 |  |
|  Premier Financial Corp. | 5933 |  | 160013 |  |
|  Primis Financial Corp. | 3468 |  | 41096 |  |
|  Professional Holding Corp., Class A\* | 2232 |  | 61916 |  |
|  QCR Holdings, Inc. | 2658 |  | 131943 |  |
|  RBB Bancorp | 2322 |  | 48414 |  |
|  Red River Bancshares, Inc. | 751 |  | 38346 |  |
|  Republic Bancorp, Inc., Class A | 1502 |  | 61462 |  |
|  Republic First Bancorp, Inc.\* | 8237 |  | 17710 |  |
|  Richmond Mutual Bancorp, Inc. | 1779 |  | 23145 |  |
|  Riverview Bancorp, Inc. | 3597 |  | 27625 |  |
|  Salisbury Bancorp, Inc. | 885 |  | 27789 |  |
|  SB Financial Group, Inc. | 1118 |  | 18738 |  |
|  Shore Bancshares, Inc. | 2745 |  | 47845 |  |
|  Sierra Bancorp | 2178 |  | 46261 |  |
|  SmartFinancial, Inc. | 2502 |  | 68805 |  |
|  Sound Financial Bancorp, Inc. | 392 |  | 15868 |  |
|  South Plains Financial, Inc. | 1550 |  | 42671 |  |
|  Southern First Bancshares, Inc.\* | 1204 |  | 55083 |  |
|  Southern States Bancshares, Inc. | 1116 |  | 32308 |  |
|  Stellar Bancorp, Inc. | 7585 |  | 223454 |  |
|  Summit Financial Group, Inc. | 1745 |  | 43433 |  |
|  Summit State Bank | 865 |  | 13667 |  |
|  Third Coast Bancshares, Inc.\* | 2191 |  | 40380 |  |
|  Union Bankshares, Inc. (x) | 659 |  | 15427 |  |
|  United Bancorp, Inc. | 780 |  | 11528 |  |
|  United Security Bancshares | 2271 |  | 16601 |  |
|  Unity Bancorp, Inc. | 1215 |  | 33206 |  |
|  Univest Financial Corp. | 4774 |  | 124745 |  |
|  USCB Financial Holdings, Inc.\* | 1904 |  | 23229 |  |
|  Village Bank and Trust Financial Corp. | 107 |  | 5807 |  |
|  Virginia National Bankshares Corp. | 794 |  | 29108 |  |
|  Washington Trust Bancorp, Inc. | 2806 |  | 132387 |  |
|  West Bancorp, Inc. | 2658 |  | 67912 |  |
|  |  |  | 10845602 |  |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | **** |
|  Ashford, Inc. (REIT)\* | 156 |  | 2165 |  |
|  Associated Capital Group, Inc., Class A | 304 |  | 12765 |  |
|  Bakkt Holdings, Inc. (x)\* | 10863 |  | 12927 |  |
|  Blucora, Inc. (x)\* | 7998 |  | 204189 |  |
|  Cowen, Inc., Class A | 4519 |  | 174524 |  |
|  Diamond Hill Investment Group, Inc. | 486 |  | 89920 |  |
|  Donnelley Financial Solutions, Inc.\* | 4272 |  | 165113 |  |
|  Greenhill & Co., Inc. | 2259 |  | 23155 |  |
|  Hennessy Advisors, Inc. | 867 |  | 7283 |  |
|  Heritage Global, Inc.\* | 5492 |  | 12906 |  |
|  MarketWise, Inc. (x)\* | 3035 |  | 5099 |  |
|  Marygold Companies, Inc. (The) (x)\* | 2431 |  | 3647 |  |
|  Oppenheimer Holdings, Inc., Class A | 1295 |  | 54817 |  |
|  Perella Weinberg Partners | 6229 |  | 61044 |  |
|  Piper Sandler Cos. | 4965 |  | 646393 |  |
|  Safeguard Scientifics, Inc. (x)\* | 2457 |  | 7617 |  |
|  Sculptor Capital Management, Inc. | 4402 |  | 38121 |  |
|  Siebert Financial Corp.\* | 2598 |  | 3507 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 1672 |  | 31383 |  |
|  StoneX Group, Inc.\* | 4451 |  | 424180 |  |
|  Value Line, Inc. | 160 |  | 8141 |  |
|  Westwood Holdings Group, Inc. | 1352 |  | 15053 |  |
|  |  |  | 2003949 |  |
|  ***Consumer Finance (0.9%)*** | ***Consumer Finance (0.9%)*** | ***Consumer Finance (0.9%)*** | ***Consumer Finance (0.9%)*** | **** |
|  Atlanticus Holdings Corp.\* | 728 |  | 19074 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 1667 |  | 14753 |  |
|  Curo Group Holdings Corp. (x) | 3873 |  | 13749 |  |
|  Elevate Credit, Inc.\* | 4082 |  | 7144 |  |
|  Enova International, Inc.\* | 5173 |  | 198488 |  |
|  EZCORP, Inc., Class A\* | 8595 |  | 70049 |  |
|  Katapult Holdings, Inc. (x)\* | 8965 |  | 8577 |  |
|  Medallion Financial Corp. (x) | 3531 |  | 25211 |  |
|  Moneylion, Inc. (x)\* | 20744 |  | 12861 |  |
|  NerdWallet, Inc., Class A (x)\* | 85968 |  | 825293 |  |
|  Nicholas Financial, Inc.\* | 848 |  | 5351 |  |
|  Oportun Financial Corp.\* | 4800 |  | 26448 |  |
|  OppFi, Inc. (x)\* | 2400 |  | 4920 |  |
|  Regional Management Corp. | 1311 |  | 36813 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 4333 |  | 5590 |  |
|  World Acceptance Corp.\* | 675 |  | 44509 |  |
|  |  |  | 1318830 |  |
|  ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | **** |
|  Acacia Research Corp.\* | 6208 |  | 26136 |  |
|  Alerus Financial Corp. | 2428 |  | 56694 |  |
|  A-Mark Precious Metals, Inc. | 3120 |  | 108357 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 4705 |  | 76221 |  |
|  SWK Holdings Corp. (x)\* | 637 |  | 11237 |  |
|  |  |  | 278645 |  |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | **** |
|  Ambac Financial Group, Inc.\* | 7330 |  | 127835 |  |
|  Atlantic American Corp. (x) | 932 |  | 2153 |  |
|  Citizens, Inc. (x)\* | 8756 |  | 18650 |  |
|  Crawford & Co., Class A | 2566 |  | 14267 |  |
|  Donegal Group, Inc., Class A | 2707 |  | 38439 |  |
|  eHealth, Inc.\* | 4344 |  | 21025 |  |
|  Greenlight Capital Re Ltd., Class A\* | 4496 |  | 36642 |  |
|  Hallmark Financial Services, Inc.\* | 2556 |  | 1493 |  |
|  HCI Group, Inc. (x) | 974 |  | 38561 |  |
|  Heritage Insurance Holdings, Inc. | 4375 |  | 7875 |  |
|  Hippo Holdings, Inc. (x)\* | 2764 |  | 37590 |  |
|  ICC Holdings, Inc. (x)\* | 194 |  | 3017 |  |
|  Investors Title Co. | 227 |  | 33494 |  |
|  Kingstone Cos., Inc. | 1994 |  | 2692 |  |
|  Kingsway Financial Services, Inc.\* | 1839 |  | 14583 |  |
|  Maiden Holdings Ltd. (x)\* | 11645 |  | 24571 |  |
|  MBIA, Inc.\* | 7881 |  | 101271 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Midwest Holding, Inc. (x)\* | 494 | $| 6294 |  |
|  National Western Life Group, Inc., Class A | 370 |  | 103970 |  |
|  NI Holdings, Inc.\* | 1332 |  | 17676 |  |
|  Oxbridge Re Holdings Ltd.\* | 421 |  | 493 |  |
|  Root, Inc., Class A (x)\* | 1383 |  | 6210 |  |
|  Selectquote, Inc.\* | 23837 |  | 16016 |  |
|  Tiptree, Inc. | 4271 |  | 59111 |  |
|  Trean Insurance Group, Inc.\* | 3873 |  | 23238 |  |
|  United Fire Group, Inc. | 3506 |  | 95924 |  |
|  United Insurance Holdings Corp. | 3803 |  | 4031 |  |
|  Universal Insurance Holdings, Inc. | 4507 |  | 47729 |  |
|  Vericity, Inc.\* | 315 |  | 2208 |  |
|  |  |  | 907058 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** | **** |
|  ACRES Commercial Realty Corp. (REIT)\* | 1382 |  | 11415 |  |
|  AFC Gamma, Inc. (REIT) (x) | 2701 |  | 42487 |  |
|  AG Mortgage Investment Trust, Inc. (REIT) (x) | 3803 |  | 20194 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 2032 |  | 9611 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 8794 |  | 90490 |  |
|  Arlington Asset Investment Corp. (REIT), Class A\* | 4318 |  | 12652 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 22079 |  | 124305 |  |
|  Cherry Hill Mortgage Investment Corp. (REIT) (x) | 3234 |  | 18757 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 912 |  | 13744 |  |
|  Dynex Capital, Inc. (REIT) (x) | 7498 |  | 95375 |  |
|  Ellington Financial, Inc. (REIT) | 9713 |  | 120150 |  |
|  Ellington Residential Mortgage REIT (REIT) (x) | 2388 |  | 16382 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 13673 |  | 176382 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 8920 |  | 47811 |  |
|  Great Ajax Corp. (REIT) | 3692 |  | 26767 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 5756 |  | 73274 |  |
|  Lument Finance Trust, Inc. (REIT) (x) | 5530 |  | 10507 |  |
|  Manhattan Bridge Capital, Inc. (REIT) (x) | 1472 |  | 7934 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1389 |  | 22071 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 5498 |  | 57729 |  |
|  Sachem Capital Corp. (REIT) (x) | 5991 |  | 19770 |  |
|  Western Asset Mortgage Capital Corp. (REIT) | 1038 |  | 9456 |  |
|  |  |  | 1027263 |  |
|  ***Thrifts & Mortgage Finance (1.0%)*** | ***Thrifts & Mortgage Finance (1.0%)*** | ***Thrifts & Mortgage Finance (1.0%)*** | ***Thrifts & Mortgage Finance (1.0%)*** | **** |
|  1895 Bancorp of Wisconsin, Inc. (x)\* | 1069 |  | 10733 |  |
|  Blue Foundry Bancorp\* | 4126 |  | 53019 |  |
|  Bogota Financial Corp.\* | 930 |  | 10397 |  |
|  Bridgewater Bancshares, Inc.\* | 3252 |  | 57690 |  |
|  Broadway Financial Corp.\* | 6958 |  | 7028 |  |
|  Carver Bancorp, Inc.\* | 756 |  | 3107 |  |
|  Catalyst Bancorp, Inc.\* | 793 |  | 10150 |  |
|  CF Bankshares, Inc. (x) | 755 |  | 15991 |  |
|  CFSB Bancorp, Inc.\* | 485 |  | 3924 |  |
|  Cincinnati Bancorp, Inc. (x) | 400 |  | 6120 |  |
|  Cullman Bancorp, Inc. | 989 |  | 11364 |  |
|  ECB Bancorp, Inc.\* | 1428 |  | 22919 |  |
|  ESSA Bancorp, Inc. (x) | 1497 |  | 31242 |  |
|  Federal Agricultural Mortgage Corp., Class C | 1524 |  | 171770 |  |
|  FFBW, Inc.\* | 849 |  | 9891 |  |
|  Finance of America Cos., Inc., Class A (x)\* | 6921 |  | 8790 |  |
|  First Seacoast Bancorp\* | 477 |  | 4574 |  |
|  FS Bancorp, Inc. | 1123 |  | 37553 |  |
|  Greene County Bancorp, Inc. (x) | 591 |  | 33935 |  |
|  Hingham Institution For Savings (The) | 252 |  | 69542 |  |
|  HMN Financial, Inc. | 590 |  | 12567 |  |
|  Home Bancorp, Inc. | 1253 |  | 50158 |  |
|  Home Federal Bancorp, Inc. of Louisiana | 463 |  | 8260 |  |
|  Home Point Capital, Inc. | 1446 |  | 1981 |  |
|  HV Bancorp, Inc.\* | 276 |  | 7849 |  |
|  Kentucky First Federal Bancorp | 689 |  | 4671 |  |
|  Lake Shore Bancorp, Inc. | 333 |  | 4021 |  |
|  Luther Burbank Corp. | 2579 |  | 28653 |  |
|  Magyar Bancorp, Inc. | 1101 |  | 14115 |  |
|  Merchants Bancorp | 2528 |  | 61481 |  |
|  Mid-Southern Bancorp, Inc. | 462 |  | 6006 |  |
|  Northeast Community Bancorp, Inc. (x) | 2611 |  | 38956 |  |
|  Northfield Bancorp, Inc. | 7159 |  | 112611 |  |
|  NSTS Bancorp, Inc.\* | 874 |  | 8854 |  |
|  Oconee Federal Financial Corp. | 206 |  | 4596 |  |
|  Ocwen Financial Corp.\* | 1235 |  | 37766 |  |
|  OP Bancorp (x) | 1996 |  | 22275 |  |
|  PB Bankshares, Inc.\* | 445 |  | 6043 |  |
|  Pioneer Bancorp, Inc.\* | 1869 |  | 21307 |  |
|  Ponce Financial Group, Inc.\* | 3590 |  | 33459 |  |
|  Provident Bancorp, Inc. | 2408 |  | 17530 |  |
|  Provident Financial Holdings, Inc. | 925 |  | 12737 |  |
|  Rhinebeck Bancorp, Inc.\* | 714 |  | 6505 |  |
|  Security National Financial Corp., Class A\* | 1793 |  | 13089 |  |
|  Southern Missouri Bancorp, Inc. | 1356 |  | 62146 |  |
|  Sterling Bancorp, Inc.\* | 3058 |  | 18623 |  |
|  TC Bancshares, Inc. | 776 |  | 11531 |  |
|  Territorial Bancorp, Inc. (x) | 1299 |  | 31189 |  |
|  Texas Community Bancshares, Inc.\* | 427 |  | 6554 |  |
|  Timberland Bancorp, Inc. | 1185 |  | 40444 |  |
|  TrustCo Bank Corp. | 2961 |  | 111304 |  |
|  Velocity Financial, Inc.\* | 1450 |  | 13993 |  |
|  Waterstone Financial, Inc. | 3367 |  | 58047 |  |
|  Western New England Bancorp, Inc. | 3475 |  | 32874 |  |
|  William Penn Bancorp | 2267 |  | 27476 |  |
|  |  |  | 1529410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 17910757 |  |
|  **Health Care (33.9%)** | **Health Care (33.9%)** | **Health Care (33.9%)** | **Health Care (33.9%)** |  |
|  ***Biotechnology (17.4%)*** | ***Biotechnology (17.4%)*** | ***Biotechnology (17.4%)*** | ***Biotechnology (17.4%)*** | **** |
|  180 Life Sciences Corp. (x)\* | 314 |  | 1064 |  |
|  2seventy bio, Inc.\* | 5849 |  | 54805 |  |
|  4D Molecular Therapeutics, Inc.\* | 4965 |  | 110273 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  89bio, Inc. (x)\* | 3987 | $50755 |
|  Aadi Bioscience, Inc. (x)\* | 2485 | 31883 |
|  Absci Corp.\* | 9064 | 19034 |
|  ABVC BioPharma, Inc.\* | 1592 | 997 |
|  Actinium Pharmaceuticals, Inc.\* | 4053 | 43164 |
|  Acumen Pharmaceuticals, Inc.\* | 4539 | 24511 |
|  Acurx Pharmaceuticals, Inc.\* | 1250 | 4975 |
|  Adicet Bio, Inc. (x)\* | 4871 | 43547 |
|  ADMA Biologics, Inc.\* | 30597 | 118716 |
|  Adverum Biotechnologies, Inc. (x)\* | 16767 | 9716 |
|  Aeglea BioTherapeutics, Inc.\* | 8492 | 3821 |
|  Aerovate Therapeutics, Inc. (x)\* | 1598 | 46821 |
|  Affimed NV\* | 24567 | 30463 |
|  Agenus, Inc.\* | 51270 | 123048 |
|  AIM ImmunoTech, Inc. (x)\* | 7957 | 2482 |
|  Akero Therapeutics, Inc.\* | 5880 | 322224 |
|  Albireo Pharma, Inc. (x)\* | 2956 | 63879 |
|  Aldeyra Therapeutics, Inc.\* | 8248 | 57406 |
|  Alector, Inc.\* | 10213 | 94266 |
|  Aligos Therapeutics, Inc. (x)\* | 4751 | 4527 |
|  Allakos, Inc.\* | 6707 | 56473 |
|  Allovir, Inc.\* | 5423 | 27820 |
|  Alpine Immune Sciences, Inc.\* | 3636 | 26725 |
|  Altimmune, Inc. (x)\* | 8219 | 135203 |
|  ALX Oncology Holdings, Inc.\* | 3696 | 41654 |
|  AnaptysBio, Inc. (x)\* | 3309 | 102546 |
|  Anavex Life Sciences Corp. (x)\* | 11275 | 104407 |
|  Anika Therapeutics, Inc.\* | 2354 | 69678 |
|  Anixa Biosciences, Inc.\* | 4981 | 21169 |
|  Annexon, Inc. (x)\* | 6338 | 32767 |
|  Annovis Bio, Inc. (x)\* | 1001 | 13443 |
|  Applied Molecular Transport, Inc. (x)\* | 4584 | 1925 |
|  Applied Therapeutics, Inc.\* | 5001 | 3801 |
|  Aptinyx, Inc. (x)\* | 8738 | 2559 |
|  AquaBounty Technologies, Inc.\* | 10368 | 7921 |
|  Aravive, Inc. (x)\* | 3116 | 4113 |
|  Arbutus Biopharma Corp.\* | 18613 | 43368 |
|  ARCA biopharma, Inc.\* | 2685 | 6337 |
|  Arcellx, Inc. (x)\* | 69679 | 2158655 |
|  Arcturus Therapeutics Holdings, Inc.\* | 3980 | 67501 |
|  Armata Pharmaceuticals, Inc. (x)\* | 1996 | 2475 |
|  ARS Pharmaceuticals, Inc. (x)\* | 3879 | 33088 |
|  Assembly Biosciences, Inc. (x)\* | 8408 | 10930 |
|  Astria Therapeutics, Inc.\* | 1841 | 27412 |
|  Atara Biotherapeutics, Inc.\* | 16059 | 52674 |
|  Atossa Therapeutics, Inc. (x)\* | 20643 | 10910 |
|  Atreca, Inc., Class A (x)\* | 4903 | 3925 |
|  aTyr Pharma, Inc.\* | 4470 | 9789 |
|  Aura Biosciences, Inc. (x)\* | 3157 | 33149 |
|  AVEO Pharmaceuticals, Inc.\* | 5274 | 78846 |
|  Avid Bioservices, Inc.\* | 10156 | 139848 |
|  Avidity Biosciences, Inc.\* | 8794 | 195139 |
|  Avita Medical, Inc. (x)\* | 4140 | 27324 |
|  Avrobio, Inc. (x)\* | 7510 | 5354 |
|  Axcella Health, Inc.\* | 3927 | 1286 |
|  Aziyo Biologics, Inc., Class A\* | 684 | 2907 |
|  BELLUS Health, Inc. (x)\* | 150030 | 1233247 |
|  Beyondspring, Inc. (x)\* | 4390 | 8253 |
|  BioAtla, Inc. (x)\* | 6572 | 54219 |
|  Biomea Fusion, Inc.\* | 2838 | 23924 |
|  BioVie, Inc.\* | 688 | 5346 |
|  Bioxcel Therapeutics, Inc. (x)\* | 3067 | 65879 |
|  Black Diamond Therapeutics, Inc. (x)\* | 4061 | 7310 |
|  Bluebird Bio, Inc.\* | 13969 | 96665 |
|  Bolt Biotherapeutics, Inc. (x)\* | 3937 | 5118 |
|  BrainStorm Cell Therapeutics, Inc. (x)\* | 6047 | 9917 |
|  C4 Therapeutics, Inc. (x)\* | 7281 | 42958 |
|  Cabaletta Bio, Inc.\* | 3685 | 34086 |
|  Candel Therapeutics, Inc. (x)\* | 3108 | 5563 |
|  Capricor Therapeutics, Inc.\* | 3844 | 14838 |
|  Cardiff Oncology, Inc. (x)\* | 6881 | 9633 |
|  Caribou Biosciences, Inc.\* | 9645 | 60571 |
|  Catalyst Pharmaceuticals, Inc.\* | 16231 | 301897 |
|  Celcuity, Inc. (x)\* | 1499 | 21001 |
|  Celldex Therapeutics, Inc.\* | 7727 | 344392 |
|  CEL-SCI Corp. (x)\* | 6017 | 14140 |
|  Century Therapeutics, Inc. (x)\* | 3472 | 17811 |
|  Checkpoint Therapeutics, Inc.\* | 1254 | 6408 |
|  Chimerix, Inc.\* | 14514 | 26996 |
|  Chinook Therapeutics, Inc.\* | 8580 | 224796 |
|  Clene, Inc. (x)\* | 3826 | 3826 |
|  Codiak Biosciences, Inc.\* | 3106 | 1235 |
|  Cogent Biosciences, Inc. (x)\* | 10596 | 122490 |
|  Coherus Biosciences, Inc.\* | 12652 | 100204 |
|  Compass Therapeutics, Inc. (x)\* | 12301 | 61874 |
|  Concert Pharmaceuticals, Inc. (x)\* | 7992 | 46673 |
|  ContraFect Corp. (x)\* | 6861 | 659 |
|  Corvus Pharmaceuticals, Inc.\* | 5579 | 4742 |
|  Crinetics Pharmaceuticals, Inc.\* | 8743 | 159997 |
|  CTI BioPharma Corp. (x)\* | 17249 | 103666 |
|  Cue Biopharma, Inc.\* | 5903 | 16824 |
|  Cullinan Oncology, Inc.\* | 5220 | 55071 |
|  Curis, Inc.\* | 15143 | 8329 |
|  Cyteir Therapeutics, Inc.\* | 3840 | 6336 |
|  CytomX Therapeutics, Inc. (x)\* | 10875 | 17400 |
|  Day One Biopharmaceuticals, Inc. (x)\* | 64084 | 1379088 |
|  Decibel Therapeutics, Inc. (x)\* | 2318 | 4752 |
|  Deciphera Pharmaceuticals, Inc.\* | 7749 | 127006 |
|  DermTech, Inc. (x)\* | 4233 | 7492 |
|  Design Therapeutics, Inc. (x)\* | 5823 | 59744 |
|  DiaMedica Therapeutics, Inc. (x)\* | 3940 | 6225 |
|  Disc Medicine, Inc. (x)\* | 412 | 8199 |
|  Dyadic International, Inc. (x)\* | 3364 | 4138 |
|  Dynavax Technologies Corp.\* | 19879 | 211513 |
|  Dyne Therapeutics, Inc.\* | 5029 | 58286 |
|  Eagle Pharmaceuticals, Inc.\* | 1603 | 46856 |
|  eFFECTOR Therapeutics, Inc.\* | 1991 | 851 |
|  Eiger BioPharmaceuticals, Inc.\* | 7180 | 8472 |
|  Eledon Pharmaceuticals, Inc.\* | 1433 | 3325 |
|  Elevation Oncology, Inc. (x)\* | 2433 | 2306 |
|  Eliem Therapeutics, Inc.\* | 1365 | 4887 |
|  Enochian Biosciences, Inc. (x)\* | 3319 | 3419 |
|  Entrada Therapeutics, Inc.\* | 3332 | 45049 |
|  Equillium, Inc.\* | 2605 | 2866 |
|  Eterna Therapeutics, Inc. (x)\* | 476 | 1533 |
|  Evelo Biosciences, Inc. (x)\* | 5374 | 8652 |
|  Exagen, Inc.\* | 1966 | 4718 |
|  Fennec Pharmaceuticals, Inc.\* | 3046 | 29242 |
|  Finch Therapeutics Group, Inc.\* | 4786 | 2297 |
|  Foghorn Therapeutics, Inc. (x)\* | 3518 | 22445 |
|  Fortress Biotech, Inc. (x)\* | 13500 | 8842 |
|  Frequency Therapeutics, Inc.\* | 5791 | 22295 |
|  G1 Therapeutics, Inc. (x)\* | 6820 | 37033 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Gain Therapeutics, Inc. (x)\* | 1925 | $6025 |
|  Galectin Therapeutics, Inc. (x)\* | 5343 | 6038 |
|  Galera Therapeutics, Inc. (x)\* | 3413 | 5085 |
|  Gamida Cell Ltd. (x)\* | 8250 | 10643 |
|  Gelesis Holdings, Inc. (x)\* | 1531 | 445 |
|  Generation Bio Co.\* | 8294 | 32595 |
|  Genprex, Inc. (x)\* | 8332 | 12081 |
|  Geron Corp.\* | 59403 | 143755 |
|  Gossamer Bio, Inc. (x)\* | 10821 | 23482 |
|  Graphite Bio, Inc.\* | 4837 | 16059 |
|  Greenwich Lifesciences, Inc. (x)\* | 688 | 10458 |
|  Gritstone bio, Inc. (x)\* | 12298 | 42428 |
|  GT Biopharma, Inc. (x)\* | 5278 | 4719 |
|  Harpoon Therapeutics, Inc. (x)\* | 3494 | 2536 |
|  HCW Biologics, Inc.\* | 3382 | 6493 |
|  Heron Therapeutics, Inc. (x)\* | 17770 | 44425 |
|  HilleVax, Inc. (x)\* | 2906 | 48617 |
|  Homology Medicines, Inc.\* | 6966 | 8777 |
|  Hookipa Pharma, Inc.\* | 8433 | 6831 |
|  Humacyte, Inc. (x)\* | 9578 | 20210 |
|  Humanigen, Inc. (x)\* | 9696 | 1164 |
|  Icosavax, Inc. (x)\* | 3386 | 26885 |
|  Ideaya Biosciences, Inc.\* | 7456 | 135476 |
|  IGM Biosciences, Inc. (x)\* | 1826 | 31060 |
|  Imago Biosciences, Inc.\* | 4396 | 158036 |
|  ImmuCell Corp.\* | 1094 | 6695 |
|  Immuneering Corp., Class A (x)\* | 3497 | 16960 |
|  Immunic, Inc. (x)\* | 4179 | 5851 |
|  ImmunoGen, Inc.\* | 35962 | 178372 |
|  Immunome, Inc. (x)\* | 1622 | 3568 |
|  Immunovant, Inc.\* | 7481 | 132788 |
|  Impel Pharmaceuticals, Inc. (x)\* | 1076 | 4035 |
|  IN8bio, Inc. (x)\* | 1963 | 4535 |
|  Inhibrx, Inc.\* | 5484 | 135126 |
|  Inmune Bio, Inc. (x)\* | 2040 | 12934 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 40129 | 62601 |
|  Inozyme Pharma, Inc.\* | 2724 | 2860 |
|  Insmed, Inc. (x)\* | 12675 | 253247 |
|  Intercept Pharmaceuticals, Inc.\* | 4219 | 52189 |
|  Invivyd, Inc.\* | 8816 | 13224 |
|  iTeos Therapeutics, Inc.\* | 4047 | 79038 |
|  IVERIC bio, Inc.\* | 19395 | 415247 |
|  Janux Therapeutics, Inc.\* | 2935 | 38654 |
|  Jasper Therapeutics, Inc. (x)\* | 3527 | 1677 |
|  Jounce Therapeutics, Inc.\* | 6551 | 7272 |
|  KalVista Pharmaceuticals, Inc.\* | 4128 | 27905 |
|  Karuna Therapeutics, Inc.\* | 4719 | 927284 |
|  Karyopharm Therapeutics, Inc. (x)\* | 13208 | 44907 |
|  Keros Therapeutics, Inc.\* | 3242 | 155681 |
|  Kezar Life Sciences, Inc.\* | 9123 | 64226 |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 5027 | 75304 |
|  Kinnate Biopharma, Inc.\* | 5036 | 30720 |
|  Kodiak Sciences, Inc.\* | 5743 | 41120 |
|  Kronos Bio, Inc.\* | 7253 | 11750 |
|  Krystal Biotech, Inc.\* | 27015 | 2140128 |
|  Lantern Pharma, Inc.\* | 1310 | 7912 |
|  Larimar Therapeutics, Inc.\* | 4419 | 18250 |
|  Leap Therapeutics, Inc. (x)\* | 11719 | 5274 |
|  Lexicon Pharmaceuticals, Inc.\* | 14440 | 27580 |
|  Lineage Cell Therapeutics, Inc. (x)\* | 21693 | 25381 |
|  Longeveron, Inc. (x)\* | 830 | 2673 |
|  Lumos Pharma, Inc. (x)\* | 1011 | 3650 |
|  MacroGenics, Inc.\* | 10413 | 69871 |
|  Magenta Therapeutics, Inc. (x)\* | 6850 | 2706 |
|  MAIA Biotechnology, Inc. (x)\* | 214 | 751 |
|  MannKind Corp. (x)\* | 42864 | 225893 |
|  MediciNova, Inc.\* | 8250 | 16913 |
|  MeiraGTx Holdings plc\* | 5189 | 33832 |
|  Merrimack Pharmaceuticals, Inc. (x)\* | 1769 | 20273 |
|  Mersana Therapeutics, Inc.\* | 15505 | 90859 |
|  MiMedx Group, Inc.\* | 19411 | 53963 |
|  MiNK Therapeutics, Inc. (x)\* | 662 | 1708 |
|  Mirum Pharmaceuticals, Inc.\* | 3094 | 60333 |
|  Molecular Templates, Inc. (x)\* | 7146 | 2344 |
|  Moleculin Biotech, Inc. (x)\* | 5198 | 5510 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 4941 | 37601 |
|  Neoleukin Therapeutics, Inc. (x)\* | 6893 | 3509 |
|  NeuBase Therapeutics, Inc.\* | 5465 | 1039 |
|  NexImmune, Inc. (x)\* | 3426 | 833 |
|  NextCure, Inc.\* | 3646 | 5141 |
|  NightHawk Biosciences, Inc. (x)\* | 4585 | 3691 |
|  Nkarta, Inc. (x)\* | 5607 | 33586 |
|  Nurix Therapeutics, Inc.\* | 7568 | 83097 |
|  Nuvalent, Inc., Class A (x)\* | 3389 | 100924 |
|  Nuvectis Pharma, Inc. (x)\* | 441 | 3312 |
|  Nymox Pharmaceutical Corp. (x)\* | 9318 | 2767 |
|  Ocugen, Inc. (x)\* | 36881 | 47945 |
|  Olema Pharmaceuticals, Inc.\* | 4587 | 11238 |
|  Omega Therapeutics, Inc. (x)\* | 3610 | 20613 |
|  Oncocyte Corp. (x)\* | 16861 | 5411 |
|  Oncternal Therapeutics, Inc. (x)\* | 7592 | 7592 |
|  Orgenesis, Inc. (x)\* | 3780 | 7371 |
|  ORIC Pharmaceuticals, Inc. (x)\* | 6610 | 38933 |
|  Outlook Therapeutics, Inc. (x)\* | 20012 | 21613 |
|  Ovid therapeutics, Inc.\* | 10411 | 19364 |
|  Pardes Biosciences, Inc.\* | 5729 | 9682 |
|  Passage Bio, Inc.\* | 7658 | 10568 |
|  PDS Biotechnology Corp. (x)\* | 4509 | 59519 |
|  PepGen, Inc. (x)\* | 2495 | 33358 |
|  PharmaCyte Biotech, Inc.\* | 644 | 1880 |
|  Pieris Pharmaceuticals, Inc.\* | 11323 | 11776 |
|  PMV Pharmaceuticals, Inc. (x)\* | 6369 | 55410 |
|  Point Biopharma Global, Inc.\* | 14363 | 104706 |
|  Portage Biotech, Inc. (x)\* | 1562 | 8138 |
|  Poseida Therapeutics, Inc.\* | 6738 | 35711 |
|  Praxis Precision Medicines, Inc.\* | 6745 | 16053 |
|  Precigen, Inc.\* | 17557 | 26687 |
|  Precision BioSciences, Inc.\* | 14287 | 17002 |
|  Prelude Therapeutics, Inc. (x)\* | 2017 | 12183 |
|  Prometheus Biosciences, Inc.\* | 13450 | 1479500 |
|  Protagonist Therapeutics, Inc.\* | 7963 | 86876 |
|  Protalix BioTherapeutics, Inc. (x)\* | 8302 | 11374 |
|  Protara Therapeutics, Inc.\* | 1750 | 4690 |
|  Prothena Corp. plc\* | 6188 | 372827 |
|  Puma Biotechnology, Inc.\* | 6207 | 26256 |
|  Pyxis Oncology, Inc. (x)\* | 5297 | 7098 |
|  Quince Therapeutics, Inc. (x)\* | 4271 | 2722 |
|  Rallybio Corp. (x)\* | 2712 | 17818 |
|  RAPT Therapeutics, Inc. (x)\* | 4463 | 88367 |
|  Reneo Pharmaceuticals, Inc. (x)\* | 1731 | 4033 |
|  Replimune Group, Inc.\* | 6802 | 185014 |
|  Rezolute, Inc.\* | 5188 | 10739 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Rhythm Pharmaceuticals, Inc. (x)\* | 8618 | $| 250956 |  |
|  Rigel Pharmaceuticals, Inc.\* | 29235 |  | 43853 |  |
|  Rocket Pharmaceuticals, Inc.\* | 71786 |  | 1404852 |  |
|  Rubius Therapeutics, Inc. (x)\* | 8400 |  | 1446 |  |
|  SAB Biotherapeutics, Inc. (x)\* | 4054 |  | 2391 |  |
|  Sangamo Therapeutics, Inc.\* | 22020 |  | 69143 |  |
|  Savara, Inc.\* | 12440 |  | 19282 |  |
|  Scholar Rock Holding Corp. (x)\* | 7147 |  | 64680 |  |
|  SELLAS Life Sciences Group, Inc. (x)\* | 3549 |  | 8376 |  |
|  Sensei Biotherapeutics, Inc. (x)\* | 2275 |  | 3390 |  |
|  Sera Prognostics, Inc., Class A (x)\* | 4063 |  | 4997 |  |
|  Seres Therapeutics, Inc.\* | 11128 |  | 62317 |  |
|  Shattuck Labs, Inc. (x)\* | 5985 |  | 13766 |  |
|  Sigilon Therapeutics, Inc.\* | 2867 |  | 1003 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 77148 |  | 68353 |  |
|  Spero Therapeutics, Inc. (x)\* | 5210 |  | 9013 |  |
|  Spruce Biosciences, Inc. (x)\* | 1810 |  | 1991 |  |
|  SQZ Biotechnologies Co.\* | 4429 |  | 3277 |  |
|  Stoke Therapeutics, Inc.\* | 3863 |  | 35655 |  |
|  Summit Therapeutics, Inc. (x)\* | 8778 |  | 37307 |  |
|  Surface Oncology, Inc.\* | 8059 |  | 6608 |  |
|  Surrozen, Inc. (x)\* | 4065 |  | 2365 |  |
|  Sutro Biopharma, Inc.\* | 9114 |  | 73641 |  |
|  Synaptogenix, Inc. (x)\* | 1201 |  | 1393 |  |
|  Syndax Pharmaceuticals, Inc.\* | 46241 |  | 1176833 |  |
|  Synlogic, Inc. (x)\* | 11493 |  | 8735 |  |
|  Syros Pharmaceuticals, Inc. (x)\* | 1123 |  | 4032 |  |
|  Talaris Therapeutics, Inc. (x)\* | 4171 |  | 4254 |  |
|  Tango Therapeutics, Inc. (x)\* | 8029 |  | 58210 |  |
|  Taysha Gene Therapies, Inc.\* | 4506 |  | 10184 |  |
|  TCR2 Therapeutics, Inc. (x)\* | 5751 |  | 5744 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 4898 |  | 9845 |  |
|  Tracon Pharmaceuticals, Inc.\* | 2599 |  | 3873 |  |
|  TransCode Therapeutics, Inc.\* | 1385 |  | 932 |  |
|  TScan Therapeutics, Inc.\* | 2564 |  | 4179 |  |
|  Tyra Biosciences, Inc.\* | 2285 |  | 17366 |  |
|  uniQure NV\* | 24046 |  | 545123 |  |
|  UNITY Biotechnology, Inc.\* | 749 |  | 2052 |  |
|  UroGen Pharma Ltd. (x)\* | 3343 |  | 29652 |  |
|  Vaccinex, Inc.\* | 3532 |  | 2328 |  |
|  Vanda Pharmaceuticals, Inc.\* | 8901 |  | 65778 |  |
|  Vaxart, Inc. (x)\* | 21041 |  | 20218 |  |
|  VBI Vaccines, Inc. (x)\* | 32293 |  | 12630 |  |
|  Vera Therapeutics, Inc. (x)\* | 2424 |  | 46904 |  |
|  Verastem, Inc. (x)\* | 30115 |  | 12121 |  |
|  Verve Therapeutics, Inc. (x)\* | 7824 |  | 151394 |  |
|  Vigil Neuroscience, Inc. (x)\* | 1212 |  | 15150 |  |
|  Viking Therapeutics, Inc.\* | 10962 |  | 103043 |  |
|  Vincerx Pharma, Inc.\* | 3193 |  | 3257 |  |
|  Viracta Therapeutics, Inc. (x)\* | 4830 |  | 7052 |  |
|  Viridian Therapeutics, Inc. (x)\* | 6368 |  | 186009 |  |
|  Virios Therapeutics, Inc. (x)\* | 1339 |  | 316 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 33603 |  | 3461 |  |
|  Vor BioPharma, Inc. (x)\* | 3416 |  | 22716 |  |
|  Voyager Therapeutics, Inc.\* | 4645 |  | 28335 |  |
|  Werewolf Therapeutics, Inc. (x)\* | 1096 |  | 2247 |  |
|  X4 Pharmaceuticals, Inc.\* | 4959 |  | 4924 |  |
|  XBiotech, Inc. (x)\* | 2686 |  | 9428 |  |
|  Xenon Pharmaceuticals, Inc.\* | 43322 |  | 1708186 |  |
|  Xilio Therapeutics, Inc. (x)\* | 3655 |  | 9832 |  |
|  XOMA Corp. (x)\* | 1172 |  | 21565 |  |
|  Y-mAbs Therapeutics, Inc.\* | 6261 |  | 30554 |  |
|  |  |  | 26411304 |  |
|  ***Health Care Equipment & Supplies (7.6%)*** | ***Health Care Equipment & Supplies (7.6%)*** | ***Health Care Equipment & Supplies (7.6%)*** | ***Health Care Equipment & Supplies (7.6%)*** | **** |
|  Accelerate Diagnostics, Inc. (x)\* | 6320 |  | 4462 |  |
|  Accuray, Inc.\* | 15254 |  | 31881 |  |
|  Alphatec Holdings, Inc.\* | 11996 |  | 148151 |  |
|  AngioDynamics, Inc.\* | 6043 |  | 83212 |  |
|  Apollo Endosurgery, Inc.\* | 6186 |  | 61674 |  |
|  Apyx Medical Corp.\* | 5222 |  | 12219 |  |
|  Artivion, Inc.\* | 6281 |  | 76126 |  |
|  Axogen, Inc.\* | 6449 |  | 64361 |  |
|  Axonics, Inc. (x)\* | 17981 |  | 1124352 |  |
|  Beyond Air, Inc. (x)\* | 4564 |  | 29620 |  |
|  Biomerica, Inc. (x)\* | 1901 |  | 6368 |  |
|  Bioventus, Inc., Class A (x)\* | 5583 |  | 14572 |  |
|  Butterfly Network, Inc. (x)\* | 22813 |  | 56120 |  |
|  Cardiovascular Systems, Inc.\* | 6869 |  | 93556 |  |
|  ClearPoint Neuro, Inc. (x)\* | 3929 |  | 33279 |  |
|  Co-Diagnostics, Inc. (x)\* | 5742 |  | 14470 |  |
|  Cutera, Inc. (x)\* | 12256 |  | 541960 |  |
|  CVRx, Inc.\* | 1622 |  | 29764 |  |
|  CytoSorbents Corp. (x)\* | 7151 |  | 11084 |  |
|  DarioHealth Corp. (x)\* | 3539 |  | 15147 |  |
|  Delcath Systems, Inc. (x)\* | 1107 |  | 3985 |  |
|  Eargo, Inc.\* | 54899 |  | 31567 |  |
|  Electromed, Inc.\* | 1258 |  | 13196 |  |
|  enVVeno Medical Corp.\* | 1466 |  | 7477 |  |
|  FONAR Corp.\* | 1030 |  | 17252 |  |
|  Hyperfine, Inc. (x)\* | 7801 |  | 6553 |  |
|  Inogen, Inc.\* | 3734 |  | 73597 |  |
|  Invacare Corp. (x)\* | 6597 |  | 2771 |  |
|  iRadimed Corp. | 1232 |  | 34853 |  |
|  IRIDEX Corp.\* | 2651 |  | 5329 |  |
|  Kewaunee Scientific Corp.\* | 471 |  | 7324 |  |
|  KORU Medical Systems, Inc. (x)\* | 5306 |  | 18942 |  |
|  Lantheus Holdings, Inc.\* | 7360 |  | 375066 |  |
|  LeMaitre Vascular, Inc. | 3253 |  | 149703 |  |
|  LENSAR, Inc.\* | 1664 |  | 4925 |  |
|  Lucid Diagnostics, Inc. (x)\* | 1145 |  | 1557 |  |
|  Lucira Health, Inc.\* | 3087 |  | 343 |  |
|  Meridian Bioscience, Inc.\* | 7242 |  | 240507 |  |
|  Microbot Medical, Inc.\* | 1126 |  | 3389 |  |
|  Milestone Scientific, Inc. (x)\* | 9564 |  | 4591 |  |
|  Minerva Surgical, Inc. (x)\* | 1366 |  | 305 |  |
|  Modular Medical, Inc.\* | 986 |  | 2110 |  |
|  Nano-X Imaging Ltd. (x)\* | 7848 |  | 57918 |  |
|  Nemaura Medical, Inc. (x)\* | 2324 |  | 3951 |  |
|  Neuronetics, Inc.\* | 4514 |  | 31011 |  |
|  NeuroPace, Inc.\* | 1447 |  | 2156 |  |
|  OraSure Technologies, Inc.\* | 12348 |  | 59517 |  |
|  Orthofix Medical, Inc.\* | 3327 |  | 68303 |  |
|  OrthoPediatrics Corp.\* | 2564 |  | 101868 |  |
|  Owlet, Inc. (x)\* | 2936 |  | 1642 |  |
|  PAVmed, Inc. (x)\* | 12897 |  | 6191 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 18530 |  | 769736 |  |
|  Pro-Dex, Inc.\* | 392 |  | 6135 |  |
|  Pulmonx Corp.\* | 5844 |  | 49265 |  |
|  Pulse Biosciences, Inc. (x)\* | 2632 |  | 7291 |  |
|  Retractable Technologies, Inc. (x)\* | 2885 |  | 4732 |  |
|  ReWalk Robotics Ltd. (x)\* | 10215 |  | 7764 |  |
|  RxSight, Inc.\* | 3565 |  | 45169 |  |
|  Sanara Medtech, Inc. (x)\* | 583 |  | 26527 |  |
|  SeaSpine Holdings Corp.\* | 6225 |  | 51979 |  |
|  Semler Scientific, Inc.\* | 815 |  | 26895 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Senseonics Holdings, Inc. (x)\* | 78914 | $| 81281 |  |
|  Sensus Healthcare, Inc. (x)\* | 2400 |  | 17808 |  |
|  SI-BONE, Inc.\* | 5826 |  | 79234 |  |
|  Sientra, Inc. (x)\* | 11249 |  | 2282 |  |
|  Sight Sciences, Inc.\* | 45767 |  | 558815 |  |
|  Silk Road Medical, Inc.\* | 30772 |  | 1626300 |  |
|  Sonendo, Inc. (x)\* | 3410 |  | 9650 |  |
|  Stereotaxis, Inc.\* | 9785 |  | 20255 |  |
|  Strata Skin Sciences, Inc. (x)\* | 4539 |  | 3586 |  |
|  Surmodics, Inc.\* | 2328 |  | 79431 |  |
|  Tactile Systems Technology, Inc.\* | 3358 |  | 38550 |  |
|  Tela Bio, Inc. (x)\* | 763 |  | 8775 |  |
|  Tenon Medical, Inc. (x)\* | 343 |  | 542 |  |
|  TransMedics Group, Inc.\* | 40702 |  | 2512127 |  |
|  Treace Medical Concepts, Inc.\* | 59336 |  | 1364135 |  |
|  UFP Technologies, Inc.\* | 1136 |  | 133923 |  |
|  Utah Medical Products, Inc. | 597 |  | 60016 |  |
|  Vapotherm, Inc. (x)\* | 4110 |  | 11097 |  |
|  Venus Concept, Inc.\* | 4469 |  | 1430 |  |
|  Vicarious Surgical, Inc. (x)\* | 9563 |  | 19317 |  |
|  ViewRay, Inc.\* | 24407 |  | 109343 |  |
|  Vivani Medical, Inc.\* | 1212 |  | 1030 |  |
|  VolitionRX Ltd. (x)\* | 6713 |  | 16313 |  |
|  Zimvie, Inc.\* | 3577 |  | 33409 |  |
|  Zynex, Inc. (x) | 3421 |  | 47586 |  |
|  |  |  | 11622005 |  |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | **** |
|  Accolade, Inc.\* | 11201 |  | 87256 |  |
|  AirSculpt Technologies, Inc. (x) | 2207 |  | 8166 |  |
|  Akumin, Inc.\* | 9364 |  | 6731 |  |
|  ATI Physical Therapy, Inc. (x)\* | 13337 |  | 4068 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 7938 |  | 6192 |  |
|  Biodesix, Inc.\* | 2584 |  | 5943 |  |
|  CareMax, Inc.\* | 8824 |  | 32208 |  |
|  Castle Biosciences, Inc.\* | 3991 |  | 93948 |  |
|  Cross Country Healthcare, Inc.\* | 6035 |  | 160350 |  |
|  Cryo-Cell International, Inc. | 895 |  | 3786 |  |
|  DocGo, Inc. (x)\* | 13849 |  | 97912 |  |
|  Enzo Biochem, Inc. (x)\* | 7164 |  | 10244 |  |
|  Five Star Senior Living, Inc. (x)\* | 3688 |  | 2028 |  |
|  Great Elm Group, Inc.\* | 2778 |  | 5612 |  |
|  Hims & Hers Health, Inc.\* | 20245 |  | 129770 |  |
|  InfuSystem Holdings, Inc.\* | 3100 |  | 26908 |  |
|  Joint Corp. (The)\* | 2416 |  | 33776 |  |
|  Novo Integrated Sciences, Inc.\* | 2292 |  | 461 |  |
|  Oncology Institute, Inc. (The) (x)\* | 5727 |  | 9450 |  |
|  Pennant Group, Inc. (The)\* | 3984 |  | 43744 |  |
|  PetIQ, Inc.\* | 4748 |  | 43777 |  |
|  Psychemedics Corp. (x) | 874 |  | 4318 |  |
|  Quipt Home Medical Corp.\* | 5605 |  | 26399 |  |
|  RadNet, Inc.\* | 8347 |  | 157174 |  |
|  Sema4 Holdings Corp.\* | 28185 |  | 7435 |  |
|  Sonida Senior Living, Inc. (x)\* | 618 |  | 7725 |  |
|  Talkspace, Inc. (x)\* | 21153 |  | 12910 |  |
|  Viemed Healthcare, Inc.\* | 6090 |  | 46040 |  |
|  Vivos Therapeutics, Inc. (x)\* | 3409 |  | 1370 |  |
|  |  |  | 1075701 |  |
|  ***Health Care Technology (0.6%)*** | ***Health Care Technology (0.6%)*** | ***Health Care Technology (0.6%)*** | ***Health Care Technology (0.6%)*** | **** |
|  Augmedix, Inc. (x)\* | 2959 |  | 4616 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 776 |  | 5235 |  |
|  Better Therapeutics, Inc.\* | 1113 |  | 1246 |  |
|  Biotricity, Inc.\* | 4810 |  | 2167 |  |
|  CareCloud, Inc.\* | 1707 |  | 4797 |  |
|  Computer Programs and Systems, Inc.\* | 2252 |  | 61299 |  |
|  Forian, Inc. (x)\* | 3016 |  | 8234 |  |
|  HealthStream, Inc.\* | 3950 |  | 98118 |  |
|  iCAD, Inc.\* | 3901 |  | 7139 |  |
|  OptimizeRx Corp.\* | 2769 |  | 46519 |  |
|  Pear Therapeutics, Inc. (x)\* | 11720 |  | 13829 |  |
|  Phreesia, Inc.\* | 11716 |  | 379130 |  |
|  Sharecare, Inc. (x)\* | 47731 |  | 76370 |  |
|  Simulations Plus, Inc. | 2561 |  | 93656 |  |
|  Streamline Health Solutions, Inc.\* | 6316 |  | 9979 |  |
|  Tabula Rasa HealthCare, Inc. (x)\* | 4305 |  | 21310 |  |
|  |  |  | 833644 |  |
|  ***Life Sciences Tools & Services (2.4%)*** | ***Life Sciences Tools & Services (2.4%)*** | ***Life Sciences Tools & Services (2.4%)*** | ***Life Sciences Tools & Services (2.4%)*** | **** |
|  Akoya Biosciences, Inc. (x)\* | 36604 |  | 350300 |  |
|  Alpha Teknova, Inc.\* | 1137 |  | 6413 |  |
|  Berkeley Lights, Inc.\* | 9712 |  | 26028 |  |
|  BioLife Solutions, Inc.\* | 5549 |  | 100992 |  |
|  Bionano Genomics, Inc. (x)\* | 50249 |  | 73364 |  |
|  Champions Oncology, Inc.\* | 1254 |  | 5656 |  |
|  ChromaDex Corp. (x)\* | 8957 |  | 15048 |  |
|  Codex DNA, Inc.\* | 1827 |  | 2284 |  |
|  Codexis, Inc.\* | 10578 |  | 49293 |  |
|  Cytek Biosciences, Inc.\* | 56677 |  | 578672 |  |
|  Harvard Bioscience, Inc.\* | 6428 |  | 17806 |  |
|  Inotiv, Inc. (x)\* | 3010 |  | 14869 |  |
|  IsoPlexis Corp.\* | 2443 |  | 3787 |  |
|  MaxCyte, Inc. (x)\* | 13927 |  | 76041 |  |
|  Miromatrix Medical, Inc. (x)\* | 2709 |  | 8100 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 8498 |  | 15296 |  |
|  Olink Holding AB (ADR)\* | 36139 |  | 917208 |  |
|  Pacific Biosciences of California, Inc.\* | 152171 |  | 1244759 |  |
|  Personalis, Inc.\* | 6511 |  | 12892 |  |
|  Quantum-Si, Inc. (x)\* | 15894 |  | 29086 |  |
|  Rapid Micro Biosystems, Inc., Class A\* | 3534 |  | 3993 |  |
|  Science 37 Holdings, Inc.\* | 11099 |  | 4608 |  |
|  Seer, Inc.\* | 8898 |  | 51608 |  |
|  Singular Genomics Systems, Inc. (x)\* | 9439 |  | 18972 |  |
|  Standard BioTools, Inc. (x)\* | 12835 |  | 15017 |  |
|  |  |  | 3642092 |  |
|  ***Pharmaceuticals (5.2%)*** | ***Pharmaceuticals (5.2%)*** | ***Pharmaceuticals (5.2%)*** | ***Pharmaceuticals (5.2%)*** | **** |
|  Acer Therapeutics, Inc. (x)\* | 1932 |  | 4849 |  |
|  Aclaris Therapeutics, Inc.\* | 10801 |  | 170116 |  |
|  Adial Pharmaceuticals, Inc. (x)\* | 2336 |  | 498 |  |
|  Alimera Sciences, Inc.\* | 845 |  | 2290 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 8506 |  | 314297 |  |
|  AN2 Therapeutics, Inc. (x)\* | 1780 |  | 16963 |  |
|  Anebulo Pharmaceuticals, Inc.\* | 602 |  | 1445 |  |
|  Angion Biomedica Corp. (x)\* | 4203 |  | 3411 |  |
|  ANI Pharmaceuticals, Inc.\* | 2165 |  | 87098 |  |
|  Aquestive Therapeutics, Inc. (x)\* | 4989 |  | 4501 |  |
|  Assertio Holdings, Inc. (x)\* | 7787 |  | 33484 |  |
|  Atea Pharmaceuticals, Inc.\* | 13038 |  | 62713 |  |
|  Athira Pharma, Inc.\* | 5863 |  | 18586 |  |
|  Biofrontera, Inc. (x)\* | 1441 |  | 1321 |  |
|  Cara Therapeutics, Inc.\* | 7696 |  | 82655 |  |
|  CinCor Pharma, Inc.\* | 4146 |  | 50954 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Citius Pharmaceuticals, Inc. (x)\* | 21071 | $| 16646 |  |
|  Clearside Biomedical, Inc.\* | 9197 |  | 10301 |  |
|  Clever Leaves Holdings, Inc.\* | 4144 |  | 1280 |  |
|  Cognition Therapeutics, Inc.\* | 2666 |  | 5599 |  |
|  Collegium Pharmaceutical, Inc.\* | 5630 |  | 130616 |  |
|  CorMedix, Inc. (x)\* | 6690 |  | 28232 |  |
|  Cumberland Pharmaceuticals, Inc.\* | 1260 |  | 2835 |  |
|  Cymabay Therapeutics, Inc.\* | 13805 |  | 86557 |  |
|  Dare Bioscience, Inc. (x)\* | 14808 |  | 12291 |  |
|  DICE Therapeutics, Inc. (x)\* | 5964 |  | 186077 |  |
|  Edgewise Therapeutics, Inc.\* | 6315 |  | 56456 |  |
|  Esperion Therapeutics, Inc.\* | 67816 |  | 422494 |  |
|  Eton Pharmaceuticals, Inc. (x)\* | 3691 |  | 10335 |  |
|  Evolus, Inc. (x)\* | 6119 |  | 45954 |  |
|  Eyenovia, Inc. (x)\* | 4169 |  | 6795 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 4489 |  | 15712 |  |
|  Fulcrum Therapeutics, Inc.\* | 7236 |  | 52678 |  |
|  Harrow Health, Inc. (x)\* | 3628 |  | 53549 |  |
|  Hepion Pharmaceuticals, Inc.\* | 11560 |  | 3469 |  |
|  Ikena Oncology, Inc. (x)\* | 4132 |  | 10991 |  |
|  IMARA, Inc. (x)\* | 2426 |  | 9922 |  |
|  Intra-Cellular Therapies, Inc.\* | 19576 |  | 1035962 |  |
|  Journey Medical Corp. (x)\* | 682 |  | 1309 |  |
|  KemPharm, Inc. (x)\* | 5899 |  | 27076 |  |
|  Landos Biopharma, Inc. (x)\* | 1001 |  | 501 |  |
|  Lipocine, Inc.\* | 13124 |  | 5040 |  |
|  Liquidia Corp. (x)\* | 8175 |  | 52075 |  |
|  Longboard Pharmaceuticals, Inc.\* | 1394 |  | 4405 |  |
|  Lyra Therapeutics, Inc.\* | 2924 |  | 9181 |  |
|  Marinus Pharmaceuticals, Inc. (x)\* | 7849 |  | 31239 |  |
|  MediWound Ltd.\* | 470 |  | 6335 |  |
|  MyMD Pharmaceuticals, Inc. (x)\* | 6144 |  | 7066 |  |
|  Novan, Inc. (x)\* | 3652 |  | 5332 |  |
|  NRX Pharmaceuticals, Inc. (x)\* | 6649 |  | 7380 |  |
|  Nutriband, Inc.\* | 937 |  | 3392 |  |
|  Ocular Therapeutix, Inc.\* | 13257 |  | 37252 |  |
|  Ocuphire Pharma, Inc. (x)\* | 3085 |  | 10890 |  |
|  Omeros Corp. (x)\* | 10425 |  | 23560 |  |
|  Opiant Pharmaceuticals, Inc.\* | 850 |  | 17238 |  |
|  Optinose, Inc.\* | 9436 |  | 17457 |  |
|  Oramed Pharmaceuticals, Inc. (x)\* | 6489 |  | 78063 |  |
|  Paratek Pharmaceuticals, Inc. (x)\* | 9084 |  | 16987 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 4000 |  | 44880 |  |
|  Phibro Animal Health Corp., Class A | 3510 |  | 47069 |  |
|  Pliant Therapeutics, Inc.\* | 63837 |  | 1233969 |  |
|  PLx Pharma, Inc. (x)\* | 5200 |  | 853 |  |
|  Processa Pharmaceuticals, Inc. (x)\* | 2103 |  | 2313 |  |
|  ProPhase Labs, Inc. (x) | 2227 |  | 21446 |  |
|  Provention Bio, Inc. (x)\* | 10662 |  | 112697 |  |
|  Rain Oncology, Inc. (x)\* | 1339 |  | 10712 |  |
|  Relmada Therapeutics, Inc. (x)\* | 4709 |  | 16434 |  |
|  RVL Pharmaceuticals plc (x)\* | 7265 |  | 8137 |  |
|  Satsuma Pharmaceuticals, Inc.\* | 3350 |  | 3015 |  |
|  scPharmaceuticals, Inc. (x)\* | 2879 |  | 20642 |  |
|  SCYNEXIS, Inc. (x)\* | 5668 |  | 8842 |  |
|  SIGA Technologies, Inc. (x) | 8106 |  | 59660 |  |
|  Societal CDMO, Inc. (x)\* | 8739 |  | 13021 |  |
|  Tarsus Pharmaceuticals, Inc. (x)\* | 3153 |  | 46223 |  |
|  Terns Pharmaceuticals, Inc. (x)\* | 3400 |  | 34612 |  |
|  TFF Pharmaceuticals, Inc.\* | 3136 |  | 3293 |  |
|  Theravance Biopharma, Inc.\* | 11098 |  | 124520 |  |
|  Theseus Pharmaceuticals, Inc.\* | 2966 |  | 14771 |  |
|  Third Harmonic Bio, Inc. (x)\* | 2095 |  | 9008 |  |
|  Trevi Therapeutics, Inc.\* | 5953 |  | 11489 |  |
|  Tricida, Inc. (x)\* | 5712 |  | 873 |  |
|  Ventyx Biosciences, Inc.\* | 77358 |  | 2536569 |  |
|  Verrica Pharmaceuticals, Inc. (x)\* | 3100 |  | 8525 |  |
|  WaVe Life Sciences Ltd. (x)\* | 10635 |  | 74445 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 22764 |  | 30276 |  |
|  Zynerba Pharmaceuticals, Inc. (x)\* | 7701 |  | 4082 |  |
|  |  |  | 7924086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 51508832 |  |
|  **Industrials (10.9%)** | **Industrials (10.9%)** | **Industrials (10.9%)** | **Industrials (10.9%)** |  |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | **** |
|  AAR Corp.\* | 13321 |  | 598113 |  |
|  AeroVironment, Inc.\* | 13246 |  | 1134652 |  |
|  AerSale Corp.\* | 3468 |  | 56251 |  |
|  Archer Aviation, Inc., Class A (x)\* | 24599 |  | 46000 |  |
|  Astra Space, Inc. (x)\* | 25653 |  | 11128 |  |
|  Astronics Corp.\* | 4372 |  | 45032 |  |
|  Byrna Technologies, Inc. (x)\* | 2419 |  | 18965 |  |
|  Cadre Holdings, Inc. (x) | 3272 |  | 65898 |  |
|  Ducommun, Inc.\* | 1807 |  | 90278 |  |
|  Innovative Solutions and Support, Inc.\* | 2273 |  | 18684 |  |
|  Momentus, Inc. (x)\* | 9718 |  | 7579 |  |
|  National Presto Industries, Inc. | 866 |  | 59286 |  |
|  Park Aerospace Corp. | 3401 |  | 45607 |  |
|  Redwire Corp. (x)\* | 3450 |  | 6831 |  |
|  Terran Orbital Corp. (x)\* | 7791 |  | 12310 |  |
|  V2X, Inc.\* | 1943 |  | 80227 |  |
|  VirTra, Inc. (x)\* | 1659 |  | 7764 |  |
|  |  |  | 2304605 |  |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | **** |
|  Air T, Inc.\* | 179 |  | 4491 |  |
|  Radiant Logistics, Inc.\* | 6456 |  | 32861 |  |
|  |  |  | 37352 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Blade Air Mobility, Inc. (x)\* | 9685 |  | 34672 |  |
|  Mesa Air Group, Inc.\* | 6265 |  | 9586 |  |
|  Wheels Up Experience, Inc.\* | 27445 |  | 28268 |  |
|  |  |  | 72526 |  |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | **** |
|  Aeroclean Technologies, Inc. (x)\* | 452 |  | 1415 |  |
|  Alpha Pro Tech Ltd. (x)\* | 1993 |  | 8012 |  |
|  Caesarstone Ltd. | 3866 |  | 22075 |  |
|  Insteel Industries, Inc. | 3041 |  | 83688 |  |
|  Quanex Building Products Corp. | 5501 |  | 130264 |  |
|  View, Inc. (x)\* | 19388 |  | 18707 |  |
|  |  |  | 264161 |  |
|  ***Commercial Services & Supplies (2.5%)*** | ***Commercial Services & Supplies (2.5%)*** | ***Commercial Services & Supplies (2.5%)*** | ***Commercial Services & Supplies (2.5%)*** | **** |
|  ACCO Brands Corp. | 15003 |  | 83867 |  |
|  Acme United Corp. | 401 |  | 8782 |  |
|  Aqua Metals, Inc. (x)\* | 12830 |  | 16037 |  |
|  ARC Document Solutions, Inc. | 5891 |  | 17261 |  |
|  Aris Water Solution, Inc., Class A | 3780 |  | 54470 |  |
|  CECO Environmental Corp.\* | 5058 |  | 59077 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Charah Solutions, Inc. (x)\* | 285 | $| 1538 |  |
|  CompX International, Inc. | 287 |  | 5304 |  |
|  Ennis, Inc. | 4172 |  | 92451 |  |
|  Fuel Tech, Inc. (x)\* | 4305 |  | 5467 |  |
|  GEO Group, Inc. (The) (x)\* | 19880 |  | 217686 |  |
|  Harsco Corp.\* | 12755 |  | 80229 |  |
|  Heritage-Crystal Clean, Inc.\* | 51536 |  | 1673889 |  |
|  Interface, Inc. | 9533 |  | 94091 |  |
|  Kimball International, Inc., Class B | 5535 |  | 35977 |  |
|  Montrose Environmental Group, Inc.\* | 22658 |  | 1005789 |  |
|  NL Industries, Inc. | 1496 |  | 10188 |  |
|  Odyssey Marine Exploration, Inc.\* | 2518 |  | 9770 |  |
|  Performant Financial Corp.\* | 11647 |  | 42046 |  |
|  Perma-Fix Environmental Services, Inc.\* | 2386 |  | 8422 |  |
|  Quad/Graphics, Inc.\* | 4620 |  | 18850 |  |
|  Quest Resource Holding Corp. (x)\* | 2764 |  | 16888 |  |
|  Shapeways Holdings, Inc. (x)\* | 2019 |  | 1098 |  |
|  SP Plus Corp.\* | 3397 |  | 117944 |  |
|  Team, Inc.\* | 561 |  | 2945 |  |
|  Viad Corp.\* | 3361 |  | 81975 |  |
|  Virco Mfg. Corp.\* | 1502 |  | 6789 |  |
|  VSE Corp. | 1727 |  | 80962 |  |
|  |  |  | 3849792 |  |
|  ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | **** |
|  Ameresco, Inc., Class A\* | 17214 |  | 983608 |  |
|  Argan, Inc. | 2178 |  | 80325 |  |
|  Bowman Consulting Group Ltd.\* | 1520 |  | 33212 |  |
|  Concrete Pumping Holdings, Inc.\* | 4490 |  | 26266 |  |
|  Great Lakes Dredge & Dock Corp.\* | 11241 |  | 66884 |  |
|  IES Holdings, Inc.\* | 1502 |  | 53426 |  |
|  INNOVATE Corp. (x)\* | 7480 |  | 13988 |  |
|  iSun, Inc. (x)\* | 1875 |  | 2494 |  |
|  Limbach Holdings, Inc.\* | 1596 |  | 16614 |  |
|  Matrix Service Co.\* | 4511 |  | 28058 |  |
|  Northwest Pipe Co.\* | 1691 |  | 56987 |  |
|  NV5 Global, Inc.\* | 9584 |  | 1268155 |  |
|  Orbital Infrastructure Group, Inc. (x)\* | 14904 |  | 2936 |  |
|  Orion Group Holdings, Inc.\* | 5210 |  | 12400 |  |
|  QualTek Services, Inc.\* | 1799 |  | 788 |  |
|  Sterling Infrastructure, Inc.\* | 4893 |  | 160490 |  |
|  Tutor Perini Corp.\* | 7256 |  | 54783 |  |
|  Williams Industrial Services Group, Inc.\* | 3358 |  | 3425 |  |
|  |  |  | 2864839 |  |
|  ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | **** |
|  Advent Technologies Holdings, Inc. (x)\* | 6472 |  | 11714 |  |
|  Allied Motion Technologies, Inc. | 2298 |  | 79993 |  |
|  American Superconductor Corp.\* | 4480 |  | 16486 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 9564 |  | 55184 |  |
|  Beam Global (x)\* | 1544 |  | 26974 |  |
|  Blink Charging Co. (x)\* | 5809 |  | 63725 |  |
|  Broadwind, Inc.\* | 3112 |  | 5571 |  |
|  Capstone Green Energy Corp.\* | 2652 |  | 3845 |  |
|  Energous Corp.(x)\* | 13955 |  | 11666 |  |
|  Eos Energy Enterprises, Inc. (x)\* | 7401 |  | 10954 |  |
|  Espey Mfg. & Electronics Corp.\* | 81 |  | 1150 |  |
|  ESS Tech, Inc. (x)\* | 13924 |  | 33835 |  |
|  Flux Power Holdings, Inc. (x)\* | 1862 |  | 7392 |  |
|  FTC Solar, Inc. (x)\* | 7073 |  | 18956 |  |
|  Heliogen, Inc. (x)\* | 15015 |  | 10484 |  |
|  Ideal Power, Inc.\* | 1033 |  | 10970 |  |
|  KULR Technology Group, Inc. (x)\* | 11651 |  | 13981 |  |
|  LSI Industries, Inc. | 4129 |  | 50539 |  |
|  Nuvve Holding Corp. (x)\* | 468 |  | 314 |  |
|  Ocean Power Technologies, Inc. (x)\* | 9808 |  | 4415 |  |
|  Orion Energy Systems, Inc.\* | 5137 |  | 9349 |  |
|  Pioneer Power Solutions, Inc.\* | 706 |  | 1892 |  |
|  Polar Power, Inc. (x)\* | 1469 |  | 1895 |  |
|  Powell Industries, Inc. | 1454 |  | 51152 |  |
|  Preformed Line Products Co. | 434 |  | 36148 |  |
|  Sunworks, Inc. (x)\* | 5697 |  | 9001 |  |
|  Thermon Group Holdings, Inc.\* | 5469 |  | 109818 |  |
|  TPI Composites, Inc. (x)\* | 5790 |  | 58711 |  |
|  Ultralife Corp.\* | 1687 |  | 6512 |  |
|  Westwater Resources, Inc. (x)\* | 7441 |  | 5878 |  |
|  |  |  | 728504 |  |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | **** |
|  Agrify Corp. (x)\* | 373 |  | 124 |  |
|  Berkshire Grey, Inc. (x)\* | 8702 |  | 5255 |  |
|  Blue Bird Corp.\* | 3033 |  | 32483 |  |
|  CIRCOR International, Inc.\* | 3015 |  | 72239 |  |
|  Columbus McKinnon Corp. | 4662 |  | 151375 |  |
|  Commercial Vehicle Group, Inc.\* | 5592 |  | 38082 |  |
|  Douglas Dynamics, Inc. | 3748 |  | 135528 |  |
|  Eastern Co. (The) (x) | 832 |  | 16041 |  |
|  Energy Recovery, Inc.\* | 9241 |  | 189348 |  |
|  Fathom Digital Manufacturing C\* | 1800 |  | 2376 |  |
|  FreightCar America, Inc. (x)\* | 2584 |  | 8269 |  |
|  Gencor Industries, Inc.\* | 1849 |  | 18675 |  |
|  Graham Corp.\* | 1746 |  | 16797 |  |
|  Hurco Cos., Inc. | 1028 |  | 26862 |  |
|  Hydrofarm Holdings Group, Inc.\* | 7532 |  | 11675 |  |
|  Hyliion Holdings Corp. (x)\* | 22742 |  | 53216 |  |
|  Hyster-Yale Materials Handling, Inc. | 1872 |  | 47380 |  |
|  Hyzon Motors, Inc. (x)\* | 15118 |  | 23433 |  |
|  L B Foster Co., Class A\* | 1663 |  | 16098 |  |
|  Lightning eMotors, Inc. (x)\* | 6979 |  | 2558 |  |
|  LS Starrett Co. (The), Class A\* | 1016 |  | 7478 |  |
|  Luxfer Holdings plc | 4647 |  | 63757 |  |
|  Manitex International, Inc.\* | 2291 |  | 9164 |  |
|  Manitowoc Co., Inc. (The)\* | 5919 |  | 54218 |  |
|  Markforged Holding Corp. (x)\* | 18912 |  | 21938 |  |
|  Mayville Engineering Co., Inc.\* | 1723 |  | 21813 |  |
|  Miller Industries, Inc. | 1920 |  | 51187 |  |
|  NN, Inc. (x)\* | 7211 |  | 10817 |  |
|  Park-Ohio Holdings Corp. | 1471 |  | 17990 |  |
|  Perma-Pipe International Holdings, Inc.\* | 1363 |  | 12880 |  |
|  REV Group, Inc. | 5425 |  | 68463 |  |
|  Sarcos Technology and Robotics Corp. (x)\* | 18780 |  | 10541 |  |
|  Shyft Group, Inc. (The) | 5747 |  | 142870 |  |
|  Titan International, Inc.\* | 8472 |  | 129791 |  |
|  Twin Disc, Inc. (x)\* | 1797 |  | 17467 |  |
|  Urban-Gro, Inc. (x)\* | 1510 |  | 4107 |  |
|  Velo3D, Inc. (x)\* | 9690 |  | 17345 |  |
|  Wabash National Corp. | 8015 |  | 181139 |  |
|  Xos, Inc. (x)\* | 9756 |  | 4321 |  |
|  |  |  | 1715100 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Eagle Bulk Shipping, Inc. (x) | 2210 | $110367 |  |
|  Eneti, Inc. | 3554 | 35718 |  |
|  Genco Shipping & Trading Ltd. | 5992 | 92037 |  |
|  Navios Maritime Holdings, Inc.\* | 3202 | 5604 |  |
|  Pangaea Logistics Solutions Ltd. (x) | 6194 | 31899 |  |
|  Safe Bulkers, Inc. | 10845 | 31559 |  |
|  |  | 307184 |  |
|  ***Professional Services (2.0%)*** | ***Professional Services (2.0%)*** | ***Professional Services (2.0%)*** | **** |
|  Atlas Technical Consultants, Inc.\* | 3210 | 16532 |  |
|  Barrett Business Services, Inc. | 1154 | 107645 |  |
|  BGSF, Inc. | 1644 | 25186 |  |
|  BlackSky Technology, Inc. (x)\* | 14339 | 22082 |  |
|  CRA International, Inc. | 1156 | 141529 |  |
|  DLH Holdings Corp.\* | 892 | 10584 |  |
|  Forrester Research, Inc.\* | 1852 | 66228 |  |
|  Franklin Covey Co.\* | 1986 | 92885 |  |
|  Heidrick & Struggles International, Inc. | 3199 | 89476 |  |
|  HireQuest, Inc. | 925 | 14624 |  |
|  Hudson Global, Inc.\* | 452 | 10229 |  |
|  ICF International, Inc. | 14305 | 1416910 |  |
|  Kelly Services, Inc., Class A | 5519 | 93271 |  |
|  Mastech Digital, Inc.\* | 701 | 7718 |  |
|  Mistras Group, Inc.\* | 3506 | 17285 |  |
|  RCM Technologies, Inc. (x)\* | 1291 | 15931 |  |
|  Red Violet, Inc.\* | 1643 | 37822 |  |
|  Resources Connection, Inc. | 41500 | 762770 |  |
|  Skillsoft Corp. (x)\* | 14080 | 18304 |  |
|  Spire Global, Inc.\* | 21676 | 20809 |  |
|  Where Food Comes From, Inc.\* | 454 | 6342 |  |
|  Willdan Group, Inc. (x)\* | 2017 | 36003 |  |
|  |  | 3030165 |  |
|  ***Road & Rail (0.1%)*** | ***Road & Rail (0.1%)*** | ***Road & Rail (0.1%)*** | **** |
|  Bird Global, Inc., Class A (x)\* | 30562 | 5507 |  |
|  Covenant Logistics Group, Inc. | 1552 | 53653 |  |
|  Daseke, Inc.\* | 7048 | 40103 |  |
|  PAM Transportation Services, Inc.\* | 1145 | 29656 |  |
|  Universal Logistics Holdings, Inc. | 1231 | 41165 |  |
|  US Xpress Enterprises, Inc., Class A\* | 4703 | 8512 |  |
|  Yellow Corp. (x)\* | 8802 | 22093 |  |
|  |  | 200689 |  |
|  ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | ***Trading Companies & Distributors (0.8%)*** | **** |
|  Alta Equipment Group, Inc. | 3534 | 46614 |  |
|  BlueLinx Holdings, Inc.\* | 1474 | 104816 |  |
|  Distribution Solutions Group, Inc.\* | 859 | 31663 |  |
|  DXP Enterprises, Inc.\* | 2606 | 71795 |  |
|  EVI Industries, Inc.\* | 767 | 18308 |  |
|  Hudson Technologies, Inc.\* | 7432 | 75212 |  |
|  Karat Packaging, Inc. | 909 | 13062 |  |
|  Mega Matrix Corp. (x)\* | 2703 | 4757 |  |
|  Titan Machinery, Inc.\* | 19091 | 758485 |  |
|  Transcat, Inc.\* | 1226 | 86887 |  |
|  Willis Lease Finance Corp.\* | 465 | 27440 |  |
|  |  | 1239039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 16613956 |  |
|  **Information Technology (19.0%)** | **Information Technology (19.0%)** | **Information Technology (19.0%)** |  |
|  ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | **** |
|  Airspan Networks Holdings, Inc. (x)\* | 3742 | 4902 |  |
|  Applied Optoelectronics, Inc. (x)\* | 4680 | 8845 |  |
|  Aviat Networks, Inc.\* | 1896 | 59136 |  |
|  BK Technologies Corp. (x) | 2068 | 6866 |  |
|  CalAmp Corp.\* | 6154 | 27570 |  |
|  Calix, Inc.\* | 33878 | 2318272 |  |
|  Cambium Networks Corp.\* | 1997 | 43275 |  |
|  Casa Systems, Inc. (x)\* | 6101 | 16656 |  |
|  Clearfield, Inc.\* | 6965 | 655685 |  |
|  Comtech Telecommunications Corp. | 4503 | 54667 |  |
|  Digi International, Inc.\* | 5768 | 210820 |  |
|  DZS, Inc.\* | 3034 | 38471 |  |
|  EMCORE Corp. (x)\* | 5756 | 5540 |  |
|  Franklin Wireless Corp.\* | 642 | 2863 |  |
|  Genasys, Inc.\* | 6127 | 22670 |  |
|  Harmonic, Inc.\* | 15480 | 202788 |  |
|  Inseego Corp. (x)\* | 14732 | 12412 |  |
|  KVH Industries, Inc.\* | 3264 | 33358 |  |
|  Lantronix, Inc.\* | 4555 | 19678 |  |
|  NETGEAR, Inc.\* | 4666 | 84501 |  |
|  Network-1 Technologies, Inc. | 2781 | 6118 |  |
|  Ondas Holdings, Inc. (x)\* | 6220 | 9890 |  |
|  PCTEL, Inc.\* | 3247 | 13962 |  |
|  Ribbon Communications, Inc.\* | 12532 | 34964 |  |
|  TESSCO Technologies, Inc.\* | 1254 | 6044 |  |
|  |  | 3899953 |  |
|  ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | ***Electronic Equipment, Instruments & Components (2.3%)*** | **** |
|  908 Devices, Inc. (x)\* | 3782 | 28819 |  |
|  Aeva Technologies, Inc.\* | 16798 | 22845 |  |
|  AEye, Inc. (x)\* | 16116 | 7745 |  |
|  Airgain, Inc.\* | 1576 | 10260 |  |
|  Akoustis Technologies, Inc. (x)\* | 8887 | 25061 |  |
|  Arlo Technologies, Inc.\* | 14924 | 52383 |  |
|  Bel Fuse, Inc., Class B | 1757 | 57840 |  |
|  Cepton, Inc.\* | 8480 | 10770 |  |
|  ClearSign Technologies Corp.\* | 4760 | 2551 |  |
|  Climb Global Solutions, Inc. | 725 | 22859 |  |
|  Coda Octopus Group, Inc. (x)\* | 1107 | 7594 |  |
|  CPS Technologies Corp.\* | 2100 | 5649 |  |
|  CTS Corp. | 5332 | 210187 |  |
|  Daktronics, Inc. (x)\* | 6195 | 17470 |  |
|  Digital Ally, Inc. (x)\* | 9966 | 2319 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 14527 | 37625 |  |
|  FARO Technologies, Inc.\* | 3150 | 92642 |  |
|  Focus Universal, Inc. (x)\* | 3029 | 19416 |  |
|  Frequency Electronics, Inc.\* | 1200 | 8460 |  |
|  Identiv, Inc.\* | 3837 | 27780 |  |
|  Interlink Electronics, Inc.\* | 127 | 953 |  |
|  Iteris, Inc.\* | 7139 | 22202 |  |
|  Key Tronic Corp.\* | 1871 | 8101 |  |
|  Kimball Electronics, Inc.\* | 3914 | 88417 |  |
|  LGL Group, Inc. (The)\* | 541 | 2191 |  |
|  LightPath Technologies, Inc., Class A\* | 4964 | 6056 |  |
|  Luna Innovations, Inc.\* | 5274 | 46359 |  |
|  MicroVision, Inc. (x)\* | 28622 | 67262 |  |
|  M-Tron Industries, Inc.\* | 273 | 2389 |  |
|  Napco Security Technologies, Inc.\* | 58778 | 1615219 |  |
|  nLight, Inc.\* | 7207 | 73079 |  |
|  Nortech Systems, Inc.\* | 144 | 1800 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  OSI Systems, Inc.\* | 6673 | $| 530637 |  |
|  Ouster, Inc. (x)\* | 24344 |  | 21009 |  |
|  Powerfleet, Inc.\* | 5935 |  | 15965 |  |
|  Red Cat Holdings, Inc. (x)\* | 6006 |  | 5646 |  |
|  Research Frontiers, Inc. (x)\* | 5129 |  | 9848 |  |
|  RF Industries Ltd.\* | 1379 |  | 7033 |  |
|  Richardson Electronics Ltd. | 1566 |  | 33403 |  |
|  ScanSource, Inc.\* | 4344 |  | 126932 |  |
|  SigmaTron International, Inc.\* | 729 |  | 2799 |  |
|  SmartRent, Inc. (x)\* | 20976 |  | 50972 |  |
|  Sono-Tek Corp. (x)\* | 1315 |  | 8442 |  |
|  Velodyne Lidar, Inc. (x)\* | 33385 |  | 24662 |  |
|  Vishay Precision Group, Inc.\* | 2143 |  | 82827 |  |
|  Wireless Telecom Group, Inc.\* | 2744 |  | 4912 |  |
|  Wrap Technologies, Inc. (x)\* | 4357 |  | 7363 |  |
|  |  |  | 3536753 |  |
|  ***IT Services (3.3%)*** | ***IT Services (3.3%)*** | ***IT Services (3.3%)*** | ***IT Services (3.3%)*** | **** |
|  AgileThought, Inc.\* | 4860 |  | 20412 |  |
|  AvidXchange Holdings, Inc.\* | 154286 |  | 1533603 |  |
|  BM Technologies, Inc. (x)\* | 1520 |  | 7919 |  |
|  Brightcove, Inc.\* | 7111 |  | 37191 |  |
|  Cantaloupe, Inc.\* | 10139 |  | 44105 |  |
|  Cass Information Systems, Inc. | 2211 |  | 101308 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 7895 |  | 20132 |  |
|  Computer Task Group, Inc.\* | 2522 |  | 19066 |  |
|  Crexendo, Inc. | 1473 |  | 2799 |  |
|  CSP, Inc. | 844 |  | 7959 |  |
|  DecisionPoint Systems, Inc. (x)\* | 944 |  | 7646 |  |
|  Edgio, Inc.\* | 23473 |  | 26525 |  |
|  Flywire Corp.\* | 38400 |  | 939648 |  |
|  Glimpse Group, Inc. (The) (x)\* | 1457 |  | 4415 |  |
|  Grid Dynamics Holdings, Inc.\* | 9020 |  | 101204 |  |
|  Hackett Group, Inc. (The) | 4656 |  | 94843 |  |
|  I3 Verticals, Inc., Class A\* | 3619 |  | 88086 |  |
|  IBEX Holdings Ltd.\* | 1498 |  | 37225 |  |
|  Information Services Group, Inc. | 6077 |  | 27954 |  |
|  Innodata, Inc.\* | 4157 |  | 12326 |  |
|  International Money Express, Inc.\* | 5259 |  | 128162 |  |
|  MoneyGram International, Inc.\* | 15690 |  | 170864 |  |
|  OMNIQ Corp.\* | 916 |  | 4168 |  |
|  Paya Holdings, Inc.\* | 14474 |  | 113910 |  |
|  Paysign, Inc. (x)\* | 5608 |  | 14469 |  |
|  PFSweb, Inc. | 2891 |  | 17780 |  |
|  Priority Technology Holdings, Inc. (x)\* | 3054 |  | 16064 |  |
|  Remitly Global, Inc.\* | 110534 |  | 1265614 |  |
|  Research Solutions, Inc.\* | 3248 |  | 6269 |  |
|  Ryvyl, Inc.\* | 3634 |  | 1667 |  |
|  StarTek, Inc. (x)\* | 2918 |  | 10943 |  |
|  Steel Connect, Inc.\* | 7082 |  | 10127 |  |
|  Tucows, Inc., Class A (x)\* | 1703 |  | 57766 |  |
|  Unisys Corp.\* | 10368 |  | 52980 |  |
|  Usio, Inc.\* | 3189 |  | 5102 |  |
|  WaveDancer, Inc. (x)\* | 2977 |  | 1429 |  |
|  WidePoint Corp.\* | 1810 |  | 3294 |  |
|  |  |  | 5014974 |  |
|  ***Semiconductors & Semiconductor Equipment (5.0%)*** | ***Semiconductors & Semiconductor Equipment (5.0%)*** | ***Semiconductors & Semiconductor Equipment (5.0%)*** | ***Semiconductors & Semiconductor Equipment (5.0%)*** | **** |
|  ACM Research, Inc., Class A\* | 7563 |  | 58311 |  |
|  Aehr Test Systems (x)\* | 4303 |  | 86490 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 3629 |  | 103681 |  |
|  Amtech Systems, Inc.\* | 1949 |  | 14812 |  |
|  Atomera, Inc. (x)\* | 3502 |  | 21782 |  |
|  AXT, Inc.\* | 6986 |  | 30599 |  |
|  CEVA, Inc.\* | 18790 |  | 480648 |  |
|  CVD Equipment Corp.\* | 975 |  | 5372 |  |
|  Everspin Technologies, Inc.\* | 3254 |  | 18092 |  |
|  GSI Technology, Inc.\* | 3164 |  | 5474 |  |
|  Ichor Holdings Ltd.\* | 4666 |  | 125142 |  |
|  Impinj, Inc.\* | 24653 |  | 2691615 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 199417 |  | 1162601 |  |
|  inTEST Corp.\* | 1800 |  | 18540 |  |
|  Kopin Corp.\* | 15515 |  | 19239 |  |
|  NVE Corp. | 817 |  | 52901 |  |
|  PDF Solutions, Inc.\* | 5123 |  | 146108 |  |
|  Peraso, Inc. (x)\* | 2660 |  | 1942 |  |
|  Photronics, Inc.\* | 10053 |  | 169192 |  |
|  Pixelworks, Inc.\* | 9072 |  | 16057 |  |
|  QuickLogic Corp. (x)\* | 2017 |  | 10367 |  |
|  Rambus, Inc.\* | 62350 |  | 2233377 |  |
|  Rigetti Computing, Inc. (x)\* | 12498 |  | 9114 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 18173 |  | 2546 |  |
|  SkyWater Technology, Inc. (x)\* | 1893 |  | 13459 |  |
|  SMART Global Holdings, Inc.\* | 8081 |  | 120245 |  |
|  Transphorm, Inc. (x)\* | 3947 |  | 21472 |  |
|  |  |  | 7639178 |  |
|  ***Software (5.2%)*** | ***Software (5.2%)*** | ***Software (5.2%)*** | ***Software (5.2%)*** | **** |
|  A10 Networks, Inc. | 10805 |  | 179687 |  |
|  Agilysys, Inc.\* | 37313 |  | 2952951 |  |
|  American Software, Inc., Class A | 5263 |  | 77261 |  |
|  Applied Digital Corp. (x)\* | 10782 |  | 19839 |  |
|  Arteris, Inc.\* | 60555 |  | 260386 |  |
|  Asure Software, Inc.\* | 3256 |  | 30411 |  |
|  AudioEye, Inc.\* | 1261 |  | 4792 |  |
|  authID, Inc. (x)\* | 3853 |  | 2262 |  |
|  Avaya Holdings Corp. (x)\* | 14883 |  | 2917 |  |
|  AvePoint, Inc. (x)\* | 22226 |  | 91349 |  |
|  Aware, Inc.\* | 2558 |  | 4374 |  |
|  Benefitfocus, Inc.\* | 4473 |  | 46788 |  |
|  Bit Digital, Inc. (x)\* | 14091 |  | 8455 |  |
|  Blend Labs, Inc., Class A\* | 31985 |  | 46058 |  |
|  BTCS, Inc.\* | 650 |  | 410 |  |
|  Cipher Mining, Inc. (x)\* | 6966 |  | 3901 |  |
|  Cleanspark, Inc. (x)\* | 7843 |  | 16000 |  |
|  CoreCard Corp.\* | 1217 |  | 35256 |  |
|  Couchbase, Inc. (x)\* | 4574 |  | 60651 |  |
|  CYNGN, Inc. (x)\* | 728 |  | 493 |  |
|  DatChat, Inc. (x)\* | 2957 |  | 730 |  |
|  Digimarc Corp. (x)\* | 2094 |  | 38718 |  |
|  eGain Corp.\* | 3632 |  | 32797 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 1704 |  | 493 |  |
|  GSE Systems, Inc.\* | 3847 |  | 2616 |  |
|  Intellicheck, Inc. (x)\* | 3165 |  | 6330 |  |
|  Intrusion, Inc. (x)\* | 3227 |  | 10197 |  |
|  IronNet, Inc. (x)\* | 11556 |  | 2658 |  |
|  Issuer Direct Corp.\* | 457 |  | 11443 |  |
|  JFrog Ltd.\* | 47293 |  | 1008760 |  |
|  Kaleyra, Inc. (x)\* | 5256 |  | 3969 |  |
|  Kaltura, Inc. (x)\* | 11711 |  | 20143 |  |
|  Latch, Inc. (x)\* | 18541 |  | 13162 |  |
|  LiveVox Holdings, Inc. (x)\* | 3965 |  | 11776 |  |
|  Marin Software, Inc. (x)\* | 2858 |  | 2858 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Mind CTI Ltd. | 3324 | $| 6980 |  |
|  Mitek Systems, Inc.\* | 7287 |  | 70611 |  |
|  NetSol Technologies, Inc.\* | 2048 |  | 5837 |  |
|  NextNav, Inc. (x)\* | 11530 |  | 33783 |  |
|  ON24, Inc.\* | 7134 |  | 61566 |  |
|  OneSpan, Inc.\* | 6380 |  | 71392 |  |
|  Park City Group, Inc. | 1958 |  | 9692 |  |
|  Phunware, Inc. (x)\* | 16656 |  | 12880 |  |
|  PowerSchool Holdings, Inc., Class A\* | 71806 |  | 1657282 |  |
|  Quantum Computing, Inc. (x)\* | 4410 |  | 6659 |  |
|  Rekor Systems, Inc. (x)\* | 7647 |  | 9176 |  |
|  Rimini Street, Inc.\* | 8390 |  | 31966 |  |
|  SAITECH Global Corp. (x)\* | 326 |  | 655 |  |
|  SeaChange International, Inc.\* | 8056 |  | 3795 |  |
|  ShotSpotter, Inc.\* | 1524 |  | 51557 |  |
|  Smith Micro Software, Inc. (x)\* | 8137 |  | 17088 |  |
|  Soluna Holdings, Inc.\* | 1547 |  | 418 |  |
|  SRAX, Inc. (x)\* | 4308 |  | 258 |  |
|  SRAX, Inc. (Nasdaq Stock Exchange) (x)\* | 3363 |  | 5145 |  |
|  Stronghold Digital Mining, Inc., Class A (x)\* | 3678 |  | 1762 |  |
|  Synchronoss Technologies, Inc.\* | 13054 |  | 8069 |  |
|  T Stamp, Inc., Class A\* | 2941 |  | 1506 |  |
|  Telos Corp.\* | 9288 |  | 47276 |  |
|  Terawulf, Inc. (x)\* | 3811 |  | 2537 |  |
|  Upland Software, Inc.\* | 5012 |  | 35736 |  |
|  UserTesting, Inc. (x)\* | 8140 |  | 61131 |  |
|  Veritone, Inc. (x)\* | 5394 |  | 28588 |  |
|  Viant Technology, Inc., Class A (x)\* | 2496 |  | 10034 |  |
|  VirnetX Holding Corp. (x)\* | 10647 |  | 13841 |  |
|  Weave Communications, Inc. (x)\* | 5346 |  | 24485 |  |
|  WM Technology, Inc.\* | 12795 |  | 12923 |  |
|  Yext, Inc.\* | 85187 |  | 556271 |  |
|  |  |  | 7871790 |  |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | **** |
|  AstroNova, Inc.\* | 1047 |  | 13423 |  |
|  Avid Technology, Inc.\* | 29099 |  | 773742 |  |
|  Boxlight Corp., Class A\* | 9138 |  | 2840 |  |
|  CompoSecure, Inc. (x)\* | 1386 |  | 6805 |  |
|  CPI Card Group, Inc. (x)\* | 703 |  | 25364 |  |
|  Diebold Nixdorf, Inc. (x)\* | 12750 |  | 18105 |  |
|  Eastman Kodak Co. (x)\* | 9782 |  | 29835 |  |
|  Immersion Corp.\* | 5775 |  | 40598 |  |
|  Intevac, Inc.\* | 4181 |  | 27051 |  |
|  Movano, Inc.\* | 4011 |  | 5214 |  |
|  One Stop Systems, Inc.\* | 2750 |  | 8278 |  |
|  Quantum Corp.\* | 12485 |  | 13609 |  |
|  TransAct Technologies, Inc. (x)\* | 1573 |  | 9784 |  |
|  Turtle Beach Corp.\* | 2651 |  | 19008 |  |
|  |  |  | 993656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 28956304 |  |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |  |
|  ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | **** |
|  Advanced Emissions Solutions, Inc.\* | 3148 |  | 7650 |  |
|  AdvanSix, Inc. | 4496 |  | 170938 |  |
|  AgroFresh Solutions, Inc.\* | 5286 |  | 15647 |  |
|  American Vanguard Corp. | 4720 |  | 102471 |  |
|  Aspen Aerogels, Inc.\* | 5278 |  | 62228 |  |
|  Core Molding Technologies, Inc.\* | 1379 |  | 17913 |  |
|  Danimer Scientific, Inc. (x)\* | 15633 |  | 27983 |  |
|  Flexible Solutions International, Inc.\* | 1478 |  | 4582 |  |
|  Flotek Industries, Inc.\* | 11575 |  | 12964 |  |
|  FutureFuel Corp. | 4426 |  | 35983 |  |
|  Hawkins, Inc. | 3204 |  | 123674 |  |
|  Intrepid Potash, Inc.\* | 1912 |  | 55199 |  |
|  Koppers Holdings, Inc. | 3324 |  | 93737 |  |
|  Northern Technologies International Corp. | 1365 |  | 18168 |  |
|  Origin Materials, Inc. (x)\* | 17238 |  | 79467 |  |
|  Rayonier Advanced Materials, Inc.\* | 10050 |  | 96480 |  |
|  Tredegar Corp. | 4668 |  | 47707 |  |
|  Valhi, Inc. | 406 |  | 8932 |  |
|  |  |  | 981723 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Smith-Midland Corp.\* | 747 |  | 15314 |  |
|  United States Lime & Minerals, Inc. | 353 |  | 49688 |  |
|  |  |  | 65002 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Cryptyde, Inc. (x)\* | 3271 |  | 627 |  |
|  Myers Industries, Inc. | 6044 |  | 134358 |  |
|  Ranpak Holdings Corp.\* | 7534 |  | 43471 |  |
|  |  |  | 178456 |  |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 6445 |  | 50787 |  |
|  Ampco-Pittsburgh Corp. (x)\* | 2567 |  | 6443 |  |
|  Ascent Industries Co.\* | 1246 |  | 10803 |  |
|  Caledonia Mining Corp. plc (x) | 2040 |  | 25296 |  |
|  Carpenter Technology Corp. | 18837 |  | 695839 |  |
|  Dakota Gold Corp. (x)\* | 8843 |  | 26971 |  |
|  Friedman Industries, Inc. | 1192 |  | 11670 |  |
|  Gatos Silver, Inc. (x)\* | 8053 |  | 32937 |  |
|  Gold Resource Corp. | 14961 |  | 22890 |  |
|  Haynes International, Inc. | 2001 |  | 91426 |  |
|  Hycroft Mining Holding Corp. (x)\* | 26912 |  | 14320 |  |
|  Idaho Strategic Resources, Inc. (x)\* | 1739 |  | 9912 |  |
|  Ivanhoe Electric, Inc. (x)\* | 2494 |  | 30302 |  |
|  Olympic Steel, Inc. | 1643 |  | 55172 |  |
|  Perpetua Resources Corp.\* | 5721 |  | 16705 |  |
|  Piedmont Lithium, Inc.\* | 2900 |  | 127658 |  |
|  PolyMet Mining Corp.\* | 5126 |  | 13584 |  |
|  Ramaco Resources, Inc. | 3867 |  | 33991 |  |
|  Ryerson Holding Corp. | 3175 |  | 96076 |  |
|  Schnitzer Steel Industries, Inc., Class A | 4225 |  | 129496 |  |
|  SunCoke Energy, Inc. | 13792 |  | 119025 |  |
|  TimkenSteel Corp.\* | 7432 |  | 135039 |  |
|  Universal Stainless & Alloy Products, Inc.\* | 1548 |  | 11099 |  |
|  US Gold Corp.\* | 1200 |  | 5760 |  |
|  |  |  | 1773201 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 2748 |  | 103902 |  |
|  Glatfelter Corp. | 7629 |  | 21209 |  |
|  |  |  | 125111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 3123493 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | **** |
|  Alpine Income Property Trust, Inc. (REIT) | 1855 | $35393 |  |
|  Ashford Hospitality Trust, Inc. (REIT)\* | 5957 | 26628 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 615 | 13106 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 11785 | 48436 |  |
|  BRT Apartments Corp. (REIT) (x) | 2056 | 40380 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 4386 | 101229 |  |
|  Chatham Lodging Trust (REIT) | 7885 | 96749 |  |
|  City Office REIT, Inc. (REIT) | 6446 | 54017 |  |
|  Clipper Realty, Inc. (REIT) | 2158 | 13811 |  |
|  CorEnergy Infrastructure Trust, Inc. (REIT) (x) | 2643 | 5524 |  |
|  Creative Media & Community Trust Corp. (REIT) | 2469 | 12098 |  |
|  CTO Realty Growth, Inc. (REIT) | 3030 | 55388 |  |
|  Diversified Healthcare Trust (REIT) | 40953 | 26488 |  |
|  Farmland Partners, Inc. (REIT) | 8322 | 103692 |  |
|  Franklin Street Properties Corp. (REIT) | 17073 | 46609 |  |
|  Gladstone Commercial Corp. (REIT) | 6517 | 120565 |  |
|  Gladstone Land Corp. (REIT) | 5546 | 101769 |  |
|  Global Medical REIT, Inc. (REIT) | 10044 | 95217 |  |
|  Global Self Storage, Inc. (REIT) | 1606 | 7837 |  |
|  Hersha Hospitality Trust (REIT), Class A | 5434 | 46298 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 916 | 58157 |  |
|  Modiv, Inc. (REIT), Class C (x) | 1311 | 15732 |  |
|  NETSTREIT Corp. (REIT) | 9330 | 171019 |  |
|  New York City REIT, Inc. (REIT), Class A | 2172 | 3844 |  |
|  One Liberty Properties, Inc. (REIT) | 2807 | 62372 |  |
|  Orion Office REIT, Inc. (REIT) | 9301 | 79431 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 6244 | 119760 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 3005 | 43663 |  |
|  Power REIT (REIT)\* | 437 | 1726 |  |
|  Presidio Property Trust, Inc. (REIT), Class A | 2269 | 2269 |  |
|  Sotherly Hotels, Inc. (REIT)\* | 2619 | 4740 |  |
|  UMH Properties, Inc. (REIT) | 8516 | 137108 |  |
|  Universal Health Realty Income Trust (REIT) | 2206 | 105292 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 4865 | 92192 |  |
|  Whitestone REIT (REIT) | 8042 | 77525 |  |
|  |  | 2026064 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Altisource Portfolio Solutions SA\* | 930 | 8798 |  |
|  American Realty Investors, Inc. (x)\* | 257 | 6592 |  |
|  AMREP Corp. (x)\* | 422 | 4874 |  |
|  Comstock Holding Cos., Inc. (x)\* | 312 | 1329 |  |
|  Doma Holdings, Inc. (x)\* | 24414 | 11057 |  |
|  Douglas Elliman, Inc. | 13010 | 52951 |  |
|  Fathom Holdings, Inc. (x)\* | 1435 | 6099 |  |
|  Forestar Group, Inc.\* | 3093 | 47663 |  |
|  FRP Holdings, Inc.\* | 1163 | 62639 |  |
|  InterGroup Corp. (The)\* | 60 | 2820 |  |
|  JW Mays, Inc.\* | 69 | 3298 |  |
|  Maui Land & Pineapple Co., Inc.\* | 1077 | 10145 |  |
|  Rafael Holdings, Inc., Class B\* | 2216 | 4144 |  |
|  RE/MAX Holdings, Inc., Class A | 2882 | 53721 |  |
|  Stratus Properties, Inc. | 1020 | 19676 |  |
|  Tejon Ranch Co.\* | 3560 | 67070 |  |
|  Transcontinental Realty Investors, Inc.\* | 224 | 9896 |  |
|  Trinity Place Holdings, Inc. (x)\* | 3570 | 2642 |  |
|  |  | 375414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2401478 |  |
|  **Utilities (0.4%)** | **Utilities (0.4%)** | **Utilities (0.4%)** |  |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | **** |
|  Genie Energy Ltd., Class B (x) | 3460 | 35776 |  |
|  Via Renewables, Inc. | 2204 | 11263 |  |
|  |  | 47039 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  RGC Resources, Inc. | 1469 | 32391 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  Altus Power, Inc. (x)\* | 7167 | 46729 |  |
|  ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | ***Multi-Utilities (0.1%)*** | **** |
|  Unitil Corp. | 2641 | 135642 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  Artesian Resources Corp., Class A | 1416 | 82949 |  |
|  Cadiz, Inc. (x)\* | 5527 | 13818 |  |
|  Consolidated Water Co. Ltd. | 2490 | 36852 |  |
|  Global Water Resources, Inc. | 2394 | 31792 |  |
|  Pure Cycle Corp.\* | 3279 | 34364 |  |
|  York Water Co. (The) | 2441 | 109796 |  |
|  |  | 309571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 571372 |  |
|  **Total Common Stocks (98.8%)**<br> *(Cost $152,857,107)* |  | 150157616 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Zagg, Inc., CVR (r)\* | 6800 | 459 |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring 1/17/23 (x)\* | 5367 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 459 |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | **** |
|  Aduro Biotech, Inc., CVR (r)(x)\* | 3013 |  |  |
|  Disc Medicine, Inc., CVR (r)(x)\* | 4122 |  |  |
|  OncoMed Pharmaceuticals, Inc., CVR (r)\* | 4471 | 819 |  |
|  Oncternal Therapeutics, Inc., CVR (r)\* | 131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 819 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Pineapple Energy, Inc., CVR (r)\* | 411 | $1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1209 |
|  **Total Rights (0.0%)†**<br> *(Cost $8,109)* |  | 2487 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Real Estate (0.0%)†** | **Real Estate (0.0%)†** | **Real Estate (0.0%)†** |
|  ***Equity Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Equity Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Equity Real Estate Investment Trusts (REITs) (0.0%)†*** |
|  Presidio Property Trust, Inc. (REIT), expiring 1/24/27\* <br>*(Cost $—)* | 1536 | 85 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (1.3%**) | **Investment Company (1.3%**) |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (8.3%)** | **Repurchase Agreements (8.3%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,591,198, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,661,313. (xx) | $3589523 | 3589523 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $7,006,057, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $7,621,800. (xx) | 7000000 | 7000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $1,000,489, collateralized by various Common Stocks; total market value $1,110,647. (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 12589523 |
|  **Total Short-Term Investments (9.6%)**<br> *(Cost $14,589,523)* |  | 14589523 |
|  **Total Investments in Securities (108.4%)**<br> *(Cost $167,454,739)* |  | 164749711 |
|  **Other Assets Less Liabilities (-8.4%)** |  | (12718319) |
|  **Net Assets (100%)** |  | $152031392 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $15,875,418. This was collateralized by $2,087,694 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.625%, maturing 1/10/23 - 5/15/52 and by cash of $14,589,523 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 Micro E-Mini Index | 63 | 3/2023 | USD | 557834 | (2627) |
|  |  |  |  |  | (2627) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $4713815 | $— | $— | $4713815 |
|  Consumer Discretionary | 12565491 | 32194 |  | 12597685 |
|  Consumer Staples | 6200374 |  |  | 6200374 |
|  Energy | 5559550 |  |  | 5559550 |
|  Financials | 17910757 |  |  | 17910757 |
|  Health Care | 51508832 |  |  | 51508832 |
|  Industrials | 16613956 |  |  | 16613956 |
|  Information Technology | 28956046 | 258 |  | 28956304 |
|  Materials | 3123493 |  |  | 3123493 |
|  Real Estate | 2401478 |  |  | 2401478 |
|  Utilities | 571372 |  |  | 571372 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) | 459 | 459 |
|  Health Care |  |  | 819 | 819 |
|  Industrials |  |  | 1209 | 1209 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 12589523 |  | 12589523 |
|  **Warrants** |  |  |  |  |
|  Real Estate | 85 |  |  | 85 |
|  **Total Assets** | $**152125249** | $**12621975** | $**2487** | $**164749711** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(2627) | $— | $— | $(2627) |
|  **Total Liabilities** | $**(2627)** | $**—** | $**—** | $**(2627)** |
|  **Total** | $**152122622** | $**12621975** | $**2487** | $**164747084** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(2627) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2627 |

---

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

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(60394) | $(60394) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60394) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60394) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(33834) | $(33834) |
|  **Total** | $(33834) | $(33834) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $752,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 3%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130167962 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 8%)\* | $128842879 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $33858661 |
|  Aggregate gross unrealized depreciation | (37632531) |
|  Net unrealized depreciation | $(3773870) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168520954 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $154,865,216) | $152160188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $12,589,523) | 12589523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2002562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 40200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 210545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 64952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 31697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 4683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 167104985 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 14589523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 289362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 84021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 32701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15073593 |
|  **NET ASSETS** | $152031392 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $177289921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (25258529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $152031392 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $8,137,748 / 1,005,303 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.09 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $143,893,644 / 17,639,275 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.16 |

---

*(x)* *Includes value of securities on loan of $15,875,418.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,089 foreign withholding tax) | $1263450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 28563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 595366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1887379 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1421700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 206220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 103400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 22028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 16935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1836757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (310864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1525893 |
|  **NET INVESTMENT INCOME (LOSS)** | 361486 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (20077031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (60394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20137425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (33557467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (33834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33591301) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (53728726) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(53367240) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $361486 | $(531636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20137425) | 49829805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33591301) | (26236061) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (53367240) | 23062108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (243204) | (2846324) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (4849394) | (52766248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5092598) | (55612572) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 260,125 and 955,341 shares, respectively ] | 2380805 | 15024533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 29,607 and 247,645 shares, respectively ] | 243204 | 2846324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (280258) and (449735) shares, respectively ] | (2464545) | (7265158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 159464 | 10605699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,889,813 and 21,589 shares, respectively ] | 17057832 | 328700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 584,240 and 4,547,524 shares, respectively ] | 4849394 | 52766248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2008982) and (1566145) shares, respectively ] | (17770394) | (24570808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 4136832 | 28524140 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4296296 | 39129839 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (54163542) | 6579375 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 206194934 | 199615559 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $152031392 | $206194934 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT MICRO CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.27 | $13.80 | $10.49 | $8.97 | $11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  | (0.07) | (0.01) | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.93) | 1.51 | 5.14 | 2.59 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.93) | 1.44 | 5.13 | 2.60 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.24) | (3.97) | (1.82) | (1.08) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (3.97) | (1.82) | (1.08) | (2.12) |
|  Net asset value, end of year | $8.09 | $11.27 | $13.80 | $10.49 | $8.97 |
|  Total return | (26.00) | 10.96 | 50.22 | 29.32 | (4.75) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | $326 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15 | 1.15 | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.34 | 1.30 | 1.37 | 1.36 | 1.33 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.02) | (0.45) | (0.06) | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.21) | (0.59) | (0.28) | (0.16) | (0.19) |
|  Portfolio turnover rate^ | 78 | 62 | 94 | 69 | 60 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.35 | $13.85 | $10.52 | $8.99 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 | (0.04) | 0.02 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.93) | 1.51 | 5.16 | 2.61 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.91) | 1.47 | 5.18 | 2.64 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) |  | (0.03) | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.24) | (3.97) | (1.82) | (1.08) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (3.97) | (1.85) | (1.11) | (2.15) |
|  Net asset value, end of year | $8.16 | $11.35 | $13.85 | $10.52 | $8.99 |
|  Total return | (25.71) | 11.13 | 50.54 | 29.67 | (4.68) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143894 | $194975 | $196267 | $155846 | $129922 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.09 | 1.05 | 1.12 | 1.10 | 1.08 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.23 | (0.23) | 0.19 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.04 | (0.38) | (0.03) | 0.04 | 0.05 |
|  Portfolio turnover rate^ | 78 | 62 | 94 | 69 | 60 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**1290 VT NATURAL RESOURCES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g46h39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | 32.35% | 6.75% | 3.15 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | 32.79 | 7.03 | 3.41 |  |
| &nbsp;&nbsp;&nbsp; MSCI World Commodity Producers (Net) Index | 32.13 | 7.28 | 3.59 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 32.35% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI World Commodity Producers (Net) Index, which returned 32.13% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sub-industries that contributed the most to performance were integrated
oil & gas, oil & gas exploration & production, diversified metals & mining, fertilizers & agricultural chemicals and agricultural products.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., ConocoPhillips Co., TotalEnergies SE
and Occidental Petroleum Corp.

***What hurt performance during the year:***

• The sub-industries that detracted from performance were gold, paper products,
copper, forest products and aluminum.

• The stocks that detracted from performance were BHP Group Ltd., Newmont Corp., Freeport-McMoRan, Inc., EQT Corp. and
Newcrest Mining Ltd.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Energy | 65.3% |
| &nbsp;&nbsp;&nbsp; Materials | 31.5 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.5 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.7 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

------

**1290 VT NATURAL RESOURCES PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1169.20 | $4.92 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1170.50 | 3.55 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.93 | 3.31 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Chemicals (4.4%)** | **Chemicals (4.4%)** | **Chemicals (4.4%)** |  |
|  ***Fertilizers & Agricultural Chemicals (4.4%)*** | ***Fertilizers & Agricultural Chemicals (4.4%)*** | ***Fertilizers & Agricultural Chemicals (4.4%)*** | **** |
|  CF Industries Holdings, Inc. | 2509 | $213767 |  |
|  Corteva, Inc. | 9046 | 531724 |  |
|  FMC Corp. | 1586 | 197932 |  |
|  ICL Group Ltd. | 8836 | 63988 |  |
|  Mosaic Co. (The) | 4347 | 190703 |  |
|  Nutrien Ltd. | 6784 | 495272 |  |
|  OCI NV | 1344 | 48081 |  |
|  Yara International ASA | 2085 | 91642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Chemicals** |  | 1833109 |  |
|  **Food Products (2.5%)** | **Food Products (2.5%)** | **Food Products (2.5%)** |  |
|  ***Agricultural Products (2.5%)*** | ***Agricultural Products (2.5%)*** | ***Agricultural Products (2.5%)*** | **** |
|  Archer-Daniels-Midland Co. | 7057 | 655243 |  |
|  Bunge Ltd. | 1913 | 190860 |  |
|  Darling Ingredients, Inc.\* | 2019 | 126369 |  |
|  Wilmar International Ltd. | 23902 | 74415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Food Products** |  | 1046887 |  |
|  **Metals & Mining (25.4%)** | **Metals & Mining (25.4%)** | **Metals & Mining (25.4%)** |  |
|  ***Aluminum (0.6%)*** | ***Aluminum (0.6%)*** | ***Aluminum (0.6%)*** | **** |
|  Alcoa Corp. | 2265 | 102990 |  |
|  Norsk Hydro ASA | 16913 | 126578 |  |
|  |  | 229568 |  |
|  ***Copper (2.3%)*** | ***Copper (2.3%)*** | ***Copper (2.3%)*** | **** |
|  Antofagasta plc | 4964 | 92749 |  |
|  First Quantum Minerals Ltd. | 7402 | 154655 |  |
|  Freeport-McMoRan, Inc. | 17992 | 683696 |  |
|  Lundin Mining Corp. | 8255 | 50664 |  |
|  |  | 981764 |  |
|  ***Diversified Metals & Mining (13.7%)*** | ***Diversified Metals & Mining (13.7%)*** | ***Diversified Metals & Mining (13.7%)*** | **** |
|  Anglo American plc | 15996 | 625886 |  |
|  BHP Group Ltd. (ASE Stock Exchange) | 44734 | 1389760 |  |
|  BHP Group Ltd. (London Stock Exchange) | 19035 | 591418 |  |
|  Boliden AB | 3443 | 129094 |  |
|  Glencore plc | 122979 | 821283 |  |
|  IGO Ltd. | 8530 | 78171 |  |
|  Ivanhoe Mines Ltd., Class A\* | 7592 | 59996 |  |
|  Mineral Resources Ltd. | 2146 | 112797 |  |
|  Pilbara Minerals Ltd.\* | 31762 | 81094 |  |
|  Rio Tinto Ltd. | 4673 | 370371 |  |
|  Rio Tinto plc | 14155 | 992194 |  |
|  South32 Ltd. | 58262 | 158671 |  |
|  Sumitomo Metal Mining Co. Ltd. | 3112 | 110760 |  |
|  Teck Resources Ltd., Class B | 6024 | 227657 |  |
|  |  | 5749152 |  |
|  ***Gold (4.9%)*** | ***Gold (4.9%)*** | ***Gold (4.9%)*** | **** |
|  Agnico Eagle Mines Ltd. | 5747 | 298640 |  |
|  Barrick Gold Corp. | 22294 | 382159 |  |
|  Franco-Nevada Corp. | 2412 | 328791 |  |
|  Kinross Gold Corp. | 16318 | 66525 |  |
|  Newcrest Mining Ltd. | 11243 | 157995 |  |
|  Newmont Corp. (London Stock Exchange) | 7628 | 360042 |  |
|  Newmont Corp. (Toronto Stock Exchange) | 2363 | 111396 |  |
|  Northern Star Resources Ltd. | 14617 | 108576 |  |
|  Wheaton Precious Metals Corp. | 5686 | 222149 |  |
|  |  | 2036273 |  |
|  ***Silver (0.1%)*** | ***Silver (0.1%)*** | ***Silver (0.1%)*** | **** |
|  Pan American Silver Corp. | 2631 | 42943 |  |
|  ***Steel (3.8%)*** | ***Steel (3.8%)*** | ***Steel (3.8%)*** | **** |
|  ArcelorMittal SA | 6630 | 174411 |  |
|  BlueScope Steel Ltd. | 5933 | 68025 |  |
|  Cleveland-Cliffs, Inc.\* | 6495 | 104634 |  |
|  Fortescue Metals Group Ltd. | 21317 | 297676 |  |
|  JFE Holdings, Inc. | 6174 | 72259 |  |
|  Nippon Steel Corp. | 10168 | 177576 |  |
|  Nucor Corp. | 3296 | 434446 |  |
|  Steel Dynamics, Inc. | 2299 | 224612 |  |
|  voestalpine AG | 1489 | 39497 |  |
|  |  | 1593136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Metals & Mining** |  | 10632836 |  |
|  **Oil, Gas & Consumable Fuels (65.3%)** | **Oil, Gas & Consumable Fuels (65.3%)** | **Oil, Gas & Consumable Fuels (65.3%)** |  |
|  ***Coal & Consumable Fuels (0.4%)*** | ***Coal & Consumable Fuels (0.4%)*** | ***Coal & Consumable Fuels (0.4%)*** | **** |
|  Cameco Corp. | 5444 | 123395 |  |
|  Washington H Soul Pattinson & Co. Ltd. | 2759 | 51958 |  |
|  |  | 175353 |  |
|  ***Integrated Oil & Gas (45.4%)*** | ***Integrated Oil & Gas (45.4%)*** | ***Integrated Oil & Gas (45.4%)*** | **** |
|  BP plc | 236854 | 1359851 |  |
|  Cenovus Energy, Inc. | 17461 | 338774 |  |
|  Chevron Corp. | 23409 | 4201681 |  |
|  Eni SpA | 31471 | 447580 |  |
|  Equinor ASA | 11992 | 430629 |  |
|  Exxon Mobil Corp. | 52463 | 5786669 |  |
|  Galp Energia SGPS SA, Class B | 6308 | 85148 |  |
|  Imperial Oil Ltd. | 2805 | 136625 |  |
|  Occidental Petroleum Corp. | 11726 | 738621 |  |
|  OMV AG | 1854 | 95460 |  |
|  Repsol SA | 17369 | 276101 |  |
|  Shell plc | 91445 | 2571450 |  |
|  Suncor Energy, Inc. | 17179 | 544932 |  |
|  TotalEnergies SE | 31322 | 1966454 |  |
|  |  | 18979975 |  |
|  ***Oil & Gas Exploration & Production (19.5%)*** | ***Oil & Gas Exploration & Production (19.5%)*** | ***Oil & Gas Exploration & Production (19.5%)*** | **** |
|  Aker BP ASA | 3978 | 123480 |  |
|  APA Corp. | 4111 | 191901 |  |
|  ARC Resources Ltd. | 8281 | 111616 |  |
|  Canadian Natural Resources Ltd. | 14117 | 783942 |  |
|  Chesapeake Energy Corp. (x) | 1294 | 122115 |  |
|  ConocoPhillips | 16025 | 1890950 |  |
|  Coterra Energy, Inc. | 10015 | 246069 |  |
|  Devon Energy Corp. | 7831 | 481685 |  |
|  Diamondback Energy, Inc. | 2127 | 290931 |  |
|  EOG Resources, Inc. | 7378 | 955599 |  |
|  EQT Corp. | 4192 | 141815 |  |
|  Hess Corp. | 3508 | 497505 |  |
|  Inpex Corp. (x) | 13092 | 139260 |  |
|  Marathon Oil Corp. | 8530 | 230907 |  |
|  Ovintiv, Inc. | 3201 | 162323 |  |
|  Pioneer Natural Resources Co. | 2855 | 652053 |  |
|  Santos Ltd. | 40126 | 195063 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  Texas Pacific Land Corp. | 78 | $182850 |  |
|  Tourmaline Oil Corp. | 4019 | 202790 |  |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 20463 | 493760 |  |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 3440 | 82751 |  |
|  |  | 8179365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Oil, Gas & Consumable Fuels** |  | 27334693 |  |
|  **Paper & Forest Products (1.7%)** | **Paper & Forest Products (1.7%)** | **Paper & Forest Products (1.7%)** |  |
|  ***Forest Products (0.4%)*** | ***Forest Products (0.4%)*** | ***Forest Products (0.4%)*** | **** |
|  Svenska Cellulosa AB SCA, Class B | 7627 | 96444 |  |
|  West Fraser Timber Co. Ltd. | 743 | 53651 |  |
|  |  | 150095 |  |
|  ***Paper Products (1.3%)*** | ***Paper Products (1.3%)*** | ***Paper Products (1.3%)*** | **** |
|  Holmen AB, Class B | 1198 | 47519 |  |
|  Mondi plc | 6112 | 104149 |  |
|  Oji Holdings Corp. | 10145 | 41047 |  |
|  Stora Enso OYJ, Class R | 6938 | 97662 |  |
|  UPM-Kymmene OYJ | 6719 | 251229 |  |
|  |  | 541606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Paper & Forest Products** |  | 691701 |  |
|  **Total Investments in Securities (99.3%)**<br> *(Cost $34,657,682)* | **Total Investments in Securities (99.3%)**<br> *(Cost $34,657,682)* | 41539226 |  |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 293196 |  |
|  **Net Assets (100%)** |  | $41832422 |  |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022, the Portfolio had loaned securities with a total value of $225,606. This was collateralized by $233,427 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.497%, maturing 2/9/23 – 8/15/51.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Australia | 14.5% |
| &nbsp;&nbsp;&nbsp; Austria | 0.6 |
| &nbsp;&nbsp;&nbsp; Brazil | 0.7 |
| &nbsp;&nbsp;&nbsp; Canada | 10.0 |
| &nbsp;&nbsp;&nbsp; Chile | 0.3 |
| &nbsp;&nbsp;&nbsp; China | 0.2 |
| &nbsp;&nbsp;&nbsp; Finland | 0.8 |
| &nbsp;&nbsp;&nbsp; France | 4.7 |
| &nbsp;&nbsp;&nbsp; Israel | 0.2 |
| &nbsp;&nbsp;&nbsp; Italy | 1.1 |
| &nbsp;&nbsp;&nbsp; Japan | 1.3 |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.4 |
| &nbsp;&nbsp;&nbsp; Netherlands | 6.3 |
| &nbsp;&nbsp;&nbsp; Norway | 1.6 |
| &nbsp;&nbsp;&nbsp; Portugal | 0.2 |
| &nbsp;&nbsp;&nbsp; South Africa | 1.5 |
| &nbsp;&nbsp;&nbsp; Spain | 0.7 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 3.2 |
| &nbsp;&nbsp;&nbsp; United States | 50.0 |
| &nbsp;&nbsp;&nbsp; Zambia | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.7 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Consumer Staples | $972472 | $74415 | $— | $1046887 |
|  Energy | 19015748 | 8318945 |  | 27334693 |
|  Materials | 5539044 | 7618602 |  | 13157646 |
|  **Total Assets** | $**25527264** | $**16011962** | $**—** | $**41539226** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**25527264** | $**16011962** | $**—** | $**41539226** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17754592 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4774376 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433408 |
|  Aggregate gross unrealized depreciation | (934342) |
|  Net unrealized appreciation | $6499066 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $35040160 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $34,657,682) | $41539226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $26,576) | 26603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 650183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 53447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 42279655 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 189345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft payable | 180994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 7147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 58135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 447233 |
|  **NET ASSETS** | $41832422 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $39337482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2494940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $41832422 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $33,318,223 / 3,330,180 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.00 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,514,199 / 850,542 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.01 |

---

*(x)* *Includes value of securities on loan of $225,606.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $47,134 foreign withholding tax) | $1486268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1492580 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 158003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 62200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 57202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 31828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 10851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 397052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (134340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 262712 |
|  **NET INVESTMENT INCOME (LOSS)** | 1229868 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (59062) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (62045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 6311521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6311141 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 6249096 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7478964 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1229868 | $745215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (62045) | (219453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6311141 | 3866945 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 7478964 | 4392707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1106317) | (474765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (297149) | (300247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1403466) | (775012) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,370,737 and 628,252 shares, respectively ] | 23263196 | 4815655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 0 and 919,240 shares, respectively ] |  | 6860121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 110,774 and 63,000 shares, respectively ] | 1106317 | 474765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (945908) and (815025) shares, respectively ] | (8926916) | (6109051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 15442597 | 6041490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 18,727 and 21,658 shares, respectively ] | 187795 | 162892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 0 and 83,729 shares, respectively ] |  | 625596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 29,741 and 39,833 shares, respectively ] | 297149 | 300247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (287385) and (226713) shares, respectively ] | (2687003) | (1728556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (2202059) | (639821) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 13240538 | 5401669 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 19316036 | 9019364 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 22516386 | 13497022 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $41832422 | $22516386 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $7.81 | $6.22 | $7.67 | $7.25 | $8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.36 | 0.29 | 0.21 | 0.39 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.17 | 1.57 | (1.41) | 0.41 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.53 | 1.86 | (1.20) | 0.80 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.27) | (0.25) | (0.38) | (0.22) |
|  Net asset value, end of year | $10.00 | $7.81 | $6.22 | $7.67 | $7.25 |
|  Total return | 32.35% | 30.04 | (15.65)% | 11.20 | (14.14)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14009 | $6214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.90 %(j) | 0.92 | 0.90% | 0.90 | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.33% | 1.56 | 2.02% | 1.57 | 1.46% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 3.79% | 3.89 | 3.66% | 5.04 | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 3.37% | 3.25 | 2.54% | 4.37 | 1.98% |
|  Portfolio turnover rate^ | 15% | 32 | 15% | 10 | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $7.81 | $6.22 | $7.67 | $7.25 | $8.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.39 | 0.31 | 0.24 | 0.41 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.17 | 1.57 | (1.43) | 0.41 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.56 | 1.88 | (1.19) | 0.82 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.29) | (0.26) | (0.40) | (0.24) |
|  Net asset value, end of year | $10.01 | $7.81 | $6.22 | $7.67 | $7.25 |
|  Total return | 32.79% | 30.32 | (15.46)% | 11.48 | (13.90)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $8514 | $8507 | $7283 | $14353 | $12443 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.65 %(j) | 0.66 | 0.65% | 0.65 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.07% | 1.31 | 1.69% | 1.32 | 1.20% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 4.15% | 4.12 | 4.09% | 5.19 | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 3.73% | 3.48 | 3.05% | 4.52 | 2.24% |
|  Portfolio turnover rate^ | 15% | 32 | 15% | 10 | 10% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT NATURAL RESOURCES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.28, $0.29 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.27 and $0.29 for Class IB and Class K respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.02%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.90% for Class IB and 0.65% for Class K.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 1.52% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.30% lower.* 

See Notes to Financial Statements.

------

**1290 VT REAL ESTATE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g62h00.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (24.99)% | (0.23)% | 2.52 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (24.89) | 0.00 | 2.77 |  |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Index | (24.41) | 0.69 | 3.65 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (24.99)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the FTSE EPRA/NAREIT Developed Index, which returned (24.41)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sub-industry that contributed the most to performance was homebuilding.

• The stocks that contributed most to performance were VICI Properties, Inc., Sun Hung Kai Properties Ltd., Gaming and
Leisure Properties, Inc. and Wharf Real Estate Investment Co. Ltd.

***What hurt performance during the year:***

• The sub-industries that detracted from performance were industrial real estate
investment trusts (REITs), residential REITs, real estate operating companies, specialized REITs and office REITs.

• The stocks that detracted most from performance were Prologis, Inc., Vonovia SE, Digital Realty Trust, Inc., Equinix, Inc.
and AvalonBay Communities, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Real Estate | 97.8% |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 2.2 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.6 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.2 |
| &nbsp;&nbsp;&nbsp; Closed End Funds | 0.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (2.0) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

------

**1290 VT REAL ESTATE PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $946.10 | $4.41 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 945.60 | 3.19 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.93 | 3.31 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.90% and 0.65%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Equity Real Estate Investment Trusts (REITs) (84.1%)** | **Equity Real Estate Investment Trusts (REITs) (84.1%)** | **Equity Real Estate Investment Trusts (REITs) (84.1%)** |  |
|  ***Diversified REITs (7.1%)*** | ***Diversified REITs (7.1%)*** | ***Diversified REITs (7.1%)*** | **** |
|  Abacus Property Group (REIT) | 10890 | $19500 |  |
|  Abrdn Property Income Trust Ltd. (REIT) | 8247 | 6221 |  |
|  Activia Properties, Inc. (REIT) | 16 | 50351 |  |
|  Alexander & Baldwin, Inc. (REIT) | 1547 | 28975 |  |
|  American Assets Trust, Inc. (REIT) | 1053 | 27904 |  |
|  Argosy Property Ltd. (REIT) | 18150 | 13425 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 1432 | 16468 |  |
|  Artis REIT (REIT) | 1729 | 11505 |  |
|  British Land Co. plc (The) (REIT) | 20016 | 95608 |  |
|  Broadstone Net Lease, Inc. (REIT) | 3716 | 60236 |  |
|  Charter Hall Long Wale REIT (REIT) | 14228 | 42914 |  |
|  Cromwell European REIT (REIT) (m) | 6903 | 11084 |  |
|  CT Property Trust Ltd. (REIT) | 4999 | 4146 |  |
|  Custodian Property Income Reit plc (REIT) | 8831 | 9961 |  |
|  Daiwa House REIT Investment Corp. (REIT) | 46 | 102838 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 2856 | 19249 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 3019 | 70856 |  |
|  Global Net Lease, Inc. (REIT) | 2232 | 28056 |  |
|  GPT Group (The) (REIT) | 41496 | 118661 |  |
|  Growthpoint Properties Australia Ltd. (REIT) | 6015 | 12204 |  |
|  H&R REIT (REIT) (x) | 5695 | 50935 |  |
|  Hankyu Hanshin REIT, Inc. (REIT) | 15 | 17430 |  |
|  Heiwa Real Estate REIT, Inc. (REIT) | 21 | 24274 |  |
|  Hulic Reit, Inc. (REIT) | 28 | 34968 |  |
|  Icade (REIT) | 695 | 29937 |  |
|  Land Securities Group plc (REIT) | 15957 | 119876 |  |
|  Lar Espana Real Estate SOCIMI SA (REIT) | 1275 | 5766 |  |
|  LXI REIT plc (REIT) (m) | 32670 | 44473 |  |
|  Merlin Properties SOCIMI SA (REIT) | 7208 | 67706 |  |
|  Mirvac Group (REIT) | 85319 | 123731 |  |
|  Nextensa SA (REIT) | 81 | 4500 |  |
|  NIPPON REIT Investment Corp. (REIT) | 10 | 26478 |  |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 97 | 120474 |  |
|  NTT UD REIT Investment Corp. (REIT) | 29 | 30339 |  |
|  OUE Commercial REIT (REIT) | 46383 | 11601 |  |
|  Schroder REIT Ltd. (REIT) | 10622 | 5432 |  |
|  Sekisui House Reit, Inc. (REIT) | 89 | 50590 |  |
|  SK REITs Co. Ltd. (REIT) | 2400 | 10503 |  |
|  Star Asia Investment Corp. (REIT) | 35 | 14721 |  |
|  Stockland (REIT) | 51658 | 127672 |  |
|  STORE Capital Corp. (REIT) | 5484 | 175817 |  |
|  Stride Property Group (REIT) | 10431 | 9404 |  |
|  Sunlight REIT (REIT) | 23331 | 10073 |  |
|  Suntec REIT (REIT) | 45468 | 46846 |  |
|  Takara Leben Real Estate Investment Corp. (REIT) | 13 | 9846 |  |
|  Tokyu REIT, Inc. (REIT) | 21 | 33203 |  |
|  United Urban Investment Corp. (REIT) | 65 | 74589 |  |
|  WP Carey, Inc. (REIT) | 4448 | 347611 |  |
|  |  | 2378957 |  |
|  ***Health Care REITs (7.1%)*** | ***Health Care REITs (7.1%)*** | ***Health Care REITs (7.1%)*** | **** |
|  Aedifica SA (REIT) | 861 | 69862 |  |
|  Assura plc (REIT) | 62870 | 41462 |  |
|  CareTrust REIT, Inc. (REIT) | 2072 | 38498 |  |
|  Cofinimmo SA (REIT) | 690 | 61822 |  |
|  Community Healthcare Trust, Inc. (REIT) | 507 | 18151 |  |
|  Health Care & Medical Investment Corp. (REIT) | 8 | 10972 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 8193 | 157879 |  |
|  Healthpeak Properties, Inc. (REIT) | 11655 | 292191 |  |
|  Impact Healthcare REIT plc (REIT) (m) | 6748 | 8566 |  |
|  LTC Properties, Inc. (REIT) | 857 | 30449 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 12829 | 142915 |  |
|  National Health Investors, Inc. (REIT) | 897 | 46841 |  |
|  NorthWest Healthcare Properties REIT (REIT) (x) | 4525 | 31748 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 5077 | 141902 |  |
|  Parkway Life REIT (REIT) | 8360 | 23468 |  |
|  Physicians Realty Trust (REIT) | 4891 | 70773 |  |
|  Primary Health Properties plc (REIT) | 28499 | 38175 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 4956 | 61603 |  |
|  Target Healthcare REIT plc (REIT) | 13410 | 13002 |  |
|  Universal Health Realty Income Trust (REIT) | 272 | 12983 |  |
|  Ventas, Inc. (REIT) | 8623 | 388466 |  |
|  Vital Healthcare Property Trust (REIT) | 10531 | 15044 |  |
|  Welltower, Inc. (REIT) | 10226 | 670314 |  |
|  |  | 2387086 |  |
|  ***Hotel & Resort REITs (2.6%)*** | ***Hotel & Resort REITs (2.6%)*** | ***Hotel & Resort REITs (2.6%)*** | **** |
|  Apple Hospitality REIT, Inc. (REIT) | 4617 | 72856 |  |
|  CapitaLand Ascott Trust (REIT) | 42913 | 33641 |  |
|  CDL Hospitality Trusts (REIT) | 18907 | 17645 |  |
|  DiamondRock Hospitality Co. (REIT) | 4501 | 36863 |  |
|  Far East Hospitality Trust (REIT) | 21049 | 9743 |  |
|  Hoshino Resorts REIT, Inc. (REIT) | 6 | 32414 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 15298 | 245533 |  |
|  Invincible Investment Corp. (REIT) | 106 | 41192 |  |
|  Japan Hotel REIT Investment Corp. (REIT) | 97 | 57281 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 4816 | 56781 |  |
|  Pebblebrook Hotel Trust (REIT) | 2788 | 37331 |  |
|  RLJ Lodging Trust (REIT) | 3439 | 36419 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 1150 | 94047 |  |
|  Service Properties Trust (REIT) | 3525 | 25697 |  |
|  Summit Hotel Properties, Inc. (REIT) | 2243 | 16194 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 4558 | 44030 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 2453 | 32331 |  |
|  |  | 889998 |  |
|  ***Industrial REITs (14.5%)*** | ***Industrial REITs (14.5%)*** | ***Industrial REITs (14.5%)*** | **** |
|  Advance Logistics Investment Corp. (REIT) | 15 | 16550 |  |
|  AIMS APAC REIT (REIT) | 12123 | 11223 |  |
|  Americold Realty Trust, Inc. (REIT) | 5806 | 164368 |  |
|  CapitaLand Ascendas REIT (REIT) | 73797 | 150966 |  |
|  Centuria Industrial REIT (REIT) (x) | 11336 | 24081 |  |
|  CRE Logistics REIT, Inc. (REIT) | 12 | 16797 |  |
|  Dexus Industria REIT (REIT) | 4597 | 9077 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Dream Industrial REIT (REIT) | 5304 | $| 45793 |  |
|  EastGroup Properties, Inc. (REIT) | 885 |  | 131033 |  |
|  ESR Kendall Square REIT Co. Ltd. (REIT) | 2580 |  | 8190 |  |
|  ESR-LOGOS REIT (REIT) | 116447 |  | 32168 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 2840 |  | 137058 |  |
|  Frasers Logistics & Commercial Trust (REIT) (m) | 61319 |  | 53106 |  |
|  GLP J-REIT (REIT) | 97 |  | 111826 |  |
|  Goodman Property Trust (REIT) | 23725 |  | 30427 |  |
|  Granite REIT (REIT) | 1291 |  | 65866 |  |
|  Industrial & Infrastructure Fund Investment Corp. (REIT) | 41 |  | 47423 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 587 |  | 59492 |  |
|  Intervest Offices & Warehouses NV (REIT) | 513 |  | 10566 |  |
|  Japan Logistics Fund, Inc. (REIT) | 20 |  | 47775 |  |
|  LaSalle Logiport REIT (REIT) | 39 |  | 47576 |  |
|  LondonMetric Property plc (REIT) | 20525 |  | 42754 |  |
|  LXP Industrial Trust (REIT) | 5840 |  | 58517 |  |
|  Mapletree Industrial Trust (REIT) | 40769 |  | 67573 |  |
|  Mapletree Logistics Trust (REIT) | 69346 |  | 82321 |  |
|  Mitsubishi Estate Logistics REIT Investment Corp. (REIT) | 11 |  | 35370 |  |
|  Mitsui Fudosan Logistics Park, Inc. (REIT) | 12 |  | 43981 |  |
|  Montea NV (REIT) | 284 |  | 20247 |  |
|  Nippon Prologis REIT, Inc. (REIT) | 50 |  | 117533 |  |
|  Prologis, Inc. (REIT) | 19921 |  | 2245694 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 3963 |  | 216538 |  |
|  Segro plc (REIT) | 25986 |  | 239891 |  |
|  SOSiLA Logistics REIT, Inc. (REIT) | 15 |  | 15681 |  |
|  STAG Industrial, Inc. (REIT) | 3874 |  | 125169 |  |
|  Summit Industrial Income REIT (REIT) | 3835 |  | 64266 |  |
|  Terreno Realty Corp. (REIT) | 1594 |  | 90651 |  |
|  Tritax Big Box REIT plc (REIT) | 40429 |  | 67743 |  |
|  Urban Logistics REIT plc (REIT) | 9971 |  | 16213 |  |
|  Warehouse Reit plc (REIT) (m)(x) | 8577 |  | 10846 |  |
|  Warehouses De Pauw CVA (REIT) | 3372 |  | 96375 |  |
|  |  |  | 4878724 |  |
|  ***Office REITs (8.3%)*** | ***Office REITs (8.3%)*** | ***Office REITs (8.3%)*** | ***Office REITs (8.3%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 3501 |  | 509991 |  |
|  Allied Properties REIT (REIT) | 2726 |  | 51540 |  |
|  Boston Properties, Inc. (REIT) | 3386 |  | 228826 |  |
|  Brandywine Realty Trust (REIT) | 3643 |  | 22404 |  |
|  Centuria Office REIT (REIT) | 9988 |  | 10405 |  |
|  Champion REIT (REIT) | 43134 |  | 17021 |  |
|  Corporate Office Properties Trust (REIT) | 2419 |  | 62749 |  |
|  Cousins Properties, Inc. (REIT) | 3262 |  | 82496 |  |
|  Covivio (REIT) | 1084 |  | 64342 |  |
|  Cromwell Property Group (REIT) | 30698 |  | 14004 |  |
|  Daiwa Office Investment Corp. (REIT) | 6 |  | 29259 |  |
|  Derwent London plc (REIT) | 2401 |  | 68736 |  |
|  Dexus (REIT) | 23296 |  | 122923 |  |
|  Douglas Emmett, Inc. (REIT) | 3648 |  | 57201 |  |
|  Easterly Government Properties, Inc. (REIT) | 1956 |  | 27912 |  |
|  Equity Commonwealth (REIT) | 2248 |  | 56133 |  |
|  Gecina SA (REIT) | 1114 |  | 113465 |  |
|  Global One Real Estate Investment Corp. (REIT) | 21 |  | 17265 |  |
|  Great Portland Estates plc (REIT) | 4646 |  | 27803 |  |
|  Highwoods Properties, Inc. (REIT) | 2238 |  | 62619 |  |
|  Hudson Pacific Properties, Inc. (REIT) | 2966 |  | 28859 |  |
|  Ichigo Office REIT Investment Corp. (REIT) | 26 |  | 16839 |  |
|  Inmobiliaria Colonial SOCIMI SA (REIT) | 7356 |  | 47324 |  |
|  Japan Excellent, Inc. (REIT) (x) | 27 |  | 26951 |  |
|  Japan Prime Realty Investment Corp. (REIT) | 20 |  | 56461 |  |
|  Japan Real Estate Investment Corp. (REIT) | 29 |  | 127499 |  |
|  JBG SMITH Properties (REIT) | 2306 |  | 43768 |  |
|  JR Global REIT (REIT) | 2500 |  | 8358 |  |
|  Kenedix Office Investment Corp. (REIT) | 17 |  | 41451 |  |
|  Keppel Pacific Oak US REIT (REIT) (m) | 18322 |  | 8428 |  |
|  Keppel REIT (REIT) | 46648 |  | 31693 |  |
|  Kilroy Realty Corp. (REIT) | 2503 |  | 96791 |  |
|  Manulife US REIT (REIT) (m) | 34647 |  | 10394 |  |
|  Mirai Corp. (REIT) | 35 |  | 12054 |  |
|  Mori Hills REIT Investment Corp. (REIT) | 34 |  | 40777 |  |
|  Mori Trust Sogo Reit, Inc. (REIT) | 22 |  | 24625 |  |
|  Nippon Building Fund, Inc. (REIT) (x) | 33 |  | 147851 |  |
|  NSI NV (REIT) | 388 |  | 9657 |  |
|  Office Properties Income Trust (REIT) | 1024 |  | 13670 |  |
|  One REIT, Inc. (REIT) | 6 |  | 11494 |  |
|  Orion Office REIT, Inc. (REIT) | 1224 |  | 10453 |  |
|  Orix JREIT, Inc. (REIT) | 57 |  | 81001 |  |
|  Paramount Group, Inc. (REIT) (x) | 4021 |  | 23885 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 2641 |  | 24218 |  |
|  Precinct Properties New Zealand Ltd. (REIT) | 28776 |  | 23111 |  |
|  Prime US REIT (REIT) (m) | 13953 |  | 5651 |  |
|  Prosperity REIT (REIT) | 25329 |  | 6458 |  |
|  Regional REIT Ltd. (REIT) (m) | 9513 |  | 6785 |  |
|  Sankei Real Estate, Inc. (REIT) | 10 |  | 6789 |  |
|  SL Green Realty Corp. (REIT) (x) | 1378 |  | 46466 |  |
|  Veris Residential, Inc. (REIT)\* | 1846 |  | 29407 |  |
|  Vornado Realty Trust (REIT) | 3806 |  | 79203 |  |
|  Workspace Group plc (REIT) | 3087 |  | 16593 |  |
|  |  |  | 2812058 |  |
|  ***Residential REITs (12.7%)*** | ***Residential REITs (12.7%)*** | ***Residential REITs (12.7%)*** | ***Residential REITs (12.7%)*** | **** |
|  Advance Residence Investment Corp. (REIT) | 28 |  | 72326 |  |
|  American Homes 4 Rent (REIT), Class A | 6650 |  | 200431 |  |
|  Apartment Income REIT Corp. (REIT) | 3230 |  | 110821 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 3210 |  | 22855 |  |
|  AvalonBay Communities, Inc. (REIT) | 3019 |  | 487629 |  |
|  Boardwalk REIT (REIT) | 796 |  | 29059 |  |
|  Camden Property Trust (REIT) | 2234 |  | 249940 |  |
|  Canadian Apartment Properties REIT (REIT) (x) | 3661 |  | 115400 |  |
|  Centerspace (REIT) | 322 |  | 18892 |  |
|  Civitas Social Housing plc (REIT) (m) | 13224 |  | 10088 |  |
|  Comforia Residential REIT, Inc. (REIT) | 15 |  | 33900 |  |
|  Daiwa Securities Living Investments Corp. (REIT) | 45 |  | 39397 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Elme Communities (REIT) | 1872 | $| 33322 |  |
|  Empiric Student Property plc (REIT) | 12685 |  | 12913 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 3839 |  | 247999 |  |
|  Equity Residential (REIT) | 8000 |  | 472000 |  |
|  Essex Property Trust, Inc. (REIT) | 1398 |  | 296264 |  |
|  Home Invest Belgium SA (REIT) | 203 |  | 4736 |  |
|  Home Reit plc (REIT) | 17110 |  | 7871 |  |
|  Independence Realty Trust, Inc. (REIT) | 4826 |  | 81366 |  |
|  Ingenia Communities Group (REIT) | 7975 |  | 24271 |  |
|  InterRent REIT (REIT) | 2823 |  | 26687 |  |
|  Invitation Homes, Inc. (REIT) | 13185 |  | 390803 |  |
|  Irish Residential Properties REIT plc (REIT) | 9614 |  | 11465 |  |
|  Kenedix Residential Next Investment Corp. (REIT) | 23 |  | 36032 |  |
|  Killam Apartment REIT (REIT) | 2453 |  | 29367 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 2475 |  | 388550 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 486 |  | 21151 |  |
|  Nippon Accommodations Fund, Inc. (REIT) | 10 |  | 45946 |  |
|  PRS REIT plc (The) (REIT) | 11172 |  | 12007 |  |
|  Residential Secure Income plc (REIT) (m) | 4004 |  | 4066 |  |
|  Samty Residential Investment Corp. (REIT) | 9 |  | 7934 |  |
|  Starts Proceed Investment Corp. (REIT) | 6 |  | 10831 |  |
|  Sun Communities, Inc. (REIT) | 2621 |  | 374803 |  |
|  Triple Point Social Housing REIT plc (REIT) (m) | 7886 |  | 5844 |  |
|  UDR, Inc. (REIT) | 6995 |  | 270916 |  |
|  UNITE Group plc (The) (REIT) | 6900 |  | 75910 |  |
|  Xior Student Housing NV (REIT) (m) | 599 |  | 18531 |  |
|  |  |  | 4302323 |  |
|  ***Retail REITs (16.9%)*** | ***Retail REITs (16.9%)*** | ***Retail REITs (16.9%)*** | ***Retail REITs (16.9%)*** | **** |
|  Acadia Realty Trust (REIT) | 1995 |  | 28628 |  |
|  AEON REIT Investment Corp. (REIT) | 37 |  | 43558 |  |
|  Agree Realty Corp. (REIT) | 1874 |  | 132923 |  |
|  Ascencio (REIT) | 102 |  | 5732 |  |
|  Brixmor Property Group, Inc. (REIT) | 6439 |  | 145972 |  |
|  BWP Trust (REIT) | 10523 |  | 28014 |  |
|  Capital & Counties Properties plc (REIT) | 15906 |  | 20479 |  |
|  CapitaLand Integrated Commercial Trust (REIT) | 109505 |  | 166784 |  |
|  Carmila SA (REIT)\* | 1234 |  | 17621 |  |
|  Charter Hall Retail REIT (REIT) | 10613 |  | 27675 |  |
|  Choice Properties REIT (REIT) | 5537 |  | 60359 |  |
|  Crombie REIT (REIT) (x) | 2223 |  | 26039 |  |
|  Eurocommercial Properties NV (REIT) | 1105 |  | 26732 |  |
|  Federal Realty Investment Trust (REIT) | 1731 |  | 174900 |  |
|  First Capital REIT (REIT) | 4574 |  | 56787 |  |
|  Fortune REIT (REIT) | 29611 |  | 24052 |  |
|  Frasers Centrepoint Trust (REIT) | 23338 |  | 36591 |  |
|  Frontier Real Estate Investment Corp. (REIT) | 11 |  | 42914 |  |
|  Fukuoka REIT Corp. (REIT) | 16 |  | 20811 |  |
|  Getty Realty Corp. (REIT) (x) | 901 |  | 30499 |  |
|  Hamborner REIT AG (REIT) | 1534 |  | 11051 |  |
|  Hammerson plc (REIT) (x) | 84005 |  | 24171 |  |
|  HomeCo Daily Needs REIT (REIT) (m) | 37436 |  | 32752 |  |
|  Immobiliare Grande Distribuzione SIIQ SpA (REIT) | 1404 |  | 4682 |  |
|  InvenTrust Properties Corp. (REIT) | 1455 |  | 34440 |  |
|  Japan Metropolitan Fund Invest (REIT) | 149 |  | 118868 |  |
|  Kenedix Retail REIT Corp. (REIT) | 13 |  | 25200 |  |
|  Kimco Realty Corp. (REIT) | 13049 |  | 276378 |  |
|  Kite Realty Group Trust (REIT) | 4681 |  | 98535 |  |
|  Kiwi Property Group Ltd. (REIT) | 33993 |  | 19640 |  |
|  Klepierre SA (REIT)\* | 4044 |  | 93201 |  |
|  Lendlease Global Commercial REIT (REIT) | 39517 |  | 20800 |  |
|  Link REIT (REIT) | 45637 |  | 335022 |  |
|  LOTTE Reit Co. Ltd. (REIT) | 2610 |  | 8264 |  |
|  Macerich Co. (The) (REIT) | 4622 |  | 52044 |  |
|  Mapletree Pan Asia Commercial Trust (REIT) | 49516 |  | 61738 |  |
|  Mercialys SA (REIT) | 1919 |  | 20069 |  |
|  National Retail Properties, Inc. (REIT) | 3847 |  | 176039 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 2862 |  | 16972 |  |
|  NETSTREIT Corp. (REIT) | 1180 |  | 21629 |  |
|  NewRiver REIT plc (REIT) | 6574 |  | 6199 |  |
|  Phillips Edison & Co., Inc. (REIT) | 2517 |  | 80141 |  |
|  Primaris REIT (REIT) (x) | 2124 |  | 22966 |  |
|  Realty Income Corp. (REIT) | 13561 |  | 860174 |  |
|  Regency Centers Corp. (REIT) | 3696 |  | 231000 |  |
|  Region RE Ltd. (REIT) | 24493 |  | 45192 |  |
|  Retail Estates NV (REIT) | 232 |  | 15397 |  |
|  Retail Opportunity Investments Corp. (REIT) | 2585 |  | 38853 |  |
|  RioCan REIT (REIT) (x) | 6541 |  | 102076 |  |
|  RPT Realty (REIT) | 1791 |  | 17982 |  |
|  Scentre Group (REIT) | 112328 |  | 220258 |  |
|  Shaftesbury plc (REIT) | 4008 |  | 17831 |  |
|  Simon Property Group, Inc. (REIT) | 7046 |  | 827764 |  |
|  SITE Centers Corp. (REIT) | 4177 |  | 57058 |  |
|  SmartCentres REIT (REIT) (x) | 2798 |  | 55340 |  |
|  SPH REIT (REIT) | 23280 |  | 15643 |  |
|  Spirit Realty Capital, Inc. (REIT) | 3002 |  | 119870 |  |
|  Starhill Global REIT (REIT) | 30859 |  | 12441 |  |
|  Supermarket Income Reit plc (REIT) (x) | 26812 |  | 33225 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 2177 |  | 39055 |  |
|  Unibail-Rodamco-Westfield (REIT)\* | 2221 |  | 115616 |  |
|  Urban Edge Properties (REIT) | 2454 |  | 34577 |  |
|  Vastned Retail NV (REIT) | 370 |  | 8377 |  |
|  Vicinity Ltd. (REIT) | 81595 |  | 111108 |  |
|  Waypoint REIT Ltd. (REIT) | 15409 |  | 28851 |  |
|  Wereldhave NV (REIT) | 867 |  | 11582 |  |
|  |  |  | 5697141 |  |
|  ***Specialized REITs (14.9%)*** | ***Specialized REITs (14.9%)*** | ***Specialized REITs (14.9%)*** | ***Specialized REITs (14.9%)*** | **** |
|  Arena REIT (REIT) (x) | 6987 |  | 18220 |  |
|  Big Yellow Group plc (REIT) | 3653 |  | 50655 |  |
|  Charter Hall Social Infrastructure REIT (REIT) | 7158 |  | 16570 |  |
|  CubeSmart (REIT) | 4829 |  | 194367 |  |
|  Digital Realty Trust, Inc. (REIT) | 6200 |  | 621674 |  |
|  EPR Properties (REIT) | 1597 |  | 60239 |  |
|  Equinix, Inc. (REIT) | 2002 |  | 1311370 |  |
|  Extra Space Storage, Inc. (REIT) | 2856 |  | 420346 |  |
|  Four Corners Property Trust, Inc. (REIT) | 1790 |  | 46415 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Gaming and Leisure Properties, Inc. (REIT) | 5268 | $| 274410 |  |
|  Hotel Property Investments Ltd. (REIT) | 4130 |  | 10010 |  |
|  Keppel DC REIT (REIT) | 27598 |  | 36470 |  |
|  Life Storage, Inc. (REIT) | 1817 |  | 178975 |  |
|  National Storage Affiliates Trust (REIT) | 1832 |  | 66172 |  |
|  National Storage REIT (REIT) | 24941 |  | 39396 |  |
|  Public Storage (REIT) | 3380 |  | 947042 |  |
|  Safehold, Inc. (REIT) (x) | 578 |  | 16542 |  |
|  Safestore Holdings plc (REIT) | 4436 |  | 50680 |  |
|  VICI Properties, Inc. (REIT) | 20797 |  | 673823 |  |
|  |  |  | 5033376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity Real Estate Investment Trusts (REITs)** |  |  | 28379663 |  |
|  **Health Care Providers & Services (0.1%)** | **Health Care Providers & Services (0.1%)** | **Health Care Providers & Services (0.1%)** | **Health Care Providers & Services (0.1%)** |  |
|  ***Health Care Facilities (0.1%)*** | ***Health Care Facilities (0.1%)*** | ***Health Care Facilities (0.1%)*** | ***Health Care Facilities (0.1%)*** | **** |
|  Chartwell Retirement Residences | 5026 |  | 31329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care Providers & Services** |  |  | 31329 |  |
|  **Household Durables (0.6%)** | **Household Durables (0.6%)** | **Household Durables (0.6%)** | **Household Durables (0.6%)** |  |
|  ***Homebuilding (0.6%)*** | ***Homebuilding (0.6%)*** | ***Homebuilding (0.6%)*** | ***Homebuilding (0.6%)*** | **** |
|  Sekisui House Ltd. | 11994 |  | 213258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Household Durables** |  |  | 213258 |  |
|  **Real Estate Management & Development (13.7%)** | **Real Estate Management & Development (13.7%)** | **Real Estate Management & Development (13.7%)** | **Real Estate Management & Development (13.7%)** |  |
|  ***Diversified Real Estate Activities (5.0%)*** | ***Diversified Real Estate Activities (5.0%)*** | ***Diversified Real Estate Activities (5.0%)*** | ***Diversified Real Estate Activities (5.0%)*** | **** |
|  Allreal Holding AG (Registered) | 309 |  | 50261 |  |
|  City Developments Ltd. | 10132 |  | 62256 |  |
|  Heiwa Real Estate Co. Ltd. | 688 |  | 19213 |  |
|  Mitsubishi Estate Co. Ltd. | 24353 |  | 317495 |  |
|  Mitsui Fudosan Co. Ltd. | 19671 |  | 362274 |  |
|  New World Development Co. Ltd. | 30496 |  | 85954 |  |
|  Nomura Real Estate Holdings, Inc. | 2389 |  | 51515 |  |
|  Peach Property Group AG\* | 257 |  | 4558 |  |
|  Sumitomo Realty & Development Co. Ltd. | 8542 |  | 203136 |  |
|  Sun Hung Kai Properties Ltd. | 30759 |  | 420868 |  |
|  Tokyo Tatemono Co. Ltd. (x) | 4282 |  | 52171 |  |
|  UOL Group Ltd. | 10664 |  | 53503 |  |
|  |  |  | 1683204 |  |
|  ***Real Estate Development (1.1%)*** | ***Real Estate Development (1.1%)*** | ***Real Estate Development (1.1%)*** | ***Real Estate Development (1.1%)*** | **** |
|  CK Asset Holdings Ltd. | 42274 |  | 260237 |  |
|  Lifestyle Communities Ltd. (x) | 2034 |  | 26409 |  |
|  Sino Land Co. Ltd. | 78343 |  | 97961 |  |
|  |  |  | 384607 |  |
|  ***Real Estate Operating Companies (7.6%)*** | ***Real Estate Operating Companies (7.6%)*** | ***Real Estate Operating Companies (7.6%)*** | ***Real Estate Operating Companies (7.6%)*** | **** |
|  Abrdn European Logistics Income plc (REIT) (m) | 8465 |  | 7010 |  |
|  ADLER Group SA(m) (x)\* | 1968 |  | 2833 |  |
|  Aeon Mall Co. Ltd. | 2563 |  | 33297 |  |
|  Amot Investments Ltd. | 3633 |  | 21364 |  |
|  Aroundtown SA | 14921 |  | 34867 |  |
|  Atrium Ljungberg AB, Class B | 966 |  | 15821 |  |
|  Azrieli Group Ltd. | 786 |  | 52305 |  |
|  CA Immobilien Anlagen AG | 894 |  | 27131 |  |
|  Capitaland Investment Ltd. | 55200 |  | 152486 |  |
|  Castellum AB (x) | 5559 |  | 67258 |  |
|  Catena AB | 651 |  | 24244 |  |
|  Cibus Nordic Real Estate AB | 1026 |  | 14100 |  |
|  Citycon OYJ (x)\* | 1565 |  | 10479 |  |
|  CLS Holdings plc (REIT) | 3595 |  | 6902 |  |
|  Corem Property Group AB, Class B | 14520 |  | 11675 |  |
|  Deutsche EuroShop AG | 202 |  | 4783 |  |
|  Deutsche Wohnen SE | 1057 |  | 22499 |  |
|  Dios Fastigheter AB | 1905 |  | 13774 |  |
|  Entra ASA (m) | 1178 |  | 12722 |  |
|  Fabege AB | 5425 |  | 46115 |  |
|  Fastighets AB Balder, Class B\* | 13060 |  | 60726 |  |
|  Grainger plc | 15754 |  | 47995 |  |
|  Grand City Properties SA | 2050 |  | 20167 |  |
|  Helical plc (REIT) | 2197 |  | 8858 |  |
|  Hiag Immobilien Holding AG | 69 |  | 6119 |  |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 250 |  | 1116 |  |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 23792 |  | 109443 |  |
|  Hufvudstaden AB, Class A | 2318 |  | 32943 |  |
|  Hulic Co. Ltd. (x) | 8945 |  | 70884 |  |
|  Hysan Development Co. Ltd. | 13130 |  | 42559 |  |
|  Intershop Holding AG | 22 |  | 14347 |  |
|  Kennedy-Wilson Holdings, Inc. | 2536 |  | 39891 |  |
|  Kojamo OYJ | 4218 |  | 62309 |  |
|  LEG Immobilien SE | 1602 |  | 104366 |  |
|  Mobimo Holding AG (Registered) | 151 |  | 38540 |  |
|  Neobo Fastigheter AB\* | 2391 |  | 4480 |  |
|  NP3 Fastigheter AB | 590 |  | 11229 |  |
|  Nyfosa AB | 3924 |  | 30309 |  |
|  Pandox AB\* | 1901 |  | 21206 |  |
|  Phoenix Spree Deutschland Ltd. | 1990 |  | 5942 |  |
|  Platzer Fastigheter Holding AB, Class B | 1160 |  | 9149 |  |
|  PSP Swiss Property AG (Registered) | 973 |  | 114174 |  |
|  Sagax AB, Class B | 3722 |  | 84357 |  |
|  Samhallsbyggnadsbolaget i Norden AB (x) | 23910 |  | 39824 |  |
|  Shurgard Self Storage SA | 539 |  | 24723 |  |
|  Sirius Real Estate Ltd. | 23315 |  | 20858 |  |
|  Stendorren Fastigheter AB\* | 295 |  | 5422 |  |
|  StorageVault Canada, Inc. (x) | 5139 |  | 22848 |  |
|  Swire Properties Ltd. | 22802 |  | 57958 |  |
|  Swiss Prime Site AG (Registered) | 1634 |  | 141638 |  |
|  TAG Immobilien AG | 3271 |  | 21166 |  |
|  Tricon Residential, Inc. | 5235 |  | 40364 |  |
|  Tritax EuroBox plc (m) | 17462 |  | 12962 |  |
|  VGP NV | 212 |  | 17656 |  |
|  Vonovia SE | 15315 |  | 360995 |  |
|  Wallenstam AB, Class B | 7219 |  | 30371 |  |
|  Wharf Real Estate Investment Co. Ltd. | 33514 |  | 195362 |  |
|  Wihlborgs Fastigheter AB | 5731 |  | 43114 |  |
|  |  |  | 2558035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate Management & Development** |  |  | 4625846 |  |
|  **Total Common Stocks (98.5%)**<br> *(Cost $34,915,690)* |  |  | 33250096 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  Balanced Commercial Property Trust Ltd. (REIT) | 11804 | $12629 |
|  Picton Property Income Ltd. (The) (REIT) | 11835 | 11432 |
|  UK Commercial Property REIT Ltd. (REIT) | 15920 | 11240 |
|  **Total Closed End Funds (0.1%)**<br> *(Cost $46,308)* |  | 35301 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (1.0%)** | **Equity (1.0%)** | **Equity (1.0%)** |
|  iShares U.S. Real Estate ETF (x) | 2307 | 194226 |
|  Vanguard Global ex-U.S. Real Estate ETF | 3092 | 127823 |
|  **Total Exchange Traded Funds (1.0%)**<br> *(Cost $353,557)* |  | 322049 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.2%)** | **Investment Company (0.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 77152 | 77152 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreement (2.2%)** | **Repurchase Agreement (2.2%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $736,916, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $751,303. (xx) | $736572 | 736572 |
|  **Total Short-Term Investments (2.4%)**<br> *(Cost $813,724)* |  | 813724 |
|  **Total Investments in Securities (102.0%)**<br> *(Cost $36,129,279)* |  | 34421170 |
|  **Other Assets Less Liabilities (-2.0%)** |  | (660157) |
|  **Net Assets (100%)** |  | $33761013 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $266,141 or 0.8% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,041,367. This was collateralized by $275,487 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.500%, maturing 2/2/23 – 2/15/52 and by cash of $813,724 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVA* *— Dutch Certification* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Australia | 3.7 |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |
| &nbsp;&nbsp;&nbsp; Belgium | 1 |
| &nbsp;&nbsp;&nbsp; Canada | 2.8 |
| &nbsp;&nbsp;&nbsp; Finland | 0.2 |
| &nbsp;&nbsp;&nbsp; France | 1.4 |
| &nbsp;&nbsp;&nbsp; Germany | 1.8 |
| &nbsp;&nbsp;&nbsp; Guernsey | 0 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 4.9 |
| &nbsp;&nbsp;&nbsp; Ireland | 0 |
| &nbsp;&nbsp;&nbsp; Israel | 0.2 |
| &nbsp;&nbsp;&nbsp; Italy | 0.1 |
| &nbsp;&nbsp;&nbsp; Japan | 11 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.2 |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.3 |
| &nbsp;&nbsp;&nbsp; Norway | 0 |
| &nbsp;&nbsp;&nbsp; Singapore | 3.6 |
| &nbsp;&nbsp;&nbsp; South Korea | 0.1 |
| &nbsp;&nbsp;&nbsp; Spain | 0.4 |
| &nbsp;&nbsp;&nbsp; Sweden | 1.7 |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.1 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 3.9 |
| &nbsp;&nbsp;&nbsp; United States | 63.5 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (2.0) |
|  | 100 |

---

*#* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Closed End Funds** | $— | $35301 | $— | $35301 |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary |  | 213258 |  | 213258 |
|  Health Care | 31329 |  |  | 31329 |
|  Real Estate | 21211943 | 11793566 |  | 33005509 |
|  **Exchange Traded Funds** | 322049 |  |  | 322049 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 77152 |  |  | 77152 |
|  Repurchase Agreement |  | 736572 |  | 736572 |
|  **Total Assets** | $**21642473** | $**12778697** | $**—** | $**34421170** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**21642473** | $**12778697** | $**—** | $**34421170** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $61,738 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12790435 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $8700203 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4481639 |
|  Aggregate gross unrealized depreciation | (6909745) |
|  Net unrealized depreciation | $(2428106) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36849276 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $35,392,707) | $33684598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $736,572) | 736572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 67446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $54,178) | 54508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 158159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 28273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 15257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 11904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 34757590 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 813724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 68582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 103301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 996577 |
|  **NET ASSETS** | $33761013 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $36077543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (2316530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $33761013 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $16,949,735 / 3,127,615 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.42 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $16,811,278 / 3,082,955 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.45 |

---

*(x)* *Includes value of securities on loan of $1,041,367.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $46,196 foreign withholding tax) | $1147485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 5786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1154033 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 175322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 92955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 44944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 32506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 27019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 12203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 507541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (207828) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (27073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 272640 |
|  **NET INVESTMENT INCOME (LOSS)** | 881393 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (88430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (92409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (11212612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11212415) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (11304824) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(10423431) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $881393 | $773429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (92409) | 532977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11212415) | 7166711 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (10423431) | 8473117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (34090) | (778325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (81189) | (899638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (115279) | (1677963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (7668043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (8431048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | (16099091) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,022,276 and 419,705 shares, respectively ] | 6459948 | 4815978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,050 and 1,203,618 shares, respectively ] | 34090 | 8446368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (626479) and (278326) shares, respectively ] | (3943332) | (3165904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2550706 | 10096442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 519,039 and 84,818 shares, respectively ] | 2922541 | 916506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 14,321 and 1,321,279 shares, respectively ] | 81189 | 9330686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (410658) and (186779) shares, respectively ] | (2583257) | (2224592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 420473 | 8022600 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2971179 | 18119042 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (7567531) | 8815105 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 41328544 | 32513439 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $33761013 | $41328544 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $7.24 | $10.40 | $11.58 | $10.03 | $11.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.22 (cc) | 0.22 (aa) | 0.23 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.96) | 2.28 | (1.26) | 1.94 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.81) | 2.50 | (1.04) | 2.17 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) | (0.41) | (0.14) | (0.53) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.42) |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (2.83) |  | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.01) | (5.66) | (0.14) | (0.62) | (0.42) |
|  Net asset value, end of year | $5.42 | $7.24 | $10.40 | $11.58 | $10.03 |
|  Total return | (24.99) | 25.80% | (8.98)% | 21.75% | (5.46)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.90 | 0.90 %(g) | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.57 | 1.23 %(g) | 1.52% | 1.48% | 1.40% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.40 | 1.96 %(dd) | 2.31 %(bb) | 1.96% | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.73 | 1.62 %(dd) | 1.69 %(bb) | 1.38% | 2.34% |
|  Portfolio turnover rate^ | 25 | 25% | 29% | 27% | 15% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $7.29 | $10.43 | $11.62 | $10.06 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.25 (cc) | 0.26 (aa) | 0.25 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.97) | 2.29 | (1.29) | 1.95 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.81) | 2.54 | (1.03) | 2.20 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.43) | (0.16) | (0.54) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (2.42) |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (2.83) |  | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.03) | (5.68) | (0.16) | (0.64) | (0.45) |
|  Net asset value, end of year | $5.45 | $7.29 | $10.43 | $11.62 | $10.06 |
|  Total return | (24.89) | 26.17% | (8.82)% | 22.08% | (5.21)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $16811 | $21582 | $18158 | $15792 | $14269 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.65 | 0.65 %(g) | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.32 | 0.98 %(g) | 1.29% | 1.22% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.63 | 2.18 %(dd) | 2.68 %(bb) | 2.19% | 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.97 | 2.18 %(dd) | 2.04 %(bb) | 1.62% | 2.59% |
|  Portfolio turnover rate^ | 25 | 25% | 29% | 27% | 15% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT REAL ESTATE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.20 and $0.24 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.24% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18 and $0.20 for Class IB and Class K respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.41% lower.* 

See Notes to Financial Statements.

------

**1290 VT SMALL CAP VALUE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Horizon Kinetics Asset Management LLC

PERFORMANCE RESULTS

![LOGO](g401674g88o78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\*,\*\* | 0.07% | 8.76% | 8.04 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | 0.31 | 9.03 | 8.30 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | (14.48) | 4.13 | 6.12 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 0.07% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Value Index, which returned (14.48)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection contributed positively to returns on both a relative and an absolute basis. In particular, the
Portfolio's position in Texas Pacific Land Corp (TPL), the shares of which appreciated more than 90% during the year, contributed materially to relative and absolute returns.

• Sector selection contributed positively on an absolute and on a relative basis. Overweight Energy exposure was the largest
contributor, on both an absolute and relative basis, due to the TPL position noted above.

***What hurt performance during the year:***

• Live Nation Entertainment shares fell nearly 42% — the company, which owns Ticketmaster, navigated negative publicity
following the technical difficulties experienced during the Taylor Swift tour ticket presale, and is the subject of an antitrust lawsuit. However, the company has continued to generate strong returns and expects continued growth in light of the
tours scheduled for 2023. Lions Gate Entertainment shares fell nearly 63%. The company reported an operating loss and has begun to exit its streaming business in certain international territories.

• Overweight exposure to Communication Services and to Consumer Discretionary detracted from relative returns, due in part to
the two securities mentioned above. Underweight exposure to Financials and to Materials also detracted modestly from relative returns.

**Portfolio Positioning and Outlook — Horizon Kinetics Asset Management, LLC** 

For many years, there have been in place systemic supports for rising equity prices. These included low interest rates and low inflation. Furthermore, trends toward increased globalization, the exporting of inflation via cheap labor and materials from developing countries, and rising productivity, are not repeatable or are reversing. At the same time, years of underinvestment have created what we believe is a structural supply constraint on many key commodities, including energy. Therefore, we believe that the current inflation is likely to be sustained, and that diversification away from the major indexes is required in order to navigate the current and future investment landscape.

At period end, the Portfolio had exposure to many capital light, hard asset companies. These are businesses that provide exposure to hard assets such as commodities or real estate in a capital-light way. Many are royalty companies, which do not incur the operational risk of operators, but are able to participate on the upside as commodity prices rise. We believe that such businesses are well positioned to benefit in a period of sustained inflation.

------

**1290 VT SMALL CAP VALUE PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Energy | 20.3% |
| &nbsp;&nbsp;&nbsp; Industrials | 17.4 |
| &nbsp;&nbsp;&nbsp; Financials | 15.7 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 12.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 8.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 5.0 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.6 |
| &nbsp;&nbsp;&nbsp; Materials | 3.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.0 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.6 |
| &nbsp;&nbsp;&nbsp; Information Technology | 2.6 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (1.1) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1127.40 | $6.17 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1128.00 | 4.83 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.0%)** | **Communication Services (3.0%)** | **Communication Services (3.0%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  Anterix, Inc.\* | 2013 | $64758 |  |
|  ATN International, Inc. | 1703 | 77163 |  |
|  Bandwidth, Inc., Class A\* | 2969 | 68138 |  |
|  Cogent Communications Holdings, Inc. | 3208 | 183113 |  |
|  Consolidated Communications Holdings, Inc.\* | 10203 | 36527 |  |
|  EchoStar Corp., Class A\* | 14225 | 237273 |  |
|  Globalstar, Inc. (x)\* | 17532 | 23317 |  |
|  IDT Corp., Class B\* | 681 | 19184 |  |
|  Liberty Latin America Ltd., Class A\* | 6098 | 45918 |  |
|  Liberty Latin America Ltd., Class C\* | 24134 | 183418 |  |
|  Radius Global Infrastructure, Inc.\* | 12256 | 144866 |  |
|  |  | 1083675 |  |
|  ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | **** |
|  Cinemark Holdings, Inc.\* | 3673 | 31808 |  |
|  IMAX Corp.\* | 2990 | 43834 |  |
|  Lions Gate Entertainment Corp., Class A\* | 9713 | 55461 |  |
|  Lions Gate Entertainment Corp., Class B\* | 19093 | 103675 |  |
|  Live Nation Entertainment, Inc.\* | 77800 | 5425772 |  |
|  Madison Square Garden Entertainment Corp.\* | 11365 | 511084 |  |
|  Madison Square Garden Sports Corp., Class A | 2200 | 403326 |  |
|  Marcus Corp. (The) (x) | 3781 | 54409 |  |
|  Playstudios, Inc. (x)\* | 5751 | 22314 |  |
|  Skillz, Inc. (x)\* | 48214 | 24420 |  |
|  |  | 6676103 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  Arena Group Holdings, Inc. (The)\* | 430 | 4562 |  |
|  Bumble, Inc., Class A\* | 14017 | 295058 |  |
|  Cars.com, Inc.\* | 9152 | 126023 |  |
|  DHI Group, Inc.\* | 1166 | 6168 |  |
|  Eventbrite, Inc., Class A\* | 1432 | 8392 |  |
|  fuboTV, Inc. (x)\* | 32003 | 55685 |  |
|  Outbrain, Inc.\* | 5790 | 20960 |  |
|  QuinStreet, Inc.\* | 7488 | 107453 |  |
|  TrueCar, Inc.\* | 13367 | 33551 |  |
|  Vinco Ventures, Inc. (x)\* | 15769 | 7317 |  |
|  Ziff Davis, Inc.\* | 6035 | 477368 |  |
|  |  | 1142537 |  |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** | **** |
|  Advantage Solutions, Inc.\* | 12445 | 25886 |  |
|  AMC Networks, Inc., Class A (x)\* | 5291 | 82910 |  |
|  Audacy, Inc. (x)\* | 16312 | 3672 |  |
|  Boston Omaha Corp., Class A\* | 3366 | 89199 |  |
|  Cardlytics, Inc.\* | 5091 | 29426 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 57947 | 60844 |  |
|  Cumulus Media, Inc., Class A\* | 2751 | 17084 |  |
|  Daily Journal Corp.\* | 185 | 46344 |  |
|  Entravision Communications Corp., Class A | 3212 | 15418 |  |
|  EW Scripps Co. (The), Class A\* | 9404 | 124039 |  |
|  Gannett Co., Inc.\* | 22331 | 45332 |  |
|  Gray Television, Inc. | 7729 | 86487 |  |
|  iHeartMedia, Inc., Class A\* | 20112 | 123287 |  |
|  Innovid Corp.\* | 1730 | 2958 |  |
|  Integral Ad Science Holding Corp.\* | 4764 | 41876 |  |
|  John Wiley & Sons, Inc., Class A | 563 | 22554 |  |
|  Loyalty Ventures, Inc. (x)\* | 2191 | 5280 |  |
|  Magnite, Inc.\* | 21469 | 227357 |  |
|  PubMatic, Inc., Class A\* | 640 | 8198 |  |
|  Scholastic Corp. | 4892 | 193038 |  |
|  Stagwell, Inc.\* | 11229 | 69732 |  |
|  TEGNA, Inc. | 36163 | 766294 |  |
|  Thryv Holdings, Inc.\* | 3517 | 66823 |  |
|  Urban One, Inc.\* | 1823 | 6854 |  |
|  Urban One, Inc., Class A\* | 1443 | 6566 |  |
|  WideOpenWest, Inc.\* | 3627 | 33042 |  |
|  |  | 2200500 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  Gogo, Inc.\* | 7163 | 105726 |  |
|  KORE Group Holdings, Inc. (x)\* | 7759 | 9776 |  |
|  Shenandoah Telecommunications Co. | 7634 | 121228 |  |
|  Telephone and Data Systems, Inc. | 16519 | 173284 |  |
|  United States Cellular Corp.\* | 2303 | 48018 |  |
|  |  | 458032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 11560847 |  |
|  **Consumer Discretionary (12.8%)** | **Consumer Discretionary (12.8%)** | **Consumer Discretionary (12.8%)** |  |
|  ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | **** |
|  Adient plc\* | 15526 | 538597 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 17389 | 135982 |  |
|  Dana, Inc. | 21178 | 320423 |  |
|  Dorman Products, Inc.\* | 3000 | 242610 |  |
|  Goodyear Tire & Rubber Co. (The) (x)\* | 45515 | 461977 |  |
|  Modine Manufacturing Co.\* | 8048 | 159833 |  |
|  Motorcar Parts of America, Inc.\* | 2929 | 34738 |  |
|  Patrick Industries, Inc. | 3125 | 189375 |  |
|  Solid Power, Inc. (x)\* | 12558 | 31897 |  |
|  Standard Motor Products, Inc. | 3353 | 116685 |  |
|  Stoneridge, Inc.\* | 3634 | 78349 |  |
|  |  | 2310466 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Cenntro Electric Group Ltd. (x)\* | 26350 | 11594 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 16973 | 4927 |  |
|  Lordstown Motors Corp. (x)\* | 27049 | 30836 |  |
|  Winnebago Industries, Inc. | 4888 | 257597 |  |
|  Workhorse Group, Inc. (x)\* | 1782 | 2709 |  |
|  |  | 307663 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Weyco Group, Inc. | 962 | 20356 |  |
|  ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | **** |
|  2U, Inc.\* | 12540 | 78626 |  |
|  Adtalem Global Education, Inc.\* | 7258 | 257659 |  |
|  American Public Education, Inc.\* | 2941 | 36145 |  |
|  Beachbody Co., Inc. (The) (x)\* | 12549 | 6601 |  |
|  European Wax Center, Inc., Class A | 269 | 3349 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Frontdoor, Inc.\* | 13347 | $| 277617 |  |
|  Graham Holdings Co., Class B | 609 |  | 367964 |  |
|  Laureate Education, Inc., Class A | 22029 |  | 211919 |  |
|  Perdoceo Education Corp.\* | 10824 |  | 150454 |  |
|  Rover Group, Inc. (x)\* | 950 |  | 3486 |  |
|  Strategic Education, Inc. | 3677 |  | 287983 |  |
|  Vivint Smart Home, Inc.\* | 11569 |  | 137671 |  |
|  WW International, Inc.\* | 8607 |  | 33223 |  |
|  |  |  | 1852697 |  |
|  ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | **** |
|  Bally's Corp.\* | 5681 |  | 110098 |  |
|  Biglari Holdings, Inc., Class B\* | 123 |  | 17072 |  |
|  BJ's Restaurants, Inc.\* | 3969 |  | 104702 |  |
|  Bloomin' Brands, Inc. (x) | 4100 |  | 82492 |  |
|  Bluegreen Vacations Holding Corp. | 1016 |  | 25359 |  |
|  Bowlero Corp. (x)\* | 4611 |  | 62156 |  |
|  Brinker International, Inc.\* | 730 |  | 23294 |  |
|  Carnival Corp. (x)\* | 32400 |  | 261144 |  |
|  Century Casinos, Inc.\* | 844 |  | 5933 |  |
|  Chuy's Holdings, Inc.\* | 2837 |  | 80287 |  |
|  Denny's Corp.\* | 2473 |  | 22776 |  |
|  Dine Brands Global, Inc. | 295 |  | 19057 |  |
|  El Pollo Loco Holdings, Inc. | 3034 |  | 30219 |  |
|  Everi Holdings, Inc.\* | 6191 |  | 88841 |  |
|  First Watch Restaurant Group, Inc.\* | 1763 |  | 23853 |  |
|  Full House Resorts, Inc.\* | 3300 |  | 24816 |  |
|  Inspirato, Inc.\* | 3498 |  | 4163 |  |
|  Inspired Entertainment, Inc.\* | 1024 |  | 12974 |  |
|  International Game Technology plc | 12329 |  | 279622 |  |
|  Jack in the Box, Inc. | 2977 |  | 203121 |  |
|  Krispy Kreme, Inc. (x) | 8316 |  | 85821 |  |
|  Life Time Group Holdings, Inc.\* | 6945 |  | 83062 |  |
|  Light & Wonder, Inc.\* | 15225 |  | 892185 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 4701 |  | 36198 |  |
|  Papa John's International, Inc. | 1518 |  | 124947 |  |
|  RCI Hospitality Holdings, Inc. | 92 |  | 8574 |  |
|  Red Rock Resorts, Inc., Class A | 4546 |  | 181886 |  |
|  SeaWorld Entertainment, Inc.\* | 3251 |  | 173961 |  |
|  Vacasa, Inc., Class A (x)\* | 17806 |  | 22436 |  |
|  Wendy's Co. (The) | 249600 |  | 5648448 |  |
|  Xponential Fitness, Inc., Class A\* | 1851 |  | 42443 |  |
|  |  |  | 8781940 |  |
|  ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** | ***Household Durables (1.1%)*** | **** |
|  Aterian, Inc. (x)\* | 8026 |  | 6183 |  |
|  Beazer Homes USA, Inc.\* | 4513 |  | 57586 |  |
|  Century Communities, Inc. | 4138 |  | 206941 |  |
|  Ethan Allen Interiors, Inc. | 3750 |  | 99075 |  |
|  GoPro, Inc., Class A\* | 20403 |  | 101607 |  |
|  Green Brick Partners, Inc. (x)\* | 2942 |  | 71285 |  |
|  iRobot Corp. (x)\* | 508 |  | 24450 |  |
|  KB Home | 10445 |  | 332673 |  |
|  Landsea Homes Corp.\* | 1278 |  | 6658 |  |
|  La-Z-Boy, Inc. | 7238 |  | 165171 |  |
|  Legacy Housing Corp.\* | 1168 |  | 22145 |  |
|  LGI Homes, Inc.\* | 3091 |  | 286227 |  |
|  Lifetime Brands, Inc. | 1765 |  | 13396 |  |
|  M.D.C. Holdings, Inc. | 7111 |  | 224708 |  |
|  M/I Homes, Inc.\* | 3593 |  | 165925 |  |
|  Meritage Homes Corp.\* | 5402 |  | 498064 |  |
|  Purple Innovation, Inc. (x)\* | 8215 |  | 39350 |  |
|  Snap One Holdings Corp. (x)\* | 2854 |  | 21148 |  |
|  Taylor Morrison Home Corp., Class A\* | 14575 |  | 442351 |  |
|  Traeger, Inc.\* | 4543 |  | 12811 |  |
|  Tri Pointe Homes, Inc.\* | 71237 |  | 1324296 |  |
|  Tupperware Brands Corp.\* | 6846 |  | 28343 |  |
|  Universal Electronics, Inc.\* | 1946 |  | 40496 |  |
|  Vuzix Corp. (x)\* | 1148 |  | 4179 |  |
|  Weber, Inc., Class A (x) | 4386 |  | 35307 |  |
|  |  |  | 4230375 |  |
|  ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 4517 |  | 43183 |  |
|  1stdibs.com, Inc. (x)\* | 3844 |  | 19528 |  |
|  aka Brands Holding Corp. (x)\* | 508 |  | 645 |  |
|  BARK, Inc. (x)\* | 17986 |  | 26799 |  |
|  Boxed, Inc. (x)\* | 8662 |  | 1688 |  |
|  ContextLogic, Inc., Class A\* | 92856 |  | 45286 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 1230 |  | 7601 |  |
|  Groupon, Inc. (x)\* | 3697 |  | 31720 |  |
|  Lands' End, Inc.\* | 2466 |  | 18717 |  |
|  Liquidity Services, Inc.\* | 2211 |  | 31087 |  |
|  Overstock.com, Inc.\* | 7092 |  | 137301 |  |
|  PetMed Express, Inc. (x) | 674 |  | 11930 |  |
|  Porch Group, Inc. (x)\* | 11818 |  | 22218 |  |
|  Poshmark, Inc., Class A\* | 7688 |  | 137461 |  |
|  Quotient Technology, Inc.\* | 1628 |  | 5584 |  |
|  Qurate Retail, Inc.\* | 55132 |  | 89865 |  |
|  RealReal, Inc. (The) (x)\* | 10395 |  | 12994 |  |
|  RumbleON, Inc., Class B (x)\* | 1510 |  | 9770 |  |
|  Stitch Fix, Inc., Class A\* | 9249 |  | 28764 |  |
|  ThredUp, Inc., Class A (x)\* | 7413 |  | 9711 |  |
|  Vivid Seats, Inc., Class A (x)\* | 2626 |  | 19170 |  |
|  |  |  | 711022 |  |
|  ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | ***Leisure Products (0.3%)*** | **** |
|  Acushnet Holdings Corp. | 3940 |  | 167292 |  |
|  AMMO, Inc. (x)\* | 13565 |  | 23467 |  |
|  Clarus Corp. (x) | 702 |  | 5504 |  |
|  Johnson Outdoors, Inc., Class A | 835 |  | 55210 |  |
|  Smith & Wesson Brands, Inc. | 6686 |  | 58035 |  |
|  Solo Brands, Inc., Class A (x)\* | 3001 |  | 11164 |  |
|  Sturm Ruger & Co., Inc. | 253 |  | 12807 |  |
|  Topgolf Callaway Brands Corp.\* | 22809 |  | 450478 |  |
|  Vista Outdoor, Inc.\* | 9146 |  | 222888 |  |
|  |  |  | 1006845 |  |
|  ***Multiline Retail (0.0%)†*** | ***Multiline Retail (0.0%)†*** | ***Multiline Retail (0.0%)†*** | ***Multiline Retail (0.0%)†*** | **** |
|  Big Lots, Inc. | 5046 |  | 74176 |  |
|  Franchise Group, Inc. (x) | 317 |  | 7551 |  |
|  |  |  | 81727 |  |
|  ***Specialty Retail (7.5%)*** | ***Specialty Retail (7.5%)*** | ***Specialty Retail (7.5%)*** | ***Specialty Retail (7.5%)*** | **** |
|  Aaron's Co., Inc. (The) | 4725 |  | 56464 |  |
|  Abercrombie & Fitch Co., Class A\* | 7844 |  | 179706 |  |
|  Academy Sports & Outdoors, Inc. | 12454 |  | 654333 |  |
|  American Eagle Outfitters, Inc. | 24934 |  | 348079 |  |
|  America's Car-Mart, Inc.\* | 955 |  | 69008 |  |
|  Asbury Automotive Group, Inc.\* | 2533 |  | 454040 |  |
|  AutoNation, Inc.\* | 105000 |  | 11266500 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 3360 |  | 8434 |  |
|  Big 5 Sporting Goods Corp. (x) | 3357 |  | 29642 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Buckle, Inc. (The) | 428 | $| 19410 |  |
|  Build-A-Bear Workshop, Inc.\* | 588 |  | 14018 |  |
|  Cato Corp. (The), Class A | 2789 |  | 26021 |  |
|  Chico's FAS, Inc.\* | 5089 |  | 25038 |  |
|  Children's Place, Inc. (The)\* | 708 |  | 25785 |  |
|  Citi Trends, Inc.\* | 1191 |  | 31538 |  |
|  Conn's, Inc.\* | 2149 |  | 14785 |  |
|  Container Store Group, Inc. (The)\* | 5248 |  | 22619 |  |
|  Designer Brands, Inc., Class A | 2452 |  | 23981 |  |
|  Destination XL Group, Inc.\* | 4227 |  | 28532 |  |
|  EVgo, Inc. (x)\* | 9264 |  | 41410 |  |
|  Express, Inc. (x)\* | 9303 |  | 9489 |  |
|  Foot Locker, Inc. | 13024 |  | 492177 |  |
|  Genesco, Inc.\* | 2040 |  | 93881 |  |
|  Group 1 Automotive, Inc. | 2282 |  | 411604 |  |
|  GrowGeneration Corp.\* | 9371 |  | 36734 |  |
|  Haverty Furniture Cos., Inc. | 2186 |  | 65361 |  |
|  Hibbett, Inc. | 436 |  | 29744 |  |
|  JOANN, Inc. | 1580 |  | 4503 |  |
|  LL Flooring Holdings, Inc.\* | 4527 |  | 25442 |  |
|  MarineMax, Inc.\* | 2965 |  | 92567 |  |
|  Monro, Inc. | 5048 |  | 228170 |  |
|  National Vision Holdings, Inc.\* | 11946 |  | 463027 |  |
|  ODP Corp. (The)\* | 6499 |  | 295965 |  |
|  OneWater Marine, Inc., Class A\* | 1625 |  | 46475 |  |
|  Party City Holdco, Inc. (x)\* | 10291 |  | 3761 |  |
|  Penske Automotive Group, Inc. | 105000 |  | 12067650 |  |
|  Sally Beauty Holdings, Inc.\* | 1110 |  | 13897 |  |
|  Shoe Carnival, Inc. | 2735 |  | 65394 |  |
|  Signet Jewelers Ltd. | 7393 |  | 502724 |  |
|  Sleep Number Corp.\* | 1822 |  | 47336 |  |
|  Sonic Automotive, Inc., Class A | 2896 |  | 142686 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 5837 |  | 54926 |  |
|  Tile Shop Holdings, Inc.\* | 4902 |  | 21471 |  |
|  Tilly's, Inc., Class A\* | 3863 |  | 34960 |  |
|  Torrid Holdings, Inc. (x)\* | 358 |  | 1060 |  |
|  TravelCenters of America, Inc.\* | 2122 |  | 95023 |  |
|  Urban Outfitters, Inc.\* | 10362 |  | 247134 |  |
|  Volta, Inc. (x)\* | 20032 |  | 7119 |  |
|  Winmark Corp. | 422 |  | 99520 |  |
|  Zumiez, Inc.\* | 2937 |  | 63850 |  |
|  |  |  | 29102993 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 10970 |  | 26547 |  |
|  Ermenegildo Zegna NV (x) | 6549 |  | 68568 |  |
|  Fossil Group, Inc.\* | 7569 |  | 32622 |  |
|  G-III Apparel Group Ltd.\* | 6930 |  | 95010 |  |
|  Movado Group, Inc. | 25426 |  | 819989 |  |
|  Oxford Industries, Inc. | 771 |  | 71842 |  |
|  PLBY Group, Inc. (x)\* | 5972 |  | 16423 |  |
|  Rocky Brands, Inc. | 906 |  | 21400 |  |
|  Superior Group of Cos., Inc. | 1760 |  | 17706 |  |
|  Unifi, Inc.\* | 1941 |  | 16712 |  |
|  |  |  | 1186819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 49592903 |  |
|  **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |  |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | **** |
|  Crimson Wine Group Ltd.\* | 156400 |  | 877404 |  |
|  Primo Water Corp. | 25279 |  | 392836 |  |
|  Vintage Wine Estates, Inc. (x)\* | 4469 |  | 14569 |  |
|  |  |  | 1284809 |  |
|  ***Food & Staples Retailing (0.4%)*** | ***Food & Staples Retailing (0.4%)*** | ***Food & Staples Retailing (0.4%)*** | ***Food & Staples Retailing (0.4%)*** | **** |
|  Andersons, Inc. (The) | 5257 |  | 183942 |  |
|  Chefs' Warehouse, Inc. (The)\* | 1547 |  | 51484 |  |
|  HF Foods Group, Inc.\* | 5057 |  | 20531 |  |
|  Ingles Markets, Inc., Class A | 2301 |  | 221955 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 270 |  | 2468 |  |
|  PriceSmart, Inc. | 1525 |  | 92690 |  |
|  Rite Aid Corp.\* | 4374 |  | 14609 |  |
|  SpartanNash Co. | 5720 |  | 172973 |  |
|  United Natural Foods, Inc.\* | 8842 |  | 342274 |  |
|  Village Super Market, Inc., Class A | 1218 |  | 28367 |  |
|  Weis Markets, Inc. | 2675 |  | 220126 |  |
|  |  |  | 1351419 |  |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | **** |
|  Alico, Inc. | 12202 |  | 291262 |  |
|  AppHarvest, Inc. (x)\* | 12713 |  | 7213 |  |
|  B&G Foods, Inc. (x) | 11758 |  | 131102 |  |
|  Benson Hill, Inc.\* | 14103 |  | 35963 |  |
|  Cal-Maine Foods, Inc. | 472 |  | 25700 |  |
|  Fresh Del Monte Produce, Inc. | 5045 |  | 132129 |  |
|  Hain Celestial Group, Inc. (The)\* | 14895 |  | 241001 |  |
|  Hostess Brands, Inc.\* | 21676 |  | 486409 |  |
|  John B Sanfilippo & Son, Inc. | 544 |  | 44238 |  |
|  Lancaster Colony Corp. | 504 |  | 99439 |  |
|  Lifecore Biomedical, Inc.\* | 3740 |  | 24235 |  |
|  Mission Produce, Inc.\* | 5505 |  | 63968 |  |
|  Seneca Foods Corp., Class A\* | 843 |  | 51381 |  |
|  Sovos Brands, Inc.\* | 1659 |  | 23840 |  |
|  SunOpta, Inc.\* | 1061 |  | 8955 |  |
|  Tattooed Chef, Inc. (x)\* | 754 |  | 927 |  |
|  Tootsie Roll Industries, Inc. | 429 |  | 18263 |  |
|  TreeHouse Foods, Inc.\* | 8239 |  | 406842 |  |
|  Utz Brands, Inc. | 1118 |  | 17732 |  |
|  Whole Earth Brands, Inc.\* | 6062 |  | 24672 |  |
|  |  |  | 2135271 |  |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | **** |
|  Central Garden & Pet Co.\* | 827 |  | 30971 |  |
|  Central Garden & Pet Co., Class A\* | 4264 |  | 152651 |  |
|  |  |  | 183622 |  |
|  ***Personal Products (2.2%)*** | ***Personal Products (2.2%)*** | ***Personal Products (2.2%)*** | ***Personal Products (2.2%)*** | **** |
|  Beauty Health Co. (The)\* | 1680 |  | 15288 |  |
|  Edgewell Personal Care Co. | 8365 |  | 322387 |  |
|  Herbalife Nutrition Ltd.\* | 5184 |  | 77138 |  |
|  Honest Co., Inc. (The)\* | 10426 |  | 31382 |  |
|  Inter Parfums, Inc. | 82000 |  | 7914640 |  |
|  Nature's Sunshine Products, Inc.\* | 2123 |  | 17663 |  |
|  Nu Skin Enterprises, Inc., Class A | 4774 |  | 201272 |  |
|  |  |  | 8579770 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  Universal Corp. | 3950 |  | 208599 |  |
|  Vector Group Ltd. | 19773 |  | 234508 |  |
|  |  |  | 443107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 13977998 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Energy (20.3%)** | **Energy (20.3%)** | **Energy (20.3%)** |  |
|  ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** | ***Energy Equipment & Services (1.5%)*** | **** |
|  Archrock, Inc. | 21956 | $197165 |  |
|  Borr Drilling Ltd. (x)\* | 17862 | 88774 |  |
|  Bristow Group, Inc.\* | 3647 | 98943 |  |
|  Diamond Offshore Drilling, Inc.\* | 16816 | 174886 |  |
|  DMC Global, Inc.\* | 2124 | 41291 |  |
|  Dril-Quip, Inc.\* | 5682 | 154380 |  |
|  Expro Group Holdings NV\* | 12829 | 232590 |  |
|  Helix Energy Solutions Group, Inc.\* | 23312 | 172043 |  |
|  Helmerich & Payne, Inc. | 16734 | 829504 |  |
|  Nabors Industries Ltd.\* | 207 | 32058 |  |
|  National Energy Services Reunited Corp.\* | 5934 | 41182 |  |
|  Newpark Resources, Inc.\* | 13014 | 54008 |  |
|  Noble Corp. plc\* | 11230 | 423483 |  |
|  Oceaneering International, Inc.\* | 1557 | 27232 |  |
|  Oil States International, Inc.\* | 10116 | 75465 |  |
|  Patterson-UTI Energy, Inc. | 10946 | 184331 |  |
|  ProFrac Holding Corp., Class A (x)\* | 2169 | 54659 |  |
|  ProPetro Holding Corp.\* | 14731 | 152760 |  |
|  Select Energy Services, Inc., Class A | 12072 | 111545 |  |
|  Subsea 7 SA (ADR) | 160000 | 1828816 |  |
|  TerraVest Industries, Inc. (x) | 16000 | 326027 |  |
|  Tidewater, Inc.\* | 7512 | 276817 |  |
|  US Silica Holdings, Inc.\* | 9804 | 122550 |  |
|  |  | 5700509 |  |
|  ***Oil, Gas & Consumable Fuels (18.8%)*** | ***Oil, Gas & Consumable Fuels (18.8%)*** | ***Oil, Gas & Consumable Fuels (18.8%)*** | **** |
|  Aemetis, Inc. (x)\* | 6665 | 26393 |  |
|  Alto Ingredients, Inc.\* | 14987 | 43163 |  |
|  Amplify Energy Corp.\* | 1220 | 10724 |  |
|  Ardmore Shipping Corp.\* | 6662 | 95999 |  |
|  Berry Corp. | 10472 | 83776 |  |
|  California Resources Corp. | 11506 | 500626 |  |
|  Callon Petroleum Co.\* | 1394 | 51703 |  |
|  Centrus Energy Corp., Class A (x)\* | 1373 | 44595 |  |
|  Chord Energy Corp. | 2655 | 363229 |  |
|  Civitas Resources, Inc. | 11565 | 669960 |  |
|  Clean Energy Fuels Corp.\* | 28340 | 147368 |  |
|  CNX Resources Corp.\* | 26138 | 440164 |  |
|  CONSOL Energy, Inc. | 402 | 26130 |  |
|  DHT Holdings, Inc. | 22389 | 198814 |  |
|  Dorian LPG Ltd. | 5094 | 96531 |  |
|  Energy Fuels, Inc. (x)\* | 5589 | 34708 |  |
|  Equitrans Midstream Corp. | 51227 | 343221 |  |
|  Excelerate Energy, Inc., Class A | 3136 | 78557 |  |
|  FLEX LNG Ltd. (x) | 4681 | 153022 |  |
|  Frontline Ltd. (x) | 20259 | 245944 |  |
|  Gevo, Inc. (x)\* | 36262 | 68898 |  |
|  Golar LNG Ltd.\* | 14395 | 328062 |  |
|  Green Plains, Inc.\* | 6495 | 198098 |  |
|  International Seaways, Inc. | 7991 | 295827 |  |
|  Kinetik Holdings, Inc. (x) | 2551 | 84387 |  |
|  Murphy Oil Corp. | 13103 | 563560 |  |
|  NACCO Industries, Inc., Class A | 803 | 30514 |  |
|  NextDecade Corp. (x)\* | 609 | 3008 |  |
|  Nordic American Tankers Ltd. (x) | 33575 | 102740 |  |
|  Northern Oil and Gas, Inc. (x) | 1752 | 53997 |  |
|  PBF Energy, Inc., Class A | 12318 | 502328 |  |
|  Peabody Energy Corp.\* | 19121 | 505177 |  |
|  Permian Basin Royalty Trust | 25900 | 652680 |  |
|  Permian Resources Corp. (x) | 28090 | 264046 |  |
|  PrairieSky Royalty Ltd. (x) | 91300 | 1463228 |  |
|  REX American Resources Corp.\* | 2721 | 86691 |  |
|  Riley Exploration Permian, Inc. (x) | 600 | 17658 |  |
|  Ring Energy, Inc. (x)\* | 8118 | 19970 |  |
|  Scorpio Tankers, Inc. | 7609 | 409136 |  |
|  SFL Corp. Ltd. | 17938 | 165388 |  |
|  Teekay Corp.\* | 10928 | 49613 |  |
|  Teekay Tankers Ltd., Class A\* | 3762 | 115907 |  |
|  Texas Pacific Land Corp. | 27033 | 63371570 |  |
|  Ur-Energy, Inc. (x)\* | 9073 | 10434 |  |
|  Vertex Energy, Inc. (x)\* | 1092 | 6770 |  |
|  W&T Offshore, Inc.\* | 2615 | 14592 |  |
|  World Fuel Services Corp. | 9826 | 268545 |  |
|  |  | 73307451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 79007960 |  |
|  **Financials (15.7%)** | **Financials (15.7%)** | **Financials (15.7%)** |  |
|  ***Banks (8.5%)*** | ***Banks (8.5%)*** | ***Banks (8.5%)*** | **** |
|  1st Source Corp. | 2771 | 147112 |  |
|  ACNB Corp. | 1565 | 62303 |  |
|  Amalgamated Financial Corp. | 3231 | 74442 |  |
|  Amerant Bancorp, Inc. | 4831 | 129664 |  |
|  American National Bankshares, Inc. | 1910 | 70536 |  |
|  Ameris Bancorp | 10295 | 485306 |  |
|  Arrow Financial Corp. | 2549 | 86411 |  |
|  Associated Banc-Corp. | 24459 | 564758 |  |
|  Atlantic Union Bankshares Corp. | 12336 | 433487 |  |
|  Banc of California, Inc. | 8279 | 131884 |  |
|  BancFirst Corp. | 1307 | 115251 |  |
|  Bancorp, Inc. (The)\* | 3535 | 100323 |  |
|  Bank First Corp. (x) | 1347 | 125029 |  |
|  Bank of Marin Bancorp | 2706 | 88973 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 7819 | 233084 |  |
|  BankUnited, Inc. | 11284 | 383317 |  |
|  Bankwell Financial Group, Inc. | 1164 | 34257 |  |
|  Banner Corp. | 4906 | 310059 |  |
|  Bar Harbor Bankshares | 2508 | 80356 |  |
|  BayCom Corp. | 2179 | 41357 |  |
|  BCB Bancorp, Inc. | 2637 | 47440 |  |
|  Berkshire Hills Bancorp, Inc. | 6576 | 196622 |  |
|  Blue Ridge Bankshares, Inc. | 3331 | 41604 |  |
|  Brookline Bancorp, Inc. | 10759 | 152240 |  |
|  Business First Bancshares, Inc. | 4228 | 93608 |  |
|  Byline Bancorp, Inc. | 4365 | 100264 |  |
|  Cadence Bank | 24080 | 593813 |  |
|  Cambridge Bancorp | 1211 | 100586 |  |
|  Camden National Corp. | 2435 | 101515 |  |
|  Capital Bancorp, Inc. | 1828 | 43031 |  |
|  Capital City Bank Group, Inc. | 2374 | 77155 |  |
|  Capstar Financial Holdings, Inc. | 3812 | 67320 |  |
|  Carter Bankshares, Inc.\* | 4203 | 69728 |  |
|  Cathay General Bancorp | 11831 | 482586 |  |
|  Central Pacific Financial Corp. | 3611 | 73231 |  |
|  Citizens & Northern Corp. | 2809 | 64214 |  |
|  City Holding Co. | 1945 | 181060 |  |
|  Civista Bancshares, Inc. | 2699 | 59405 |  |
|  CNB Financial Corp. | 3430 | 81600 |  |
|  Colony Bankcorp, Inc. | 3189 | 40468 |  |
|  Columbia Banking System, Inc. | 11435 | 344537 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Community Bank System, Inc. | 7637 | $480749 |
|  Community Trust Bancorp, Inc. | 2731 | 125435 |
|  ConnectOne Bancorp, Inc. | 6375 | 154339 |
|  CrossFirst Bankshares, Inc.\* | 7916 | 98238 |
|  Customers Bancorp, Inc.\* | 4530 | 128380 |
|  CVB Financial Corp. | 20946 | 539359 |
|  Dime Community Bancshares, Inc. | 5205 | 165675 |
|  Eagle Bancorp, Inc. | 4644 | 204661 |
|  Eastern Bankshares, Inc. | 20459 | 352918 |
|  Enterprise Bancorp, Inc. | 1695 | 59833 |
|  Enterprise Financial Services Corp. | 5878 | 287787 |
|  Equity Bancshares, Inc., Class A | 2720 | 88862 |
|  Esquire Financial Holdings, Inc. | 380 | 16439 |
|  Farmers & Merchants Bancorp, Inc. (x) | 1733 | 47103 |
|  Farmers National Banc Corp. | 5715 | 80696 |
|  FB Financial Corp. | 6029 | 217888 |
|  Financial Institutions, Inc. | 2814 | 68549 |
|  First Bancorp (Nasdaq Stock Exchange) | 5215 | 223411 |
|  First Bancorp (Quotrix Stock Exchange) | 25514 | 324538 |
|  First Bancorp, Inc. (The) | 1722 | 51557 |
|  First Bancshares, Inc. (The) | 3670 | 117477 |
|  First Bank | 3157 | 43440 |
|  First Busey Corp. | 8693 | 214891 |
|  First Business Financial Services, Inc. | 1457 | 53253 |
|  First Commonwealth Financial Corp. | 13271 | 185396 |
|  First Community Bankshares, Inc. | 2700 | 91530 |
|  First Financial Bancorp | 13043 | 316032 |
|  First Financial Corp. | 1913 | 88151 |
|  First Foundation, Inc. | 8904 | 127594 |
|  First Guaranty Bancshares, Inc. (x) | 1079 | 25303 |
|  First Internet Bancorp | 1801 | 43728 |
|  First Interstate BancSystem, Inc., Class A | 14643 | 565952 |
|  First Merchants Corp. | 9454 | 388654 |
|  First Mid Bancshares, Inc. | 3284 | 105351 |
|  First of Long Island Corp. (The) | 4051 | 72918 |
|  First Western Financial, Inc.\* | 1510 | 42507 |
|  Five Star Bancorp | 1661 | 45246 |
|  Flushing Financial Corp. | 5046 | 97791 |
|  Fulton Financial Corp. | 26702 | 449395 |
|  FVCBankcorp, Inc.\* | 2299 | 43842 |
|  German American Bancorp, Inc. | 4711 | 175720 |
|  Glacier Bancorp, Inc. | 15769 | 779304 |
|  Great Southern Bancorp, Inc. | 1659 | 98694 |
|  Guaranty Bancshares, Inc. | 1463 | 50678 |
|  Hancock Whitney Corp. | 13889 | 672089 |
|  Hanmi Financial Corp. | 4043 | 100064 |
|  HarborOne Bancorp, Inc. | 7376 | 102526 |
|  HBT Financial, Inc. | 2001 | 39160 |
|  Heartland Financial USA, Inc. | 6824 | 318135 |
|  Heritage Commerce Corp. | 10167 | 132171 |
|  Heritage Financial Corp. | 4651 | 142507 |
|  Hilltop Holdings, Inc. | 8355 | 250734 |
|  Home BancShares, Inc. | 30705 | 699767 |
|  HomeStreet, Inc. | 2599 | 71680 |
|  HomeTrust Bancshares, Inc. | 2140 | 51724 |
|  Hope Bancorp, Inc. | 15473 | 198209 |
|  Horizon Bancorp, Inc. | 7124 | 107430 |
|  Independent Bank Corp. | 3254 | 77836 |
|  Independent Bank Corp./MA | 6151 | 519329 |
|  Independent Bank Group, Inc. | 5697 | 342276 |
|  International Bancshares Corp. | 8843 | 404656 |
|  John Marshall Bancorp, Inc. | 2187 | 62942 |
|  Lakeland Bancorp, Inc. | 10565 | 186050 |
|  Lakeland Financial Corp. | 400 | 29188 |
|  Live Oak Bancshares, Inc. | 1258 | 37992 |
|  Macatawa Bank Corp. | 4849 | 53484 |
|  Mercantile Bank Corp. | 2618 | 87651 |
|  Metrocity Bankshares, Inc. | 2584 | 55892 |
|  Metropolitan Bank Holding Corp.\* | 1613 | 94635 |
|  Mid Penn Bancorp, Inc. | 2439 | 73097 |
|  Midland States Bancorp, Inc. | 3581 | 95326 |
|  MidWestOne Financial Group, Inc. | 2567 | 81502 |
|  MVB Financial Corp. | 1873 | 41243 |
|  National Bank Holdings Corp., Class A | 4441 | 186833 |
|  NBT Bancorp, Inc. | 5894 | 255917 |
|  Nicolet Bankshares, Inc.\* | 1875 | 149606 |
|  Northeast Bank | 1197 | 50394 |
|  Northwest Bancshares, Inc. | 17154 | 239813 |
|  OceanFirst Financial Corp. | 9790 | 208037 |
|  OFG Bancorp | 6713 | 185010 |
|  Old National Bancorp | 47792 | 859300 |
|  Old Second Bancorp, Inc. | 7126 | 114301 |
|  Origin Bancorp, Inc. | 3736 | 137111 |
|  Orrstown Financial Services, Inc. | 1813 | 41989 |
|  Pacific Premier Bancorp, Inc. | 13713 | 432782 |
|  Park National Corp. | 2284 | 321473 |
|  Parke Bancorp, Inc. | 1973 | 40920 |
|  Pathward Financial, Inc. | 2762 | 118904 |
|  PCB Bancorp | 2341 | 41412 |
|  PCSB Financial Corp. | 2422 | 46115 |
|  Peapack-Gladstone Financial Corp. | 3009 | 111995 |
|  Peoples Bancorp, Inc. | 4806 | 135770 |
|  Peoples Financial Services Corp. | 1235 | 64022 |
|  Preferred Bank | 1427 | 106483 |
|  Premier Financial Corp. | 5845 | 157640 |
|  Primis Financial Corp. | 4147 | 49142 |
|  Professional Holding Corp., Class A\* | 2289 | 63497 |
|  QCR Holdings, Inc. | 2742 | 136113 |
|  RBB Bancorp | 2618 | 54585 |
|  Red River Bancshares, Inc. | 821 | 41920 |
|  Renasant Corp. | 8009 | 301058 |
|  Republic Bancorp, Inc., Class A | 1536 | 62853 |
|  Republic First Bancorp, Inc.\* | 8472 | 18215 |
|  S&T Bancorp, Inc. | 5122 | 175070 |
|  Sandy Spring Bancorp, Inc. | 7313 | 257637 |
|  Seacoast Banking Corp. of Florida | 8559 | 266955 |
|  Shore Bancshares, Inc. | 3157 | 55027 |
|  Sierra Bancorp | 2425 | 51507 |
|  Silvergate Capital Corp., Class A\* | 1543 | 26848 |
|  Simmons First National Corp., Class A | 17188 | 370917 |
|  SmartFinancial, Inc. | 2667 | 73343 |
|  South Plains Financial, Inc. | 1797 | 49471 |
|  Southern First Bancshares, Inc.\* | 1347 | 61625 |
|  Southside Bancshares, Inc. | 4719 | 169837 |
|  SouthState Corp. | 12205 | 931974 |
|  Stellar Bancorp, Inc. | 7155 | 210786 |
|  Stock Yards Bancorp, Inc. | 865 | 56208 |
|  Summit Financial Group, Inc. | 1998 | 49730 |
|  Texas Capital Bancshares, Inc.\* | 8225 | 496050 |
|  Third Coast Bancshares, Inc.\* | 2039 | 37579 |
|  Tompkins Financial Corp. | 2209 | 171374 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Towne Bank | 11153 | $| 343959 |  |
|  TriCo Bancshares | 5214 |  | 265862 |  |
|  Triumph Financial, Inc.\* | 2307 |  | 112743 |  |
|  Trustmark Corp. | 8198 |  | 286192 |  |
|  UMB Financial Corp. | 7212 |  | 602346 |  |
|  United Bankshares, Inc. | 21039 |  | 851869 |  |
|  United Community Banks, Inc. | 15370 |  | 519506 |  |
|  Unity Bancorp, Inc. | 1371 |  | 37469 |  |
|  Univest Financial Corp. | 5000 |  | 130650 |  |
|  USCB Financial Holdings, Inc.\* | 2473 |  | 30171 |  |
|  Valley National Bancorp | 70241 |  | 794426 |  |
|  Veritex Holdings, Inc. | 5735 |  | 161039 |  |
|  Washington Federal, Inc. | 10721 |  | 359690 |  |
|  Washington Trust Bancorp, Inc. | 2948 |  | 139087 |  |
|  WesBanco, Inc. | 9164 |  | 338885 |  |
|  West Bancorp, Inc. | 2312 |  | 59072 |  |
|  Westamerica Bancorp | 2974 |  | 175496 |  |
|  |  |  | 33232105 |  |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 3652 |  | 108464 |  |
|  AssetMark Financial Holdings, Inc.\* | 3502 |  | 80546 |  |
|  Associated Capital Group, Inc., Class A‡ | 146454 |  | 6149604 |  |
|  Bakkt Holdings, Inc. (x)\* | 9199 |  | 10947 |  |
|  BGC Partners, Inc., Class A | 51833 |  | 195410 |  |
|  Brightsphere Investment Group, Inc. | 548 |  | 11278 |  |
|  Cowen, Inc., Class A | 4418 |  | 170623 |  |
|  Donnelley Financial Solutions, Inc.\* | 3781 |  | 146136 |  |
|  Federated Hermes, Inc., Class B | 17600 |  | 639056 |  |
|  Galaxy Digital Holdings Ltd. (x)\* | 70000 |  | 200074 |  |
|  GAMCO Investors, Inc., Class A (x) | 85505 |  | 1303096 |  |
|  GCM Grosvenor, Inc., Class A (x) | 700 |  | 5327 |  |
|  MarketWise, Inc. (x)\* | 2252 |  | 3783 |  |
|  Moelis & Co., Class A | 5359 |  | 205625 |  |
|  Onex Corp. | 9600 |  | 461856 |  |
|  Oppenheimer Holdings, Inc., Class A | 1247 |  | 52786 |  |
|  OTC Markets Group, Inc., Class A | 100 |  | 5690 |  |
|  Perella Weinberg Partners | 877 |  | 8595 |  |
|  Piper Sandler Cos. | 2869 |  | 373515 |  |
|  Sculptor Capital Management, Inc. | 2082 |  | 18030 |  |
|  StoneX Group, Inc.\* | 2617 |  | 249400 |  |
|  Urbana Corp. | 9000 |  | 28316 |  |
|  Urbana Corp. (Non-Voting) (x) | 8600 |  | 24644 |  |
|  Value Line, Inc. | 23 |  | 1170 |  |
|  Victory Capital Holdings, Inc., Class A | 2216 |  | 59455 |  |
|  Virtus Investment Partners, Inc. | 1046 |  | 200246 |  |
|  |  |  | 10713672 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  Atlanticus Holdings Corp.\* | 212 |  | 5554 |  |
|  Bread Financial Holdings, Inc. | 6275 |  | 236316 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 1457 |  | 12894 |  |
|  Curo Group Holdings Corp. (x) | 658 |  | 2336 |  |
|  Encore Capital Group, Inc.\* | 3826 |  | 183418 |  |
|  Enova International, Inc.\* | 5129 |  | 196800 |  |
|  EZCORP, Inc., Class A\* | 7659 |  | 62421 |  |
|  FirstCash Holdings, Inc. | 3111 |  | 270377 |  |
|  Green Dot Corp., Class A\* | 6494 |  | 102735 |  |
|  LendingClub Corp.\* | 16500 |  | 145200 |  |
|  Moneylion, Inc. (x)\* | 18885 |  | 11709 |  |
|  Navient Corp. | 17449 |  | 287036 |  |
|  Nelnet, Inc., Class A | 2413 |  | 218980 |  |
|  Oportun Financial Corp.\* | 4041 |  | 22266 |  |
|  OppFi, Inc. (x)\* | 2536 |  | 5199 |  |
|  PRA Group, Inc.\* | 6488 |  | 219165 |  |
|  PROG Holdings, Inc.\* | 6946 |  | 117318 |  |
|  Regional Management Corp. | 1167 |  | 32769 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 3603 |  | 4648 |  |
|  World Acceptance Corp.\* | 189 |  | 12463 |  |
|  |  |  | 2149604 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Alerus Financial Corp. | 2839 |  | 66291 |  |
|  A-Mark Precious Metals, Inc. | 3006 |  | 104398 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 5010 |  | 81162 |  |
|  Cannae Holdings, Inc.\* | 11628 |  | 240118 |  |
|  Compass Diversified Holdings | 10409 |  | 189756 |  |
|  Jackson Financial, Inc., Class A | 12230 |  | 425482 |  |
|  SWK Holdings Corp. (x)\* | 438 |  | 7726 |  |
|  |  |  | 1114933 |  |
|  ***Insurance (1.3%)*** | ***Insurance (1.3%)*** | ***Insurance (1.3%)*** | ***Insurance (1.3%)*** | **** |
|  Ambac Financial Group, Inc.\* | 7323 |  | 127713 |  |
|  American Equity Investment Life Holding Co. | 11642 |  | 531108 |  |
|  AMERISAFE, Inc. | 3265 |  | 169682 |  |
|  Argo Group International Holdings Ltd. | 5262 |  | 136023 |  |
|  Bright Health Group, Inc. (x)\* | 30619 |  | 19899 |  |
|  CNO Financial Group, Inc. | 18711 |  | 427546 |  |
|  Crawford & Co., Class A | 4142 |  | 23030 |  |
|  Donegal Group, Inc., Class A | 2930 |  | 41606 |  |
|  eHealth, Inc.\* | 3004 |  | 14539 |  |
|  Employers Holdings, Inc. | 3931 |  | 169544 |  |
|  Enstar Group Ltd.\* | 1852 |  | 427886 |  |
|  Genworth Financial, Inc., Class A\* | 71301 |  | 377182 |  |
|  Goosehead Insurance, Inc., Class A\* | 378 |  | 12981 |  |
|  Greenlight Capital Re Ltd., Class A\* | 4544 |  | 37034 |  |
|  Hippo Holdings, Inc. (x)\* | 2823 |  | 38393 |  |
|  Horace Mann Educators Corp. | 5839 |  | 218204 |  |
|  Investors Title Co. | 191 |  | 28182 |  |
|  James River Group Holdings Ltd. | 5410 |  | 113123 |  |
|  Lemonade, Inc. (x)\* | 8108 |  | 110918 |  |
|  MBIA, Inc.\* | 7724 |  | 99253 |  |
|  Mercury General Corp. | 4575 |  | 156465 |  |
|  National Western Life Group, Inc., Class A | 380 |  | 106780 |  |
|  NI Holdings, Inc.\* | 1349 |  | 17901 |  |
|  Oscar Health, Inc., Class A\* | 21956 |  | 54012 |  |
|  ProAssurance Corp. | 7537 |  | 131671 |  |
|  Root, Inc., Class A (x)\* | 1111 |  | 4988 |  |
|  Safety Insurance Group, Inc. | 2035 |  | 171469 |  |
|  Selective Insurance Group, Inc. | 9722 |  | 861466 |  |
|  Selectquote, Inc.\* | 21439 |  | 14405 |  |
|  SiriusPoint Ltd.\* | 13634 |  | 80441 |  |
|  Stewart Information Services Corp. | 3891 |  | 166262 |  |
|  Tiptree, Inc. | 3849 |  | 53270 |  |
|  Trean Insurance Group, Inc.\* | 3696 |  | 22176 |  |
|  United Fire Group, Inc. | 3315 |  | 90698 |  |
|  Universal Insurance Holdings, Inc. | 3150 |  | 33359 |  |
|  |  |  | 5089209 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 2350 | $36965 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 1928 | 9119 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 22531 | 242434 |  |
|  Arbor Realty Trust, Inc. (REIT) | 26367 | 347781 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 8563 | 88113 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 21507 | 121084 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 27224 | 576332 |  |
|  BrightSpire Capital, Inc. (REIT) | 15518 | 96677 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 21884 | 77907 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 867 | 13066 |  |
|  Chimera Investment Corp. (REIT) (x) | 38228 | 210254 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 14745 | 216899 |  |
|  Dynex Capital, Inc. (REIT) | 6941 | 88290 |  |
|  Ellington Financial, Inc. (REIT) | 9393 | 116191 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 13170 | 169893 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 8132 | 43588 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 13161 | 381406 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 5733 | 72985 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 9034 | 126115 |  |
|  Ladder Capital Corp. (REIT) | 18095 | 181674 |  |
|  MFA Financial, Inc. (REIT) (x) | 16265 | 160210 |  |
|  New York Mortgage Trust, Inc. (REIT) | 59569 | 152497 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1082 | 17193 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 5493 | 57676 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x)‡ | 11491 | 142373 |  |
|  Ready Capital Corp. (REIT) (x) | 11406 | 127063 |  |
|  Redwood Trust, Inc. (REIT) | 17679 | 119510 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 10530 | 71499 |  |
|  Two Harbors Investment Corp. (REIT) | 13917 | 219471 |  |
|  |  | 4284265 |  |
|  ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | **** |
|  Axos Financial, Inc.\* | 8202 | 313480 |  |
|  Blue Foundry Bancorp (x)\* | 4575 | 58789 |  |
|  Bridgewater Bancshares, Inc.\* | 2905 | 51535 |  |
|  Capitol Federal Financial, Inc. | 19827 | 171504 |  |
|  Columbia Financial, Inc.\* | 3822 | 82632 |  |
|  Enact Holdings, Inc. | 5225 | 126027 |  |
|  Essent Group Ltd. | 17223 | 669630 |  |
|  Federal Agricultural Mortgage Corp., Class C | 1546 | 174250 |  |
|  Finance of America Cos., Inc., Class A\* | 6040 | 7671 |  |
|  Hingham Institution For Savings (The) | 253 | 69818 |  |
|  Home Bancorp, Inc. | 1281 | 51278 |  |
|  Home Point Capital, Inc. (x) | 915 | 1254 |  |
|  Kearny Financial Corp. | 10492 | 106494 |  |
|  Luther Burbank Corp. | 3214 | 35708 |  |
|  Merchants Bancorp | 2792 | 67901 |  |
|  Mr Cooper Group, Inc.\* | 11291 | 453108 |  |
|  NMI Holdings, Inc., Class A\* | 12778 | 267060 |  |
|  Northfield Bancorp, Inc. | 6656 | 104699 |  |
|  PennyMac Financial Services, Inc.‡ | 4477 | 253667 |  |
|  Pioneer Bancorp, Inc.\* | 2650 | 30210 |  |
|  Provident Bancorp, Inc. | 2526 | 18389 |  |
|  Provident Financial Services, Inc. | 10562 | 225604 |  |
|  Radian Group, Inc. | 25861 | 493169 |  |
|  Southern Missouri Bancorp, Inc. | 1468 | 67278 |  |
|  Sterling Bancorp, Inc.\* | 4177 | 25438 |  |
|  TrustCo Bank Corp. | 2656 | 99839 |  |
|  Velocity Financial, Inc.\* | 1217 | 11744 |  |
|  Walker & Dunlop, Inc. | 1625 | 127530 |  |
|  Waterstone Financial, Inc. | 3603 | 62116 |  |
|  WSFS Financial Corp. | 8569 | 388518 |  |
|  |  | 4616340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 61200128 |  |
|  **Health Care (5.0%)** | **Health Care (5.0%)** | **Health Care (5.0%)** |  |
|  ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | **** |
|  2seventy bio, Inc.\* | 6474 | 60661 |  |
|  4D Molecular Therapeutics, Inc. (x)\* | 4739 | 105253 |  |
|  Absci Corp.\* | 8803 | 18486 |  |
|  Adicet Bio, Inc.\* | 5122 | 45791 |  |
|  ADMA Biologics, Inc.\* | 16369 | 63512 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 1411 | 41342 |  |
|  Affimed NV\* | 1287 | 1596 |  |
|  Agios Pharmaceuticals, Inc.\* | 8806 | 247272 |  |
|  Akero Therapeutics, Inc.\* | 5263 | 288412 |  |
|  Allogene Therapeutics, Inc. (x)\* | 13304 | 83682 |  |
|  Allovir, Inc.\* | 5044 | 25876 |  |
|  Alpine Immune Sciences, Inc.\* | 1988 | 14612 |  |
|  ALX Oncology Holdings, Inc. (x)\* | 3389 | 38194 |  |
|  AnaptysBio, Inc.\* | 3201 | 99199 |  |
|  Anika Therapeutics, Inc.\* | 2302 | 68139 |  |
|  Arbutus Biopharma Corp.\* | 7138 | 16632 |  |
|  Arcellx, Inc. (x)\* | 4807 | 148921 |  |
|  Arcturus Therapeutics Holdings, Inc.\* | 338 | 5732 |  |
|  Arcus Biosciences, Inc.\* | 8308 | 171809 |  |
|  Atara Biotherapeutics, Inc.\* | 14514 | 47606 |  |
|  Avidity Biosciences, Inc.\* | 8690 | 192831 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 9497 | 109026 |  |
|  Biohaven Ltd. (x)\* | 3695 | 51287 |  |
|  Bioxcel Therapeutics, Inc. (x)\* | 3155 | 67769 |  |
|  Bluebird Bio, Inc.\* | 13606 | 94154 |  |
|  Bridgebio Pharma, Inc.\* | 6374 | 48570 |  |
|  C4 Therapeutics, Inc.\* | 6640 | 39176 |  |
|  Caribou Biosciences, Inc. (x)\* | 8808 | 55314 |  |
|  Celldex Therapeutics, Inc.\* | 5853 | 260868 |  |
|  Century Therapeutics, Inc. (x)\* | 3168 | 16252 |  |
|  Chimerix, Inc.\* | 5292 | 9843 |  |
|  Chinook Therapeutics, Inc.\* | 8198 | 214788 |  |
|  Cogent Biosciences, Inc. (x)\* | 10478 | 121126 |  |
|  Crinetics Pharmaceuticals, Inc.\* | 7548 | 138128 |  |
|  CTI BioPharma Corp. (x)\* | 12589 | 75660 |  |
|  Cullinan Oncology, Inc.\* | 4695 | 49532 |  |
|  Cytokinetics, Inc.\* | 1243 | 56954 |  |
|  Day One Biopharmaceuticals, Inc. (x)\* | 4589 | 98755 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 5410 | 88670 |  |
|  Design Therapeutics, Inc. (x)\* | 5243 | 53793 |  |
|  Dyne Therapeutics, Inc.\* | 4932 | 57162 |  |
|  Editas Medicine, Inc.\* | 11606 | 102945 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Eiger BioPharmaceuticals, Inc.\* | 571 | $| 674 |  |
|  Emergent BioSolutions, Inc.\* | 7922 |  | 93559 |  |
|  Enanta Pharmaceuticals, Inc.\* | 2864 |  | 133233 |  |
|  Enochian Biosciences, Inc. (x)\* | 2749 |  | 2831 |  |
|  EQRx, Inc. (x)\* | 31593 |  | 77719 |  |
|  Erasca, Inc. (x)\* | 10163 |  | 43803 |  |
|  FibroGen, Inc.\* | 1568 |  | 25119 |  |
|  Generation Bio Co.\* | 7412 |  | 29129 |  |
|  Geron Corp.\* | 17244 |  | 41730 |  |
|  HilleVax, Inc. (x)\* | 2161 |  | 36154 |  |
|  Icosavax, Inc. (x)\* | 3675 |  | 29180 |  |
|  Ideaya Biosciences, Inc.\* | 7215 |  | 131097 |  |
|  IGM Biosciences, Inc. (x)\* | 439 |  | 7467 |  |
|  Imago Biosciences, Inc.\* | 1752 |  | 62984 |  |
|  ImmunityBio, Inc. (x)\* | 2783 |  | 14110 |  |
|  ImmunoGen, Inc.\* | 17104 |  | 84836 |  |
|  Immunovant, Inc.\* | 7248 |  | 128652 |  |
|  Inovio Pharmaceuticals, Inc. (x)\* | 39310 |  | 61324 |  |
|  Instil Bio, Inc.\* | 10994 |  | 6926 |  |
|  Intellia Therapeutics, Inc.\* | 4842 |  | 168937 |  |
|  Invivyd, Inc. (x)\* | 8498 |  | 12747 |  |
|  Iovance Biotherapeutics, Inc.\* | 24735 |  | 158057 |  |
|  iTeos Therapeutics, Inc.\* | 3922 |  | 76597 |  |
|  Janux Therapeutics, Inc.\* | 2686 |  | 35375 |  |
|  Jounce Therapeutics, Inc.\* | 6839 |  | 7591 |  |
|  KalVista Pharmaceuticals, Inc.\* | 3886 |  | 26269 |  |
|  Keros Therapeutics, Inc.\* | 156 |  | 7491 |  |
|  Kezar Life Sciences, Inc.\* | 8269 |  | 58214 |  |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 210 |  | 3146 |  |
|  Kinnate Biopharma, Inc. (x)\* | 4689 |  | 28603 |  |
|  Kodiak Sciences, Inc.\* | 5441 |  | 38958 |  |
|  Kronos Bio, Inc.\* | 6729 |  | 10901 |  |
|  Krystal Biotech, Inc.\* | 2334 |  | 184899 |  |
|  Kura Oncology, Inc.\* | 10697 |  | 132750 |  |
|  Kymera Therapeutics, Inc.\* | 6168 |  | 153953 |  |
|  Lexicon Pharmaceuticals, Inc.\* | 7974 |  | 15230 |  |
|  Lyell Immunopharma, Inc. (x)\* | 28819 |  | 100002 |  |
|  MacroGenics, Inc.\* | 9667 |  | 64866 |  |
|  MannKind Corp.\* | 36506 |  | 192387 |  |
|  MeiraGTx Holdings plc\* | 4502 |  | 29353 |  |
|  Mersana Therapeutics, Inc.\* | 15171 |  | 88902 |  |
|  MiMedx Group, Inc.\* | 17619 |  | 48981 |  |
|  Monte Rosa Therapeutics, Inc. (x)\* | 4606 |  | 35052 |  |
|  Morphic Holding, Inc.\* | 546 |  | 14605 |  |
|  Myriad Genetics, Inc.\* | 12812 |  | 185902 |  |
|  Nkarta, Inc.\* | 5100 |  | 30549 |  |
|  Nurix Therapeutics, Inc.\* | 7328 |  | 80461 |  |
|  Nuvalent, Inc., Class A (x)\* | 3322 |  | 98929 |  |
|  Pardes Biosciences, Inc.\* | 5616 |  | 9491 |  |
|  PepGen, Inc. (x)\* | 1825 |  | 24400 |  |
|  PMV Pharmaceuticals, Inc. (x)\* | 6376 |  | 55471 |  |
|  Point Biopharma Global, Inc.\* | 582 |  | 4243 |  |
|  Praxis Precision Medicines, Inc.\* | 4336 |  | 10320 |  |
|  Precigen, Inc. (x)\* | 1719 |  | 2613 |  |
|  Prime Medicine, Inc. (x)\* | 1111 |  | 20642 |  |
|  Protagonist Therapeutics, Inc.\* | 7271 |  | 79327 |  |
|  PTC Therapeutics, Inc.\* | 2809 |  | 107220 |  |
|  Rallybio Corp. (x)\* | 553 |  | 3633 |  |
|  RAPT Therapeutics, Inc.\* | 1270 |  | 25146 |  |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 20369 |  | 157045 |  |
|  REGENXBIO, Inc.\* | 6533 |  | 148168 |  |
|  Relay Therapeutics, Inc. (x)\* | 12775 |  | 190859 |  |
|  Replimune Group, Inc.\* | 6554 |  | 178269 |  |
|  REVOLUTION Medicines, Inc.\* | 10539 |  | 251039 |  |
|  Rocket Pharmaceuticals, Inc.\* | 8731 |  | 170866 |  |
|  Sage Therapeutics, Inc.\* | 8453 |  | 322397 |  |
|  Sana Biotechnology, Inc. (x)\* | 13755 |  | 54332 |  |
|  Sangamo Therapeutics, Inc.\* | 21914 |  | 68810 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 60699 |  | 53779 |  |
|  SpringWorks Therapeutics, Inc.\* | 4849 |  | 126122 |  |
|  Stoke Therapeutics, Inc. (x)\* | 3523 |  | 32517 |  |
|  Sutro Biopharma, Inc.\* | 8325 |  | 67266 |  |
|  Syndax Pharmaceuticals, Inc.\* | 6584 |  | 167563 |  |
|  Talaris Therapeutics, Inc. (x)\* | 3043 |  | 3104 |  |
|  Tango Therapeutics, Inc. (x)\* | 7411 |  | 53730 |  |
|  Tenaya Therapeutics, Inc.\* | 3817 |  | 7672 |  |
|  Travere Therapeutics, Inc.\* | 834 |  | 17539 |  |
|  Twist Bioscience Corp. (x)\* | 2722 |  | 64811 |  |
|  Tyra Biosciences, Inc.\* | 1741 |  | 13232 |  |
|  Vanda Pharmaceuticals, Inc.\* | 8674 |  | 64101 |  |
|  Vaxart, Inc. (x)\* | 15304 |  | 14706 |  |
|  VBI Vaccines, Inc. (x)\* | 26766 |  | 10468 |  |
|  Vera Therapeutics, Inc. (x)\* | 188 |  | 3638 |  |
|  Veracyte, Inc.\* | 11609 |  | 275482 |  |
|  Verve Therapeutics, Inc. (x)\* | 6533 |  | 126414 |  |
|  Vir Biotechnology, Inc.\* | 11751 |  | 297418 |  |
|  Viridian Therapeutics, Inc. (x)\* | 1553 |  | 45363 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 4447 |  | 458 |  |
|  Xencor, Inc.\* | 9333 |  | 243031 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 302 |  | 6082 |  |
|  |  |  | 10274351 |  |
|  ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | **** |
|  Alphatec Holdings, Inc.\* | 903 |  | 11152 |  |
|  AngioDynamics, Inc.\* | 5793 |  | 79770 |  |
|  Artivion, Inc.\* | 888 |  | 10762 |  |
|  AtriCure, Inc.\* | 2727 |  | 121024 |  |
|  Avanos Medical, Inc.\* | 7604 |  | 205764 |  |
|  Bioventus, Inc., Class A (x)\* | 4458 |  | 11635 |  |
|  Butterfly Network, Inc.\* | 21008 |  | 51680 |  |
|  Cardiovascular Systems, Inc.\* | 2963 |  | 40356 |  |
|  Cue Health, Inc. (x)\* | 17155 |  | 35511 |  |
|  Embecta Corp. | 1299 |  | 32852 |  |
|  Enovis Corp.\* | 2933 |  | 156974 |  |
|  Figs, Inc., Class A\* | 2803 |  | 18864 |  |
|  Inari Medical, Inc.\* | 709 |  | 45064 |  |
|  Inogen, Inc.\* | 3384 |  | 66699 |  |
|  Integer Holdings Corp.\* | 5365 |  | 367288 |  |
|  LivaNova plc\* | 2063 |  | 114579 |  |
|  Merit Medical Systems, Inc.\* | 1319 |  | 93148 |  |
|  Nano-X Imaging Ltd. (x)\* | 6592 |  | 48649 |  |
|  Neogen Corp.\* | 3172 |  | 48309 |  |
|  OraSure Technologies, Inc.\* | 11358 |  | 54746 |  |
|  Orthofix Medical, Inc.\* | 2956 |  | 60687 |  |
|  RxSight, Inc.\* | 255 |  | 3231 |  |
|  SeaSpine Holdings Corp.\* | 5977 |  | 49908 |  |
|  Sight Sciences, Inc. (x)\* | 3145 |  | 38400 |  |
|  Tactile Systems Technology, Inc.\* | 1820 |  | 20894 |  |
|  Utah Medical Products, Inc. | 20 |  | 2011 |  |
|  Varex Imaging Corp.\* | 5974 |  | 121272 |  |
|  ViewRay, Inc.\* | 2882 |  | 12911 |  |
|  Zimvie, Inc.\* | 3333 |  | 31130 |  |
|  |  |  | 1955270 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | **** |
|  1Life Healthcare, Inc.\* | 29179 | $487581 |  |
|  23andMe Holding Co. (x)\* | 23603 | 50982 |  |
|  Accolade, Inc.\* | 10269 | 79995 |  |
|  AdaptHealth Corp.\* | 11706 | 224989 |  |
|  Addus HomeCare Corp.\* | 1462 | 145454 |  |
|  ATI Physical Therapy, Inc. (x)\* | 9689 | 2955 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 5641 | 4400 |  |
|  Brookdale Senior Living, Inc.\* | 29060 | 79334 |  |
|  CareMax, Inc.\* | 9366 | 34186 |  |
|  Castle Biosciences, Inc.\* | 3891 | 91594 |  |
|  Community Health Systems, Inc.\* | 20641 | 89169 |  |
|  Cross Country Healthcare, Inc.\* | 5038 | 133860 |  |
|  Fulgent Genetics, Inc. (x)\* | 3502 | 104290 |  |
|  Hims & Hers Health, Inc.\* | 2582 | 16551 |  |
|  Innovage Holding Corp. (x)\* | 2160 | 15509 |  |
|  Invitae Corp. (x)\* | 40827 | 75938 |  |
|  LifeStance Health Group, Inc. (x)\* | 10443 | 51588 |  |
|  ModivCare, Inc.\* | 1361 | 122123 |  |
|  National HealthCare Corp. | 2058 | 122451 |  |
|  OPKO Health, Inc.\* | 69243 | 86554 |  |
|  Owens & Minor, Inc.\* | 10581 | 206647 |  |
|  P3 Health Partners, Inc. (x)\* | 1470 | 2705 |  |
|  Patterson Cos., Inc. | 3249 | 91069 |  |
|  Pediatrix Medical Group, Inc.\* | 13374 | 198738 |  |
|  PetIQ, Inc.\* | 783 | 7219 |  |
|  Select Medical Holdings Corp. | 2581 | 64086 |  |
|  Sema4 Holdings Corp. (x)\* | 22793 | 6013 |  |
|  Surgery Partners, Inc.\* | 1081 | 30117 |  |
|  |  | 2626097 |  |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 17360 | 306230 |  |
|  American Well Corp., Class A\* | 36297 | 102721 |  |
|  Computer Programs and Systems, Inc.\* | 2135 | 58115 |  |
|  Health Catalyst, Inc. (x)\* | 8697 | 92449 |  |
|  HealthStream, Inc.\* | 3622 | 89971 |  |
|  Multiplan Corp. (x)\* | 59196 | 68075 |  |
|  NextGen Healthcare, Inc.\* | 5082 | 95440 |  |
|  Pear Therapeutics, Inc. (x)\* | 5707 | 6734 |  |
|  Phreesia, Inc.\* | 4272 | 138242 |  |
|  Sharecare, Inc. (x)\* | 46794 | 74870 |  |
|  |  | 1032847 |  |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | **** |
|  AbCellera Biologics, Inc. (x)\* | 19422 | 196745 |  |
|  Adaptive Biotechnologies Corp.\* | 17560 | 134158 |  |
|  Alpha Teknova, Inc.\* | 1070 | 6035 |  |
|  Berkeley Lights, Inc.\* | 8003 | 21448 |  |
|  BioLife Solutions, Inc.\* | 4917 | 89489 |  |
|  Bionano Genomics, Inc. (x)\* | 49979 | 72969 |  |
|  CryoPort, Inc.\* | 1395 | 24203 |  |
|  Inotiv, Inc. (x)\* | 2742 | 13546 |  |
|  MaxCyte, Inc. (x)\* | 14592 | 79672 |  |
|  NanoString Technologies, Inc.\* | 553 | 4407 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 6569 | 11824 |  |
|  NeoGenomics, Inc.\* | 20473 | 189171 |  |
|  OmniAb, Inc. (x)\* | 10436 | 37570 |  |
|  Pacific Biosciences of California, Inc. (x)\* | 36646 | 299764 |  |
|  Quanterix Corp.\* | 4602 | 63738 |  |
|  Quantum-Si, Inc. (x)\* | 14888 | 27245 |  |
|  Seer, Inc.\* | 7990 | 46342 |  |
|  Singular Genomics Systems, Inc. (x)\* | 7784 | 15646 |  |
|  SomaLogic, Inc.\* | 20250 | 50828 |  |
|  |  | 1384800 |  |
|  ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | **** |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 6566 | 242614 |  |
|  AN2 Therapeutics, Inc.\* | 1304 | 12427 |  |
|  ANI Pharmaceuticals, Inc.\* | 1990 | 80058 |  |
|  Atea Pharmaceuticals, Inc.\* | 11824 | 56873 |  |
|  Athira Pharma, Inc.\* | 5427 | 17204 |  |
|  Cara Therapeutics, Inc.\* | 6923 | 74353 |  |
|  CinCor Pharma, Inc.\* | 3825 | 47009 |  |
|  DICE Therapeutics, Inc. (x)\* | 5758 | 179650 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 5830 | 52120 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 1982 | 6937 |  |
|  Fulcrum Therapeutics, Inc.\* | 6752 | 49154 |  |
|  OmniAb, Inc. (r)(x)\* | 1612 |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 2175 | 145290 |  |
|  Liquidia Corp. (x)\* | 2515 | 16020 |  |
|  Nektar Therapeutics\* | 28652 | 64753 |  |
|  NGM Biopharmaceuticals, Inc.\* | 2294 | 11516 |  |
|  Nuvation Bio, Inc. (x)\* | 17760 | 34099 |  |
|  Prestige Consumer Healthcare, Inc.\* | 8116 | 508062 |  |
|  Provention Bio, Inc. (x)\* | 1199 | 12673 |  |
|  Reata Pharmaceuticals, Inc., Class A\* | 724 | 27505 |  |
|  Relmada Therapeutics, Inc. (x)\* | 1170 | 4083 |  |
|  Supernus Pharmaceuticals, Inc.\* | 7988 | 284932 |  |
|  Tarsus Pharmaceuticals, Inc. (x)\* | 2863 | 41972 |  |
|  Theravance Biopharma, Inc.\* | 1036 | 11624 |  |
|  Theseus Pharmaceuticals, Inc. (x)\* | 2272 | 11315 |  |
|  Third Harmonic Bio, Inc.\* | 1082 | 4653 |  |
|  Tricida, Inc. (x)\* | 4290 | 656 |  |
|  |  | 1997552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 19270917 |  |
|  **Industrials (16.8%)** | **Industrials (16.8%)** | **Industrials (16.8%)** |  |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | **** |
|  AAR Corp.\* | 5654 | 253865 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 3154 | 176403 |  |
|  AerSale Corp. (x)\* | 3494 | 56673 |  |
|  Archer Aviation, Inc., Class A (x)\* | 25036 | 46817 |  |
|  Astra Space, Inc. (x)\* | 20659 | 8962 |  |
|  Astronics Corp.\* | 4040 | 41612 |  |
|  Ducommun, Inc.\* | 1727 | 86281 |  |
|  Kaman Corp. | 4381 | 97696 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 20778 | 214429 |  |
|  Maxar Technologies, Inc. | 11942 | 617879 |  |
|  Momentus, Inc. (x)\* | 5047 | 3936 |  |
|  Moog, Inc., Class A | 3796 | 333137 |  |
|  National Presto Industries, Inc. | 824 | 56411 |  |
|  Park Aerospace Corp. | 2764 | 37065 |  |
|  Parsons Corp.\* | 5614 | 259648 |  |
|  Redwire Corp. (x)\* | 2482 | 4914 |  |
|  Terran Orbital Corp. (x)\* | 7261 | 11473 |  |
|  Triumph Group, Inc.\* | 10687 | 112427 |  |
|  V2X, Inc.\* | 1884 | 77790 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 20113 | 69993 |  |
|  |  | 2567411 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | **** |
|  Air Transport Services Group, Inc.\* | 5982 | $155412 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 4538 | 457431 |  |
|  Hub Group, Inc., Class A\* | 5058 | 402061 |  |
|  Radiant Logistics, Inc.\* | 4015 | 20436 |  |
|  |  | 1035340 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Allegiant Travel Co.\* | 1523 | 103549 |  |
|  Blade Air Mobility, Inc. (x)\* | 8968 | 32105 |  |
|  Hawaiian Holdings, Inc. (x)\* | 8594 | 88174 |  |
|  Joby Aviation, Inc. (x)\* | 3459 | 11588 |  |
|  SkyWest, Inc.\* | 7909 | 130578 |  |
|  Spirit Airlines, Inc. | 17676 | 344329 |  |
|  Wheels Up Experience, Inc.\* | 25214 | 25970 |  |
|  |  | 736293 |  |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | **** |
|  American Woodmark Corp.\* | 2461 | 120245 |  |
|  Caesarstone Ltd. | 3492 | 19939 |  |
|  Gibraltar Industries, Inc.\* | 5166 | 237016 |  |
|  Griffon Corp. | 3691 | 132101 |  |
|  JELD-WEN Holding, Inc.\* | 8359 | 80664 |  |
|  Quanex Building Products Corp. | 5145 | 121834 |  |
|  Resideo Technologies, Inc.\* | 23441 | 385604 |  |
|  UFP Industries, Inc. | 1223 | 96923 |  |
|  View, Inc. (x)\* | 16506 | 15927 |  |
|  |  | 1210253 |  |
|  ***Commercial Services & Supplies (3.7%)*** | ***Commercial Services & Supplies (3.7%)*** | ***Commercial Services & Supplies (3.7%)*** | **** |
|  ABM Industries, Inc. | 10866 | 482668 |  |
|  ACCO Brands Corp. | 14590 | 81558 |  |
|  ACV Auctions, Inc., Class A\* | 10022 | 82281 |  |
|  Brady Corp., Class A | 1854 | 87323 |  |
|  BrightView Holdings, Inc.\* | 8037 | 55375 |  |
|  Civeo Corp.\* | 256200 | 7967820 |  |
|  CompX International, Inc. | 265 | 4897 |  |
|  CoreCivic, Inc. (REIT)\* | 18456 | 213351 |  |
|  Deluxe Corp. | 7316 | 124226 |  |
|  Ennis, Inc. | 4042 | 89571 |  |
|  GEO Group, Inc. (The) (x)\* | 16548 | 181201 |  |
|  Harsco Corp.\* | 12983 | 81663 |  |
|  Healthcare Services Group, Inc. | 6728 | 80736 |  |
|  Heritage-Crystal Clean, Inc.\* | 2406 | 78147 |  |
|  IAA, Inc.\* | 31600 | 1264000 |  |
|  Interface, Inc. | 1602 | 15812 |  |
|  KAR Auction Services, Inc.\* | 106615 | 1391326 |  |
|  Kimball International, Inc., Class B | 7275 | 47287 |  |
|  Li-Cycle Holdings Corp. (x)\* | 13451 | 64027 |  |
|  Matthews International Corp., Class A | 4878 | 148486 |  |
|  MillerKnoll, Inc. | 12607 | 264873 |  |
|  NL Industries, Inc. | 958 | 6524 |  |
|  Quad/Graphics, Inc.\* | 5092 | 20775 |  |
|  Ritchie Bros Auctioneers, Inc. | 16300 | 942629 |  |
|  Steelcase, Inc., Class A | 14969 | 105831 |  |
|  UniFirst Corp. | 2462 | 475141 |  |
|  Viad Corp.\* | 3256 | 79414 |  |
|  VSE Corp. | 1810 | 84853 |  |
|  |  | 14521795 |  |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | **** |
|  API Group Corp.\* | 33549 | 631057 |  |
|  Arcosa, Inc. | 7853 | 426732 |  |
|  Argan, Inc. | 2114 | 77964 |  |
|  Concrete Pumping Holdings, Inc.\* | 3664 | 21434 |  |
|  Fluor Corp.\* | 2102 | 72855 |  |
|  Granite Construction, Inc. | 7172 | 251522 |  |
|  Great Lakes Dredge & Dock Corp. (x)\* | 7273 | 43274 |  |
|  IES Holdings, Inc.\* | 358 | 12734 |  |
|  Northwest Pipe Co.\* | 1188 | 40036 |  |
|  Primoris Services Corp. | 8134 | 178460 |  |
|  Sterling Infrastructure, Inc.\* | 735 | 24108 |  |
|  Tutor Perini Corp.\* | 6699 | 50578 |  |
|  |  | 1830754 |  |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | **** |
|  Allied Motion Technologies, Inc. | 83 | 2889 |  |
|  AZZ, Inc. | 3778 | 151875 |  |
|  Encore Wire Corp. | 2867 | 394384 |  |
|  EnerSys | 5937 | 438388 |  |
|  ESS Tech, Inc. (x)\* | 1565 | 3803 |  |
|  FuelCell Energy, Inc. (x)\* | 18867 | 52450 |  |
|  NuScale Power Corp. (x)\* | 5334 | 54727 |  |
|  Powell Industries, Inc. | 1465 | 51539 |  |
|  Preformed Line Products Co. | 378 | 31484 |  |
|  Stem, Inc.\* | 1138 | 10174 |  |
|  Thermon Group Holdings, Inc.\* | 4983 | 100059 |  |
|  |  | 1291772 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A (x) | 518 | 9733 |  |
|  **Machinery (3.1%)** | **Machinery (3.1%)** | **Machinery (3.1%)** |  |
|  3D Systems Corp. (x)\* | 21133 | 156384 |  |
|  Alamo Group, Inc. | 213 | 30161 |  |
|  Albany International Corp., Class A | 4079 | 402149 |  |
|  Altra Industrial Motion Corp. | 10487 | 626598 |  |
|  Astec Industries, Inc. | 3616 | 147027 |  |
|  Barnes Group, Inc. | 7978 | 325901 |  |
|  CIRCOR International, Inc.\* | 2113 | 50627 |  |
|  Columbus McKinnon Corp. | 4643 | 150758 |  |
|  Desktop Metal, Inc., Class A (x)\* | 41783 | 56825 |  |
|  EnPro Industries, Inc. | 3391 | 368568 |  |
|  Esab Corp. | 2933 | 137616 |  |
|  ESCO Technologies, Inc. | 3788 | 331602 |  |
|  Fathom Digital Manufacturing C (x)\* | 1678 | 2215 |  |
|  Gorman-Rupp Co. (The) | 2830 | 72505 |  |
|  Greenbrier Cos., Inc. (The) | 5187 | 173920 |  |
|  Hillenbrand, Inc. | 5586 | 238355 |  |
|  Hillman Solutions Corp.\* | 21766 | 156933 |  |
|  Hydrofarm Holdings Group, Inc.\* | 6404 | 9926 |  |
|  Hyliion Holdings Corp. (x)\* | 21157 | 49507 |  |
|  Hyster-Yale Materials Handling, Inc. | 1781 | 45077 |  |
|  Kennametal, Inc. | 13488 | 324521 |  |
|  Luxfer Holdings plc | 2197 | 30143 |  |
|  Manitowoc Co., Inc. (The)\* | 5503 | 50407 |  |
|  Markforged Holding Corp.\* | 15693 | 18204 |  |
|  Microvast Holdings, Inc. (x)\* | 9956 | 15233 |  |
|  Miller Industries, Inc. | 1504 | 40097 |  |
|  Mueller Industries, Inc. | 5782 | 341138 |  |
|  Nikola Corp. (x)\* | 3859 | 8335 |  |
|  Oshkosh Corp. | 59000 | 5203210 |  |
|  Proterra, Inc. (x)\* | 20479 | 77206 |  |
|  Proto Labs, Inc.\* | 3669 | 93670 |  |
|  RBC Bearings, Inc.\* | 3955 | 827979 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  REV Group, Inc. | 5159 | $| 65107 |  |
|  SPX Technologies, Inc.\* | 7123 |  | 467625 |  |
|  Standex International Corp. | 1964 |  | 201133 |  |
|  Tennant Co. | 1723 |  | 106085 |  |
|  Terex Corp. | 5568 |  | 237865 |  |
|  Trinity Industries, Inc. | 11220 |  | 331775 |  |
|  Wabash National Corp. | 1016 |  | 22962 |  |
|  |  |  | 11995349 |  |
|  ***Marine (3.1%)*** | ***Marine (3.1%)*** | ***Marine (3.1%)*** | ***Marine (3.1%)*** | **** |
|  Clarkson plc | 139700 |  | 5463602 |  |
|  Costamare, Inc. | 9048 |  | 83965 |  |
|  Eagle Bulk Shipping, Inc. (x) | 2222 |  | 110967 |  |
|  Eneti, Inc. | 3743 |  | 37617 |  |
|  Genco Shipping & Trading Ltd. | 6052 |  | 92959 |  |
|  Golden Ocean Group Ltd. (x) | 20035 |  | 174104 |  |
|  Matson, Inc. | 6080 |  | 380061 |  |
|  Safe Bulkers, Inc. | 11245 |  | 32723 |  |
|  Stolt-Nielsen Ltd. | 203800 |  | 5606330 |  |
|  |  |  | 11982328 |  |
|  ***Professional Services (3.5%)*** | ***Professional Services (3.5%)*** | ***Professional Services (3.5%)*** | ***Professional Services (3.5%)*** | **** |
|  Alight, Inc., Class A\* | 54868 |  | 458697 |  |
|  Atlas Technical Consultants, Inc.\* | 782 |  | 4027 |  |
|  Barrett Business Services, Inc. | 119 |  | 11100 |  |
|  CACI International, Inc., Class A\* | 32200 |  | 9678998 |  |
|  First Advantage Corp.\* | 8492 |  | 110396 |  |
|  Heidrick & Struggles International, Inc. | 3089 |  | 86399 |  |
|  Huron Consulting Group, Inc.\* | 1235 |  | 89661 |  |
|  ICF International, Inc. | 924 |  | 91522 |  |
|  Kelly Services, Inc., Class A | 5356 |  | 90516 |  |
|  Planet Labs PBC (x)\* | 2922 |  | 12711 |  |
|  Resources Connection, Inc. | 5339 |  | 98131 |  |
|  Science Applications International Corp. | 24000 |  | 2662320 |  |
|  Skillsoft Corp. (x)\* | 12957 |  | 16844 |  |
|  Spire Global, Inc.\* | 17264 |  | 16574 |  |
|  Sterling Check Corp.\* | 261 |  | 4038 |  |
|  TrueBlue, Inc.\* | 5480 |  | 107298 |  |
|  Willdan Group, Inc. (x)\* | 1828 |  | 32630 |  |
|  |  |  | 13571862 |  |
|  ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | **** |
|  ArcBest Corp. | 2760 |  | 193310 |  |
|  Bird Global, Inc., Class A (x)\* | 32485 |  | 5854 |  |
|  Covenant Logistics Group, Inc. | 1515 |  | 52374 |  |
|  Heartland Express, Inc. | 7119 |  | 109206 |  |
|  Marten Transport Ltd. | 2297 |  | 45435 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 22063 |  | 36183 |  |
|  Universal Logistics Holdings, Inc. (x) | 212 |  | 7089 |  |
|  Werner Enterprises, Inc. | 9185 |  | 369788 |  |
|  |  |  | 819239 |  |
|  ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | ***Trading Companies & Distributors (0.7%)*** | **** |
|  Alta Equipment Group, Inc. | 2511 |  | 33120 |  |
|  Beacon Roofing Supply, Inc.\* | 2533 |  | 133717 |  |
|  BlueLinx Holdings, Inc.\* | 1406 |  | 99981 |  |
|  Boise Cascade Co. | 5081 |  | 348912 |  |
|  Custom Truck One Source, Inc. (x)\* | 6140 |  | 38805 |  |
|  Distribution Solutions Group, Inc.\* | 102 |  | 3760 |  |
|  DXP Enterprises, Inc.\* | 2354 |  | 64853 |  |
|  GATX Corp. | 5336 |  | 567430 |  |
|  Global Industrial Co. | 474 |  | 11153 |  |
|  NOW, Inc.\* | 17965 |  | 228155 |  |
|  Rush Enterprises, Inc., Class A | 6741 |  | 352420 |  |
|  Rush Enterprises, Inc., Class B | 998 |  | 56157 |  |
|  Textainer Group Holdings Ltd. | 6031 |  | 187021 |  |
|  Titan Machinery, Inc.\* | 3167 |  | 125825 |  |
|  Triton International Ltd. | 9365 |  | 644125 |  |
|  |  |  | 2895434 |  |
|  ***Transportation Infrastructure (0.2%)*** | ***Transportation Infrastructure (0.2%)*** | ***Transportation Infrastructure (0.2%)*** | ***Transportation Infrastructure (0.2%)*** | **** |
|  Braemar plc | 175000 |  | 624120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 65091683 |  |
|  **Information Technology (2.6%)** | **Information Technology (2.6%)** | **Information Technology (2.6%)** | **Information Technology (2.6%)** |  |
|  ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | **** |
|  ADTRAN Holdings, Inc. | 1157 |  | 21740 |  |
|  Aviat Networks, Inc.\* | 985 |  | 30722 |  |
|  Calix, Inc.\* | 1994 |  | 136449 |  |
|  Comtech Telecommunications Corp. | 4314 |  | 52372 |  |
|  Digi International, Inc.\* | 3685 |  | 134687 |  |
|  Inseego Corp. (x)\* | 9513 |  | 8015 |  |
|  NETGEAR, Inc.\* | 4510 |  | 81676 |  |
|  NetScout Systems, Inc.\* | 11309 |  | 367655 |  |
|  Ribbon Communications, Inc.\* | 11644 |  | 32487 |  |
|  |  |  | 865803 |  |
|  ***Electronic Equipment, Instruments & Components (1.0%)*** | ***Electronic Equipment, Instruments & Components (1.0%)*** | ***Electronic Equipment, Instruments & Components (1.0%)*** | ***Electronic Equipment, Instruments & Components (1.0%)*** | **** |
|  908 Devices, Inc. (x)\* | 2722 |  | 20742 |  |
|  Aeva Technologies, Inc.\* | 14193 |  | 19302 |  |
|  Belden, Inc. | 3226 |  | 231949 |  |
|  Benchmark Electronics, Inc. | 5677 |  | 151519 |  |
|  Cepton, Inc.\* | 1341 |  | 1703 |  |
|  ePlus, Inc.\* | 1003 |  | 44413 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 13318 |  | 34494 |  |
|  FARO Technologies, Inc.\* | 3031 |  | 89142 |  |
|  Insight Enterprises, Inc.\* | 873 |  | 87536 |  |
|  Itron, Inc.\* | 6789 |  | 343863 |  |
|  Kimball Electronics, Inc.\* | 3840 |  | 86746 |  |
|  Knowles Corp.\* | 14482 |  | 237794 |  |
|  Methode Electronics, Inc. | 5855 |  | 259786 |  |
|  Mirion Technologies, Inc. (x)\* | 22480 |  | 148593 |  |
|  nLight, Inc.\* | 6990 |  | 70879 |  |
|  OSI Systems, Inc.\* | 2243 |  | 178363 |  |
|  Ouster, Inc. (x)\* | 25620 |  | 22110 |  |
|  PAR Technology Corp. (x)\* | 2568 |  | 66948 |  |
|  PC Connection, Inc. | 1726 |  | 80949 |  |
|  Plexus Corp.\* | 671 |  | 69066 |  |
|  Sanmina Corp.\* | 9215 |  | 527927 |  |
|  ScanSource, Inc.\* | 3959 |  | 115682 |  |
|  TTM Technologies, Inc.\* | 16263 |  | 245246 |  |
|  Velodyne Lidar, Inc. (x)\* | 31440 |  | 23225 |  |
|  Vishay Intertechnology, Inc. | 21024 |  | 453488 |  |
|  Vishay Precision Group, Inc.\* | 1822 |  | 70420 |  |
|  |  |  | 3681885 |  |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 2338 |  | 23240 |  |
|  Brightcove, Inc.\* | 1680 |  | 8786 |  |
|  Cantaloupe, Inc.\* | 3859 |  | 16787 |  |
|  Cass Information Systems, Inc. | 1857 |  | 85088 |  |
|  Conduent, Inc.\* | 27247 |  | 110350 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Edgio, Inc.\* | 1836 | $| 2075 |  |
|  Fastly, Inc., Class A\* | 18837 |  | 154275 |  |
|  Hackett Group, Inc. (The) | 527 |  | 10735 |  |
|  Information Services Group, Inc. | 2736 |  | 12586 |  |
|  Maximus, Inc. | 544 |  | 39891 |  |
|  MoneyGram International, Inc.\* | 15224 |  | 165789 |  |
|  Paysafe Ltd. (x)\* | 4591 |  | 63769 |  |
|  PFSweb, Inc. | 2651 |  | 16304 |  |
|  Rackspace Technology, Inc. (x)\* | 9358 |  | 27606 |  |
|  Repay Holdings Corp.\* | 13900 |  | 111895 |  |
|  Sabre Corp.\* | 42059 |  | 259925 |  |
|  Squarespace, Inc., Class A\* | 3734 |  | 82783 |  |
|  StoneCo Ltd., Class A\* | 21852 |  | 206283 |  |
|  Unisys Corp.\* | 2740 |  | 14001 |  |
|  |  |  | 1412168 |  |
|  ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | **** |
|  ACM Research, Inc., Class A\* | 6927 |  | 53407 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 748 |  | 21370 |  |
|  Amkor Technology, Inc. | 13077 |  | 313587 |  |
|  AXT, Inc.\* | 6922 |  | 30318 |  |
|  Cohu, Inc.\* | 7668 |  | 245759 |  |
|  Diodes, Inc.\* | 2003 |  | 152509 |  |
|  Ichor Holdings Ltd.\* | 4390 |  | 117740 |  |
|  Impinj, Inc.\* | 329 |  | 35920 |  |
|  Photronics, Inc.\* | 2703 |  | 45492 |  |
|  Rambus, Inc.\* | 2789 |  | 99902 |  |
|  Rigetti Computing, Inc. (x)\* | 10671 |  | 7781 |  |
|  Ultra Clean Holdings, Inc.\* | 4836 |  | 160313 |  |
|  Veeco Instruments, Inc.\* | 1522 |  | 28279 |  |
|  |  |  | 1312377 |  |
|  ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | **** |
|  A10 Networks, Inc. | 2151 |  | 35771 |  |
|  Adeia, Inc. | 16945 |  | 160639 |  |
|  American Software, Inc., Class A | 1496 |  | 21961 |  |
|  Applied Digital Corp. (x)\* | 5962 |  | 10970 |  |
|  Avaya Holdings Corp. (x)\* | 12342 |  | 2419 |  |
|  Benefitfocus, Inc.\* | 1522 |  | 15920 |  |
|  Blackbaud, Inc.\* | 398 |  | 23426 |  |
|  Blend Labs, Inc., Class A (x)\* | 33105 |  | 47671 |  |
|  C3.ai, Inc., Class A\* | 7895 |  | 88345 |  |
|  Cerence, Inc.\* | 6503 |  | 120501 |  |
|  Cipher Mining, Inc. (x)\* | 6532 |  | 3658 |  |
|  Cleanspark, Inc. (x)\* | 7156 |  | 14598 |  |
|  Consensus Cloud Solutions, Inc.\* | 1548 |  | 83220 |  |
|  Cvent Holding Corp. (x)\* | 7071 |  | 38183 |  |
|  E2open Parent Holdings, Inc. (x)\* | 32961 |  | 193481 |  |
|  Ebix, Inc. (x) | 3325 |  | 66367 |  |
|  eGain Corp.\* | 1655 |  | 14945 |  |
|  EverCommerce, Inc. (x)\* | 3101 |  | 23071 |  |
|  ForgeRock, Inc., Class A (x)\* | 1630 |  | 37115 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 1366 |  | 395 |  |
|  Instructure Holdings, Inc. (x)\* | 2334 |  | 54709 |  |
|  InterDigital, Inc. | 3112 |  | 153982 |  |
|  Kaleyra, Inc. (x)\* | 3940 |  | 2975 |  |
|  Latch, Inc. (x)\* | 16657 |  | 11825 |  |
|  LiveRamp Holdings, Inc.\* | 10790 |  | 252918 |  |
|  LiveVox Holdings, Inc. (x)\* | 4021 |  | 11942 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 18699 |  | 63951 |  |
|  Matterport, Inc. (x)\* | 10002 |  | 28006 |  |
|  MicroStrategy, Inc., Class A (x)\* | 610 |  | 86358 |  |
|  Mitek Systems, Inc.\* | 661 |  | 6405 |  |
|  N-able, Inc.\* | 1337 |  | 13744 |  |
|  Olo, Inc., Class A (x)\* | 14253 |  | 89081 |  |
|  ON24, Inc.\* | 6585 |  | 56829 |  |
|  OneSpan, Inc.\* | 4140 |  | 46327 |  |
|  PowerSchool Holdings, Inc., Class A\* | 4875 |  | 112515 |  |
|  PROS Holdings, Inc.\* | 2295 |  | 55677 |  |
|  Riot Blockchain, Inc. (x)\* | 26790 |  | 90818 |  |
|  Sapiens International Corp. NV | 1640 |  | 30307 |  |
|  SecureWorks Corp., Class A\* | 1386 |  | 8856 |  |
|  SolarWinds Corp.\* | 7830 |  | 73289 |  |
|  Sumo Logic, Inc.\* | 6176 |  | 50026 |  |
|  Terawulf, Inc. (x)\* | 1511 |  | 1006 |  |
|  Upland Software, Inc.\* | 4565 |  | 32548 |  |
|  Verint Systems, Inc.\* | 973 |  | 35300 |  |
|  WM Technology, Inc.\* | 1877 |  | 1896 |  |
|  Xperi, Inc.\* | 6619 |  | 56990 |  |
|  |  |  | 2430936 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  Avid Technology, Inc.\* | 2094 |  | 55680 |  |
|  CompoSecure, Inc. (x)\* | 185 |  | 908 |  |
|  Corsair Gaming, Inc.\* | 2926 |  | 39706 |  |
|  Diebold Nixdorf, Inc.\* | 3405 |  | 4835 |  |
|  Eastman Kodak Co. (x)\* | 8922 |  | 27212 |  |
|  IonQ, Inc. (x)\* | 16212 |  | 55931 |  |
|  Turtle Beach Corp.\* | 412 |  | 2954 |  |
|  Xerox Holdings Corp. | 18773 |  | 274086 |  |
|  |  |  | 461312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 10164481 |  |
|  **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** | **Materials (3.4%)** |  |
|  ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | **** |
|  AdvanSix, Inc. | 2826 |  | 107445 |  |
|  American Vanguard Corp. | 561 |  | 12179 |  |
|  Amyris, Inc. (x)\* | 27409 |  | 41936 |  |
|  Avient Corp. | 4030 |  | 136053 |  |
|  Chase Corp. | 896 |  | 77289 |  |
|  Danimer Scientific, Inc. (x)\* | 14082 |  | 25207 |  |
|  Ecovyst, Inc.\* | 11712 |  | 103768 |  |
|  FutureFuel Corp. | 4659 |  | 37878 |  |
|  Hawkins, Inc. | 1171 |  | 45201 |  |
|  HB Fuller Co. | 1264 |  | 90528 |  |
|  Innospec, Inc. | 656 |  | 67476 |  |
|  Intrepid Potash, Inc.\* | 1912 |  | 55199 |  |
|  Koppers Holdings, Inc. | 3087 |  | 87053 |  |
|  Mativ Holdings, Inc. | 8245 |  | 172321 |  |
|  Minerals Technologies, Inc. | 5238 |  | 318051 |  |
|  Origin Materials, Inc. (x)\* | 5979 |  | 27563 |  |
|  Perimeter Solutions SA (x)\* | 19091 |  | 174492 |  |
|  PureCycle Technologies, Inc. (x)\* | 3275 |  | 22139 |  |
|  Quaker Chemical Corp. | 762 |  | 127178 |  |
|  Rayonier Advanced Materials, Inc.\* | 9684 |  | 92966 |  |
|  Sensient Technologies Corp. | 408 |  | 29751 |  |
|  Stepan Co. | 3093 |  | 329281 |  |
|  Tredegar Corp. | 4338 |  | 44334 |  |
|  Trinseo plc | 5761 |  | 130832 |  |
|  Tronox Holdings plc | 19194 |  | 263150 |  |
|  Valhi, Inc. | 295 |  | 6490 |  |
|  |  |  | 2625760 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Summit Materials, Inc., Class A\* | 19379 | $550170 |  |
|  United States Lime & Minerals, Inc. | 78 | 10979 |  |
|  |  | 561149 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  Cryptyde, Inc. (x)\* | 1083 | 208 |  |
|  Greif, Inc., Class A | 3521 | 236118 |  |
|  Greif, Inc., Class B | 733 | 57343 |  |
|  O-I Glass, Inc.\* | 4985 | 82601 |  |
|  Pactiv Evergreen, Inc. | 7344 | 83428 |  |
|  Ranpak Holdings Corp.\* | 7447 | 42969 |  |
|  TriMas Corp. | 6732 | 186746 |  |
|  |  | 689413 |  |
|  ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | ***Metals & Mining (2.3%)*** | **** |
|  Arconic Corp.\* | 16355 | 346072 |  |
|  Carpenter Technology Corp. | 7775 | 287208 |  |
|  Coeur Mining, Inc.\* | 45491 | 152850 |  |
|  Commercial Metals Co. | 15612 | 754060 |  |
|  Constellium SE\* | 9215 | 109013 |  |
|  Haynes International, Inc. | 1894 | 86537 |  |
|  Hecla Mining Co. | 89263 | 496302 |  |
|  Ivanhoe Electric, Inc. (x)\* | 977 | 11871 |  |
|  Materion Corp. | 191 | 16714 |  |
|  Mesabi Trust | 46000 | 828920 |  |
|  Novagold Resources, Inc.\* | 1587 | 9490 |  |
|  Olympic Steel, Inc. | 1462 | 49094 |  |
|  Piedmont Lithium, Inc.\* | 2067 | 90989 |  |
|  PolyMet Mining Corp.\* | 4417 | 11705 |  |
|  Ryerson Holding Corp. | 2870 | 86846 |  |
|  Sandstorm Gold Ltd. | 864000 | 4544640 |  |
|  Schnitzer Steel Industries, Inc., Class A | 3789 | 116133 |  |
|  SunCoke Energy, Inc. | 14525 | 125351 |  |
|  TimkenSteel Corp.\* | 7210 | 131006 |  |
|  Warrior Met Coal, Inc. | 7649 | 264961 |  |
|  Wheaton Precious Metals Corp. | 2400 | 93792 |  |
|  Worthington Industries, Inc. | 5114 | 254217 |  |
|  |  | 8867771 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 2744 | 103751 |  |
|  Glatfelter Corp. | 6919 | 19235 |  |
|  Resolute Forest Products, Inc.\* | 7436 | 160543 |  |
|  Sylvamo Corp. | 360 | 17492 |  |
|  |  | 301021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 13045114 |  |
|  **Real Estate (8.9%)** | **Real Estate (8.9%)** | **Real Estate (8.9%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (5.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.9%)*** | **** |
|  Acadia Realty Trust (REIT) | 13701 | 196609 |  |
|  Agree Realty Corp. (REIT) | 14104 | 1000397 |  |
|  Alexander & Baldwin, Inc. (REIT) | 11671 | 218598 |  |
|  American Assets Trust, Inc. (REIT) | 8143 | 215789 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 23882 | 170040 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 34871 | 550264 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 10501 | 120761 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 5466 | 24433 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 359 | 7650 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 10033 | 41236 |  |
|  Brandywine Realty Trust (REIT) | 26350 | 162052 |  |
|  Broadstone Net Lease, Inc. (REIT) | 28215 | 457365 |  |
|  BRT Apartments Corp. (REIT) | 1862 | 36570 |  |
|  CareTrust REIT, Inc. (REIT) | 14594 | 271157 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 3479 | 80295 |  |
|  Centerspace (REIT) | 2358 | 138344 |  |
|  Chatham Lodging Trust (REIT) | 7602 | 93277 |  |
|  City Office REIT, Inc. (REIT) | 6590 | 55224 |  |
|  Clipper Realty, Inc. (REIT) | 267 | 1709 |  |
|  Community Healthcare Trust, Inc. (REIT) | 1443 | 51659 |  |
|  Corporate Office Properties Trust (REIT) | 16201 | 420254 |  |
|  CTO Realty Growth, Inc. (REIT) | 3045 | 55663 |  |
|  DiamondRock Hospitality Co. (REIT) | 33798 | 276806 |  |
|  Diversified Healthcare Trust (REIT) | 38930 | 25180 |  |
|  Easterly Government Properties, Inc. (REIT) | 15050 | 214763 |  |
|  Elme Communities (REIT) | 14086 | 250731 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 20899 | 140859 |  |
|  Equity Commonwealth (REIT) | 54566 | 1362513 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 54000 | 3488400 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 20544 | 482168 |  |
|  Farmland Partners, Inc. (REIT) | 7982 | 99456 |  |
|  Four Corners Property Trust, Inc. (REIT) | 12432 | 322362 |  |
|  Franklin Street Properties Corp. (REIT) | 15289 | 41739 |  |
|  Getty Realty Corp. (REIT) | 6181 | 209227 |  |
|  Gladstone Commercial Corp. (REIT) | 507 | 9379 |  |
|  Gladstone Land Corp. (REIT) (x) | 2301 | 42223 |  |
|  Global Medical REIT, Inc. (REIT) | 10214 | 96829 |  |
|  Global Net Lease, Inc. (REIT) | 16739 | 210409 |  |
|  Hersha Hospitality Trust (REIT), Class A | 4537 | 38655 |  |
|  Independence Realty Trust, Inc. (REIT) | 36532 | 615930 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 738 | 46856 |  |
|  Industrial Logistics Properties Trust (REIT) | 9517 | 31121 |  |
|  InvenTrust Properties Corp. (REIT) | 10933 | 258784 |  |
|  iStar, Inc. (REIT) | 11988 | 91468 |  |
|  Kite Realty Group Trust (REIT) | 35281 | 742665 |  |
|  LTC Properties, Inc. (REIT) | 6459 | 229488 |  |
|  LXP Industrial Trust (REIT) | 43849 | 439367 |  |
|  Macerich Co. (The) (REIT) | 34707 | 390801 |  |
|  National Health Investors, Inc. (REIT) | 6826 | 356454 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 21276 | 126167 |  |
|  NETSTREIT Corp. (REIT) | 8737 | 160149 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 162 | 7050 |  |
|  Office Properties Income Trust (REIT) | 7577 | 101153 |  |
|  One Liberty Properties, Inc. (REIT) | 2448 | 54395 |  |
|  Orion Office REIT, Inc. (REIT) | 9018 | 77014 |  |
|  Paramount Group, Inc. (REIT) | 30768 | 182762 |  |
|  Pebblebrook Hotel Trust (REIT) | 21368 | 286118 |  |
|  Physicians Realty Trust (REIT) | 37098 | 536808 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 20837 | 191075 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 5897 | 113104 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 878 | 12757 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  PotlatchDeltic Corp. (REIT) | 11748 | $| 516795 |  |
|  Retail Opportunity Investments Corp. (REIT) | 19902 |  | 299127 |  |
|  RLJ Lodging Trust (REIT) | 26350 |  | 279046 |  |
|  RPT Realty (REIT) | 13449 |  | 135028 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 8693 |  | 710914 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 37540 |  | 466622 |  |
|  Safehold, Inc. (REIT) (x) | 1633 |  | 46736 |  |
|  Saul Centers, Inc. (REIT) | 129 |  | 5248 |  |
|  Service Properties Trust (REIT) | 25799 |  | 188075 |  |
|  SITE Centers Corp. (REIT) | 32082 |  | 438240 |  |
|  STAG Industrial, Inc. (REIT) | 29185 |  | 942967 |  |
|  Summit Hotel Properties, Inc. (REIT) | 17282 |  | 124776 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 34181 |  | 330188 |  |
|  Terreno Realty Corp. (REIT) | 12110 |  | 688696 |  |
|  UMH Properties, Inc. (REIT) | 1334 |  | 21477 |  |
|  Uniti Group, Inc. (REIT) | 39077 |  | 216096 |  |
|  Urban Edge Properties (REIT) | 18769 |  | 264455 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 4500 |  | 85275 |  |
|  Veris Residential, Inc. (REIT)\* | 13825 |  | 220232 |  |
|  Whitestone REIT (REIT) | 7073 |  | 68184 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 18431 |  | 242921 |  |
|  |  |  | 23023629 |  |
|  ***Real Estate Management & Development (3.0%)*** | ***Real Estate Management & Development (3.0%)*** | ***Real Estate Management & Development (3.0%)*** | ***Real Estate Management & Development (3.0%)*** | **** |
|  American Realty Investors, Inc.\* | 237 |  | 6079 |  |
|  Anywhere Real Estate, Inc.\* | 16590 |  | 106010 |  |
|  DigitalBridge Group, Inc. | 2868 |  | 31376 |  |
|  Doma Holdings, Inc. (x)\* | 17658 |  | 7997 |  |
|  Douglas Elliman, Inc. | 10919 |  | 44440 |  |
|  DREAM Unlimited Corp., Class A | 284600 |  | 5324866 |  |
|  Forestar Group, Inc.\* | 1830 |  | 28200 |  |
|  FRP Holdings, Inc.\* | 1113 |  | 59946 |  |
|  Howard Hughes Corp. (The)\* | 50600 |  | 3866852 |  |
|  Kennedy-Wilson Holdings, Inc. | 19096 |  | 300380 |  |
|  Newmark Group, Inc., Class A | 20650 |  | 164581 |  |
|  RE/MAX Holdings, Inc., Class A | 2899 |  | 54037 |  |
|  RMR Group, Inc. (The), Class A | 934 |  | 26386 |  |
|  Stratus Properties, Inc. | 810 |  | 15625 |  |
|  Tejon Ranch Co.\* | 89991 |  | 1695431 |  |
|  Transcontinental Realty Investors, Inc.\* | 196 |  | 8659 |  |
|  |  |  | 11740865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 34764494 |  |
|  **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** | **Utilities (2.6%)** |  |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | **** |
|  ALLETE, Inc. | 9307 |  | 600394 |  |
|  MGE Energy, Inc. | 3490 |  | 245696 |  |
|  Otter Tail Corp. | 3694 |  | 216875 |  |
|  PNM Resources, Inc. | 13778 |  | 672229 |  |
|  Portland General Electric Co. | 14418 |  | 706482 |  |
|  Via Renewables, Inc. | 195 |  | 996 |  |
|  |  |  | 2442672 |  |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | **** |
|  Chesapeake Utilities Corp. | 1166 |  | 137798 |  |
|  New Jersey Resources Corp. | 14228 |  | 705994 |  |
|  Northwest Natural Holding Co. | 5697 |  | 271120 |  |
|  ONE Gas, Inc. | 8749 |  | 662474 |  |
|  Rubis SCA | 19400 |  | 510862 |  |
|  South Jersey Industries, Inc. | 19808 |  | 703778 |  |
|  Southwest Gas Holdings, Inc. | 9833 |  | 608466 |  |
|  Spire, Inc. | 8355 |  | 575325 |  |
|  |  |  | 4175817 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  Altus Power, Inc. (x)\* | 4400 |  | 28688 |  |
|  Ormat Technologies, Inc. | 3563 |  | 308128 |  |
|  Sunnova Energy International, Inc. (x)\* | 16033 |  | 288755 |  |
|  |  |  | 625571 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 11047 |  | 489824 |  |
|  Black Hills Corp. | 10608 |  | 746167 |  |
|  NorthWestern Corp. | 9433 |  | 559754 |  |
|  Unitil Corp. | 2464 |  | 126551 |  |
|  |  |  | 1922296 |  |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | **** |
|  American States Water Co. | 3155 |  | 291995 |  |
|  Artesian Resources Corp., Class A | 387 |  | 22671 |  |
|  California Water Service Group | 6471 |  | 392401 |  |
|  SJW Group | 4319 |  | 350660 |  |
|  |  |  | 1057727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 10224083 |  |
|  **Total Common Stocks (94.7%)**<br> *(Cost $264,479,311)* |  |  | 367900608 |  |
|  MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: |  |
|  **Industrials (0.6%)** | **Industrials (0.6%)** | **Industrials (0.6%)** | **Industrials (0.6%)** |  |
|  ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | ***Industrial Conglomerates (0.6%)*** | **** |
|  Icahn Enterprises LP<br>*(Cost $2,264,675)* | 48500 |  | 2456525 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring<br>1/17/23 (x)\* | 4465 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | **** |
|  Aduro Biotech, Inc., CVR (r)\* | 237 |  |  |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Zogenix, Inc., CVR\* | 7855 |  | 7855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 7855 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $602)* |  |  | 7855 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.0%)** | **Investment Companies (4.0%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | $2000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 13306358 | 13313011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 15313011 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,183,433, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,245,587. (xx) | 3181948 | 3181948 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,000,978, collateralized by various Common Stocks; total market value $2,221,293. (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 7181948 |
|  **Total Short-Term Investments (5.8%)**<br> *(Cost $22,492,661)* |  | 22494959 |
|  **Total Investments in Securities (101.1%)**<br> *(Cost $289,237,249)* |  | 392859947 |
|  **Other Assets Less Liabilities (-1.1%)** |  | (4097375) |
|  **Net Assets (100%)** |  | $388762572 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $10,773,870. This was collateralized by $2,038,886 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $9,181,948 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  Associated Capital Group, Inc., Class A | 146454 | 6937921 |  | (587222) | 89452 | (290547) | 6149604 | 30462 |  |
|  **Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 11491 | 194668 | 19192 | (18321) | 1800 | (54966) | 142373 | 20868 |  |
|  **Thrifts & Mortgage Finance** |  |  |  |  |  |  |  |  |  |
|  PennyMac Financial Services, Inc. | 4477 | 308079 | 52048 | (54531) | 7285 | (59214) | 253667 | 3569 |  |
|  **Total** |  | **7440668** | **71240** | **(660074)** | **98537** | **(404727)** | **6545644** | **54899** |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 17 | 3/2023 | USD | 1505265 | (9662) |
|  |  |  |  |  | (9662) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $11560847 | $— | $— | $11560847 |
|  Consumer Discretionary | 49592903 |  |  | 49592903 |
|  Consumer Staples | 13977998 |  |  | 13977998 |
|  Energy | 79007960 |  |  | 79007960 |
|  Financials | 61200128 |  |  | 61200128 |
|  Health Care | 19270917 |  | — (a) | 19270917 |
|  Industrials | 53397631 | 11694052 |  | 65091683 |
|  Information Technology | 10164481 |  |  | 10164481 |
|  Materials | 13045114 |  |  | 13045114 |
|  Real Estate | 34764494 |  |  | 34764494 |
|  Utilities | 9713221 | 510862 |  | 10224083 |
|  **Master Limited Partnership** |  |  |  |  |
|  Industrials | 2456525 |  |  | 2456525 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 7855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (a) | 7855 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 15313011 |  |  | 15313011 |
|  Repurchase Agreements |  | 7181948 |  | 7181948 |
|  **Total Assets** | $**373465230** | $**19394717** | $**—** | $**392859947** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(9662) | $— | $— | $(9662) |
|  **Total Liabilities** | $**(9662)** | $**—** | $**—** | $**(9662)** |
|  **Total** | $**373455568** | $**19394717** | $**—** | $**392850285** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(9662) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9662 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(40912) | $(40912) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40912) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40912) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(36419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36419) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36419) | $(36419) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $1,129,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 25%)\* | $79546747 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 20%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130665175 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $144582039 |
|  Aggregate gross unrealized depreciation | (41550237) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103031802 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $289818483 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $4,956,945) | $6545644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $277,098,356) | 379132355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $7,181,948) | 7181948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3656138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 111800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1019129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 467149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 436148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 398575029 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 9181948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 238030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 154274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 89190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 48887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 43868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 6198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9812457 |
|  **NET ASSETS** | $388762572 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $265339736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 123422836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $388762572 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $225,839,664 / 20,378,002 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.08 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $162,922,908 / 14,716,292 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.07 |

---

*(x)* *Includes value of securities on loan of $10,773,870.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($54,899 of dividend income received from affiliates) (net of $61,058 foreign withholding tax) | $7390999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 48861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 220176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7660036 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3157907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 550277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 487366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 112400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 24503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4414819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (312901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4101918 |
|  **NET INVESTMENT INCOME (LOSS)** | 3558118 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($98,537 realized gain (loss) from affiliates) | 53392137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (40912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (8237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 53342988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(404727) of change in unrealized appreciation (depreciation) from affiliates) | (57198210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (36419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57234594) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (3891606) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(333488) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3558118 | $1452776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 53342988 | 62499853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (57234594) | 67607013 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (333488) | 131559642 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (19953892) | (34729375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (14900433) | (29492688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (34854325) | (64222063) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,088,000 and 3,457,413 shares, respectively ] | 24323148 | 47342992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,741,794 and 2,969,303 shares, respectively ] | 19953892 | 34729375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2928316) and (2680615) shares, respectively ] | (34009473) | (36215985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 10267567 | 45856382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,957 and 16,909 shares, respectively ] | 91512 | 221595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,302,134 and 2,524,702 shares, respectively ] | 14900433 | 29492688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2827713) and (5019244) shares, respectively ] | (33510107) | (65786432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (18518162) | (36072149) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (8250595) | 9784233 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (43438408) | 77121812 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 432200980 | 355079168 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $388762572 | $432200980 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.11 | $10.32 | $10.62 | $8.89 | $10.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.03 | 0.07 | 0.04 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | 3.87 | (0.23) | 2.23 | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.04 | 3.90 | (0.16) | 2.27 | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.15) | (0.13) | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (1.96) | (0.01) | (0.45) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.07) | (2.11) | (0.14) | (0.54) | (0.48) |
|  Net asset value, end of year | $11.08 | $12.11 | $10.32 | $10.62 | $8.89 |
|  Total return | 0.07 | 38.52% | (1.51) | 25.84% | (11.44)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $225840 | $235844 | $162278 | $7831 | $3220 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15% | 1.15 | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.23 | 1.21% | 1.27 | 1.25% | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 | 0.23% | 0.86 | 0.37% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.72 | 0.16% | 0.74 | 0.27% | 0.58% |
|  Portfolio turnover rate^ | 20 | 22% | 23 | 14% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.10 | $10.30 | $10.60 | $8.88 | $10.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.06 | 0.11 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.05) | 3.88 | (0.25) | 2.22 | (1.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.07 | 3.94 | (0.14) | 2.28 | (1.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.18) | (0.15) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (1.96) | (0.01) | (0.45) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.10) | (2.14) | (0.16) | (0.56) | (0.51) |
|  Net asset value, end of year | $11.07 | $12.10 | $10.30 | $10.60 | $8.88 |
|  Total return | 0.31 | 39.02% | (1.31) | 26.06% | (11.20)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258476 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90 | 0.90% | 0.90 | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98 | 0.96% | 1.01 | 1.00% | 0.98% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.03 | 0.45% | 1.29 | 0.61% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.96 | 0.38% | 1.19 | 0.51% | 0.80% |
|  Portfolio turnover rate^ | 20 | 22% | 23 | 14% | 18% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMALL CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.03 and $0.07 for Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.08 and $0.11 for Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.51% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.21% lower.* 

See Notes to Financial Statements.

------

**1290 VT SMARTBETA EQUITY ESG PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AXA Investment Managers US Inc. (Effective January 1, 2022, AXA Investment Managers US Inc. replaced AXA Rosenberg Investment Management LLC as a sub-adviser to the Portfolio.)

PERFORMANCE RESULTS

![LOGO](g401674g52n53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (14.52)% | 6.84% | 7.85 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (14.35) | 7.10 | 8.11 |  |
| &nbsp;&nbsp;&nbsp; MSCI World (Net) Index | (18.14) | 6.14 | 7.29 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/28/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.52)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI World (Net) Index, which returned (18.14)% over the same period.

**Market Overview** 

**Portfolio Highlights** 

***What helped performance during the year:***

• An underweight to Tesla, Inc. was the best performing stock position over the year given significant volatility in its
share price.

• An underweight to the Consumer Discretionary sector helped performance given tightening consumer budgets.

• The Portfolio's blended exposure to low volatility and quality was rewarded as the defensive profile of the Portfolio
helped to navigate significant market volatility.

***What hurt performance during the year:***

• Stock picking proved challenging within the Health Care sector as underweight positions in AstraZeneca plc and AbbVie, Inc.
detracted from performance. Health Care companies have generally benefitted from their defensive characteristics given the market environment.

• An underweight to the Energy sector weighed on performance as the sector comfortably outperformed the rest of the market
due to increased oil prices

**Portfolio Positioning and Outlook — AXA Investment Managers U.S. Inc.** 

The Portfolio maintains its exposure to stocks with low-volatility and high-quality earnings, which we believe leads to above-benchmark returns with less volatility over a full market cycle. Equity markets face continued challenges shaped by the war in Ukraine, rising commodity prices, supply chain issues, and rampant inflation in a context of slower economic growth. Central banks are continuing their fight against inflation despite declining economic data. Striking the right balance between controlling inflation and not slowing the economy is a tricky balancing act and one that markets are currently struggling to grapple with. This environment may continue to drive more market volatility, which could benefit the Portfolio's exposure to low volatility. Furthermore, given the tough macro conditions consensus earnings forecasts look optimistic; against this backdrop we believe companies with a strong track record of earnings delivery are likely to be rewarded, which favors the quality focus of the Portfolio.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 18.5% |
| &nbsp;&nbsp;&nbsp; Financials | 17.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 16.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 13.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 11.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 5.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.3 |
| &nbsp;&nbsp;&nbsp; Materials | 3.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.3 |
| &nbsp;&nbsp;&nbsp; Energy | 1.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.6 |
|  | 100.0% |

---

------

**1290 VT SMARTBETA EQUITY ESG PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1038.40 | $5.65 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.66 | 5.60 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1039.60 | 4.37 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.92 | 4.33 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (5.2%)** | **Communication Services (5.2%)** | **Communication Services (5.2%)** |  |
|  ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** | ***Diversified Telecommunication Services (1.6%)*** | **** |
|  AT&T, Inc. | 83700 | $1540917 |  |
|  Deutsche Telekom AG (Registered) | 38932 | 776734 |  |
|  Nippon Telegraph & Telephone Corp. | 23300 | 667896 |  |
|  Singapore Telecommunications Ltd. | 263000 | 504636 |  |
|  Swisscom AG (Registered) | 926 | 507340 |  |
|  Verizon Communications, Inc. | 28500 | 1122900 |  |
|  |  | 5120423 |  |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | **** |
|  Netflix, Inc.\* | 4526 | 1334627 |  |
|  ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | **** |
|  Alphabet, Inc., Class A\* | 55220 | 4872060 |  |
|  ***Media (1.1%)*** | ***Media (1.1%)*** | ***Media (1.1%)*** | **** |
|  Charter Communications, Inc., Class A\* | 5007 | 1697874 |  |
|  Comcast Corp., Class A | 45100 | 1577147 |  |
|  Quebecor, Inc., Class B | 20600 | 459468 |  |
|  |  | 3734489 |  |
|  ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | **** |
|  KDDI Corp. | 23200 | 703920 |  |
|  Rogers Communications, Inc., Class B | 12500 | 585026 |  |
|  Tele2 AB, Class B | 77325 | 630613 |  |
|  |  | 1919559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 16981158 |  |
|  **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Bridgestone Corp. | 14600 | 521858 |  |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | **** |
|  Bayerische Motoren Werke AG | 3840 | 342736 |  |
|  Tesla, Inc.\* | 7862 | 968441 |  |
|  Toyota Motor Corp. | 23400 | 323167 |  |
|  |  | 1634344 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Pool Corp. | 1000 | 302330 |  |
|  ***Hotels, Restaurants & Leisure (0.2%)*** | ***Hotels, Restaurants & Leisure (0.2%)*** | ***Hotels, Restaurants & Leisure (0.2%)*** | **** |
|  Aristocrat Leisure Ltd. | 17514 | 363933 |  |
|  Restaurant Brands International, Inc. | 6100 | 394518 |  |
|  |  | 758451 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  Sekisui House Ltd. | 24200 | 430286 |  |
|  ***Internet & Direct Marketing Retail (0.6%)*** | ***Internet & Direct Marketing Retail (0.6%)*** | ***Internet & Direct Marketing Retail (0.6%)*** | **** |
|  Amazon.com, Inc.\* | 23660 | 1987440 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Shimano, Inc. | 2400 | 382566 |  |
|  ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | **** |
|  Dollar General Corp. | 3600 | 886500 |  |
|  Target Corp. | 5000 | 745200 |  |
|  Wesfarmers Ltd. | 12895 | 403070 |  |
|  |  | 2034770 |  |
|  ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | ***Specialty Retail (2.3%)*** | **** |
|  AutoZone, Inc.\* | 500 | 1233090 |  |
|  Home Depot, Inc. (The) | 9600 | 3032256 |  |
|  Lowe's Cos., Inc. | 6600 | 1314984 |  |
|  O'Reilly Automotive, Inc.\* | 1097 | 925901 |  |
|  TJX Cos., Inc. (The) | 8500 | 676600 |  |
|  Tractor Supply Co. | 1600 | 359952 |  |
|  |  | 7542783 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Kering SA | 736 | 374623 |  |
|  Pandora A/S | 9511 | 668267 |  |
|  |  | 1042890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 16637718 |  |
|  **Consumer Staples (11.4%)** | **Consumer Staples (11.4%)** | **Consumer Staples (11.4%)** |  |
|  ***Beverages (3.6%)*** | ***Beverages (3.6%)*** | ***Beverages (3.6%)*** | **** |
|  Brown-Forman Corp., Class B | 9400 | 617392 |  |
|  Coca-Cola Co. (The) | 58600 | 3727546 |  |
|  Diageo plc | 33069 | 1459225 |  |
|  Heineken NV | 6053 | 569413 |  |
|  Keurig Dr Pepper, Inc. | 18968 | 676399 |  |
|  Monster Beverage Corp.\* | 4100 | 416273 |  |
|  PepsiCo, Inc. | 21783 | 3935317 |  |
|  Pernod Ricard SA | 2577 | 506883 |  |
|  |  | 11908448 |  |
|  ***Food & Staples Retailing (2.1%)*** | ***Food & Staples Retailing (2.1%)*** | ***Food & Staples Retailing (2.1%)*** | **** |
|  Coles Group Ltd. | 35880 | 408451 |  |
|  Costco Wholesale Corp. | 4987 | 2276566 |  |
|  George Weston Ltd. | 3500 | 434243 |  |
|  Koninklijke Ahold Delhaize NV | 21498 | 617656 |  |
|  Loblaw Cos. Ltd. | 4700 | 415572 |  |
|  Metro, Inc. | 7900 | 437417 |  |
|  Tesco plc | 105597 | 286217 |  |
|  Walmart, Inc. | 13700 | 1942523 |  |
|  |  | 6818645 |  |
|  ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | **** |
|  Archer-Daniels-Midland Co. | 17200 | 1597020 |  |
|  Danone SA | 9011 | 474864 |  |
|  General Mills, Inc. | 20400 | 1710540 |  |
|  Hershey Co. (The) | 3500 | 810495 |  |
|  Kellogg Co. | 11200 | 797888 |  |
|  Mondelez International, Inc., Class A | 16900 | 1126385 |  |
|  Nestle SA (Registered) | 18308 | 2121364 |  |
|  Orkla ASA | 50133 | 363020 |  |
|  |  | 9001576 |  |
|  ***Household Products (2.3%)*** | ***Household Products (2.3%)*** | ***Household Products (2.3%)*** | **** |
|  Clorox Co. (The) | 2000 | 280660 |  |
|  Colgate-Palmolive Co. | 25400 | 2001266 |  |
|  Henkel AG & Co. KGaA (Preference)(q) | 5806 | 404101 |  |
|  Kimberly-Clark Corp. | 10800 | 1466100 |  |
|  Procter & Gamble Co. (The) | 23000 | 3485880 |  |
|  |  | 7638007 |  |
|  ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | **** |
|  Kao Corp. | 10100 | 404416 |  |
|  L'Oreal SA | 2805 | 1001672 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Unilever plc (Cboe Europe) | 8484 | $| 425659 |  |
|  Unilever plc (London Stock Exchange) | 10307 |  | 521104 |  |
|  |  |  | 2352851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 37719527 |  |
|  **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |  |
|  ***Oil, Gas & Consumable Fuels (1.4%)*** | ***Oil, Gas & Consumable Fuels (1.4%)*** | ***Oil, Gas & Consumable Fuels (1.4%)*** | ***Oil, Gas & Consumable Fuels (1.4%)*** | **** |
|  Chevron Corp. | 2700 |  | 484623 |  |
|  Enbridge, Inc. | 47100 |  | 1840866 |  |
|  ENEOS Holdings, Inc. | 82900 |  | 282987 |  |
|  Equinor ASA | 16242 |  | 583245 |  |
|  Exxon Mobil Corp. | 5300 |  | 584590 |  |
|  OMV AG | 6826 |  | 351461 |  |
|  TC Energy Corp. | 9500 |  | 378737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 4506509 |  |
|  **Financials (17.3%)** | **Financials (17.3%)** | **Financials (17.3%)** | **Financials (17.3%)** |  |
|  ***Banks (5.8%)*** | ***Banks (5.8%)*** | ***Banks (5.8%)*** | ***Banks (5.8%)*** | **** |
|  Bank Hapoalim BM | 84967 |  | 767891 |  |
|  Bank of America Corp. | 44400 |  | 1470528 |  |
|  Bank of Montreal | 11400 |  | 1032736 |  |
|  Bank of Nova Scotia (The) | 36500 |  | 1788338 |  |
|  Canadian Imperial Bank of Commerce | 13600 |  | 550127 |  |
|  Commonwealth Bank of Australia | 4842 |  | 338239 |  |
|  DBS Group Holdings Ltd. | 30600 |  | 774938 |  |
|  Hang Seng Bank Ltd. | 22000 |  | 365847 |  |
|  Israel Discount Bank Ltd., Class A | 84721 |  | 446137 |  |
|  Japan Post Bank Co. Ltd. (x) | 39300 |  | 337781 |  |
|  JPMorgan Chase & Co. | 20300 |  | 2722230 |  |
|  Mitsubishi UFJ Financial Group, Inc. | 113500 |  | 768832 |  |
|  National Bank of Canada | 7200 |  | 485123 |  |
|  Nordea Bank Abp | 33032 |  | 353528 |  |
|  Oversea-Chinese Banking Corp. Ltd. | 38600 |  | 351014 |  |
|  PNC Financial Services Group, Inc. (The) | 1800 |  | 284292 |  |
|  Regions Financial Corp. | 13900 |  | 299684 |  |
|  Royal Bank of Canada | 22400 |  | 2105997 |  |
|  Sumitomo Mitsui Financial Group, Inc. | 23300 |  | 940238 |  |
|  Svenska Handelsbanken AB, Class A | 45729 |  | 460583 |  |
|  Toronto-Dominion Bank (The) | 32100 |  | 2078439 |  |
|  United Overseas Bank Ltd. | 19800 |  | 453830 |  |
|  |  |  | 19176352 |  |
|  ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | ***Capital Markets (3.3%)*** | **** |
|  ASX Ltd. | 10412 |  | 482194 |  |
|  Bank of New York Mellon Corp. (The) | 12800 |  | 582656 |  |
|  BlackRock, Inc. | 600 |  | 425178 |  |
|  CME Group, Inc. | 4000 |  | 672640 |  |
|  Deutsche Boerse AG | 4728 |  | 816860 |  |
|  FactSet Research Systems, Inc. | 900 |  | 361089 |  |
|  Goldman Sachs Group, Inc. (The) | 1000 |  | 343380 |  |
|  Hong Kong Exchanges & Clearing Ltd. | 12200 |  | 527047 |  |
|  Intercontinental Exchange, Inc. | 4100 |  | 420619 |  |
|  Moody's Corp. | 3600 |  | 1003032 |  |
|  MSCI, Inc. | 2300 |  | 1069891 |  |
|  Nasdaq, Inc. | 13500 |  | 828225 |  |
|  Northern Trust Corp. | 8100 |  | 716769 |  |
|  Raymond James Financial, Inc. | 3600 |  | 384660 |  |
|  S&P Global, Inc. | 6000 |  | 2009640 |  |
|  TMX Group Ltd. | 3100 |  | 310275 |  |
|  |  |  | 10954155 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  American Express Co. | 10300 |  | 1521825 |  |
|  ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 9600 |  | 2965440 |  |
|  ***Insurance (6.8%)*** | ***Insurance (6.8%)*** | ***Insurance (6.8%)*** | ***Insurance (6.8%)*** | **** |
|  Aflac, Inc. | 16100 |  | 1158234 |  |
|  Allianz SE (Registered) | 6975 |  | 1499998 |  |
|  American Financial Group, Inc. | 2300 |  | 315744 |  |
|  American International Group, Inc. | 11200 |  | 708288 |  |
|  Arthur J Gallagher & Co. | 6500 |  | 1225510 |  |
|  Assicurazioni Generali SpA | 45444 |  | 808245 |  |
|  Chubb Ltd. | 4700 |  | 1036820 |  |
|  Gjensidige Forsikring ASA | 24351 |  | 477734 |  |
|  Hannover Rueck SE | 2335 |  | 463657 |  |
|  Hartford Financial Services Group, Inc. (The) | 11900 |  | 902377 |  |
|  Intact Financial Corp. | 5700 |  | 820522 |  |
|  Loews Corp. | 12300 |  | 717459 |  |
|  Manulife Financial Corp. | 17500 |  | 312131 |  |
|  Marsh & McLennan Cos., Inc. | 12400 |  | 2051952 |  |
|  Medibank Pvt Ltd. | 185639 |  | 372857 |  |
|  MetLife, Inc. | 5800 |  | 419746 |  |
|  MS&AD Insurance Group Holdings, Inc. | 13800 |  | 444157 |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 4606 |  | 1498870 |  |
|  Poste Italiane SpA (m) | 33001 |  | 322384 |  |
|  Sampo OYJ, Class A | 20391 |  | 1065621 |  |
|  Sompo Holdings, Inc. | 10700 |  | 477766 |  |
|  Sun Life Financial, Inc. | 22400 |  | 1039764 |  |
|  Tokio Marine Holdings, Inc. | 27100 |  | 583856 |  |
|  Travelers Cos., Inc. (The) | 8900 |  | 1668661 |  |
|  Willis Towers Watson plc | 2700 |  | 660366 |  |
|  Zurich Insurance Group AG | 2783 |  | 1331229 |  |
|  |  |  | 22383948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 57001720 |  |
|  **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** | **Health Care (13.7%)** |  |
|  ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | **** |
|  Amgen, Inc. | 2571 |  | 675248 |  |
|  CSL Ltd. | 1720 |  | 336985 |  |
|  Moderna, Inc.\* | 8023 |  | 1441091 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 1082 |  | 780652 |  |
|  Vertex Pharmaceuticals, Inc.\* | 1891 |  | 546083 |  |
|  |  |  | 3780059 |  |
|  ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | **** |
|  Abbott Laboratories | 23400 |  | 2569086 |  |
|  Alcon, Inc. | 5967 |  | 412202 |  |
|  Becton Dickinson and Co. | 3200 |  | 813760 |  |
|  Boston Scientific Corp.\* | 8400 |  | 388668 |  |
|  Coloplast A/S, Class B | 2818 |  | 329391 |  |
|  Edwards Lifesciences Corp.\* | 11600 |  | 865476 |  |
|  Hoya Corp. | 4600 |  | 445314 |  |
|  IDEXX Laboratories, Inc.\* | 1600 |  | 652736 |  |
|  ResMed, Inc. | 3300 |  | 686829 |  |
|  |  |  | 7163462 |  |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | **** |
|  Cigna Corp. | 5000 |  | 1656700 |  |
|  CVS Health Corp. | 12500 |  | 1164875 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Elevance Health, Inc. | 2700 | $| 1385019 |  |
|  HCA Healthcare, Inc. | 3900 |  | 935844 |  |
|  Laboratory Corp. of America Holdings | 1600 |  | 376768 |  |
|  McKesson Corp. | 2100 |  | 787752 |  |
|  Sonic Healthcare Ltd. | 18926 |  | 386186 |  |
|  UnitedHealth Group, Inc. | 5100 |  | 2703918 |  |
|  |  |  | 9397062 |  |
|  ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | **** |
|  Agilent Technologies, Inc. | 9500 |  | 1421675 |  |
|  Danaher Corp. | 7100 |  | 1884482 |  |
|  Mettler-Toledo International, Inc.\* | 600 |  | 867270 |  |
|  Thermo Fisher Scientific, Inc. | 3900 |  | 2147691 |  |
|  Waters Corp.\* | 1200 |  | 411096 |  |
|  West Pharmaceutical Services, Inc. | 6800 |  | 1600380 |  |
|  |  |  | 8332594 |  |
|  ***Pharmaceuticals (5.0%)*** | ***Pharmaceuticals (5.0%)*** | ***Pharmaceuticals (5.0%)*** | ***Pharmaceuticals (5.0%)*** | **** |
|  Bristol-Myers Squibb Co. | 6100 |  | 438895 |  |
|  Eli Lilly and Co. | 4300 |  | 1573112 |  |
|  Johnson & Johnson | 21500 |  | 3797975 |  |
|  Merck & Co., Inc. | 21100 |  | 2341045 |  |
|  Merck KGaA | 4054 |  | 785035 |  |
|  Novartis AG (Registered) | 9080 |  | 820848 |  |
|  Novo Nordisk A/S, Class B | 10315 |  | 1392795 |  |
|  Ono Pharmaceutical Co. Ltd. | 13000 |  | 305387 |  |
|  Pfizer, Inc. | 28900 |  | 1480836 |  |
|  Roche Holding AG | 4192 |  | 1317013 |  |
|  Sanofi | 7938 |  | 763391 |  |
|  Zoetis, Inc. | 10600 |  | 1553430 |  |
|  |  |  | 16569762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 45242939 |  |
|  **Industrials (18.5%)** | **Industrials (18.5%)** | **Industrials (18.5%)** | **Industrials (18.5%)** |  |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | **** |
|  Airbus SE | 7500 |  | 891310 |  |
|  General Dynamics Corp. | 7100 |  | 1761581 |  |
|  Lockheed Martin Corp. | 3900 |  | 1897311 |  |
|  Northrop Grumman Corp. | 3000 |  | 1636830 |  |
|  |  |  | 6187032 |  |
|  ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | **** |
|  Deutsche Post AG (Registered) | 15083 |  | 568002 |  |
|  Expeditors International of Washington, Inc. | 11800 |  | 1226256 |  |
|  United Parcel Service, Inc., Class B | 5500 |  | 956120 |  |
|  |  |  | 2750378 |  |
|  ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | ***Building Products (1.1%)*** | **** |
|  Allegion plc | 9400 |  | 989444 |  |
|  Assa Abloy AB, Class B | 22085 |  | 473453 |  |
|  Daikin Industries Ltd. | 2400 |  | 369400 |  |
|  Geberit AG (Registered) | 974 |  | 458743 |  |
|  Trane Technologies plc | 8100 |  | 1361529 |  |
|  |  |  | 3652569 |  |
|  ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | **** |
|  Brambles Ltd. | 85422 |  | 701986 |  |
|  Cintas Corp. | 1700 |  | 767754 |  |
|  Copart, Inc.\* | 10200 |  | 621078 |  |
|  Secom Co. Ltd. | 4500 |  | 258637 |  |
|  Waste Management, Inc. | 4700 |  | 737336 |  |
|  |  |  | 3086791 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  Vinci SA | 4716 |  | 470950 |  |
|  WSP Global, Inc. | 3100 |  | 359660 |  |
|  |  |  | 830610 |  |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | **** |
|  Eaton Corp. plc | 11000 |  | 1726450 |  |
|  Emerson Electric Co. | 22900 |  | 2199774 |  |
|  Rockwell Automation, Inc. | 2100 |  | 540897 |  |
|  Schneider Electric SE | 5258 |  | 735748 |  |
|  |  |  | 5202869 |  |
|  ***Industrial Conglomerates (1.6%)*** | ***Industrial Conglomerates (1.6%)*** | ***Industrial Conglomerates (1.6%)*** | ***Industrial Conglomerates (1.6%)*** | **** |
|  3M Co. | 17100 |  | 2050632 |  |
|  Honeywell International, Inc. | 12500 |  | 2678750 |  |
|  Siemens AG (Registered) | 2974 |  | 412711 |  |
|  |  |  | 5142093 |  |
|  ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | **** |
|  Atlas Copco AB, Class A | 98376 |  | 1160542 |  |
|  Caterpillar, Inc. | 3600 |  | 862416 |  |
|  Cummins, Inc. | 5000 |  | 1211450 |  |
|  Daifuku Co. Ltd. | 8200 |  | 386132 |  |
|  Deere & Co. | 3100 |  | 1329156 |  |
|  Dover Corp. | 7500 |  | 1015575 |  |
|  Epiroc AB, Class A | 21624 |  | 393424 |  |
|  IDEX Corp. | 1500 |  | 342495 |  |
|  Illinois Tool Works, Inc. | 11300 |  | 2489390 |  |
|  Knorr-Bremse AG | 16606 |  | 907282 |  |
|  Kone OYJ, Class B | 8843 |  | 457207 |  |
|  MISUMI Group, Inc. | 16900 |  | 370734 |  |
|  PACCAR, Inc. | 12137 |  | 1201199 |  |
|  Pentair plc | 19100 |  | 859118 |  |
|  Snap-on, Inc. | 4100 |  | 936809 |  |
|  Stanley Black & Decker, Inc. | 13000 |  | 976560 |  |
|  Volvo AB, Class B | 27847 |  | 502988 |  |
|  |  |  | 15402477 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  AP Moller-Maersk A/S, Class A | 133 |  | 294267 |  |
|  Kuehne + Nagel International AG (Registered) | 1738 |  | 410887 |  |
|  |  |  | 705154 |  |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | **** |
|  Booz Allen Hamilton Holding Corp. | 5000 |  | 522600 |  |
|  Teleperformance | 1970 |  | 469627 |  |
|  Thomson Reuters Corp. | 3500 |  | 399269 |  |
|  Verisk Analytics, Inc. | 5600 |  | 987952 |  |
|  Wolters Kluwer NV | 10351 |  | 1083203 |  |
|  |  |  | 3462651 |  |
|  ***Road & Rail (2.9%)*** | ***Road & Rail (2.9%)*** | ***Road & Rail (2.9%)*** | ***Road & Rail (2.9%)*** | **** |
|  Canadian National Railway Co. | 13800 |  | 1639285 |  |
|  Canadian Pacific Railway Ltd. | 11500 |  | 857404 |  |
|  CSX Corp. | 50276 |  | 1557550 |  |
|  Hankyu Hanshin Holdings, Inc. | 11400 |  | 340506 |  |
|  Norfolk Southern Corp. | 7900 |  | 1946718 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Old Dominion Freight Line, Inc. | 2100 | $| 595938 |  |
|  Union Pacific Corp. | 12300 |  | 2546961 |  |
|  |  |  | 9484362 |  |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | **** |
|  Fastenal Co. | 30200 |  | 1429064 |  |
|  ITOCHU Corp. (x) | 32700 |  | 1033025 |  |
|  Marubeni Corp. | 32900 |  | 379789 |  |
|  Mitsubishi Corp. | 23900 |  | 779973 |  |
|  Mitsui & Co. Ltd. | 34500 |  | 1012866 |  |
|  WW Grainger, Inc. | 900 |  | 500625 |  |
|  |  |  | 5135342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 61042328 |  |
|  **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** | **Information Technology (16.3%)** |  |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | **** |
|  Cisco Systems, Inc. | 38244 |  | 1821944 |  |
|  Motorola Solutions, Inc. | 2700 |  | 695817 |  |
|  |  |  | 2517761 |  |
|  ***Electronic Equipment, Instruments & Components (1.1%)*** | ***Electronic Equipment, Instruments & Components (1.1%)*** | ***Electronic Equipment, Instruments & Components (1.1%)*** | ***Electronic Equipment, Instruments & Components (1.1%)*** | **** |
|  Amphenol Corp., Class A | 16700 |  | 1271538 |  |
|  CDW Corp. | 6500 |  | 1160770 |  |
|  Zebra Technologies Corp., Class A\* | 4600 |  | 1179486 |  |
|  |  |  | 3611794 |  |
|  ***IT Services (4.2%)*** | ***IT Services (4.2%)*** | ***IT Services (4.2%)*** | ***IT Services (4.2%)*** | **** |
|  Accenture plc, Class A | 6900 |  | 1841196 |  |
|  Automatic Data Processing, Inc. | 9639 |  | 2302372 |  |
|  Bechtle AG | 11050 |  | 391049 |  |
|  Broadridge Financial Solutions, Inc. | 3500 |  | 469455 |  |
|  CGI, Inc.\* | 6700 |  | 577516 |  |
|  Fiserv, Inc.\* | 8100 |  | 818667 |  |
|  Gartner, Inc.\* | 1100 |  | 369754 |  |
|  International Business Machines Corp. | 2300 |  | 324047 |  |
|  Jack Henry & Associates, Inc. | 2600 |  | 456456 |  |
|  Mastercard, Inc., Class A | 5400 |  | 1877742 |  |
|  Nomura Research Institute Ltd. | 16600 |  | 394004 |  |
|  Paychex, Inc. | 8500 |  | 982260 |  |
|  VeriSign, Inc.\* | 3000 |  | 616320 |  |
|  Visa, Inc., Class A | 9000 |  | 1869840 |  |
|  Western Union Co. (The) | 31800 |  | 437886 |  |
|  |  |  | 13728564 |  |
|  ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | **** |
|  ASML Holding NV | 1926 |  | 1038678 |  |
|  KLA Corp. | 1900 |  | 716357 |  |
|  NXP Semiconductors NV | 5106 |  | 806901 |  |
|  Teradyne, Inc. | 10200 |  | 890970 |  |
|  Texas Instruments, Inc. | 13100 |  | 2164382 |  |
|  Tokyo Electron Ltd. | 1200 |  | 355501 |  |
|  |  |  | 5972789 |  |
|  ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | **** |
|  Adobe, Inc.\* | 4937 |  | 1661449 |  |
|  Autodesk, Inc.\* | 1472 |  | 275073 |  |
|  Cadence Design Systems, Inc.\* | 5900 |  | 947776 |  |
|  Microsoft Corp. | 38569 |  | 9249617 |  |
|  Nice Ltd.\* | 1918 |  | 372013 |  |
|  Roper Technologies, Inc. | 800 |  | 345672 |  |
|  Synopsys, Inc.\* | 3000 |  | 957870 |  |
|  |  |  | 13809470 |  |
|  ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | **** |
|  Apple, Inc. | 97200 |  | 12629196 |  |
|  Canon, Inc. | 19600 |  | 426454 |  |
|  FUJIFILM Holdings Corp. | 7100 |  | 358408 |  |
|  HP, Inc. | 26100 |  | 701307 |  |
|  |  |  | 14115365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 53755743 |  |
|  **Materials (3.8%)** | **Materials (3.8%)** | **Materials (3.8%)** | **Materials (3.8%)** |  |
|  ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | **** |
|  Air Liquide SA | 3003 |  | 425608 |  |
|  Air Products and Chemicals, Inc. | 2200 |  | 678172 |  |
|  BASF SE | 12328 |  | 612186 |  |
|  Corteva, Inc. | 23000 |  | 1351940 |  |
|  Dow, Inc. | 6339 |  | 319422 |  |
|  Evonik Industries AG | 21867 |  | 419814 |  |
|  Givaudan SA (Registered) | 280 |  | 857881 |  |
|  Koninklijke DSM NV | 4593 |  | 561965 |  |
|  Mitsubishi Chemical Group Corp. | 76600 |  | 399635 |  |
|  Nitto Denko Corp. | 6600 |  | 384715 |  |
|  Nutrien Ltd. (x) | 7000 |  | 511041 |  |
|  Sherwin-Williams Co. (The) | 6300 |  | 1495179 |  |
|  Sika AG (Registered) | 1627 |  | 390100 |  |
|  |  |  | 8407658 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  Avery Dennison Corp. | 1700 |  | 307700 |  |
|  Ball Corp. | 7700 |  | 393778 |  |
|  |  |  | 701478 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Alcoa Corp. | 19900 |  | 904853 |  |
|  BHP Group Ltd. | 11947 |  | 371160 |  |
|  Franco-Nevada Corp. | 2800 |  | 381681 |  |
|  Rio Tinto Ltd. | 6629 |  | 525400 |  |
|  Rio Tinto plc | 6776 |  | 474963 |  |
|  Wheaton Precious Metals Corp. | 20100 |  | 785296 |  |
|  |  |  | 3443353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 12552489 |  |
|  **Real Estate (2.3%)** | **Real Estate (2.3%)** | **Real Estate (2.3%)** | **Real Estate (2.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.9%)*** | **** |
|  American Tower Corp. (REIT) | 6500 |  | 1377090 |  |
|  Crown Castle, Inc. (REIT) | 7800 |  | 1057992 |  |
|  Daiwa House REIT Investment Corp. (REIT) | 209 |  | 467240 |  |
|  Equity Residential (REIT) | 9300 |  | 548700 |  |
|  Essex Property Trust, Inc. (REIT) | 1700 |  | 360264 |  |
|  Goodman Group (REIT) | 39567 |  | 467664 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 3300 |  | 518067 |  |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 310 |  | 385020 |  |
|  Prologis, Inc. (REIT) | 9800 |  | 1104754 |  |
|  |  |  | 6286791 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | **** |
|  CBRE Group, Inc., Class A\* | 4200 | $323232 |  |
|  Mitsubishi Estate Co. Ltd. | 28700 | 374167 |  |
|  Swiss Prime Site AG (Registered) | 4939 | 428120 |  |
|  |  | 1125519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 7412310 |  |
|  **Utilities (4.3%)** | **Utilities (4.3%)** | **Utilities (4.3%)** |  |
|  ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | **** |
|  Eversource Energy | 18300 | 1534272 |  |
|  Hydro One Ltd. (m) | 20000 | 535746 |  |
|  Iberdrola SA | 130063 | 1521740 |  |
|  Power Assets Holdings Ltd. | 83000 | 454586 |  |
|  Red Electrica Corp. SA | 31834 | 554087 |  |
|  Terna-Rete Elettrica Nazionale | 99482 | 734784 |  |
|  |  | 5335215 |  |
|  ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | **** |
|  Atmos Energy Corp. | 11900 | 1333633 |  |
|  Hong Kong & China Gas Co. Ltd. | 708000 | 673038 |  |
|  Snam SpA | 59536 | 288507 |  |
|  |  | 2295178 |  |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | **** |
|  CMS Energy Corp. | 13500 | 854955 |  |
|  Consolidated Edison, Inc. | 14800 | 1410588 |  |
|  DTE Energy Co. | 2500 | 293825 |  |
|  National Grid plc | 90171 | 1087288 |  |
|  Sempra Energy | 7600 | 1174504 |  |
|  WEC Energy Group, Inc. | 5600 | 525056 |  |
|  |  | 5346216 |  |
|  ***Water Utilities (0.4%)*** | ***Water Utilities (0.4%)*** | ***Water Utilities (0.4%)*** | **** |
|  American Water Works Co., Inc. | 8000 | 1219360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 14195969 |  |
|  **Total Common Stocks (99.3%)**<br> *(Cost $283,889,861)* |  | 327048410 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (0.1%)** | **Repurchase Agreement (0.1%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $484,696, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $494,159. (xx) | $484470 | 484470 |  |
|  **Total Short-Term Investment (0.1%)**<br> *(Cost $484,470)* | **Total Short-Term Investment (0.1%)**<br> *(Cost $484,470)* | 484470 |  |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $284,374,331)* |  | 327532880 |  |
|  **Other Assets Less Liabilities (0.6%)** |  | 2099904 |  |
|  **Net Assets (100%)** |  | $329632784 |  |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $858,130 or 0.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $518,205. This was collateralized by $61,111 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.497%, maturing 6/30/23 – 2/15/52 and by cash of $484,470 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Australia | 1.6 | % |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Brazil | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Canada | 6.3 |  |
| &nbsp;&nbsp;&nbsp; China | 0.3 |  |
| &nbsp;&nbsp;&nbsp; Denmark | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Finland | 0.6 |  |
| &nbsp;&nbsp;&nbsp; France | 1.6 |  |
| &nbsp;&nbsp;&nbsp; Germany | 3.0 |  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Israel | 0.5 |  |
| &nbsp;&nbsp;&nbsp; Italy | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Japan | 5.0 |  |
| &nbsp;&nbsp;&nbsp; Malta | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Netherlands | 1.2 |  |
| &nbsp;&nbsp;&nbsp; Norway | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Singapore | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Spain | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Sweden | 1.1 |  |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.7 |  |
| &nbsp;&nbsp;&nbsp; United Kingdom | 1.2 |  |
| &nbsp;&nbsp;&nbsp; United States | 71.3 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.6 |  |
|  | 100.0 | % |

---

*#* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $13190019 | $3791139 | $— | $16981158 |
|  Consumer Discretionary | 12827212 | 3810506 |  | 16637718 |
|  Consumer Staples | 28155482 | 9564045 |  | 37719527 |
|  Energy | 3288816 | 1217693 |  | 4506509 |
|  Financials | 39470387 | 17531333 |  | 57001720 |
|  Health Care | 37948392 | 7294547 |  | 45242939 |
|  Industrials | 45718936 | 15323392 |  | 61042328 |
|  Information Technology | 50419636 | 3336107 |  | 53755743 |
|  Materials | 7129062 | 5423427 |  | 12552489 |
|  Real Estate | 5290099 | 2122211 |  | 7412310 |
|  Utilities | 8881939 | 5314030 |  | 14195969 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 484470 |  | 484470 |
|  **Total Assets** | $**252319980** | $**75212900** | $**—** | $**327532880** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**252319980** | $**75212900** | $**—** | $**327532880** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $107063966 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108413620 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $53698950 |
|  Aggregate gross unrealized depreciation | (11208389) |
|  Net unrealized appreciation | $42490561 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285042319 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $283,889,861) | $327048410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $484,470) | 484470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1585571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $51,010) | 51104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1020839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 402525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 330595387 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 484470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 184108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 108149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 64154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 27086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 962603 |
|  **NET ASSETS** | $329632784 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $288198817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 41433967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $329632784 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $296,890,349 / 19,693,177 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.08 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $32,742,435 / 2,169,651 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.09 |

---

*(x)* *Includes value of securities on loan of $518,205.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $8284849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 30820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8316423 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2405833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 774810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 318701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 121669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 52300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 18958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3743045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (48869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3694176 |
|  **NET INVESTMENT INCOME (LOSS)** | 4622247 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1372075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (246971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1619046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (61711073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (42749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (61753822) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (63372868) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(58750621) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4622247 | $4048452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1619046) | 24174823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (61753822) | 48907162 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (58750621) | 77130437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (8203405) | (24746990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (981082) | (1961473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (9184487) | (26708463) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,985,710 and 985,062 shares, respectively ] | 31632992 | 17012152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 549,548 and 1,386,584 shares, respectively ] | 8203405 | 24746990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2945610) and (2632467) shares, respectively ] | (46610193) | (46023760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (6773796) | (4264618) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 908,947 and 62,130 shares, respectively ] | 15946561 | 1097877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 65,327 and 109,785 shares, respectively ] | 981082 | 1961473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (336919) and (266059) shares, respectively ] | (5389949) | (4610715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 11537694 | (1551365) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 4763898 | (5815983) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (63171210) | 44605991 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 392803994 | 348198003 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $329632784 | $392803994 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.15 | $15.83 | $14.42 | $11.65 | $13.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.19 (aa) | 0.13 | 0.16 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.85) | 3.44 | 1.45 | 2.97 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.64) | 3.63 | 1.58 | 3.13 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.23) | (0.09) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.24) | (1.08) | (0.08) | (0.20) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.43) | (1.31) | (0.17) | (0.36) | (0.64) |
|  Net asset value, end of year | $15.08 | $18.15 | $15.83 | $14.42 | $11.65 |
|  Total return | (14.52)% | 23.08% | 10.95% | 26.90% | (6.03)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13044 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10 %(g) | 1.10% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.11 %(g) | 1.15% | 1.48% | 1.61% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.32% | 1.07 %(bb) | 0.90% | 1.21% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.31% | 1.07 %(bb) | 0.84% | 0.88% | 0.82% |
|  Portfolio turnover rate^ | 31% | 39% | 53% | 29% | 47% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.17 | $15.84 | $14.42 | $11.65 | $13.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.23 (aa) | 0.17 | 0.20 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.86) | 3.45 | 1.45 | 2.96 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.61) | 3.68 | 1.62 | 3.16 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.27) | (0.12) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.24) | (1.08) | (0.08) | (0.20) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.35) | (0.20) | (0.39) | (0.67) |
|  Net asset value, end of year | $15.09 | $18.17 | $15.84 | $14.42 | $11.65 |
|  Total return | (14.35)% | 23.39% | 11.28% | 27.20% | (5.80)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $32742 | $27844 | $25765 | $10387 | $7905 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85 %(g) | 0.86% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.86% | 0.86 %(g) | 0.94% | 1.24% | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.58% | 1.32 %(bb) | 1.22% | 1.48% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.56% | 1.32 %(bb) | 1.13% | 1.15% | 1.09% |
|  Portfolio turnover rate^ | 31% | 39% | 53% | 29% | 47% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SMARTBETA EQUITY ESG PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14 and $0.18 for Class IB and Class K respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.29% lower.* 

See Notes to Financial Statements.

------

**1290 VT SOCIALLY RESPONSIBLE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Blackrock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g85y12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (22.12)% | 8.68% | 11.90 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (22.12) | 8.68 | 11.89 |  |
| &nbsp;&nbsp;&nbsp; MSCI KLD 400 Social Index | (21.48) | 9.72 | 12.76 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | (29.14) | 10.96 | 14.10 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (22.12)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the MSCI KLD 400 Social Index and the Russell 1000<sup>®</sup> Growth Index, which returned (21.48)% and (29.14)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year?***

• The sectors that contributed to performance were Energy, Health Care, Consumer Staples and Utilities.

• The stocks that contributed most to performance were Merck & Co., Inc., Abbvie, Inc., Cigna Corp., Marathon Petroleum
Corp. and Deere & Co.

***What hurt performance during the year?***

• The sectors that detracted the most from performance were Information Technology, Consumer Discretionary and Communication.

• The stocks that detracted most from performance were Microsoft Corp., Alphabet, Inc., Tesla, Inc., Nvidia Corp. And PayPal
Holdings Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 30.7% |
| &nbsp;&nbsp;&nbsp; Health Care | 13.4 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.1 |
| &nbsp;&nbsp;&nbsp; Financials | 10 |
| &nbsp;&nbsp;&nbsp; Industrials | 9.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 8.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 8.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.6 |
| &nbsp;&nbsp;&nbsp; Materials | 2.9 |
| &nbsp;&nbsp;&nbsp; Energy | 2 |
| &nbsp;&nbsp;&nbsp; Utilities | 1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

------

**1290 VT SOCIALLY RESPONSIBLE PORTFOLIO (Unaudited)** 

in the first line under the heading entitled ''Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.80 | $4.61 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.60 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1003.90 | 4.61 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.60 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.91% and 0.91%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.91% and 0.91%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.91% and 0.91%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.91% and 0.91%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (8.2%)** | **Communication Services (8.2%)** | **Communication Services (8.2%)** |  |
|  ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** | **** |
|  Liberty Global plc, Class A\* | 1914 | $36232 |  |
|  Liberty Global plc, Class C\* | 3167 | 61535 |  |
|  Lumen Technologies, Inc. | 10645 | 55567 |  |
|  Verizon Communications, Inc. | 48231 | 1900301 |  |
|  |  | 2053635 |  |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | **** |
|  Electronic Arts, Inc. | 3183 | 388899 |  |
|  Walt Disney Co. (The)\* | 20940 | 1819267 |  |
|  Warner Bros Discovery, Inc.\* | 26276 | 249097 |  |
|  |  | 2457263 |  |
|  ***Interactive Media & Services (5.8%)*** | ***Interactive Media & Services (5.8%)*** | ***Interactive Media & Services (5.8%)*** | **** |
|  Alphabet, Inc., Class A\* | 68762 | 6066871 |  |
|  Alphabet, Inc., Class C\* | 63609 | 5644027 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 3086 | 92919 |  |
|  |  | 11803817 |  |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** | **** |
|  Cable One, Inc. | 60 | 42712 |  |
|  John Wiley & Sons, Inc., Class A | 514 | 20591 |  |
|  New York Times Co. (The), Class A | 1836 | 59597 |  |
|  Omnicom Group, Inc. | 2350 | 191689 |  |
|  Scholastic Corp. | 344 | 13574 |  |
|  |  | 328163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 16642878 |  |
|  **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aptiv plc\* | 3130 | 291497 |  |
|  Autoliv, Inc. | 957 | 73287 |  |
|  BorgWarner, Inc. | 2710 | 109078 |  |
|  |  | 473862 |  |
|  ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** | **** |
|  Harley-Davidson, Inc. | 1638 | 68141 |  |
|  Lucid Group, Inc. (x)\* | 4672 | 31909 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 3646 | 67196 |  |
|  Tesla, Inc.\* | 30545 | 3762533 |  |
|  |  | 3929779 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  LKQ Corp. | 2965 | 158361 |  |
|  Pool Corp. | 447 | 135141 |  |
|  |  | 293502 |  |
|  ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** | **** |
|  Aramark | 2604 | 107649 |  |
|  Booking Holdings, Inc.\* | 455 | 916952 |  |
|  Choice Hotels International, Inc. | 399 | 44943 |  |
|  Darden Restaurants, Inc. | 1388 | 192002 |  |
|  Domino's Pizza, Inc. | 413 | 143063 |  |
|  Hilton Worldwide Holdings, Inc. | 3140 | 396770 |  |
|  Jack in the Box, Inc. | 238 | 16239 |  |
|  Marriott International, Inc., Class A | 3158 | 470195 |  |
|  McDonald's Corp. | 8445 | 2225511 |  |
|  Royal Caribbean Cruises Ltd.\* | 2607 | 128864 |  |
|  Starbucks Corp. | 13197 | 1309143 |  |
|  Vail Resorts, Inc. | 471 | 112263 |  |
|  |  | 6063594 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  Ethan Allen Interiors, Inc. | 235 | 6209 |  |
|  Garmin Ltd. | 1771 | 163446 |  |
|  La-Z-Boy, Inc. | 547 | 12482 |  |
|  Meritage Homes Corp.\* | 414 | 38171 |  |
|  Mohawk Industries, Inc.\* | 555 | 56732 |  |
|  Newell Brands, Inc. | 4545 | 59449 |  |
|  Whirlpool Corp. | 607 | 85866 |  |
|  |  | 422355 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Hasbro, Inc. | 1524 | 92979 |  |
|  Mattel, Inc.\* | 4134 | 73751 |  |
|  Topgolf Callaway Brands Corp.\* | 1567 | 30948 |  |
|  |  | 197678 |  |
|  ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | **** |
|  Kohl's Corp. | 1407 | 35527 |  |
|  Nordstrom, Inc. (x) | 1304 | 21046 |  |
|  Target Corp. | 5269 | 785292 |  |
|  |  | 841865 |  |
|  ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | **** |
|  AutoNation, Inc.\* | 424 | 45495 |  |
|  Best Buy Co., Inc. | 2327 | 186649 |  |
|  Buckle, Inc. (The) | 355 | 16099 |  |
|  CarMax, Inc.\* | 1826 | 111185 |  |
|  Foot Locker, Inc. | 1017 | 38433 |  |
|  GameStop Corp., Class A (x)\* | 2972 | 54863 |  |
|  Gap, Inc. (The) | 2078 | 23440 |  |
|  Home Depot, Inc. (The) | 11740 | 3708196 |  |
|  Lowe's Cos., Inc. | 7105 | 1415600 |  |
|  ODP Corp. (The)\* | 473 | 21540 |  |
|  Signet Jewelers Ltd. | 593 | 40324 |  |
|  Tractor Supply Co. | 1269 | 285487 |  |
|  Ulta Beauty, Inc.\* | 595 | 279097 |  |
|  |  | 6226408 |  |
|  ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | **** |
|  Capri Holdings Ltd.\* | 1539 | 88215 |  |
|  Columbia Sportswear Co. | 394 | 34507 |  |
|  Deckers Outdoor Corp.\* | 311 | 124139 |  |
|  Hanesbrands, Inc. | 3990 | 25376 |  |
|  NIKE, Inc., Class B | 14465 | 1692550 |  |
|  PVH Corp. | 806 | 56896 |  |
|  Under Armour, Inc., Class A\* | 2099 | 21326 |  |
|  Under Armour, Inc., Class C\* | 2595 | 23147 |  |
|  VF Corp. | 3790 | 104642 |  |
|  Wolverine World Wide, Inc. | 958 | 10470 |  |
|  |  | 2181268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 20630311 |  |
|  **Consumer Staples (8.7%)** | **Consumer Staples (8.7%)** | **Consumer Staples (8.7%)** |  |
|  ***Beverages (3.0%)*** | ***Beverages (3.0%)*** | ***Beverages (3.0%)*** | **** |
|  Coca-Cola Co. (The) | 47125 | 2997621 |  |
|  Keurig Dr Pepper, Inc. | 8916 | 317945 |  |
|  PepsiCo, Inc. | 15832 | 2860209 |  |
|  |  | 6175775 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** | |
|  ***Food & Staples Retailing (0.4%)*** | ***Food & Staples Retailing (0.4%)*** | ***Food & Staples Retailing (0.4%)*** | **** |
|  Kroger Co. (The) | 7782 | $346922 |  |
|  Sysco Corp. | 5794 | 442951 |  |
|  United Natural Foods, Inc.\* | 720 | 27871 |  |
|  |  | 817744 |  |
|  ***Food Products (2.1%)*** | ***Food Products (2.1%)*** | ***Food Products (2.1%)*** | **** |
|  Archer-Daniels-Midland Co. | 6417 | 595818 |  |
|  Bunge Ltd. | 1742 | 173799 |  |
|  Campbell Soup Co. | 2387 | 135462 |  |
|  Conagra Brands, Inc. | 5524 | 213779 |  |
|  Darling Ingredients, Inc.\* | 1817 | 113726 |  |
|  General Mills, Inc. | 6819 | 571773 |  |
|  Hain Celestial Group, Inc. (The)\* | 1148 | 18575 |  |
|  Hormel Foods Corp. | 3399 | 154825 |  |
|  Ingredion, Inc. | 727 | 71195 |  |
|  J M Smucker Co. (The) | 1203 | 190627 |  |
|  Kellogg Co. | 2944 | 209731 |  |
|  Kraft Heinz Co. (The) | 8388 | 341476 |  |
|  Lamb Weston Holdings, Inc. | 1641 | 146640 |  |
|  McCormick & Co., Inc. (Non-Voting) | 2862 | 237231 |  |
|  Mondelez International, Inc., Class A | 15780 | 1051737 |  |
|  |  | 4226394 |  |
|  ***Household Products (2.9%)*** | ***Household Products (2.9%)*** | ***Household Products (2.9%)*** | **** |
|  Church & Dwight Co., Inc. | 2772 | 223451 |  |
|  Clorox Co. (The) | 1422 | 199549 |  |
|  Colgate-Palmolive Co. | 9071 | 714704 |  |
|  Kimberly-Clark Corp. | 3897 | 529018 |  |
|  Procter & Gamble Co. (The) | 27357 | 4146227 |  |
|  |  | 5812949 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 2648 | 656995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 17689857 |  |
|  **Energy (2.0%)** | **Energy (2.0%)** | **Energy (2.0%)** |  |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | **** |
|  Baker Hughes Co. | 11582 | 342016 |  |
|  Core Laboratories NV | 556 | 11270 |  |
|  Halliburton Co. | 10460 | 411601 |  |
|  NOV, Inc. | 4548 | 95008 |  |
|  TechnipFMC plc\* | 4614 | 56245 |  |
|  |  | 916140 |  |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | **** |
|  Cheniere Energy, Inc. | 2573 | 385847 |  |
|  HF Sinclair Corp. | 1862 | 96619 |  |
|  Marathon Petroleum Corp. | 5708 | 664354 |  |
|  ONEOK, Inc. | 5140 | 337698 |  |
|  Phillips 66 | 5542 | 576811 |  |
|  Valero Energy Corp. | 4510 | 572139 |  |
|  Williams Cos., Inc. (The) | 14034 | 461719 |  |
|  |  | 3095187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 4011327 |  |
|  **Financials (10.0%)** | **Financials (10.0%)** | **Financials (10.0%)** |  |
|  ***Banks (1.7%)*** | ***Banks (1.7%)*** | ***Banks (1.7%)*** | **** |
|  Bank of Hawaii Corp. | 449 | 34824 |  |
|  Cathay General Bancorp | 851 | 34712 |  |
|  Citizens Financial Group, Inc. | 5724 | 225354 |  |
|  Comerica, Inc. | 1461 | 97668 |  |
|  First Republic Bank | 2110 | 257188 |  |
|  Heartland Financial USA, Inc. | 426 | 19860 |  |
|  Huntington Bancshares, Inc. | 16583 | 233820 |  |
|  International Bancshares Corp. | 664 | 30385 |  |
|  KeyCorp | 10703 | 186446 |  |
|  M&T Bank Corp. | 2010 | 291571 |  |
|  Old National Bancorp | 3257 | 58561 |  |
|  PNC Financial Services Group, Inc. (The)‡ | 4695 | 741529 |  |
|  Regions Financial Corp. | 10726 | 231253 |  |
|  SVB Financial Group\* | 683 | 157186 |  |
|  Truist Financial Corp. | 15184 | 653367 |  |
|  Umpqua Holdings Corp. | 2620 | 46767 |  |
|  Zions Bancorp NA | 1775 | 87259 |  |
|  |  | 3387750 |  |
|  ***Capital Markets (4.6%)*** | ***Capital Markets (4.6%)*** | ***Capital Markets (4.6%)*** | **** |
|  Ameriprise Financial, Inc. | 1238 | 385476 |  |
|  Bank of New York Mellon Corp. (The) | 8786 | 399939 |  |
|  BlackRock, Inc.‡ | 1726 | 1223095 |  |
|  Charles Schwab Corp. (The) | 16722 | 1392274 |  |
|  CME Group, Inc. | 4115 | 691978 |  |
|  FactSet Research Systems, Inc. | 434 | 174125 |  |
|  Franklin Resources, Inc. | 3550 | 93649 |  |
|  Intercontinental Exchange, Inc. | 6442 | 660885 |  |
|  Invesco Ltd. | 3811 | 68560 |  |
|  MarketAxess Holdings, Inc. | 426 | 118807 |  |
|  Moody's Corp. | 1891 | 526870 |  |
|  Morgan Stanley | 14740 | 1253195 |  |
|  Nasdaq, Inc. | 3936 | 241474 |  |
|  Northern Trust Corp. | 2249 | 199014 |  |
|  S&P Global, Inc. | 3919 | 1312630 |  |
|  State Street Corp. | 4187 | 324785 |  |
| T. Rowe Price Group, Inc. | 2584 | 281811 |  |
|  |  | 9348567 |  |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | **** |
|  Ally Financial, Inc. | 3524 | 86162 |  |
|  American Express Co. | 7295 | 1077836 |  |
|  Discover Financial Services | 3127 | 305914 |  |
|  Synchrony Financial | 5515 | 181223 |  |
|  |  | 1651135 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Equitable Holdings, Inc.‡ | 4209 | 120798 |  |
|  Voya Financial, Inc. (x) | 1152 | 70837 |  |
|  |  | 191635 |  |
|  ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | ***Insurance (2.8%)*** | **** |
|  Allstate Corp. (The) | 3094 | 419546 |  |
|  Arthur J Gallagher & Co. | 2434 | 458906 |  |
|  Chubb Ltd. | 4781 | 1054689 |  |
|  Hartford Financial Services Group, Inc. (The) | 3699 | 280495 |  |
|  Lincoln National Corp. | 1782 | 54743 |  |
|  Loews Corp. | 2330 | 135909 |  |
|  Marsh & McLennan Cos., Inc. | 5749 | 951345 |  |
|  Principal Financial Group, Inc. | 2854 | 239508 |  |
|  Progressive Corp. (The) | 6694 | 868279 |  |
|  Prudential Financial, Inc. | 4251 | 422804 |  |
|  Travelers Cos., Inc. (The) | 2717 | 509410 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** | |
|  Willis Towers Watson plc | 1259 | $| 307926 |  |
|  |  |  | 5703560 |  |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  New York Community Bancorp, Inc. | 7801 |  | 67089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 20349736 |  |
|  **Health Care (13.4%)** | **Health Care (13.4%)** | **Health Care (13.4%)** | **Health Care (13.4%)** |  |
|  ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | **** |
|  AbbVie, Inc. | 20278 |  | 3277128 |  |
|  Amgen, Inc. | 6147 |  | 1614448 |  |
|  Biogen, Inc.\* | 1661 |  | 459964 |  |
|  BioMarin Pharmaceutical, Inc.\* | 2139 |  | 221365 |  |
|  Gilead Sciences, Inc. | 14348 |  | 1231776 |  |
|  Vertex Pharmaceuticals, Inc.\* | 2936 |  | 847858 |  |
|  |  |  | 7652539 |  |
|  ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | ***Health Care Equipment & Supplies (1.8%)*** | **** |
|  Align Technology, Inc.\* | 840 |  | 177156 |  |
|  Becton Dickinson and Co. | 3284 |  | 835121 |  |
|  Cooper Cos., Inc. (The) | 559 |  | 184845 |  |
|  Dentsply Sirona, Inc. | 2438 |  | 77626 |  |
|  Dexcom, Inc.\* | 4538 |  | 513883 |  |
|  Edwards Lifesciences Corp.\* | 7097 |  | 529507 |  |
|  Hologic, Inc.\* | 2848 |  | 213059 |  |
|  IDEXX Laboratories, Inc.\* | 951 |  | 387970 |  |
|  Insulet Corp.\* | 788 |  | 231979 |  |
|  ResMed, Inc. | 1697 |  | 353197 |  |
|  STERIS plc | 1160 |  | 214240 |  |
|  |  |  | 3718583 |  |
|  ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | **** |
|  AmerisourceBergen Corp. | 1779 |  | 294798 |  |
|  Cardinal Health, Inc. | 3135 |  | 240987 |  |
|  Centene Corp.\* | 6543 |  | 536591 |  |
|  Cigna Corp. | 3493 |  | 1157371 |  |
|  DaVita, Inc.\* | 597 |  | 44578 |  |
|  Elevance Health, Inc. | 2747 |  | 1409129 |  |
|  HCA Healthcare, Inc. | 2629 |  | 630855 |  |
|  Henry Schein, Inc.\* | 1566 |  | 125076 |  |
|  Humana, Inc. | 1461 |  | 748310 |  |
|  Laboratory Corp. of America Holdings | 1035 |  | 243722 |  |
|  Patterson Cos., Inc. | 1020 |  | 28591 |  |
|  Pediatrix Medical Group, Inc.\* | 946 |  | 14057 |  |
|  Quest Diagnostics, Inc. | 1346 |  | 210568 |  |
|  Select Medical Holdings Corp. | 1242 |  | 30839 |  |
|  |  |  | 5715472 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  Teladoc Health, Inc.\* | 1828 |  | 43232 |  |
|  ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** | ***Life Sciences Tools & Services (2.1%)*** | **** |
|  Agilent Technologies, Inc. | 3388 |  | 507014 |  |
|  Bio-Techne Corp. | 1792 |  | 148521 |  |
|  Danaher Corp. | 7935 |  | 2106108 |  |
|  Illumina, Inc.\* | 1806 |  | 365173 |  |
|  IQVIA Holdings, Inc.\* | 2135 |  | 437440 |  |
|  Mettler-Toledo International, Inc.\* | 258 |  | 372926 |  |
|  Waters Corp.\* | 685 |  | 234667 |  |
|  West Pharmaceutical Services, Inc. | 861 |  | 202637 |  |
|  |  |  | 4374486 |  |
|  ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | **** |
|  Bristol-Myers Squibb Co. | 24527 |  | 1764718 |  |
|  Jazz Pharmaceuticals plc\* | 699 |  | 111358 |  |
|  Merck & Co., Inc. | 29054 |  | 3223541 |  |
|  Zoetis, Inc. | 5359 |  | 785361 |  |
|  |  |  | 5884978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 27389290 |  |
|  **Industrials (9.2%)** | **Industrials (9.2%)** | **Industrials (9.2%)** | **Industrials (9.2%)** |  |
|  ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | ***Air Freight & Logistics (0.9%)*** | **** |
|  CH Robinson Worldwide, Inc. | 1408 |  | 128916 |  |
|  Expeditors International of Washington, Inc. | 1860 |  | 193291 |  |
|  United Parcel Service, Inc., Class B | 8378 |  | 1456432 |  |
|  |  |  | 1778639 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Delta Air Lines, Inc.\* | 1867 |  | 61350 |  |
|  Southwest Airlines Co.\* | 1662 |  | 55959 |  |
|  |  |  | 117309 |  |
|  ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | **** |
|  A O Smith Corp. | 1484 |  | 84944 |  |
|  Allegion plc | 999 |  | 105155 |  |
|  Builders FirstSource, Inc.\* | 1787 |  | 115941 |  |
|  Carrier Global Corp. | 9634 |  | 397402 |  |
|  Fortune Brands Innovations, Inc. | 1530 |  | 87378 |  |
|  Johnson Controls International plc | 7885 |  | 504640 |  |
|  Lennox International, Inc. | 371 |  | 88754 |  |
|  Masco Corp. | 2567 |  | 119802 |  |
|  Owens Corning | 1115 |  | 95110 |  |
|  Trane Technologies plc | 2653 |  | 445943 |  |
|  |  |  | 2045069 |  |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | **** |
|  ACCO Brands Corp. | 1073 |  | 5998 |  |
|  Copart, Inc.\* | 4958 |  | 301893 |  |
|  Deluxe Corp. | 487 |  | 8269 |  |
|  HNI Corp. | 507 |  | 14414 |  |
|  Interface, Inc. | 734 |  | 7245 |  |
|  Steelcase, Inc., Class A | 1231 |  | 8703 |  |
|  Tetra Tech, Inc. | 617 |  | 89582 |  |
|  |  |  | 436104 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  EMCOR Group, Inc. | 583 |  | 86348 |  |
|  Granite Construction, Inc. | 577 |  | 20236 |  |
|  MDU Resources Group, Inc. | 2339 |  | 70965 |  |
|  Quanta Services, Inc. | 1664 |  | 237120 |  |
|  |  |  | 414669 |  |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | **** |
|  Acuity Brands, Inc. | 390 |  | 64588 |  |
|  Eaton Corp. plc | 4559 |  | 715535 |  |
|  Rockwell Automation, Inc. | 1321 |  | 340250 |  |
|  Sensata Technologies Holding plc | 1829 |  | 73855 |  |
|  |  |  | 1194228 |  |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | **** |
|  3M Co. | 6337 |  | 759933 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** | |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | **** |
|  AGCO Corp. | 741 | $102769 |  |
|  Caterpillar, Inc. | 6069 | 1453890 |  |
|  Cummins, Inc. | 1622 | 392994 |  |
|  Deere & Co. | 3324 | 1425198 |  |
|  Dover Corp. | 1641 | 222208 |  |
|  Flowserve Corp. | 1445 | 44333 |  |
|  Fortive Corp. | 3840 | 246720 |  |
|  Graco, Inc. | 1954 | 131426 |  |
|  IDEX Corp. | 859 | 196135 |  |
|  Illinois Tool Works, Inc. | 3544 | 780743 |  |
|  Ingersoll Rand, Inc. | 4615 | 241134 |  |
|  Lincoln Electric Holdings, Inc. | 611 | 88283 |  |
|  Middleby Corp. (The)\* | 598 | 80072 |  |
|  PACCAR, Inc. | 3995 | 395385 |  |
|  Parker-Hannifin Corp. | 1466 | 426606 |  |
|  Pentair plc | 1893 | 85147 |  |
|  Snap-on, Inc. | 612 | 139836 |  |
|  Stanley Black & Decker, Inc. | 1729 | 129883 |  |
|  Tennant Co. | 204 | 12560 |  |
|  Timken Co. (The) | 750 | 53003 |  |
|  Westinghouse Air Brake Technologies Corp. | 1958 | 195428 |  |
|  Xylem, Inc. | 2080 | 229986 |  |
|  |  | 7073739 |  |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | **** |
|  ASGN, Inc.\* | 606 | 49377 |  |
|  Exponent, Inc. | 588 | 58265 |  |
|  Heidrick & Struggles International, Inc. | 257 | 7188 |  |
|  ICF International, Inc. | 218 | 21593 |  |
|  Kelly Services, Inc., Class A | 381 | 6439 |  |
|  ManpowerGroup, Inc. | 559 | 46515 |  |
|  Resources Connection, Inc. | 361 | 6635 |  |
|  Robert Half International, Inc. | 1251 | 92361 |  |
|  TransUnion | 2191 | 124339 |  |
|  TrueBlue, Inc.\* | 492 | 9634 |  |
|  |  | 422346 |  |
|  ***Road & Rail (1.5%)*** | ***Road & Rail (1.5%)*** | ***Road & Rail (1.5%)*** | **** |
|  ArcBest Corp. | 298 | 20872 |  |
|  Avis Budget Group, Inc.\* | 344 | 56392 |  |
|  CSX Corp. | 24511 | 759351 |  |
|  Knight-Swift Transportation Holdings, Inc. | 1787 | 93657 |  |
|  Norfolk Southern Corp. | 2689 | 662623 |  |
|  Ryder System, Inc. | 554 | 46298 |  |
|  U-Haul Holding Co. | 1044 | 57399 |  |
|  Union Pacific Corp. | 7149 | 1480343 |  |
|  |  | 3176935 |  |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | **** |
|  Air Lease Corp. | 1260 | 48409 |  |
|  Applied Industrial Technologies, Inc. | 454 | 57218 |  |
|  Fastenal Co. | 6578 | 311271 |  |
|  Ferguson plc | 2385 | 302823 |  |
|  United Rentals, Inc.\* | 801 | 284691 |  |
|  WW Grainger, Inc. | 523 | 290919 |  |
|  |  | 1295331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 18714302 |  |
|  **Information Technology (30.7%)** | **Information Technology (30.7%)** | **Information Technology (30.7%)** |  |
|  ***Communications Equipment (1.4%)*** | ***Communications Equipment (1.4%)*** | ***Communications Equipment (1.4%)*** | **** |
|  Cisco Systems, Inc. | 47532 | 2264425 |  |
|  CommScope Holding Co., Inc.\* | 2701 | 19852 |  |
|  F5, Inc.\* | 663 | 95147 |  |
|  Motorola Solutions, Inc. | 1910 | 492226 |  |
|  |  | 2871650 |  |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | **** |
|  Cognex Corp. | 2012 | 94785 |  |
|  Corning, Inc. | 9266 | 295956 |  |
|  Flex Ltd.\* | 5157 | 110669 |  |
|  Itron, Inc.\* | 461 | 23350 |  |
|  Keysight Technologies, Inc.\* | 2052 | 351036 |  |
|  TE Connectivity Ltd. | 3659 | 420053 |  |
|  Trimble, Inc.\* | 2799 | 141518 |  |
|  Zebra Technologies Corp., Class A\* | 593 | 152051 |  |
|  |  | 1589418 |  |
|  ***IT Services (6.8%)*** | ***IT Services (6.8%)*** | ***IT Services (6.8%)*** | **** |
|  Accenture plc, Class A | 7264 | 1938326 |  |
|  Akamai Technologies, Inc.\* | 1792 | 151066 |  |
|  Automatic Data Processing, Inc. | 4757 | 1136257 |  |
|  Cognizant Technology Solutions Corp., Class A | 5892 | 336964 |  |
|  Fidelity National Information Services, Inc. | 6960 | 472236 |  |
|  International Business Machines Corp. | 10339 | 1456662 |  |
|  Mastercard, Inc., Class A | 9895 | 3440788 |  |
|  Okta, Inc.\* | 1759 | 120192 |  |
|  PayPal Holdings, Inc.\* | 12577 | 895734 |  |
|  Visa, Inc., Class A | 18750 | 3895500 |  |
|  Western Union Co. (The) | 4642 | 63920 |  |
|  |  | 13907645 |  |
|  ***Semiconductors & Semiconductor Equipment (6.1%)*** | ***Semiconductors & Semiconductor Equipment (6.1%)*** | ***Semiconductors & Semiconductor Equipment (6.1%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 18479 | 1196885 |  |
|  Analog Devices, Inc. | 5888 | 965809 |  |
|  Applied Materials, Inc. | 9848 | 958998 |  |
|  First Solar, Inc.\* | 1098 | 164470 |  |
|  Intel Corp. | 47237 | 1248474 |  |
|  Lam Research Corp. | 1568 | 659030 |  |
|  Microchip Technology, Inc. | 6324 | 444261 |  |
|  NVIDIA Corp. | 28555 | 4173028 |  |
|  NXP Semiconductors NV | 3002 | 474406 |  |
|  ON Semiconductor Corp.\* | 4952 | 308856 |  |
|  Skyworks Solutions, Inc. | 1847 | 168317 |  |
|  Texas Instruments, Inc. | 10497 | 1734314 |  |
|  |  | 12496848 |  |
|  ***Software (15.2%)*** | ***Software (15.2%)*** | ***Software (15.2%)*** | **** |
|  Adobe, Inc.\* | 5376 | 1809185 |  |
|  ANSYS, Inc.\* | 994 | 240141 |  |
|  Autodesk, Inc.\* | 2476 | 462690 |  |
|  Black Knight, Inc.\* | 1798 | 111027 |  |
|  Cadence Design Systems, Inc.\* | 3135 | 503606 |  |
|  Coupa Software, Inc.\* | 898 | 71095 |  |
|  Fair Isaac Corp.\* | 287 | 171793 |  |
|  Fortinet, Inc.\* | 7672 | 375084 |  |
|  Gen Digital, Inc. | 6880 | 147438 |  |
|  Guidewire Software, Inc.\* | 965 | 60370 |  |
|  HubSpot, Inc.\* | 522 | 150926 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br>**(Note 1)** | **Value**<br>**(Note 1)** | |
|  Intuit, Inc. | 3068 | $| 1194127 |  |
|  Microsoft Corp. | 81250 |  | 19485375 |  |
|  Oracle Corp. | 18304 |  | 1496169 |  |
|  Paycom Software, Inc.\* | 595 |  | 184634 |  |
|  PTC, Inc.\* | 1302 |  | 156292 |  |
|  RingCentral, Inc., Class A\* | 945 |  | 33453 |  |
|  Roper Technologies, Inc. | 1214 |  | 524557 |  |
|  Salesforce, Inc.\* | 11485 |  | 1522796 |  |
|  ServiceNow, Inc.\* | 2320 |  | 900786 |  |
|  Splunk, Inc.\* | 1861 |  | 160214 |  |
|  Synopsys, Inc.\* | 1750 |  | 558758 |  |
|  Teradata Corp.\* | 1235 |  | 41570 |  |
|  VMware, Inc., Class A\* | 2449 |  | 300639 |  |
|  Workday, Inc., Class A\* | 2322 |  | 388540 |  |
|  |  |  | 31051265 |  |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | **** |
|  Dell Technologies, Inc., Class C | 3113 |  | 125205 |  |
|  Hewlett Packard Enterprise Co. | 15073 |  | 240565 |  |
|  HP, Inc. | 11838 |  | 318087 |  |
|  Seagate Technology Holdings plc | 2264 |  | 119109 |  |
|  Xerox Holdings Corp. | 1274 |  | 18600 |  |
|  |  |  | 821566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 62738392 |  |
|  **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** |  |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | **** |
|  Air Products and Chemicals, Inc. | 2539 |  | 782672 |  |
|  Albemarle Corp. | 1346 |  | 291894 |  |
|  Axalta Coating Systems Ltd.\* | 2425 |  | 61765 |  |
|  Ecolab, Inc. | 2931 |  | 426636 |  |
|  HB Fuller Co. | 603 |  | 43187 |  |
|  International Flavors & Fragrances, Inc. | 2918 |  | 305923 |  |
|  Linde plc | 5705 |  | 1860857 |  |
|  Minerals Technologies, Inc. | 394 |  | 23924 |  |
|  Mosaic Co. (The) | 3952 |  | 173374 |  |
|  PPG Industries, Inc. | 2681 |  | 337109 |  |
|  Sherwin-Williams Co. (The) | 2819 |  | 669033 |  |
|  |  |  | 4976374 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Avery Dennison Corp. | 941 |  | 170321 |  |
|  Ball Corp. | 3598 |  | 184002 |  |
|  Sealed Air Corp. | 1713 |  | 85444 |  |
|  Sonoco Products Co. | 1157 |  | 70241 |  |
|  |  |  | 510008 |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | **** |
|  Compass Minerals International, Inc. | 398 |  | 16318 |  |
|  Newmont Corp. | 9123 |  | 430606 |  |
|  Schnitzer Steel Industries, Inc., Class A | 317 |  | 9716 |  |
|  |  |  | 456640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 5943022 |  |
|  **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** | **Real Estate (3.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | **** |
|  American Tower Corp. (REIT) | 5330 |  | 1129214 |  |
|  AvalonBay Communities, Inc. (REIT) | 1610 |  | 260047 |  |
|  Boston Properties, Inc. (REIT) | 1744 |  | 117860 |  |
|  Corporate Office Properties Trust (REIT) | 1237 |  | 32088 |  |
|  Crown Castle, Inc. (REIT) | 4957 |  | 672367 |  |
|  Digital Realty Trust, Inc. (REIT) | 3272 |  | 328083 |  |
|  Equinix, Inc. (REIT) | 1050 |  | 687782 |  |
|  Equity Residential (REIT) | 4080 |  | 240720 |  |
|  Federal Realty Investment Trust (REIT) | 818 |  | 82651 |  |
|  Healthpeak Properties, Inc. (REIT) | 6202 |  | 155484 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 8183 |  | 131337 |  |
|  Iron Mountain, Inc. (REIT) | 3297 |  | 164355 |  |
|  Macerich Co. (The) (REIT) | 2450 |  | 27587 |  |
|  PotlatchDeltic Corp. (REIT) | 987 |  | 43418 |  |
|  Prologis, Inc. (REIT) | 10566 |  | 1191105 |  |
|  SBA Communications Corp. (REIT) | 1240 |  | 347584 |  |
|  Simon Property Group, Inc. (REIT) | 3747 |  | 440198 |  |
|  UDR, Inc. (REIT) | 3730 |  | 144463 |  |
|  Ventas, Inc. (REIT) | 4553 |  | 205113 |  |
|  Welltower, Inc. (REIT) | 5326 |  | 349119 |  |
|  Weyerhaeuser Co. (REIT) | 8453 |  | 262043 |  |
|  |  |  | 7012618 |  |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | **** |
|  Anywhere Real Estate, Inc.\* | 1355 |  | 8659 |  |
|  CBRE Group, Inc., Class A\* | 3674 |  | 282751 |  |
|  Jones Lang LaSalle, Inc.\* | 560 |  | 89247 |  |
|  |  |  | 380657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 7393275 |  |
|  **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** | **Utilities (1.0%)** |  |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | **** |
|  Eversource Energy | 3977 |  | 333432 |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  Atmos Energy Corp. (x) | 1628 |  | 182450 |  |
|  New Jersey Resources Corp. | 1085 |  | 53838 |  |
|  UGI Corp. | 2446 |  | 90673 |  |
|  |  |  | 326961 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  Ormat Technologies, Inc. | 542 |  | 46872 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 768 |  | 34053 |  |
|  Consolidated Edison, Inc. | 4059 |  | 386863 |  |
|  Sempra Energy | 3624 |  | 560053 |  |
|  |  |  | 980969 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  American Water Works Co., Inc. | 2075 |  | 316272 |  |
|  Essential Utilities, Inc. | 2899 |  | 138369 |  |
|  |  |  | 454641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 2142875 |  |
|  **Total Common Stocks (99.8%)**<br> *(Cost $111,543,923)* |  |  | 203645265 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $75,278, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $76,787. (xx) | $75243 | $75243 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $70,815, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $77,039. (xx) | 70754 | 70754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 145997 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $145,997)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $145,997)* | 145997 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $111,689,920)* | **Total Investments in Securities (99.9%)**<br> *(Cost $111,689,920)* | 203791262 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 274793 |
|  **Net Assets (100%)** |  | $204066055 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $285,231. This was collateralized by $149,481 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $145,997 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 4695 | 1044108 | 8846 | (96081) | (345) | (214999) | 741529 | 28801 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1726 | 1709350 | 9574 | (103302) | (1165) | (391362) | 1223095 | 34911 |  |
|  **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 4209 | 147916 | 10798 | (20419) | 2082 | (19579) | 120798 | 3473 |  |
|  **Total** |  | **2901374** | **29218** | **(219802)** | **572** | **(625940)** | **2085422** | **67185** |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $16642878 | $— | $— | $16642878 |
|  Consumer Discretionary | 20630311 |  |  | 20630311 |
|  Consumer Staples | 17689857 |  |  | 17689857 |
|  Energy | 4011327 |  |  | 4011327 |
|  Financials | 20349736 |  |  | 20349736 |
|  Health Care | 27389290 |  |  | 27389290 |
|  Industrials | 18714302 |  |  | 18714302 |
|  Information Technology | 62738392 |  |  | 62738392 |
|  Materials | 5943022 |  |  | 5943022 |
|  Real Estate | 7393275 |  |  | 7393275 |
|  Utilities | 2142875 |  |  | 2142875 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 145997 |  | 145997 |
|  **Total Assets** | $**203645265** | $**145997** | $**—** | $**203791262** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**203645265** | $**145997** | $**—** | $**203791262** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 26%)\* | $11540301 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 18%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23797781 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $101160114 |
|  Aggregate gross unrealized depreciation | (8975425) |
|  Net unrealized appreciation | $92184689 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111606573 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $893,607) | $2085422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $110,650,316) | 201559843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $145,997) | 145997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 410674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 191268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 37725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 204432500 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 145997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 88820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 43592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 14050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 366445 |
|  **NET ASSETS** | $204066055 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $111215586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 92850469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $204066055 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $3,746,822 / 231,421 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.19 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $200,319,233 / 12,643,810 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.84 |

---

*(x)* *Includes value of securities on loan of $285,231.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($67,185 of dividend income received from affiliates) (net of $1,674 foreign withholding tax) | $3548830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 15827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3569859 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1134973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 557050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 210405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 57500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2059689 |
|  **NET INVESTMENT INCOME (LOSS)** | 1510170 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities ($572 realized gain (loss) from affiliates) | 1873567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities ($(625940) of change in unrealized appreciation (depreciation) from affiliates) | (64418889) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (62545322) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(61035152) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1510170 | $1224156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1873567 | 2712900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (64418889) | 58648414 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (61035152) | 62585470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (48671) | (79059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2649890) | (4311268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2698561) | (4390327) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,478 and 24,419 shares, respectively ] | 120310 | 455502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,875 and 3,836 shares, respectively ] | 48671 | 79059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (21743) and (55242) shares, respectively ] | (387135) | (987313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (218154) | (452752) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,246,600 and 2,327,101 shares, respectively ] | 22103818 | 43437443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 159,942 and 213,709 shares, respectively ] | 2649890 | 4311268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2075579) and (1465836) shares, respectively ] | (36129797) | (27184405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (11376089) | 20564306 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11594243) | 20111554 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (75327956) | 78306697 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 279394011 | 201087314 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $204066055 | $279394011 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

1290 VT SOCIALLY RESPONSIBLE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.05 | $16.41 | $14.24 | $11.20 | $12.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.10 | 0.12 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.77) | 4.87 | 2.69 | 3.26 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.65) | 4.97 | 2.81 | 3.38 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.09) | (0.11) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.24) | (0.53) | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.33) | (0.64) | (0.34) | (0.45) |
|  Net asset value, end of year | $16.19 | $21.05 | $16.41 | $14.24 | $11.20 |
|  Total return | (22.12)% | 30.33% | 19.96% | 30.24% | (4.37)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $3747 | $5132 | $4444 | $3816 | $3158 |
|  Ratio of expenses to average net assets (f) | 0.91% | 0.90% | 0.93% | 0.94% | 0.93% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.67% | 0.51% | 0.81% | 0.91% | 0.98% |
|  Portfolio turnover rate^ | 5% | 10% | 7% | 12% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.60 | $16.07 | $13.95 | $10.98 | $11.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.10 | 0.12 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.66) | 4.76 | 2.64 | 3.19 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.55) | 4.86 | 2.76 | 3.31 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.09) | (0.11) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.24) | (0.53) | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.33) | (0.64) | (0.34) | (0.45) |
|  Net asset value, end of year | $15.84 | $20.60 | $16.07 | $13.95 | $10.98 |
|  Total return | (22.12)% | 30.29% | 20.01% | 30.21% | (4.37)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137180 |
|  Ratio of expenses to average net assets (f) | 0.91% | 0.90% | 0.93% | 0.94% | 0.93% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.67% | 0.51% | 0.81% | 0.91% | 0.98% |
|  Portfolio turnover rate^ | 5% | 10% | 7% | 12% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g32m41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (20.28)% | 7.74% | 11.28 | % |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class K shares returned (20.28)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the S&P 500 Index fell 18.1%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 105 days, sometimes by as much as 19% of assets.

***What helped performance during the year:***

• The sectors contributed the most to performance were Energy and Utilities.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., Merck & Co. Inc., Eli Lilly and
Co. and ConocoPhillips Co.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Communication Services,
Financials and Real Estate.

• The stocks that detracted most from performance were Apple, Inc., Amazon.com, Inc., Microsoft Corp., Tesla, Inc. and Meta
Platforms, Inc.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when equities rallied off their lows, for instance during choppy markets in May and June, and also October and November. These
periods account for the bulk of the underperformance compared to benchmark.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; Information Technology | 23.3 | % |
| &nbsp;&nbsp;&nbsp; Health Care | 14.3 |  |
| &nbsp;&nbsp;&nbsp; Financials | 10.6 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.9 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 7.8 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.6 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.5 |  |
| &nbsp;&nbsp;&nbsp; Energy | 4.8 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 2.9 |  |
| &nbsp;&nbsp;&nbsp; Materials | 2.5 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.4 |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2.0 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 7.4 |  |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

------

**ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1009.50 | $2.99 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.23 | 3.01 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.59%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.59%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.59%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.59%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.6%)** | **Communication Services (6.6%)** | **Communication Services (6.6%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | **** |
|  AT&T, Inc. | 509325 | $9376673 |  |
|  Lumen Technologies, Inc. | 69918 | 364972 |  |
|  Verizon Communications, Inc. | 300147 | 11825792 |  |
|  |  | 21567437 |  |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | **** |
|  Activision Blizzard, Inc. | 51191 | 3918671 |  |
|  Electronic Arts, Inc. | 18785 | 2295151 |  |
|  Live Nation Entertainment, Inc.\* | 9974 | 695587 |  |
|  Netflix, Inc.\* | 31798 | 9376594 |  |
|  Take-Two Interactive Software, Inc.\* | 11126 | 1158551 |  |
|  Walt Disney Co. (The)\* | 130288 | 11319422 |  |
|  Warner Bros Discovery, Inc.\* | 156782 | 1486293 |  |
|  |  | 30250269 |  |
|  ***Interactive Media & Services (3.6%)*** | ***Interactive Media & Services (3.6%)*** | ***Interactive Media & Services (3.6%)*** | **** |
|  Alphabet, Inc., Class A\* | 427380 | 37707737 |  |
|  Alphabet, Inc., Class C\* | 379881 | 33706841 |  |
|  Match Group, Inc.\* | 19771 | 820299 |  |
|  Meta Platforms, Inc., Class A\* | 161410 | 19424080 |  |
|  |  | 91658957 |  |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | **** |
|  Charter Communications, Inc., Class A\* | 7752 | 2628703 |  |
|  Comcast Corp., Class A | 310285 | 10850667 |  |
|  DISH Network Corp., Class A(x)\* | 18230 | 255949 |  |
|  Fox Corp., Class A | 22012 | 668504 |  |
|  Fox Corp., Class B | 9940 | 282793 |  |
|  Interpublic Group of Cos., Inc. (The) | 27207 | 906265 |  |
|  News Corp., Class A | 26803 | 487815 |  |
|  News Corp., Class B | 9478 | 174774 |  |
|  Omnicom Group, Inc. | 14337 | 1169469 |  |
|  Paramount Global, Class B (x) | 37459 | 632308 |  |
|  |  | 18057247 |  |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | **** |
|  T-Mobile US, Inc.\* | 42784 | 5989760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 167523670 |  |
|  **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc\* | 19257 | 1793405 |  |
|  BorgWarner, Inc. | 16393 | 659818 |  |
|  |  | 2453223 |  |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | **** |
|  Ford Motor Co. | 283992 | 3302827 |  |
|  General Motors Co. | 102356 | 3443256 |  |
|  Tesla, Inc.\* | 191523 | 23591803 |  |
|  |  | 30337886 |  |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | **** |
|  Genuine Parts Co. | 10170 | 1764597 |  |
|  LKQ Corp. | 18581 | 992411 |  |
|  Pool Corp. | 2816 | 851361 |  |
|  |  | 3608369 |  |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | **** |
|  Booking Holdings, Inc.\* | 2792 | 5626662 |  |
|  Caesars Entertainment, Inc.\* | 15087 | 627619 |  |
|  Carnival Corp. (x)\* | 73221 | 590161 |  |
|  Chipotle Mexican Grill, Inc.\* | 1992 | 2763880 |  |
|  Darden Restaurants, Inc. | 8604 | 1190191 |  |
|  Domino's Pizza, Inc. | 2502 | 866693 |  |
|  Expedia Group, Inc.\* | 10873 | 952475 |  |
|  Hilton Worldwide Holdings, Inc. | 19583 | 2474508 |  |
|  Las Vegas Sands Corp.\* | 23262 | 1118204 |  |
|  Marriott International, Inc., Class A | 19379 | 2885339 |  |
|  McDonald's Corp. | 52416 | 13813189 |  |
|  MGM Resorts International | 23547 | 789531 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 28990 | 354838 |  |
|  Royal Caribbean Cruises Ltd.\* | 15623 | 772245 |  |
|  Starbucks Corp. | 82018 | 8136186 |  |
|  Wynn Resorts Ltd.\* | 7652 | 631060 |  |
|  Yum! Brands, Inc. | 20287 | 2598359 |  |
|  |  | 46191140 |  |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | **** |
|  DR Horton, Inc. | 22427 | 1999143 |  |
|  Garmin Ltd. | 11073 | 1021927 |  |
|  Lennar Corp., Class A | 18056 | 1634068 |  |
|  Mohawk Industries, Inc.\* | 3938 | 402542 |  |
|  Newell Brands, Inc. | 25484 | 333331 |  |
|  NVR, Inc.\* | 215 | 991705 |  |
|  PulteGroup, Inc. | 16547 | 753385 |  |
|  Whirlpool Corp. | 3975 | 562303 |  |
|  |  | 7698404 |  |
|  ***Internet & Direct Marketing Retail (2.2%)*** | ***Internet & Direct Marketing Retail (2.2%)*** | ***Internet & Direct Marketing Retail (2.2%)*** | **** |
|  Amazon.com, Inc.\* | 634033 | 53258772 |  |
|  eBay, Inc. | 39504 | 1638231 |  |
|  Etsy, Inc.\* | 8976 | 1075145 |  |
|  |  | 55972148 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 8998 | 548968 |  |
|  ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | **** |
|  Dollar General Corp. | 16118 | 3969057 |  |
|  Dollar Tree, Inc.\* | 14998 | 2121317 |  |
|  Target Corp. | 32969 | 4913700 |  |
|  |  | 11004074 |  |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | **** |
|  Advance Auto Parts, Inc. | 4279 | 629141 |  |
|  AutoZone, Inc.\* | 1368 | 3373734 |  |
|  Bath & Body Works, Inc. | 16350 | 688989 |  |
|  Best Buy Co., Inc. | 14213 | 1140025 |  |
|  CarMax, Inc.\* | 11230 | 683795 |  |
|  Home Depot, Inc. (The) | 73251 | 23137061 |  |
|  Lowe's Cos., Inc. | 44765 | 8918979 |  |
|  O'Reilly Automotive, Inc.\* | 4498 | 3796447 |  |
|  Ross Stores, Inc. | 25023 | 2904420 |  |
|  TJX Cos., Inc. (The) | 83210 | 6623516 |  |
|  Tractor Supply Co. | 7867 | 1769839 |  |
|  Ulta Beauty, Inc.\* | 3678 | 1725239 |  |
|  |  | 55391185 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | **** |
|  NIKE, Inc., Class B | 90114 | $10544239 |  |
|  Ralph Lauren Corp. | 2910 | 307500 |  |
|  Tapestry, Inc. | 17619 | 670931 |  |
|  VF Corp. | 22867 | 631358 |  |
|  |  | 12154028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 225359425 |  |
|  **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** |  |
|  ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | **** |
|  Brown-Forman Corp., Class B | 13350 | 876828 |  |
|  Coca-Cola Co. (The) | 278157 | 17693567 |  |
|  Constellation Brands, Inc., Class A | 11486 | 2661881 |  |
|  Keurig Dr Pepper, Inc. | 60388 | 2153436 |  |
|  Molson Coors Beverage Co., Class B | 13283 | 684340 |  |
|  Monster Beverage Corp.\* | 27580 | 2800197 |  |
|  PepsiCo, Inc. | 98514 | 17797539 |  |
|  |  | 44667788 |  |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  Costco Wholesale Corp. | 31640 | 14443660 |  |
|  Kroger Co. (The) | 46585 | 2076759 |  |
|  Sysco Corp. | 36537 | 2793254 |  |
|  Walgreens Boots Alliance, Inc. | 51041 | 1906892 |  |
|  Walmart, Inc. | 101177 | 14345887 |  |
|  |  | 35566452 |  |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | **** |
|  Archer-Daniels-Midland Co. | 39506 | 3668132 |  |
|  Campbell Soup Co. | 14275 | 810106 |  |
|  Conagra Brands, Inc. | 33743 | 1305854 |  |
|  General Mills, Inc. | 42262 | 3543669 |  |
|  Hershey Co. (The) | 10507 | 2433106 |  |
|  Hormel Foods Corp. | 20825 | 948579 |  |
|  J M Smucker Co. (The) | 7553 | 1196848 |  |
|  Kellogg Co. | 18330 | 1305829 |  |
|  Kraft Heinz Co. (The) | 56540 | 2301743 |  |
|  Lamb Weston Holdings, Inc. | 10136 | 905753 |  |
|  McCormick & Co., Inc. (Non-Voting) | 18096 | 1499978 |  |
|  Mondelez International, Inc., Class A | 97706 | 6512105 |  |
|  Tyson Foods, Inc., Class A | 21144 | 1316214 |  |
|  |  | 27747916 |  |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Church & Dwight Co., Inc. | 17308 | 1395198 |  |
|  Clorox Co. (The) | 8840 | 1240517 |  |
|  Colgate-Palmolive Co. | 59980 | 4725824 |  |
|  Kimberly-Clark Corp. | 24262 | 3293566 |  |
|  Procter & Gamble Co. (The) | 169792 | 25733676 |  |
|  |  | 36388781 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 16467 | 4085627 |  |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | **** |
|  Altria Group, Inc. | 128272 | 5863313 |  |
|  Philip Morris International, Inc. | 110788 | 11212854 |  |
|  |  | 17076167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 165532731 |  |
|  **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |  |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | **** |
|  Baker Hughes Co. | 71605 | 2114496 |  |
|  Halliburton Co. | 64924 | 2554759 |  |
|  Schlumberger Ltd. | 101706 | 5437203 |  |
|  |  | 10106458 |  |
|  ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | **** |
|  APA Corp. | 23562 | 1099874 |  |
|  Chevron Corp.# | 127618 | 22906155 |  |
|  ConocoPhillips | 89647 | 10578346 |  |
|  Coterra Energy, Inc. | 56975 | 1399876 |  |
|  Devon Energy Corp. | 47085 | 2896199 |  |
|  Diamondback Energy, Inc. | 12505 | 1710434 |  |
|  EOG Resources, Inc. | 42141 | 5458102 |  |
|  EQT Corp. | 26333 | 890845 |  |
|  Exxon Mobil Corp. | 295409 | 32583613 |  |
|  Hess Corp. | 20018 | 2838953 |  |
|  Kinder Morgan, Inc. | 142112 | 2569385 |  |
|  Marathon Oil Corp. | 46323 | 1253964 |  |
|  Marathon Petroleum Corp. | 34154 | 3975184 |  |
|  Occidental Petroleum Corp. | 52364 | 3298408 |  |
|  ONEOK, Inc. | 31815 | 2090245 |  |
|  Phillips 66 | 33963 | 3534869 |  |
|  Pioneer Natural Resources Co. | 16940 | 3868926 |  |
|  Targa Resources Corp. | 16136 | 1185996 |  |
|  Valero Energy Corp. | 27738 | 3518843 |  |
|  Williams Cos., Inc. (The) | 87541 | 2880099 |  |
|  |  | 110538316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 120644774 |  |
|  **Financials (10.6%)** | **Financials (10.6%)** | **Financials (10.6%)** |  |
|  ***Banks (3.5%)*** | ***Banks (3.5%)*** | ***Banks (3.5%)*** | **** |
|  Bank of America Corp. | 499052 | 16528602 |  |
|  Citigroup, Inc. | 138192 | 6250424 |  |
|  Citizens Financial Group, Inc. | 35724 | 1406454 |  |
|  Comerica, Inc. | 9100 | 608335 |  |
|  Fifth Third Bancorp | 48381 | 1587381 |  |
|  First Republic Bank | 13083 | 1594687 |  |
|  Huntington Bancshares, Inc. | 104885 | 1478878 |  |
|  JPMorgan Chase & Co. | 209614 | 28109237 |  |
|  KeyCorp | 68089 | 1186110 |  |
|  M&T Bank Corp. | 12402 | 1799034 |  |
|  PNC Financial Services Group, Inc. (The)‡ | 28974 | 4576153 |  |
|  Regions Financial Corp. | 65911 | 1421041 |  |
|  Signature Bank | 4512 | 519873 |  |
|  SVB Financial Group\* | 4140 | 952780 |  |
|  Truist Financial Corp. | 95378 | 4104115 |  |
|  US Bancorp | 97224 | 4239939 |  |
|  Wells Fargo & Co. | 271579 | 11213497 |  |
|  Zions Bancorp NA | 10636 | 522866 |  |
|  |  | 88099406 |  |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | **** |
|  Ameriprise Financial, Inc. | 7644 | 2380112 |  |
|  Bank of New York Mellon Corp. (The) | 52879 | 2407052 |  |
|  BlackRock, Inc.‡ | 10747 | 7615647 |  |
|  Cboe Global Markets, Inc. | 7712 | 967625 |  |
|  Charles Schwab Corp. (The) | 109046 | 9079170 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  CME Group, Inc. | 25565 | $| 4299010 |  |
|  FactSet Research Systems, Inc. | 2717 |  | 1090088 |  |
|  Franklin Resources, Inc. | 21067 |  | 555747 |  |
|  Goldman Sachs Group, Inc. (The) | 24261 |  | 8330742 |  |
|  Intercontinental Exchange, Inc. | 40157 |  | 4119707 |  |
|  Invesco Ltd. | 33744 |  | 607055 |  |
|  MarketAxess Holdings, Inc. | 2659 |  | 741569 |  |
|  Moody's Corp. | 11265 |  | 3138654 |  |
|  Morgan Stanley | 94673 |  | 8049098 |  |
|  MSCI, Inc. | 5747 |  | 2673332 |  |
|  Nasdaq, Inc. | 23935 |  | 1468412 |  |
|  Northern Trust Corp. | 14661 |  | 1297352 |  |
|  Raymond James Financial, Inc. | 13699 |  | 1463738 |  |
|  S&P Global, Inc. | 23968 |  | 8027842 |  |
|  State Street Corp. | 26435 |  | 2050563 |  |
| T. Rowe Price Group, Inc. | 16007 |  | 1745723 |  |
|  |  |  | 72108238 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  American Express Co. | 42766 |  | 6318677 |  |
|  Capital One Financial Corp. | 27420 |  | 2548963 |  |
|  Discover Financial Services | 19605 |  | 1917957 |  |
|  Synchrony Financial | 32887 |  | 1080667 |  |
|  |  |  | 11866264 |  |
|  ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 128832 |  | 39796205 |  |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | **** |
|  Aflac, Inc. | 40641 |  | 2923714 |  |
|  Allstate Corp. (The) | 19053 |  | 2583587 |  |
|  American International Group, Inc. | 53482 |  | 3382202 |  |
|  Aon plc, Class A | 14872 |  | 4463682 |  |
|  Arch Capital Group Ltd.\* | 26544 |  | 1666432 |  |
|  Arthur J Gallagher & Co. | 15036 |  | 2834887 |  |
|  Assurant, Inc. | 3864 |  | 483232 |  |
|  Brown & Brown, Inc. | 16908 |  | 963249 |  |
|  Chubb Ltd. | 29719 |  | 6556011 |  |
|  Cincinnati Financial Corp. | 11343 |  | 1161410 |  |
|  Everest Re Group Ltd. | 2806 |  | 929544 |  |
|  Globe Life, Inc. | 6414 |  | 773208 |  |
|  Hartford Financial Services Group, Inc. (The) | 23091 |  | 1750990 |  |
|  Lincoln National Corp. | 11346 |  | 348549 |  |
|  Loews Corp. | 14293 |  | 833711 |  |
|  Marsh & McLennan Cos., Inc. | 35515 |  | 5877022 |  |
|  MetLife, Inc. | 47343 |  | 3426213 |  |
|  Principal Financial Group, Inc. | 16551 |  | 1388960 |  |
|  Progressive Corp. (The) | 41670 |  | 5405016 |  |
|  Prudential Financial, Inc. | 26207 |  | 2606548 |  |
|  Travelers Cos., Inc. (The) | 16797 |  | 3149269 |  |
|  W R Berkley Corp. | 14650 |  | 1063150 |  |
|  Willis Towers Watson plc | 7874 |  | 1925823 |  |
|  |  |  | 56496409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 268366522 |  |
|  **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |  |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | **** |
|  AbbVie, Inc. | 126379 |  | 20424110 |  |
|  Amgen, Inc. | 38163 |  | 10023130 |  |
|  Biogen, Inc.\* | 10253 |  | 2839261 |  |
|  Gilead Sciences, Inc. | 89560 |  | 7688726 |  |
|  Incyte Corp.\* | 13047 |  | 1047935 |  |
|  Moderna, Inc.\* | 23745 |  | 4265077 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 7641 |  | 5512905 |  |
|  Vertex Pharmaceuticals, Inc.\* | 18279 |  | 5278610 |  |
|  |  |  | 57079754 |  |
|  ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | **** |
|  Abbott Laboratories | 124777 |  | 13699267 |  |
|  Align Technology, Inc.\* | 5128 |  | 1081495 |  |
|  Baxter International, Inc. | 36214 |  | 1845828 |  |
|  Becton Dickinson and Co. | 20310 |  | 5164833 |  |
|  Boston Scientific Corp.\* | 102944 |  | 4763219 |  |
|  Cooper Cos., Inc. (The) | 3469 |  | 1147094 |  |
|  Dentsply Sirona, Inc. | 15441 |  | 491641 |  |
|  Dexcom, Inc.\* | 27744 |  | 3141731 |  |
|  Edwards Lifesciences Corp.\* | 43911 |  | 3276200 |  |
|  Hologic, Inc.\* | 18053 |  | 1350545 |  |
|  IDEXX Laboratories, Inc.\* | 5987 |  | 2442456 |  |
|  Intuitive Surgical, Inc.\* | 25338 |  | 6723438 |  |
|  Medtronic plc | 94922 |  | 7377338 |  |
|  ResMed, Inc. | 10383 |  | 2161014 |  |
|  STERIS plc | 7275 |  | 1343620 |  |
|  Stryker Corp. | 24014 |  | 5871183 |  |
|  Teleflex, Inc. | 3316 |  | 827773 |  |
|  Zimmer Biomet Holdings, Inc. | 14839 |  | 1891972 |  |
|  |  |  | 64600647 |  |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | **** |
|  AmerisourceBergen Corp. | 11411 |  | 1890917 |  |
|  Cardinal Health, Inc. | 18960 |  | 1457455 |  |
|  Centene Corp.\* | 40501 |  | 3321487 |  |
|  Cigna Corp. | 21788 |  | 7219236 |  |
|  CVS Health Corp. | 93880 |  | 8748677 |  |
|  DaVita, Inc.\* | 4193 |  | 313091 |  |
|  Elevance Health, Inc. | 17094 |  | 8768709 |  |
|  HCA Healthcare, Inc. | 15225 |  | 3653391 |  |
|  Henry Schein, Inc.\* | 9665 |  | 771943 |  |
|  Humana, Inc. | 9100 |  | 4660929 |  |
|  Laboratory Corp. of America Holdings | 6443 |  | 1517198 |  |
|  McKesson Corp. | 10176 |  | 3817221 |  |
|  Molina Healthcare, Inc.\* | 4191 |  | 1383952 |  |
|  Quest Diagnostics, Inc. | 8045 |  | 1258560 |  |
|  UnitedHealth Group, Inc. | 66798 |  | 35414964 |  |
|  Universal Health Services, Inc., Class B | 4448 |  | 626679 |  |
|  |  |  | 84824409 |  |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | **** |
|  Agilent Technologies, Inc. | 21143 |  | 3164050 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 1531 |  | 643770 |  |
|  Bio-Techne Corp. | 11528 |  | 955441 |  |
|  Charles River Laboratories International, Inc.\* | 3613 |  | 787273 |  |
|  Danaher Corp. | 46813 |  | 12425106 |  |
|  Illumina, Inc.\* | 11248 |  | 2274346 |  |
|  IQVIA Holdings, Inc.\* | 13181 |  | 2700655 |  |
|  Mettler-Toledo International, Inc.\* | 1608 |  | 2324284 |  |
|  PerkinElmer, Inc. | 8877 |  | 1244733 |  |
|  Thermo Fisher Scientific, Inc. | 28020 |  | 15430334 |  |
|  Waters Corp.\* | 4283 |  | 1467270 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  West Pharmaceutical Services, Inc. | 5330 | $| 1254415 |  |
|  |  |  | 44671677 |  |
|  ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | **** |
|  Bristol-Myers Squibb Co. | 152151 |  | 10947265 |  |
|  Catalent, Inc.\* | 12636 |  | 568746 |  |
|  Eli Lilly and Co. | 56363 |  | 20619840 |  |
|  Johnson & Johnson | 187174 |  | 33064287 |  |
|  Merck & Co., Inc. | 181151 |  | 20098704 |  |
|  Organon & Co. | 17595 |  | 491428 |  |
|  Pfizer, Inc. | 401147 |  | 20554772 |  |
|  Viatris, Inc. | 86849 |  | 966629 |  |
|  Zoetis, Inc. | 33340 |  | 4885977 |  |
|  |  |  | 112197648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 363374135 |  |
|  **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |  |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | **** |
|  Boeing Co. (The)\* | 40138 |  | 7645888 |  |
|  General Dynamics Corp. | 16171 |  | 4012187 |  |
|  Howmet Aerospace, Inc. | 25906 |  | 1020955 |  |
|  Huntington Ingalls Industries, Inc. | 2781 |  | 641521 |  |
|  L3Harris Technologies, Inc. | 13737 |  | 2860181 |  |
|  Lockheed Martin Corp. | 16730 |  | 8138978 |  |
|  Northrop Grumman Corp. | 10357 |  | 5650883 |  |
|  Raytheon Technologies Corp. | 105204 |  | 10617188 |  |
|  Textron, Inc. | 15197 |  | 1075947 |  |
|  TransDigm Group, Inc. | 3662 |  | 2305778 |  |
|  |  |  | 43969506 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  CH Robinson Worldwide, Inc. | 8459 |  | 774506 |  |
|  Expeditors International of Washington, Inc. | 11428 |  | 1187598 |  |
|  FedEx Corp. | 17151 |  | 2970553 |  |
|  United Parcel Service, Inc., Class B | 52203 |  | 9074970 |  |
|  |  |  | 14007627 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 9090 |  | 390324 |  |
|  American Airlines Group, Inc.\* | 47500 |  | 604200 |  |
|  Delta Air Lines, Inc.\* | 45316 |  | 1489084 |  |
|  Southwest Airlines Co.\* | 43058 |  | 1449763 |  |
|  United Airlines Holdings, Inc.\* | 23110 |  | 871247 |  |
|  |  |  | 4804618 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 9492 |  | 543322 |  |
|  Allegion plc | 6395 |  | 673138 |  |
|  Carrier Global Corp. | 60517 |  | 2496326 |  |
|  Johnson Controls International plc | 49531 |  | 3169984 |  |
|  Masco Corp. | 15895 |  | 741820 |  |
|  Trane Technologies plc | 16632 |  | 2795673 |  |
|  |  |  | 10420263 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Cintas Corp. | 6184 |  | 2792818 |  |
|  Copart, Inc.\* | 30348 |  | 1847890 |  |
|  Republic Services, Inc. | 14746 |  | 1902086 |  |
|  Rollins, Inc. | 16753 |  | 612155 |  |
|  Waste Management, Inc. | 26747 |  | 4196069 |  |
|  |  |  | 11351018 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  Quanta Services, Inc. | 10272 |  | 1463760 |  |
|  ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | **** |
|  AMETEK, Inc. | 16333 |  | 2282047 |  |
|  Eaton Corp. plc | 28336 |  | 4447335 |  |
|  Emerson Electric Co. | 42519 |  | 4084375 |  |
|  Generac Holdings, Inc.\* | 4763 |  | 479444 |  |
|  Rockwell Automation, Inc. | 8184 |  | 2107953 |  |
|  |  |  | 13401154 |  |
|  ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | **** |
|  3M Co. | 39416 |  | 4726767 |  |
|  General Electric Co. | 78176 |  | 6550367 |  |
|  Honeywell International, Inc. | 48079 |  | 10303329 |  |
|  |  |  | 21580463 |  |
|  ***Machinery (1.7%)*** | ***Machinery (1.7%)*** | ***Machinery (1.7%)*** | ***Machinery (1.7%)*** | **** |
|  Caterpillar, Inc. | 37358 |  | 8949482 |  |
|  Cummins, Inc. | 10091 |  | 2444948 |  |
|  Deere & Co. | 19706 |  | 8449145 |  |
|  Dover Corp. | 10101 |  | 1367776 |  |
|  Fortive Corp. | 25247 |  | 1622120 |  |
|  IDEX Corp. | 5448 |  | 1243942 |  |
|  Illinois Tool Works, Inc. | 20027 |  | 4411948 |  |
|  Ingersoll Rand, Inc. | 28995 |  | 1514989 |  |
|  Nordson Corp. | 3747 |  | 890737 |  |
|  Otis Worldwide Corp. | 30020 |  | 2350866 |  |
|  PACCAR, Inc. | 24906 |  | 2464947 |  |
|  Parker-Hannifin Corp. | 9231 |  | 2686221 |  |
|  Pentair plc | 12120 |  | 545158 |  |
|  Snap-on, Inc. | 3807 |  | 869861 |  |
|  Stanley Black & Decker, Inc. | 10679 |  | 802206 |  |
|  Westinghouse Air Brake Technologies Corp.# | 13056 |  | 1303119 |  |
|  Xylem, Inc. | 12957 |  | 1432656 |  |
|  |  |  | 43350121 |  |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | **** |
|  CoStar Group, Inc.\* | 28761 |  | 2222651 |  |
|  Equifax, Inc. | 8769 |  | 1704343 |  |
|  Jacobs Solutions, Inc. | 9163 |  | 1100201 |  |
|  Leidos Holdings, Inc. | 9974 |  | 1049165 |  |
|  Robert Half International, Inc. | 7602 |  | 561256 |  |
|  Verisk Analytics, Inc. | 11087 |  | 1955968 |  |
|  |  |  | 8593584 |  |
|  ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | **** |
|  CSX Corp. | 151108 |  | 4681326 |  |
|  JB Hunt Transport Services, Inc. | 5931 |  | 1034129 |  |
|  Norfolk Southern Corp. | 16620 |  | 4095500 |  |
|  Old Dominion Freight Line, Inc. | 6498 |  | 1844002 |  |
|  Union Pacific Corp. | 44151 |  | 9142348 |  |
|  |  |  | 20797305 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Fastenal Co. | 41052 |  | 1942581 |  |
|  United Rentals, Inc.\* | 4948 |  | 1758618 |  |
|  WW Grainger, Inc. | 3189 |  | 1773881 |  |
|  |  |  | 5475080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 199214499 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Information Technology (23.3%)** | **Information Technology (23.3%)** | **Information Technology (23.3%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Arista Networks, Inc.\* | 17518 | $2125809 |  |
|  Cisco Systems, Inc. | 294213 | 14016307 |  |
|  F5, Inc.\* | 4235 | 607765 |  |
|  Juniper Networks, Inc. | 23887 | 763429 |  |
|  Motorola Solutions, Inc. | 11979 | 3087108 |  |
|  |  | 20600418 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 42773 | 3256736 |  |
|  CDW Corp. | 9562 | 1707582 |  |
|  Corning, Inc. | 54701 | 1747150 |  |
|  Keysight Technologies, Inc.\* | 12842 | 2196881 |  |
|  TE Connectivity Ltd. | 22939 | 2633397 |  |
|  Teledyne Technologies, Inc.\* | 3313 | 1324902 |  |
|  Trimble, Inc.\* | 17347 | 877064 |  |
|  Zebra Technologies Corp., Class A\* | 3633 | 931538 |  |
|  |  | 14675250 |  |
|  ***IT Services (4.0%)*** | ***IT Services (4.0%)*** | ***IT Services (4.0%)*** | **** |
|  Accenture plc, Class A | 45084 | 12030215 |  |
|  Akamai Technologies, Inc.\* | 11216 | 945509 |  |
|  Automatic Data Processing, Inc. | 29661 | 7084826 |  |
|  Broadridge Financial Solutions, Inc. | 8532 | 1144397 |  |
|  Cognizant Technology Solutions Corp., Class A | 36746 | 2101504 |  |
|  DXC Technology Co.\* | 17062 | 452143 |  |
|  EPAM Systems, Inc.\* | 4083 | 1338162 |  |
|  Fidelity National Information Services, Inc. | 42728 | 2899095 |  |
|  Fiserv, Inc.\* | 45484 | 4597068 |  |
|  FleetCor Technologies, Inc.\* | 5423 | 996097 |  |
|  Gartner, Inc.\* | 5583 | 1876670 |  |
|  Global Payments, Inc. | 19360 | 1922835 |  |
|  International Business Machines Corp. | 64595 | 9100789 |  |
|  Jack Henry & Associates, Inc. | 5240 | 919934 |  |
|  Mastercard, Inc., Class A | 60763 | 21129118 |  |
|  Paychex, Inc. | 22926 | 2649329 |  |
|  PayPal Holdings, Inc.\* | 81837 | 5828431 |  |
|  VeriSign, Inc.\* | 6652 | 1366587 |  |
|  Visa, Inc., Class A | 116850 | 24276756 |  |
|  |  | 102659465 |  |
|  ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 115274 | 7466297 |  |
|  Analog Devices, Inc. | 36879 | 6049262 |  |
|  Applied Materials, Inc. | 61696 | 6007957 |  |
|  Broadcom, Inc. | 28919 | 16169480 |  |
|  Enphase Energy, Inc.\* | 9682 | 2565343 |  |
|  First Solar, Inc.\* | 7095 | 1062760 |  |
|  Intel Corp. | 295254 | 7803563 |  |
|  KLA Corp. | 10197 | 3844575 |  |
|  Lam Research Corp. | 9744 | 4095403 |  |
|  Microchip Technology, Inc. | 39083 | 2745581 |  |
|  Micron Technology, Inc. | 78049 | 3900889 |  |
|  Monolithic Power Systems, Inc. | 3164 | 1118822 |  |
|  NVIDIA Corp. | 178262 | 26051209 |  |
|  NXP Semiconductors NV | 18587 | 2937304 |  |
|  ON Semiconductor Corp.\* | 30910 | 1927857 |  |
|  Qorvo, Inc.\* | 7540 | 683426 |  |
|  QUALCOMM, Inc. | 80159 | 8812680 |  |
|  Skyworks Solutions, Inc. | 11579 | 1055194 |  |
|  SolarEdge Technologies, Inc.\* | 3974 | 1125715 |  |
|  Teradyne, Inc. | 11045 | 964781 |  |
|  Texas Instruments, Inc. | 64997 | 10738804 |  |
|  |  | 117126902 |  |
|  ***Software (7.6%)*** | ***Software (7.6%)*** | ***Software (7.6%)*** | **** |
|  Adobe, Inc.\* | 33294 | 11204430 |  |
|  ANSYS, Inc.\* | 6315 | 1525641 |  |
|  Autodesk, Inc.\* | 15373 | 2872753 |  |
|  Cadence Design Systems, Inc.\* | 19671 | 3159949 |  |
|  Ceridian HCM Holding, Inc.\* | 10632 | 682043 |  |
|  Fortinet, Inc.\* | 46149 | 2256225 |  |
|  Gen Digital, Inc. | 42882 | 918961 |  |
|  Intuit, Inc. | 20149 | 7842394 |  |
|  Microsoft Corp. | 532826 | 127782331 |  |
|  Oracle Corp. | 109229 | 8928378 |  |
|  Paycom Software, Inc.\* | 3475 | 1078327 |  |
|  PTC, Inc.\* | 7438 | 892858 |  |
|  Roper Technologies, Inc. | 7623 | 3293822 |  |
|  Salesforce, Inc.\* | 71548 | 9486549 |  |
|  ServiceNow, Inc.\* | 14405 | 5593029 |  |
|  Synopsys, Inc.\* | 10991 | 3509316 |  |
|  Tyler Technologies, Inc.\* | 2941 | 948208 |  |
|  |  | 191975214 |  |
|  ***Technology Hardware, Storage & Peripherals (5.7%)*** | ***Technology Hardware, Storage & Peripherals (5.7%)*** | ***Technology Hardware, Storage & Peripherals (5.7%)*** | **** |
|  Apple, Inc. | 1070053 | 139031986 |  |
|  Hewlett Packard Enterprise Co. | 92168 | 1471001 |  |
|  HP, Inc. | 63811 | 1714602 |  |
|  NetApp, Inc. | 15784 | 947987 |  |
|  Seagate Technology Holdings plc (x) | 14027 | 737960 |  |
|  Western Digital Corp.\* | 22005 | 694258 |  |
|  |  | 144597794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 591635043 |  |
|  **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** |  |
|  ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | **** |
|  Air Products and Chemicals, Inc. | 15795 | 4868967 |  |
|  Albemarle Corp. | 8393 | 1820106 |  |
|  Celanese Corp. | 6936 | 709137 |  |
|  CF Industries Holdings, Inc. | 14129 | 1203791 |  |
|  Corteva, Inc. | 50876 | 2990491 |  |
|  Dow, Inc. | 50613 | 2550389 |  |
|  DuPont de Nemours, Inc. | 35595 | 2442885 |  |
|  Eastman Chemical Co. | 8762 | 713577 |  |
|  Ecolab, Inc. | 17760 | 2585146 |  |
|  FMC Corp. | 9067 | 1131561 |  |
|  International Flavors & Fragrances, Inc. | 18090 | 1896556 |  |
|  Linde plc | 35420 | 11553295 |  |
|  LyondellBasell Industries NV, Class A | 18273 | 1517207 |  |
|  Mosaic Co. (The) | 24701 | 1083633 |  |
|  PPG Industries, Inc. | 17007 | 2138460 |  |
|  Sherwin-Williams Co. (The) | 16767 | 3979312 |  |
|  |  | 43184513 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Martin Marietta Materials, Inc. | 4417 | 1492813 |  |
|  Vulcan Materials Co. | 9423 | 1650062 |  |
|  |  | 3142875 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Amcor plc | 105860 | $1260793 |  |
|  Avery Dennison Corp. | 5917 | 1070977 |  |
|  Ball Corp. | 22529 | 1152133 |  |
|  International Paper Co. | 26192 | 907029 |  |
|  Packaging Corp. of America | 6602 | 844462 |  |
|  Sealed Air Corp. | 9923 | 494959 |  |
|  Westrock Co. | 18531 | 651550 |  |
|  |  | 6381903 |  |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | **** |
|  Freeport-McMoRan, Inc. | 102829 | 3907502 |  |
|  Newmont Corp. | 56841 | 2682895 |  |
|  Nucor Corp. | 18450 | 2431895 |  |
|  Steel Dynamics, Inc. | 11937 | 1166245 |  |
|  |  | 10188537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 62897828 |  |
|  **Real Estate (2.4%)** | **Real Estate (2.4%)** | **Real Estate (2.4%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 10513 | 1531429 |  |
|  American Tower Corp. (REIT) | 33256 | 7045616 |  |
|  AvalonBay Communities, Inc. (REIT) | 9931 | 1604055 |  |
|  Boston Properties, Inc. (REIT) | 10216 | 690397 |  |
|  Camden Property Trust (REIT) | 7483 | 837198 |  |
|  Crown Castle, Inc. (REIT) | 30791 | 4176491 |  |
|  Digital Realty Trust, Inc. (REIT) | 20492 | 2054733 |  |
|  Equinix, Inc. (REIT) | 6549 | 4289792 |  |
|  Equity Residential (REIT) | 24033 | 1417947 |  |
|  Essex Property Trust, Inc. (REIT) | 4629 | 980978 |  |
|  Extra Space Storage, Inc. (REIT) | 9599 | 1412781 |  |
|  Federal Realty Investment Trust (REIT) | 5292 | 534704 |  |
|  Healthpeak Properties, Inc. (REIT) | 39008 | 977931 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 50305 | 807395 |  |
|  Invitation Homes, Inc. (REIT) | 41413 | 1227481 |  |
|  Iron Mountain, Inc. (REIT) | 20720 | 1032892 |  |
|  Kimco Realty Corp. (REIT) | 44324 | 938782 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 8192 | 1286062 |  |
|  Prologis, Inc. (REIT) | 65974 | 7437249 |  |
|  Public Storage (REIT) | 11361 | 3183239 |  |
|  Realty Income Corp. (REIT) | 44254 | 2807031 |  |
|  Regency Centers Corp. (REIT) | 10732 | 670750 |  |
|  SBA Communications Corp. (REIT) | 7757 | 2174365 |  |
|  Simon Property Group, Inc. (REIT) | 23480 | 2758430 |  |
|  UDR, Inc. (REIT) | 21543 | 834360 |  |
|  Ventas, Inc. (REIT) | 28609 | 1288836 |  |
|  VICI Properties, Inc. (REIT) | 68796 | 2228990 |  |
|  Vornado Realty Trust (REIT) | 10817 | 225102 |  |
|  Welltower, Inc. (REIT) | 33548 | 2199071 |  |
|  Weyerhaeuser Co. (REIT) | 52634 | 1631654 |  |
|  |  | 60285741 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 22637 | 1742143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 62027884 |  |
|  **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |  |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | **** |
|  Alliant Energy Corp. | 17657 | 974843 |  |
|  American Electric Power Co., Inc. | 36906 | 3504225 |  |
|  Constellation Energy Corp. | 23311 | 2009641 |  |
|  Duke Energy Corp. | 54881 | 5652194 |  |
|  Edison International | 27078 | 1722702 |  |
|  Entergy Corp. | 14606 | 1643175 |  |
|  Evergy, Inc. | 16225 | 1021039 |  |
|  Eversource Energy | 24912 | 2088622 |  |
|  Exelon Corp. | 71043 | 3071189 |  |
|  FirstEnergy Corp. | 38975 | 1634612 |  |
|  NextEra Energy, Inc. | 141283 | 11811259 |  |
|  NRG Energy, Inc. | 17230 | 548259 |  |
|  PG&E Corp.\* | 115772 | 1882453 |  |
|  Pinnacle West Capital Corp. | 7933 | 603225 |  |
|  PPL Corp. | 53447 | 1561721 |  |
|  Southern Co. (The) | 77239 | 5515637 |  |
|  Xcel Energy, Inc. | 39204 | 2748592 |  |
|  |  | 47993388 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 9927 | 1112519 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 48484 | 1394400 |  |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | **** |
|  Ameren Corp. | 18313 | 1628392 |  |
|  CenterPoint Energy, Inc. | 45380 | 1360946 |  |
|  CMS Energy Corp. | 21048 | 1332970 |  |
|  Consolidated Edison, Inc. | 25340 | 2415155 |  |
|  Dominion Energy, Inc. | 59863 | 3670799 |  |
|  DTE Energy Co. | 13851 | 1627908 |  |
|  NiSource, Inc. | 28386 | 778344 |  |
|  Public Service Enterprise Group, Inc. | 35872 | 2197877 |  |
|  Sempra Energy | 22601 | 3492759 |  |
|  WEC Energy Group, Inc. | 22552 | 2114476 |  |
|  |  | 20619626 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 12911 | 1967895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 73087828 |  |
|  **Total Common Stocks (90.6%)**<br> *(Cost $784,350,152)* |  | 2299664339 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.0%)** | **Investment Companies (2.0%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 500000 | 500000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 48667368 | 48691702 |  |
|  **Total Investment Companies** | **Total Investment Companies** | 49191702 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreement (0.0%)†** | **Repurchase Agreement (0.0%)†** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $775,537, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $790,679. (xx) | $775176 | $775176 |
|  **Total Short-Term Investments (2.0%)**<br> *(Cost $49,970,016)* | **Total Short-Term Investments (2.0%)**<br> *(Cost $49,970,016)* | 49966878 |
|  **Total Investments in Securities (92.6%)**<br> *(Cost $834,320,168)* | **Total Investments in Securities (92.6%)**<br> *(Cost $834,320,168)* | 2349631217 |
|  **Other Assets Less Liabilities (7.4%)** | **Other Assets Less Liabilities (7.4%)** | 188057566 |
|  **Net Assets (100%)** |  | $2537688783 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $3,625,051.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,785,786. This was collateralized by $563,862 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.750%, maturing 1/19/23 – 11/15/51 and by cash of $1,275,176 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 19945 | 4765558 |  | (652721) | 476662 | (1439386) | 3150113 | 128609 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 7428 | 7416036 | 287676 | (800504) | 386552 | (2026056) | 5263704 | 149450 |  |
|  **Total** |  | **12181594** | **287676** | **(1453225)** | **863214** | **(3465442)** | **8413817** | **278059** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 1234 | 3/2023 | USD | 238223700 | (7181526) |
|  |  |  |  |  | (7181526) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $167523670 | $— | $— | $167523670 |
|  Consumer Discretionary | 225359425 |  |  | 225359425 |
|  Consumer Staples | 165532731 |  |  | 165532731 |
|  Energy | 120644774 |  |  | 120644774 |
|  Financials | 268366522 |  |  | 268366522 |
|  Health Care | 363374135 |  |  | 363374135 |
|  Industrials | 199214499 |  |  | 199214499 |
|  Information Technology | 591635043 |  |  | 591635043 |
|  Materials | 62897828 |  |  | 62897828 |
|  Real Estate | 62027884 |  |  | 62027884 |
|  Utilities | 73087828 |  |  | 73087828 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 49191702 |  |  | 49191702 |
|  Repurchase Agreement |  | 775176 |  | 775176 |
|  **Total Assets** | $**2348856041** | $**775176** | $**—** | $**2349631217** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(7181526) | $— | $— | $(7181526) |
|  **Total Liabilities** | $**(7181526)** | $**—** | $**—** | $**(7181526)** |
|  **Total** | $**2341674515** | $**775176** | $**—** | $**2342449691** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(7181526) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7181526 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(110776076) | $(110776076) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110776076) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110776076) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(12556431) | $(12556431) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12556431) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12556431) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $226,390,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 34%)\* | $54056092 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 5%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402928112 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1592955884 |
|  Aggregate gross unrealized depreciation | (76629005) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516326879 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $826122812 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $2,319,840) | $8413817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $831,225,152) | 2340442224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $775,176) | 775176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 175298091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 14415400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2183081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2541541069 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1275176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 981946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 668594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 552482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 287318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 86770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3852286 |
|  **NET ASSETS** | $2537688783 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1159279440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1378409343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2537688783 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,537,688,783 / 201,663,499 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.58 |

---

*(x)* *Includes value of securities on loan of $1,785,786.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($278,059 of dividend income received from affiliates) (net of $10,117 foreign withholding tax) | $42927554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2329435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 29980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 45286969 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12897381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 3593252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 135664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 111033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 108300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 96275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 90262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17032167 |
|  **NET INVESTMENT INCOME (LOSS)** | 28254802 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($863,214 realized gain (loss) from affiliates) | 242790459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (110776076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 132014383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(3465442) of change in unrealized appreciation (depreciation) from affiliates) | (850771144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (12556431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (863327575) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (731313192) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(703058390) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $28254802 | $23411871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 132014383 | 370067902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (863327575) | 442835589 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (703058390) | 836315362 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (174617835) | (417534067) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,374,686 and 463,301 shares, respectively ] | 31044168 | 7745749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 13,373,645 and 24,954,553 shares, respectively ] | 174617835 | 417534067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (26944680) and (28251111) shares, respectively ] | (383966476) | (472289079) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (178304473) | (47009263) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1055980698) | 371772032 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3593669481 | 3221897449 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2537688783 | $3593669481 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM LARGE CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $16.88 | $14.94 | $15.33 | $12.94 | $14.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.12 | 0.18 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.54) | 3.98 | 2.26 | 3.62 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.40) | 4.10 | 2.44 | 3.86 | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.13) | (0.18) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.75) | (2.03) | (2.65) | (1.20) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.90) | (2.16) | (2.83) | (1.47) | (1.20) |
|  Net asset value, end of year | $12.58 | $16.88 | $14.94 | $15.33 | $12.94 |
|  Total return | (20.28)% | 27.86% | 16.75% | 30.06% | (6.20)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942140 |
|  Ratio of expenses to average net assets (f) | 0.58% | 0.57% | 0.59% | 0.58% | 0.58% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.97% | 0.69% | 1.15% | 1.60% | 1.36% |
|  Portfolio turnover rate^ | 2% | 3% | 7% | 4% | 4% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**ATM MID CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g03a23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (16.00)% | 5.38% | 9.68 | % |
| &nbsp;&nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Index | (13.06) | 6.71 | 10.78 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class K shares returned (16.00)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P MidCap 400<sup>®</sup> Index, which returned (13.06)% over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures and options strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the S&P MidCap 400 Index fell 13.1%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 96 days, sometimes by as much as 17%.

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Steel Dynamics, Inc., First Solar, Inc., Fair Isaac Corp. (FICO), EQT
Corp. and First Horizon Corp.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Consumer Discretionary, Technology, Real Estate, Industrials and
Health Care

• The stocks that detracted most from performance were Trex Co., Inc., Synaptics, Inc., Medical Properties Trust, Inc.,
Syneos Health, Inc. and Masimo Corp.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when mid-cap equities rallied off their lows, for instance during rising markets in July
and August, and also in October and November. These periods account for the bulk of the underperformance compared to benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 17.8% |
| &nbsp;&nbsp;&nbsp; Financials | 13.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 12.6 |
| &nbsp;&nbsp;&nbsp; Information Technology | 10.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 9.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 7.3 |
| &nbsp;&nbsp;&nbsp; Investment Company | 5.9 |
| &nbsp;&nbsp;&nbsp; Materials | 5.9 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.6 |
| &nbsp;&nbsp;&nbsp; Energy | 3.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.0 |
|  | 100.0% |

---

------

**ATM MID CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1063.20 | $3.12 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.18 | 3.06 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |  |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | **** |
|  Frontier Communications Parent, Inc.\* | 27860 | $709873 |  |
|  Iridium Communications, Inc.\* | 15731 | 808573 |  |
|  |  | 1518446 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  World Wrestling Entertainment, Inc., Class A | 5410 | 370693 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  TripAdvisor, Inc.\* | 13123 | 235951 |  |
|  Ziff Davis, Inc.\* | 5937 | 469617 |  |
|  |  | 705568 |  |
|  ***Media (1.0%)*** | ***Media (1.0%)*** | ***Media (1.0%)*** | **** |
|  Cable One, Inc. | 604 | 429963 |  |
|  John Wiley & Sons, Inc., Class A | 5365 | 214922 |  |
|  New York Times Co. (The), Class A | 20613 | 669098 |  |
|  Nexstar Media Group, Inc., Class A | 4721 | 826317 |  |
|  TEGNA, Inc. | 28051 | 594401 |  |
|  |  | 2734701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 5329408 |  |
|  **Consumer Discretionary (12.6%)** | **Consumer Discretionary (12.6%)** | **Consumer Discretionary (12.6%)** |  |
|  ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | **** |
|  Adient plc\* | 11870 | 411770 |  |
|  Dana, Inc. | 16005 | 242156 |  |
|  Fox Factory Holding Corp.\* | 5293 | 482880 |  |
|  Gentex Corp. | 29370 | 800920 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 35416 | 359473 |  |
|  Lear Corp. | 7400 | 917748 |  |
|  Visteon Corp.\* | 3534 | 462353 |  |
|  |  | 3677300 |  |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | **** |
|  Harley-Davidson, Inc. | 16631 | 691850 |  |
|  Thor Industries, Inc. (x) | 6721 | 507368 |  |
|  |  | 1199218 |  |
|  ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | **** |
|  Graham Holdings Co., Class B | 476 | 287604 |  |
|  Grand Canyon Education, Inc.\* | 3840 | 405734 |  |
|  H&R Block, Inc. | 19465 | 710667 |  |
|  Service Corp. International | 19257 | 1331429 |  |
|  |  | 2735434 |  |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | **** |
|  Boyd Gaming Corp. | 9931 | 541537 |  |
|  Choice Hotels International, Inc. | 3470 | 390861 |  |
|  Churchill Downs, Inc. | 4121 | 871303 |  |
|  Cracker Barrel Old Country Store, Inc. (x) | 2776 | 262998 |  |
|  Light & Wonder, Inc.\* | 11728 | 687261 |  |
|  Marriott Vacations Worldwide Corp. | 4798 | 645763 |  |
|  Papa John's International, Inc. | 4051 | 333438 |  |
|  Penn Entertainment, Inc.\* | 19421 | 576804 |  |
|  Texas Roadhouse, Inc. | 8366 | 760887 |  |
|  Travel + Leisure Co. | 10177 | 370443 |  |
|  Wendy's Co. (The) | 21448 | 485368 |  |
|  Wingstop, Inc. | 3732 | 513598 |  |
|  Wyndham Hotels & Resorts, Inc. | 11058 | 788546 |  |
|  |  | 7228807 |  |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | **** |
|  Helen of Troy Ltd.\* | 3014 | 334283 |  |
|  KB Home | 10371 | 330316 |  |
|  Leggett & Platt, Inc. | 16701 | 538273 |  |
|  Taylor Morrison Home Corp., Class A\* | 13565 | 411698 |  |
|  Tempur Sealy International, Inc. | 21408 | 734937 |  |
|  Toll Brothers, Inc. | 13196 | 658744 |  |
|  TopBuild Corp.\* | 4003 | 626430 |  |
|  |  | 3634681 |  |
|  ***Leisure Products (1.0%)*** | ***Leisure Products (1.0%)*** | ***Leisure Products (1.0%)*** | **** |
|  Brunswick Corp. | 9078 | 654342 |  |
|  Mattel, Inc.\* | 44535 | 794505 |  |
|  Polaris, Inc. | 6821 | 688921 |  |
|  Topgolf Callaway Brands Corp.\* | 17443 | 344499 |  |
|  YETI Holdings, Inc.\* | 10798 | 446065 |  |
|  |  | 2928332 |  |
|  ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | **** |
|  Kohl's Corp. | 14603 | 368726 |  |
|  Macy's, Inc. | 34019 | 702492 |  |
|  Nordstrom, Inc. (x) | 13946 | 225088 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 7302 | 342026 |  |
|  |  | 1638332 |  |
|  ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | **** |
|  AutoNation, Inc.\* | 4282 | 459459 |  |
|  Dick's Sporting Goods, Inc. | 6962 | 837459 |  |
|  Five Below, Inc.\* | 6950 | 1229247 |  |
|  Foot Locker, Inc. | 9912 | 374574 |  |
|  GameStop Corp., Class A (x)\* | 31567 | 582727 |  |
|  Gap, Inc. (The) | 26383 | 297600 |  |
|  Lithia Motors, Inc., Class A | 3423 | 700825 |  |
|  Murphy USA, Inc. | 2603 | 727643 |  |
|  RH\* | 2407 | 643126 |  |
|  Victoria's Secret & Co.\* | 10172 | 363954 |  |
|  Williams-Sonoma, Inc. | 8353 | 959927 |  |
|  |  | 7176541 |  |
|  ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | **** |
|  Capri Holdings Ltd.\* | 16125 | 924285 |  |
|  Carter's, Inc. | 4778 | 356487 |  |
|  Columbia Sportswear Co. | 4456 | 390256 |  |
|  Crocs, Inc.\* | 7768 | 842284 |  |
|  Deckers Outdoor Corp.\* | 3314 | 1322816 |  |
|  Hanesbrands, Inc. | 43419 | 276145 |  |
|  PVH Corp. | 8166 | 576438 |  |
|  Skechers USA, Inc., Class A\* | 16803 | 704886 |  |
|  Under Armour, Inc., Class A\* | 23614 | 239918 |  |
|  Under Armour, Inc., Class C\* | 24668 | 220039 |  |
|  |  | 5853554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 36072199 |  |
|  **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |  |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 1179 | 388504 |  |
|  Celsius Holdings, Inc.\* | 5061 | 526547 |  |
|  Coca-Cola Consolidated, Inc. | 578 | 296144 |  |
|  |  | 1211195 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 16911 | $1118832 |  |
|  Casey's General Stores, Inc. | 4665 | 1046593 |  |
|  Grocery Outlet Holding Corp.\* | 11121 | 324622 |  |
|  Performance Food Group Co.\* | 19547 | 1141349 |  |
|  Sprouts Farmers Market, Inc.\* | 13253 | 428999 |  |
|  |  | 4060395 |  |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | **** |
|  Darling Ingredients, Inc.\* | 20067 | 1255993 |  |
|  Flowers Foods, Inc. | 24055 | 691341 |  |
|  Ingredion, Inc. | 8198 | 802830 |  |
|  Lancaster Colony Corp. | 2484 | 490093 |  |
|  Pilgrim's Pride Corp.\* | 5557 | 131868 |  |
|  Post Holdings, Inc.\* | 6787 | 612595 |  |
|  |  | 3984720 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Energizer Holdings, Inc. | 8252 | 276854 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  BellRing Brands, Inc.\* | 17058 | 437367 |  |
|  Coty, Inc., Class A\* | 45571 | 390088 |  |
|  |  | 827455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 10360619 |  |
|  **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |  |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | **** |
|  ChampionX Corp. | 24961 | 723620 |  |
|  NOV, Inc. | 49181 | 1027391 |  |
|  |  | 1751011 |  |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | **** |
|  Antero Midstream Corp. | 42182 | 455144 |  |
|  Antero Resources Corp.\* | 34572 | 1071386 |  |
|  CNX Resources Corp.\* | 22596 | 380517 |  |
|  DT Midstream, Inc. | 12087 | 667927 |  |
|  Equitrans Midstream Corp. | 54506 | 365190 |  |
|  HF Sinclair Corp. | 16838 | 873724 |  |
|  Matador Resources Co. | 14037 | 803478 |  |
|  Murphy Oil Corp. | 18273 | 785922 |  |
|  PBF Energy, Inc., Class A | 14335 | 584581 |  |
|  PDC Energy, Inc. | 11537 | 732369 |  |
|  Range Resources Corp. | 30254 | 756955 |  |
|  Southwestern Energy Co.\* | 138174 | 808318 |  |
|  |  | 8285511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 10036522 |  |
|  **Financials (13.6%)** | **Financials (13.6%)** | **Financials (13.6%)** |  |
|  ***Banks (6.5%)*** | ***Banks (6.5%)*** | ***Banks (6.5%)*** | **** |
|  Associated Banc-Corp. | 18802 | 434138 |  |
|  Bank of Hawaii Corp. | 5009 | 388498 |  |
|  Bank OZK | 13850 | 554831 |  |
|  Cadence Bank | 20932 | 516183 |  |
|  Cathay General Bancorp | 9372 | 382284 |  |
|  Commerce Bancshares, Inc. | 14279 | 971972 |  |
|  Cullen/Frost Bankers, Inc. | 8040 | 1074948 |  |
|  East West Bancorp, Inc. | 17647 | 1162937 |  |
|  First Financial Bankshares, Inc. | 16340 | 562096 |  |
|  First Horizon Corp. | 67186 | 1646057 |  |
|  FNB Corp. | 44175 | 576484 |  |
|  Fulton Financial Corp. | 21083 | 354827 |  |
|  Glacier Bancorp, Inc. | 13844 | 684170 |  |
|  Hancock Whitney Corp. | 10795 | 522370 |  |
|  Home BancShares, Inc. | 23741 | 541057 |  |
|  International Bancshares Corp. | 6657 | 304624 |  |
|  Old National Bancorp | 36571 | 657547 |  |
|  PacWest Bancorp | 14833 | 340417 |  |
|  Pinnacle Financial Partners, Inc. | 9550 | 700970 |  |
|  Prosperity Bancshares, Inc. | 11410 | 829279 |  |
|  Synovus Financial Corp. | 18312 | 687616 |  |
|  Texas Capital Bancshares, Inc.\* | 6283 | 378928 |  |
|  UMB Financial Corp. | 5476 | 457356 |  |
|  Umpqua Holdings Corp. | 27336 | 487948 |  |
|  United Bankshares, Inc. | 16953 | 686427 |  |
|  Valley National Bancorp | 52930 | 598638 |  |
|  Washington Federal, Inc. | 8179 | 274405 |  |
|  Webster Financial Corp. | 21786 | 1031349 |  |
|  Wintrust Financial Corp. | 7650 | 646578 |  |
|  |  | 18454934 |  |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | **** |
|  Affiliated Managers Group, Inc. | 4717 | 747314 |  |
|  Evercore, Inc., Class A | 4525 | 493587 |  |
|  Federated Hermes, Inc., Class B | 10505 | 381436 |  |
|  Interactive Brokers Group, Inc., Class A | 12876 | 931579 |  |
|  Janus Henderson Group plc | 16690 | 392549 |  |
|  Jefferies Financial Group, Inc. | 22896 | 784875 |  |
|  SEI Investments Co. | 12829 | 747931 |  |
|  Stifel Financial Corp. | 13281 | 775212 |  |
|  |  | 5254483 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  FirstCash Holdings, Inc. | 4698 | 408303 |  |
|  Navient Corp. | 13244 | 217864 |  |
|  SLM Corp. | 31284 | 519315 |  |
|  |  | 1145482 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Voya Financial, Inc. (x) | 12166 | 748087 |  |
|  ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | **** |
|  American Financial Group, Inc. | 8742 | 1200102 |  |
|  Brighthouse Financial, Inc.\* | 8655 | 443742 |  |
|  CNO Financial Group, Inc. | 14387 | 328743 |  |
|  First American Financial Corp. | 12964 | 678536 |  |
|  Hanover Insurance Group, Inc. (The) | 4444 | 600518 |  |
|  Kemper Corp. | 8043 | 395716 |  |
|  Kinsale Capital Group, Inc. | 2692 | 704012 |  |
|  Old Republic International Corp. | 35433 | 855707 |  |
|  Primerica, Inc. | 4620 | 655208 |  |
|  Reinsurance Group of America, Inc. | 8369 | 1189151 |  |
|  RenaissanceRe Holdings Ltd. | 5472 | 1008106 |  |
|  RLI Corp. | 5042 | 661863 |  |
|  Selective Insurance Group, Inc. | 7534 | 667588 |  |
|  Unum Group | 23413 | 960635 |  |
|  |  | 10349627 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | **** |
|  Annaly Capital Management, Inc. (REIT) (x) | 58579 | 1234845 |  |
|  ***Thrifts & Mortgage Finance (0.6%)*** | ***Thrifts & Mortgage Finance (0.6%)*** | ***Thrifts & Mortgage Finance (0.6%)*** | **** |
|  Essent Group Ltd. | 13564 | 527368 |  |
|  MGIC Investment Corp. | 37189 | 483457 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  New York Community Bancorp, Inc. | 85593 | $| 736100 |  |
|  |  |  | 1746925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 38934383 |  |
|  **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** | **Health Care (9.2%)** |  |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | **** |
|  Arrowhead Pharmaceuticals, Inc.\* | 13311 |  | 539894 |  |
|  Exelixis, Inc.\* | 40560 |  | 650582 |  |
|  Halozyme Therapeutics, Inc.\* | 16929 |  | 963260 |  |
|  Neurocrine Biosciences, Inc.\* | 12064 |  | 1440924 |  |
|  United Therapeutics Corp.\* | 5707 |  | 1587060 |  |
|  |  |  | 5181720 |  |
|  ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | **** |
|  Enovis Corp.\* | 5964 |  | 319193 |  |
|  Envista Holdings Corp.\* | 20400 |  | 686868 |  |
|  Globus Medical, Inc., Class A\* | 9717 |  | 721682 |  |
|  Haemonetics Corp.\* | 6336 |  | 498326 |  |
|  ICU Medical, Inc.\* | 2519 |  | 396692 |  |
|  Inari Medical, Inc.\* | 6061 |  | 385237 |  |
|  Integra LifeSciences Holdings Corp.\* | 9150 |  | 513041 |  |
|  Lantheus Holdings, Inc.\* | 8660 |  | 441314 |  |
|  LivaNova plc\* | 6643 |  | 368952 |  |
|  Masimo Corp.\* | 6050 |  | 895098 |  |
|  Neogen Corp.\* | 27057 |  | 412078 |  |
|  Omnicell, Inc.\* | 5539 |  | 279276 |  |
|  Penumbra, Inc.\* | 4750 |  | 1056685 |  |
|  QuidelOrtho Corp.\* | 6698 |  | 573818 |  |
|  Shockwave Medical, Inc.\* | 4533 |  | 932030 |  |
|  STAAR Surgical Co.\* | 6056 |  | 293958 |  |
|  Tandem Diabetes Care, Inc.\* | 8091 |  | 363690 |  |
|  |  |  | 9137938 |  |
|  ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 11379 |  | 936719 |  |
|  Amedisys, Inc.\* | 4079 |  | 340760 |  |
|  Chemed Corp. | 1862 |  | 950421 |  |
|  Encompass Health Corp. | 12469 |  | 745771 |  |
|  HealthEquity, Inc.\* | 10632 |  | 655356 |  |
|  LHC Group, Inc.\* | 3874 |  | 626387 |  |
|  Option Care Health, Inc.\* | 19470 |  | 585852 |  |
|  Patterson Cos., Inc. | 10889 |  | 305219 |  |
|  Progyny, Inc.\* | 9418 |  | 293371 |  |
|  R1 RCM, Inc.\* | 17298 |  | 189413 |  |
|  Tenet Healthcare Corp.\* | 13596 |  | 663349 |  |
|  |  |  | 6292618 |  |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | **** |
|  Azenta, Inc.\* | 9417 |  | 548258 |  |
|  Bruker Corp. | 12523 |  | 855947 |  |
|  Medpace Holdings, Inc.\* | 3166 |  | 672490 |  |
|  Repligen Corp.\* | 6466 |  | 1094758 |  |
|  Sotera Health Co.\* | 11997 |  | 99935 |  |
|  Syneos Health, Inc.\* | 12938 |  | 474566 |  |
|  |  |  | 3745954 |  |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | **** |
|  Jazz Pharmaceuticals plc\* | 7905 |  | 1259346 |  |
|  Perrigo Co. plc | 16955 |  | 577996 |  |
|  |  |  | 1837342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 26195572 |  |
|  **Industrials (17.8%)** | **Industrials (17.8%)** | **Industrials (17.8%)** | **Industrials (17.8%)** |  |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | **** |
|  Axon Enterprise, Inc.\* | 8465 |  | 1404597 |  |
|  Curtiss-Wright Corp. | 4797 |  | 801051 |  |
|  Hexcel Corp. | 10595 |  | 623516 |  |
|  Mercury Systems, Inc.\* | 7198 |  | 322039 |  |
|  Woodward, Inc. | 7518 |  | 726314 |  |
|  |  |  | 3877517 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  GXO Logistics, Inc.\* | 14818 |  | 632580 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  JetBlue Airways Corp.\* | 40788 |  | 264306 |  |
|  ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | **** |
|  Builders FirstSource, Inc.\* | 18427 |  | 1195544 |  |
|  Carlisle Cos., Inc. | 6476 |  | 1526069 |  |
|  Fortune Brands Innovations, Inc. | 15993 |  | 913360 |  |
|  Lennox International, Inc. | 4038 |  | 966011 |  |
|  Owens Corning | 11701 |  | 998095 |  |
|  Simpson Manufacturing Co., Inc. | 5333 |  | 472824 |  |
|  Trex Co., Inc.\* | 13739 |  | 581572 |  |
|  |  |  | 6653475 |  |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | **** |
|  Brink's Co. (The) | 5816 |  | 312377 |  |
|  Clean Harbors, Inc.\* | 6289 |  | 717701 |  |
|  IAA, Inc.\* | 16704 |  | 668160 |  |
|  MSA Safety, Inc. | 4635 |  | 668321 |  |
|  Stericycle, Inc.\* | 11501 |  | 573785 |  |
|  Tetra Tech, Inc. | 6634 |  | 963190 |  |
|  |  |  | 3903534 |  |
|  ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | **** |
|  AECOM | 17485 |  | 1485001 |  |
|  Dycom Industries, Inc.\* | 3707 |  | 346975 |  |
|  EMCOR Group, Inc. | 5967 |  | 883772 |  |
|  Fluor Corp.\* | 17736 |  | 614730 |  |
|  MasTec, Inc.\* | 7363 |  | 628285 |  |
|  MDU Resources Group, Inc. | 25430 |  | 771546 |  |
|  Valmont Industries, Inc. | 2671 |  | 883220 |  |
|  |  |  | 5613529 |  |
|  ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | **** |
|  Acuity Brands, Inc. | 4027 |  | 666911 |  |
|  EnerSys | 5120 |  | 378061 |  |
|  Hubbell, Inc. | 6725 |  | 1578223 |  |
|  nVent Electric plc | 20829 |  | 801292 |  |
|  Regal Rexnord Corp. | 8283 |  | 993794 |  |
|  SunPower Corp. (x)\* | 10706 |  | 193029 |  |
|  Sunrun, Inc.\* | 26752 |  | 642583 |  |
|  Vicor Corp.\* | 2781 |  | 149479 |  |
|  |  |  | 5403372 |  |
|  ***Machinery (4.2%)*** | ***Machinery (4.2%)*** | ***Machinery (4.2%)*** | ***Machinery (4.2%)*** | **** |
|  AGCO Corp. | 7752 |  | 1075125 |  |
|  Chart Industries, Inc.\* | 5258 |  | 605879 |  |
|  Crane Holdings Co. | 5953 |  | 597979 |  |
|  Donaldson Co., Inc. | 15333 |  | 902654 |  |
|  Esab Corp. | 6497 |  | 304839 |  |
|  Flowserve Corp. | 16460 |  | 504993 |  |
|  Graco, Inc. | 21100 |  | 1419186 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  ITT, Inc. | 10348 | $| 839223 |  |
|  Kennametal, Inc. | 10088 |  | 242717 |  |
|  Lincoln Electric Holdings, Inc. | 7229 |  | 1044518 |  |
|  Middleby Corp. (The)\* | 6746 |  | 903290 |  |
|  Oshkosh Corp. | 8170 |  | 720512 |  |
|  Terex Corp. | 8399 |  | 358805 |  |
|  Timken Co. (The) | 8288 |  | 585713 |  |
|  Toro Co. (The) | 13047 |  | 1476921 |  |
|  Watts Water Technologies, Inc., Class A | 3401 |  | 497328 |  |
|  |  |  | 12079682 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Kirby Corp.\* | 7544 |  | 485456 |  |
|  ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | **** |
|  ASGN, Inc.\* | 6246 |  | 508924 |  |
|  CACI International, Inc., Class A\* | 2953 |  | 887642 |  |
|  FTI Consulting, Inc.\* | 4310 |  | 684428 |  |
|  Insperity, Inc. | 4465 |  | 507224 |  |
|  KBR, Inc. | 17177 |  | 906946 |  |
|  ManpowerGroup, Inc. | 6330 |  | 526719 |  |
|  Science Applications International Corp. | 6903 |  | 765750 |  |
|  |  |  | 4787633 |  |
|  ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | **** |
|  Avis Budget Group, Inc.\* | 3115 |  | 510642 |  |
|  Knight-Swift Transportation Holdings, Inc. | 20120 |  | 1054489 |  |
|  Landstar System, Inc. | 4498 |  | 732724 |  |
|  RXO, Inc.\* | 14405 |  | 247766 |  |
|  Ryder System, Inc. | 6292 |  | 525823 |  |
|  Saia, Inc.\* | 3329 |  | 698025 |  |
|  Werner Enterprises, Inc. | 7401 |  | 297964 |  |
|  XPO, Inc.\* | 14456 |  | 481240 |  |
|  |  |  | 4548673 |  |
|  ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | **** |
|  GATX Corp. | 4442 |  | 472362 |  |
|  MSC Industrial Direct Co., Inc., Class A | 5912 |  | 483011 |  |
|  Univar Solutions, Inc.\* | 20429 |  | 649642 |  |
|  Watsco, Inc. | 4164 |  | 1038502 |  |
|  |  |  | 2643517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 50893274 |  |
|  **Information Technology (10.9%)** | **Information Technology (10.9%)** | **Information Technology (10.9%)** | **Information Technology (10.9%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Calix, Inc.\* | 7155 |  | 489617 |  |
|  Ciena Corp.\* | 18547 |  | 945526 |  |
|  Lumentum Holdings, Inc.\* | 8538 |  | 445427 |  |
|  Viasat, Inc.\* | 9517 |  | 301213 |  |
|  |  |  | 2181783 |  |
|  ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | **** |
|  Arrow Electronics, Inc.\* | 7701 |  | 805294 |  |
|  Avnet, Inc. | 11458 |  | 476424 |  |
|  Belden, Inc. | 5359 |  | 385312 |  |
|  Cognex Corp. | 21651 |  | 1019979 |  |
|  Coherent Corp.\* | 17364 |  | 609476 |  |
|  IPG Photonics Corp.\* | 4025 |  | 381047 |  |
|  Jabil, Inc. | 16857 |  | 1149647 |  |
|  Littelfuse, Inc. | 3095 |  | 681519 |  |
|  National Instruments Corp. | 16348 |  | 603241 |  |
|  Novanta, Inc.\* | 4491 |  | 610192 |  |
|  TD SYNNEX Corp. | 5250 |  | 497227 |  |
|  Vishay Intertechnology, Inc. | 16223 |  | 349930 |  |
|  Vontier Corp. | 19894 |  | 384551 |  |
|  |  |  | 7953839 |  |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | **** |
|  Concentrix Corp. | 5305 |  | 706414 |  |
|  Euronet Worldwide, Inc.\* | 5933 |  | 559956 |  |
|  ExlService Holdings, Inc.\* | 4132 |  | 700085 |  |
|  Genpact Ltd. | 21109 |  | 977769 |  |
|  Kyndryl Holdings, Inc.\* | 25555 |  | 284172 |  |
|  Maximus, Inc. | 7626 |  | 559215 |  |
|  Western Union Co. (The) | 48204 |  | 663769 |  |
|  WEX, Inc.\* | 5459 |  | 893365 |  |
|  |  |  | 5344745 |  |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | **** |
|  Allegro MicroSystems, Inc.\* | 8144 |  | 244483 |  |
|  Amkor Technology, Inc. | 12595 |  | 302028 |  |
|  Cirrus Logic, Inc.\* | 6894 |  | 513465 |  |
|  Lattice Semiconductor Corp.\* | 17160 |  | 1113341 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 6436 |  | 405339 |  |
|  MKS Instruments, Inc. | 7199 |  | 609971 |  |
|  Power Integrations, Inc. | 7130 |  | 511364 |  |
|  Silicon Laboratories, Inc.\* | 4167 |  | 565337 |  |
|  SiTime Corp.\* | 2007 |  | 203951 |  |
|  Synaptics, Inc.\* | 4999 |  | 475705 |  |
|  Universal Display Corp. | 5425 |  | 586117 |  |
|  Wolfspeed, Inc.\* | 15593 |  | 1076541 |  |
|  |  |  | 6607642 |  |
|  ***Software (2.9%)*** | ***Software (2.9%)*** | ***Software (2.9%)*** | ***Software (2.9%)*** | **** |
|  ACI Worldwide, Inc.\* | 14069 |  | 323587 |  |
|  Aspen Technology, Inc.\* | 3649 |  | 749504 |  |
|  Blackbaud, Inc.\* | 5608 |  | 330087 |  |
|  CommVault Systems, Inc.\* | 5546 |  | 348511 |  |
|  Dynatrace, Inc.\* | 25204 |  | 965313 |  |
|  Envestnet, Inc.\* | 5450 |  | 336265 |  |
|  Fair Isaac Corp.\* | 3127 |  | 1871760 |  |
|  Manhattan Associates, Inc.\* | 7813 |  | 948498 |  |
|  NCR Corp.\* | 17202 |  | 402699 |  |
|  Paylocity Holding Corp.\* | 5163 |  | 1002964 |  |
|  Qualys, Inc.\* | 4328 |  | 485731 |  |
|  Teradata Corp.\* | 12745 |  | 428997 |  |
|  |  |  | 8193916 |  |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | **** |
|  Super Micro Computer, Inc.\* | 5793 |  | 475605 |  |
|  Xerox Holdings Corp. | 13994 |  | 204313 |  |
|  |  |  | 679918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 30961843 |  |
|  **Materials (5.9%)** | **Materials (5.9%)** | **Materials (5.9%)** | **Materials (5.9%)** |  |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | **** |
|  Ashland, Inc. | 6222 |  | 669052 |  |
|  Avient Corp. | 10752 |  | 362988 |  |
|  Cabot Corp. | 7088 |  | 473762 |  |
|  Chemours Co. (The) | 18895 |  | 578565 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Ingevity Corp.\* | 4398 | $| 309795 |  |
|  NewMarket Corp. | 849 |  | 264132 |  |
|  Olin Corp. | 15947 |  | 844234 |  |
|  RPM International, Inc. | 16164 |  | 1575182 |  |
|  Scotts Miracle-Gro Co. (The) (x) | 5069 |  | 246303 |  |
|  Sensient Technologies Corp. | 5264 |  | 383851 |  |
|  Valvoline, Inc. | 22120 |  | 722218 |  |
|  Westlake Corp. | 4347 |  | 445741 |  |
|  |  |  | 6875823 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Eagle Materials, Inc. | 4613 |  | 612837 |  |
|  ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | **** |
|  AptarGroup, Inc. | 8174 |  | 898977 |  |
|  Greif, Inc., Class A | 3205 |  | 214927 |  |
|  Silgan Holdings, Inc. | 10440 |  | 541210 |  |
|  Sonoco Products Co. | 12188 |  | 739933 |  |
|  |  |  | 2395047 |  |
|  ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | **** |
|  Alcoa Corp. | 22153 |  | 1007297 |  |
|  Cleveland-Cliffs, Inc.\* | 64518 |  | 1039385 |  |
|  Commercial Metals Co. | 14692 |  | 709624 |  |
|  MP Materials Corp.\* | 11626 |  | 282279 |  |
|  Reliance Steel & Aluminum Co. | 7349 |  | 1487732 |  |
|  Royal Gold, Inc. | 8217 |  | 926220 |  |
|  United States Steel Corp. (x) | 29331 |  | 734741 |  |
|  Worthington Industries, Inc. | 3762 |  | 187009 |  |
|  |  |  | 6374287 |  |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | **** |
|  Louisiana-Pacific Corp. | 8977 |  | 531438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 16789432 |  |
|  **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | **** |
|  Apartment Income REIT Corp. (REIT) | 18771 |  | 644033 |  |
|  Brixmor Property Group, Inc. (REIT) | 37507 |  | 850284 |  |
|  Corporate Office Properties Trust (REIT) | 14040 |  | 364198 |  |
|  Cousins Properties, Inc. (REIT) | 19072 |  | 482331 |  |
|  CubeSmart (REIT) | 28118 |  | 1131749 |  |
|  Douglas Emmett, Inc. (REIT) (x) | 22039 |  | 345572 |  |
|  EastGroup Properties, Inc. (REIT) | 5452 |  | 807223 |  |
|  EPR Properties (REIT) | 9387 |  | 354078 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 16524 |  | 797448 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 47646 |  | 918138 |  |
|  Highwoods Properties, Inc. (REIT) | 13165 |  | 368357 |  |
|  Independence Realty Trust, Inc. (REIT) | 28014 |  | 472316 |  |
|  JBG SMITH Properties (REIT) | 12395 |  | 235257 |  |
|  Kilroy Realty Corp. (REIT) | 13248 |  | 512300 |  |
|  Kite Realty Group Trust (REIT) | 27595 |  | 580875 |  |
|  Lamar Advertising Co. (REIT), Class A | 10921 |  | 1030942 |  |
|  Life Storage, Inc. (REIT) | 10652 |  | 1049222 |  |
|  Macerich Co. (The) (REIT) (x) | 26864 |  | 302489 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 74872 |  | 834074 |  |
|  National Retail Properties, Inc. (REIT) | 22368 |  | 1023560 |  |
|  National Storage Affiliates Trust (REIT) | 10571 |  | 381824 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 29298 |  | 818879 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 28312 |  | 333798 |  |
|  Pebblebrook Hotel Trust (REIT) | 16460 |  | 220399 |  |
|  Physicians Realty Trust (REIT) | 28578 |  | 413524 |  |
|  PotlatchDeltic Corp. (REIT) | 10157 |  | 446806 |  |
|  Rayonier, Inc. (REIT) | 18283 |  | 602608 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 22974 |  | 1255299 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 28913 |  | 359389 |  |
|  SL Green Realty Corp. (REIT) (x) | 8098 |  | 273065 |  |
|  Spirit Realty Capital, Inc. (REIT) | 17486 |  | 698216 |  |
|  STORE Capital Corp. (REIT) | 33270 |  | 1066636 |  |
|  |  |  | 19974889 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Jones Lang LaSalle, Inc.\* | 5943 |  | 947136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 20922025 |  |
|  **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |  |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | **** |
|  ALLETE, Inc. | 7157 |  | 461698 |  |
|  Hawaiian Electric Industries, Inc. | 13651 |  | 571294 |  |
|  IDACORP, Inc. | 6316 |  | 681181 |  |
|  OGE Energy Corp. | 25066 |  | 991360 |  |
|  PNM Resources, Inc. | 10810 |  | 527420 |  |
|  Portland General Electric Co. | 11241 |  | 550809 |  |
|  |  |  | 3783762 |  |
|  ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | **** |
|  National Fuel Gas Co. | 11434 |  | 723772 |  |
|  New Jersey Resources Corp. | 12006 |  | 595738 |  |
|  ONE Gas, Inc. | 6819 |  | 516335 |  |
|  Southwest Gas Holdings, Inc. | 7766 |  | 480560 |  |
|  Spire, Inc. | 6611 |  | 455233 |  |
|  UGI Corp. | 26215 |  | 971790 |  |
|  |  |  | 3743428 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Ormat Technologies, Inc. | 6133 |  | 530382 |  |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | **** |
|  Black Hills Corp. | 8195 |  | 576436 |  |
|  NorthWestern Corp. | 7234 |  | 429266 |  |
|  |  |  | 1005702 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  Essential Utilities, Inc. | 29884 |  | 1426364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 10489638 |  |
|  **Total Common Stocks (90.0%)**<br> *(Cost $195,564,829)* |  |  | 256984915 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (5.9%)** | **Investment Company (5.9%)** |  |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 16781869 |  | 16790260 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.1%)** | **Repurchase Agreements (1.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,579,231, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,629,589. (xx) | $2578028 | $2578028 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $500,433, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $544,414. (xx) | 500000 | 500000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $200,098, collateralized by various Common Stocks; total market value $222,129. (xx) | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 3278028 |
|  **Total Short-Term Investments (7.0%)**<br> *(Cost $20,063,034)* | **Total Short-Term Investments (7.0%)**<br> *(Cost $20,063,034)* | 20068288 |
|  **Total Investments in Securities (97.0%)**<br> *(Cost $215,627,863)* | **Total Investments in Securities (97.0%)**<br> *(Cost $215,627,863)* | 277053203 |
|  **Other Assets Less Liabilities (3.0%)** | **Other Assets Less Liabilities (3.0%)** | 8608587 |
|  **Net Assets (100%)** |  | $285661790 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,686,176. This was collateralized by $1,563,672 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.250%, maturing 2/9/23 – 8/15/51 and by cash of $3,278,028 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 117 | 3/2023 | USD | 28578420 | (587117) |
|  |  |  |  |  | (587117) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $5329408 | $— | $— | $5329408 |
|  Consumer Discretionary | 36072199 |  |  | 36072199 |
|  Consumer Staples | 10360619 |  |  | 10360619 |
|  Energy | 10036522 |  |  | 10036522 |
|  Financials | 38934383 |  |  | 38934383 |
|  Health Care | 26195572 |  |  | 26195572 |
|  Industrials | 50893274 |  |  | 50893274 |
|  Information Technology | 30961843 |  |  | 30961843 |
|  Materials | 16789432 |  |  | 16789432 |
|  Real Estate | 20922025 |  |  | 20922025 |
|  Utilities | 10489638 |  |  | 10489638 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 16790260 |  |  | 16790260 |
|  Repurchase Agreements |  | 3278028 |  | 3278028 |
|  **Total Assets** | $**273775175** | $**3278028** | $**—** | $**277053203** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(587117) | $— | $— | $(587117) |
|  **Total Liabilities** | $**(587117)** | $**—** | $**—** | $**(587117)** |
|  **Total** | $**273188058** | $**3278028** | $**—** | $**276466086** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(587117) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587117 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(11060041) | $(11060041) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11060041) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11060041) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1336833) | $(1336833) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336833) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336833) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $23,753,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 9%)\* | $71922151 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 20%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54591242 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $81511605 |
|  Aggregate gross unrealized depreciation | (20293913) |
|  Net unrealized appreciation | $61217692 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215248394 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $212,349,835) | $273775175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $3,278,028) | 3278028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10219571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1669100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 381094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 289328265 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3278028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 156920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 81390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 47155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 32146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 70836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3666475 |
|  **NET ASSETS** | $285661790 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $242674841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 42986949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $285661790 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $285,661,790 / 40,194,511 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.11 |

---

*(x)* *Includes value of securities on loan of $4,686,176.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4446676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 142430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 92321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4681427 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1348164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 369849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 85100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1922670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (126153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1796517 |
|  **NET INVESTMENT INCOME (LOSS)** | 2884910 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 10209471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11060041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (850570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (51995853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1336833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (53332686) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (54183256) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(51298346) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2884910 | $1750863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (850570) | 40237258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (53332686) | 24845739 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (51298346) | 66833860 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (11299006) | (38556035) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,231,293 and 192,442 shares, respectively ] | 55601058 | 1781990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,605,202 and 4,451,910 shares, respectively ] | 11299006 | 38556035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4257019) and (5602447) shares, respectively ] | (32562905) | (51570372) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 34337159 | (11232347) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (28260193) | 17045478 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 313921983 | 296876505 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $285661790 | $313921983 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM MID CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.81 | $8.12 | $7.95 | $6.60 | $8.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.05 | 0.06 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.48) | 1.85 | 0.96 | 1.59 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.41) | 1.90 | 1.02 | 1.67 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.06) | (0.06) | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (1.15) | (0.79) | (0.23) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (1.21) | (0.85) | (0.32) | (0.75) |
|  Net asset value, end of year | $7.11 | $8.81 | $8.12 | $7.95 | $6.60 |
|  Total return | (16.00)% | 23.86% | 13.46% | 25.29% | (12.14) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172193 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.60% | 0.60% | 0.60% | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.62% | 0.65% | 0.66% | 0.65 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.96% | 0.56% | 0.88% | 1.10% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.92% | 0.53% | 0.84% | 1.04% | 0.95 |
|  Portfolio turnover rate^ | 20% | 17% | 23% | 23% | 22 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g03a35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (22.53) | 2.96 | 8.15 | % |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | (20.44) | 4.13 | 9.01 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class K shares returned (22.53)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Index, which returned (20.44) % over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the Russell 2000 Index fell 20.4%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 78 days, sometimes by as much as 14%.

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Antero Resources Corp., PBF Energy, Inc., Madrigal Pharmaceuticals,
Inc., Halozyme Therapeutics, Inc. and Helmerich & Payne, Inc.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Health Care, Consumer Discretionary, Financials and
Industrials.

• The stocks that detracted most from performance were Synaptics, Inc., AMC Entertainment Holdings, Inc., Omnicell, Inc.,
Intellia Therapeutics, Inc. and Rapid7, Inc.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when small-cap equities rallied off their lows, for instance during choppy markets in
February and March, and also gains in October and November. These periods account for the bulk of the underperformance compared to benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 15.6% |
| &nbsp;&nbsp;&nbsp; Health Care | 15.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 14.1 |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.5 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.5 |
| &nbsp;&nbsp;&nbsp; Energy | 6.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 5.8 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 3.9 |
| &nbsp;&nbsp;&nbsp; Materials | 3.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.2 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.9 |
|  | 100.0% |

---

------

**ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid**<br> **During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1025.90 | $3.08 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.17 | 3.07 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.3%)** | **Communication Services (2.3%)** | **Communication Services (2.3%)** |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | **** |
|  Anterix, Inc.\* | 6164 | $198296 |  |
|  ATN International, Inc. | 4130 | 187130 |  |
|  Bandwidth, Inc., Class A\* | 9201 | 211163 |  |
|  Charge Enterprises, Inc. (x)\* | 49467 | 61339 |  |
|  Cogent Communications Holdings, Inc. | 16150 | 921842 |  |
|  Consolidated Communications Holdings, Inc.\* | 27315 | 97788 |  |
|  EchoStar Corp., Class A\* | 12954 | 216073 |  |
|  Globalstar, Inc. (x)\* | 251476 | 334463 |  |
|  IDT Corp., Class B\* | 5842 | 164569 |  |
|  Iridium Communications, Inc.\* | 47463 | 2439598 |  |
|  Liberty Latin America Ltd., Class A\* | 10039 | 75594 |  |
|  Liberty Latin America Ltd., Class C\* | 59402 | 451455 |  |
|  Ooma, Inc.\* | 9713 | 132291 |  |
|  Radius Global Infrastructure, Inc.\* | 26955 | 318608 |  |
|  |  | 5810209 |  |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | **** |
|  Cinemark Holdings, Inc.\* | 41508 | 359459 |  |
|  IMAX Corp.\* | 18150 | 266079 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 4792 | 156555 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 12950 | 417378 |  |
|  Lions Gate Entertainment Corp., Class A\* | 18190 | 103865 |  |
|  Lions Gate Entertainment Corp., Class B\* | 44999 | 244344 |  |
|  Madison Square Garden Entertainment Corp.\* | 9695 | 435984 |  |
|  Marcus Corp. (The) (x) | 8563 | 123222 |  |
|  Playstudios, Inc. (x)\* | 20864 | 80952 |  |
|  Reservoir Media, Inc. (x)\* | 4776 | 28513 |  |
|  Skillz, Inc. (x)\* | 82884 | 41981 |  |
|  |  | 2258332 |  |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | **** |
|  Arena Group Holdings, Inc. (The) (x)\* | 2770 | 29390 |  |
|  Bumble, Inc., Class A\* | 32429 | 682630 |  |
|  Cargurus, Inc.\* | 39390 | 551854 |  |
|  Cars.com, Inc.\* | 25124 | 345957 |  |
|  DHI Group, Inc.\* | 10568 | 55905 |  |
|  Eventbrite, Inc., Class A\* | 27307 | 160019 |  |
|  EverQuote, Inc., Class A\* | 5770 | 85050 |  |
|  fuboTV, Inc. (x)\* | 65551 | 114059 |  |
|  Leafly Holdings, Inc. (x)\* | 1185 | 772 |  |
|  MediaAlpha, Inc., Class A\* | 10436 | 103838 |  |
|  Outbrain, Inc.\* | 9433 | 34147 |  |
|  QuinStreet, Inc.\* | 19639 | 281820 |  |
|  Shutterstock, Inc. | 9003 | 474638 |  |
|  TrueCar, Inc.\* | 34609 | 86869 |  |
|  Vimeo, Inc.\* | 55532 | 190475 |  |
|  Vinco Ventures, Inc. (x)\* | 49521 | 22978 |  |
|  Wejo Group Ltd. (x)\* | 6228 | 2996 |  |
|  Yelp, Inc.\* | 25910 | 708379 |  |
|  Ziff Davis, Inc.\* | 16958 | 1341378 |  |
|  ZipRecruiter, Inc., Class A (x)\* | 28171 | 462568 |  |
|  |  | 5735722 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 4354 | 7228 |  |
|  Advantage Solutions, Inc.\* | 31224 | 64946 |  |
|  AMC Networks, Inc., Class A\* | 12209 | 191315 |  |
|  Audacy, Inc. (x)\* | 32876 | 7400 |  |
|  Boston Omaha Corp., Class A\* | 8280 | 219420 |  |
|  Cardlytics, Inc.\* | 13278 | 76747 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 142517 | 149643 |  |
|  Cumulus Media, Inc., Class A\* | 4606 | 28603 |  |
|  Daily Journal Corp.\* | 337 | 84422 |  |
|  Entravision Communications Corp., Class A | 26873 | 128990 |  |
|  EW Scripps Co. (The), Class A\* | 25407 | 335118 |  |
|  Gambling.com Group Ltd.\* | 3175 | 29051 |  |
|  Gannett Co., Inc. (x)\* | 37685 | 76501 |  |
|  Gray Television, Inc. | 34046 | 380975 |  |
|  iHeartMedia, Inc., Class A\* | 45413 | 278382 |  |
|  Innovid Corp. (x)\* | 11675 | 19964 |  |
|  Integral Ad Science Holding Corp.\* | 15780 | 138706 |  |
|  John Wiley & Sons, Inc., Class A | 16618 | 665717 |  |
|  Loyalty Ventures, Inc. (x)\* | 6337 | 15272 |  |
|  Magnite, Inc.\* | 50645 | 536331 |  |
|  PubMatic, Inc., Class A\* | 16148 | 206856 |  |
|  Scholastic Corp. | 10515 | 414922 |  |
|  Sinclair Broadcast Group, Inc., Class A | 15173 | 235333 |  |
|  Stagwell, Inc.\* | 30601 | 190032 |  |
|  TechTarget, Inc.\* | 10494 | 462366 |  |
|  TEGNA, Inc. | 86973 | 1842958 |  |
|  Thryv Holdings, Inc.\* | 9024 | 171456 |  |
|  Urban One, Inc.\* | 3259 | 12254 |  |
|  Urban One, Inc., Class A\* | 1461 | 6647 |  |
|  WideOpenWest, Inc.\* | 19707 | 179531 |  |
|  |  | 7157086 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  Gogo, Inc.\* | 19804 | 292307 |  |
|  KORE Group Holdings, Inc. (x)\* | 8676 | 10932 |  |
|  Shenandoah Telecommunications Co. | 20271 | 321904 |  |
|  Telephone and Data Systems, Inc. | 39270 | 411942 |  |
|  United States Cellular Corp.\* | 6218 | 129645 |  |
|  |  | 1166730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 22128079 |  |
|  **Consumer Discretionary (9.5%)** | **Consumer Discretionary (9.5%)** | **Consumer Discretionary (9.5%)** |  |
|  ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | **** |
|  Adient plc\* | 36773 | 1275655 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 42867 | 335220 |  |
|  Dana, Inc. | 51262 | 775594 |  |
|  Dorman Products, Inc.\* | 9921 | 802311 |  |
|  Fox Factory Holding Corp.\* | 16480 | 1503470 |  |
|  Gentherm, Inc.\* | 12474 | 814428 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 105090 | 1066664 |  |
|  Holley, Inc.\* | 18022 | 38207 |  |
|  LCI Industries | 9584 | 886041 |  |
|  Luminar Technologies, Inc. (x)\* | 92875 | 459731 |  |
|  Modine Manufacturing Co.\* | 18679 | 370965 |  |
|  Motorcar Parts of America, Inc.\* | 6603 | 78312 |  |
|  Patrick Industries, Inc. | 9349 | 566549 |  |
|  Solid Power, Inc. (x)\* | 38262 | 97186 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Standard Motor Products, Inc. | 7794 | $| 271231 |  |
|  Stoneridge, Inc.\* | 6815 |  | 146931 |  |
|  Visteon Corp.\* | 10701 |  | 1400012 |  |
|  XPEL, Inc. (m)\* | 7774 |  | 466906 |  |
|  |  |  | 11355413 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 44102 |  | 54245 |  |
|  Cenntro Electric Group Ltd. (x)\* | 49468 |  | 21766 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 26786 |  | 7776 |  |
|  Fisker, Inc. (x)\* | 62748 |  | 456178 |  |
|  Lordstown Motors Corp. (x)\* | 42128 |  | 48026 |  |
|  Mullen Automotive, Inc. (x)\* | 38985 |  | 11150 |  |
|  Winnebago Industries, Inc. | 11415 |  | 601570 |  |
|  Workhorse Group, Inc. (x)\* | 42977 |  | 65325 |  |
|  |  |  | 1266036 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Funko, Inc., Class A (x)\* | 11281 |  | 123076 |  |
|  Weyco Group, Inc. | 1038 |  | 21964 |  |
|  |  |  | 145040 |  |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | **** |
|  2U, Inc.\* | 29654 |  | 185930 |  |
|  Adtalem Global Education, Inc.\* | 16814 |  | 596897 |  |
|  American Public Education, Inc.\* | 5785 |  | 71098 |  |
|  Beachbody Co., Inc. (The) (x)\* | 26773 |  | 14083 |  |
|  Carriage Services, Inc. | 4994 |  | 137535 |  |
|  Chegg, Inc.\* | 46696 |  | 1180008 |  |
|  Coursera, Inc.\* | 42734 |  | 505543 |  |
|  Duolingo, Inc.\* | 8793 |  | 625446 |  |
|  European Wax Center, Inc., Class A (x) | 9581 |  | 119283 |  |
|  Frontdoor, Inc.\* | 31430 |  | 653744 |  |
|  Graham Holdings Co., Class B | 1458 |  | 880938 |  |
|  Laureate Education, Inc., Class A | 50401 |  | 484858 |  |
|  Nerdy, Inc. (x)\* | 14131 |  | 31795 |  |
|  OneSpaWorld Holdings Ltd.\* | 21819 |  | 203571 |  |
|  Perdoceo Education Corp.\* | 25458 |  | 353866 |  |
|  Rover Group, Inc. (x)\* | 24813 |  | 91064 |  |
|  Strategic Education, Inc. | 9576 |  | 749992 |  |
|  Stride, Inc.\* | 16307 |  | 510083 |  |
|  Udemy, Inc.\* | 26523 |  | 279818 |  |
|  Universal Technical Institute, Inc.\* | 8040 |  | 54029 |  |
|  Vivint Smart Home, Inc.\* | 37067 |  | 441097 |  |
|  WW International, Inc.\* | 13819 |  | 53341 |  |
|  |  |  | 8224019 |  |
|  ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | **** |
|  Accel Entertainment, Inc.\* | 20448 |  | 157450 |  |
|  Bally's Corp. (x)\* | 13640 |  | 264343 |  |
|  Biglari Holdings, Inc., Class B\* | 293 |  | 40669 |  |
|  BJ's Restaurants, Inc.\* | 7045 |  | 185847 |  |
|  Bloomin' Brands, Inc. | 35414 |  | 712530 |  |
|  Bluegreen Vacations Holding Corp. | 4985 |  | 124426 |  |
|  Bowlero Corp. (x)\* | 7644 |  | 103041 |  |
|  Brinker International, Inc.\* | 18444 |  | 588548 |  |
|  Century Casinos, Inc.\* | 7054 |  | 49590 |  |
|  Cheesecake Factory, Inc. (The) (x) | 18590 |  | 589489 |  |
|  Chuy's Holdings, Inc.\* | 4637 |  | 131227 |  |
|  Cracker Barrel Old Country Store, Inc. (x) | 8524 |  | 807564 |  |
|  Dave & Buster's Entertainment, Inc.\* | 16115 |  | 571116 |  |
|  Denny's Corp.\* | 21715 |  | 199995 |  |
|  Dine Brands Global, Inc. | 6629 |  | 428233 |  |
|  El Pollo Loco Holdings, Inc. | 5860 |  | 58366 |  |
|  Everi Holdings, Inc.\* | 35532 |  | 509884 |  |
|  F45 Training Holdings, Inc. (x)\* | 8843 |  | 25203 |  |
|  First Watch Restaurant Group, Inc.\* | 4459 |  | 60330 |  |
|  Full House Resorts, Inc.\* | 8508 |  | 63980 |  |
|  Golden Entertainment, Inc.\* | 7206 |  | 269504 |  |
|  Hilton Grand Vacations, Inc.\* | 33033 |  | 1273092 |  |
|  Inspirato, Inc.\* | 2786 |  | 3315 |  |
|  Inspired Entertainment, Inc.\* | 5681 |  | 71978 |  |
|  International Game Technology plc | 37530 |  | 851180 |  |
|  Jack in the Box, Inc. | 8096 |  | 552390 |  |
|  Krispy Kreme, Inc. (x) | 28564 |  | 294781 |  |
|  Kura Sushi USA, Inc., Class A\* | 1256 |  | 59886 |  |
|  Life Time Group Holdings, Inc.\* | 17043 |  | 203834 |  |
|  Light & Wonder, Inc.\* | 36647 |  | 2147514 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 8552 |  | 65850 |  |
|  Monarch Casino & Resort, Inc.\* | 5093 |  | 391601 |  |
|  NEOGAMES SA\* | 3487 |  | 42507 |  |
|  Noodles & Co., Class A\* | 14235 |  | 78150 |  |
|  ONE Group Hospitality, Inc. (The)\* | 5707 |  | 35954 |  |
|  Papa John's International, Inc. | 12642 |  | 1040563 |  |
|  Portillo's, Inc., Class A (x)\* | 6036 |  | 98508 |  |
|  RCI Hospitality Holdings, Inc. | 3259 |  | 303706 |  |
|  Red Rock Resorts, Inc., Class A | 19429 |  | 777354 |  |
|  Rush Street Interactive, Inc.\* | 14519 |  | 52123 |  |
|  Ruth's Hospitality Group, Inc. | 8438 |  | 130620 |  |
|  SeaWorld Entertainment, Inc.\* | 15188 |  | 812710 |  |
|  Shake Shack, Inc., Class A\* | 14243 |  | 591512 |  |
|  Sonder Holdings, Inc. (x)\* | 35735 |  | 44311 |  |
|  Sweetgreen, Inc., Class A (x)\* | 31784 |  | 272389 |  |
|  Target Hospitality Corp.\* | 12967 |  | 196320 |  |
|  Texas Roadhouse, Inc. | 25356 |  | 2306128 |  |
|  Vacasa, Inc., Class A (x)\* | 20643 |  | 26010 |  |
|  Wingstop, Inc. | 11659 |  | 1604512 |  |
|  Xponential Fitness, Inc., Class A\* | 7632 |  | 175002 |  |
|  |  |  | 20445135 |  |
|  ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | **** |
|  Aterian, Inc.\* | 17850 |  | 13750 |  |
|  Beazer Homes USA, Inc.\* | 8161 |  | 104134 |  |
|  Cavco Industries, Inc.\* | 3606 |  | 815857 |  |
|  Century Communities, Inc. (x) | 11307 |  | 565463 |  |
|  Dream Finders Homes, Inc., Class A (x)\* | 6866 |  | 59460 |  |
|  Ethan Allen Interiors, Inc. | 5865 |  | 154953 |  |
|  GoPro, Inc., Class A\* | 50347 |  | 250728 |  |
|  Green Brick Partners, Inc. (x)\* | 7918 |  | 191853 |  |
|  Helen of Troy Ltd.\* | 9156 |  | 1015492 |  |
|  Hovnanian Enterprises, Inc., Class A\* | 1451 |  | 61058 |  |
|  Installed Building Products, Inc. | 9560 |  | 818336 |  |
|  iRobot Corp. (x)\* | 11504 |  | 553688 |  |
|  KB Home | 31407 |  | 1000313 |  |
|  Landsea Homes Corp.\* | 2993 |  | 15594 |  |
|  La-Z-Boy, Inc. | 17323 |  | 395311 |  |
|  Legacy Housing Corp.\* | 4741 |  | 89889 |  |
|  LGI Homes, Inc.\* | 8186 |  | 758024 |  |
|  Lifetime Brands, Inc. | 4008 |  | 30421 |  |
|  Lovesac Co. (The)\* | 3573 |  | 78642 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  M.D.C. Holdings, Inc. | 22941 | $| 724936 |  |
|  M/I Homes, Inc.\* | 10895 |  | 503131 |  |
|  Meritage Homes Corp.\* | 14063 |  | 1296609 |  |
|  Purple Innovation, Inc. (x)\* | 18508 |  | 88653 |  |
|  Skyline Champion Corp.\* | 20406 |  | 1051113 |  |
|  Snap One Holdings Corp. (x)\* | 5962 |  | 44178 |  |
|  Sonos, Inc.\* | 49578 |  | 837868 |  |
|  Taylor Morrison Home Corp., Class A\* | 40483 |  | 1228659 |  |
|  Traeger, Inc.\* | 8795 |  | 24802 |  |
|  Tri Pointe Homes, Inc.\* | 40938 |  | 761037 |  |
|  Tupperware Brands Corp.\* | 17976 |  | 74421 |  |
|  Universal Electronics, Inc.\* | 3736 |  | 77746 |  |
|  Vizio Holding Corp., Class A (x)\* | 25017 |  | 185376 |  |
|  Vuzix Corp. (x)\* | 16355 |  | 59532 |  |
|  Weber, Inc., Class A (x) | 12600 |  | 101430 |  |
|  |  |  | 14032457 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 7391 |  | 70658 |  |
|  1stdibs.com, Inc.\* | 5650 |  | 28702 |  |
|  aka Brands Holding Corp. (x)\* | 2460 |  | 3124 |  |
|  BARK, Inc. (x)\* | 20811 |  | 31008 |  |
|  Boxed, Inc. (x)\* | 3139 |  | 612 |  |
|  CarParts.com, Inc.\* | 12641 |  | 79133 |  |
|  ContextLogic, Inc., Class A\* | 220278 |  | 107430 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 3666 |  | 22656 |  |
|  Groupon, Inc. (x)\* | 9643 |  | 82737 |  |
|  Lands' End, Inc.\* | 6902 |  | 52386 |  |
|  Liquidity Services, Inc.\* | 6443 |  | 90589 |  |
|  Lulu's Fashion Lounge Holdings, Inc. (x)\* | 2122 |  | 5326 |  |
|  Overstock.com, Inc. (x)\* | 16434 |  | 318162 |  |
|  PetMed Express, Inc. (x) | 5676 |  | 100465 |  |
|  Porch Group, Inc. (x)\* | 28500 |  | 53580 |  |
|  Poshmark, Inc., Class A\* | 17678 |  | 316083 |  |
|  Quotient Technology, Inc.\* | 35549 |  | 121933 |  |
|  Qurate Retail, Inc.\* | 133180 |  | 217083 |  |
|  RealReal, Inc. (The) (x)\* | 22414 |  | 28017 |  |
|  Rent the Runway, Inc., Class A (x)\* | 13033 |  | 39751 |  |
|  Revolve Group, Inc. (x)\* | 15169 |  | 337662 |  |
|  RumbleON, Inc., Class B (x)\* | 2693 |  | 17424 |  |
|  Stitch Fix, Inc., Class A\* | 31884 |  | 99159 |  |
|  ThredUp, Inc., Class A (x)\* | 15823 |  | 20728 |  |
|  Vivid Seats, Inc., Class A (x)\* | 12936 |  | 94433 |  |
|  Xometry, Inc., Class A (x)\* | 12768 |  | 411513 |  |
|  |  |  | 2750354 |  |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | **** |
|  Acushnet Holdings Corp. | 13817 |  | 586670 |  |
|  AMMO, Inc. (x)\* | 22874 |  | 39572 |  |
|  Clarus Corp. (x) | 10267 |  | 80493 |  |
|  Johnson Outdoors, Inc., Class A | 1859 |  | 122917 |  |
|  Latham Group, Inc.\* | 19037 |  | 61299 |  |
|  Malibu Boats, Inc., Class A\* | 8667 |  | 461951 |  |
|  Marine Products Corp. | 5142 |  | 60521 |  |
|  MasterCraft Boat Holdings, Inc.\* | 4554 |  | 117812 |  |
|  Smith & Wesson Brands, Inc. | 17204 |  | 149331 |  |
|  Solo Brands, Inc., Class A (x)\* | 4173 |  | 15524 |  |
|  Sturm Ruger & Co., Inc. | 6979 |  | 353277 |  |
|  Topgolf Callaway Brands Corp.\* | 52589 |  | 1038633 |  |
|  Vista Outdoor, Inc.\* | 21163 |  | 515742 |  |
|  |  |  | 3603742 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Big Lots, Inc. | 11248 |  | 165346 |  |
|  Dillard's, Inc., Class A (x) | 1530 |  | 494496 |  |
|  Franchise Group, Inc. (x) | 10048 |  | 239343 |  |
|  |  |  | 899185 |  |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | **** |
|  Aaron's Co., Inc. (The) | 12340 |  | 147463 |  |
|  Abercrombie & Fitch Co., Class A\* | 19500 |  | 446745 |  |
|  Academy Sports & Outdoors, Inc. | 29568 |  | 1553503 |  |
|  American Eagle Outfitters, Inc. | 59918 |  | 836455 |  |
|  America's Car-Mart, Inc.\* | 1923 |  | 138956 |  |
|  Arko Corp. | 36391 |  | 315146 |  |
|  Asbury Automotive Group, Inc.\* | 8413 |  | 1508030 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 37860 |  | 95029 |  |
|  Big 5 Sporting Goods Corp. (x) | 5686 |  | 50207 |  |
|  Boot Barn Holdings, Inc.\* | 10840 |  | 677717 |  |
|  Buckle, Inc. (The) | 11217 |  | 508691 |  |
|  Build-A-Bear Workshop, Inc.\* | 3578 |  | 85300 |  |
|  Caleres, Inc. | 13645 |  | 304011 |  |
|  Camping World Holdings, Inc., Class A (x) | 15765 |  | 351875 |  |
|  Cato Corp. (The), Class A | 5860 |  | 54674 |  |
|  Chico's FAS, Inc.\* | 46707 |  | 229798 |  |
|  Children's Place, Inc. (The)\* | 3332 |  | 121351 |  |
|  Citi Trends, Inc.\* | 2098 |  | 55555 |  |
|  Conn's, Inc.\* | 3425 |  | 23564 |  |
|  Container Store Group, Inc. (The)\* | 9390 |  | 40471 |  |
|  Designer Brands, Inc., Class A | 13097 |  | 128089 |  |
|  Destination XL Group, Inc.\* | 14891 |  | 100514 |  |
|  EVgo, Inc. (x)\* | 18455 |  | 82494 |  |
|  Express, Inc. (x)\* | 16203 |  | 16527 |  |
|  Foot Locker, Inc. | 30581 |  | 1155656 |  |
|  Genesco, Inc.\* | 4947 |  | 227661 |  |
|  Group 1 Automotive, Inc. | 5382 |  | 970751 |  |
|  GrowGeneration Corp. (x)\* | 20187 |  | 79133 |  |
|  Guess?, Inc. (x) | 8026 |  | 166058 |  |
|  Haverty Furniture Cos., Inc. | 3870 |  | 115713 |  |
|  Hibbett, Inc. | 4783 |  | 326296 |  |
|  JOANN, Inc. (x) | 3397 |  | 9681 |  |
|  LL Flooring Holdings, Inc.\* | 7985 |  | 44876 |  |
|  MarineMax, Inc.\* | 8202 |  | 256066 |  |
|  Monro, Inc. | 12846 |  | 580639 |  |
|  Murphy USA, Inc. | 7914 |  | 2212280 |  |
|  National Vision Holdings, Inc.\* | 30969 |  | 1200358 |  |
|  ODP Corp. (The)\* | 15311 |  | 697263 |  |
|  OneWater Marine, Inc., Class A\* | 3106 |  | 88832 |  |
|  Party City Holdco, Inc. (x)\* | 30800 |  | 11257 |  |
|  Rent-A-Center, Inc. | 21333 |  | 481059 |  |
|  Sally Beauty Holdings, Inc.\* | 46195 |  | 578361 |  |
|  Shoe Carnival, Inc. | 4790 |  | 114529 |  |
|  Signet Jewelers Ltd. | 17252 |  | 1173136 |  |
|  Sleep Number Corp.\* | 8341 |  | 216699 |  |
|  Sonic Automotive, Inc., Class A | 7151 |  | 352330 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 9967 |  | 93789 |  |
|  Tile Shop Holdings, Inc.\* | 8579 |  | 37576 |  |
|  Tilly's, Inc., Class A\* | 5935 |  | 53712 |  |
|  Torrid Holdings, Inc. (x)\* | 5134 |  | 15197 |  |
|  TravelCenters of America, Inc.\* | 3297 |  | 147640 |  |
|  Urban Outfitters, Inc.\* | 24530 |  | 585041 |  |
|  Volta, Inc. (x)\* | 33587 |  | 11937 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Warby Parker, Inc., Class A (x)\* | 31303 | $| 422277 |  |
|  Winmark Corp. | 796 |  | 187721 |  |
|  Zumiez, Inc.\* | 4236 |  | 92091 |  |
|  |  |  | 20577780 |  |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 25097 |  | 60735 |  |
|  Crocs, Inc.\* | 23014 |  | 2495408 |  |
|  Ermenegildo Zegna NV (x) | 17904 |  | 187455 |  |
|  Fossil Group, Inc.\* | 12661 |  | 54569 |  |
|  G-III Apparel Group Ltd.\* | 17541 |  | 240487 |  |
|  Kontoor Brands, Inc. | 20480 |  | 818995 |  |
|  Movado Group, Inc. | 6306 |  | 203368 |  |
|  Oxford Industries, Inc. | 6213 |  | 578927 |  |
|  PLBY Group, Inc. (x)\* | 11684 |  | 32131 |  |
|  Rocky Brands, Inc. | 2063 |  | 48728 |  |
|  Steven Madden Ltd. | 30339 |  | 969634 |  |
|  Superior Group of Cos., Inc. | 3612 |  | 36337 |  |
|  Unifi, Inc.\* | 5772 |  | 49697 |  |
|  Wolverine World Wide, Inc. | 32850 |  | 359051 |  |
|  |  |  | 6135522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 89434683 |  |
|  **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | **** |
|  Celsius Holdings, Inc.\* | 20978 |  | 2182551 |  |
|  Coca-Cola Consolidated, Inc. | 1916 |  | 981682 |  |
|  Duckhorn Portfolio, Inc. (The)\* | 15165 |  | 251284 |  |
|  MGP Ingredients, Inc. | 5386 |  | 572963 |  |
|  National Beverage Corp.\* | 10060 |  | 468092 |  |
|  Primo Water Corp. | 59486 |  | 924412 |  |
|  Vintage Wine Estates, Inc. (x)\* | 8275 |  | 26976 |  |
|  Vita Coco Co., Inc. (The)\* | 7868 |  | 108736 |  |
|  |  |  | 5516696 |  |
|  ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | **** |
|  Andersons, Inc. (The) | 12109 |  | 423694 |  |
|  Chefs' Warehouse, Inc. (The)\* | 12751 |  | 424353 |  |
|  Fresh Market, Inc. (The) (r)\* | 14855 |  |  |  |
|  HF Foods Group, Inc. (x)\* | 11041 |  | 44826 |  |
|  Ingles Markets, Inc., Class A | 5307 |  | 511913 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 2804 |  | 25629 |  |
|  PriceSmart, Inc. | 9743 |  | 592180 |  |
|  Rite Aid Corp.\* | 22508 |  | 75177 |  |
|  SpartanNash Co. | 13223 |  | 399863 |  |
|  Sprouts Farmers Market, Inc.\* | 39927 |  | 1292437 |  |
|  United Natural Foods, Inc.\* | 21661 |  | 838497 |  |
|  Village Super Market, Inc., Class A | 2872 |  | 66889 |  |
|  Weis Markets, Inc. | 6154 |  | 506413 |  |
|  |  |  | 5201871 |  |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | **** |
|  Alico, Inc. | 1129 |  | 26949 |  |
|  AppHarvest, Inc. (x)\* | 20687 |  | 11738 |  |
|  B&G Foods, Inc. (x) | 25358 |  | 282742 |  |
|  Benson Hill, Inc. (x)\* | 48616 |  | 123971 |  |
|  Beyond Meat, Inc. (x)\* | 23091 |  | 284250 |  |
|  BRC, Inc., Class A (x)\* | 6882 |  | 42049 |  |
|  Calavo Growers, Inc. | 6266 |  | 184220 |  |
|  Cal-Maine Foods, Inc. | 14357 |  | 781739 |  |
|  Fresh Del Monte Produce, Inc. | 10406 |  | 272533 |  |
|  Hain Celestial Group, Inc. (The)\* | 31986 |  | 517533 |  |
|  Hostess Brands, Inc.\* | 52354 |  | 1174824 |  |
|  J & J Snack Foods Corp. | 5616 |  | 840771 |  |
|  John B Sanfilippo & Son, Inc. | 3211 |  | 261119 |  |
|  Lancaster Colony Corp. | 7238 |  | 1428057 |  |
|  Lifecore Biomedical, Inc.\* | 8388 |  | 54354 |  |
|  Local Bounti Corp. (x)\* | 9167 |  | 12742 |  |
|  Mission Produce, Inc.\* | 12834 |  | 149131 |  |
|  Seneca Foods Corp., Class A\* | 1261 |  | 76858 |  |
|  Simply Good Foods Co. (The)\* | 32990 |  | 1254610 |  |
|  Sovos Brands, Inc.\* | 14915 |  | 214329 |  |
|  SunOpta, Inc.\* | 37580 |  | 317175 |  |
|  Tattooed Chef, Inc. (x)\* | 12568 |  | 15459 |  |
|  Tootsie Roll Industries, Inc. | 5143 |  | 218937 |  |
|  TreeHouse Foods, Inc.\* | 19930 |  | 984143 |  |
|  Utz Brands, Inc. | 24167 |  | 383289 |  |
|  Vital Farms, Inc.\* | 6291 |  | 93862 |  |
|  Whole Earth Brands, Inc.\* | 11111 |  | 45222 |  |
|  |  |  | 10052606 |  |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | **** |
|  Central Garden & Pet Co.\* | 2748 |  | 102912 |  |
|  Central Garden & Pet Co., Class A\* | 16295 |  | 583361 |  |
|  Energizer Holdings, Inc. | 25860 |  | 867603 |  |
|  WD-40 Co. | 5489 |  | 884882 |  |
|  |  |  | 2438758 |  |
|  ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 35248 |  | 320757 |  |
|  BellRing Brands, Inc.\* | 49445 |  | 1267770 |  |
|  e.l.f. Beauty, Inc.\* | 18409 |  | 1018018 |  |
|  Edgewell Personal Care Co. | 19738 |  | 760703 |  |
|  Herbalife Nutrition Ltd. (x)\* | 37311 |  | 555188 |  |
|  Honest Co., Inc. (The)\* | 17066 |  | 51369 |  |
|  Inter Parfums, Inc. | 7439 |  | 718012 |  |
|  Medifast, Inc. | 4115 |  | 474665 |  |
|  Nature's Sunshine Products, Inc.\* | 3375 |  | 28080 |  |
|  Nu Skin Enterprises, Inc., Class A | 19022 |  | 801967 |  |
|  Thorne HealthTech, Inc.\* | 1888 |  | 6853 |  |
|  USANA Health Sciences, Inc.\* | 4413 |  | 234772 |  |
|  Veru, Inc. (x)\* | 24494 |  | 129328 |  |
|  |  |  | 6367482 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 45602 |  | 41977 |  |
|  Turning Point Brands, Inc. | 3779 |  | 81740 |  |
|  Universal Corp. | 10000 |  | 528100 |  |
|  Vector Group Ltd. | 59383 |  | 704282 |  |
|  |  |  | 1356099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 30933512 |  |
|  **Energy (6.2%)** | **Energy (6.2%)** | **Energy (6.2%)** | **Energy (6.2%)** |  |
|  ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | **** |
|  Archrock, Inc. | 50839 |  | 456534 |  |
|  Borr Drilling Ltd.\* | 67852 |  | 337224 |  |
|  Bristow Group, Inc.\* | 9079 |  | 246313 |  |
|  Cactus, Inc., Class A | 21858 |  | 1098583 |  |
|  ChampionX Corp. | 76539 |  | 2218866 |  |
|  Diamond Offshore Drilling, Inc.\* | 38322 |  | 398549 |  |
|  DMC Global, Inc.\* | 7935 |  | 154256 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Dril-Quip, Inc.\* | 13751 | $| 373615 |  |
|  Expro Group Holdings NV\* | 29048 |  | 526640 |  |
|  Helix Energy Solutions Group, Inc.\* | 54141 |  | 399561 |  |
|  Helmerich & Payne, Inc. | 40010 |  | 1983296 |  |
|  Liberty Energy, Inc., Class A | 52726 |  | 844143 |  |
|  Nabors Industries Ltd.\* | 3446 |  | 533682 |  |
|  National Energy Services Reunited Corp.\* | 18081 |  | 125482 |  |
|  Newpark Resources, Inc.\* | 34643 |  | 143768 |  |
|  NexTier Oilfield Solutions, Inc.\* | 69994 |  | 646745 |  |
|  Noble Corp. plc\* | 30390 |  | 1146007 |  |
|  Oceaneering International, Inc.\* | 37687 |  | 659146 |  |
|  Oil States International, Inc.\* | 16888 |  | 125985 |  |
|  Patterson-UTI Energy, Inc. | 80627 |  | 1357759 |  |
|  ProFrac Holding Corp., Class A (x)\* | 6057 |  | 152636 |  |
|  ProPetro Holding Corp.\* | 34028 |  | 352870 |  |
|  RPC, Inc. | 20229 |  | 179836 |  |
|  Select Energy Services, Inc., Class A | 32202 |  | 297546 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 8716 |  | 86550 |  |
|  TETRA Technologies, Inc.\* | 32673 |  | 113049 |  |
|  Tidewater, Inc.\* | 16954 |  | 624755 |  |
|  US Silica Holdings, Inc.\* | 28782 |  | 359775 |  |
|  Valaris Ltd. (x)\* | 22869 |  | 1546402 |  |
|  Weatherford International plc\* | 26595 |  | 1354217 |  |
|  |  |  | 18843790 |  |
|  ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | **** |
|  Aemetis, Inc. (x)\* | 7095 |  | 28096 |  |
|  Alto Ingredients, Inc.\* | 19930 |  | 57398 |  |
|  Amplify Energy Corp.\* | 9497 |  | 83479 |  |
|  Arch Resources, Inc. | 5744 |  | 820186 |  |
|  Ardmore Shipping Corp.\* | 9123 |  | 131462 |  |
|  Battalion Oil Corp.\* | 681 |  | 6613 |  |
|  Berry Corp. | 26118 |  | 208944 |  |
|  California Resources Corp. | 29867 |  | 1299513 |  |
|  Callon Petroleum Co.\* | 17839 |  | 661649 |  |
|  Centrus Energy Corp., Class A\* | 2784 |  | 90424 |  |
|  Chord Energy Corp. | 15541 |  | 2126164 |  |
|  Civitas Resources, Inc. | 27725 |  | 1606109 |  |
|  Clean Energy Fuels Corp. (x)\* | 61794 |  | 321329 |  |
|  CNX Resources Corp.\* | 70769 |  | 1191750 |  |
|  Comstock Resources, Inc. | 34528 |  | 473379 |  |
|  CONSOL Energy, Inc. | 12884 |  | 837460 |  |
|  Crescent Energy Co., Class A (x) | 12247 |  | 146842 |  |
|  CVR Energy, Inc. | 11154 |  | 349566 |  |
|  Delek US Holdings, Inc. | 28541 |  | 770607 |  |
|  Denbury, Inc.\* | 19372 |  | 1685751 |  |
|  DHT Holdings, Inc. | 51353 |  | 456015 |  |
|  Dorian LPG Ltd. | 12493 |  | 236742 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 17586 |  | 250249 |  |
|  Empire Petroleum Corp. (x)\* | 1940 |  | 23862 |  |
|  Energy Fuels, Inc. (x)\* | 59256 |  | 367980 |  |
|  Equitrans Midstream Corp. | 158319 |  | 1060737 |  |
|  Excelerate Energy, Inc., Class A | 4722 |  | 118286 |  |
|  FLEX LNG Ltd. (x) | 10680 |  | 349129 |  |
|  Frontline Ltd. (x) | 45177 |  | 548449 |  |
|  Gevo, Inc. (x)\* | 78939 |  | 149984 |  |
|  Golar LNG Ltd.\* | 37929 |  | 864402 |  |
|  Green Plains, Inc.\* | 17330 |  | 528565 |  |
|  Gulfport Energy Corp.\* | 4236 |  | 311939 |  |
|  HighPeak Energy, Inc. (x) | 5334 |  | 121989 |  |
|  International Seaways, Inc. | 17993 |  | 666101 |  |
|  Kinetik Holdings, Inc. (x) | 6744 |  | 223092 |  |
|  Kosmos Energy Ltd.\* | 169368 |  | 1077180 |  |
|  Laredo Petroleum, Inc. (x)\* | 6128 |  | 315102 |  |
|  Magnolia Oil & Gas Corp., Class A (x) | 64645 |  | 1515925 |  |
|  Matador Resources Co. | 43137 |  | 2469162 |  |
|  Murphy Oil Corp. | 56751 |  | 2440860 |  |
|  NACCO Industries, Inc., Class A | 1031 |  | 39178 |  |
|  NextDecade Corp. (x)\* | 8579 |  | 42380 |  |
|  Nordic American Tankers Ltd. (x) | 73227 |  | 224075 |  |
|  Northern Oil and Gas, Inc. (x) | 23896 |  | 736475 |  |
|  Par Pacific Holdings, Inc.\* | 18536 |  | 430962 |  |
|  PBF Energy, Inc., Class A | 36713 |  | 1497156 |  |
|  Peabody Energy Corp.\* | 44273 |  | 1169693 |  |
|  Permian Resources Corp. | 77000 |  | 723800 |  |
|  Ranger Oil Corp. | 7466 |  | 301850 |  |
|  REX American Resources Corp.\* | 6186 |  | 197086 |  |
|  Riley Exploration Permian, Inc. (x) | 2949 |  | 86789 |  |
|  Ring Energy, Inc. (x)\* | 23063 |  | 56735 |  |
|  SandRidge Energy, Inc.\* | 10368 |  | 176567 |  |
|  Scorpio Tankers, Inc. | 17974 |  | 966462 |  |
|  SFL Corp. Ltd. | 41627 |  | 383801 |  |
|  SilverBow Resources, Inc. (x)\* | 5226 |  | 147791 |  |
|  Sitio Royalties Corp. (x) | 26776 |  | 772480 |  |
|  SM Energy Co. | 45551 |  | 1586541 |  |
|  Talos Energy, Inc.\* | 25064 |  | 473208 |  |
|  Teekay Corp.\* | 17855 |  | 81062 |  |
|  Teekay Tankers Ltd., Class A\* | 8180 |  | 252026 |  |
|  Tellurian, Inc. (x)\* | 193534 |  | 325137 |  |
|  Uranium Energy Corp. (x)\* | 123743 |  | 480123 |  |
|  Ur-Energy, Inc. (x)\* | 53823 |  | 61896 |  |
|  VAALCO Energy, Inc. (x) | 28297 |  | 129034 |  |
|  Vertex Energy, Inc. (x)\* | 14781 |  | 91642 |  |
|  W&T Offshore, Inc.\* | 40470 |  | 225823 |  |
|  World Fuel Services Corp. | 25072 |  | 685218 |  |
|  |  |  | 39337461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 58181251 |  |
|  **Financials (15.6%)** | **Financials (15.6%)** | **Financials (15.6%)** | **Financials (15.6%)** |  |
|  ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** | ***Banks (8.9%)*** | **** |
|  1st Source Corp. | 5714 |  | 303356 |  |
|  ACNB Corp. | 1612 |  | 64174 |  |
|  Amalgamated Financial Corp. | 6497 |  | 149691 |  |
|  Amerant Bancorp, Inc. | 9373 |  | 251571 |  |
|  American National Bankshares, Inc. | 3186 |  | 117659 |  |
|  Ameris Bancorp | 25551 |  | 1204474 |  |
|  Arrow Financial Corp. | 4702 |  | 159398 |  |
|  Associated Banc-Corp. | 58074 |  | 1340929 |  |
|  Atlantic Union Bankshares Corp. | 28250 |  | 992705 |  |
|  Banc of California, Inc. | 20434 |  | 325514 |  |
|  BancFirst Corp. | 7261 |  | 640275 |  |
|  Bancorp, Inc. (The)\* | 21328 |  | 605289 |  |
|  Bank First Corp. (x) | 2101 |  | 195015 |  |
|  Bank of Marin Bancorp | 4303 |  | 141483 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 19150 |  | 570861 |  |
|  BankUnited, Inc. | 29650 |  | 1007210 |  |
|  Bankwell Financial Group, Inc. | 963 |  | 28341 |  |
|  Banner Corp. | 13774 |  | 870517 |  |
|  Bar Harbor Bankshares | 4462 |  | 142962 |  |
|  BayCom Corp. | 2732 |  | 51853 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  BCB Bancorp, Inc. | 2957 | $53196 |
|  Berkshire Hills Bancorp, Inc. | 17238 | 515416 |
|  Blue Ridge Bankshares, Inc. | 4793 | 59865 |
|  Brookline Bancorp, Inc. | 32363 | 457936 |
|  Business First Bancshares, Inc. | 6733 | 149069 |
|  Byline Bancorp, Inc. | 8462 | 194372 |
|  Cadence Bank | 69216 | 1706867 |
|  Cambridge Bancorp | 2368 | 196686 |
|  Camden National Corp. | 4777 | 199153 |
|  Capital Bancorp, Inc. | 2822 | 66430 |
|  Capital City Bank Group, Inc. | 4952 | 160940 |
|  Capstar Financial Holdings, Inc. | 5864 | 103558 |
|  Carter Bankshares, Inc.\* | 7477 | 124043 |
|  Cathay General Bancorp | 27683 | 1129190 |
|  Central Pacific Financial Corp. | 9869 | 200143 |
|  Citizens & Northern Corp. | 5159 | 117935 |
|  City Holding Co. | 6100 | 567849 |
|  Civista Bancshares, Inc. | 4887 | 107563 |
|  CNB Financial Corp. | 5081 | 120877 |
|  Coastal Financial Corp.\* | 3731 | 177297 |
|  Colony Bankcorp, Inc. | 3169 | 40215 |
|  Columbia Banking System, Inc. | 31749 | 956597 |
|  Community Bank System, Inc. | 20128 | 1267058 |
|  Community Trust Bancorp, Inc. | 5089 | 233738 |
|  ConnectOne Bancorp, Inc. | 12943 | 313350 |
|  CrossFirst Bankshares, Inc.\* | 14650 | 181806 |
|  Customers Bancorp, Inc.\* | 11812 | 334752 |
|  CVB Financial Corp. | 49673 | 1279080 |
|  Dime Community Bancshares, Inc. | 13436 | 427668 |
|  Eagle Bancorp, Inc. | 12022 | 529810 |
|  Eastern Bankshares, Inc. | 60567 | 1044781 |
|  Enterprise Bancorp, Inc. | 2916 | 102935 |
|  Enterprise Financial Services Corp. | 13022 | 637557 |
|  Equity Bancshares, Inc., Class A | 4968 | 162305 |
|  Esquire Financial Holdings, Inc. | 1508 | 65236 |
|  Farmers & Merchants Bancorp, Inc. | 2967 | 80643 |
|  Farmers National Banc Corp. | 9715 | 137176 |
|  FB Financial Corp. | 13337 | 481999 |
|  Financial Institutions, Inc. | 4409 | 107403 |
|  First Bancorp (Nasdaq Stock Exchange) | 13364 | 572514 |
|  First Bancorp (Quotrix Stock Exchange) | 70960 | 902611 |
|  First Bancorp, Inc. (The) | 3237 | 96916 |
|  First Bancshares, Inc. (The) | 6468 | 207041 |
|  First Bank | 6479 | 89151 |
|  First Busey Corp. | 20749 | 512915 |
|  First Business Financial Services, Inc. | 1611 | 58882 |
|  First Commonwealth Financial Corp. | 39836 | 556509 |
|  First Community Bankshares, Inc. | 5288 | 179263 |
|  First Financial Bancorp | 35707 | 865181 |
|  First Financial Bankshares, Inc. | 48902 | 1682229 |
|  First Financial Corp. | 4469 | 205932 |
|  First Foundation, Inc. | 17938 | 257052 |
|  First Guaranty Bancshares, Inc. (x) | 1324 | 31048 |
|  First Internet Bancorp | 2748 | 66721 |
|  First Interstate BancSystem, Inc., Class A | 33512 | 1295239 |
|  First Merchants Corp. | 21765 | 894759 |
|  First Mid Bancshares, Inc. | 6101 | 195720 |
|  First of Long Island Corp. (The) | 6004 | 108072 |
|  First Western Financial, Inc.\* | 1640 | 46166 |
|  Five Star Bancorp | 3473 | 94605 |
|  Flushing Financial Corp. | 9770 | 189343 |
|  Fulton Financial Corp. | 60591 | 1019747 |
|  FVCBankcorp, Inc.\* | 2444 | 46607 |
|  German American Bancorp, Inc. | 9187 | 342675 |
|  Glacier Bancorp, Inc. | 42068 | 2079001 |
|  Great Southern Bancorp, Inc. | 3348 | 199172 |
|  Guaranty Bancshares, Inc. | 2757 | 95502 |
|  Hancock Whitney Corp. | 33236 | 1608290 |
|  Hanmi Financial Corp. | 11545 | 285739 |
|  HarborOne Bancorp, Inc. | 15319 | 212934 |
|  HBT Financial, Inc. | 4734 | 92644 |
|  Heartland Financial USA, Inc. | 15384 | 717202 |
|  Heritage Commerce Corp. | 19007 | 247091 |
|  Heritage Financial Corp. | 13181 | 403866 |
|  Hilltop Holdings, Inc. | 20138 | 604341 |
|  Home BancShares, Inc. | 70846 | 1614580 |
|  HomeStreet, Inc. | 6110 | 168514 |
|  HomeTrust Bancshares, Inc. | 3681 | 88970 |
|  Hope Bancorp, Inc. | 44146 | 565510 |
|  Horizon Bancorp, Inc. | 15604 | 235308 |
|  Independent Bank Corp. | 5307 | 126943 |
|  Independent Bank Corp./MA | 17217 | 1453631 |
|  Independent Bank Group, Inc. | 13664 | 820933 |
|  International Bancshares Corp. | 20154 | 922247 |
|  John Marshall Bancorp, Inc. (x) | 2525 | 72669 |
|  Lakeland Bancorp, Inc. | 23535 | 414451 |
|  Lakeland Financial Corp. | 9603 | 700731 |
|  Live Oak Bancshares, Inc. | 12774 | 385775 |
|  Macatawa Bank Corp. | 9940 | 109638 |
|  Mercantile Bank Corp. | 4985 | 166898 |
|  Metrocity Bankshares, Inc. | 5432 | 117494 |
|  Metropolitan Bank Holding Corp.\* | 3823 | 224295 |
|  Mid Penn Bancorp, Inc. | 4454 | 133486 |
|  Midland States Bancorp, Inc. | 6780 | 180484 |
|  MidWestOne Financial Group, Inc. | 4861 | 154337 |
|  MVB Financial Corp. | 3018 | 66456 |
|  National Bank Holdings Corp., Class A | 10671 | 448929 |
|  NBT Bancorp, Inc. | 15301 | 664369 |
|  Nicolet Bankshares, Inc.\* | 4681 | 373497 |
|  Northeast Bank | 1419 | 59740 |
|  Northwest Bancshares, Inc. | 48958 | 684433 |
|  OceanFirst Financial Corp. | 23582 | 501117 |
|  OFG Bancorp | 19086 | 526010 |
|  Old National Bancorp | 110394 | 1984884 |
|  Old Second Bancorp, Inc. | 13465 | 215979 |
|  Origin Bancorp, Inc. | 8414 | 308794 |
|  Orrstown Financial Services, Inc. | 3351 | 77609 |
|  Pacific Premier Bancorp, Inc. | 34893 | 1101223 |
|  Park National Corp. | 5851 | 823528 |
|  Parke Bancorp, Inc. | 1749 | 36274 |
|  Pathward Financial, Inc. | 11135 | 479362 |
|  PCB Bancorp | 2265 | 40068 |
|  PCSB Financial Corp. | 4488 | 85451 |
|  Peapack-Gladstone Financial Corp. | 5964 | 221980 |
|  Peoples Bancorp, Inc. | 10012 | 282839 |
|  Peoples Financial Services Corp. | 2355 | 122083 |
|  Preferred Bank | 4533 | 338252 |
|  Premier Financial Corp. | 14416 | 388800 |
|  Primis Financial Corp. | 6416 | 76030 |
|  Professional Holding Corp., Class A\* | 2724 | 75564 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  QCR Holdings, Inc. | 5956 | $| 295656 |  |
|  RBB Bancorp | 4622 |  | 96369 |  |
|  Red River Bancshares, Inc. | 1641 |  | 83789 |  |
|  Renasant Corp. | 22319 |  | 838971 |  |
|  Republic Bancorp, Inc., Class A | 3393 |  | 138842 |  |
|  Republic First Bancorp, Inc.\* | 20717 |  | 44542 |  |
|  S&T Bancorp, Inc. | 16282 |  | 556519 |  |
|  Sandy Spring Bancorp, Inc. (x) | 16766 |  | 590666 |  |
|  Seacoast Banking Corp. of Florida | 22284 |  | 695038 |  |
|  ServisFirst Bancshares, Inc. | 18887 |  | 1301503 |  |
|  Shore Bancshares, Inc. | 3773 |  | 65763 |  |
|  Sierra Bancorp | 4513 |  | 95856 |  |
|  Silvergate Capital Corp., Class A\* | 11836 |  | 205946 |  |
|  Simmons First National Corp., Class A | 45756 |  | 987414 |  |
|  SmartFinancial, Inc. | 4492 |  | 123530 |  |
|  South Plains Financial, Inc. | 3220 |  | 88647 |  |
|  Southern First Bancshares, Inc.\* | 2032 |  | 92964 |  |
|  Southside Bancshares, Inc. | 13241 |  | 476544 |  |
|  SouthState Corp. | 28536 |  | 2179009 |  |
|  Stellar Bancorp, Inc. | 16917 |  | 498375 |  |
|  Stock Yards Bancorp, Inc. | 10436 |  | 678131 |  |
|  Summit Financial Group, Inc. | 3684 |  | 91695 |  |
|  Texas Capital Bancshares, Inc.\* | 19045 |  | 1148604 |  |
|  Third Coast Bancshares, Inc. (x)\* | 3304 |  | 60893 |  |
|  Tompkins Financial Corp. | 5778 |  | 448257 |  |
|  Towne Bank | 25542 |  | 787715 |  |
|  TriCo Bancshares | 12485 |  | 636610 |  |
|  Triumph Financial, Inc.\* | 9830 |  | 480392 |  |
|  Trustmark Corp. | 23194 |  | 809703 |  |
|  UMB Financial Corp. | 16660 |  | 1391443 |  |
|  United Bankshares, Inc. | 50273 |  | 2035554 |  |
|  United Community Banks, Inc. | 39920 |  | 1349296 |  |
|  Unity Bancorp, Inc. | 1211 |  | 33097 |  |
|  Univest Financial Corp. | 10152 |  | 265272 |  |
|  USCB Financial Holdings, Inc.\* | 2414 |  | 29451 |  |
|  Valley National Bancorp | 162287 |  | 1835466 |  |
|  Veritex Holdings, Inc. | 20944 |  | 588108 |  |
|  Washington Federal, Inc. | 24695 |  | 828517 |  |
|  Washington Trust Bancorp, Inc. | 6486 |  | 306009 |  |
|  WesBanco, Inc. | 22055 |  | 815594 |  |
|  West Bancorp, Inc. | 5080 |  | 129794 |  |
|  Westamerica Bancorp | 10876 |  | 641793 |  |
|  |  |  | 84505953 |  |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 24296 |  | 721591 |  |
|  AssetMark Financial Holdings, Inc.\* | 7573 |  | 174179 |  |
|  Associated Capital Group, Inc., Class A | 1938 |  | 81377 |  |
|  B Riley Financial, Inc. | 8076 |  | 276199 |  |
|  Bakkt Holdings, Inc. (x)\* | 16640 |  | 19802 |  |
|  BGC Partners, Inc., Class A | 131808 |  | 496916 |  |
|  Blucora, Inc.\* | 18024 |  | 460153 |  |
|  Brightsphere Investment Group, Inc. | 10435 |  | 214752 |  |
|  Cohen & Steers, Inc. | 10532 |  | 679946 |  |
|  Cowen, Inc., Class A | 9996 |  | 386046 |  |
|  Diamond Hill Investment Group, Inc. | 1075 |  | 198896 |  |
|  Donnelley Financial Solutions, Inc.\* | 10160 |  | 392684 |  |
|  Federated Hermes, Inc., Class B | 32997 |  | 1198121 |  |
|  Focus Financial Partners, Inc., Class A\* | 22945 |  | 855160 |  |
|  GCM Grosvenor, Inc., Class A (x) | 10640 |  | 80970 |  |
|  Hamilton Lane, Inc., Class A | 14067 |  | 898600 |  |
|  Houlihan Lokey, Inc. | 19547 |  | 1703717 |  |
|  MarketWise, Inc. (x)\* | 5323 |  | 8943 |  |
|  Moelis & Co., Class A | 24798 |  | 951499 |  |
|  Open Lending Corp., Class A\* | 40506 |  | 273415 |  |
|  Oppenheimer Holdings, Inc., Class A | 1961 |  | 83009 |  |
|  Perella Weinberg Partners | 14258 |  | 139728 |  |
|  Piper Sandler Cos. | 6966 |  | 906904 |  |
|  PJT Partners, Inc., Class A | 9011 |  | 664021 |  |
|  Sculptor Capital Management, Inc. | 10434 |  | 90358 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 1844 |  | 34612 |  |
|  StepStone Group, Inc., Class A | 20514 |  | 516543 |  |
|  StoneX Group, Inc.\* | 6785 |  | 646610 |  |
|  Value Line, Inc. | 1173 |  | 59682 |  |
|  Victory Capital Holdings, Inc., Class A | 6830 |  | 183249 |  |
|  Virtus Investment Partners, Inc. | 2847 |  | 545030 |  |
|  WisdomTree, Inc. | 43360 |  | 236312 |  |
|  |  |  | 14179024 |  |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | **** |
|  Atlanticus Holdings Corp.\* | 1241 |  | 32514 |  |
|  Bread Financial Holdings, Inc. | 14928 |  | 562188 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 1756 |  | 15541 |  |
|  Curo Group Holdings Corp. (x) | 6514 |  | 23125 |  |
|  Encore Capital Group, Inc. (x)\* | 9415 |  | 451355 |  |
|  Enova International, Inc.\* | 12762 |  | 489678 |  |
|  EZCORP, Inc., Class A\* | 17746 |  | 144630 |  |
|  FirstCash Holdings, Inc. | 14626 |  | 1271146 |  |
|  Green Dot Corp., Class A\* | 20172 |  | 319121 |  |
|  LendingClub Corp.\* | 40024 |  | 352211 |  |
|  LendingTree, Inc.\* | 4210 |  | 89799 |  |
|  Moneylion, Inc. (x)\* | 40057 |  | 24835 |  |
|  Navient Corp. | 41168 |  | 677214 |  |
|  Nelnet, Inc., Class A | 5872 |  | 532884 |  |
|  NerdWallet, Inc., Class A (x)\* | 12631 |  | 121258 |  |
|  Oportun Financial Corp.\* | 8724 |  | 48069 |  |
|  OppFi, Inc. (x)\* | 3655 |  | 7493 |  |
|  PRA Group, Inc.\* | 14625 |  | 494033 |  |
|  PROG Holdings, Inc.\* | 20541 |  | 346937 |  |
|  Regional Management Corp. | 2110 |  | 59249 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 8851 |  | 11418 |  |
|  World Acceptance Corp. (x)\* | 1642 |  | 108273 |  |
|  |  |  | 6182971 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Alerus Financial Corp. | 4520 |  | 105542 |  |
|  A-Mark Precious Metals, Inc. | 5848 |  | 203101 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 7550 |  | 122310 |  |
|  Cannae Holdings, Inc.\* | 27871 |  | 575536 |  |
|  Compass Diversified Holdings | 22885 |  | 417193 |  |
|  Jackson Financial, Inc., Class A | 28163 |  | 979791 |  |
|  SWK Holdings Corp. (x)\* | 967 |  | 17058 |  |
|  |  |  | 2420531 |  |
|  ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | **** |
|  Ambac Financial Group, Inc.\* | 11758 |  | 205060 |  |
|  American Equity Investment Life Holding Co. | 26701 |  | 1218100 |  |
|  AMERISAFE, Inc. | 7269 |  | 377770 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Argo Group International Holdings Ltd. | 10689 | $| 276311 |  |
|  Bright Health Group, Inc. (x)\* | 85023 |  | 55256 |  |
|  BRP Group, Inc., Class A\* | 22749 |  | 571910 |  |
|  CNO Financial Group, Inc. | 43431 |  | 992398 |  |
|  Crawford & Co., Class A | 8294 |  | 46115 |  |
|  Donegal Group, Inc., Class A | 7520 |  | 106784 |  |
|  eHealth, Inc.\* | 6587 |  | 31881 |  |
|  Employers Holdings, Inc. | 10748 |  | 463561 |  |
|  Enstar Group Ltd.\* | 4377 |  | 1011262 |  |
|  Genworth Financial, Inc., Class A\* | 186304 |  | 985548 |  |
|  Goosehead Insurance, Inc., Class A\* | 7332 |  | 251781 |  |
|  Greenlight Capital Re Ltd., Class A\* | 7890 |  | 64303 |  |
|  HCI Group, Inc. (x) | 2417 |  | 95689 |  |
|  Hippo Holdings, Inc. (x)\* | 2720 |  | 36992 |  |
|  Horace Mann Educators Corp. | 17165 |  | 641456 |  |
|  Investors Title Co. | 362 |  | 53413 |  |
|  James River Group Holdings Ltd. | 13951 |  | 291715 |  |
|  Kinsale Capital Group, Inc. | 8202 |  | 2144987 |  |
|  Lemonade, Inc. (x)\* | 15674 |  | 214420 |  |
|  MBIA, Inc.\* | 17123 |  | 220031 |  |
|  Mercury General Corp. | 9967 |  | 340871 |  |
|  National Western Life Group, Inc., Class A | 867 |  | 243627 |  |
|  NI Holdings, Inc.\* | 4089 |  | 54261 |  |
|  Oscar Health, Inc., Class A\* | 37390 |  | 91979 |  |
|  Palomar Holdings, Inc.\* | 9185 |  | 414795 |  |
|  ProAssurance Corp. | 21453 |  | 374784 |  |
|  RLI Corp. | 14617 |  | 1918774 |  |
|  Root, Inc., Class A (x)\* | 2072 |  | 9303 |  |
|  Safety Insurance Group, Inc. | 5868 |  | 494438 |  |
|  Selective Insurance Group, Inc. | 22380 |  | 1983092 |  |
|  Selectquote, Inc.\* | 55833 |  | 37514 |  |
|  SiriusPoint Ltd.\* | 36774 |  | 216967 |  |
|  Stewart Information Services Corp. | 10643 |  | 454775 |  |
|  Tiptree, Inc. | 8046 |  | 111357 |  |
|  Trean Insurance Group, Inc.\* | 5159 |  | 30954 |  |
|  Trupanion, Inc. (x)\* | 14937 |  | 709956 |  |
|  United Fire Group, Inc. | 7314 |  | 200111 |  |
|  Universal Insurance Holdings, Inc. | 6868 |  | 72732 |  |
|  |  |  | 18117033 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 4164 |  | 65500 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 2672 |  | 12639 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 58148 |  | 625672 |  |
|  Arbor Realty Trust, Inc. (REIT) | 59618 |  | 786361 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 14097 |  | 145058 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 44449 |  | 250248 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 63078 |  | 1335361 |  |
|  BrightSpire Capital, Inc. (REIT) | 30530 |  | 190202 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 35101 |  | 124960 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 1670 |  | 25167 |  |
|  Chimera Investment Corp. (REIT) (x) | 92642 |  | 509531 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 34847 |  | 512599 |  |
|  Dynex Capital, Inc. (REIT) | 10061 |  | 127976 |  |
|  Ellington Financial, Inc. (REIT) | 21306 |  | 263555 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 31275 |  | 403447 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 15194 |  | 81440 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 31672 |  | 917854 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 12431 |  | 158247 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 17880 |  | 249605 |  |
|  Ladder Capital Corp. (REIT) | 44187 |  | 443637 |  |
|  MFA Financial, Inc. (REIT) (x) | 39542 |  | 389489 |  |
|  New York Mortgage Trust, Inc. (REIT) (x) | 142076 |  | 363715 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 1492 |  | 23708 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 13310 |  | 139755 |  |
|  PennyMac Mortgage Investment Trust (REIT)‡ (x) | 39106 |  | 484523 |  |
|  Ready Capital Corp. (REIT) (x) | 25519 |  | 284282 |  |
|  Redwood Trust, Inc. (REIT) (x) | 45807 |  | 309655 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 23235 |  | 157766 |  |
|  Two Harbors Investment Corp. (REIT) | 33948 |  | 535360 |  |
|  |  |  | 9917312 |  |
|  ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | **** |
|  Axos Financial, Inc.\* | 21536 |  | 823106 |  |
|  Blue Foundry Bancorp\* | 6633 |  | 85234 |  |
|  Bridgewater Bancshares, Inc.\* | 7265 |  | 128881 |  |
|  Capitol Federal Financial, Inc. | 53654 |  | 464107 |  |
|  Columbia Financial, Inc.\* | 12614 |  | 272715 |  |
|  Enact Holdings, Inc. (x) | 10849 |  | 261678 |  |
|  Essent Group Ltd. | 39739 |  | 1545052 |  |
|  Federal Agricultural Mortgage Corp., Class C | 3439 |  | 387610 |  |
|  Finance of America Cos., Inc., Class A\* | 4376 |  | 5557 |  |
|  Greene County Bancorp, Inc. | 749 |  | 43008 |  |
|  Hingham Institution For Savings (The) | 604 |  | 166680 |  |
|  Home Bancorp, Inc. | 2291 |  | 91709 |  |
|  Home Point Capital, Inc. | 1741 |  | 2385 |  |
|  Kearny Financial Corp. | 21893 |  | 222214 |  |
|  Luther Burbank Corp. | 7607 |  | 84514 |  |
|  Merchants Bancorp | 6166 |  | 149957 |  |
|  Mr Cooper Group, Inc.\* | 26922 |  | 1080380 |  |
|  NMI Holdings, Inc., Class A\* | 34254 |  | 715909 |  |
|  Northfield Bancorp, Inc. | 15659 |  | 246316 |  |
|  PennyMac Financial Services, Inc.‡ | 11430 |  | 647624 |  |
|  Pioneer Bancorp, Inc.\* | 3738 |  | 42613 |  |
|  Provident Bancorp, Inc. | 5466 |  | 39792 |  |
|  Provident Financial Services, Inc. | 27603 |  | 589600 |  |
|  Radian Group, Inc. | 61865 |  | 1179765 |  |
|  Southern Missouri Bancorp, Inc. | 2096 |  | 96060 |  |
|  Sterling Bancorp, Inc.\* | 4928 |  | 30011 |  |
|  TrustCo Bank Corp. | 6453 |  | 242568 |  |
|  Velocity Financial, Inc.\* | 2290 |  | 22098 |  |
|  Walker & Dunlop, Inc. | 11445 |  | 898204 |  |
|  Waterstone Financial, Inc. | 5661 |  | 97596 |  |
|  WSFS Financial Corp. | 23238 |  | 1053611 |  |
|  |  |  | 11716554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 147039378 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Health Care (15.1%)** | **Health Care (15.1%)** | **Health Care (15.1%)** |  |
|  ***Biotechnology (6.5%)*** | ***Biotechnology (6.5%)*** | ***Biotechnology (6.5%)*** | **** |
|  2seventy bio, Inc.\* | 13024 | $122035 |  |
|  4D Molecular Therapeutics, Inc.\* | 7552 | 167730 |  |
|  Aadi Bioscience, Inc. (x)\* | 3854 | 49447 |  |
|  Absci Corp.\* | 15493 | 32535 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 46756 | 744356 |  |
|  Adicet Bio, Inc.\* | 10979 | 98152 |  |
|  ADMA Biologics, Inc. (x)\* | 49601 | 192452 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 2410 | 70613 |  |
|  Affimed NV\* | 53538 | 66387 |  |
|  Agenus, Inc.\* | 104036 | 249686 |  |
|  Agios Pharmaceuticals, Inc.\* | 22124 | 621242 |  |
|  Akero Therapeutics, Inc.\* | 12222 | 669766 |  |
|  Albireo Pharma, Inc. (x)\* | 8102 | 175084 |  |
|  Alector, Inc.\* | 21979 | 202866 |  |
|  Alkermes plc\* | 62499 | 1633099 |  |
|  Allogene Therapeutics, Inc. (x)\* | 29661 | 186568 |  |
|  Allovir, Inc. (x)\* | 10486 | 53793 |  |
|  Alpine Immune Sciences, Inc.\* | 3317 | 24380 |  |
|  ALX Oncology Holdings, Inc. (x)\* | 6441 | 72590 |  |
|  Amicus Therapeutics, Inc.\* | 102574 | 1252429 |  |
|  AnaptysBio, Inc.\* | 9291 | 287928 |  |
|  Anavex Life Sciences Corp. (x)\* | 28314 | 262188 |  |
|  Anika Therapeutics, Inc.\* | 5522 | 163451 |  |
|  Apellis Pharmaceuticals, Inc.\* | 34870 | 1803128 |  |
|  Arbutus Biopharma Corp.\* | 23352 | 54410 |  |
|  Arcellx, Inc. (x)\* | 10053 | 311442 |  |
|  Arcturus Therapeutics Holdings, Inc.\* | 5680 | 96333 |  |
|  Arcus Biosciences, Inc.\* | 19692 | 407231 |  |
|  Arcutis Biotherapeutics, Inc.\* | 12918 | 191186 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 39540 | 1603742 |  |
|  Atara Biotherapeutics, Inc.\* | 34157 | 112035 |  |
|  Aura Biosciences, Inc.\* | 5381 | 56500 |  |
|  Aurinia Pharmaceuticals, Inc. (x)\* | 52082 | 224994 |  |
|  Avid Bioservices, Inc.\* | 23707 | 326445 |  |
|  Avidity Biosciences, Inc.\* | 18593 | 412579 |  |
|  Beam Therapeutics, Inc. (x)\* | 24082 | 941847 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 73704 | 846122 |  |
|  Biohaven Ltd. (x)\* | 20016 | 277822 |  |
|  Bioxcel Therapeutics, Inc. (x)\* | 6430 | 138116 |  |
|  Bluebird Bio, Inc.\* | 18938 | 131051 |  |
|  Blueprint Medicines Corp.\* | 23084 | 1011310 |  |
|  Bridgebio Pharma, Inc.\* | 40675 | 309944 |  |
|  C4 Therapeutics, Inc. (x)\* | 15050 | 88795 |  |
|  CareDx, Inc.\* | 20178 | 230231 |  |
|  Caribou Biosciences, Inc. (x)\* | 23075 | 144911 |  |
|  Catalyst Pharmaceuticals, Inc.\* | 36209 | 673487 |  |
|  Celldex Therapeutics, Inc.\* | 17028 | 758938 |  |
|  Celularity, Inc., Class A (x)\* | 16429 | 21193 |  |
|  Century Therapeutics, Inc. (x)\* | 5929 | 30416 |  |
|  Cerevel Therapeutics Holdings, Inc.\* | 20564 | 648589 |  |
|  Chimerix, Inc.\* | 20344 | 37840 |  |
|  Chinook Therapeutics, Inc.\* | 18940 | 496228 |  |
|  Cogent Biosciences, Inc. (x)\* | 23082 | 266828 |  |
|  Coherus Biosciences, Inc.\* | 26680 | 211306 |  |
|  Crinetics Pharmaceuticals, Inc.\* | 19781 | 361992 |  |
|  CTI BioPharma Corp. (x)\* | 39175 | 235442 |  |
|  Cullinan Oncology, Inc.\* | 10453 | 110279 |  |
|  Cytokinetics, Inc.\* | 30549 | 1399755 |  |
|  Day One Biopharmaceuticals, Inc. (x)\* | 11666 | 251052 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 18284 | 299675 |  |
|  Denali Therapeutics, Inc.\* | 39668 | 1103167 |  |
|  Design Therapeutics, Inc. (x)\* | 13048 | 133872 |  |
|  Dynavax Technologies Corp.\* | 45762 | 486908 |  |
|  Dyne Therapeutics, Inc.\* | 10698 | 123990 |  |
|  Eagle Pharmaceuticals, Inc.\* | 3922 | 114640 |  |
|  Editas Medicine, Inc.\* | 28133 | 249540 |  |
|  Eiger BioPharmaceuticals, Inc.\* | 11184 | 13197 |  |
|  Emergent BioSolutions, Inc.\* | 20011 | 236330 |  |
|  Enanta Pharmaceuticals, Inc.\* | 7640 | 355413 |  |
|  Enochian Biosciences, Inc. (x)\* | 5366 | 5527 |  |
|  EQRx, Inc.\* | 63615 | 156493 |  |
|  Erasca, Inc. (x)\* | 25912 | 111681 |  |
|  Fate Therapeutics, Inc.\* | 32218 | 325080 |  |
|  FibroGen, Inc.\* | 33055 | 529541 |  |
|  Foghorn Therapeutics, Inc. (x)\* | 6475 | 41310 |  |
|  Gelesis Holdings, Inc. (x)\* | 2677 | 777 |  |
|  Generation Bio Co.\* | 17068 | 67077 |  |
|  Geron Corp.\* | 109332 | 264583 |  |
|  Gossamer Bio, Inc. (x)\* | 24866 | 53959 |  |
|  GreenLight Biosciences Holdings PBC (x)\* | 19426 | 22923 |  |
|  Halozyme Therapeutics, Inc.\* | 50739 | 2887049 |  |
|  Heron Therapeutics, Inc. (x)\* | 25949 | 64873 |  |
|  HilleVax, Inc. (x)\* | 3348 | 56012 |  |
|  Humacyte, Inc. (x)\* | 15213 | 32099 |  |
|  Icosavax, Inc. (x)\* | 6738 | 53500 |  |
|  Ideaya Biosciences, Inc.\* | 11463 | 208283 |  |
|  IGM Biosciences, Inc. (x)\* | 5982 | 101754 |  |
|  Imago Biosciences, Inc.\* | 9907 | 356157 |  |
|  ImmunityBio, Inc. (x)\* | 45219 | 229260 |  |
|  ImmunoGen, Inc.\* | 77920 | 386483 |  |
|  Immunovant, Inc.\* | 16312 | 289538 |  |
|  Inhibrx, Inc. (x)\* | 12610 | 310710 |  |
|  Inovio Pharmaceuticals, Inc. (x)\* | 81430 | 127031 |  |
|  Insmed, Inc.\* | 51685 | 1032666 |  |
|  Instil Bio, Inc.\* | 26816 | 16894 |  |
|  Intellia Therapeutics, Inc.\* | 30008 | 1046979 |  |
|  Intercept Pharmaceuticals, Inc.\* | 10619 | 131357 |  |
|  Invivyd, Inc. (x)\* | 19006 | 28509 |  |
|  Iovance Biotherapeutics, Inc.\* | 56622 | 361815 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 53076 | 657612 |  |
|  iTeos Therapeutics, Inc.\* | 10676 | 208502 |  |
|  IVERIC bio, Inc.\* | 47422 | 1015305 |  |
|  Janux Therapeutics, Inc.\* | 4946 | 65139 |  |
|  Jounce Therapeutics, Inc.\* | 9942 | 11036 |  |
|  KalVista Pharmaceuticals, Inc.\* | 8566 | 57906 |  |
|  Karuna Therapeutics, Inc.\* | 11303 | 2221040 |  |
|  Karyopharm Therapeutics, Inc. (x)\* | 30575 | 103955 |  |
|  Keros Therapeutics, Inc.\* | 7079 | 339934 |  |
|  Kezar Life Sciences, Inc.\* | 22223 | 156450 |  |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 13827 | 207128 |  |
|  Kinnate Biopharma, Inc. (x)\* | 7136 | 43530 |  |
|  Kodiak Sciences, Inc.\* | 14465 | 103569 |  |
|  Kronos Bio, Inc.\* | 15612 | 25291 |  |
|  Krystal Biotech, Inc.\* | 8106 | 642157 |  |
|  Kura Oncology, Inc.\* | 25353 | 314631 |  |
|  Kymera Therapeutics, Inc.\* | 13194 | 329322 |  |
|  Lexicon Pharmaceuticals, Inc.\* | 20488 | 39132 |  |
|  Lyell Immunopharma, Inc. (x)\* | 64375 | 223381 |  |
|  MacroGenics, Inc.\* | 24701 | 165744 |  |
|  Madrigal Pharmaceuticals, Inc.\* | 4481 | 1300610 |  |
|  MannKind Corp. (x)\* | 98956 | 521498 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  MeiraGTx Holdings plc\* | 12601 | $| 82159 |  |
|  Mersana Therapeutics, Inc.\* | 21047 |  | 123335 |  |
|  MiMedx Group, Inc.\* | 44535 |  | 123807 |  |
|  Mirum Pharmaceuticals, Inc.\* | 6968 |  | 135876 |  |
|  Monte Rosa Therapeutics, Inc. (x)\* | 8051 |  | 61268 |  |
|  Morphic Holding, Inc.\* | 9354 |  | 250220 |  |
|  Myriad Genetics, Inc.\* | 31174 |  | 452335 |  |
|  Nkarta, Inc.\* | 12850 |  | 76972 |  |
|  Nurix Therapeutics, Inc.\* | 16175 |  | 177601 |  |
|  Nuvalent, Inc., Class A (x)\* | 6241 |  | 185857 |  |
|  Ocugen, Inc. (x)\* | 76536 |  | 99497 |  |
|  Organogenesis Holdings, Inc.\* | 34154 |  | 91874 |  |
|  Outlook Therapeutics, Inc. (x)\* | 31743 |  | 34282 |  |
|  Pardes Biosciences, Inc.\* | 7405 |  | 12514 |  |
|  PDL BioPharma, Inc. (r)(x)\* | 24135 |  | 9259 |  |
|  PepGen, Inc.\* | 3891 |  | 52023 |  |
|  PMV Pharmaceuticals, Inc. (x)\* | 16107 |  | 140131 |  |
|  Point Biopharma Global, Inc.\* | 24153 |  | 176075 |  |
|  Praxis Precision Medicines, Inc. (x)\* | 9574 |  | 22786 |  |
|  Precigen, Inc. (x)\* | 54818 |  | 83323 |  |
|  Prime Medicine, Inc. (x)\* | 2686 |  | 49906 |  |
|  Prometheus Biosciences, Inc.\* | 12505 |  | 1375550 |  |
|  Protagonist Therapeutics, Inc.\* | 17446 |  | 190336 |  |
|  Prothena Corp. plc\* | 14612 |  | 880373 |  |
|  PTC Therapeutics, Inc.\* | 26639 |  | 1016811 |  |
|  Rallybio Corp.\* | 5043 |  | 33133 |  |
|  RAPT Therapeutics, Inc. (x)\* | 9425 |  | 186615 |  |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 48916 |  | 377142 |  |
|  REGENXBIO, Inc.\* | 15994 |  | 362744 |  |
|  Relay Therapeutics, Inc.\* | 29429 |  | 439669 |  |
|  Replimune Group, Inc.\* | 16211 |  | 440939 |  |
|  REVOLUTION Medicines, Inc.\* | 28111 |  | 669604 |  |
|  Rigel Pharmaceuticals, Inc. (x)\* | 47613 |  | 71420 |  |
|  Rocket Pharmaceuticals, Inc.\* | 18306 |  | 358248 |  |
|  Sage Therapeutics, Inc. (x)\* | 19773 |  | 754142 |  |
|  Sana Biotechnology, Inc. (x)\* | 34535 |  | 136413 |  |
|  Sangamo Therapeutics, Inc.\* | 49704 |  | 156071 |  |
|  Seres Therapeutics, Inc.\* | 26596 |  | 148938 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 154980 |  | 137312 |  |
|  SpringWorks Therapeutics, Inc. (x)\* | 12983 |  | 337688 |  |
|  Stoke Therapeutics, Inc.\* | 8819 |  | 81399 |  |
|  Sutro Biopharma, Inc.\* | 12083 |  | 97631 |  |
|  Syndax Pharmaceuticals, Inc.\* | 18578 |  | 472810 |  |
|  Talaris Therapeutics, Inc. (x)\* | 5402 |  | 5510 |  |
|  Tango Therapeutics, Inc. (x)\* | 12387 |  | 89806 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 7967 |  | 16014 |  |
|  TG Therapeutics, Inc. (x)\* | 52173 |  | 617207 |  |
|  Travere Therapeutics, Inc. (x)\* | 22885 |  | 481272 |  |
|  Twist Bioscience Corp. (x)\* | 21192 |  | 504582 |  |
|  Tyra Biosciences, Inc. (x)\* | 2930 |  | 22268 |  |
|  Vanda Pharmaceuticals, Inc.\* | 21889 |  | 161760 |  |
|  Vaxart, Inc. (x)\* | 49506 |  | 47570 |  |
|  Vaxcyte, Inc.\* | 26360 |  | 1263962 |  |
|  VBI Vaccines, Inc. (x)\* | 88012 |  | 34421 |  |
|  Vera Therapeutics, Inc. (x)\* | 3813 |  | 73782 |  |
|  Veracyte, Inc.\* | 27902 |  | 662114 |  |
|  Vericel Corp.\* | 19213 |  | 506070 |  |
|  Verve Therapeutics, Inc. (x)\* | 15881 |  | 307297 |  |
|  Vir Biotechnology, Inc.\* | 26633 |  | 674081 |  |
|  Viridian Therapeutics, Inc. (x)\* | 9788 |  | 285907 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 57584 |  | 5931 |  |
|  Xencor, Inc.\* | 22968 |  | 598087 |  |
|  Y-mAbs Therapeutics, Inc.\* | 13368 |  | 65236 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 15918 |  | 320589 |  |
|  |  |  | 61701374 |  |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | **** |
|  Alphatec Holdings, Inc.\* | 26059 |  | 321829 |  |
|  AngioDynamics, Inc.\* | 14468 |  | 199224 |  |
|  Artivion, Inc.\* | 15963 |  | 193472 |  |
|  AtriCure, Inc.\* | 17099 |  | 758854 |  |
|  Atrion Corp. | 561 |  | 313851 |  |
|  Avanos Medical, Inc.\* | 19882 |  | 538007 |  |
|  Axogen, Inc.\* | 14542 |  | 145129 |  |
|  Axonics, Inc.\* | 18471 |  | 1154992 |  |
|  Bioventus, Inc., Class A (x)\* | 14812 |  | 38659 |  |
|  Butterfly Network, Inc. (x)\* | 59659 |  | 146761 |  |
|  Cardiovascular Systems, Inc.\* | 15932 |  | 216994 |  |
|  Cerus Corp.\* | 69963 |  | 255365 |  |
|  CONMED Corp. | 11114 |  | 985145 |  |
|  Cue Health, Inc. (x)\* | 41824 |  | 86576 |  |
|  Cutera, Inc. (x)\* | 6456 |  | 285484 |  |
|  Embecta Corp. | 21765 |  | 550437 |  |
|  Figs, Inc., Class A\* | 47908 |  | 322421 |  |
|  Glaukos Corp.\* | 17753 |  | 775451 |  |
|  Haemonetics Corp.\* | 19544 |  | 1537136 |  |
|  Heska Corp.\* | 3734 |  | 232105 |  |
|  Inari Medical, Inc.\* | 18165 |  | 1154567 |  |
|  Inogen, Inc.\* | 7926 |  | 156222 |  |
|  Inspire Medical Systems, Inc.\* | 10506 |  | 2646251 |  |
|  Integer Holdings Corp.\* | 12592 |  | 862048 |  |
|  iRadimed Corp. | 4340 |  | 122779 |  |
|  iRhythm Technologies, Inc.\* | 11333 |  | 1061562 |  |
|  Lantheus Holdings, Inc.\* | 25686 |  | 1308959 |  |
|  LeMaitre Vascular, Inc. | 6643 |  | 305711 |  |
|  LivaNova plc\* | 20395 |  | 1132738 |  |
|  Meridian Bioscience, Inc.\* | 17106 |  | 568090 |  |
|  Merit Medical Systems, Inc.\* | 20739 |  | 1464588 |  |
|  Mesa Laboratories, Inc. | 2121 |  | 352531 |  |
|  Nano-X Imaging Ltd. (x)\* | 11308 |  | 83453 |  |
|  Neogen Corp.\* | 81195 |  | 1236600 |  |
|  Nevro Corp.\* | 13661 |  | 540976 |  |
|  NuVasive, Inc.\* | 19655 |  | 810572 |  |
|  Omnicell, Inc.\* | 16948 |  | 854518 |  |
|  OraSure Technologies, Inc.\* | 20039 |  | 96588 |  |
|  Orthofix Medical, Inc.\* | 7800 |  | 160134 |  |
|  OrthoPediatrics Corp.\* | 4926 |  | 195710 |  |
|  Outset Medical, Inc.\* | 18340 |  | 473539 |  |
|  Owlet, Inc. (x)\* | 4473 |  | 2501 |  |
|  Paragon 28, Inc. (x)\* | 17550 |  | 335381 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 8808 |  | 365884 |  |
|  Pulmonx Corp.\* | 12587 |  | 106108 |  |
|  RxSight, Inc.\* | 4888 |  | 61931 |  |
|  SeaSpine Holdings Corp.\* | 14149 |  | 118144 |  |
|  Senseonics Holdings, Inc. (x)\* | 170980 |  | 176109 |  |
|  Shockwave Medical, Inc.\* | 13324 |  | 2739547 |  |
|  SI-BONE, Inc.\* | 13173 |  | 179153 |  |
|  Sight Sciences, Inc. (x)\* | 6224 |  | 75995 |  |
|  Silk Road Medical, Inc. (x)\* | 14911 |  | 788046 |  |
|  STAAR Surgical Co.\* | 18511 |  | 898524 |  |
|  Surmodics, Inc.\* | 4869 |  | 166130 |  |
|  Tactile Systems Technology, Inc.\* | 7743 |  | 88890 |  |
|  Tenon Medical, Inc. (x)\* | 876 |  | 1384 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  TransMedics Group, Inc.\* | 11083 | $| 684043 |  |
|  Treace Medical Concepts, Inc.\* | 11582 |  | 266270 |  |
|  UFP Technologies, Inc.\* | 2493 |  | 293900 |  |
|  Utah Medical Products, Inc. | 1455 |  | 146271 |  |
|  Varex Imaging Corp.\* | 14498 |  | 294309 |  |
|  Vicarious Surgical, Inc. (x)\* | 14190 |  | 28664 |  |
|  ViewRay, Inc.\* | 55260 |  | 247565 |  |
|  Zimvie, Inc.\* | 5401 |  | 50445 |  |
|  Zynex, Inc. (x) | 5579 |  | 77604 |  |
|  |  |  | 32838826 |  |
|  ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | **** |
|  1Life Healthcare, Inc.\* | 67771 |  | 1132453 |  |
|  23andMe Holding Co. (x)\* | 91536 |  | 197718 |  |
|  Accolade, Inc.\* | 20793 |  | 161977 |  |
|  AdaptHealth Corp.\* | 29020 |  | 557764 |  |
|  Addus HomeCare Corp.\* | 6300 |  | 626787 |  |
|  Agiliti, Inc. (x)\* | 12719 |  | 207447 |  |
|  AirSculpt Technologies, Inc. (x) | 1847 |  | 6834 |  |
|  Alignment Healthcare, Inc.\* | 38056 |  | 447539 |  |
|  AMN Healthcare Services, Inc.\* | 16183 |  | 1663936 |  |
|  Apollo Medical Holdings, Inc.\* | 14675 |  | 434233 |  |
|  ATI Physical Therapy, Inc. (x)\* | 18300 |  | 5582 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 27084 |  | 21126 |  |
|  Brookdale Senior Living, Inc.\* | 76040 |  | 207589 |  |
|  Cano Health, Inc. (x)\* | 62368 |  | 85444 |  |
|  CareMax, Inc.\* | 15438 |  | 56349 |  |
|  Castle Biosciences, Inc.\* | 8673 |  | 204162 |  |
|  Clover Health Investments Corp. (x)\* | 147879 |  | 137454 |  |
|  Community Health Systems, Inc.\* | 44166 |  | 190797 |  |
|  CorVel Corp.\* | 3494 |  | 507783 |  |
|  Cross Country Healthcare, Inc.\* | 13446 |  | 357260 |  |
|  DocGo, Inc. (x)\* | 31482 |  | 222578 |  |
|  Ensign Group, Inc. (The) | 20081 |  | 1899863 |  |
|  Fulgent Genetics, Inc. (x)\* | 8016 |  | 238717 |  |
|  HealthEquity, Inc.\* | 31985 |  | 1971555 |  |
|  Hims & Hers Health, Inc. (x)\* | 50635 |  | 324570 |  |
|  Innovage Holding Corp. (x)\* | 8318 |  | 59723 |  |
|  Invitae Corp. (x)\* | 82475 |  | 153404 |  |
|  Joint Corp. (The)\* | 5592 |  | 78176 |  |
|  LHC Group, Inc.\* | 11265 |  | 1821438 |  |
|  LifeStance Health Group, Inc. (x)\* | 29931 |  | 147859 |  |
|  ModivCare, Inc.\* | 5074 |  | 455290 |  |
|  National HealthCare Corp. | 4915 |  | 292443 |  |
|  National Research Corp. | 6112 |  | 227978 |  |
|  Oncology Institute, Inc. (The) (x)\* | 4746 |  | 7831 |  |
|  OPKO Health, Inc.\* | 168440 |  | 210550 |  |
|  Option Care Health, Inc.\* | 59106 |  | 1778500 |  |
|  Owens & Minor, Inc.\* | 27612 |  | 539262 |  |
|  P3 Health Partners, Inc. (x)\* | 7586 |  | 13958 |  |
|  Patterson Cos., Inc. | 32580 |  | 913217 |  |
|  Pediatrix Medical Group, Inc.\* | 30771 |  | 457257 |  |
|  Pennant Group, Inc. (The)\* | 10962 |  | 120363 |  |
|  PetIQ, Inc.\* | 10699 |  | 98645 |  |
|  Privia Health Group, Inc.\* | 16583 |  | 376600 |  |
|  Progyny, Inc.\* | 27638 |  | 860924 |  |
|  R1 RCM, Inc.\* | 54594 |  | 597804 |  |
|  RadNet, Inc.\* | 17301 |  | 325778 |  |
|  Select Medical Holdings Corp. | 40966 |  | 1017186 |  |
|  Sema4 Holdings Corp.\* | 42200 |  | 11132 |  |
|  Surgery Partners, Inc.\* | 17650 |  | 491729 |  |
|  US Physical Therapy, Inc. | 5274 |  | 427352 |  |
|  |  |  | 23351916 |  |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 42587 |  | 751235 |  |
|  American Well Corp., Class A\* | 84068 |  | 237913 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 1123 |  | 7579 |  |
|  Computer Programs and Systems, Inc.\* | 6086 |  | 165661 |  |
|  Evolent Health, Inc., Class A\* | 30717 |  | 862533 |  |
|  Health Catalyst, Inc. (x)\* | 19788 |  | 210346 |  |
|  HealthStream, Inc.\* | 9456 |  | 234887 |  |
|  Multiplan Corp. (x)\* | 147725 |  | 169884 |  |
|  NextGen Healthcare, Inc.\* | 21798 |  | 409366 |  |
|  Nutex Health, Inc. (x)\* | 84558 |  | 160660 |  |
|  OptimizeRx Corp.\* | 6214 |  | 104395 |  |
|  Pear Therapeutics, Inc. (x)\* | 17735 |  | 20927 |  |
|  Phreesia, Inc.\* | 18891 |  | 611313 |  |
|  Schrodinger, Inc.\* | 19924 |  | 372380 |  |
|  Sharecare, Inc. (x)\* | 78934 |  | 126294 |  |
|  Simulations Plus, Inc. | 5942 |  | 217299 |  |
|  |  |  | 4662672 |  |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | **** |
|  AbCellera Biologics, Inc. (x)\* | 78557 |  | 795782 |  |
|  Adaptive Biotechnologies Corp.\* | 41854 |  | 319765 |  |
|  Akoya Biosciences, Inc.\* | 4111 |  | 39342 |  |
|  Alpha Teknova, Inc.\* | 1799 |  | 10146 |  |
|  Berkeley Lights, Inc.\* | 19652 |  | 52667 |  |
|  BioLife Solutions, Inc.\* | 12114 |  | 220475 |  |
|  Bionano Genomics, Inc. (x)\* | 113813 |  | 166167 |  |
|  Codexis, Inc.\* | 22875 |  | 106598 |  |
|  CryoPort, Inc.\* | 16080 |  | 278988 |  |
|  Cytek Biosciences, Inc.\* | 41402 |  | 422714 |  |
|  Inotiv, Inc. (x)\* | 4856 |  | 23989 |  |
|  MaxCyte, Inc. (x)\* | 22837 |  | 124690 |  |
|  Medpace Holdings, Inc.\* | 9469 |  | 2011310 |  |
|  NanoString Technologies, Inc.\* | 18842 |  | 150171 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 12585 |  | 22653 |  |
|  NeoGenomics, Inc.\* | 46199 |  | 426879 |  |
|  OmniAb, Inc. (x)\* | 29414 |  | 105890 |  |
|  Pacific Biosciences of California, Inc.\* | 85690 |  | 700944 |  |
|  Quanterix Corp.\* | 11949 |  | 165494 |  |
|  Quantum-Si, Inc. (x)\* | 24302 |  | 44473 |  |
|  Science 37 Holdings, Inc.\* | 16631 |  | 6905 |  |
|  Seer, Inc.\* | 17640 |  | 102312 |  |
|  Singular Genomics Systems, Inc. (x)\* | 13127 |  | 26385 |  |
|  SomaLogic, Inc. (x)\* | 57847 |  | 145196 |  |
|  |  |  | 6469935 |  |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 24029 |  | 378457 |  |
|  Amneal Pharmaceuticals, Inc.\* | 48472 |  | 96459 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 13911 |  | 389786 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 17136 |  | 633175 |  |
|  AN2 Therapeutics, Inc. (x)\* | 1259 |  | 11998 |  |
|  ANI Pharmaceuticals, Inc.\* | 3298 |  | 132679 |  |
|  Arvinas, Inc.\* | 18268 |  | 624948 |  |
|  Atea Pharmaceuticals, Inc.\* | 28227 |  | 135772 |  |
|  Athira Pharma, Inc. (x)\* | 9815 |  | 31114 |  |
|  Axsome Therapeutics, Inc. (x)\* | 11594 |  | 894245 |  |
|  Cara Therapeutics, Inc.\* | 17868 |  | 191902 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Cassava Sciences, Inc. (x)\* | 14711 | $| 434563 |  |
|  CinCor Pharma, Inc.\* | 6675 |  | 82036 |  |
|  Collegium Pharmaceutical, Inc.\* | 14701 |  | 341063 |  |
|  Corcept Therapeutics, Inc.\* | 32581 |  | 661720 |  |
|  DICE Therapeutics, Inc. (x)\* | 13760 |  | 429312 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 10202 |  | 91206 |  |
|  Esperion Therapeutics, Inc.\* | 19797 |  | 123335 |  |
|  Evolus, Inc.\* | 9855 |  | 74011 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 6943 |  | 24301 |  |
|  Fulcrum Therapeutics, Inc.\* | 15870 |  | 115534 |  |
|  Harmony Biosciences Holdings, Inc.\* | 9282 |  | 511438 |  |
|  Innoviva, Inc.\* | 24287 |  | 321803 |  |
|  Intra-Cellular Therapies, Inc.\* | 34411 |  | 1821030 |  |
|  OmniAb, Inc. (r)(x)\* | 4550 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 5769 |  | 385369 |  |
|  Liquidia Corp. (x)\* | 12660 |  | 80644 |  |
|  Nektar Therapeutics\* | 69964 |  | 158119 |  |
|  NGM Biopharmaceuticals, Inc.\* | 14873 |  | 74662 |  |
|  Nuvation Bio, Inc. (x)\* | 51344 |  | 98581 |  |
|  Ocular Therapeutix, Inc.\* | 26261 |  | 73793 |  |
|  Pacira BioSciences, Inc.\* | 16992 |  | 656061 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 8132 |  | 91241 |  |
|  Phibro Animal Health Corp., Class A | 8197 |  | 109922 |  |
|  Prestige Consumer Healthcare, Inc.\* | 18991 |  | 1188837 |  |
|  Provention Bio, Inc. (x)\* | 22455 |  | 237349 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 10757 |  | 408658 |  |
|  Relmada Therapeutics, Inc. (x)\* | 9222 |  | 32185 |  |
|  Revance Therapeutics, Inc.\* | 29495 |  | 544478 |  |
|  SIGA Technologies, Inc. (x) | 17494 |  | 128756 |  |
|  Supernus Pharmaceuticals, Inc.\* | 18563 |  | 662142 |  |
|  Tarsus Pharmaceuticals, Inc.\* | 4912 |  | 72010 |  |
|  Theravance Biopharma, Inc.\* | 21397 |  | 240074 |  |
|  Theseus Pharmaceuticals, Inc. (x)\* | 2542 |  | 12659 |  |
|  Third Harmonic Bio, Inc.\* | 3271 |  | 14065 |  |
|  Tricida, Inc. (x)\* | 8919 |  | 1364 |  |
|  Ventyx Biosciences, Inc. (x)\* | 9530 |  | 312489 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 35656 |  | 47423 |  |
|  |  |  | 14182768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 143207491 |  |
|  **Industrials (14.1%)** | **Industrials (14.1%)** | **Industrials (14.1%)** | **Industrials (14.1%)** |  |
|  ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | **** |
|  AAR Corp.\* | 13184 |  | 591962 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 30044 |  | 1680361 |  |
|  AeroVironment, Inc.\* | 9565 |  | 819338 |  |
|  AerSale Corp. (x)\* | 5318 |  | 86258 |  |
|  Archer Aviation, Inc., Class A (x)\* | 33475 |  | 62598 |  |
|  Astra Space, Inc. (x)\* | 38794 |  | 16829 |  |
|  Astronics Corp.\* | 7056 |  | 72677 |  |
|  Cadre Holdings, Inc. (x) | 5146 |  | 103640 |  |
|  Ducommun, Inc.\* | 3032 |  | 151479 |  |
|  Kaman Corp. | 10571 |  | 235733 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 51640 |  | 532925 |  |
|  Maxar Technologies, Inc. | 29037 |  | 1502374 |  |
|  Momentus, Inc. (x)\* | 13988 |  | 10909 |  |
|  Moog, Inc., Class A | 10943 |  | 960358 |  |
|  National Presto Industries, Inc. | 1426 |  | 97624 |  |
|  Park Aerospace Corp. | 5706 |  | 76517 |  |
|  Parsons Corp.\* | 12108 |  | 559995 |  |
|  Redwire Corp. (x)\* | 5079 |  | 10056 |  |
|  Rocket Lab USA, Inc. (x)\* | 82686 |  | 311726 |  |
|  Terran Orbital Corp. (x)\* | 5983 |  | 9453 |  |
|  Triumph Group, Inc.\* | 23079 |  | 242791 |  |
|  V2X, Inc.\* | 3212 |  | 132624 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 88668 |  | 308565 |  |
|  |  |  | 8576792 |  |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | **** |
|  Air Transport Services Group, Inc.\* | 24158 |  | 627625 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 10745 |  | 1083096 |  |
|  Forward Air Corp. | 10698 |  | 1122113 |  |
|  Hub Group, Inc., Class A\* | 12259 |  | 974468 |  |
|  Radiant Logistics, Inc.\* | 9584 |  | 48783 |  |
|  |  |  | 3856085 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Allegiant Travel Co.\* | 5933 |  | 403385 |  |
|  Blade Air Mobility, Inc. (x)\* | 14856 |  | 53184 |  |
|  Frontier Group Holdings, Inc. (x)\* | 10404 |  | 106849 |  |
|  Hawaiian Holdings, Inc.\* | 13292 |  | 136376 |  |
|  Joby Aviation, Inc. (x)\* | 97546 |  | 326779 |  |
|  SkyWest, Inc.\* | 20301 |  | 335169 |  |
|  Spirit Airlines, Inc. | 42420 |  | 826342 |  |
|  Sun Country Airlines Holdings, Inc.\* | 12085 |  | 191668 |  |
|  Wheels Up Experience, Inc.\* | 41365 |  | 42606 |  |
|  |  |  | 2422358 |  |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | **** |
|  AAON, Inc. | 16264 |  | 1225005 |  |
|  American Woodmark Corp.\* | 6837 |  | 334056 |  |
|  Apogee Enterprises, Inc. | 8292 |  | 368662 |  |
|  Caesarstone Ltd. | 6303 |  | 35990 |  |
|  CSW Industrials, Inc. | 5884 |  | 682132 |  |
|  Gibraltar Industries, Inc.\* | 11749 |  | 539044 |  |
|  Griffon Corp. | 18722 |  | 670060 |  |
|  Insteel Industries, Inc. | 7045 |  | 193878 |  |
|  Janus International Group, Inc.\* | 30731 |  | 292559 |  |
|  JELD-WEN Holding, Inc.\* | 32547 |  | 314079 |  |
|  Masonite International Corp. (x)\* | 8961 |  | 722346 |  |
|  PGT Innovations, Inc.\* | 21965 |  | 394492 |  |
|  Quanex Building Products Corp. | 12310 |  | 291501 |  |
|  Resideo Technologies, Inc.\* | 57833 |  | 951353 |  |
|  Simpson Manufacturing Co., Inc. | 16221 |  | 1438154 |  |
|  UFP Industries, Inc. | 22361 |  | 1772109 |  |
|  View, Inc. (x)\* | 27342 |  | 26382 |  |
|  Zurn Elkay Water Solutions Corp. | 48245 |  | 1020382 |  |
|  |  |  | 11272184 |  |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | **** |
|  ABM Industries, Inc. | 25146 |  | 1116985 |  |
|  ACCO Brands Corp. | 33523 |  | 187394 |  |
|  ACV Auctions, Inc., Class A\* | 43677 |  | 358588 |  |
|  Aris Water Solution, Inc., Class A | 8023 |  | 115611 |  |
|  Brady Corp., Class A | 17392 |  | 819163 |  |
|  BrightView Holdings, Inc.\* | 12757 |  | 87896 |  |
|  Brink's Co. (The) | 18231 |  | 979187 |  |
|  Casella Waste Systems, Inc., Class A\* | 18724 |  | 1485000 |  |
|  Cimpress plc (x)\* | 5865 |  | 161933 |  |
|  CompX International, Inc. | 801 |  | 14802 |  |
|  CoreCivic, Inc. (REIT)\* | 46146 |  | 533448 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Deluxe Corp. | 17705 | $| 300631 |  |
|  Ennis, Inc. | 6578 |  | 145768 |  |
|  GEO Group, Inc. (The) (x)\* | 44883 |  | 491469 |  |
|  Harsco Corp.\* | 30829 |  | 193914 |  |
|  Healthcare Services Group, Inc. | 31130 |  | 373560 |  |
|  Heritage-Crystal Clean, Inc.\* | 5308 |  | 172404 |  |
|  HNI Corp. | 16430 |  | 467105 |  |
|  Interface, Inc. | 17664 |  | 174344 |  |
|  KAR Auction Services, Inc.\* | 42166 |  | 550266 |  |
|  Kimball International, Inc., Class B | 10064 |  | 65416 |  |
|  Li-Cycle Holdings Corp. (x)\* | 51068 |  | 243084 |  |
|  Matthews International Corp., Class A | 10808 |  | 328996 |  |
|  MillerKnoll, Inc. | 28785 |  | 604773 |  |
|  Montrose Environmental Group, Inc.\* | 10009 |  | 444299 |  |
|  NL Industries, Inc. | 3964 |  | 26995 |  |
|  Pitney Bowes, Inc. | 45079 |  | 171300 |  |
|  Quad/Graphics, Inc.\* | 8851 |  | 36112 |  |
|  SP Plus Corp.\* | 7908 |  | 274566 |  |
|  Steelcase, Inc., Class A | 29194 |  | 206402 |  |
|  UniFirst Corp. | 5674 |  | 1095025 |  |
|  Viad Corp.\* | 6560 |  | 159998 |  |
|  VSE Corp. | 2744 |  | 128639 |  |
|  |  |  | 12515073 |  |
|  ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | **** |
|  Ameresco, Inc., Class A\* | 12348 |  | 705565 |  |
|  API Group Corp.\* | 76655 |  | 1441881 |  |
|  Arcosa, Inc. | 18239 |  | 991107 |  |
|  Argan, Inc. | 4598 |  | 169574 |  |
|  Comfort Systems USA, Inc. | 13359 |  | 1537354 |  |
|  Concrete Pumping Holdings, Inc.\* | 9180 |  | 53703 |  |
|  Construction Partners, Inc., Class A\* | 13970 |  | 372859 |  |
|  Dycom Industries, Inc.\* | 11584 |  | 1084262 |  |
|  EMCOR Group, Inc. | 17858 |  | 2644948 |  |
|  Fluor Corp.\* | 53643 |  | 1859266 |  |
|  Granite Construction, Inc. | 18106 |  | 634978 |  |
|  Great Lakes Dredge & Dock Corp. (x)\* | 25649 |  | 152612 |  |
|  IES Holdings, Inc.\* | 3232 |  | 114962 |  |
|  MYR Group, Inc.\* | 6543 |  | 602414 |  |
|  Northwest Pipe Co.\* | 2698 |  | 90923 |  |
|  NV5 Global, Inc.\* | 5150 |  | 681448 |  |
|  Primoris Services Corp. | 20832 |  | 457054 |  |
|  Sterling Infrastructure, Inc.\* | 11053 |  | 362538 |  |
|  Tutor Perini Corp.\* | 11499 |  | 86818 |  |
|  |  |  | 14044266 |  |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | **** |
|  Allied Motion Technologies, Inc. | 3526 |  | 122740 |  |
|  Array Technologies, Inc.\* | 55224 |  | 1067480 |  |
|  Atkore, Inc.\* | 16069 |  | 1822546 |  |
|  AZZ, Inc. | 10794 |  | 433919 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 15469 |  | 89256 |  |
|  Blink Charging Co. (x)\* | 14800 |  | 162356 |  |
|  Bloom Energy Corp., Class A\* | 66566 |  | 1272742 |  |
|  Encore Wire Corp. | 6721 |  | 924541 |  |
|  Energy Vault Holdings, Inc. (x)\* | 17006 |  | 53059 |  |
|  EnerSys | 16235 |  | 1198792 |  |
|  Enovix Corp. (x)\* | 40856 |  | 508249 |  |
|  ESS Tech, Inc. (x)\* | 21566 |  | 52405 |  |
|  Fluence Energy, Inc. (x)\* | 9577 |  | 164246 |  |
|  FTC Solar, Inc. (x)\* | 11405 |  | 30565 |  |
|  FuelCell Energy, Inc. (x)\* | 146075 |  | 406088 |  |
|  GrafTech International Ltd. | 72463 |  | 344924 |  |
|  Heliogen, Inc. (x)\* | 24362 |  | 17010 |  |
|  NuScale Power Corp. (x)\* | 14304 |  | 146759 |  |
|  Powell Industries, Inc. | 2538 |  | 89287 |  |
|  Preformed Line Products Co. | 656 |  | 54638 |  |
|  Shoals Technologies Group, Inc., Class A\* | 48830 |  | 1204636 |  |
|  Stem, Inc. (x)\* | 54534 |  | 487534 |  |
|  SunPower Corp. (x)\* | 31580 |  | 569387 |  |
|  Thermon Group Holdings, Inc.\* | 8573 |  | 172146 |  |
|  TPI Composites, Inc. (x)\* | 14300 |  | 145002 |  |
|  Vicor Corp.\* | 8698 |  | 467517 |  |
|  |  |  | 12007824 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A (x) | 6157 |  | 115690 |  |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | **** |
|  3D Systems Corp. (x)\* | 50495 |  | 373663 |  |
|  Alamo Group, Inc. | 3941 |  | 558046 |  |
|  Albany International Corp., Class A | 11735 |  | 1156954 |  |
|  Altra Industrial Motion Corp. | 25382 |  | 1516574 |  |
|  Astec Industries, Inc. | 8819 |  | 358581 |  |
|  Barnes Group, Inc. | 18219 |  | 744246 |  |
|  Berkshire Grey, Inc. (x)\* | 17500 |  | 10568 |  |
|  Blue Bird Corp.\* | 4967 |  | 53197 |  |
|  Chart Industries, Inc.\* | 15346 |  | 1768320 |  |
|  CIRCOR International, Inc.\* | 4782 |  | 114577 |  |
|  Columbus McKinnon Corp. | 11155 |  | 362203 |  |
|  Desktop Metal, Inc., Class A (x)\* | 71546 |  | 97303 |  |
|  Douglas Dynamics, Inc. | 8203 |  | 296620 |  |
|  Energy Recovery, Inc.\* | 19238 |  | 394187 |  |
|  Enerpac Tool Group Corp. | 22821 |  | 580794 |  |
|  EnPro Industries, Inc. | 8495 |  | 923322 |  |
|  ESCO Technologies, Inc. | 9620 |  | 842135 |  |
|  Evoqua Water Technologies Corp.\* | 44025 |  | 1743390 |  |
|  Fathom Digital Manufacturing C (x)\* | 2742 |  | 3619 |  |
|  Federal Signal Corp. | 24062 |  | 1118161 |  |
|  Franklin Electric Co., Inc. | 17597 |  | 1403361 |  |
|  Gorman-Rupp Co. (The) | 7471 |  | 191407 |  |
|  Greenbrier Cos., Inc. (The) | 12565 |  | 421304 |  |
|  Helios Technologies, Inc. | 13038 |  | 709789 |  |
|  Hillenbrand, Inc. | 26838 |  | 1145177 |  |
|  Hillman Solutions Corp.\* | 50535 |  | 364357 |  |
|  Hydrofarm Holdings Group, Inc. (x)\* | 16165 |  | 25056 |  |
|  Hyliion Holdings Corp. (x)\* | 32259 |  | 75486 |  |
|  Hyster-Yale Materials Handling, Inc. | 2784 |  | 70463 |  |
|  Hyzon Motors, Inc. (x)\* | 23437 |  | 36327 |  |
|  John Bean Technologies Corp. | 12329 |  | 1126008 |  |
|  Kadant, Inc. | 4504 |  | 800046 |  |
|  Kennametal, Inc. | 31162 |  | 749758 |  |
|  Lightning eMotors, Inc. (x)\* | 10404 |  | 3813 |  |
|  Lindsay Corp. | 4350 |  | 708398 |  |
|  Luxfer Holdings plc | 7277 |  | 99840 |  |
|  Manitowoc Co., Inc. (The)\* | 9193 |  | 84208 |  |
|  Markforged Holding Corp.\* | 28988 |  | 33626 |  |
|  Microvast Holdings, Inc. (x)\* | 45851 |  | 70152 |  |
|  Miller Industries, Inc. | 2909 |  | 77554 |  |
|  Mueller Industries, Inc. | 21045 |  | 1241655 |  |
|  Mueller Water Products, Inc., Class A | 62296 |  | 670305 |  |
|  Nikola Corp. (x)\* | 113719 |  | 245633 |  |
|  Omega Flex, Inc. (x) | 1165 |  | 108718 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Proterra, Inc. (x)\* | 83668 | $| 315428 |  |
|  Proto Labs, Inc.\* | 7293 |  | 186190 |  |
|  RBC Bearings, Inc.\* | 10743 |  | 2249047 |  |
|  REV Group, Inc. | 11257 |  | 142063 |  |
|  Sarcos Technology and Robotics Corp. (x)\* | 29332 |  | 16464 |  |
|  Shyft Group, Inc. (The) | 14563 |  | 362036 |  |
|  SPX Technologies, Inc.\* | 17138 |  | 1125110 |  |
|  Standex International Corp. | 4589 |  | 469959 |  |
|  Tennant Co. | 7711 |  | 474766 |  |
|  Terex Corp. | 25360 |  | 1083379 |  |
|  Titan International, Inc.\* | 19344 |  | 296350 |  |
|  Trinity Industries, Inc. | 32266 |  | 954106 |  |
|  Velo3D, Inc. (x)\* | 17111 |  | 30629 |  |
|  Wabash National Corp. | 18156 |  | 410326 |  |
|  Watts Water Technologies, Inc., Class A | 10763 |  | 1573873 |  |
|  Xos, Inc. (x)\* | 13954 |  | 6180 |  |
|  |  |  | 33174807 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Costamare, Inc. | 14811 |  | 137446 |  |
|  Eagle Bulk Shipping, Inc. (x) | 4853 |  | 242359 |  |
|  Eneti, Inc. | 5731 |  | 57596 |  |
|  Genco Shipping & Trading Ltd. | 12952 |  | 198943 |  |
|  Golden Ocean Group Ltd. (x) | 46075 |  | 400392 |  |
|  Matson, Inc. | 14571 |  | 910833 |  |
|  Safe Bulkers, Inc. | 17016 |  | 49517 |  |
|  |  |  | 1997086 |  |
|  ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | **** |
|  Alight, Inc., Class A\* | 127579 |  | 1066560 |  |
|  ASGN, Inc.\* | 18641 |  | 1518869 |  |
|  Atlas Technical Consultants, Inc.\* | 3832 |  | 19735 |  |
|  Barrett Business Services, Inc. | 1842 |  | 171822 |  |
|  CBIZ, Inc.\* | 18098 |  | 847891 |  |
|  CRA International, Inc. | 2623 |  | 321134 |  |
|  Exponent, Inc. | 19786 |  | 1960595 |  |
|  First Advantage Corp.\* | 21840 |  | 283920 |  |
|  Forrester Research, Inc.\* | 3645 |  | 130345 |  |
|  Franklin Covey Co.\* | 3192 |  | 149290 |  |
|  Heidrick & Struggles International, Inc. | 7358 |  | 205803 |  |
|  HireRight Holdings Corp.\* | 10388 |  | 123202 |  |
|  Huron Consulting Group, Inc.\* | 8390 |  | 609114 |  |
|  ICF International, Inc. | 7255 |  | 718608 |  |
|  Insperity, Inc. | 13998 |  | 1590173 |  |
|  Kelly Services, Inc., Class A | 12722 |  | 215002 |  |
|  Kforce, Inc. | 7820 |  | 428771 |  |
|  Korn Ferry | 20924 |  | 1059173 |  |
|  Legalzoom.com, Inc. (x)\* | 36580 |  | 283129 |  |
|  Planet Labs PBC (x)\* | 60090 |  | 261391 |  |
|  Red Violet, Inc. (x)\* | 2299 |  | 52923 |  |
|  Resources Connection, Inc. | 8711 |  | 160108 |  |
|  Skillsoft Corp.\* | 21242 |  | 27615 |  |
|  Spire Global, Inc.\* | 31024 |  | 29783 |  |
|  Sterling Check Corp.\* | 7607 |  | 117680 |  |
|  TriNet Group, Inc.\* | 14792 |  | 1002898 |  |
|  TrueBlue, Inc.\* | 11732 |  | 229712 |  |
|  Upwork, Inc.\* | 46772 |  | 488300 |  |
|  Willdan Group, Inc.\* | 3350 |  | 59797 |  |
|  |  |  | 14133343 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  ArcBest Corp. | 9129 |  | 639395 |  |
|  Bird Global, Inc., Class A (x)\* | 57895 |  | 10433 |  |
|  Covenant Logistics Group, Inc. | 2606 |  | 90089 |  |
|  Daseke, Inc.\* | 10454 |  | 59483 |  |
|  Heartland Express, Inc. | 15513 |  | 237969 |  |
|  Marten Transport Ltd. | 22163 |  | 438384 |  |
|  PAM Transportation Services, Inc.\* | 1976 |  | 51178 |  |
|  Saia, Inc.\* | 10026 |  | 2102252 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 54440 |  | 89282 |  |
|  Universal Logistics Holdings, Inc. | 2659 |  | 88917 |  |
|  Werner Enterprises, Inc. | 23376 |  | 941118 |  |
|  |  |  | 4748500 |  |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | **** |
|  Alta Equipment Group, Inc. | 4701 |  | 62006 |  |
|  Applied Industrial Technologies, Inc. | 14587 |  | 1838400 |  |
|  Beacon Roofing Supply, Inc.\* | 20574 |  | 1086101 |  |
|  BlueLinx Holdings, Inc.\* | 3383 |  | 240565 |  |
|  Boise Cascade Co. | 14879 |  | 1021741 |  |
|  Custom Truck One Source, Inc. (x)\* | 25825 |  | 163214 |  |
|  Distribution Solutions Group, Inc.\* | 1694 |  | 62441 |  |
|  DXP Enterprises, Inc.\* | 3768 |  | 103808 |  |
|  GATX Corp. | 13187 |  | 1402306 |  |
|  Global Industrial Co. | 4949 |  | 116450 |  |
|  GMS, Inc.\* | 16031 |  | 798344 |  |
|  H&E Equipment Services, Inc. | 12875 |  | 584525 |  |
|  Herc Holdings, Inc. | 9603 |  | 1263467 |  |
|  Hudson Technologies, Inc.\* | 11242 |  | 113769 |  |
|  Karat Packaging, Inc. | 1102 |  | 15836 |  |
|  McGrath RentCorp | 9758 |  | 963505 |  |
|  MRC Global, Inc.\* | 30989 |  | 358853 |  |
|  NOW, Inc.\* | 41449 |  | 526402 |  |
|  Rush Enterprises, Inc., Class A | 16705 |  | 873337 |  |
|  Rush Enterprises, Inc., Class B | 2052 |  | 115466 |  |
|  Textainer Group Holdings Ltd. | 16149 |  | 500780 |  |
|  Titan Machinery, Inc.\* | 7546 |  | 299803 |  |
|  Transcat, Inc.\* | 1869 |  | 132456 |  |
|  Triton International Ltd. | 23287 |  | 1601680 |  |
|  Veritiv Corp. | 5183 |  | 630823 |  |
|  |  |  | 14876078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 133740086 |  |
|  **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  ADTRAN Holdings, Inc. | 26764 |  | 502896 |  |
|  Aviat Networks, Inc.\* | 2333 |  | 72766 |  |
|  Calix, Inc.\* | 21482 |  | 1470013 |  |
|  Cambium Networks Corp.\* | 2726 |  | 59072 |  |
|  Casa Systems, Inc. (x)\* | 9821 |  | 26811 |  |
|  Clearfield, Inc.\* | 4492 |  | 422877 |  |
|  CommScope Holding Co., Inc.\* | 77086 |  | 566582 |  |
|  Comtech Telecommunications Corp. | 7020 |  | 85223 |  |
|  Digi International, Inc.\* | 13070 |  | 477709 |  |
|  DZS, Inc.\* | 5068 |  | 64262 |  |
|  Extreme Networks, Inc.\* | 50349 |  | 921890 |  |
|  Harmonic, Inc.\* | 34423 |  | 450941 |  |
|  Infinera Corp. (x)\* | 71951 |  | 484950 |  |
|  Inseego Corp. (x)\* | 25491 |  | 21476 |  |
|  NETGEAR, Inc.\* | 7433 |  | 134612 |  |
|  NetScout Systems, Inc.\* | 26206 |  | 851957 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Ondas Holdings, Inc. (x)\* | 8876 | $| 14113 |  |
|  Ribbon Communications, Inc.\* | 21498 |  | 59979 |  |
|  Viavi Solutions, Inc.\* | 85809 |  | 901853 |  |
|  |  |  | 7589982 |  |
|  ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | **** |
|  908 Devices, Inc. (x)\* | 5833 |  | 44447 |  |
|  Advanced Energy Industries, Inc. | 14832 |  | 1272289 |  |
|  Aeva Technologies, Inc. (x)\* | 53169 |  | 72310 |  |
|  AEye, Inc. (x)\* | 11536 |  | 5544 |  |
|  Akoustis Technologies, Inc. (x)\* | 13248 |  | 37359 |  |
|  Arlo Technologies, Inc.\* | 33534 |  | 117704 |  |
|  Badger Meter, Inc. | 11028 |  | 1202383 |  |
|  Belden, Inc. | 16140 |  | 1160466 |  |
|  Benchmark Electronics, Inc. | 13152 |  | 351027 |  |
|  Cepton, Inc.\* | 2112 |  | 2682 |  |
|  CTS Corp. | 12607 |  | 496968 |  |
|  ePlus, Inc.\* | 11263 |  | 498726 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 21955 |  | 56863 |  |
|  Fabrinet\* | 13959 |  | 1789823 |  |
|  FARO Technologies, Inc.\* | 6469 |  | 190253 |  |
|  Focus Universal, Inc. (x)\* | 4587 |  | 29403 |  |
|  Identiv, Inc.\* | 6106 |  | 44207 |  |
|  Insight Enterprises, Inc.\* | 12567 |  | 1260093 |  |
|  Itron, Inc.\* | 18278 |  | 925781 |  |
|  Kimball Electronics, Inc.\* | 6405 |  | 144689 |  |
|  Knowles Corp.\* | 35390 |  | 581104 |  |
|  Lightwave Logic, Inc. (x)\* | 43090 |  | 185718 |  |
|  Methode Electronics, Inc. | 14209 |  | 630453 |  |
|  MicroVision, Inc. (x)\* | 65566 |  | 154080 |  |
|  Mirion Technologies, Inc. (x)\* | 52240 |  | 345306 |  |
|  Napco Security Technologies, Inc.\* | 11211 |  | 308078 |  |
|  nLight, Inc.\* | 16847 |  | 170829 |  |
|  Novanta, Inc.\* | 13795 |  | 1874327 |  |
|  OSI Systems, Inc.\* | 6012 |  | 478074 |  |
|  Ouster, Inc. (x)\* | 35552 |  | 30681 |  |
|  PAR Technology Corp. (x)\* | 9338 |  | 243442 |  |
|  PC Connection, Inc. | 3712 |  | 174093 |  |
|  Plexus Corp.\* | 10559 |  | 1086838 |  |
|  Rogers Corp.\* | 7055 |  | 841944 |  |
|  Sanmina Corp.\* | 21468 |  | 1229902 |  |
|  ScanSource, Inc.\* | 9467 |  | 276626 |  |
|  SmartRent, Inc. (x)\* | 41878 |  | 101764 |  |
|  TTM Technologies, Inc.\* | 41730 |  | 629288 |  |
|  Velodyne Lidar, Inc. (x)\* | 51973 |  | 38392 |  |
|  Vishay Intertechnology, Inc. | 49224 |  | 1061762 |  |
|  Vishay Precision Group, Inc.\* | 3861 |  | 149228 |  |
|  |  |  | 20294946 |  |
|  ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 54942 |  | 546123 |  |
|  BigCommerce Holdings, Inc.\* | 23575 |  | 206046 |  |
|  Brightcove, Inc.\* | 12056 |  | 63053 |  |
|  Cantaloupe, Inc.\* | 16239 |  | 70640 |  |
|  Cass Information Systems, Inc. | 4259 |  | 195147 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 12401 |  | 31623 |  |
|  Conduent, Inc.\* | 65641 |  | 265846 |  |
|  CSG Systems International, Inc. | 11821 |  | 676161 |  |
|  Cyxtera Technologies, Inc. (x)\* | 16712 |  | 32087 |  |
|  DigitalOcean Holdings, Inc.\* | 26952 |  | 686467 |  |
|  Edgio, Inc.\* | 34826 |  | 39353 |  |
|  Evertec, Inc. | 23125 |  | 748788 |  |
|  Evo Payments, Inc., Class A\* | 18114 |  | 612978 |  |
|  ExlService Holdings, Inc.\* | 12338 |  | 2090427 |  |
|  Fastly, Inc., Class A\* | 42381 |  | 347100 |  |
|  Flywire Corp. (x)\* | 22083 |  | 540371 |  |
|  Grid Dynamics Holdings, Inc.\* | 17966 |  | 201579 |  |
|  Hackett Group, Inc. (The) | 7745 |  | 157766 |  |
|  I3 Verticals, Inc., Class A\* | 7502 |  | 182599 |  |
|  IBEX Holdings Ltd.\* | 1805 |  | 44854 |  |
|  Information Services Group, Inc. | 8909 |  | 40981 |  |
|  International Money Express, Inc.\* | 12003 |  | 292513 |  |
|  Marqeta, Inc., Class A\* | 163070 |  | 996358 |  |
|  Maximus, Inc. | 22832 |  | 1674271 |  |
|  MoneyGram International, Inc.\* | 34773 |  | 378678 |  |
|  Paya Holdings, Inc.\* | 30068 |  | 236635 |  |
|  Payoneer Global, Inc.\* | 82127 |  | 449235 |  |
|  Paysafe Ltd. (x)\* | 11009 |  | 152917 |  |
|  Perficient, Inc.\* | 12644 |  | 882931 |  |
|  PFSweb, Inc. | 4317 |  | 26550 |  |
|  Priority Technology Holdings, Inc. (x)\* | 4586 |  | 24122 |  |
|  Rackspace Technology, Inc. (x)\* | 23202 |  | 68446 |  |
|  Remitly Global, Inc.\* | 34934 |  | 399994 |  |
|  Repay Holdings Corp.\* | 32077 |  | 258220 |  |
|  Sabre Corp. (x)\* | 122509 |  | 757106 |  |
|  Squarespace, Inc., Class A\* | 11582 |  | 256773 |  |
|  StoneCo Ltd., Class A\* | 104138 |  | 983063 |  |
|  TTEC Holdings, Inc. | 7380 |  | 325679 |  |
|  Tucows, Inc., Class A (x)\* | 2846 |  | 96536 |  |
|  Unisys Corp.\* | 28740 |  | 146861 |  |
|  Verra Mobility Corp.\* | 52886 |  | 731413 |  |
|  |  |  | 16918290 |  |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | **** |
|  ACM Research, Inc., Class A\* | 18419 |  | 142010 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 8200 |  | 234274 |  |
|  Ambarella, Inc.\* | 13729 |  | 1128936 |  |
|  Amkor Technology, Inc. | 39868 |  | 956035 |  |
|  Atomera, Inc. (x)\* | 5316 |  | 33066 |  |
|  Axcelis Technologies, Inc.\* | 12358 |  | 980731 |  |
|  AXT, Inc.\* | 12358 |  | 54128 |  |
|  CEVA, Inc.\* | 8714 |  | 222904 |  |
|  Cohu, Inc.\* | 16926 |  | 542478 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 36123 |  | 480797 |  |
|  Diodes, Inc.\* | 16887 |  | 1285776 |  |
|  FormFactor, Inc.\* | 29157 |  | 648160 |  |
|  Ichor Holdings Ltd.\* | 10361 |  | 277882 |  |
|  Impinj, Inc.\* | 8017 |  | 875296 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 36796 |  | 214521 |  |
|  Kulicke & Soffa Industries, Inc. | 22575 |  | 999170 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 19750 |  | 1243855 |  |
|  MaxLinear, Inc.\* | 28227 |  | 958307 |  |
|  Onto Innovation, Inc.\* | 18545 |  | 1262729 |  |
|  PDF Solutions, Inc.\* | 11303 |  | 322362 |  |
|  Photronics, Inc.\* | 22460 |  | 378002 |  |
|  Power Integrations, Inc. | 21572 |  | 1547144 |  |
|  Rambus, Inc.\* | 40566 |  | 1453074 |  |
|  Rigetti Computing, Inc. (x)\* | 8360 |  | 6096 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 26806 |  | 3756 |  |
|  Semtech Corp.\* | 24064 |  | 690396 |  |
|  Silicon Laboratories, Inc.\* | 12438 |  | 1687463 |  |
|  SiTime Corp.\* | 6095 |  | 619374 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  SkyWater Technology, Inc. (x)\* | 2329 | $| 16559 |  |
|  SMART Global Holdings, Inc.\* | 16622 |  | 247335 |  |
|  Synaptics, Inc.\* | 14876 |  | 1415600 |  |
|  Transphorm, Inc. (x)\* | 5398 |  | 29365 |  |
|  Ultra Clean Holdings, Inc.\* | 18589 |  | 616225 |  |
|  Veeco Instruments, Inc.\* | 19015 |  | 353299 |  |
|  |  |  | 21927105 |  |
|  ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | **** |
|  8x8, Inc.\* | 46704 |  | 201761 |  |
|  A10 Networks, Inc. | 23524 |  | 391204 |  |
|  ACI Worldwide, Inc.\* | 44268 |  | 1018164 |  |
|  Adeia, Inc. | 44506 |  | 421917 |  |
|  Agilysys, Inc.\* | 7507 |  | 594104 |  |
|  Alarm.com Holdings, Inc.\* | 18449 |  | 912856 |  |
|  Alkami Technology, Inc. (x)\* | 14622 |  | 213335 |  |
|  Altair Engineering, Inc., Class A\* | 20152 |  | 916311 |  |
|  American Software, Inc., Class A | 8762 |  | 128626 |  |
|  Amplitude, Inc., Class A (x)\* | 20972 |  | 253342 |  |
|  Appfolio, Inc., Class A\* | 7601 |  | 800993 |  |
|  Appian Corp., Class A\* | 15662 |  | 509955 |  |
|  Applied Digital Corp. (x)\* | 2190 |  | 4030 |  |
|  Arteris, Inc.\* | 5148 |  | 22136 |  |
|  Asana, Inc., Class A (x)\* | 28461 |  | 391908 |  |
|  Avaya Holdings Corp. (x)\* | 34950 |  | 6850 |  |
|  AvePoint, Inc. (x)\* | 40633 |  | 167002 |  |
|  Benefitfocus, Inc.\* | 7060 |  | 73848 |  |
|  Blackbaud, Inc.\* | 17742 |  | 1044294 |  |
|  Blackline, Inc.\* | 21497 |  | 1446103 |  |
|  Blend Labs, Inc., Class A (x)\* | 49864 |  | 71804 |  |
|  Box, Inc., Class A\* | 52514 |  | 1634761 |  |
|  C3.ai, Inc., Class A\* | 23158 |  | 259138 |  |
|  Cerence, Inc.\* | 14971 |  | 277413 |  |
|  Cipher Mining, Inc. (x)\* | 18118 |  | 10146 |  |
|  Cleanspark, Inc. (x)\* | 11121 |  | 22687 |  |
|  Clear Secure, Inc., Class A (x) | 23404 |  | 641972 |  |
|  CommVault Systems, Inc.\* | 16659 |  | 1046852 |  |
|  Consensus Cloud Solutions, Inc.\* | 6876 |  | 369654 |  |
|  Couchbase, Inc. (x)\* | 8748 |  | 115998 |  |
|  CS Disco, Inc.\* | 9508 |  | 60091 |  |
|  Cvent Holding Corp. (x)\* | 19115 |  | 103221 |  |
|  Digimarc Corp. (x)\* | 3342 |  | 61794 |  |
|  Digital Turbine, Inc.\* | 36403 |  | 554782 |  |
|  Domo, Inc., Class B\* | 10835 |  | 154290 |  |
|  Duck Creek Technologies, Inc.\* | 28990 |  | 349329 |  |
|  E2open Parent Holdings, Inc. (x)\* | 72195 |  | 423785 |  |
|  Ebix, Inc. (x) | 9922 |  | 198043 |  |
|  eGain Corp.\* | 6456 |  | 58298 |  |
|  Enfusion, Inc., Class A (x)\* | 11654 |  | 112694 |  |
|  EngageSmart, Inc.\* | 9606 |  | 169066 |  |
|  Envestnet, Inc.\* | 21129 |  | 1303659 |  |
|  Everbridge, Inc.\* | 14991 |  | 443434 |  |
|  EverCommerce, Inc. (x)\* | 10040 |  | 74698 |  |
|  ForgeRock, Inc., Class A (x)\* | 12661 |  | 288291 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 2879 |  | 832 |  |
|  Instructure Holdings, Inc. (x)\* | 6547 |  | 153462 |  |
|  Intapp, Inc.\* | 6056 |  | 151037 |  |
|  InterDigital, Inc. | 12462 |  | 616620 |  |
|  IronNet, Inc. (x)\* | 17523 |  | 4030 |  |
|  Kaleyra, Inc.\* | 13333 |  | 10068 |  |
|  KnowBe4, Inc., Class A\* | 27352 |  | 677783 |  |
|  Latch, Inc. (x)\* | 22985 |  | 16317 |  |
|  LivePerson, Inc.\* | 26565 |  | 269369 |  |
|  LiveRamp Holdings, Inc.\* | 24905 |  | 583773 |  |
|  LiveVox Holdings, Inc. (x)\* | 6039 |  | 17936 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 40098 |  | 137135 |  |
|  Matterport, Inc. (x)\* | 85218 |  | 238610 |  |
|  MeridianLink, Inc. (x)\* | 8719 |  | 119712 |  |
|  MicroStrategy, Inc., Class A (x)\* | 3435 |  | 486293 |  |
|  Mitek Systems, Inc.\* | 11081 |  | 107375 |  |
|  Model N, Inc.\* | 14389 |  | 583618 |  |
|  Momentive Global, Inc.\* | 53806 |  | 376642 |  |
|  N-able, Inc.\* | 26169 |  | 269017 |  |
|  NextNav, Inc. (x)\* | 13106 |  | 38401 |  |
|  Olo, Inc., Class A\* | 34894 |  | 218087 |  |
|  ON24, Inc.\* | 11203 |  | 96682 |  |
|  OneSpan, Inc.\* | 9618 |  | 107625 |  |
|  PagerDuty, Inc.\* | 32534 |  | 864103 |  |
|  PowerSchool Holdings, Inc., Class A\* | 19225 |  | 443713 |  |
|  Progress Software Corp. | 16181 |  | 816331 |  |
|  PROS Holdings, Inc.\* | 17100 |  | 414846 |  |
|  Q2 Holdings, Inc.\* | 21660 |  | 582004 |  |
|  Qualys, Inc.\* | 14582 |  | 1636538 |  |
|  Rapid7, Inc.\* | 21848 |  | 742395 |  |
|  Rimini Street, Inc.\* | 13186 |  | 50239 |  |
|  Riot Blockchain, Inc. (x)\* | 51734 |  | 175378 |  |
|  Sapiens International Corp. NV | 12215 |  | 225733 |  |
|  SecureWorks Corp., Class A\* | 6223 |  | 39765 |  |
|  ShotSpotter, Inc.\* | 2532 |  | 85658 |  |
|  SolarWinds Corp.\* | 18254 |  | 170857 |  |
|  Sprout Social, Inc., Class A\* | 17663 |  | 997253 |  |
|  SPS Commerce, Inc.\* | 13987 |  | 1796350 |  |
|  Sumo Logic, Inc.\* | 40362 |  | 326932 |  |
|  Telos Corp.\* | 19040 |  | 96914 |  |
|  Tenable Holdings, Inc.\* | 41656 |  | 1589176 |  |
|  Terawulf, Inc. (x)\* | 5805 |  | 3864 |  |
|  Upland Software, Inc.\* | 10789 |  | 76926 |  |
|  UserTesting, Inc. (x)\* | 18862 |  | 141654 |  |
|  Varonis Systems, Inc.\* | 41399 |  | 991092 |  |
|  Verint Systems, Inc.\* | 24009 |  | 871046 |  |
|  Veritone, Inc. (x)\* | 7365 |  | 39034 |  |
|  Viant Technology, Inc., Class A (x)\* | 3262 |  | 13113 |  |
|  Weave Communications, Inc. (x)\* | 4603 |  | 21082 |  |
|  WM Technology, Inc.\* | 19233 |  | 19425 |  |
|  Workiva, Inc.\* | 17640 |  | 1481231 |  |
|  Xperi, Inc.\* | 18561 |  | 159810 |  |
|  Yext, Inc.\* | 35073 |  | 229027 |  |
|  Zeta Global Holdings Corp., Class A\* | 39148 |  | 319839 |  |
|  Zuora, Inc., Class A\* | 48252 |  | 306883 |  |
|  |  |  | 39333274 |  |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | **** |
|  Avid Technology, Inc.\* | 13304 |  | 353753 |  |
|  CompoSecure, Inc. (x)\* | 2111 |  | 10365 |  |
|  Corsair Gaming, Inc.\* | 15747 |  | 213687 |  |
|  Diebold Nixdorf, Inc.\* | 20055 |  | 28478 |  |
|  Eastman Kodak Co. (x)\* | 13621 |  | 41544 |  |
|  IonQ, Inc. (x)\* | 48207 |  | 166314 |  |
|  Super Micro Computer, Inc.\* | 17119 |  | 1405470 |  |
|  Turtle Beach Corp.\* | 4234 |  | 30358 |  |
|  Xerox Holdings Corp. | 42997 |  | 627756 |  |
|  |  |  | 2877725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 108941322 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Materials (3.9%)** | **Materials (3.9%)** | **Materials (3.9%)** |  |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | **** |
|  AdvanSix, Inc. | 10210 | $388184 |  |
|  American Vanguard Corp. | 9954 | 216101 |  |
|  Amyris, Inc. (x)\* | 68903 | 105422 |  |
|  Aspen Aerogels, Inc.\* | 8154 | 96136 |  |
|  Avient Corp. | 35750 | 1206920 |  |
|  Balchem Corp. | 11978 | 1462634 |  |
|  Cabot Corp. | 21495 | 1436726 |  |
|  Chase Corp. | 2399 | 206938 |  |
|  Danimer Scientific, Inc. (x)\* | 32885 | 58864 |  |
|  Diversey Holdings Ltd.\* | 28239 | 120298 |  |
|  Ecovyst, Inc.\* | 24759 | 219365 |  |
|  FutureFuel Corp. | 7203 | 58560 |  |
|  Hawkins, Inc. | 7319 | 282513 |  |
|  HB Fuller Co. | 19875 | 1423448 |  |
|  Ingevity Corp.\* | 14313 | 1008208 |  |
|  Innospec, Inc. | 9309 | 957524 |  |
|  Intrepid Potash, Inc.\* | 3975 | 114758 |  |
|  Koppers Holdings, Inc. | 5331 | 150334 |  |
|  Kronos Worldwide, Inc. | 9505 | 89347 |  |
|  Livent Corp.\* | 62626 | 1244379 |  |
|  LSB Industries, Inc.\* | 19128 | 254402 |  |
|  Mativ Holdings, Inc. | 20691 | 432442 |  |
|  Minerals Technologies, Inc. | 12251 | 743881 |  |
|  Origin Materials, Inc. (x)\* | 28462 | 131210 |  |
|  Orion Engineered Carbons SA | 23957 | 426674 |  |
|  Perimeter Solutions SA (x)\* | 44582 | 407479 |  |
|  PureCycle Technologies, Inc. (x)\* | 38655 | 261308 |  |
|  Quaker Chemical Corp. | 5116 | 853860 |  |
|  Rayonier Advanced Materials, Inc.\* | 15984 | 153446 |  |
|  Sensient Technologies Corp. | 16020 | 1168178 |  |
|  Stepan Co. | 7991 | 850722 |  |
|  Tredegar Corp. | 7304 | 74647 |  |
|  Trinseo plc | 14647 | 332633 |  |
|  Tronox Holdings plc | 45381 | 622174 |  |
|  Valhi, Inc. | 518 | 11396 |  |
|  |  | 17571111 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Summit Materials, Inc., Class A\* | 46234 | 1312583 |  |
|  United States Lime & Minerals, Inc. | 525 | 73899 |  |
|  |  | 1386482 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Cryptyde, Inc. (x)\* | 4951 | 949 |  |
|  Greif, Inc., Class A | 9636 | 646190 |  |
|  Greif, Inc., Class B | 2055 | 160763 |  |
|  Myers Industries, Inc. | 12392 | 275474 |  |
|  O-I Glass, Inc.\* | 58787 | 974101 |  |
|  Pactiv Evergreen, Inc. | 17930 | 203685 |  |
|  Ranpak Holdings Corp.\* | 10641 | 61399 |  |
|  TriMas Corp. | 18394 | 510249 |  |
|  |  | 2832810 |  |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 8507 | 67035 |  |
|  Alpha Metallurgical Resources, Inc. | 6044 | 884781 |  |
|  Arconic Corp.\* | 38773 | 820437 |  |
|  ATI, Inc.\* | 47028 | 1404256 |  |
|  Carpenter Technology Corp. (x) | 19144 | 707179 |  |
|  Century Aluminum Co.\* | 19446 | 159068 |  |
|  Coeur Mining, Inc.\* | 109821 | 368999 |  |
|  Commercial Metals Co. | 44254 | 2137468 |  |
|  Compass Minerals International, Inc. | 14102 | 578182 |  |
|  Constellium SE\* | 48783 | 577103 |  |
|  Dakota Gold Corp. (x)\* | 12585 | 38384 |  |
|  Haynes International, Inc. | 3165 | 144609 |  |
|  Hecla Mining Co. | 210657 | 1171253 |  |
|  Hycroft Mining Holding Corp. (x)\* | 39761 | 21157 |  |
|  Ivanhoe Electric, Inc. (x)\* | 3755 | 45623 |  |
|  Kaiser Aluminum Corp. | 6528 | 495867 |  |
|  Materion Corp. | 7664 | 670677 |  |
|  Novagold Resources, Inc.\* | 99079 | 592492 |  |
|  Olympic Steel, Inc. | 2612 | 87711 |  |
|  Piedmont Lithium, Inc.\* | 6494 | 285866 |  |
|  PolyMet Mining Corp.\* | 7814 | 20707 |  |
|  Ramaco Resources, Inc. | 6001 | 52749 |  |
|  Ryerson Holding Corp. | 5379 | 162768 |  |
|  Schnitzer Steel Industries, Inc., Class A | 10141 | 310822 |  |
|  SunCoke Energy, Inc. | 21569 | 186140 |  |
|  TimkenSteel Corp.\* | 16852 | 306201 |  |
|  Warrior Met Coal, Inc. | 19629 | 679949 |  |
|  Worthington Industries, Inc. | 12025 | 597763 |  |
|  |  | 13575246 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 4435 | 167688 |  |
|  Glatfelter Corp. | 12203 | 33924 |  |
|  Resolute Forest Products, Inc.\* | 17558 | 379077 |  |
|  Sylvamo Corp. | 13290 | 645761 |  |
|  |  | 1226450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 36592099 |  |
|  **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | **** |
|  Acadia Realty Trust (REIT) | 34691 | 497816 |  |
|  Agree Realty Corp. (REIT) (x) | 31456 | 2231174 |  |
|  Alexander & Baldwin, Inc. (REIT) | 28351 | 531014 |  |
|  Alexander's, Inc. (REIT) | 789 | 173627 |  |
|  American Assets Trust, Inc. (REIT) | 18758 | 497087 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 56766 | 404174 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 82289 | 1298520 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 24471 | 281417 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 10114 | 45210 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 1372 | 29237 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 15923 | 65444 |  |
|  Brandywine Realty Trust (REIT) | 66058 | 406257 |  |
|  Broadstone Net Lease, Inc. (REIT) | 64279 | 1041963 |  |
|  BRT Apartments Corp. (REIT) | 3506 | 68858 |  |
|  CareTrust REIT, Inc. (REIT) | 36650 | 680957 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 9912 | 228769 |  |
|  Centerspace (REIT) | 5599 | 328493 |  |
|  Chatham Lodging Trust (REIT) | 15807 | 193952 |  |
|  City Office REIT, Inc. (REIT) | 13388 | 112191 |  |
|  Clipper Realty, Inc. (REIT) | 3400 | 21760 |  |
|  Community Healthcare Trust, Inc. (REIT) | 10024 | 358859 |  |
|  Corporate Office Properties Trust (REIT) | 43462 | 1127404 |  |
|  CTO Realty Growth, Inc. (REIT) | 4881 | 89225 |  |
|  DiamondRock Hospitality Co. (REIT) | 79621 | 652096 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Diversified Healthcare Trust (REIT) | 83448 | $| 53974 |  |
|  Easterly Government Properties, Inc. (REIT) (x) | 35699 |  | 509425 |  |
|  Elme Communities (REIT) | 35554 |  | 632861 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 52538 |  | 354106 |  |
|  Equity Commonwealth (REIT) | 42027 |  | 1049414 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 50488 |  | 1184953 |  |
|  Farmland Partners, Inc. (REIT) | 12398 |  | 154479 |  |
|  Four Corners Property Trust, Inc. (REIT) | 33504 |  | 868759 |  |
|  Franklin Street Properties Corp. (REIT) | 28012 |  | 76473 |  |
|  Getty Realty Corp. (REIT) (x) | 15819 |  | 535473 |  |
|  Gladstone Commercial Corp. (REIT) | 14599 |  | 270081 |  |
|  Gladstone Land Corp. (REIT) (x) | 12382 |  | 227210 |  |
|  Global Medical REIT, Inc. (REIT) | 22796 |  | 216106 |  |
|  Global Net Lease, Inc. (REIT) | 40921 |  | 514377 |  |
|  Hersha Hospitality Trust (REIT), Class A | 8244 |  | 70239 |  |
|  Independence Realty Trust, Inc. (REIT) | 84087 |  | 1417707 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 1802 |  | 114409 |  |
|  Industrial Logistics Properties Trust (REIT) | 29032 |  | 94935 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 10088 |  | 1022419 |  |
|  InvenTrust Properties Corp. (REIT) | 25688 |  | 608035 |  |
|  iStar, Inc. (REIT) (x) | 27576 |  | 210405 |  |
|  Kite Realty Group Trust (REIT) | 82688 |  | 1740582 |  |
|  LTC Properties, Inc. (REIT) | 16182 |  | 574946 |  |
|  LXP Industrial Trust (REIT) | 103590 |  | 1037972 |  |
|  Macerich Co. (The) (REIT) | 79154 |  | 891274 |  |
|  National Health Investors, Inc. (REIT) | 15936 |  | 832178 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 48932 |  | 290167 |  |
|  NETSTREIT Corp. (REIT) | 20144 |  | 369240 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 8758 |  | 381148 |  |
|  Office Properties Income Trust (REIT) | 15832 |  | 211357 |  |
|  One Liberty Properties, Inc. (REIT) | 4790 |  | 106434 |  |
|  Orion Office REIT, Inc. (REIT) | 14969 |  | 127835 |  |
|  Outfront Media, Inc. (REIT) | 56401 |  | 935129 |  |
|  Paramount Group, Inc. (REIT) (x) | 72174 |  | 428714 |  |
|  Pebblebrook Hotel Trust (REIT) | 48865 |  | 654302 |  |
|  Phillips Edison & Co., Inc. (REIT) | 43697 |  | 1391312 |  |
|  Physicians Realty Trust (REIT) | 85563 |  | 1238097 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 51870 |  | 475648 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 13452 |  | 258009 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 4674 |  | 67913 |  |
|  PotlatchDeltic Corp. (REIT) | 29852 |  | 1313189 |  |
|  Retail Opportunity Investments Corp. (REIT) | 46858 |  | 704276 |  |
|  RLJ Lodging Trust (REIT) | 61760 |  | 654038 |  |
|  RPT Realty (REIT) | 31669 |  | 317957 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 20339 |  | 1663323 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 86580 |  | 1076189 |  |
|  Safehold, Inc. (REIT) (x) | 10579 |  | 302771 |  |
|  Saul Centers, Inc. (REIT) | 4156 |  | 169066 |  |
|  Service Properties Trust (REIT) | 69516 |  | 506772 |  |
|  SITE Centers Corp. (REIT) | 75616 |  | 1032915 |  |
|  STAG Industrial, Inc. (REIT) | 67500 |  | 2180925 |  |
|  Summit Hotel Properties, Inc. (REIT) | 39314 |  | 283847 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 81199 |  | 784382 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 40620 |  | 728723 |  |
|  Terreno Realty Corp. (REIT) | 28040 |  | 1594635 |  |
|  UMH Properties, Inc. (REIT) | 17227 |  | 277355 |  |
|  Uniti Group, Inc. (REIT) | 89125 |  | 492861 |  |
|  Universal Health Realty Income Trust (REIT) | 4117 |  | 196504 |  |
|  Urban Edge Properties (REIT) | 46417 |  | 654016 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 7617 |  | 144342 |  |
|  Veris Residential, Inc. (REIT)\* | 34996 |  | 557486 |  |
|  Whitestone REIT (REIT) | 17412 |  | 167852 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 46409 |  | 611671 |  |
|  |  |  | 49978696 |  |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | **** |
|  American Realty Investors, Inc. (x)\* | 406 |  | 10414 |  |
|  Anywhere Real Estate, Inc.\* | 43587 |  | 278521 |  |
|  Compass, Inc., Class A\* | 101878 |  | 237376 |  |
|  Cushman & Wakefield plc\* | 58082 |  | 723702 |  |
|  DigitalBridge Group, Inc. | 57399 |  | 627945 |  |
|  Doma Holdings, Inc. (x)\* | 36387 |  | 16480 |  |
|  Douglas Elliman, Inc. | 20632 |  | 83972 |  |
|  eXp World Holdings, Inc. (x) | 25430 |  | 281764 |  |
|  Forestar Group, Inc.\* | 7074 |  | 109010 |  |
|  FRP Holdings, Inc.\* | 1862 |  | 100287 |  |
|  Kennedy-Wilson Holdings, Inc. | 44470 |  | 699513 |  |
|  Marcus & Millichap, Inc. | 9412 |  | 324243 |  |
|  Newmark Group, Inc., Class A | 57662 |  | 459566 |  |
|  Offerpad Solutions, Inc. (x)\* | 17909 |  | 8247 |  |
|  RE/MAX Holdings, Inc., Class A | 4976 |  | 92753 |  |
|  Redfin Corp. (x)\* | 40871 |  | 173293 |  |
|  RMR Group, Inc. (The), Class A | 5159 |  | 145742 |  |
|  St Joe Co. (The) | 14319 |  | 553429 |  |
|  Stratus Properties, Inc. | 1326 |  | 25579 |  |
|  Tejon Ranch Co.\* | 5808 |  | 109423 |  |
|  Transcontinental Realty Investors, Inc.\* | 341 |  | 15065 |  |
|  |  |  | 5076324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 55055020 |  |
|  **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |  |
|  ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | **** |
|  ALLETE, Inc. | 21391 |  | 1379933 |  |
|  MGE Energy, Inc. | 13484 |  | 949274 |  |
|  Otter Tail Corp. | 15514 |  | 910827 |  |
|  PNM Resources, Inc. | 33538 |  | 1636319 |  |
|  Portland General Electric Co. | 33298 |  | 1631602 |  |
|  Via Renewables, Inc. | 4091 |  | 20905 |  |
|  |  |  | 6528860 |  |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 36541 |  | 1421445 |  |
|  Chesapeake Utilities Corp. | 6779 |  | 801142 |  |
|  New Jersey Resources Corp. | 35966 |  | 1784633 |  |
|  Northwest Natural Holding Co. | 13284 |  | 632186 |  |
|  ONE Gas, Inc. | 20119 |  | 1523411 |  |
|  South Jersey Industries, Inc. | 46177 |  | 1640669 |  |
|  Southwest Gas Holdings, Inc. | 25064 |  | 1550960 |  |
|  Spire, Inc. | 19212 |  | 1322938 |  |
|  |  |  | 10677384 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | **** |
|  Altus Power, Inc. (x)\* | 11549 | $75299 |  |
|  Clearway Energy, Inc., Class A | 13341 | 399163 |  |
|  Clearway Energy, Inc., Class C | 30510 | 972353 |  |
|  Montauk Renewables, Inc.\* | 24785 | 273379 |  |
|  Ormat Technologies, Inc. | 18419 | 1592875 |  |
|  Sunnova Energy International, Inc. (x)\* | 36598 | 659130 |  |
|  |  | 3972199 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 27373 | 1213719 |  |
|  Black Hills Corp. | 24568 | 1728113 |  |
|  NorthWestern Corp. | 20997 | 1245962 |  |
|  Unitil Corp. | 5913 | 303692 |  |
|  |  | 4491486 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  American States Water Co. | 13715 | 1269323 |  |
|  Artesian Resources Corp., Class A | 2269 | 132918 |  |
|  California Water Service Group | 20268 | 1229052 |  |
|  Global Water Resources, Inc. | 3525 | 46812 |  |
|  Middlesex Water Co. | 7046 | 554309 |  |
|  Pure Cycle Corp.\* | 5364 | 56215 |  |
|  SJW Group | 11092 | 900559 |  |
|  York Water Co. (The) | 3730 | 167775 |  |
|  |  | 4356963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 30026892 |  |
|  **Total Common Stocks (90.5%)**<br> *(Cost $710,789,113)* |  | 855279813 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring<br>1/17/23 (x)\* | 11684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | **** |
|  Achillion Pharmaceuticals, Inc., CVR (r)\* | 19200 | 6624 |  |
|  Aduro Biotech, Inc., CVR (r)\* | 10401 |  |  |
|  Oncternal Therapeutics, Inc., CVR (r)(x)\* | 369 |  |  |
|  |  | 6624 |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Dova Pharmaceuticals, Inc., CVR (r)\* | 9200 | 3726 |  |
|  Zogenix, Inc., CVR\* | 21467 | 21467 |  |
|  |  | 25193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 31817 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $33,032)* |  | 31817 |  |
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (4.7%)** | **Investment Companies (4.7%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 8000000 | 8000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 36907917 | 36926372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 44926372 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (3.9%)** | **Repurchase Agreements (3.9%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | 2000000 |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $6,185,118, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $6,305,878. (xx) | 6182233 | 6182233 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $2,551,218, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $2,602,352. (xx) | 2550000 | 2550000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $11,009,518, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $11,977,114. (xx) | 11000000 | 11000000 |  |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $7,003,430, collateralized by various Common Stocks; total market value $7,789,930. (xx) | 7000000 | 7000000 |  |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $5,002,450, collateralized by various Common Stocks; total market value $5,564,235. (xx) | 5000000 | 5000000 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $3,001,467, collateralized by various Common Stocks; total market value $3,331,940. (xx) | $| 3000000 | $3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 36732233 |
|  **Total Short-Term Investments (8.6%)**<br> *(Cost $81,640,558)* | **Total Short-Term Investments (8.6%)**<br> *(Cost $81,640,558)* | **Total Short-Term Investments (8.6%)**<br> *(Cost $81,640,558)* | 81658605 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $792,462,703)* | **Total Investments in Securities (99.1%)**<br> *(Cost $792,462,703)* | **Total Investments in Securities (99.1%)**<br> *(Cost $792,462,703)* | 936970235 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 8277690 |
|  **Net Assets (100%)** |  |  | $945247925 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $466,906 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $50,405,325. This was collateralized by $7,518,626 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $44,732,233 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 23026 | 486280 |  | (71947) | 8170 | (137211) | 285292 | 51701 |  |
|  **Thrifts & Mortgage Finance** |  |  |  |  |  |  |  |  |  |
|  PennyMac Financial Services, Inc. | 6930 | 614204 |  | (102640) | 23538 | (142448) | 392654 | 6629 |  |
|  **Total** |  | **1100484** |  | **(174587)** | **31708** | **(279659)** | **677946** | **58330** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 1012 | 3/2023 | USD | 89607540 | (2504874) |
|  |  |  |  |  | (2504874) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $22128079 | $— | $— | $22128079 |
|  Consumer Discretionary | 89434683 |  |  | 89434683 |
|  Consumer Staples | 30933512 |  | — (a) | 30933512 |
|  Energy | 58181251 |  |  | 58181251 |
|  Financials | 147039378 |  |  | 147039378 |
|  Health Care | 143198232 |  | 9259 | 143207491 |
|  Industrials | 133740086 |  |  | 133740086 |
|  Information Technology | 108941322 |  |  | 108941322 |
|  Materials | 36592099 |  |  | 36592099 |
|  Real Estate | 55055020 |  |  | 55055020 |
|  Utilities | 30026892 |  |  | 30026892 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 21467 | 10350 | 31817 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 44926372 |  |  | 44926372 |
|  Repurchase Agreements |  | 36732233 |  | 36732233 |
|  **Total Assets** | $**900196926** | $**36753700** | $**19609** | $**936970235** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(2504874) | $— | $— | $(2504874) |
|  **Total Liabilities** | $**(2504874)** | $**—** | $**—** | $**(2504874)** |
|  **Total** | $**897692052** | $**36753700** | $**19609** | $**934465361** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(2504874) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2504874 |

---

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

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(45341281) | $(45341281) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45341281) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45341281) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(4214066) | $(4214066) |
|  **Total** | $(4214066) | $(4214066) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $82,375,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 8%)\* | $127714475 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 13%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209142214 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $323355610 |
|  regate gross unrealized depreciation | (179188976) |
|  Net unrealized appreciation | $144166634 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790298727 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $684,511) | $677946.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $755,045,959) | 899560056.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $36,732,233) | 36732233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 45425003.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7340400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1166421.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 106018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4231.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 991012308.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 44732233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 349374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 316296.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 208526.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 106949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 51005.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 45764383.0 |
|  **NET ASSETS** | $945247925.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $877539575.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 67708350.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $945247925.0 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $945,247,925 / 99,460,436 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.5 |

---

*(x)* *Includes value of securities on loan of $50,405,325.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($58,330 of dividend income received from affiliates) (net of $20,263 foreign withholding tax) | $14048449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 644755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1334468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16027672 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4814451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1318680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 108700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 85961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 48770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 35508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 47603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6459673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (45606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6414067 |
|  **NET INVESTMENT INCOME (LOSS)** | 9613605 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($31,708 realized gain (loss) from affiliates) | 37810522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (45341281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7530759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(279659) of change in unrealized appreciation (depreciation) from affiliates) | (285400362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4214066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (289614428) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (297145187) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(287531582) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9613605 | $6592163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7530759) | 194389277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (289614428) | (5405126) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (287531582) | 195576314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (27842314) | (219766545) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,799,747 and 121,692 shares, respectively ] | 49558796 | 1783127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,875,310 and 17,348,170 shares, respectively ] | 27842314 | 219766545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (12155539) and (19507890) shares, respectively ] | (128237052) | (287613143) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (50835942) | (66063471) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (366209838) | (90253702) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1311457763 | 1401711465 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $945247925 | $1311457763 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM SMALL CAP MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.62 | $13.23 | $12.07 | $10.21 | $12.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.07 (aa) | 0.08 | 0.12 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.93) | 1.77 | 2.14 | 2.41 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.84) | 1.84 | 2.22 | 2.53 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.09) | (0.12) | (0.13) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (2.36) | (0.94) | (0.54) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (2.45) | (1.06) | (0.67) | (1.21) |
|  Net asset value, end of year | $9.50 | $12.62 | $13.23 | $12.07 | $10.21 |
|  Total return | (22.53)% | 14.23% | 18.76% | 24.87% | (11.83)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860280 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.60 %(g) | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.60% | 0.60 %(g) | 0.61% | 0.61% | 0.60% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90% | 0.46 %(bb) | 0.74% | 1.00% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.90% | 0.46 %(bb) | 0.73% | 0.99% | 0.95% |
|  Portfolio turnover rate^ | 13% | 19% | 28% | 19% | 21% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.06.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for class K would have been 0.07% lower.* 

See Notes to Financial Statements.

------

**ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g03a62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (14.75)% | 0.99% | 3.85 | % |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 1.54 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class K shares returned (14.75)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI EAFE<sup>®</sup> Index, which returned (11.94)% and (14.45)%, respectively.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the MSCI EAFE Index fell 14.5%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. In the first half of the year, the Portfolio reduced its equity exposure for around 36 days, sometimes by as much as 17%.

***What helped performance during the year:***

• Energy was the only positive sector during the period.

• The stocks that contributed most to performance were Novo Nordisk A/S, TotalEnergies SE, BHP Group Ltdastraz., AstraZeneca
plc, BP plc and Shell plc.

***What hurt performance during the year:***

• The sectors that detracted most from performance were Industrials, Information Technology, Consumer Discretionary, Health
Care and Consumer Staples.

• The stocks that detracted most from performance were ASML Holding NV, Roche Holding AG, Sony Group Corp. and Nestle SA.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when international developed-market equities rallied off their lows, for instance during choppy markets in February and March, and
also gains in October and November. These periods account for a slight drag on absolute performance, but also a lag in risk mitigation compared to the broad market.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $218806637 | 16.9% |
| &nbsp;&nbsp;&nbsp; Industrials | 176935227 | 13.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 159242998 | 12.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 130176625 | 10.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 122921212 | 9.5 |
| &nbsp;&nbsp;&nbsp; Information Technology | 91904604 | 7.1 |
| &nbsp;&nbsp;&nbsp; Materials | 91640173 | 7.1 |
| &nbsp;&nbsp;&nbsp; Energy | 58242815 | 4.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 52988505 | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 40830859 | 3.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 30693476 | 2.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 12327611 | 0.9 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1000000 | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 108971758 | 8.4 |
|  |  | 100.0% |

---

------

**ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1066.10 | $3.40 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.92 | 3.32 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.65%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.65%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.65%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class K shares annualized expense ratio of 0.65%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (7.5%)** | **Australia (7.5%)** | **Australia (7.5%)** |
|  Ampol Ltd. | 19111 | $367972 |
|  ANZ Group Holdings Ltd.\* | 247627 | 3989001 |
|  APA Group | 98818 | 723935 |
|  Aristocrat Leisure Ltd. | 50073 | 1040494 |
|  ASX Ltd. | 16280 | 753950 |
|  Aurizon Holdings Ltd. | 153897 | 390832 |
|  BHP Group Ltd. (ASE Stock Exchange) | 242505 | 7533948 |
|  BHP Group Ltd. (London Stock Exchange) | 174074 | 5408482 |
|  BlueScope Steel Ltd. | 37723 | 432514 |
|  Brambles Ltd. | 114919 | 944388 |
|  Cochlear Ltd. | 5292 | 735456 |
|  Coles Group Ltd. | 110287 | 1255486 |
|  Commonwealth Bank of Australia | 139703 | 9758982 |
|  Dexus (REIT) | 84672 | 446779 |
|  Endeavour Group Ltd. | 112925 | 493602 |
|  Flutter Entertainment plc\* | 13796 | 1887341 |
|  Fortescue Metals Group Ltd. | 139323 | 1945539 |
|  Glencore plc | 803081 | 5363168 |
|  Goodman Group (REIT) | 138367 | 1635437 |
|  GPT Group (The) (REIT) | 157192 | 449502 |
|  IDP Education Ltd. (x) | 17470 | 323291 |
|  IGO Ltd. | 55596 | 509495 |
|  Insurance Australia Group Ltd. | 197662 | 639246 |
|  Lendlease Corp. Ltd. | 53827 | 287321 |
|  Lottery Corp. Ltd. (The)\* | 180720 | 551234 |
|  Macquarie Group Ltd. | 30096 | 3421154 |
|  Medibank Pvt Ltd. | 221746 | 445378 |
|  Mineral Resources Ltd. | 14038 | 737860 |
|  Mirvac Group (REIT) | 325195 | 471601 |
|  National Australia Bank Ltd. | 260336 | 5328128 |
|  Newcrest Mining Ltd. | 73126 | 1027621 |
|  Northern Star Resources Ltd. | 89926 | 667977 |
|  Orica Ltd. | 34581 | 354580 |
|  Origin Energy Ltd. | 140661 | 739337 |
|  Pilbara Minerals Ltd.\* | 206996 | 528500 |
|  Qantas Airways Ltd.\* | 76314 | 312270 |
|  QBE Insurance Group Ltd. | 123263 | 1127094 |
|  Ramsay Health Care Ltd. | 15033 | 662219 |
|  REA Group Ltd. | 4119 | 310730 |
|  Reece Ltd. | 20446 | 196977 |
|  Rio Tinto Ltd. | 30542 | 2420690 |
|  Rio Tinto plc | 92441 | 6479645 |
|  Santos Ltd. | 263678 | 1281810 |
|  Scentre Group (REIT) | 431352 | 845816 |
|  SEEK Ltd. | 27726 | 395478 |
|  Sonic Healthcare Ltd. | 38082 | 777066 |
|  South32 Ltd. | 386061 | 1051399 |
|  Stockland (REIT) | 198571 | 490765 |
|  Suncorp Group Ltd. | 100988 | 827842 |
|  Telstra Group Ltd. | 336956 | 915372 |
|  Transurban Group | 252631 | 2232610 |
|  Treasury Wine Estates Ltd. | 56829 | 526598 |
|  Vicinity Ltd. (REIT) | 323158 | 440044 |
|  Washington H Soul Pattinson & Co. Ltd. | 18289 | 344424 |
|  Wesfarmers Ltd. | 93292 | 2916105 |
|  Westpac Banking Corp. | 288475 | 4586132 |
|  WiseTech Global Ltd. | 12126 | 418991 |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 123953 | 2990894 |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 31455 | 756757 |
|  Woolworths Group Ltd. | 99760 | 2279449 |
|  |  | 97176708 |
|  **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** |
|  Erste Group Bank AG | 28963 | 927003 |
|  Mondi plc | 40438 | 689070 |
|  OMV AG | 11983 | 616988 |
|  Verbund AG | 5467 | 460272 |
|  voestalpine AG | 9646 | 255867 |
|  |  | 2949200 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 12687 | 562517 |
|  Anheuser-Busch InBev SA/NV | 71460 | 4304338 |
|  D'ieteren Group | 2056 | 394391 |
|  Elia Group SA/NV | 2785 | 395904 |
|  Groupe Bruxelles Lambert SA (Swiss Stock exchange) | 2626 | 210421 |
|  Groupe Bruxelles Lambert SA (Turquoise Stock Exchange) | 5716 | 456332 |
|  KBC Group NV | 20810 | 1338346 |
|  Sofina SA | 1272 | 279948 |
|  Solvay SA | 6211 | 628023 |
|  UCB SA | 10613 | 835692 |
|  Umicore SA | 17328 | 636593 |
|  Warehouses De Pauw CVA (REIT) | 12601 | 360149 |
|  |  | 10402654 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Yara International ASA | 13467 | 591917 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 32172 | 601112 |
|  **China (0.6%)** | **China (0.6%)** | **China (0.6%)** |
|  BOC Hong Kong Holdings Ltd. | 305495 | 1041089 |
|  Budweiser Brewing Co. APAC Ltd. (m) | 141760 | 445869 |
|  ESR Group Ltd. (m) | 161221 | 338328 |
|  Prosus NV\* | 68343 | 4715018 |
|  SITC International Holdings Co. Ltd. | 113329 | 252053 |
|  Wilmar International Ltd. | 161150 | 501714 |
|  Xinyi Glass Holdings Ltd. | 150465 | 280286 |
|  |  | 7574357 |
|  **Denmark (2.7%)** | **Denmark (2.7%)** | **Denmark (2.7%)** |
|  AP Moller - Maersk A/S, Class A | 266 | 588533 |
|  AP Moller - Maersk A/S, Class B | 414 | 930886 |
|  Carlsberg A/S, Class B | 8163 | 1084828 |
|  Chr Hansen Holding A/S | 8750 | 629409 |
|  Coloplast A/S, Class B | 9908 | 1158130 |
|  Danske Bank A/S | 55390 | 1094755 |
|  Demant A/S\* | 7190 | 199291 |
|  DSV A/S | 15389 | 2429038 |
|  Genmab A/S\* | 5414 | 2292073 |
|  Novo Nordisk A/S, Class B | 136082 | 18374635 |
|  Novozymes A/S, Class B | 16877 | 854928 |
|  Orsted A/S (m) | 15602 | 1417853 |
|  Pandora A/S | 7346 | 516149 |
|  ROCKWOOL A/S, Class B | 799 | 187823 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tryg A/S | 29005 | $| 690386 |
|  Vestas Wind Systems A/S | 83085 |  | 2417153 |
|  |  |  | 34865870 |
|  **Finland (1.2%)** | **Finland (1.2%)** | **Finland (1.2%)** | **Finland (1.2%)** |
|  Elisa OYJ | 11943 |  | 632316 |
|  Fortum OYJ | 36897 |  | 613774 |
|  Kesko OYJ, Class B | 21851 |  | 482310 |
|  Kone OYJ, Class B | 28095 |  | 1452588 |
|  Neste OYJ | 35005 |  | 1612007 |
|  Nokia OYJ | 442998 |  | 2051894 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 4742 |  | 50913 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 269205 |  | 2881193 |
|  Orion OYJ, Class B | 9239 |  | 506758 |
|  Sampo OYJ, Class A | 39437 |  | 2060953 |
|  Stora Enso OYJ, Class R | 46641 |  | 656538 |
|  UPM-Kymmene OYJ | 43382 |  | 1622088 |
|  Wartsila OYJ Abp | 35874 |  | 302142 |
|  |  |  | 14925474 |
|  **France (9.9%)** | **France (9.9%)** | **France (9.9%)** | **France (9.9%)** |
|  Accor SA\* | 13970 |  | 349180 |
|  Adevinta ASA\* | 26588 |  | 178035 |
|  Aeroports de Paris\* | 2451 |  | 328484 |
|  Air Liquide SA | 43031 |  | 6098680 |
|  Airbus SE | 48544 |  | 5769035 |
|  Alstom SA (x) | 26710 |  | 652463 |
|  Amundi SA (m) | 4934 |  | 279925 |
|  Arkema SA | 4923 |  | 442033 |
|  AXA SA | 154053 |  | 4296627 |
|  BioMerieux | 3239 |  | 339507 |
|  BNP Paribas SA | 91319 |  | 5205317 |
|  Bollore SE | 72309 |  | 404045 |
|  Bouygues SA | 19190 |  | 575996 |
|  Bureau Veritas SA | 24530 |  | 646213 |
|  Capgemini SE | 13497 |  | 2253144 |
|  Carrefour SA | 49912 |  | 835619 |
|  Cie de Saint-Gobain | 40530 |  | 1980541 |
|  Cie Generale des Etablissements Michelin SCA | 55295 |  | 1538066 |
|  Covivio (REIT) | 4070 |  | 241581 |
|  Credit Agricole SA | 100860 |  | 1061410 |
|  Danone SA | 52694 |  | 2776882 |
|  Dassault Aviation SA | 2115 |  | 358165 |
|  Dassault Systemes SE | 54727 |  | 1962221 |
|  Edenred | 20816 |  | 1133733 |
|  Eiffage SA | 6882 |  | 677160 |
|  Electricite de France SA | 47804 |  | 614061 |
|  Engie SA | 150756 |  | 2160512 |
|  EssilorLuxottica SA (Borsa Italiana Stock Exchange) | 5326 |  | 963506 |
|  EssilorLuxottica SA (Turquoise Stock Exchange) | 18406 |  | 3333697 |
|  Eurazeo SE | 3435 |  | 213633 |
|  Gecina SA (REIT) | 3752 |  | 382154 |
|  Getlink SE | 36191 |  | 580141 |
|  Hermes International | 2606 |  | 4030961 |
|  Ipsen SA | 3077 |  | 331024 |
|  Kering SA | 6169 |  | 3140015 |
|  Klepierre SA (REIT)\* | 17366 |  | 400230 |
|  La Francaise des Jeux SAEM (m) | 8984 |  | 361404 |
|  Legrand SA | 21989 |  | 1761122 |
|  L'Oreal SA | 19867 |  | 7094548 |
|  LVMH Moet Hennessy Louis Vuitton SE | 22756 |  | 16561793 |
|  Orange SA | 164123 |  | 1630537 |
|  Pernod Ricard SA | 16950 |  | 3333983 |
|  Publicis Groupe SA | 18931 |  | 1204128 |
|  Remy Cointreau SA | 2001 |  | 337575 |
|  Renault SA\* | 15504 |  | 519048 |
|  Safran SA | 28120 |  | 3519415 |
|  Sanofi | 93646 |  | 9005864 |
|  Sartorius Stedim Biotech | 2304 |  | 746061 |
|  SEB SA | 2130 |  | 178415 |
|  Societe Generale SA | 66566 |  | 1673081 |
|  Sodexo SA | 7343 |  | 703341 |
|  Teleperformance | 4854 |  | 1157141 |
|  Thales SA | 8617 |  | 1100431 |
|  TotalEnergies SE | 204551 |  | 12842099 |
|  Ubisoft Entertainment SA\* | 7973 |  | 225401 |
|  Unibail-Rodamco-Westfield (REIT) (x)\* | 9861 |  | 513324 |
|  Valeo | 17807 |  | 318327 |
|  Veolia Environnement SA | 54233 |  | 1393289 |
|  Vinci SA | 44289 |  | 4422801 |
|  Vivendi SE | 59136 |  | 564275 |
|  Wendel SE | 2272 |  | 212076 |
|  Worldline SA (m)\* | 19475 |  | 761541 |
|  |  |  | 128675016 |
|  **Germany (7.3%)** | **Germany (7.3%)** | **Germany (7.3%)** | **Germany (7.3%)** |
|  adidas AG | 14280 |  | 1948357 |
|  Allianz SE (Registered) | 33606 |  | 7227085 |
|  Aroundtown SA | 83828 |  | 195889 |
|  BASF SE | 75567 |  | 3752519 |
|  Bayer AG (Registered) | 80828 |  | 4181192 |
|  Bayerische Motoren Werke AG | 27241 |  | 2431372 |
|  Bayerische Motoren Werke AG (Preference) (q) | 4988 |  | 424750 |
|  Bechtle AG | 6778 |  | 239867 |
|  Beiersdorf AG | 8433 |  | 967706 |
|  Brenntag SE | 12894 |  | 824278 |
|  Carl Zeiss Meditec AG | 3325 |  | 419635 |
|  Commerzbank AG\* | 82881 |  | 783930 |
|  Continental AG | 9068 |  | 543389 |
|  Covestro AG (m) | 15601 |  | 610388 |
|  Daimler Truck Holding AG\* | 37287 |  | 1155307 |
|  Deutsche Bank AG (Registered) | 170042 |  | 1927243 |
|  Deutsche Boerse AG | 15632 |  | 2700751 |
|  Deutsche Lufthansa AG (Registered)\* | 47885 |  | 398022 |
|  Deutsche Post AG (Registered) | 81553 |  | 3071158 |
|  Deutsche Telekom AG (Registered) | 266664 |  | 5320226 |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 9379 |  | 951266 |
|  E.ON SE | 184582 |  | 1844266 |
|  Evonik Industries AG | 17845 |  | 342598 |
|  Fresenius Medical Care AG & Co. KGaA | 16944 |  | 554470 |
|  Fresenius SE & Co. KGaA | 34548 |  | 970775 |
|  GEA Group AG | 12450 |  | 509095 |
|  Hannover Rueck SE | 4959 |  | 984701 |
|  HeidelbergCement AG | 12429 |  | 708870 |
|  HelloFresh SE\* | 13824 |  | 303801 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Henkel AG & Co. KGaA | 8314 | $| 536208 |
|  Henkel AG & Co. KGaA (Preference) (q) | 14888 |  | 1036215 |
|  Infineon Technologies AG | 107442 |  | 3269771 |
|  Knorr-Bremse AG | 6039 |  | 329945 |
|  LEG Immobilien SE | 6017 |  | 391993 |
|  Mercedes-Benz Group AG | 66113 |  | 4345319 |
|  Merck KGaA | 10633 |  | 2059021 |
|  MTU Aero Engines AG | 4492 |  | 972271 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 11527 |  | 3751080 |
|  Nemetschek SE | 4719 |  | 240904 |
|  Porsche Automobil Holding SE (Preference) (q) | 12868 |  | 705808 |
|  Puma SE | 8355 |  | 507103 |
|  Rational AG | 415 |  | 246551 |
|  Rheinmetall AG | 3598 |  | 716568 |
|  RWE AG | 52853 |  | 2353016 |
|  SAP SE | 85912 |  | 8864458 |
|  Sartorius AG (Preference) (q) | 1966 |  | 777404 |
|  Scout24 SE (m) | 6858 |  | 344520 |
|  Siemens AG (Registered) | 62939 |  | 8734243 |
|  Siemens Energy AG | 34221 |  | 643805 |
|  Siemens Healthineers AG (m) | 23019 |  | 1151459 |
|  Symrise AG | 10765 |  | 1171353 |
|  Telefonica Deutschland Holding AG | 77867 |  | 191961 |
|  United Internet AG (Registered) | 8577 |  | 173434 |
|  Volkswagen AG | 2430 |  | 384066 |
|  Volkswagen AG (Preference) (q) | 15306 |  | 1907461 |
|  Vonovia SE | 57955 |  | 1366075 |
|  Zalando SE (m)\* | 18137 |  | 642822 |
|  |  |  | 94107740 |
|  **Hong Kong (2.5%)** | **Hong Kong (2.5%)** | **Hong Kong (2.5%)** | **Hong Kong (2.5%)** |
|  AIA Group Ltd. | 980996 |  | 10909102 |
|  CK Asset Holdings Ltd. | 164178 |  | 1010672 |
|  CK Infrastructure Holdings Ltd. | 52033 |  | 272316 |
|  CLP Holdings Ltd. | 133214 |  | 971954 |
|  Futu Holdings Ltd. (ADR) (x)\* | 4582 |  | 186258 |
|  Hang Lung Properties Ltd. | 175359 |  | 342835 |
|  Hang Seng Bank Ltd. | 62574 |  | 1040568 |
|  Henderson Land Development Co. Ltd. | 114401 |  | 399391 |
|  HK Electric Investments & HK Electric Investments Ltd. (m) (x) | 206794 |  | 136972 |
|  HKT Trust & HKT Ltd. | 313645 |  | 384550 |
|  Hong Kong & China Gas Co. Ltd. | 923709 |  | 878094 |
|  Hong Kong Exchanges & Clearing Ltd. | 99179 |  | 4284591 |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 84748 |  | 378400 |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 12415 |  | 57109 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 12328 |  | 628728 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 803 |  | 40873 |
|  Link REIT (REIT) | 171885 |  | 1261812 |
|  MTR Corp. Ltd. | 128128 |  | 678768 |
|  New World Development Co. Ltd. | 124443 |  | 350748 |
|  Power Assets Holdings Ltd. | 114008 |  | 624415 |
|  Prudential plc | 226027 |  | 3080954 |
|  Sino Land Co. Ltd. | 265103 |  | 331487 |
|  Sun Hung Kai Properties Ltd. | 119423 |  | 1634035 |
|  Swire Pacific Ltd., Class A | 41593 |  | 366082 |
|  Swire Properties Ltd. | 96957 |  | 246447 |
|  Techtronic Industries Co. Ltd. | 113205 |  | 1263240 |
|  WH Group Ltd. (m) | 676252 |  | 393338 |
|  Wharf Real Estate Investment Co. Ltd. | 134470 |  | 783861 |
|  |  |  | 32937600 |
|  **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** |
|  AerCap Holdings NV\* | 11130 |  | 649102 |
|  AIB Group plc | 86804 |  | 335996 |
|  Bank of Ireland Group plc | 87654 |  | 835080 |
|  CRH plc | 62339 |  | 2469706 |
|  Kerry Group plc (London Stock Exchange), Class A | 9 |  | 819 |
|  Kerry Group plc (Turquoise Stock Exchange), Class A | 13196 |  | 1189946 |
|  Kingspan Group plc | 12774 |  | 691627 |
|  Smurfit Kappa Group plc | 20420 |  | 755433 |
|  |  |  | 6927709 |
|  **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  Azrieli Group Ltd. | 3487 |  | 232047 |
|  Bank Hapoalim BM | 100591 |  | 909094 |
|  Bank Leumi Le-Israel BM | 121858 |  | 1017710 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 168614 |  | 291115 |
|  Check Point Software Technologies Ltd.\* | 8447 |  | 1065673 |
|  Elbit Systems Ltd. | 2126 |  | 346526 |
|  ICL Group Ltd. | 57128 |  | 413705 |
|  Israel Discount Bank Ltd., Class A | 101446 |  | 534210 |
|  Mizrahi Tefahot Bank Ltd. | 12733 |  | 413111 |
|  Nice Ltd.\* | 5234 |  | 1015182 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 90729 |  | 827448 |
|  Tower Semiconductor Ltd.\* | 9025 |  | 394025 |
|  Wix.com Ltd.\* | 4828 |  | 370935 |
|  ZIM Integrated Shipping Services Ltd. (x) | 6939 |  | 119281 |
|  |  |  | 7950062 |
|  **Italy (1.8%)** | **Italy (1.8%)** | **Italy (1.8%)** | **Italy (1.8%)** |
|  Amplifon SpA | 10318 |  | 307269 |
|  Assicurazioni Generali SpA | 90325 |  | 1606478 |
|  Coca-Cola HBC AG\* | 15932 |  | 380019 |
|  Davide Campari-Milano NV | 41561 |  | 421933 |
|  DiaSorin SpA | 2080 |  | 290340 |
|  Enel SpA | 668864 |  | 3601407 |
|  Eni SpA | 207064 |  | 2944864 |
|  Ferrari NV | 10371 |  | 2222548 |
|  FinecoBank Banca Fineco SpA | 48875 |  | 811979 |
|  Infrastrutture Wireless Italiane SpA (m) | 26115 |  | 263167 |
|  Intesa Sanpaolo SpA | 1363490 |  | 3032941 |
|  Mediobanca Banca di Credito Finanziario SpA | 48600 |  | 467383 |
|  Moncler SpA | 17338 |  | 918693 |
|  Nexi SpA (m)\* | 44210 |  | 348593 |
|  Poste Italiane SpA (m) | 41565 |  | 406045 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Prysmian SpA | 20715 | $| 768564 |
|  Recordati Industria Chimica e Farmaceutica SpA | 8448 |  | 350423 |
|  Snam SpA | 168802 |  | 818002 |
|  Telecom Italia SpA\* | 765823 |  | 177317 |
|  Terna - Rete Elettrica Nazionale | 115623 |  | 854004 |
|  UniCredit SpA | 157920 |  | 2243571 |
|  |  |  | 23235540 |
|  **Japan (19.9%)** | **Japan (19.9%)** | **Japan (19.9%)** | **Japan (19.9%)** |
|  Advantest Corp. | 15391 |  | 994481 |
|  Aeon Co. Ltd. | 52604 |  | 1115490 |
|  AGC, Inc. (x) | 15553 |  | 520843 |
|  Aisin Corp. | 11456 |  | 308135 |
|  Ajinomoto Co., Inc. | 37419 |  | 1149314 |
|  ANA Holdings, Inc.\* | 12149 |  | 259198 |
|  Asahi Group Holdings Ltd. | 37627 |  | 1180933 |
|  Asahi Intecc Co. Ltd. | 17359 |  | 286230 |
|  Asahi Kasei Corp. | 100771 |  | 722842 |
|  Astellas Pharma, Inc. | 149885 |  | 2291559 |
|  Azbil Corp. | 9791 |  | 248058 |
|  Bandai Namco Holdings, Inc. | 16631 |  | 1053567 |
|  Bridgestone Corp. (x) | 46942 |  | 1677880 |
|  Brother Industries Ltd. | 18987 |  | 290360 |
|  Canon, Inc. (x) | 82252 |  | 1789627 |
|  Capcom Co. Ltd. | 13931 |  | 446887 |
|  Central Japan Railway Co. | 12067 |  | 1489986 |
|  Chiba Bank Ltd. (The) | 43684 |  | 320207 |
|  Chubu Electric Power Co., Inc. | 53278 |  | 552916 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 55469 |  | 1423496 |
|  Concordia Financial Group Ltd. | 90658 |  | 379929 |
|  CyberAgent, Inc. | 32349 |  | 287897 |
|  Dai Nippon Printing Co. Ltd. | 17304 |  | 349403 |
|  Daifuku Co. Ltd. | 8154 |  | 383966 |
|  Dai-ichi Life Holdings, Inc. | 79723 |  | 1818734 |
|  Daiichi Sankyo Co. Ltd. | 144124 |  | 4667228 |
|  Daikin Industries Ltd. | 20450 |  | 3147592 |
|  Daito Trust Construction Co. Ltd. | 5307 |  | 547522 |
|  Daiwa House Industry Co. Ltd. | 49361 |  | 1143006 |
|  Daiwa House REIT Investment Corp. (REIT) | 175 |  | 391230 |
|  Daiwa Securities Group, Inc. | 116803 |  | 518867 |
|  Denso Corp. | 35638 |  | 1774840 |
|  Dentsu Group, Inc. (x) | 17806 |  | 562373 |
|  Disco Corp. | 2315 |  | 665889 |
|  East Japan Railway Co. | 24648 |  | 1412321 |
|  Eisai Co. Ltd. | 20373 |  | 1351163 |
|  ENEOS Holdings, Inc. | 254344 |  | 868227 |
|  FANUC Corp. | 15826 |  | 2391868 |
|  Fast Retailing Co. Ltd. | 4796 |  | 2942867 |
|  Fuji Electric Co. Ltd. | 10502 |  | 402507 |
|  FUJIFILM Holdings Corp. | 29664 |  | 1497440 |
|  Fujitsu Ltd. | 16147 |  | 2167246 |
|  GLP J-REIT (REIT) | 353 |  | 406956 |
|  GMO Payment Gateway, Inc. | 3654 |  | 304036 |
|  Hakuhodo DY Holdings, Inc. | 19660 |  | 199237 |
|  Hamamatsu Photonics KK | 11501 |  | 553843 |
|  Hankyu Hanshin Holdings, Inc. | 18633 |  | 556548 |
|  Hikari Tsushin, Inc. (x) | 1708 |  | 242327 |
|  Hirose Electric Co. Ltd. | 2453 |  | 310270 |
|  Hitachi Construction Machinery Co. Ltd. | 8484 |  | 191284 |
|  Hitachi Ltd. | 79707 |  | 4063697 |
|  Honda Motor Co. Ltd. | 134120 |  | 3098536 |
|  Hoshizaki Corp. | 9720 |  | 344762 |
|  Hoya Corp. | 29639 |  | 2869274 |
|  Hulic Co. Ltd. (x) | 31230 |  | 247479 |
|  Ibiden Co. Ltd. | 8819 |  | 321540 |
|  Idemitsu Kosan Co. Ltd. | 16703 |  | 390721 |
|  Iida Group Holdings Co. Ltd. | 12573 |  | 191699 |
|  Inpex Corp. (x) | 83590 |  | 889147 |
|  Isuzu Motors Ltd. | 48722 |  | 574314 |
|  Ito En Ltd. | 4652 |  | 169789 |
|  ITOCHU Corp. | 97758 |  | 3088271 |
|  Itochu Techno-Solutions Corp. | 7489 |  | 175185 |
|  Japan Airlines Co. Ltd. (x)\* | 12014 |  | 246706 |
|  Japan Exchange Group, Inc. | 40425 |  | 584475 |
|  Japan Metropolitan Fund Invest (REIT) | 554 |  | 441967 |
|  Japan Post Bank Co. Ltd. | 34465 |  | 296225 |
|  Japan Post Holdings Co. Ltd. | 194179 |  | 1641585 |
|  Japan Post Insurance Co. Ltd. | 17494 |  | 309384 |
|  Japan Real Estate Investment Corp. (REIT) | 108 |  | 474825 |
|  Japan Tobacco, Inc. (x) | 98758 |  | 2002400 |
|  JFE Holdings, Inc. | 38237 |  | 447516 |
|  JSR Corp. | 14707 |  | 290016 |
|  Kajima Corp. | 34274 |  | 401134 |
|  Kakaku.com, Inc. | 11191 |  | 180093 |
|  Kansai Electric Power Co., Inc. (The) | 57228 |  | 557716 |
|  Kao Corp. (x) | 39154 |  | 1567771 |
|  KDDI Corp. | 132697 |  | 4026207 |
|  Keio Corp. | 7919 |  | 292045 |
|  Keisei Electric Railway Co. Ltd. | 10592 |  | 303055 |
|  Keyence Corp. | 15917 |  | 6236301 |
|  Kikkoman Corp. | 11782 |  | 623035 |
|  Kintetsu Group Holdings Co. Ltd. | 13602 |  | 451362 |
|  Kirin Holdings Co. Ltd. (x) | 67197 |  | 1029664 |
|  Kobayashi Pharmaceutical Co. Ltd. | 4634 |  | 318843 |
|  Kobe Bussan Co. Ltd. | 12645 |  | 365167 |
|  Koei Tecmo Holdings Co. Ltd. | 10598 |  | 193161 |
|  Koito Manufacturing Co. Ltd. | 18402 |  | 278610 |
|  Komatsu Ltd. | 76217 |  | 1670223 |
|  Konami Group Corp. | 7980 |  | 363004 |
|  Kose Corp. (x) | 2839 |  | 311935 |
|  Kubota Corp. (x) | 84486 |  | 1169697 |
|  Kurita Water Industries Ltd. | 8552 |  | 355790 |
|  Kyocera Corp. | 26174 |  | 1306706 |
|  Kyowa Kirin Co. Ltd. | 22465 |  | 516948 |
|  Lasertec Corp. (x) | 6367 |  | 1054941 |
|  Lixil Corp. | 24313 |  | 370697 |
|  M3, Inc. | 36920 |  | 1006551 |
|  Makita Corp. | 18690 |  | 438625 |
|  Marubeni Corp. | 128910 |  | 1488103 |
|  Mazda Motor Corp. | 46431 |  | 355556 |
|  McDonald's Holdings Co. Japan Ltd. (x) | 7211 |  | 274451 |
|  Meiji Holdings Co. Ltd. | 9341 |  | 479719 |
|  Minebea Mitsumi, Inc. | 30809 |  | 462698 |
|  MISUMI Group, Inc. | 22827 |  | 500754 |
|  Mitsubishi Chemical Group Corp. | 101148 |  | 527705 |
|  Mitsubishi Corp. | 103940 |  | 3392068 |
|  Mitsubishi Electric Corp. | 158986 |  | 1591193 |
|  Mitsubishi Estate Co. Ltd. | 95598 |  | 1246329 |
|  Mitsubishi HC Capital, Inc. | 56414 |  | 278975 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Mitsubishi Heavy Industries Ltd. | 26486 | $1056292 |
|  Mitsubishi UFJ Financial Group, Inc. | 983473 | 6661898 |
|  Mitsui & Co. Ltd. | 115970 | 3404697 |
|  Mitsui Chemicals, Inc. | 15942 | 361380 |
|  Mitsui Fudosan Co. Ltd. | 75101 | 1383108 |
|  Mitsui OSK Lines Ltd. (x) | 28350 | 710694 |
|  Mizuho Financial Group, Inc. | 198447 | 2806443 |
|  MonotaRO Co. Ltd. | 19118 | 270513 |
|  MS&AD Insurance Group Holdings, Inc. | 36165 | 1163982 |
|  Murata Manufacturing Co. Ltd. | 47294 | 2374069 |
|  NEC Corp. | 19937 | 704115 |
|  Nexon Co. Ltd. (x) | 38674 | 872847 |
|  NGK Insulators Ltd. | 21245 | 271633 |
|  Nidec Corp. | 36833 | 1919391 |
|  Nihon M&A Center Holdings, Inc. | 23773 | 295079 |
|  Nintendo Co. Ltd. | 91310 | 3848879 |
|  Nippon Building Fund, Inc. (REIT) (x) | 128 | 573484 |
|  Nippon Express Holdings, Inc. (x) | 6702 | 385043 |
|  Nippon Paint Holdings Co. Ltd. (x) | 67882 | 537408 |
|  Nippon Prologis REIT, Inc. (REIT) | 170 | 399611 |
|  Nippon Sanso Holdings Corp. | 13912 | 203104 |
|  Nippon Shinyaku Co. Ltd. | 4019 | 229062 |
|  Nippon Steel Corp. | 66539 | 1162050 |
|  Nippon Telegraph & Telephone Corp. | 98356 | 2819379 |
|  Nippon Yusen KK (x) | 40542 | 960726 |
|  Nissan Chemical Corp. | 10204 | 449399 |
|  Nissan Motor Co. Ltd. | 193395 | 616111 |
|  Nisshin Seifun Group, Inc. | 16515 | 208010 |
|  Nissin Foods Holdings Co. Ltd. | 5115 | 406113 |
|  Nitori Holdings Co. Ltd. | 6621 | 860165 |
|  Nitto Denko Corp. | 11395 | 664216 |
|  Nomura Holdings, Inc. | 239360 | 891125 |
|  Nomura Real Estate Holdings, Inc. | 9571 | 206385 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 367 | 455814 |
|  Nomura Research Institute Ltd. | 32661 | 775213 |
|  NTT Data Corp. | 52817 | 777525 |
|  Obayashi Corp. | 50339 | 382797 |
|  Obic Co. Ltd. | 5826 | 861648 |
|  Odakyu Electric Railway Co. Ltd. | 25414 | 331327 |
|  Oji Holdings Corp. | 65335 | 264347 |
|  Olympus Corp. | 101378 | 1816832 |
|  Omron Corp. | 15511 | 756994 |
|  Ono Pharmaceutical Co. Ltd. | 29632 | 696095 |
|  Open House Group Co. Ltd. | 6722 | 246876 |
|  Oracle Corp. | 3249 | 210923 |
|  Oriental Land Co. Ltd. | 16455 | 2402300 |
|  ORIX Corp. | 96988 | 1565598 |
|  Osaka Gas Co. Ltd. | 30623 | 497005 |
|  Otsuka Corp. | 9482 | 300196 |
|  Otsuka Holdings Co. Ltd. (x) | 31863 | 1045186 |
|  Pan Pacific International Holdings Corp. | 31372 | 586372 |
|  Panasonic Holdings Corp. | 179481 | 1518696 |
|  Persol Holdings Co. Ltd. | 14462 | 311632 |
|  Rakuten Group, Inc. (x)\* | 67182 | 305094 |
|  Recruit Holdings Co. Ltd. | 118790 | 3780752 |
|  Renesas Electronics Corp.\* | 96392 | 869247 |
|  Resona Holdings, Inc. | 167093 | 920769 |
|  Ricoh Co. Ltd. | 49510 | 379889 |
|  Rohm Co. Ltd. | 6923 | 502714 |
|  SBI Holdings, Inc. | 19996 | 383495 |
|  SCSK Corp. | 13136 | 200283 |
|  Secom Co. Ltd. | 17326 | 995809 |
|  Seiko Epson Corp. | 24019 | 352489 |
|  Sekisui Chemical Co. Ltd. | 29453 | 414057 |
|  Sekisui House Ltd. | 49680 | 883330 |
|  Seven & i Holdings Co. Ltd. | 62039 | 2675562 |
|  SG Holdings Co. Ltd. | 23172 | 323109 |
|  Sharp Corp. (x) | 17241 | 124145 |
|  Shimadzu Corp. | 19923 | 568513 |
|  Shimano, Inc. | 5839 | 930752 |
|  Shimizu Corp. | 43770 | 234792 |
|  Shin-Etsu Chemical Co. Ltd. | 30883 | 3818018 |
|  Shionogi & Co. Ltd. | 21849 | 1096446 |
|  Shiseido Co. Ltd. (x) | 33232 | 1638557 |
|  Shizuoka Financial Group, Inc. | 37361 | 300334 |
|  SMC Corp. | 4695 | 1988327 |
|  SoftBank Corp. | 236314 | 2679330 |
|  SoftBank Group Corp. | 99251 | 4268307 |
|  Sompo Holdings, Inc. | 26172 | 1168607 |
|  Sony Group Corp. | 103762 | 7933951 |
|  Square Enix Holdings Co. Ltd. | 7157 | 334291 |
|  Subaru Corp. | 49280 | 761317 |
|  SUMCO Corp. (x) | 27746 | 371455 |
|  Sumitomo Chemical Co. Ltd. | 119485 | 431544 |
|  Sumitomo Corp. | 93378 | 1562466 |
|  Sumitomo Electric Industries Ltd. | 60221 | 690357 |
|  Sumitomo Metal Mining Co. Ltd. | 20291 | 722183 |
|  Sumitomo Mitsui Financial Group, Inc. | 107435 | 4335384 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 27683 | 967766 |
|  Sumitomo Realty & Development Co. Ltd. | 26236 | 623915 |
|  Suntory Beverage & Food Ltd. (x) | 11003 | 377274 |
|  Suzuki Motor Corp. | 29763 | 968590 |
|  Sysmex Corp. | 14051 | 856293 |
|  T&D Holdings, Inc. | 42569 | 616933 |
|  Taisei Corp. | 14594 | 472604 |
|  Takeda Pharmaceutical Co. Ltd. | 123868 | 3880077 |
|  TDK Corp. | 32437 | 1071429 |
|  Terumo Corp. | 53148 | 1517010 |
|  TIS, Inc. | 18226 | 483286 |
|  Tobu Railway Co. Ltd. | 14491 | 340081 |
|  Toho Co. Ltd. | 9674 | 374458 |
|  Tokio Marine Holdings, Inc. | 150965 | 3252465 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 128838 | 467288 |
|  Tokyo Electron Ltd. | 12265 | 3633520 |
|  Tokyo Gas Co. Ltd. | 31303 | 616567 |
|  Tokyu Corp. | 44792 | 567579 |
|  Toppan, Inc. | 22734 | 338481 |
|  Toray Industries, Inc. | 114948 | 645159 |
|  Toshiba Corp. | 32570 | 1142332 |
|  Tosoh Corp. | 21877 | 261711 |
|  TOTO Ltd. | 12202 | 418386 |
|  Toyota Industries Corp. | 11830 | 652615 |
|  Toyota Motor Corp. | 872498 | 12049700 |
|  Toyota Tsusho Corp. | 17512 | 651830 |
|  Trend Micro, Inc. (x)\* | 11257 | 526653 |
|  Unicharm Corp. | 32704 | 1262907 |
|  USS Co. Ltd. | 18355 | 293003 |
|  Welcia Holdings Co. Ltd. | 7534 | 176524 |
|  West Japan Railway Co. | 18477 | 806574 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Yakult Honsha Co. Ltd. | 10740 | $| 700506 |
|  Yamaha Corp. | 11838 |  | 443790 |
|  Yamaha Motor Co. Ltd. (x) | 25025 |  | 573950 |
|  Yamato Holdings Co. Ltd. | 23450 |  | 372906 |
|  Yaskawa Electric Corp. | 19598 |  | 630917 |
|  Yokogawa Electric Corp. | 19389 |  | 310986 |
|  Z Holdings Corp. | 213272 |  | 539518 |
|  ZOZO, Inc. | 9883 |  | 245494 |
|  |  |  | 258261509 |
|  **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** |
|  Hikma Pharmaceuticals plc | 13262 |  | 248834 |
|  **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
|  ArcelorMittal SA | 43514 |  | 1144693 |
|  Eurofins Scientific SE | 11204 |  | 804272 |
|  |  |  | 1948965 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 180520 |  | 1193375 |
|  Sands China Ltd.\* | 192872 |  | 639987 |
|  |  |  | 1833362 |
|  **Netherlands (4.8%)** | **Netherlands (4.8%)** | **Netherlands (4.8%)** | **Netherlands (4.8%)** |
|  ABN AMRO Bank NV (CVA) (m) | 35701 |  | 493943 |
|  Adyen NV (m)\* | 1786 |  | 2463194 |
|  Aegon NV | 146762 |  | 744346 |
|  Akzo Nobel NV | 15167 |  | 1015694 |
|  Argenx SE\* | 4550 |  | 1708101 |
|  ASM International NV | 3872 |  | 976718 |
|  ASML Holding NV | 33413 |  | 18019387 |
|  Euronext NV (m) | 7228 |  | 535106 |
|  EXOR NV\* | 9030 |  | 660199 |
|  Heineken Holding NV | 8329 |  | 642382 |
|  Heineken NV | 21323 |  | 2005879 |
|  IMCD NV | 4526 |  | 645093 |
|  ING Groep NV | 309677 |  | 3775051 |
|  JDE Peet's NV | 8876 |  | 256725 |
|  Koninklijke Ahold Delhaize NV | 86035 |  | 2471861 |
|  Koninklijke DSM NV | 14415 |  | 1763710 |
|  Koninklijke KPN NV | 271749 |  | 840683 |
|  Koninklijke Philips NV | 72791 |  | 1091179 |
|  NN Group NV | 23453 |  | 958017 |
|  OCI NV | 8716 |  | 311810 |
|  Randstad NV | 10027 |  | 611375 |
|  Shell plc | 597149 |  | 16791936 |
|  Universal Music Group NV | 58490 |  | 1409365 |
|  Wolters Kluwer NV | 21598 |  | 2260170 |
|  |  |  | 62451924 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  Auckland International Airport Ltd.\* | 102445 |  | 507981 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 46523 |  | 667546 |
|  Mercury NZ Ltd. | 59959 |  | 211658 |
|  Meridian Energy Ltd. | 99177 |  | 329949 |
|  Spark New Zealand Ltd. | 148216 |  | 508153 |
|  Xero Ltd.\* | 10896 |  | 521301 |
|  |  |  | 2746588 |
|  **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** | **Norway (0.6%)** |
|  Aker BP ASA | 26127 |  | 811002 |
|  DNB Bank ASA | 76869 |  | 1525720 |
|  Equinor ASA | 78309 |  | 2812052 |
|  Gjensidige Forsikring ASA | 15641 |  | 306855 |
|  Kongsberg Gruppen ASA | 7398 |  | 313838 |
|  Mowi ASA | 34482 |  | 588497 |
|  Norsk Hydro ASA | 111214 |  | 832334 |
|  Orkla ASA | 61732 |  | 447010 |
|  Salmar ASA | 5023 |  | 197294 |
|  Telenor ASA (x) | 56751 |  | 530622 |
|  |  |  | 8365224 |
|  **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** |
|  EDP – Energias de Portugal SA | 221819 |  | 1105549 |
|  Galp Energia SGPS SA, Class B | 39842 |  | 537802 |
|  Jeronimo Martins SGPS SA | 24213 |  | 523042 |
|  |  |  | 2166393 |
|  **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** |
|  CapitaLand Ascendas REIT (REIT) | 266337 |  | 544843 |
|  CapitaLand Integrated Commercial Trust (REIT) | 421528 |  | 642017 |
|  Capitaland Investment Ltd. | 221882 |  | 612934 |
|  City Developments Ltd. | 33911 |  | 208368 |
|  DBS Group Holdings Ltd. | 149022 |  | 3773948 |
|  Genting Singapore Ltd. | 497482 |  | 354708 |
|  Grab Holdings Ltd., Class A\* | 105473 |  | 339623 |
|  Jardine Cycle & Carriage Ltd. | 8144 |  | 173898 |
|  Keppel Corp. Ltd. | 115755 |  | 627431 |
|  Mapletree Logistics Trust (REIT) | 256941 |  | 305014 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 175041 |  | 218246 |
|  Oversea-Chinese Banking Corp. Ltd. | 278490 |  | 2532483 |
|  Sea Ltd. (ADR)\* | 29682 |  | 1544354 |
|  Singapore Airlines Ltd. | 113716 |  | 469501 |
|  Singapore Exchange Ltd. | 64407 |  | 430374 |
|  Singapore Technologies Engineering Ltd. | 128003 |  | 320151 |
|  Singapore Telecommunications Ltd. | 673032 |  | 1291393 |
|  STMicroelectronics NV | 56189 |  | 1984567 |
|  United Overseas Bank Ltd. | 97025 |  | 2223882 |
|  UOL Group Ltd. | 37759 |  | 189443 |
|  Venture Corp. Ltd. | 23762 |  | 302658 |
|  |  |  | 19089836 |
|  **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
|  Anglo American plc | 105041 |  | 4110009 |
|  **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** |
|  Delivery Hero SE (m)\* | 13531 |  | 648605 |
|  **Spain (2.2%)** | **Spain (2.2%)** | **Spain (2.2%)** | **Spain (2.2%)** |
|  Acciona SA | 2039 |  | 375197 |
|  ACS Actividades de Construccion y Servicios SA (x) | 17837 |  | 511136 |
|  Aena SME SA (m)\* | 6033 |  | 757526 |
|  Amadeus IT Group SA\* | 37056 |  | 1925813 |
|  Banco Bilbao Vizcaya Argentaria SA | 498750 |  | 3007919 |
|  Banco Santander SA | 1380542 |  | 4141538 |
|  CaixaBank SA | 367043 |  | 1442733 |
|  Cellnex Telecom SA (m) | 44885 |  | 1485618 |
|  Corp. ACCIONA Energias Renovables SA | 5425 |  | 209872 |
|  EDP Renovaveis SA | 22985 |  | 506356 |
|  Enagas SA (x) | 21193 |  | 352201 |
|  Endesa SA | 27088 |  | 511351 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ferrovial SA | 40197 | $| 1052917 |
|  Grifols SA\* | 24521 |  | 282696 |
|  Iberdrola SA | 493954 |  | 5779271 |
|  Industria de Diseno Textil SA | 89746 |  | 2387305 |
|  Naturgy Energy Group SA | 12033 |  | 313131 |
|  Red Electrica Corp. SA | 33679 |  | 586200 |
|  Repsol SA | 113361 |  | 1802007 |
|  Telefonica SA | 426579 |  | 1545698 |
|  |  |  | 28976485 |
|  **Sweden (2.8%)** | **Sweden (2.8%)** | **Sweden (2.8%)** | **Sweden (2.8%)** |
|  Alfa Laval AB | 23829 |  | 687591 |
|  Assa Abloy AB, Class B | 82426 |  | 1767030 |
|  Atlas Copco AB, Class A | 220990 |  | 2607021 |
|  Atlas Copco AB, Class B | 127905 |  | 1361806 |
|  Boliden AB | 22223 |  | 833241 |
|  Electrolux AB, Class B (x) | 19436 |  | 262218 |
|  Embracer Group AB (x)\* | 48083 |  | 217909 |
|  Epiroc AB, Class A | 55043 |  | 1001443 |
|  Epiroc AB, Class B | 31401 |  | 504500 |
|  EQT AB (x) | 24256 |  | 512789 |
|  Essity AB, Class B | 50044 |  | 1310706 |
|  Evolution AB (m) | 15102 |  | 1469554 |
|  Fastighets AB Balder, Class B\* | 50937 |  | 236847 |
|  Getinge AB, Class B | 19482 |  | 403835 |
|  H & M Hennes & Mauritz AB, Class B (x) | 60472 |  | 650453 |
|  Hexagon AB, Class B | 159996 |  | 1671281 |
|  Holmen AB, Class B | 7762 |  | 307881 |
|  Husqvarna AB, Class B | 36586 |  | 256369 |
|  Industrivarden AB, Class C | 12429 |  | 301350 |
|  Industrivarden AB, Class A | 10120 |  | 245851 |
|  Indutrade AB | 22598 |  | 457164 |
|  Investment AB Latour, Class B | 11654 |  | 220128 |
|  Investor AB, Class A | 41559 |  | 772049 |
|  Investor AB, Class B | 149896 |  | 2708653 |
|  Kinnevik AB, Class B\* | 19846 |  | 272352 |
|  L E Lundbergforetagen AB, Class B | 6175 |  | 262804 |
|  Lifco AB, Class B | 19600 |  | 327110 |
|  Nibe Industrier AB, Class B | 124393 |  | 1157521 |
|  Sagax AB, Class B | 14247 |  | 322900 |
|  Sandvik AB | 87962 |  | 1588144 |
|  Securitas AB, Class B | 38224 |  | 318544 |
|  Skandinaviska Enskilda Banken AB, Class A | 132076 |  | 1518231 |
|  Skanska AB, Class B | 29030 |  | 459034 |
|  SKF AB, Class B | 30936 |  | 471829 |
|  Svenska Cellulosa AB SCA, Class B | 50719 |  | 641348 |
|  Svenska Handelsbanken AB, Class A | 120708 |  | 1215773 |
|  Swedbank AB, Class A | 74110 |  | 1259213 |
|  Swedish Orphan Biovitrum AB\* | 13975 |  | 288879 |
|  Tele2 AB, Class B | 46442 |  | 378751 |
|  Telefonaktiebolaget LM Ericsson, Class B | 239650 |  | 1398648 |
|  Telia Co. AB | 219355 |  | 560430 |
|  Volvo AB, Class A | 15322 |  | 290880 |
|  Volvo AB, Class B | 124337 |  | 2245843 |
|  Volvo Car AB, Class B (x)\* | 48597 |  | 220657 |
|  |  |  | 35966560 |
|  **Switzerland (5.3%)** | **Switzerland (5.3%)** | **Switzerland (5.3%)** | **Switzerland (5.3%)** |
|  ABB Ltd. (Registered) | 129205 |  | 3920935 |
|  Adecco Group AG (Registered) | 13665 |  | 450155 |
|  Alcon, Inc. | 41112 |  | 2809124 |
|  Bachem Holding AG, Class B (x) | 2679 |  | 231350 |
|  Baloise Holding AG (Registered) | 3913 |  | 603888 |
|  Banque Cantonale Vaudoise (Registered) | 2482 |  | 238228 |
|  Barry Callebaut AG (Registered) | 290 |  | 573633 |
|  BKW AG | 1741 |  | 238184 |
|  Chocoladefabriken Lindt & Spruengli AG | 86 |  | 877067 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 9 |  | 924674 |
|  Cie Financiere Richemont SA (Registered) | 42947 |  | 5568967 |
|  Clariant AG (Registered)\* | 16859 |  | 267111 |
|  Credit Suisse Group AG (Registered) (x) | 287612 |  | 859741 |
|  EMS-Chemie Holding AG (Registered) | 570 |  | 385897 |
|  Geberit AG (Registered) | 2944 |  | 1386592 |
|  Givaudan SA (Registered) | 760 |  | 2328535 |
|  Julius Baer Group Ltd. | 18022 |  | 1049765 |
|  Kuehne + Nagel International AG (Registered) | 4399 |  | 1023809 |
|  Logitech International SA (Registered) | 14439 |  | 891028 |
|  Lonza Group AG (Registered) | 6128 |  | 3002863 |
|  Novartis AG (Registered) | 177833 |  | 16076419 |
|  Partners Group Holding AG | 1872 |  | 1653652 |
|  Schindler Holding AG | 3424 |  | 643956 |
|  Schindler Holding AG (Registered) | 1939 |  | 349781 |
|  SGS SA (Registered) | 531 |  | 1234683 |
|  SIG Group AG\* | 25294 |  | 552575 |
|  Sika AG (Registered) | 12001 |  | 2877437 |
|  Sonova Holding AG (Registered) | 4449 |  | 1055173 |
|  Straumann Holding AG (Registered) | 9209 |  | 1051717 |
|  Swatch Group AG (The) | 2397 |  | 681783 |
|  Swatch Group AG (The) (Registered) | 4308 |  | 223821 |
|  Swiss Life Holding AG (Registered) | 2510 |  | 1294293 |
|  Swiss Prime Site AG (Registered) | 6369 |  | 552074 |
|  Swisscom AG (Registered) | 2157 |  | 1181784 |
|  Temenos AG (Registered) | 5537 |  | 303842 |
|  UBS Group AG (Registered) | 275247 |  | 5121532 |
|  VAT Group AG (m) | 2155 |  | 589179 |
|  Zurich Insurance Group AG | 12379 |  | 5921410 |
|  |  |  | 68996657 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 3282 |  |  |
|  **United Kingdom (10.7%)** | **United Kingdom (10.7%)** | **United Kingdom (10.7%)** | **United Kingdom (10.7%)** |
|  3i Group plc | 78175 |  | 1267847 |
|  abrdn plc | 169087 |  | 386861 |
|  Admiral Group plc | 15621 |  | 403573 |
|  Ashtead Group plc | 36572 |  | 2086888 |
|  Associated British Foods plc | 29000 |  | 552538 |
|  AstraZeneca plc | 127462 |  | 17286398 |
|  Auto Trader Group plc (m) | 78217 |  | 487554 |
|  AVEVA Group plc | 10099 |  | 392281 |
|  Aviva plc | 229345 |  | 1227737 |
|  BAE Systems plc | 255684 |  | 2645975 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Barclays plc | 1321385 | $| 2532339 |
|  Barratt Developments plc | 86011 |  | 412605 |
|  Berkeley Group Holdings plc | 9142 |  | 417000 |
|  BP plc | 1546709 |  | 8880126 |
|  British American Tobacco plc | 175694 |  | 6970079 |
|  British Land Co. plc (The) (REIT) | 69610 |  | 332496 |
|  BT Group plc | 572523 |  | 775556 |
|  Bunzl plc | 28386 |  | 946813 |
|  Burberry Group plc | 32686 |  | 802170 |
|  CK Hutchison Holdings Ltd. | 215560 |  | 1293838 |
|  CNH Industrial NV | 83125 |  | 1331603 |
|  Coca-Cola Europacific Partners plc | 16531 |  | 914495 |
|  Compass Group plc | 144449 |  | 3348561 |
|  Croda International plc | 11708 |  | 934756 |
|  DCC plc | 8458 |  | 417192 |
|  Diageo plc | 187176 |  | 8259455 |
|  Entain plc | 47970 |  | 766382 |
|  Experian plc | 75869 |  | 2580135 |
|  Halma plc | 30915 |  | 737776 |
|  Hargreaves Lansdown plc | 28824 |  | 298358 |
|  HSBC Holdings plc | 1641423 |  | 10233542 |
|  Imperial Brands plc | 74391 |  | 1862554 |
|  Informa plc | 120243 |  | 900699 |
|  InterContinental Hotels Group plc | 14725 |  | 844517 |
|  Intertek Group plc | 13140 |  | 640825 |
|  J Sainsbury plc | 139985 |  | 368424 |
|  JD Sports Fashion plc | 200620 |  | 305964 |
|  Johnson Matthey plc | 15727 |  | 404410 |
|  Just Eat Takeaway.com NV (m)\* | 14782 |  | 312512 |
|  Kingfisher plc | 162309 |  | 463284 |
|  Land Securities Group plc (REIT) | 56026 |  | 420891 |
|  Legal & General Group plc | 491755 |  | 1483295 |
|  Lloyds Banking Group plc | 5606355 |  | 3077800 |
|  London Stock Exchange Group plc | 27074 |  | 2335692 |
|  M&G plc | 205559 |  | 466827 |
|  Melrose Industries plc | 345117 |  | 561173 |
|  National Grid plc | 298643 |  | 3601057 |
|  NatWest Group plc | 437598 |  | 1402998 |
|  Next plc | 10721 |  | 752525 |
|  Ocado Group plc\* | 41684 |  | 310829 |
|  Pearson plc | 55427 |  | 629344 |
|  Persimmon plc | 26523 |  | 390231 |
|  Phoenix Group Holdings plc | 59729 |  | 439466 |
|  Reckitt Benckiser Group plc | 58800 |  | 4090303 |
|  RELX plc (London Stock Exchange) | 65165 |  | 1802514 |
|  RELX plc (Turquoise Stock Exchange) | 92157 |  | 2549102 |
|  Rentokil Initial plc | 204235 |  | 1254302 |
|  Rolls-Royce Holdings plc\* | 702849 |  | 791929 |
|  Sage Group plc (The) | 81496 |  | 734599 |
|  Schroders plc | 62198 |  | 327847 |
|  Segro plc (REIT) | 98993 |  | 913858 |
|  Severn Trent plc | 20294 |  | 650408 |
|  Smith & Nephew plc | 72733 |  | 975590 |
|  Smiths Group plc | 29854 |  | 576931 |
|  Spirax-Sarco Engineering plc | 5951 |  | 763692 |
|  SSE plc | 87792 |  | 1817051 |
|  St James's Place plc | 45930 |  | 608021 |
|  Standard Chartered plc | 205183 |  | 1543900 |
|  Taylor Wimpey plc | 299481 |  | 368031 |
|  Tesco plc | 612008 |  | 1658827 |
|  Unilever plc (Cboe Europe) | 138922 |  | 6969993 |
|  Unilever plc (London Stock Exchange) | 70310 |  | 3554753 |
|  United Utilities Group plc | 56614 |  | 678549 |
|  Vodafone Group plc | 2170952 |  | 2210940 |
|  Whitbread plc | 16876 |  | 524338 |
|  WPP plc | 89471 |  | 887177 |
|  |  |  | 138150901 |
|  **United States (6.0%)** | **United States (6.0%)** | **United States (6.0%)** | **United States (6.0%)** |
|  Computershare Ltd. | 44708 |  | 797513 |
|  CSL Ltd. | 39690 |  | 7776120 |
|  CyberArk Software Ltd.\* | 3440 |  | 445996 |
|  GSK plc | 335100 |  | 5823993 |
|  Haleon plc\* | 418060 |  | 1654472 |
|  Holcim AG\* | 45675 |  | 2365132 |
|  James Hardie Industries plc (CHDI) | 36872 |  | 662754 |
|  Nestle SA (Registered) | 226057 |  | 26193421 |
|  QIAGEN NV\* | 19130 |  | 962657 |
|  Roche Holding AG | 57753 |  | 18144429 |
|  Roche Holding AG CHF 1 | 2198 |  | 851958 |
|  Schneider Electric SE | 44524 |  | 6230209 |
|  Stellantis NV (Euronext Paris) | 92875 |  | 1319278 |
|  Stellantis NV (Italian Stock Exchange) | 87998 |  | 1249435 |
|  Swiss Re AG | 24816 |  | 2320973 |
|  Tenaris SA | 40269 |  | 701980 |
|  |  |  | 77500320 |
|  **Total Common Stocks (90.6%)** <br> *(Cost $955,322,094)* |  |  | 1174383131 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 |  | 1000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (0.9%)** | **Repurchase Agreements (0.9%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,628,837, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,680,163. (xx) | $2627611 |  | 2627611 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $7,003,344, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $7,143,710. (xx) | 7000000 |  | 7000000 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $2,702,336, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $2,939,837. (xx) | $2700000 | $2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 12327611 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $13,327,611)* |  | 13327611 |
|  **Total Investments in Securities (91.6%)**<br> *(Cost $968,649,705)* |  | 1187710742 |
|  **Other Assets Less Liabilities (8.4%)** |  | 108971758 |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;1296682500 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $17,145,015 or 1.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $23,318,056. This was collateralized by $10,850,439 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.500%, maturing 3/31/23 – 8/15/51 and by cash of $13,327,611 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository* *Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1131 | 3/2023 | EUR | 45824199 | (1745307) |
|  FTSE 100 Index | 320 | 3/2023 | GBP | 28883266 | (10447) |
|  MSCI EAFE E-Mini Index | 33 | 3/2023 | USD | 3216510 | (28853) |
|  SPI 200 Index | 97 | 3/2023 | AUD | 11544220 | (257280) |
|  TOPIX Index | 200 | 3/2023 | JPY | 28825053 | (721378) |
|  |  |  |  |  | (2763265) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 17473034 | USD | 11761239 | HSBC Bank plc | 3/17/2023 | 170187 |
|  JPY | 3900421377 | USD | 28929490 | HSBC Bank plc | 3/17/2023 | 1081897 |
|  USD | 1969962 | GBP | 1614063 | HSBC Bank plc | 3/17/2023 | 15122 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1267206 |
|  GBP | 25256386 | USD | 30958470 | HSBC Bank plc | 3/17/2023 | (369703) |
|  USD | 55768395 | EUR | 52700240 | HSBC Bank plc | 3/17/2023 | (925912) |
|  USD | 1067274 | JPY | 140221534 | HSBC Bank plc | 3/17/2023 | (11646) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1307261) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (40055) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) : AUD 36,209, CAD 1,541, CHF 38,608, DKK 43,473, EUR 101,843,423, GBP 116,815, HKD 71,632, ILS 63,531, JPY 85,050, NOK 39,463, NZD 21,948, SEK 38,379 and SGD 76,800.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $97176708 | $— | $97176708 |
|  Austria |  | 2949200 |  | 2949200 |
|  Belgium |  | 10402654 |  | 10402654 |
|  Brazil |  | 591917 |  | 591917 |
|  Chile |  | 601112 |  | 601112 |
|  China |  | 7574357 |  | 7574357 |
|  Denmark |  | 34865870 |  | 34865870 |
|  Finland |  | 14925474 |  | 14925474 |
|  France |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128675016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128675016 |
|  Germany |  | 94107740 |  | 94107740 |
|  Hong Kong | 1193386 | 31744214 |  | 32937600 |
|  Ireland | 649102 | 6278607 |  | 6927709 |
|  Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383337 | 5566725 |  | 7950062 |
|  Italy |  | 23235540 |  | 23235540 |
|  Japan |  | 258261509 |  | 258261509 |
|  Jordan |  | 248834 |  | 248834 |
|  Luxembourg |  | 1948965 |  | 1948965 |
|  Macau |  | 1833362 |  | 1833362 |
|  Netherlands |  | 62451924 |  | 62451924 |
|  New Zealand |  | 2746588 |  | 2746588 |
|  Norway |  | 8365224 |  | 8365224 |
|  Portugal |  | 2166393 |  | 2166393 |
|  Singapore | 1883977 | 17205859 |  | 19089836 |
|  South Africa |  | 4110009 |  | 4110009 |
|  South Korea |  | 648605 |  | 648605 |
|  Spain |  | 28976485 |  | 28976485 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Sweden | $— | $35966560 | $— | $35966560 |
|  Switzerland |  | 68996657 |  | 68996657 |
|  United Arab Emirates |  |  | — (b) | — (b) |
|  United Kingdom | 914495 | 137236406 |  | 138150901 |
|  United States | 445996 | 77054324 |  | 77500320 |
|  **Forward Currency Contracts** |  | 1267206 |  | 1267206 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1000000 |  |  | 1000000 |
|  Repurchase Agreements |  | 12327611 |  | 12327611 |
|  **Total Assets** | $**8470293** | $**1180507655** | $**—** | $**1188977948** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1307261) | $— | $(1307261) |
|  **Futures** | (2763265) |  |  | (2763265) |
|  **Total Liabilities** | $**(2763265)** | $**(1307261)** | $**—** | $**(4070526)** |
|  **Total** | $**5707028** | $**1179200394** | $**—** | $**1184907422** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $218,246 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

(b) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $1267206 |
|  **Total** |  | $1267206 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(1307261) |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | (2763265) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4070526 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward**<br>**Foreign**<br>**Currency**<br>**Contracts** | **Total** |
|  Foreign exchange contracts | $— | $1469367 | $1469367 |
|  Equity contracts | (15379809) |  | (15379809) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15379809) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13910442) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward**<br>**Foreign**<br>**Currency**<br>**Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(50846) | $(50846) |
|  Equity contracts | (5316603) |  | (5316603) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5316603) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50846) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5367449) |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $315,831,000 and futures contracts with an average notional balance of approximately $122,262,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of**<br>**Derivative Assets**<br>**Presented in the**<br>**Statement of Assets**<br>**and Liabilities (a)** | **Derivatives**<br>**Available for**<br>**Offset** | **Collateral**<br>**Received** | **Net Amount Due**<br>**from Counterparty** |
|  HSBC Bank plc | $1267206 | $(1267206) | $— | $— |
|  **Total** | $1267206 | $(1267206) | $— | $— |
| **Counterparty** | **Gross Amount of**<br>**Derivative Liabilities**<br>**Presented in the**<br>**Statement of Assets<br>and Liabilities (a)** | **Derivatives**<br>**Available for**<br>**Offset** | **Collateral**<br>**Pledged** | **Net Amount Due**<br>**to Counterparty** |
|  HSBC Bank plc | $1307261 | $(1267206) | $— | $40055 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267206) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40055 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $71107709 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88017228 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $411155482 |
|  Aggregate gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215090366) |
|  Net unrealized appreciation | $196065116 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $988842306 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $956,322,094) | $1175383131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $12,327,611) | 12327611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4174292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $105,027,579) | 102476872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 9277950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5545390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4271170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1267206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 8388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 71123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1314803133 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 13327611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1726656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1307261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 727913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 500813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 255664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 144653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 130062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18120633 |
|  **NET ASSETS** | $1296682500 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1185518879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 111163621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1296682500 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,296,682,500 / 140,026,582 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.26 |

---

*(x)* *Includes value of securities on loan of $23,318,056.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $660,291 foreign withholding tax) | $39947069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 201583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 40148652 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5985913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1639680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 596341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 339500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 137746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 55912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 43730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 166510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 8965332 |
|  **NET INVESTMENT INCOME (LOSS)** | 31183320 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7615574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15379809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1469367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3341175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9636043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (241746960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5316603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (50846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (4924000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (252038409) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (261674452) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(230491132) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $31183320 | $32167570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9636043) | 71309919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (252038409) | 66961173 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (230491132) | 170438662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (36326431) | (137683813) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 9,259,422 and 204,486 shares, respectively ] | 82959620 | 2398419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,002,491 and 12,416,494 shares, respectively ] | 36326431 | 137683813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15751128) and (17563268) shares, respectively ] | (149746481) | (205578227) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (30460430) | (65495995) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (297277993) | (32741146) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1593960493 | 1626701639 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1296682500 | $1593960493 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

ATM INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.18 | $11.03 | $10.77 | $9.17 | $11.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.23 (cc) | 0.16 (aa) | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.88) | 0.96 | 0.52 | 1.73 | (1.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.66) | 1.19 | 0.68 | 1.98 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.32) | (0.22) | (0.28) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.72) | (0.20) | (0.10) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (1.04) | (0.42) | (0.38) | (0.35) |
|  Net asset value, end of year | $9.26 | $11.18 | $11.03 | $10.77 | $9.17 |
|  Total return | (14.75)% | 10.94% | 6.43% | 21.62% | (14.18)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716381 | $&nbsp;&nbsp;&nbsp;&nbsp;1434531 |
|  Ratio of expenses to average net assets (f) | 0.67 %(g) | 0.68 %(g) | 0.63 %(g) | 0.62% | 0.64% |
|  Ratio of net investment income (loss) to average net assets (f) | 2.35% | 1.97 %(dd) | 1.61 %(bb) | 2.46% | 2.22% |
|  Portfolio turnover rate^ | 6% | 3% | 10% | 9% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.03% for periods ended December 31, 2022, 2021 and 2020, respectively.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.15.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratio for Class K would have been 0.14% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.19.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratio for Class K would have been 0.33% lower.* 

See Notes to Financial Statements.

------

**EQ/500 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g03a79.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (20.01)% | 7.83% | 11.20 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (19.80) | 8.11 | 11.48 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (20.01)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the S&P 500 Index fell 18.1%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 105 days, sometimes by as much as 19% of assets.

***What helped performance during the year:***

• The sectors contributed the most to performance were Energy and Utilities.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., Merck & Co. Inc., Eli Lilly and
Co. and ConocoPhillips Co.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Communication Services,
Financials and Real Estate.

• The stocks that detracted most from performance were Apple, Inc., Amazon.com, Inc., Microsoft Corp., Tesla, Inc. and Meta
Platforms, Inc.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when equities rallied off their lows, for instance during choppy markets in May and June, and also October and November. These
periods account for the bulk of the underperformance compared to benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 23.3% |
| &nbsp;&nbsp;&nbsp; Health Care | 14.3 |
| &nbsp;&nbsp;&nbsp; Financials | 10.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.9 |
| &nbsp;&nbsp;&nbsp; Industrials | 7.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.5 |
| &nbsp;&nbsp;&nbsp; Energy | 4.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.9 |
| &nbsp;&nbsp;&nbsp; Materials | 2.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 6.9 |
|  | 100.0% |

---

------

**EQ/500 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1010.80 | $4.09 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.14 | 4.11 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.20 | 2.82 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.40 | 2.84 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.6%)** | **Communication Services (6.6%)** | **Communication Services (6.6%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | **** |
|  AT&T, Inc. | 1501784 | $27647844 |  |
|  Lumen Technologies, Inc. | 206064 | 1075654 |  |
|  Verizon Communications, Inc. | 884141 | 34835155 |  |
|  |  | 63558653 |  |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | **** |
|  Activision Blizzard, Inc. | 148921 | 11399903 |  |
|  Electronic Arts, Inc. | 55256 | 6751178 |  |
|  Live Nation Entertainment, Inc.\* | 30028 | 2094153 |  |
|  Netflix, Inc.\* | 93691 | 27627602 |  |
|  Take-Two Interactive Software, Inc.\* | 32278 | 3361108 |  |
|  Walt Disney Co. (The)\* | 383747 | 33339939 |  |
|  Warner Bros Discovery, Inc.\* | 462119 | 4380888 |  |
|  |  | 88954771 |  |
|  ***Interactive Media & Services (3.6%)*** | ***Interactive Media & Services (3.6%)*** | ***Interactive Media & Services (3.6%)*** | **** |
|  Alphabet, Inc., Class A\* | 1257294 | 110931050 |  |
|  Alphabet, Inc., Class C\* | 1114540 | 98893134 |  |
|  Match Group, Inc.\* | 61628 | 2556946 |  |
|  Meta Platforms, Inc., Class A\* | 473337 | 56961374 |  |
|  |  | 269342504 |  |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | **** |
|  Charter Communications, Inc., Class A\* | 22610 | 7667051 |  |
|  Comcast Corp., Class A | 908073 | 31755313 |  |
|  DISH Network Corp., Class A (x)\* | 47252 | 663418 |  |
|  Fox Corp., Class A | 67635 | 2054075 |  |
|  Fox Corp., Class B | 26355 | 749800 |  |
|  Interpublic Group of Cos., Inc. (The) | 84223 | 2805468 |  |
|  News Corp., Class A | 76282 | 1388332 |  |
|  News Corp., Class B | 31258 | 576398 |  |
|  Omnicom Group, Inc. | 41775 | 3407587 |  |
|  Paramount Global, Class B (x) | 109482 | 1848056 |  |
|  |  | 52915498 |  |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | **** |
|  T-Mobile US, Inc.\* | 125919 | 17628660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 492400086 |  |
|  **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc\* | 57610 | 5365219 |  |
|  BorgWarner, Inc. | 50900 | 2048725 |  |
|  |  | 7413944 |  |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | **** |
|  Ford Motor Co. | 826164 | 9608287 |  |
|  General Motors Co. | 299051 | 10060076 |  |
|  Tesla, Inc.\* | 564991 | 69595592 |  |
|  |  | 89263955 |  |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | **** |
|  Genuine Parts Co. | 29521 | 5122189 |  |
|  LKQ Corp. | 53472 | 2855939 |  |
|  Pool Corp. | 8282 | 2503897 |  |
|  |  | 10482025 |  |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | **** |
|  Booking Holdings, Inc.\* | 8165 | 16454761 |  |
|  Caesars Entertainment, Inc.\* | 43235 | 1798576 |  |
|  Carnival Corp. (x)\* | 214064 | 1725356 |  |
|  Chipotle Mexican Grill, Inc.\* | 5808 | 8058542 |  |
|  Darden Restaurants, Inc. | 25597 | 3540833 |  |
|  Domino's Pizza, Inc. | 7288 | 2524563 |  |
|  Expedia Group, Inc.\* | 31804 | 2786030 |  |
|  Hilton Worldwide Holdings, Inc. | 57378 | 7250284 |  |
|  Las Vegas Sands Corp.\* | 71008 | 3413354 |  |
|  Marriott International, Inc., Class A | 57708 | 8592144 |  |
|  McDonald's Corp. | 153903 | 40558058 |  |
|  MGM Resorts International | 69256 | 2322154 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 88604 | 1084513 |  |
|  Royal Caribbean Cruises Ltd.\* | 46714 | 2309073 |  |
|  Starbucks Corp. | 242103 | 24016618 |  |
|  Wynn Resorts Ltd.\* | 20743 | 1710675 |  |
|  Yum! Brands, Inc. | 59523 | 7623706 |  |
|  |  | 135769240 |  |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | **** |
|  DR Horton, Inc. | 66147 | 5896344 |  |
|  Garmin Ltd. | 31846 | 2939067 |  |
|  Lennar Corp., Class A | 54312 | 4915236 |  |
|  Mohawk Industries, Inc.\* | 11414 | 1166739 |  |
|  Newell Brands, Inc. | 83872 | 1097046 |  |
|  NVR, Inc.\* | 664 | 3062753 |  |
|  PulteGroup, Inc. | 49991 | 2276090 |  |
|  Whirlpool Corp. | 11909 | 1684647 |  |
|  |  | 23037922 |  |
|  ***Internet & Direct Marketing Retail (2.2%)*** | ***Internet & Direct Marketing Retail (2.2%)*** | ***Internet & Direct Marketing Retail (2.2%)*** | **** |
|  Amazon.com, Inc.\* | 1868247 | 156932748 |  |
|  eBay, Inc. | 114427 | 4745288 |  |
|  Etsy, Inc.\* | 26311 | 3151531 |  |
|  |  | 164829567 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 26762 | 1632750 |  |
|  ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | **** |
|  Dollar General Corp. | 47485 | 11693181 |  |
|  Dollar Tree, Inc.\* | 44156 | 6245425 |  |
|  Target Corp. | 97000 | 14456880 |  |
|  |  | 32395486 |  |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | **** |
|  Advance Auto Parts, Inc. | 12306 | 1809351 |  |
|  AutoZone, Inc.\* | 3988 | 9835126 |  |
|  Bath & Body Works, Inc. | 48807 | 2056727 |  |
|  Best Buy Co., Inc. | 42089 | 3375959 |  |
|  CarMax, Inc.\* | 34119 | 2077506 |  |
|  Home Depot, Inc. (The) | 215633 | 68109840 |  |
|  Lowe's Cos., Inc. | 130655 | 26031702 |  |
|  O'Reilly Automotive, Inc.\* | 13336 | 11255984 |  |
|  Ross Stores, Inc. | 72634 | 8430628 |  |
|  TJX Cos., Inc. (The) | 245092 | 19509323 |  |
|  Tractor Supply Co. | 23736 | 5339888 |  |
|  Ulta Beauty, Inc.\* | 10828 | 5079090 |  |
|  |  | 162911124 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | **** |
|  NIKE, Inc., Class B | 264341 | $30930540 |  |
|  Ralph Lauren Corp. | 8364 | 883824 |  |
|  Tapestry, Inc. | 51256 | 1951829 |  |
|  VF Corp. | 72958 | 2014370 |  |
|  |  | 35780563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 663516576 |  |
|  **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** |  |
|  ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | **** |
|  Brown-Forman Corp., Class B | 37206 | 2443690 |  |
|  Coca-Cola Co. (The) | 819265 | 52113447 |  |
|  Constellation Brands, Inc., Class A | 34212 | 7928631 |  |
|  Keurig Dr Pepper, Inc. | 177735 | 6338030 |  |
|  Molson Coors Beverage Co., Class B | 39494 | 2034731 |  |
|  Monster Beverage Corp.\* | 80459 | 8169002 |  |
|  PepsiCo, Inc. | 290003 | 52391942 |  |
|  |  | 131419473 |  |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  Costco Wholesale Corp. | 93167 | 42530735 |  |
|  Kroger Co. (The) | 139846 | 6234335 |  |
|  Sysco Corp. | 106576 | 8147735 |  |
|  Walgreens Boots Alliance, Inc. | 150058 | 5606167 |  |
|  Walmart, Inc. | 298176 | 42278375 |  |
|  |  | 104797347 |  |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | **** |
|  Archer-Daniels-Midland Co. | 117263 | 10887869 |  |
|  Campbell Soup Co. | 42201 | 2394907 |  |
|  Conagra Brands, Inc. | 100430 | 3886641 |  |
|  General Mills, Inc. | 124615 | 10448968 |  |
|  Hershey Co. (The) | 30723 | 7114525 |  |
|  Hormel Foods Corp. | 60541 | 2757642 |  |
|  J M Smucker Co. (The) | 23085 | 3658049 |  |
|  Kellogg Co. | 53361 | 3801438 |  |
|  Kraft Heinz Co. (The) | 166626 | 6783344 |  |
|  Lamb Weston Holdings, Inc. | 31083 | 2777577 |  |
|  McCormick & Co., Inc. (Non-Voting) | 53610 | 4443733 |  |
|  Mondelez International, Inc., Class A | 286706 | 19108955 |  |
|  Tyson Foods, Inc., Class A | 60920 | 3792270 |  |
|  |  | 81855918 |  |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Church & Dwight Co., Inc. | 50808 | 4095633 |  |
|  Clorox Co. (The) | 25700 | 3606481 |  |
|  Colgate-Palmolive Co. | 174488 | 13747910 |  |
|  Kimberly-Clark Corp. | 70626 | 9587479 |  |
|  Procter & Gamble Co. (The) | 499866 | 75759691 |  |
|  |  | 106797194 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 48491 | 12031102 |  |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | **** |
|  Altria Group, Inc. | 376711 | 17219460 |  |
|  Philip Morris International, Inc. | 326352 | 33030086 |  |
|  |  | 50249546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 487150580 |  |
|  **Energy (4.7%)** | **Energy (4.7%)** | **Energy (4.7%)** |  |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | **** |
|  Baker Hughes Co. | 211647 | 6249936 |  |
|  Halliburton Co. | 189722 | 7465561 |  |
|  Schlumberger Ltd. | 300034 | 16039817 |  |
|  |  | 29755314 |  |
|  ***Oil, Gas & Consumable Fuels (4.3%)*** | ***Oil, Gas & Consumable Fuels (4.3%)*** | ***Oil, Gas & Consumable Fuels (4.3%)*** | **** |
|  APA Corp. | 69517 | 3245054 |  |
|  Chevron Corp. | 374462 | 67212184 |  |
|  ConocoPhillips | 262293 | 30950574 |  |
|  Coterra Energy, Inc. | 163929 | 4027736 |  |
|  Devon Energy Corp. | 136976 | 8425394 |  |
|  Diamondback Energy, Inc. | 37184 | 5086028 |  |
|  EOG Resources, Inc. | 124281 | 16096875 |  |
|  EQT Corp. | 80153 | 2711576 |  |
|  Exxon Mobil Corp. | 866885 | 95617415 |  |
|  Hess Corp. | 57831 | 8201592 |  |
|  Kinder Morgan, Inc. | 414745 | 7498590 |  |
|  Marathon Oil Corp. | 132658 | 3591052 |  |
|  Marathon Petroleum Corp. | 98651 | 11481990 |  |
|  Occidental Petroleum Corp. | 152581 | 9611077 |  |
|  ONEOK, Inc. | 95198 | 6254509 |  |
|  Phillips 66 | 100630 | 10473570 |  |
|  Pioneer Natural Resources Co. | 49926 | 11402599 |  |
|  Targa Resources Corp. | 46144 | 3391584 |  |
|  Valero Energy Corp. | 82414 | 10455040 |  |
|  Williams Cos., Inc. (The) | 254902 | 8386276 |  |
|  |  | 324120715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 353876029 |  |
|  **Financials (10.6%)** | **Financials (10.6%)** | **Financials (10.6%)** |  |
|  ***Banks (3.5%)*** | ***Banks (3.5%)*** | ***Banks (3.5%)*** | **** |
|  Bank of America Corp. | 1469162 | 48658646 |  |
|  Citigroup, Inc. | 409697 | 18530595 |  |
|  Citizens Financial Group, Inc. | 103683 | 4082000 |  |
|  Comerica, Inc. | 28906 | 1932366 |  |
|  Fifth Third Bancorp | 142575 | 4677886 |  |
|  First Republic Bank | 38222 | 4658880 |  |
|  Huntington Bancshares, Inc. | 301690 | 4253829 |  |
|  JPMorgan Chase & Co. | 617429 | 82797229 |  |
|  KeyCorp | 194348 | 3385542 |  |
|  M&T Bank Corp. | 36736 | 5328924 |  |
|  PNC Financial Services Group, Inc. (The)‡ | 85793 | 13550146 |  |
|  Regions Financial Corp. | 195464 | 4214204 |  |
|  Signature Bank | 13590 | 1565840 |  |
|  SVB Financial Group\* | 12452 | 2865703 |  |
|  Truist Financial Corp. | 277466 | 11939362 |  |
|  US Bancorp | 282835 | 12334434 |  |
|  Wells Fargo & Co. | 802094 | 33118461 |  |
|  Zions Bancorp NA | 30364 | 1492694 |  |
|  |  | 259386741 |  |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | **** |
|  Ameriprise Financial, Inc. | 22298 | 6942928 |  |
|  Bank of New York Mellon Corp. (The) | 153831 | 7002387 |  |
|  BlackRock, Inc.‡ | 31540 | 22350191 |  |
|  Cboe Global Markets, Inc. | 21709 | 2723828 |  |
|  Charles Schwab Corp. (The) | 322151 | 26822292 |  |
|  CME Group, Inc. | 75189 | 12643782 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  FactSet Research Systems, Inc. | 7956 | $| 3192027 |  |
|  Franklin Resources, Inc. | 62738 |  | 1655028 |  |
|  Goldman Sachs Group, Inc. (The) | 71408 |  | 24520079 |  |
|  Intercontinental Exchange, Inc. | 116823 |  | 11984872 |  |
|  Invesco Ltd. | 98627 |  | 1774300 |  |
|  MarketAxess Holdings, Inc. | 8034 |  | 2240602 |  |
|  Moody's Corp. | 33012 |  | 9197804 |  |
|  Morgan Stanley | 277494 |  | 23592540 |  |
|  MSCI, Inc. | 16840 |  | 7833463 |  |
|  Nasdaq, Inc. | 71914 |  | 4411924 |  |
|  Northern Trust Corp. | 43592 |  | 3857456 |  |
|  Raymond James Financial, Inc. | 40633 |  | 4341636 |  |
|  S&P Global, Inc. | 70095 |  | 23477619 |  |
|  State Street Corp. | 76901 |  | 5965211 |  |
| T. Rowe Price Group, Inc. | 46987 |  | 5124402 |  |
|  |  |  | 211654371 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  American Express Co. | 125471 |  | 18538340 |  |
|  Capital One Financial Corp. | 80290 |  | 7463758 |  |
|  Discover Financial Services | 57144 |  | 5590398 |  |
|  Synchrony Financial | 94837 |  | 3116344 |  |
|  |  |  | 34708840 |  |
|  ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 379255 |  | 117151870 |  |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | **** |
|  Aflac, Inc. | 120292 |  | 8653807 |  |
|  Allstate Corp. (The) | 56543 |  | 7667231 |  |
|  American International Group, Inc. | 159070 |  | 10059587 |  |
|  Aon plc, Class A | 43437 |  | 13037181 |  |
|  Arch Capital Group Ltd.\* | 76407 |  | 4796831 |  |
|  Arthur J Gallagher & Co. | 45096 |  | 8502400 |  |
|  Assurant, Inc. | 10705 |  | 1338767 |  |
|  Brown & Brown, Inc. | 49041 |  | 2793866 |  |
|  Chubb Ltd. | 87365 |  | 19272719 |  |
|  Cincinnati Financial Corp. | 34516 |  | 3534093 |  |
|  Everest Re Group Ltd. | 8020 |  | 2656785 |  |
|  Globe Life, Inc. | 18462 |  | 2225594 |  |
|  Hartford Financial Services Group, Inc. (The) | 67597 |  | 5125881 |  |
|  Lincoln National Corp. | 32213 |  | 989583 |  |
|  Loews Corp. | 40401 |  | 2356590 |  |
|  Marsh & McLennan Cos., Inc. | 104389 |  | 17274292 |  |
|  MetLife, Inc. | 140155 |  | 10143017 |  |
|  Principal Financial Group, Inc. | 48516 |  | 4071463 |  |
|  Progressive Corp. (The) | 122357 |  | 15870927 |  |
|  Prudential Financial, Inc. | 77818 |  | 7739778 |  |
|  Travelers Cos., Inc. (The) | 49643 |  | 9307566 |  |
|  W R Berkley Corp. | 41874 |  | 3038796 |  |
|  Willis Towers Watson plc | 22776 |  | 5570554 |  |
|  |  |  | 166027308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 788929130 |  |
|  **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** | **Health Care (14.3%)** |  |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | **** |
|  AbbVie, Inc. | 372259 |  | 60160777 |  |
|  Amgen, Inc. | 111901 |  | 29389679 |  |
|  Biogen, Inc.\* | 30356 |  | 8406184 |  |
|  Gilead Sciences, Inc. | 264603 |  | 22716168 |  |
|  Incyte Corp.\* | 38292 |  | 3075613 |  |
|  Moderna, Inc.\* | 70378 |  | 12641296 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 22423 |  | 16177970 |  |
|  Vertex Pharmaceuticals, Inc.\* | 54340 |  | 15692305 |  |
|  |  |  | 168259992 |  |
|  ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | ***Health Care Equipment & Supplies (2.5%)*** | **** |
|  Abbott Laboratories | 366334 |  | 40219810 |  |
|  Align Technology, Inc.\* | 14783 |  | 3117735 |  |
|  Baxter International, Inc. | 105022 |  | 5352971 |  |
|  Becton Dickinson and Co. | 59659 |  | 15171284 |  |
|  Boston Scientific Corp.\* | 299477 |  | 13856801 |  |
|  Cooper Cos., Inc. (The) | 10183 |  | 3367213 |  |
|  Dentsply Sirona, Inc. | 48666 |  | 1549525 |  |
|  Dexcom, Inc.\* | 82123 |  | 9299609 |  |
|  Edwards Lifesciences Corp.\* | 129685 |  | 9675798 |  |
|  Hologic, Inc.\* | 52224 |  | 3906877 |  |
|  IDEXX Laboratories, Inc.\* | 17416 |  | 7105031 |  |
|  Intuitive Surgical, Inc.\* | 74703 |  | 19822441 |  |
|  Medtronic plc | 280601 |  | 21808310 |  |
|  ResMed, Inc. | 30630 |  | 6375022 |  |
|  STERIS plc | 21105 |  | 3897882 |  |
|  Stryker Corp. | 71272 |  | 17425291 |  |
|  Teleflex, Inc. | 9538 |  | 2380971 |  |
|  Zimmer Biomet Holdings, Inc. | 44868 |  | 5720670 |  |
|  |  |  | 190053241 |  |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | **** |
|  AmerisourceBergen Corp. | 34090 |  | 5649054 |  |
|  Cardinal Health, Inc. | 55178 |  | 4241533 |  |
|  Centene Corp.\* | 119568 |  | 9805772 |  |
|  Cigna Corp. | 63827 |  | 21148438 |  |
|  CVS Health Corp. | 276728 |  | 25788282 |  |
|  DaVita, Inc.\* | 11715 |  | 874759 |  |
|  Elevance Health, Inc. | 50205 |  | 25753659 |  |
|  HCA Healthcare, Inc. | 45032 |  | 10805879 |  |
|  Henry Schein, Inc.\* | 28897 |  | 2308003 |  |
|  Humana, Inc. | 26474 |  | 13559718 |  |
|  Laboratory Corp. of America Holdings | 18509 |  | 4358499 |  |
|  McKesson Corp. | 30067 |  | 11278733 |  |
|  Molina Healthcare, Inc.\* | 12285 |  | 4056753 |  |
|  Quest Diagnostics, Inc. | 24393 |  | 3816041 |  |
|  UnitedHealth Group, Inc. | 196677 |  | 104274212 |  |
|  Universal Health Services, Inc., Class B | 13177 |  | 1856507 |  |
|  |  |  | 249575842 |  |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | **** |
|  Agilent Technologies, Inc. | 62486 |  | 9351030 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 4715 |  | 1982610 |  |
|  Bio-Techne Corp. | 31836 |  | 2638568 |  |
|  Charles River Laboratories International, Inc.\* | 10174 |  | 2216915 |  |
|  Danaher Corp. | 137910 |  | 36604072 |  |
|  Illumina, Inc.\* | 32863 |  | 6644899 |  |
|  IQVIA Holdings, Inc.\* | 38938 |  | 7978007 |  |
|  Mettler-Toledo International, Inc.\* | 4708 |  | 6805178 |  |
|  PerkinElmer, Inc. | 27205 |  | 3814685 |  |
|  Thermo Fisher Scientific, Inc. | 82556 |  | 45462764 |  |
|  Waters Corp.\* | 12803 |  | 4386052 |  |
|  West Pharmaceutical Services, Inc. | 15587 |  | 3668400 |  |
|  |  |  | 131553180 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | **** |
|  Bristol-Myers Squibb Co. | 446670 | $32137907 |  |
|  Catalent, Inc.\* | 38595 | 1737161 |  |
|  Eli Lilly and Co. | 166007 | 60732001 |  |
|  Johnson & Johnson | 549993 | 97156263 |  |
|  Merck & Co., Inc. | 533691 | 59213016 |  |
|  Organon & Co. | 56057 | 1565672 |  |
|  Pfizer, Inc. | 1181582 | 60544262 |  |
|  Viatris, Inc. | 245255 | 2729688 |  |
|  Zoetis, Inc. | 97929 | 14351495 |  |
|  |  | 330167465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 1069609720 |  |
|  **Industrials (7.8%)** | **Industrials (7.8%)** | **Industrials (7.8%)** |  |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | **** |
|  Boeing Co. (The)\* | 117925 | 22463533 |  |
|  General Dynamics Corp. | 47043 | 11671839 |  |
|  Howmet Aerospace, Inc. | 77946 | 3071852 |  |
|  Huntington Ingalls Industries, Inc. | 8596 | 1982925 |  |
|  L3Harris Technologies, Inc. | 40029 | 8334438 |  |
|  Lockheed Martin Corp. | 49365 | 24015579 |  |
|  Northrop Grumman Corp. | 30422 | 16598547 |  |
|  Raytheon Technologies Corp. | 308869 | 31171059 |  |
|  Textron, Inc. | 43632 | 3089146 |  |
|  TransDigm Group, Inc. | 10778 | 6786368 |  |
|  |  | 129185286 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  CH Robinson Worldwide, Inc. | 26337 | 2411416 |  |
|  Expeditors International of Washington, Inc. | 33375 | 3468330 |  |
|  FedEx Corp. | 50008 | 8661385 |  |
|  United Parcel Service, Inc., Class B | 153095 | 26614035 |  |
|  |  | 41155166 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 28236 | 1212454 |  |
|  American Airlines Group, Inc. (x)\* | 139403 | 1773206 |  |
|  Delta Air Lines, Inc.\* | 136799 | 4495215 |  |
|  Southwest Airlines Co.\* | 123231 | 4149188 |  |
|  United Airlines Holdings, Inc.\* | 66911 | 2522545 |  |
|  |  | 14152608 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 26630 | 1524301 |  |
|  Allegion plc | 19664 | 2069833 |  |
|  Carrier Global Corp. | 176049 | 7262021 |  |
|  Johnson Controls International plc | 147282 | 9426048 |  |
|  Masco Corp. | 48849 | 2279783 |  |
|  Trane Technologies plc | 48472 | 8147658 |  |
|  |  | 30709644 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Cintas Corp. | 18390 | 8305292 |  |
|  Copart, Inc.\* | 89494 | 5449290 |  |
|  Republic Services, Inc. | 42958 | 5541152 |  |
|  Rollins, Inc. | 48317 | 1765503 |  |
|  Waste Management, Inc. | 78683 | 12343789 |  |
|  |  | 33405026 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  Quanta Services, Inc. | 29509 | 4205033 |  |
|  ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | **** |
|  AMETEK, Inc. | 48025 | 6710053 |  |
|  Eaton Corp. plc | 83320 | 13077074 |  |
|  Emerson Electric Co. | 123693 | 11881950 |  |
|  Generac Holdings, Inc.\* | 12629 | 1271235 |  |
|  Rockwell Automation, Inc. | 24018 | 6186316 |  |
|  |  | 39126628 |  |
|  ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | **** |
|  3M Co. | 115809 | 13887815 |  |
|  General Electric Co. | 229386 | 19220253 |  |
|  Honeywell International, Inc. | 141917 | 30412813 |  |
|  |  | 63520881 |  |
|  ***Machinery (1.7%)*** | ***Machinery (1.7%)*** | ***Machinery (1.7%)*** | **** |
|  Caterpillar, Inc. | 109530 | 26239007 |  |
|  Cummins, Inc. | 29494 | 7146101 |  |
|  Deere & Co. | 58181 | 24945686 |  |
|  Dover Corp. | 29619 | 4010709 |  |
|  Fortive Corp. | 74276 | 4772233 |  |
|  IDEX Corp. | 15832 | 3614921 |  |
|  Illinois Tool Works, Inc. | 58940 | 12984482 |  |
|  Ingersoll Rand, Inc. | 84341 | 4406817 |  |
|  Nordson Corp. | 11668 | 2773717 |  |
|  Otis Worldwide Corp. | 87908 | 6884075 |  |
|  PACCAR, Inc. | 72739 | 7198979 |  |
|  Parker-Hannifin Corp. | 26854 | 7814514 |  |
|  Pentair plc | 36641 | 1648112 |  |
|  Snap-on, Inc. | 11516 | 2631291 |  |
|  Stanley Black & Decker, Inc. | 30902 | 2321358 |  |
|  Westinghouse Air Brake Technologies Corp. | 38912 | 3883807 |  |
|  Xylem, Inc. | 37692 | 4167604 |  |
|  |  | 127443413 |  |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | **** |
|  CoStar Group, Inc.\* | 85607 | 6615709 |  |
|  Equifax, Inc. | 25231 | 4903897 |  |
|  Jacobs Solutions, Inc. | 27223 | 3268666 |  |
|  Leidos Holdings, Inc. | 29702 | 3124353 |  |
|  Robert Half International, Inc. | 23386 | 1726589 |  |
|  Verisk Analytics, Inc. | 32834 | 5792574 |  |
|  |  | 25431788 |  |
|  ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | **** |
|  CSX Corp. | 447922 | 13876623 |  |
|  JB Hunt Transport Services, Inc. | 17735 | 3092275 |  |
|  Norfolk Southern Corp. | 49133 | 12107354 |  |
|  Old Dominion Freight Line, Inc. | 18879 | 5357483 |  |
|  Union Pacific Corp. | 129413 | 26797550 |  |
|  |  | 61231285 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Fastenal Co. | 120216 | 5688621 |  |
|  United Rentals, Inc.\* | 14787 | 5255595 |  |
|  WW Grainger, Inc. | 9471 | 5268244 |  |
|  |  | 16212460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 585779218 |  |
|  **Information Technology (23.3%)** | **Information Technology (23.3%)** | **Information Technology (23.3%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Arista Networks, Inc.\* | 53155 | 6450359 |  |
|  Cisco Systems, Inc. | 866240 | 41267674 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  F5, Inc.\* | 12348 | $| 1772062 |  |
|  Juniper Networks, Inc. | 64939 |  | 2075450 |  |
|  Motorola Solutions, Inc. | 34910 |  | 8996656 |  |
|  |  |  | 60562201 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 124431 |  | 9474176 |  |
|  CDW Corp. | 29119 |  | 5200071 |  |
|  Corning, Inc. | 164264 |  | 5246592 |  |
|  Keysight Technologies, Inc.\* | 37635 |  | 6438219 |  |
|  TE Connectivity Ltd. | 66906 |  | 7680809 |  |
|  Teledyne Technologies, Inc.\* | 9804 |  | 3920718 |  |
|  Trimble, Inc.\* | 51761 |  | 2617036 |  |
|  Zebra Technologies Corp., Class A\* | 10950 |  | 2807690 |  |
|  |  |  | 43385311 |  |
|  ***IT Services (4.0%)*** | ***IT Services (4.0%)*** | ***IT Services (4.0%)*** | ***IT Services (4.0%)*** | **** |
|  Accenture plc, Class A | 133041 |  | 35500660 |  |
|  Akamai Technologies, Inc.\* | 33252 |  | 2803144 |  |
|  Automatic Data Processing, Inc. | 86921 |  | 20761950 |  |
|  Broadridge Financial Solutions, Inc. | 24522 |  | 3289136 |  |
|  Cognizant Technology Solutions Corp., Class A | 108314 |  | 6194478 |  |
|  DXC Technology Co.\* | 44842 |  | 1188313 |  |
|  EPAM Systems, Inc.\* | 12000 |  | 3932880 |  |
|  Fidelity National Information Services, Inc. | 127182 |  | 8629299 |  |
|  Fiserv, Inc.\* | 133793 |  | 13522458 |  |
|  FleetCor Technologies, Inc.\* | 16172 |  | 2970473 |  |
|  Gartner, Inc.\* | 16995 |  | 5712699 |  |
|  Global Payments, Inc. | 57402 |  | 5701167 |  |
|  International Business Machines Corp. | 190345 |  | 26817707 |  |
|  Jack Henry & Associates, Inc. | 15070 |  | 2645689 |  |
|  Mastercard, Inc., Class A | 178484 |  | 62064241 |  |
|  Paychex, Inc. | 67007 |  | 7743329 |  |
|  PayPal Holdings, Inc.\* | 241921 |  | 17229614 |  |
|  VeriSign, Inc.\* | 19463 |  | 3998479 |  |
|  Visa, Inc., Class A | 344165 |  | 71503720 |  |
|  |  |  | 302209436 |  |
|  ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | ***Semiconductors & Semiconductor Equipment (4.6%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 340662 |  | 22064678 |  |
|  Analog Devices, Inc. | 108737 |  | 17836130 |  |
|  Applied Materials, Inc. | 181983 |  | 17721505 |  |
|  Broadcom, Inc. | 85253 |  | 47667510 |  |
|  Enphase Energy, Inc.\* | 28336 |  | 7507907 |  |
|  First Solar, Inc.\* | 20869 |  | 3125968 |  |
|  Intel Corp. | 868718 |  | 22960217 |  |
|  KLA Corp. | 29664 |  | 11184218 |  |
|  Lam Research Corp. | 28654 |  | 12043276 |  |
|  Microchip Technology, Inc. | 115573 |  | 8119003 |  |
|  Micron Technology, Inc. | 230765 |  | 11533635 |  |
|  Monolithic Power Systems, Inc. | 9262 |  | 3275136 |  |
|  NVIDIA Corp. | 523810 |  | 76549593 |  |
|  NXP Semiconductors NV | 54932 |  | 8680904 |  |
|  ON Semiconductor Corp.\* | 89928 |  | 5608809 |  |
|  Qorvo, Inc.\* | 20882 |  | 1892744 |  |
|  QUALCOMM, Inc. | 236639 |  | 26016092 |  |
|  Skyworks Solutions, Inc. | 34696 |  | 3161846 |  |
|  SolarEdge Technologies, Inc.\* | 11638 |  | 3296696 |  |
|  Teradyne, Inc. | 31701 |  | 2769082 |  |
|  Texas Instruments, Inc. | 191137 |  | 31579655 |  |
|  |  |  | 344594604 |  |
|  ***Software (7.6%)*** | ***Software (7.6%)*** | ***Software (7.6%)*** | ***Software (7.6%)*** | **** |
|  Adobe, Inc.\* | 97900 |  | 32946287 |  |
|  ANSYS, Inc.\* | 18180 |  | 4392106 |  |
|  Autodesk, Inc.\* | 45451 |  | 8493428 |  |
|  Cadence Design Systems, Inc.\* | 57290 |  | 9203066 |  |
|  Ceridian HCM Holding, Inc.\* | 33210 |  | 2130421 |  |
|  Fortinet, Inc.\* | 136908 |  | 6693432 |  |
|  Gen Digital, Inc. | 123326 |  | 2642876 |  |
|  Intuit, Inc. | 59503 |  | 23159758 |  |
|  Microsoft Corp. | 1569139 |  | 376310915 |  |
|  Oracle Corp. | 323494 |  | 26442400 |  |
|  Paycom Software, Inc.\* | 10405 |  | 3228775 |  |
|  PTC, Inc.\* | 22793 |  | 2736072 |  |
|  Roper Technologies, Inc. | 22176 |  | 9582028 |  |
|  Salesforce, Inc.\* | 210496 |  | 27909665 |  |
|  ServiceNow, Inc.\* | 42256 |  | 16406737 |  |
|  Synopsys, Inc.\* | 31999 |  | 10216961 |  |
|  Tyler Technologies, Inc.\* | 8420 |  | 2714692 |  |
|  |  |  | 565209619 |  |
|  ***Technology Hardware, Storage & Peripherals (5.7%)*** | ***Technology Hardware, Storage & Peripherals (5.7%)*** | ***Technology Hardware, Storage & Peripherals (5.7%)*** | ***Technology Hardware, Storage & Peripherals (5.7%)*** | **** |
|  Apple, Inc. | 3147684 |  | 408978582 |  |
|  Hewlett Packard Enterprise Co. | 266783 |  | 4257857 |  |
|  HP, Inc. | 190003 |  | 5105381 |  |
|  NetApp, Inc. | 45540 |  | 2735132 |  |
|  Seagate Technology Holdings plc (x) | 41724 |  | 2195100 |  |
|  Western Digital Corp.\* | 64490 |  | 2034659 |  |
|  |  |  | 425306711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 1741267882 |  |
|  **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** | **Materials (2.5%)** |  |
|  ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | **** |
|  Air Products and Chemicals, Inc. | 46398 |  | 14302647 |  |
|  Albemarle Corp. | 24502 |  | 5313504 |  |
|  Celanese Corp. | 21612 |  | 2209611 |  |
|  CF Industries Holdings, Inc. | 42005 |  | 3578826 |  |
|  Corteva, Inc. | 150323 |  | 8835986 |  |
|  Dow, Inc. | 148139 |  | 7464724 |  |
|  DuPont de Nemours, Inc. | 104783 |  | 7191257 |  |
|  Eastman Chemical Co. | 25197 |  | 2052044 |  |
|  Ecolab, Inc. | 51866 |  | 7549615 |  |
|  FMC Corp. | 27083 |  | 3379958 |  |
|  International Flavors & Fragrances, Inc. | 54918 |  | 5757603 |  |
|  Linde plc | 104252 |  | 34004917 |  |
|  LyondellBasell Industries NV, Class A | 52722 |  | 4377508 |  |
|  Mosaic Co. (The) | 71122 |  | 3120122 |  |
|  PPG Industries, Inc. | 49046 |  | 6167044 |  |
|  Sherwin-Williams Co. (The) | 49338 |  | 11709388 |  |
|  |  |  | 127014754 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Martin Marietta Materials, Inc. | 12867 |  | 4348660 |  |
|  Vulcan Materials Co. | 28065 |  | 4914462 |  |
|  |  |  | 9263122 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Amcor plc | 312710 | $3724376 |  |
|  Avery Dennison Corp. | 16998 | 3076638 |  |
|  Ball Corp. | 67750 | 3464735 |  |
|  International Paper Co. | 78595 | 2721745 |  |
|  Packaging Corp. of America | 20154 | 2577898 |  |
|  Sealed Air Corp. | 29201 | 1456546 |  |
|  Westrock Co. | 53343 | 1875540 |  |
|  |  | 18897478 |  |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | **** |
|  Freeport-McMoRan, Inc. | 299139 | 11367282 |  |
|  Newmont Corp. | 166029 | 7836569 |  |
|  Nucor Corp. | 54762 | 7218179 |  |
|  Steel Dynamics, Inc. | 35117 | 3430931 |  |
|  |  | 29852961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 185028315 |  |
|  **Real Estate (2.5%)** | **Real Estate (2.5%)** | **Real Estate (2.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 31882 | 4644251 |  |
|  American Tower Corp. (REIT) | 98346 | 20835584 |  |
|  AvalonBay Communities, Inc. (REIT) | 29251 | 4724622 |  |
|  Boston Properties, Inc. (REIT) | 30156 | 2037942 |  |
|  Camden Property Trust (REIT) | 21647 | 2421866 |  |
|  Crown Castle, Inc. (REIT) | 90587 | 12287221 |  |
|  Digital Realty Trust, Inc. (REIT) | 60122 | 6028433 |  |
|  Equinix, Inc. (REIT) | 19479 | 12759329 |  |
|  Equity Residential (REIT) | 72336 | 4267824 |  |
|  Essex Property Trust, Inc. (REIT) | 13854 | 2935940 |  |
|  Extra Space Storage, Inc. (REIT) | 28322 | 4168432 |  |
|  Federal Realty Investment Trust (REIT) | 14392 | 1454168 |  |
|  Healthpeak Properties, Inc. (REIT) | 112568 | 2822080 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 146406 | 2349816 |  |
|  Invitation Homes, Inc. (REIT) | 119290 | 3535756 |  |
|  Iron Mountain, Inc. (REIT) | 60793 | 3030531 |  |
|  Kimco Realty Corp. (REIT) | 129379 | 2740247 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 23968 | 3762736 |  |
|  Prologis, Inc. (REIT) | 194887 | 21969612 |  |
|  Public Storage (REIT) | 33049 | 9259999 |  |
|  Realty Income Corp. (REIT) | 132460 | 8401938 |  |
|  Regency Centers Corp. (REIT) | 31082 | 1942625 |  |
|  SBA Communications Corp. (REIT) | 22563 | 6324635 |  |
|  Simon Property Group, Inc. (REIT) | 68478 | 8044795 |  |
|  UDR, Inc. (REIT) | 62283 | 2412221 |  |
|  Ventas, Inc. (REIT) | 85436 | 3848892 |  |
|  VICI Properties, Inc. (REIT) | 201086 | 6515186 |  |
|  Vornado Realty Trust (REIT) | 30051 | 625361 |  |
|  Welltower, Inc. (REIT) | 100137 | 6563980 |  |
|  Weyerhaeuser Co. (REIT) | 152380 | 4723780 |  |
|  |  | 177439802 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 68040 | 5236358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 182676160 |  |
|  **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |  |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | **** |
|  Alliant Energy Corp. | 54082 | 2985867 |  |
|  American Electric Power Co., Inc. | 107467 | 10203992 |  |
|  Constellation Energy Corp. | 68372 | 5894350 |  |
|  Duke Energy Corp. | 163129 | 16800656 |  |
|  Edison International | 81675 | 5196163 |  |
|  Entergy Corp. | 42069 | 4732762 |  |
|  Evergy, Inc. | 47434 | 2985022 |  |
|  Eversource Energy | 74354 | 6233839 |  |
|  Exelon Corp. | 207464 | 8968669 |  |
|  FirstEnergy Corp. | 112396 | 4713888 |  |
|  NextEra Energy, Inc. | 418291 | 34969128 |  |
|  NRG Energy, Inc. | 49190 | 1565226 |  |
|  PG&E Corp.\* | 335703 | 5458531 |  |
|  Pinnacle West Capital Corp. | 24738 | 1881078 |  |
|  PPL Corp. | 157993 | 4616555 |  |
|  Southern Co. (The) | 229162 | 16364458 |  |
|  Xcel Energy, Inc. | 114424 | 8022267 |  |
|  |  | 141592451 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 28581 | 3203073 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 139096 | 4000401 |  |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | **** |
|  Ameren Corp. | 54048 | 4805948 |  |
|  CenterPoint Energy, Inc. | 135715 | 4070093 |  |
|  CMS Energy Corp. | 59601 | 3774531 |  |
|  Consolidated Edison, Inc. | 74174 | 7069524 |  |
|  Dominion Energy, Inc. | 174150 | 10678878 |  |
|  DTE Energy Co. | 41036 | 4822961 |  |
|  NiSource, Inc. | 87650 | 2403363 |  |
|  Public Service Enterprise Group, Inc. | 104273 | 6388807 |  |
|  Sempra Energy | 65750 | 10161005 |  |
|  WEC Energy Group, Inc. | 67251 | 6305454 |  |
|  |  | 60480564 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 38027 | 5796075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 215072564 |  |
|  **Total Common Stocks (90.6%)**<br> *(Cost $2,833,426,472)* |  | 6765306260 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.4%)** | **Investment Companies (2.4%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 183149746 | 183241320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 185241320 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $4,013,063, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $4,091,415. (xx) | $4011192 | 4011192 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | $&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 5011192 |
|  **Total Short-Term Investments (2.5%)**<br> *(Cost $190,185,068)* |  | 190252512 |
|  **Total Investments in Securities (93.1%)**<br> *(Cost $3,023,611,540)* |  | 6955558772 |
|  **Other Assets Less Liabilities (6.9%)** |  | 511618966 |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;7467177738 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $7,080,026. This was collateralized by $271,283 of various U.S. Government Treasury Securities, ranging from 0.125% - 5.250%, maturing 7/15/23 - 5/15/51 and by cash of $7,011,192 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/**<br>**Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 85793 | 20411332 |  | (2852169) | 1674379 | (5683396) | 13550146 | 541072 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 31540 | 31373494 | 1199596 | (3295677) | 1435761 | (8362983) | 22350191 | 627631 |  |
|  **Total** |  | **51784826** | **1199596** | **(6147846)** | **3110140** | **(14046379)** | **35900337** | **1168703** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 3643 | 3/2023 | USD | 703281150 | (22409787) |
|  |  |  |  |  | (22409787) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $492400086 | $— | $— | $492400086 |
|  Consumer Discretionary | 663516576 |  |  | 663516576 |
|  Consumer Staples | 487150580 |  |  | 487150580 |
|  Energy | 353876029 |  |  | 353876029 |
|  Financials | 788929130 |  |  | 788929130 |
|  Health Care | 1069609720 |  |  | 1069609720 |
|  Industrials | 585779218 |  |  | 585779218 |
|  Information Technology | 1741267882 |  |  | 1741267882 |
|  Materials | 185028315 |  |  | 185028315 |
|  Real Estate | 182676160 |  |  | 182676160 |
|  Utilities | 215072564 |  |  | 215072564 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 185241320 |  |  | 185241320 |
|  Repurchase Agreements |  | 5011192 |  | 5011192 |
|  **Total Assets** | $**6950547580** | $**5011192** | $**—** | $**6955558772** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(22409787) | $— | $— | $(22409787) |
|  **Total Liabilities** | $**(22409787)** | $**—** | $**—** | $**(22409787)** |
|  **Total** | $**6928137793** | $**5011192** | $**—** | $**6933148985** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(22409787) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22409787 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(287237232) | $(287237232) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287237232) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287237232) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(37803853) | $(37803853) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37803853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37803853) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $630,342,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 47%)\* | $197859289 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 3%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338383508 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4238730197 |
|  Aggregate gross unrealized depreciation | (300460204) |
|  Net unrealized appreciation | $3938269993 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994878992 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $13,006,956) | $35900337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $3,005,593,392) | 6914647243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,011,192) | 5011192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 475712295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 43243800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6730023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 38085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 37120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7481321660 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 7011192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 2694434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1989379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 1558347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 845588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 42493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 14143922 |
|  **NET ASSETS** | $7467177738 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3761103746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3706073992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7467177738 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $195,213,125 / 7,832,524 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.92 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $7,271,964,613 / 288,550,893 shares outstanding (unlimited amount authorized: $0.01 par value) | $25.20 |

---

*(x)* *Includes value of securities on loan of $7,080,026.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,168,703 of dividend income received from affiliates) (net of $29,443 foreign withholding tax) | $126355568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6259855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 68791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 132684214 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 34891484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 10492675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 496417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 326806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 282242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 279903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 157400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 222136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 47149063 |
|  **NET INVESTMENT INCOME (LOSS)** | 85535151 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($3,110,140 realized gain (loss) from affiliates) | 646944887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (287237232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 359707654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(14046379) of change in unrealized appreciation (depreciation) from affiliates) | (2429025102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (37803853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2466828955) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (2107121301) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2021586150) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $85535151 | $73143329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 359707654 | 929998767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2466828955) | 1484632472 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (2021586150) | 2487774568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (12755598) | (23194709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (506823952) | (1016736564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (519579550) | (1039931273) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,476,645 and 448,950 shares, respectively ] | 40653720 | 14465924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 493,321 and 705,071 shares, respectively ] | 12755598 | 23194709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1292364) and (1659051) shares, respectively ] | (36458425) | (54173292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 16950893 | (16512659) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 18,750,998 and 8,611,475 shares, respectively ] | 506077144 | 281092646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 19,377,870 and 30,582,084 shares, respectively ] | 506823952 | 1016736564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (58394572) and (49380620) shares, respectively ] | (1653977624) | (1621999448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (641076528) | (324170238) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (624125635) | (340682897) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (3165291335) | 1107160398 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 10632469073 | 9525308675 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7467177738 | $10632469073 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/500 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $33.31 | $28.90 | $27.26 | $21.68 | $23.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.16 | 0.26 | 0.36 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.85) | 7.72 | 4.26 | 6.10 | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.63) | 7.88 | 4.52 | 6.46 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.18) | (0.28) | (0.40) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.53) | (3.29) | (2.60) | (0.48) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.76) | (3.47) | (2.88) | (0.88) | (0.81) |
|  Net asset value, end of year | $24.92 | $33.31 | $28.90 | $27.26 | $21.68 |
|  Total return | (20.01)% | 27.63% | 17.01% | 29.88% | (6.04)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179216 |
|  Ratio of expenses to average net assets (f) | 0.80% | 0.78% | 0.80% | 0.81% | 0.81% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.77% | 0.48% | 0.95% | 1.41% | 1.11% |
|  Portfolio turnover rate^ | 3% | 3% | 6% | 4% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $33.66 | $29.17 | $27.48 | $21.84 | $24.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.29 | 0.24 | 0.33 | 0.42 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.91) | 7.80 | 4.31 | 6.16 | (1.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.62) | 8.04 | 4.64 | 6.58 | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.26) | (0.35) | (0.46) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.53) | (3.29) | (2.60) | (0.48) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.84) | (3.55) | (2.95) | (0.94) | (0.88) |
|  Net asset value, end of year | $25.20 | $33.66 | $29.17 | $27.48 | $21.84 |
|  Total return | (19.80)% | 27.92% | 17.32% | 30.23% | (5.79)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9283867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846963 |
|  Ratio of expenses to average net assets (f) | 0.55% | 0.53% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.01% | 0.73% | 1.20% | 1.66% | 1.37% |
|  Portfolio turnover rate^ | 3% | 3% | 6% | 4% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**EQ/400 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g03a95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (15.50)% | 5.37% | 9.54 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (15.32) | 5.64 | 9.81 |  |
| &nbsp;&nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Index | (13.06) | 6.71 | 10.78 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.50)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P MidCap 400<sup>®</sup> Index, which returned (13.06)% over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the S&P MidCap 400 Index fell 13.1%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 97 days, sometimes by as much as 17%.

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Steel Dynamics, Inc., First Solar, Inc., Fair Isaac Corp. (FICO), EQT
Corp. and First Horizon Corp.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Consumer Discretionary, Technology, Real Estate, Industrials and
Health Care.

• The stocks that detracted most from performance were Trex Co., Inc., Synaptics, Inc., Medical Properties Trust, Inc.,
Syneos Health, Inc. and Masimo Corp.

• One principal risk of this strategy is that the Portfolio may be de-equitized when
market values are increasing but market volatility is high. This was the situation from time to time during the year, when mid-cap equities rallied off their lows, for instance during rising markets in July
and August, and also in October and November. These periods account for the bulk of the underperformance compared to benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 17.8% |
| &nbsp;&nbsp;&nbsp; Financials | 13.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 12.6 |
| &nbsp;&nbsp;&nbsp; Information Technology | 10.8 |
| &nbsp;&nbsp;&nbsp; Health Care | 9.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 7.3 |
| &nbsp;&nbsp;&nbsp; Materials | 5.9 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 5.4 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.6 |
| &nbsp;&nbsp;&nbsp; Energy | 3.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.5 |
|  | 100.0% |

---

------

**EQ/400 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1065.50 | $4.45 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.89 | 4.36 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1066.70 | 3.15 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.16 | 3.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |  |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | **** |
|  Frontier Communications Parent, Inc.\* | 82034 | $2090226 |  |
|  Iridium Communications, Inc.\* | 46229 | 2376171 |  |
|  |  | 4466397 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  World Wrestling Entertainment, Inc., Class A | 15932 | 1091661 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  TripAdvisor, Inc.\* | 38765 | 696995 |  |
|  Ziff Davis, Inc.\* | 17560 | 1388996 |  |
|  |  | 2085991 |  |
|  ***Media (1.0%)*** | ***Media (1.0%)*** | ***Media (1.0%)*** | **** |
|  Cable One, Inc. | 1774 | 1262840 |  |
|  John Wiley & Sons, Inc., Class A | 15799 | 632908 |  |
|  New York Times Co. (The), Class A | 60577 | 1966329 |  |
|  Nexstar Media Group, Inc., Class A | 13874 | 2428366 |  |
|  TEGNA, Inc. | 81833 | 1734041 |  |
|  |  | 8024484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 15668533 |  |
|  **Consumer Discretionary (12.6%)** | **Consumer Discretionary (12.6%)** | **Consumer Discretionary (12.6%)** |  |
|  ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | **** |
|  Adient plc\* | 34886 | 1210195 |  |
|  Dana, Inc. | 47475 | 718297 |  |
|  Fox Factory Holding Corp.\* | 15494 | 1413518 |  |
|  Gentex Corp. | 86313 | 2353756 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 103088 | 1046343 |  |
|  Lear Corp. | 21748 | 2697187 |  |
|  Visteon Corp.\* | 10464 | 1369005 |  |
|  |  | 10808301 |  |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | **** |
|  Harley-Davidson, Inc. | 48946 | 2036154 |  |
|  Thor Industries, Inc. (x) | 19752 | 1491078 |  |
|  |  | 3527232 |  |
|  ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | ***Diversified Consumer Services (1.0%)*** | **** |
|  Graham Holdings Co., Class B | 1412 | 853144 |  |
|  Grand Canyon Education, Inc.\* | 11285 | 1192373 |  |
|  H&R Block, Inc. | 57203 | 2088482 |  |
|  Service Corp. International | 56592 | 3912771 |  |
|  |  | 8046770 |  |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | **** |
|  Boyd Gaming Corp. | 29187 | 1591567 |  |
|  Choice Hotels International, Inc. | 10198 | 1148703 |  |
|  Churchill Downs, Inc. | 12111 | 2560629 |  |
|  Cracker Barrel Old Country Store, Inc. | 8157 | 772794 |  |
|  Light & Wonder, Inc.\* | 34467 | 2019766 |  |
|  Marriott Vacations Worldwide Corp. | 14100 | 1897719 |  |
|  Papa John's International, Inc. | 11700 | 963027 |  |
|  Penn Entertainment, Inc.\* | 57074 | 1695098 |  |
|  Texas Roadhouse, Inc. | 24621 | 2239280 |  |
|  Travel + Leisure Co. | 29907 | 1088615 |  |
|  Wendy's Co. (The) | 63349 | 1433588 |  |
|  Wingstop, Inc. | 10980 | 1511067 |  |
|  Wyndham Hotels & Resorts, Inc. | 32498 | 2317432 |  |
|  |  | 21239285 |  |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | **** |
|  Helen of Troy Ltd.\* | 8919 | 989206 |  |
|  KB Home | 30561 | 973368 |  |
|  Leggett & Platt, Inc. | 48642 | 1567732 |  |
|  Taylor Morrison Home Corp., Class A\* | 39865 | 1209903 |  |
|  Tempur Sealy International, Inc. | 62912 | 2159769 |  |
|  Toll Brothers, Inc. | 38780 | 1935897 |  |
|  TopBuild Corp.\* | 11764 | 1840948 |  |
|  |  | 10676823 |  |
|  ***Leisure Products (1.0%)*** | ***Leisure Products (1.0%)*** | ***Leisure Products (1.0%)*** | **** |
|  Brunswick Corp. | 26678 | 1922950 |  |
|  Mattel, Inc.\* | 130100 | 2320984 |  |
|  Polaris, Inc. | 20046 | 2024646 |  |
|  Topgolf Callaway Brands Corp.\* | 50488 | 997138 |  |
|  YETI Holdings, Inc.\* | 32067 | 1324688 |  |
|  |  | 8590406 |  |
|  ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | **** |
|  Kohl's Corp. | 42916 | 1083629 |  |
|  Macy's, Inc. | 100370 | 2072641 |  |
|  Nordstrom, Inc. (x) | 40482 | 653379 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 21627 | 1013009 |  |
|  |  | 4822658 |  |
|  ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | **** |
|  AutoNation, Inc.\* | 12585 | 1350371 |  |
|  Dick's Sporting Goods, Inc. | 20459 | 2461013 |  |
|  Five Below, Inc.\* | 20423 | 3612216 |  |
|  Foot Locker, Inc. | 29180 | 1102712 |  |
|  GameStop Corp., Class A (x)\* | 92929 | 1715469 |  |
|  Gap, Inc. (The) | 77615 | 875497 |  |
|  Lithia Motors, Inc., Class A | 10059 | 2059480 |  |
|  Murphy USA, Inc. | 7648 | 2137922 |  |
|  RH\* | 7071 | 1889301 |  |
|  Victoria's Secret & Co.\* | 29894 | 1069607 |  |
|  Williams-Sonoma, Inc. | 24546 | 2820826 |  |
|  |  | 21094414 |  |
|  ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | **** |
|  Capri Holdings Ltd.\* | 47388 | 2716280 |  |
|  Carter's, Inc. | 14041 | 1047599 |  |
|  Columbia Sportswear Co. | 12904 | 1130132 |  |
|  Crocs, Inc.\* | 22694 | 2460711 |  |
|  Deckers Outdoor Corp.\* | 9738 | 3887020 |  |
|  Hanesbrands, Inc. | 129518 | 823735 |  |
|  PVH Corp. | 23998 | 1694019 |  |
|  Skechers USA, Inc., Class A\* | 49382 | 2071575 |  |
|  Under Armour, Inc., Class A\* | 69305 | 704139 |  |
|  Under Armour, Inc., Class C\* | 72494 | 646646 |  |
|  |  | 17181856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 105987745 |  |
|  **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |  |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 3468 | 1142775 |  |
|  Celsius Holdings, Inc.\* | 14918 | 1552069 |  |
|  Coca-Cola Consolidated, Inc. | 1713 | 877673 |  |
|  |  | 3572517 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 49698 | $3288020 |  |
|  Casey's General Stores, Inc. | 13708 | 3075390 |  |
|  Grocery Outlet Holding Corp.\* | 32822 | 958074 |  |
|  Performance Food Group Co.\* | 57279 | 3344521 |  |
|  Sprouts Farmers Market, Inc.\* | 38947 | 1260714 |  |
|  |  | 11926719 |  |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | **** |
|  Darling Ingredients, Inc.\* | 58971 | 3690995 |  |
|  Flowers Foods, Inc. | 70693 | 2031717 |  |
|  Ingredion, Inc. | 24120 | 2362072 |  |
|  Lancaster Colony Corp. | 7374 | 1454890 |  |
|  Pilgrim's Pride Corp.\* | 16501 | 391569 |  |
|  Post Holdings, Inc.\* | 19975 | 1802943 |  |
|  |  | 11734186 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Energizer Holdings, Inc. | 24659 | 827309 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  BellRing Brands, Inc.\* | 50400 | 1292256 |  |
|  Coty, Inc., Class A\* | 134276 | 1149402 |  |
|  |  | 2441658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 30502389 |  |
|  **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |  |
|  ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | ***Energy Equipment & Services (0.6%)*** | **** |
|  ChampionX Corp. | 73353 | 2126503 |  |
|  NOV, Inc. | 144530 | 3019232 |  |
|  |  | 5145735 |  |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | **** |
|  Antero Midstream Corp. | 124627 | 1344725 |  |
|  Antero Resources Corp.\* | 101598 | 3148522 |  |
|  CNX Resources Corp.\* | 66405 | 1118260 |  |
|  DT Midstream, Inc. | 35592 | 1966814 |  |
|  Equitrans Midstream Corp. | 157826 | 1057434 |  |
|  HF Sinclair Corp. | 49484 | 2567725 |  |
|  Matador Resources Co. | 41303 | 2364184 |  |
|  Murphy Oil Corp. | 53767 | 2312519 |  |
|  PBF Energy, Inc., Class A | 42273 | 1723893 |  |
|  PDC Energy, Inc. | 33904 | 2152226 |  |
|  Range Resources Corp. | 88908 | 2224478 |  |
|  Southwestern Energy Co.\* | 406054 | 2375416 |  |
|  |  | 24356196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 29501931 |  |
|  **Financials (13.6%)** | **Financials (13.6%)** | **Financials (13.6%)** |  |
|  ***Banks (6.5%)*** | ***Banks (6.5%)*** | ***Banks (6.5%)*** | **** |
|  Associated Banc-Corp. | 55930 | 1291424 |  |
|  Bank of Hawaii Corp. | 14649 | 1136176 |  |
|  Bank OZK | 40730 | 1631644 |  |
|  Cadence Bank | 59106 | 1457554 |  |
|  Cathay General Bancorp | 27693 | 1129597 |  |
|  Commerce Bancshares, Inc. | 41961 | 2856285 |  |
|  Cullen/Frost Bankers, Inc. | 23658 | 3163075 |  |
|  East West Bancorp, Inc. | 51860 | 3417574 |  |
|  First Financial Bankshares, Inc. | 48268 | 1660419 |  |
|  First Horizon Corp. | 197442 | 4837329 |  |
|  FNB Corp. | 128683 | 1679313 |  |
|  Fulton Financial Corp. | 62275 | 1048088 |  |
|  Glacier Bancorp, Inc. | 40756 | 2014162 |  |
|  Hancock Whitney Corp. | 31436 | 1521188 |  |
|  Home BancShares, Inc. | 69796 | 1590651 |  |
|  International Bancshares Corp. | 19426 | 888934 |  |
|  Old National Bancorp | 107649 | 1935529 |  |
|  PacWest Bancorp | 43824 | 1005761 |  |
|  Pinnacle Financial Partners, Inc. | 28117 | 2063788 |  |
|  Prosperity Bancshares, Inc. | 33596 | 2441757 |  |
|  Synovus Financial Corp. | 53480 | 2008174 |  |
|  Texas Capital Bancshares, Inc.\* | 18562 | 1119474 |  |
|  UMB Financial Corp. | 16178 | 1351187 |  |
|  Umpqua Holdings Corp. | 80767 | 1441691 |  |
|  United Bankshares, Inc. | 49495 | 2004053 |  |
|  Valley National Bancorp | 154338 | 1745563 |  |
|  Washington Federal, Inc. | 23977 | 804428 |  |
|  Webster Financial Corp. | 64025 | 3030943 |  |
|  Wintrust Financial Corp. | 22317 | 1886233 |  |
|  |  | 54161994 |  |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | **** |
|  Affiliated Managers Group, Inc. | 13860 | 2195840 |  |
|  Evercore, Inc., Class A | 13147 | 1434075 |  |
|  Federated Hermes, Inc., Class B | 30859 | 1120490 |  |
|  Interactive Brokers Group, Inc., Class A | 37851 | 2738520 |  |
|  Janus Henderson Group plc | 49314 | 1159865 |  |
|  Jefferies Financial Group, Inc. | 67404 | 2310609 |  |
|  SEI Investments Co. | 37703 | 2198085 |  |
|  Stifel Financial Corp. | 39105 | 2282559 |  |
|  |  | 15440043 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  FirstCash Holdings, Inc. | 13804 | 1199706 |  |
|  Navient Corp. | 38921 | 640250 |  |
|  SLM Corp. | 92058 | 1528163 |  |
|  |  | 3368119 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Voya Financial, Inc. (x) | 35754 | 2198513 |  |
|  ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | **** |
|  American Financial Group, Inc. | 25690 | 3526723 |  |
|  Brighthouse Financial, Inc.\* | 25436 | 1304104 |  |
|  CNO Financial Group, Inc. | 42569 | 972702 |  |
|  First American Financial Corp. | 38098 | 1994049 |  |
|  Hanover Insurance Group, Inc. (The) | 13085 | 1768176 |  |
|  Kemper Corp. | 23760 | 1168992 |  |
|  Kinsale Capital Group, Inc. | 7926 | 2072808 |  |
|  Old Republic International Corp. | 104129 | 2514715 |  |
|  Primerica, Inc. | 13576 | 1925348 |  |
|  Reinsurance Group of America, Inc. | 24592 | 3494277 |  |
|  RenaissanceRe Holdings Ltd. | 16080 | 2962419 |  |
|  RLI Corp. | 14842 | 1948309 |  |
|  Selective Insurance Group, Inc. | 22178 | 1965193 |  |
|  Unum Group | 68807 | 2823151 |  |
|  |  | 30440966 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.4%)*** | **** |
|  Annaly Capital Management, Inc. (REIT) (x) | 172148 | 3628880 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Thrifts & Mortgage Finance (0.6%)*** | ***Thrifts & Mortgage Finance (0.6%)*** | ***Thrifts & Mortgage Finance (0.6%)*** | **** |
|  Essent Group Ltd. | 40075 | $1558116 |  |
|  MGIC Investment Corp. | 109289 | 1420757 |  |
|  New York Community Bancorp, Inc. | 250140 | 2151204 |  |
|  |  | 5130077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 114368592 |  |
|  **Health Care (9.1%)** | **Health Care (9.1%)** | **Health Care (9.1%)** |  |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | **** |
|  Arrowhead Pharmaceuticals, Inc.\* | 39387 | 1597537 |  |
|  Exelixis, Inc.\* | 119757 | 1920902 |  |
|  Halozyme Therapeutics, Inc.\* | 49751 | 2830832 |  |
|  Neurocrine Biosciences, Inc.\* | 35372 | 4224832 |  |
|  United Therapeutics Corp.\* | 16770 | 4663569 |  |
|  |  | 15237672 |  |
|  ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | ***Health Care Equipment & Supplies (3.2%)*** | **** |
|  Enovis Corp.\* | 17301 | 925949 |  |
|  Envista Holdings Corp.\* | 59991 | 2019897 |  |
|  Globus Medical, Inc., Class A\* | 28666 | 2129024 |  |
|  Haemonetics Corp.\* | 18621 | 1464542 |  |
|  ICU Medical, Inc.\* | 7470 | 1176376 |  |
|  Inari Medical, Inc.\* | 17880 | 1136453 |  |
|  Integra LifeSciences Holdings Corp.\* | 26631 | 1493200 |  |
|  Lantheus Holdings, Inc.\* | 25580 | 1303557 |  |
|  LivaNova plc\* | 19503 | 1083197 |  |
|  Masimo Corp.\* | 17794 | 2632622 |  |
|  Neogen Corp.\* | 80416 | 1224736 |  |
|  Omnicell, Inc.\* | 16480 | 830922 |  |
|  Penumbra, Inc.\* | 13974 | 3108656 |  |
|  QuidelOrtho Corp.\* | 19684 | 1686328 |  |
|  Shockwave Medical, Inc.\* | 13369 | 2748800 |  |
|  STAAR Surgical Co.\* | 17875 | 867652 |  |
|  Tandem Diabetes Care, Inc.\* | 23897 | 1074170 |  |
|  |  | 26906081 |  |
|  ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | ***Health Care Providers & Services (2.2%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 33474 | 2755580 |  |
|  Amedisys, Inc.\* | 12072 | 1008495 |  |
|  Chemed Corp. | 5471 | 2792563 |  |
|  Encompass Health Corp. | 36716 | 2195984 |  |
|  HealthEquity, Inc.\* | 31004 | 1911087 |  |
|  LHC Group, Inc.\* | 11403 | 1843751 |  |
|  Option Care Health, Inc.\* | 56750 | 1707607 |  |
|  Patterson Cos., Inc. | 31874 | 893428 |  |
|  Progyny, Inc.\* | 27754 | 864537 |  |
|  R1 RCM, Inc.\* | 51092 | 559457 |  |
|  Tenet Healthcare Corp.\* | 40146 | 1958723 |  |
|  |  | 18491212 |  |
|  ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | ***Life Sciences Tools & Services (1.3%)*** | **** |
|  Azenta, Inc.\* | 27523 | 1602389 |  |
|  Bruker Corp. | 36800 | 2515280 |  |
|  Medpace Holdings, Inc.\* | 9343 | 1984546 |  |
|  Repligen Corp.\* | 19000 | 3216890 |  |
|  Sotera Health Co.\* | 37240 | 310209 |  |
|  Syneos Health, Inc.\* | 38198 | 1401103 |  |
|  |  | 11030417 |  |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | **** |
|  Jazz Pharmaceuticals plc\* | 23168 | 3690894 |  |
|  Perrigo Co. plc | 49357 | 1682580 |  |
|  |  | 5373474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 77038856 |  |
|  **Industrials (17.8%)** | **Industrials (17.8%)** | **Industrials (17.8%)** |  |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | **** |
|  Axon Enterprise, Inc.\* | 24875 | 4127509 |  |
|  Curtiss-Wright Corp. | 14095 | 2353724 |  |
|  Hexcel Corp. | 30901 | 1818524 |  |
|  Mercury Systems, Inc.\* | 21334 | 954483 |  |
|  Woodward, Inc. | 22137 | 2138655 |  |
|  |  | 11392895 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  GXO Logistics, Inc.\* | 43627 | 1862437 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  JetBlue Airways Corp.\* | 119168 | 772209 |  |
|  ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | **** |
|  Builders FirstSource, Inc.\* | 54152 | 3513382 |  |
|  Carlisle Cos., Inc. | 19029 | 4484184 |  |
|  Fortune Brands Innovations, Inc. | 47037 | 2686283 |  |
|  Lennox International, Inc. | 11866 | 2838703 |  |
|  Owens Corning | 34386 | 2933126 |  |
|  Simpson Manufacturing Co., Inc. | 15674 | 1389657 |  |
|  Trex Co., Inc.\* | 40377 | 1709158 |  |
|  |  | 19554493 |  |
|  ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | ***Commercial Services & Supplies (1.4%)*** | **** |
|  Brink's Co. (The) | 17091 | 917958 |  |
|  Clean Harbors, Inc.\* | 18503 | 2111562 |  |
|  IAA, Inc.\* | 49173 | 1966920 |  |
|  MSA Safety, Inc. | 13512 | 1948295 |  |
|  Stericycle, Inc.\* | 33848 | 1688677 |  |
|  Tetra Tech, Inc. | 19494 | 2830334 |  |
|  |  | 11463746 |  |
|  ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | ***Construction & Engineering (2.0%)*** | **** |
|  AECOM | 51383 | 4363958 |  |
|  Dycom Industries, Inc.\* | 10733 | 1004609 |  |
|  EMCOR Group, Inc. | 17534 | 2596961 |  |
|  Fluor Corp.\* | 52201 | 1809286 |  |
|  MasTec, Inc.\* | 21673 | 1849357 |  |
|  MDU Resources Group, Inc. | 74821 | 2270069 |  |
|  Valmont Industries, Inc. | 7849 | 2595429 |  |
|  |  | 16489669 |  |
|  ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | ***Electrical Equipment (1.9%)*** | **** |
|  Acuity Brands, Inc. | 11832 | 1959498 |  |
|  EnerSys | 15129 | 1117125 |  |
|  Hubbell, Inc. | 19761 | 4637511 |  |
|  nVent Electric plc | 61294 | 2357980 |  |
|  Regal Rexnord Corp. | 24340 | 2920313 |  |
|  SunPower Corp. (x)\* | 31271 | 563816 |  |
|  Sunrun, Inc.\* | 78926 | 1895803 |  |
|  Vicor Corp.\* | 8202 | 440858 |  |
|  |  | 15892904 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Machinery (4.2%)*** | ***Machinery (4.2%)*** | ***Machinery (4.2%)*** | **** |
|  AGCO Corp. | 22782 | $3159636 |  |
|  Chart Industries, Inc.\* | 15524 | 1788830 |  |
|  Crane Holdings Co. | 17515 | 1759382 |  |
|  Donaldson Co., Inc. | 45059 | 2652623 |  |
|  Esab Corp. | 19215 | 901568 |  |
|  Flowserve Corp. | 48632 | 1492030 |  |
|  Graco, Inc. | 62009 | 4170725 |  |
|  ITT, Inc. | 30429 | 2467792 |  |
|  Kennametal, Inc. | 29353 | 706233 |  |
|  Lincoln Electric Holdings, Inc. | 21244 | 3069546 |  |
|  Middleby Corp. (The)\* | 19826 | 2654701 |  |
|  Oshkosh Corp. | 24058 | 2121675 |  |
|  Terex Corp. | 24687 | 1054629 |  |
|  Timken Co. (The) | 24357 | 1721309 |  |
|  Toro Co. (The) | 38341 | 4340201 |  |
|  Watts Water Technologies, Inc., Class A | 10007 | 1463324 |  |
|  |  | 35524204 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Kirby Corp.\* | 22289 | 1434297 |  |
|  ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | **** |
|  ASGN, Inc.\* | 18360 | 1495973 |  |
|  CACI International, Inc., Class A\* | 8635 | 2595595 |  |
|  FTI Consulting, Inc.\* | 12666 | 2011361 |  |
|  Insperity, Inc. | 13104 | 1488614 |  |
|  KBR, Inc. | 50480 | 2665344 |  |
|  ManpowerGroup, Inc. | 18602 | 1547872 |  |
|  Science Applications International Corp. | 20284 | 2250104 |  |
|  |  | 14054863 |  |
|  ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | **** |
|  Avis Budget Group, Inc.\* | 9154 | 1500615 |  |
|  Knight-Swift Transportation Holdings, Inc. | 59127 | 3098846 |  |
|  Landstar System, Inc. | 13218 | 2153212 |  |
|  RXO, Inc.\* | 42355 | 728506 |  |
|  Ryder System, Inc. | 18489 | 1545126 |  |
|  Saia, Inc.\* | 9728 | 2039767 |  |
|  Werner Enterprises, Inc. | 21627 | 870703 |  |
|  XPO, Inc.\* | 42807 | 1425045 |  |
|  |  | 13361820 |  |
|  ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | **** |
|  GATX Corp. | 12923 | 1374232 |  |
|  MSC Industrial Direct Co., Inc., Class A | 17331 | 1415943 |  |
|  Univar Solutions, Inc.\* | 60036 | 1909145 |  |
|  Watsco, Inc. | 12239 | 3052406 |  |
|  |  | 7751726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 149555263 |  |
|  **Information Technology (10.8%)** | **Information Technology (10.8%)** | **Information Technology (10.8%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Calix, Inc.\* | 21121 | 1445310 |  |
|  Ciena Corp.\* | 54508 | 2778818 |  |
|  Lumentum Holdings, Inc.\* | 25094 | 1309154 |  |
|  Viasat, Inc.\* | 28114 | 889808 |  |
|  |  | 6423090 |  |
|  ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | ***Electronic Equipment, Instruments & Components (2.8%)*** | **** |
|  Arrow Electronics, Inc.\* | 22631 | 2366523 |  |
|  Avnet, Inc. | 33673 | 1400123 |  |
|  Belden, Inc. | 15750 | 1132425 |  |
|  Cognex Corp. | 63628 | 2997515 |  |
|  Coherent Corp.\* | 51030 | 1791153 |  |
|  IPG Photonics Corp.\* | 11830 | 1119946 |  |
|  Jabil, Inc. | 49539 | 3378560 |  |
|  Littelfuse, Inc. | 9109 | 2005802 |  |
|  National Instruments Corp. | 48042 | 1772750 |  |
|  Novanta, Inc.\* | 13109 | 1781120 |  |
|  TD SYNNEX Corp. | 15456 | 1463838 |  |
|  Vishay Intertechnology, Inc. | 47590 | 1026516 |  |
|  Vontier Corp. | 58772 | 1136063 |  |
|  |  | 23372334 |  |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | **** |
|  Concentrix Corp. | 15589 | 2075831 |  |
|  Euronet Worldwide, Inc.\* | 17527 | 1654198 |  |
|  ExlService Holdings, Inc.\* | 12166 | 2061286 |  |
|  Genpact Ltd. | 62034 | 2873415 |  |
|  Kyndryl Holdings, Inc.\* | 75942 | 844475 |  |
|  Maximus, Inc. | 22207 | 1628439 |  |
|  Western Union Co. (The) | 141878 | 1953660 |  |
|  WEX, Inc.\* | 16040 | 2624946 |  |
|  |  | 15716250 |  |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | **** |
|  Allegro MicroSystems, Inc.\* | 23933 | 718469 |  |
|  Amkor Technology, Inc. | 36956 | 886205 |  |
|  Cirrus Logic, Inc.\* | 20259 | 1508890 |  |
|  Lattice Semiconductor Corp.\* | 50430 | 3271898 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 19014 | 1197502 |  |
|  MKS Instruments, Inc. | 21007 | 1779923 |  |
|  Power Integrations, Inc. | 20975 | 1504327 |  |
|  Silicon Laboratories, Inc.\* | 12246 | 1661415 |  |
|  SiTime Corp.\* | 5941 | 603724 |  |
|  Synaptics, Inc.\* | 14743 | 1402944 |  |
|  Universal Display Corp. | 15966 | 1724967 |  |
|  Wolfspeed, Inc.\* | 45703 | 3155335 |  |
|  |  | 19415599 |  |
|  ***Software (2.8%)*** | ***Software (2.8%)*** | ***Software (2.8%)*** | **** |
|  ACI Worldwide, Inc.\* | 41347 | 950981 |  |
|  Aspen Technology, Inc.\* | 10768 | 2211747 |  |
|  Blackbaud, Inc.\* | 16576 | 975663 |  |
|  CommVault Systems, Inc.\* | 16308 | 1024795 |  |
|  Dynatrace, Inc.\* | 74139 | 2839524 |  |
|  Envestnet, Inc.\* | 13933 | 859666 |  |
|  Fair Isaac Corp.\* | 9190 | 5500950 |  |
|  Manhattan Associates, Inc.\* | 22959 | 2787223 |  |
|  NCR Corp.\* | 50555 | 1183493 |  |
|  Paylocity Holding Corp.\* | 15221 | 2956831 |  |
|  Qualys, Inc.\* | 12719 | 1427453 |  |
|  Teradata Corp.\* | 37457 | 1260803 |  |
|  |  | 23979129 |  |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | **** |
|  Super Micro Computer, Inc.\* | 17053 | 1400052 |  |
|  Xerox Holdings Corp. | 41222 | 601841 |  |
|  |  | 2001893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 90908295 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Materials (5.9%)** | **Materials (5.9%)** | **Materials (5.9%)** |  |
|  ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | ***Chemicals (2.4%)*** | **** |
|  Ashland, Inc. | 18319 | $1969842 |  |
|  Avient Corp. | 31808 | 1073838 |  |
|  Cabot Corp. | 20626 | 1378642 |  |
|  Chemours Co. (The) | 55529 | 1700298 |  |
|  Ingevity Corp.\* | 12926 | 910507 |  |
|  NewMarket Corp. | 2495 | 776219 |  |
|  Olin Corp. | 46866 | 2481086 |  |
|  RPM International, Inc. | 47501 | 4628973 |  |
|  Scotts Miracle-Gro Co. (The) | 14838 | 720978 |  |
|  Sensient Technologies Corp. | 15328 | 1117718 |  |
|  Valvoline, Inc. | 65133 | 2126593 |  |
|  Westlake Corp. | 12643 | 1296413 |  |
|  |  | 20181107 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Eagle Materials, Inc. | 13557 | 1801047 |  |
|  ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | **** |
|  AptarGroup, Inc. | 24021 | 2641830 |  |
|  Greif, Inc., Class A | 9422 | 631839 |  |
|  Silgan Holdings, Inc. | 30725 | 1592784 |  |
|  Sonoco Products Co. | 35879 | 2178214 |  |
|  |  | 7044667 |  |
|  ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | ***Metals & Mining (2.2%)*** | **** |
|  Alcoa Corp. | 65103 | 2960233 |  |
|  Cleveland-Cliffs, Inc.\* | 189601 | 3054472 |  |
|  Commercial Metals Co. | 43175 | 2085353 |  |
|  MP Materials Corp.\* | 34351 | 834042 |  |
|  Reliance Steel & Aluminum Co. | 21595 | 4371692 |  |
|  Royal Gold, Inc. | 24153 | 2722526 |  |
|  United States Steel Corp. | 86198 | 2159260 |  |
|  Worthington Industries, Inc. | 11157 | 554615 |  |
|  |  | 18742193 |  |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | **** |
|  Louisiana-Pacific Corp. | 26380 | 1561696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 49330710 |  |
|  **Real Estate (7.3%)** | **Real Estate (7.3%)** | **Real Estate (7.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.0%)*** | **** |
|  Apartment Income REIT Corp. (REIT) | 55165 | 1892711 |  |
|  Brixmor Property Group, Inc. (REIT) | 110351 | 2501657 |  |
|  Corporate Office Properties Trust (REIT) | 40925 | 1061594 |  |
|  Cousins Properties, Inc. (REIT) | 56350 | 1425092 |  |
|  CubeSmart (REIT) | 82631 | 3325898 |  |
|  Douglas Emmett, Inc. (REIT) (x) | 65411 | 1025644 |  |
|  EastGroup Properties, Inc. (REIT) | 16033 | 2373846 |  |
|  EPR Properties (REIT) | 27340 | 1031265 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 48618 | 2346305 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 140029 | 2698359 |  |
|  Highwoods Properties, Inc. (REIT) | 38336 | 1072641 |  |
|  Independence Realty Trust, Inc. (REIT) | 82542 | 1391658 |  |
|  JBG SMITH Properties (REIT) | 35859 | 680604 |  |
|  Kilroy Realty Corp. (REIT) | 38549 | 1490690 |  |
|  Kite Realty Group Trust (REIT) | 80466 | 1693809 |  |
|  Lamar Advertising Co. (REIT), Class A | 32108 | 3030995 |  |
|  Life Storage, Inc. (REIT) | 31400 | 3092900 |  |
|  Macerich Co. (The) (REIT) | 79921 | 899910 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 220030 | 2451134 |  |
|  National Retail Properties, Inc. (REIT) | 65905 | $3015813 |  |
|  National Storage Affiliates Trust (REIT) | 31093 | 1123079 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 86166 | 2408340 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 83666 | 986422 |  |
|  Pebblebrook Hotel Trust (REIT) | 48240 | 645934 |  |
|  Physicians Realty Trust (REIT) | 84216 | 1218606 |  |
|  PotlatchDeltic Corp. (REIT) | 29992 | 1319348 |  |
|  Rayonier, Inc. (REIT) | 53819 | 1773874 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 67515 | 3689020 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 85946 | 1068309 |  |
|  SL Green Realty Corp. (REIT) (x) | 23927 | 806818 |  |
|  Spirit Realty Capital, Inc. (REIT) | 51387 | 2051883 |  |
|  STORE Capital Corp. (REIT) | 97771 | 3134538 |  |
|  |  | 58728696 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Jones Lang LaSalle, Inc.\* | 17464 | 2783238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 61511934 |  |
|  **Utilities (3.7%)** | **Utilities (3.7%)** | **Utilities (3.7%)** |  |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | **** |
|  ALLETE, Inc. | 21032 | 1356774 |  |
|  Hawaiian Electric Industries, Inc. | 40163 | 1680821 |  |
|  IDACORP, Inc. | 18595 | 2005471 |  |
|  OGE Energy Corp. | 73663 | 2913372 |  |
|  PNM Resources, Inc. | 31940 | 1558353 |  |
|  Portland General Electric Co. | 32728 | 1603672 |  |
|  |  | 11118463 |  |
|  ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | ***Gas Utilities (1.3%)*** | **** |
|  National Fuel Gas Co. | 33659 | 2130615 |  |
|  New Jersey Resources Corp. | 35333 | 1753224 |  |
|  ONE Gas, Inc. | 20145 | 1525379 |  |
|  Southwest Gas Holdings, Inc. | 22939 | 1419465 |  |
|  Spire, Inc. | 19533 | 1345042 |  |
|  UGI Corp. | 77040 | 2855873 |  |
|  |  | 11029598 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Ormat Technologies, Inc. | 18108 | 1565980 |  |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | **** |
|  Black Hills Corp. | 23884 | 1680001 |  |
|  NorthWestern Corp. | 21301 | 1264001 |  |
|  |  | 2944002 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  Essential Utilities, Inc. | 87822 | 4191744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 30849787 |  |
|  **Total Common Stocks (89.8%)**<br> *(Cost $596,842,858)* |  | 755224035 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (5.4%)** | **Investment Companies (5.4%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 | 1000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 44336103 | 44358271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 45358271 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.3%)** | **Repurchase Agreements (1.3%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $8,405,375, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $8,569,483. (xx) | $8401454 | $8401454 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $2,802,423, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $3,048,720. (xx) | 2800000 | 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 11201454 |
|  **Total Short-Term Investments (6.7%)**<br> *(Cost $56,553,335)* |  | 56559725 |
|  **Total Investments in Securities (96.5%)**<br> *(Cost $653,396,193)* |  | 811783760 |
|  **Other Assets Less Liabilities (3.5%)** | **Other Assets Less Liabilities (3.5%)** | 29222360 |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;841006120 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $14,422,974. This was collateralized by $2,685,184 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $12,201,454 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 352 | 3/2023 | USD | 85979520 | (1651256) |
|  |  |  |  |  | (1651256) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $15668533 | $— | $— | $15668533 |
|  Consumer Discretionary | 105987745 |  |  | 105987745 |
|  Consumer Staples | 30502389 |  |  | 30502389 |
|  Energy | 29501931 |  |  | 29501931 |
|  Financials | 114368592 |  |  | 114368592 |
|  Health Care | 77038856 |  |  | 77038856 |
|  Industrials | 149555263 |  |  | 149555263 |
|  Information Technology | 90908295 |  |  | 90908295 |
|  Materials | 49330710 |  |  | 49330710 |
|  Real Estate | 61511934 |  |  | 61511934 |
|  Utilities | 30849787 |  |  | 30849787 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 45358271 |  |  | 45358271 |
|  Repurchase Agreements |  | 11201454 |  | 11201454 |
|  **Total Assets** | $**800582306** | $**11201454** | $**—** | $**811783760** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(1651256) | $— | $— | $(1651256) |
|  **Total Liabilities** | $**(1651256)** | $**—** | $**—** | $**(1651256)** |
|  **Total** | $**798931050** | $**11201454** | $**—** | $**810132504** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(1651256) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1651256 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(25705603) | $(25705603) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25705603) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25705603) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(3826291) | $(3826291) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3826291) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3826291) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $67,017,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 16%)\* | $200930861 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 29%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155119032 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $221008585 |
|  Aggregate gross unrealized depreciation | (62601215) |
|  Net unrealized appreciation | $158407370 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651725134 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $642,194,739) | $800582306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $11,201,454) | 11201454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 36605904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 4814100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1092700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 55764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 854367743 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 12201454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 473130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 317026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 153727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 94636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 69234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 51975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13361623 |
|  **NET ASSETS** | $841006120 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $706217316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 134788804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $841006120 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $319,557,157 / 15,711,433 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $521,448,963 / 25,300,280 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.61 |

---

*(x)* *Includes value of securities on loan of $14,422,974.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $13114265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 493396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 277053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13884714 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3983383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1092765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 881700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 81531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 59200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 40479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 40626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6208164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (18740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6189424 |
|  **NET INVESTMENT INCOME (LOSS)** | 7695290 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 28605090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (25705603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2899487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (153399896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3826291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (157226187) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (154326700) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(146631410) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7695290 | $4128990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2899487 | 117817246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (157226187) | 73740160 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (146631410) | 195686396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (11269741) | (51775541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (19525672) | (60333127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (30795413) | (112108668) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 551,190 and 826,392 shares, respectively ] | 11856105 | 21713796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 562,157 and 2,113,907 shares, respectively ] | 11269741 | 51775541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2532687) and (3049509) shares, respectively ] | (54337300) | (80073162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (31211454) | (6583825) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,030,126 and 459,003 shares, respectively ] | 177029279 | 12167776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 957,170 and 2,432,868 shares, respectively ] | 19525672 | 60333127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3388176) and (4276613) shares, respectively ] | (71999228) | (110337368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 124555723 | (37836465) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 93344269 | (44420290) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (84082554) | 39157438 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 925088674 | 885931236 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $841006120 | $925088674 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/400 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $24.94 | $22.98 | $21.77 | $18.06 | $22.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.08 | 0.13 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.03) | 5.25 | 2.70 | 4.32 | (2.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.88) | 5.33 | 2.83 | 4.49 | (2.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.11) | (0.12) | (0.19) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (3.26) | (1.50) | (0.59) | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.72) | (3.37) | (1.62) | (0.78) | (1.89) |
|  Net asset value, end of year | $20.34 | $24.94 | $22.98 | $21.77 | $18.06 |
|  Total return | (15.50)% | 23.63% | 13.47% | 24.90% | (12.26)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345511 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.84% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.85% | 0.84% | 0.86% | 0.86% | 0.85% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.70% | 0.32% | 0.65% | 0.83% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.70% | 0.32% | 0.64% | 0.83% | 0.79% |
|  Portfolio turnover rate^ | 19% | 17% | 22% | 21% | 15% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $25.27 | $23.23 | $21.98 | $18.22 | $22.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.15 | 0.18 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.10) | 5.32 | 2.74 | 4.36 | (2.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.88) | 5.47 | 2.92 | 4.59 | (2.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.17) | (0.17) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.56) | (3.26) | (1.50) | (0.59) | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (3.43) | (1.67) | (0.83) | (1.94) |
|  Net asset value, end of year | $20.61 | $25.27 | $23.23 | $21.98 | $18.22 |
|  Total return | (15.32)% | 24.00% | 13.76% | 25.24% | (12.05)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $521449 | $497765 | $489812 | $291741 | $209756 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.59% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.60% | 0.59% | 0.61% | 0.61% | 0.60% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.98% | 0.56% | 0.88% | 1.10% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 0.56% | 0.88% | 1.09% | 1.04% |
|  Portfolio turnover rate^ | 19% | 17% | 22% | 21% | 15% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

**EQ/2000 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g04z06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (22.40)% | 2.94% | 7.97 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (22.20) | 3.20 | 8.24 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | (20.44) | 4.13 | 9.01 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (22.40)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Index, which returned (20.44)% over the same period.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the Russell 2000 Index fell 20.4%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. Throughout the year, the Portfolio reduced its equity exposure for 79 days, sometimes by as much as 14%.

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Antero Resources Corp., PBF Energy, Inc., Madrigal Pharmaceuticals,
Inc., Halozyme Therapeutics, Inc. and Helmerich & Payne, Inc.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Health Care, Consumer Discretionary, Financials and
Industrials.

• The stocks that detracted most from performance were Synaptics, Inc., AMC Entertainment Holdings, Inc., Omnicell, Inc.,
Intellia Therapeutics, Inc. and Rapid7, Inc.

• One principal risk of this strategy is that the Portfolio may be de-equitized when market values are increasing but market
volatility is high. This was the situation from time to time during the year, when small-cap equities rallied off their lows, for instance during choppy markets in February and March, and also gains in October and November. These periods account for
the bulk of the underperformance compared to benchmark.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 15.5% |
| &nbsp;&nbsp;&nbsp; Health Care | 15.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 14.1 |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.5 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.4 |
| &nbsp;&nbsp;&nbsp; Energy | 6.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 5.8 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 4.1 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.1 |
| &nbsp;&nbsp;&nbsp; Materials | 3.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.2 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.3 |
|  | 100.0% |

---

------

**EQ/2000 MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1027.10 | $4.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.99 | 4.26 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1028.30 | 3.00 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.25 | 2.99 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.84% and 0.59%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.84% and 0.59%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.84% and 0.59%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.84% and 0.59%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.4%)** | **Communication Services (2.4%)** | **Communication Services (2.4%)** |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | **** |
|  Anterix, Inc.\* | 23235 | $747470 |  |
|  ATN International, Inc. | 14178 | 642405 |  |
|  Bandwidth, Inc., Class A\* | 31051 | 712620 |  |
|  Charge Enterprises, Inc. (x)\* | 149102 | 184886 |  |
|  Cogent Communications Holdings, Inc. | 55195 | 3150530 |  |
|  Consolidated Communications Holdings, Inc.\* | 97265 | 348209 |  |
|  EchoStar Corp., Class A\* | 42153 | 703112 |  |
|  Globalstar, Inc. (x)\* | 877809 | 1167486 |  |
|  IDT Corp., Class B\* | 19287 | 543315 |  |
|  Iridium Communications, Inc.\* | 157837 | 8112822 |  |
|  Liberty Latin America Ltd., Class A\* | 42918 | 323173 |  |
|  Liberty Latin America Ltd., Class C\* | 191332 | 1454123 |  |
|  Ooma, Inc.\* | 29513 | 401967 |  |
|  Radius Global Infrastructure, Inc.\* | 100685 | 1190097 |  |
|  |  | 19682215 |  |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | **** |
|  Cinemark Holdings, Inc.\* | 139843 | 1211040 |  |
|  IMAX Corp.\* | 60371 | 885039 |  |
|  Liberty Media Corp.-Liberty Braves, Class A (x)\* | 13323 | 435262 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 48338 | 1557934 |  |
|  Lions Gate Entertainment Corp., Class A\* | 78083 | 445854 |  |
|  Lions Gate Entertainment Corp., Class B\* | 133561 | 725236 |  |
|  Madison Square Garden Entertainment Corp.\* | 33040 | 1485809 |  |
|  Marcus Corp. (The) (x) | 26010 | 374284 |  |
|  Playstudios, Inc. (x)\* | 101675 | 394499 |  |
|  Reservoir Media, Inc. (x)\* | 31117 | 185769 |  |
|  Skillz, Inc. (x)\* | 395363 | 200251 |  |
|  |  | 7900977 |  |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | **** |
|  Arena Group Holdings, Inc. (The) (x)\* | 12712 | 134874 |  |
|  Bumble, Inc., Class A\* | 106584 | 2243593 |  |
|  Cargurus, Inc.\* | 124165 | 1739552 |  |
|  Cars.com, Inc.\* | 86489 | 1190954 |  |
|  DHI Group, Inc.\* | 59977 | 317278 |  |
|  Eventbrite, Inc., Class A\* | 98917 | 579654 |  |
|  EverQuote, Inc., Class A\* | 27356 | 403227 |  |
|  fuboTV, Inc. (x)\* | 203858 | 354713 |  |
|  Leafly Holdings, Inc. (x)\* | 5655 | 3687 |  |
|  MediaAlpha, Inc., Class A\* | 29978 | 298281 |  |
|  Outbrain, Inc. (x)\* | 49597 | 179541 |  |
|  QuinStreet, Inc.\* | 66579 | 955409 |  |
|  Shutterstock, Inc. | 31117 | 1640488 |  |
|  TrueCar, Inc.\* | 125791 | 315735 |  |
|  Vimeo, Inc.\* | 183696 | 630077 |  |
|  Vinco Ventures, Inc. (x)\* | 235931 | 109472 |  |
|  Wejo Group Ltd. (x)\* | 29725 | 14298 |  |
|  Yelp, Inc.\* | 85289 | 2331801 |  |
|  Ziff Davis, Inc.\* | 57566 | 4553471 |  |
|  ZipRecruiter, Inc., Class A\* | 92036 | 1511231 |  |
|  |  | 19507336 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 20784 | 34501 |  |
|  Advantage Solutions, Inc.\* | 105877 | 220224 |  |
|  AMC Networks, Inc., Class A\* | 40781 | 639038 |  |
|  Audacy, Inc. (x)\* | 169230 | 38094 |  |
|  Boston Omaha Corp., Class A\* | 28086 | 744279 |  |
|  Cardlytics, Inc.\* | 43871 | 253574 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 490084 | 514588 |  |
|  Cumulus Media, Inc., Class A\* | 22425 | 139259 |  |
|  Daily Journal Corp.\* | 1656 | 414845 |  |
|  Entravision Communications Corp., Class A | 83125 | 399000 |  |
|  EW Scripps Co. (The), Class A\* | 75040 | 989778 |  |
|  Gambling.com Group Ltd.\* | 15149 | 138613 |  |
|  Gannett Co., Inc. (x)\* | 187132 | 379878 |  |
|  Gray Television, Inc. | 104799 | 1172701 |  |
|  iHeartMedia, Inc., Class A\* | 154682 | 948201 |  |
|  Innovid Corp. (x)\* | 62666 | 107159 |  |
|  Integral Ad Science Holding Corp.\* | 51477 | 452483 |  |
|  John Wiley & Sons, Inc., Class A (x) | 55116 | 2207947 |  |
|  Loyalty Ventures, Inc. (x)\* | 30236 | 72869 |  |
|  Magnite, Inc.\* | 167933 | 1778410 |  |
|  PubMatic, Inc., Class A\* | 51079 | 654322 |  |
|  Scholastic Corp. | 37228 | 1469017 |  |
|  Sinclair Broadcast Group, Inc., Class A | 50420 | 782014 |  |
|  Stagwell, Inc. (x)\* | 100212 | 622317 |  |
|  TechTarget, Inc.\* | 35178 | 1549943 |  |
|  TEGNA, Inc. | 281408 | 5963035 |  |
|  Thryv Holdings, Inc.\* | 32608 | 619552 |  |
|  Urban One, Inc.\* | 15556 | 58491 |  |
|  Urban One, Inc., Class A\* | 10622 | 48330 |  |
|  WideOpenWest, Inc.\* | 60645 | 552476 |  |
|  |  | 23964938 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  Gogo, Inc.\* | 62449 | 921747 |  |
|  KORE Group Holdings, Inc. (x)\* | 41394 | 52157 |  |
|  Shenandoah Telecommunications Co. | 62143 | 986831 |  |
|  Telephone and Data Systems, Inc. | 129394 | 1357343 |  |
|  United States Cellular Corp.\* | 20384 | 425006 |  |
|  |  | 3743084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 74798550 |  |
|  **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** | **Consumer Discretionary (9.4%)** |  |
|  ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | **** |
|  Adient plc\* | 119152 | 4133383 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 145021 | 1134064 |  |
|  Dana, Inc. | 165659 | 2506421 |  |
|  Dorman Products, Inc.\* | 32743 | 2647926 |  |
|  Fox Factory Holding Corp.\* | 53338 | 4866026 |  |
|  Gentherm, Inc.\* | 41227 | 2691711 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 351370 | 3566405 |  |
|  Holley, Inc. (x)\* | 69316 | 146950 |  |
|  LCI Industries | 31881 | 2947398 |  |
|  Luminar Technologies, Inc. (x)\* | 308849 | 1528803 |  |
|  Modine Manufacturing Co.\* | 63849 | 1268041 |  |
|  Motorcar Parts of America, Inc.\* | 25166 | 298469 |  |
|  Patrick Industries, Inc. | 28174 | 1707344 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Solid Power, Inc. (x)\* | 147997 | $| 375912 |  |
|  Standard Motor Products, Inc. | 25877 |  | 900520 |  |
|  Stoneridge, Inc.\* | 31050 |  | 669438 |  |
|  Visteon Corp.\* | 34779 |  | 4550137 |  |
|  XPEL, Inc. (m)\* | 27632 |  | 1659578 |  |
|  |  |  | 37598526 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 145638 |  | 179135 |  |
|  Cenntro Electric Group Ltd. (x)\* | 234560 |  | 103206 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 138146 |  | 40104 |  |
|  Fisker, Inc. (x)\* | 208583 |  | 1516398 |  |
|  Lordstown Motors Corp. (x)\* | 208095 |  | 237228 |  |
|  Mullen Automotive, Inc. (x)\* | 227910 |  | 65182 |  |
|  Winnebago Industries, Inc. | 38818 |  | 2045709 |  |
|  Workhorse Group, Inc. (x)\* | 205080 |  | 311722 |  |
|  |  |  | 4498684 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Funko, Inc., Class A (x)\* | 41876 |  | 456867 |  |
|  Weyco Group, Inc. | 7955 |  | 168328 |  |
|  |  |  | 625195 |  |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | **** |
|  2U, Inc.\* | 95810 |  | 600729 |  |
|  Adtalem Global Education, Inc.\* | 55561 |  | 1972416 |  |
|  American Public Education, Inc.\* | 24740 |  | 304055 |  |
|  Beachbody Co., Inc. (The) (x)\* | 122978 |  | 64686 |  |
|  Carriage Services, Inc. | 14623 |  | 402717 |  |
|  Chegg, Inc.\* | 156452 |  | 3953542 |  |
|  Coursera, Inc.\* | 146417 |  | 1732113 |  |
|  Duolingo, Inc.\* | 30207 |  | 2148624 |  |
|  European Wax Center, Inc., Class A (x) | 26871 |  | 334544 |  |
|  Frontdoor, Inc.\* | 102468 |  | 2131334 |  |
|  Graham Holdings Co., Class B | 4771 |  | 2882686 |  |
|  Laureate Education, Inc., Class A | 167460 |  | 1610965 |  |
|  Nerdy, Inc. (x)\* | 65877 |  | 148223 |  |
|  OneSpaWorld Holdings Ltd.\* | 79662 |  | 743246 |  |
|  Perdoceo Education Corp.\* | 80694 |  | 1121647 |  |
|  Rover Group, Inc. (x)\* | 118986 |  | 436679 |  |
|  Strategic Education, Inc. | 29135 |  | 2281853 |  |
|  Stride, Inc.\* | 52087 |  | 1629281 |  |
|  Udemy, Inc. (x)\* | 92587 |  | 976793 |  |
|  Universal Technical Institute, Inc.\* | 45157 |  | 303455 |  |
|  Vivint Smart Home, Inc.\* | 122835 |  | 1461737 |  |
|  WW International, Inc.\* | 69984 |  | 270138 |  |
|  |  |  | 27511463 |  |
|  ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | ***Hotels, Restaurants & Leisure (2.2%)*** | **** |
|  Accel Entertainment, Inc.\* | 73807 |  | 568314 |  |
|  Bally's Corp. (x)\* | 43026 |  | 833844 |  |
|  Biglari Holdings, Inc., Class B\* | 1173 |  | 162812 |  |
|  BJ's Restaurants, Inc.\* | 29096 |  | 767552 |  |
|  Bloomin' Brands, Inc. | 110732 |  | 2227928 |  |
|  Bluegreen Vacations Holding Corp. | 8536 |  | 213059 |  |
|  Bowlero Corp. (x)\* | 37279 |  | 502521 |  |
|  Brinker International, Inc.\* | 52720 |  | 1682295 |  |
|  Century Casinos, Inc.\* | 36515 |  | 256700 |  |
|  Cheesecake Factory, Inc. (The) (x) | 63175 |  | 2003279 |  |
|  Chuy's Holdings, Inc.\* | 24190 |  | 684577 |  |
|  Cracker Barrel Old Country Store, Inc. | 28420 |  | 2692511 |  |
|  Dave & Buster's Entertainment, Inc.\* | 55104 |  | 1952886 |  |
|  Denny's Corp.\* | 71928 |  | 662457 |  |
|  Dine Brands Global, Inc. | 18978 |  | 1225979 |  |
|  El Pollo Loco Holdings, Inc. | 25025 |  | 249249 |  |
|  Everi Holdings, Inc.\* | 110712 |  | 1588717 |  |
|  F45 Training Holdings, Inc. (x)\* | 42200 |  | 120270 |  |
|  First Watch Restaurant Group, Inc.\* | 19078 |  | 258125 |  |
|  Full House Resorts, Inc.\* | 42180 |  | 317194 |  |
|  Golden Entertainment, Inc.\* | 25722 |  | 962003 |  |
|  Hilton Grand Vacations, Inc.\* | 110603 |  | 4262640 |  |
|  Inspirato, Inc.\* | 13298 |  | 15825 |  |
|  Inspired Entertainment, Inc.\* | 27686 |  | 350782 |  |
|  International Game Technology plc | 122233 |  | 2772244 |  |
|  Jack in the Box, Inc. | 26127 |  | 1782645 |  |
|  Krispy Kreme, Inc. (x) | 92160 |  | 951091 |  |
|  Kura Sushi USA, Inc., Class A\* | 5935 |  | 282981 |  |
|  Life Time Group Holdings, Inc. (x)\* | 48313 |  | 577823 |  |
|  Light & Wonder, Inc.\* | 118827 |  | 6963262 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 41743 |  | 321421 |  |
|  Monarch Casino & Resort, Inc.\* | 17077 |  | 1313050 |  |
|  NEOGAMES SA\* | 16691 |  | 203463 |  |
|  Noodles & Co., Class A\* | 52475 |  | 288088 |  |
|  ONE Group Hospitality, Inc. (The)\* | 28283 |  | 178183 |  |
|  Papa John's International, Inc. | 40744 |  | 3353639 |  |
|  Portillo's, Inc., Class A (x)\* | 35139 |  | 573468 |  |
|  RCI Hospitality Holdings, Inc. | 11043 |  | 1029097 |  |
|  Red Rock Resorts, Inc., Class A | 65086 |  | 2604091 |  |
|  Rush Street Interactive, Inc.\* | 81871 |  | 293917 |  |
|  Ruth's Hospitality Group, Inc. | 41246 |  | 638488 |  |
|  SeaWorld Entertainment, Inc.\* | 50174 |  | 2684811 |  |
|  Shake Shack, Inc., Class A\* | 48117 |  | 1998299 |  |
|  Sonder Holdings, Inc. (x)\* | 197180 |  | 244503 |  |
|  Sweetgreen, Inc., Class A (x)\* | 110608 |  | 947911 |  |
|  Target Hospitality Corp. (x)\* | 36092 |  | 546433 |  |
|  Texas Roadhouse, Inc. | 84884 |  | 7720200 |  |
|  Vacasa, Inc., Class A (x)\* | 116045 |  | 146217 |  |
|  Wingstop, Inc. | 38466 |  | 5293691 |  |
|  Xponential Fitness, Inc., Class A\* | 23893 |  | 547866 |  |
|  |  |  | 68818401 |  |
|  ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | **** |
|  Aterian, Inc. (x)\* | 97115 |  | 74808 |  |
|  Beazer Homes USA, Inc.\* | 37827 |  | 482672 |  |
|  Cavco Industries, Inc.\* | 11432 |  | 2586490 |  |
|  Century Communities, Inc. | 34797 |  | 1740198 |  |
|  Dream Finders Homes, Inc., Class A (x)\* | 28248 |  | 244628 |  |
|  Ethan Allen Interiors, Inc. | 27157 |  | 717488 |  |
|  GoPro, Inc., Class A\* | 149106 |  | 742548 |  |
|  Green Brick Partners, Inc.\* | 33815 |  | 819337 |  |
|  Helen of Troy Ltd.\* | 29483 |  | 3269959 |  |
|  Hovnanian Enterprises, Inc., Class A\* | 7407 |  | 311687 |  |
|  Installed Building Products, Inc. | 30540 |  | 2614224 |  |
|  iRobot Corp. (x)\* | 34444 |  | 1657790 |  |
|  KB Home | 97944 |  | 3119516 |  |
|  Landsea Homes Corp.\* | 14399 |  | 75019 |  |
|  La-Z-Boy, Inc. | 55168 |  | 1258934 |  |
|  Legacy Housing Corp.\* | 10782 |  | 204427 |  |
|  LGI Homes, Inc.\* | 25697 |  | 2379542 |  |
|  Lifetime Brands, Inc. | 16995 |  | 128992 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lovesac Co. (The)\* | 15294 | $| 336621 |  |
|  M.D.C. Holdings, Inc. | 70513 |  | 2228211 |  |
|  M/I Homes, Inc.\* | 32427 |  | 1497479 |  |
|  Meritage Homes Corp.\* | 45440 |  | 4189568 |  |
|  Purple Innovation, Inc. (x)\* | 72687 |  | 348171 |  |
|  Skyline Champion Corp.\* | 66699 |  | 3435665 |  |
|  Snap One Holdings Corp. (x)\* | 23676 |  | 175439 |  |
|  Sonos, Inc.\* | 163763 |  | 2767595 |  |
|  Taylor Morrison Home Corp., Class A\* | 132086 |  | 4008810 |  |
|  Traeger, Inc.\* | 41969 |  | 118353 |  |
|  Tri Pointe Homes, Inc.\* | 130453 |  | 2425121 |  |
|  Tupperware Brands Corp.\* | 56062 |  | 232097 |  |
|  Universal Electronics, Inc.\* | 17079 |  | 355414 |  |
|  Vizio Holding Corp., Class A (x)\* | 87006 |  | 644714 |  |
|  Vuzix Corp. (x)\* | 78677 |  | 286384 |  |
|  Weber, Inc., Class A (x) | 36437 |  | 293318 |  |
|  |  |  | 45771219 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 33407 |  | 319371 |  |
|  1stdibs.com, Inc. (x)\* | 26962 |  | 136967 |  |
|  aka Brands Holding Corp. (x)\* | 12787 |  | 16239 |  |
|  BARK, Inc. (x)\* | 99289 |  | 147941 |  |
|  Boxed, Inc. (x)\* | 14982 |  | 2920 |  |
|  CarParts.com, Inc.\* | 68578 |  | 429298 |  |
|  ContextLogic, Inc., Class A (x)\* | 769451 |  | 375261 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 17338 |  | 107149 |  |
|  Groupon, Inc. (x)\* | 31108 |  | 266907 |  |
|  Lands' End, Inc.\* | 20766 |  | 157614 |  |
|  Liquidity Services, Inc.\* | 32010 |  | 450061 |  |
|  Lulu's Fashion Lounge Holdings, Inc. (x)\* | 7785 |  | 19540 |  |
|  Overstock.com, Inc.\* | 54650 |  | 1058024 |  |
|  PetMed Express, Inc. (x) | 22927 |  | 405808 |  |
|  Porch Group, Inc. (x)\* | 106904 |  | 200979 |  |
|  Poshmark, Inc., Class A\* | 58970 |  | 1054384 |  |
|  Quotient Technology, Inc.\* | 104373 |  | 357999 |  |
|  Qurate Retail, Inc.\* | 449260 |  | 732294 |  |
|  RealReal, Inc. (The) (x)\* | 120000 |  | 150000 |  |
|  Rent the Runway, Inc., Class A (x)\* | 66735 |  | 203542 |  |
|  Revolve Group, Inc. (x)\* | 52398 |  | 1166379 |  |
|  RumbleON, Inc., Class B (x)\* | 12627 |  | 81697 |  |
|  Stitch Fix, Inc., Class A\* | 109183 |  | 339559 |  |
|  ThredUp, Inc., Class A (x)\* | 74937 |  | 98167 |  |
|  Vivid Seats, Inc., Class A (x)\* | 29832 |  | 217774 |  |
|  Xometry, Inc., Class A (x)\* | 43351 |  | 1397203 |  |
|  |  |  | 9893077 |  |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | **** |
|  Acushnet Holdings Corp. | 43299 |  | 1838476 |  |
|  AMMO, Inc. (x)\* | 112111 |  | 193952 |  |
|  Clarus Corp. | 35111 |  | 275270 |  |
|  Johnson Outdoors, Inc., Class A | 7018 |  | 464030 |  |
|  Latham Group, Inc.\* | 56960 |  | 183411 |  |
|  Malibu Boats, Inc., Class A\* | 26134 |  | 1392942 |  |
|  Marine Products Corp. | 12209 |  | 143700 |  |
|  MasterCraft Boat Holdings, Inc.\* | 22880 |  | 591906 |  |
|  Smith & Wesson Brands, Inc. | 56247 |  | 488224 |  |
|  Solo Brands, Inc., Class A (x)\* | 29624 |  | 110201 |  |
|  Sturm Ruger & Co., Inc. | 22123 |  | 1119866 |  |
|  Topgolf Callaway Brands Corp.\* | 174941 |  | 3455085 |  |
|  Vista Outdoor, Inc.\* | 68311 |  | 1664739 |  |
|  |  |  | 11921802 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Big Lots, Inc. | 36405 |  | 535154 |  |
|  Dillard's, Inc., Class A (x) | 5255 |  | 1698416 |  |
|  Franchise Group, Inc. (x) | 35334 |  | 841656 |  |
|  |  |  | 3075226 |  |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | **** |
|  Aaron's Co., Inc. (The) | 41381 |  | 494503 |  |
|  Abercrombie & Fitch Co., Class A\* | 63681 |  | 1458932 |  |
|  Academy Sports & Outdoors, Inc. | 97876 |  | 5142405 |  |
|  American Eagle Outfitters, Inc. | 189909 |  | 2651130 |  |
|  America's Car-Mart, Inc.\* | 8117 |  | 586534 |  |
|  Arko Corp. | 98516 |  | 853149 |  |
|  Asbury Automotive Group, Inc.\* | 27841 |  | 4990499 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 107431 |  | 269652 |  |
|  Big 5 Sporting Goods Corp. (x) | 27195 |  | 240132 |  |
|  Boot Barn Holdings, Inc.\* | 36232 |  | 2265225 |  |
|  Buckle, Inc. (The) | 38755 |  | 1757539 |  |
|  Build-A-Bear Workshop, Inc.\* | 18197 |  | 433816 |  |
|  Caleres, Inc. | 45737 |  | 1019020 |  |
|  Camping World Holdings, Inc., Class A (x) | 49386 |  | 1102296 |  |
|  Cato Corp. (The), Class A | 23024 |  | 214814 |  |
|  Chico's FAS, Inc.\* | 161290 |  | 793547 |  |
|  Children's Place, Inc. (The)\* | 16251 |  | 591861 |  |
|  Citi Trends, Inc.\* | 11516 |  | 304944 |  |
|  Conn's, Inc.\* | 16744 |  | 115199 |  |
|  Container Store Group, Inc. (The)\* | 42623 |  | 183705 |  |
|  Designer Brands, Inc., Class A | 70859 |  | 693001 |  |
|  Destination XL Group, Inc.\* | 74702 |  | 504239 |  |
|  EVgo, Inc. (x)\* | 87937 |  | 393078 |  |
|  Express, Inc. (x)\* | 76472 |  | 78001 |  |
|  Foot Locker, Inc. | 101986 |  | 3854051 |  |
|  Genesco, Inc.\* | 15665 |  | 720903 |  |
|  Group 1 Automotive, Inc. | 17828 |  | 3215636 |  |
|  GrowGeneration Corp. (x)\* | 78304 |  | 306952 |  |
|  Guess?, Inc. (x) | 43686 |  | 903863 |  |
|  Haverty Furniture Cos., Inc. | 18918 |  | 565648 |  |
|  Hibbett, Inc. | 14999 |  | 1023232 |  |
|  JOANN, Inc. (x) | 16795 |  | 47866 |  |
|  LL Flooring Holdings, Inc.\* | 40219 |  | 226031 |  |
|  MarineMax, Inc.\* | 25235 |  | 787837 |  |
|  Monro, Inc. | 39445 |  | 1782914 |  |
|  Murphy USA, Inc. | 26406 |  | 7381533 |  |
|  National Vision Holdings, Inc.\* | 98304 |  | 3810263 |  |
|  ODP Corp. (The)\* | 53234 |  | 2424276 |  |
|  OneWater Marine, Inc., Class A (x)\* | 14466 |  | 413728 |  |
|  Party City Holdco, Inc. (x)\* | 148169 |  | 54156 |  |
|  Rent-A-Center, Inc. | 63908 |  | 1441125 |  |
|  Sally Beauty Holdings, Inc.\* | 137430 |  | 1720624 |  |
|  Shoe Carnival, Inc. | 22143 |  | 529439 |  |
|  Signet Jewelers Ltd. | 57313 |  | 3897284 |  |
|  Sleep Number Corp.\* | 27361 |  | 710839 |  |
|  Sonic Automotive, Inc., Class A | 22682 |  | 1117542 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 58978 |  | 554983 |  |
|  Tile Shop Holdings, Inc.\* | 40933 |  | 179287 |  |
|  Tilly's, Inc., Class A\* | 30389 |  | 275020 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Torrid Holdings, Inc. (x)\* | 24499 | $| 72517 |  |
|  TravelCenters of America, Inc.\* | 15053 |  | 674073 |  |
|  Urban Outfitters, Inc.\* | 78676 |  | 1876423 |  |
|  Volta, Inc. (x)\* | 160320 |  | 56978 |  |
|  Warby Parker, Inc., Class A (x)\* | 100594 |  | 1357013 |  |
|  Winmark Corp. | 3552 |  | 837668 |  |
|  Zumiez, Inc.\* | 17218 |  | 374319 |  |
|  |  |  | 70331244 |  |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 132446 |  | 320519 |  |
|  Crocs, Inc.\* | 76316 |  | 8274944 |  |
|  Ermenegildo Zegna NV (x) | 75614 |  | 791679 |  |
|  Fossil Group, Inc.\* | 42366 |  | 182597 |  |
|  G-III Apparel Group Ltd.\* | 55986 |  | 767568 |  |
|  Kontoor Brands, Inc. | 68863 |  | 2753831 |  |
|  Movado Group, Inc. | 20609 |  | 664640 |  |
|  Oxford Industries, Inc. | 18789 |  | 1750759 |  |
|  PLBY Group, Inc. (x)\* | 38637 |  | 106252 |  |
|  Rocky Brands, Inc. | 6208 |  | 146633 |  |
|  Steven Madden Ltd. | 97299 |  | 3109676 |  |
|  Superior Group of Cos., Inc. | 16655 |  | 167549 |  |
|  Unifi, Inc.\* | 18714 |  | 161128 |  |
|  Wolverine World Wide, Inc. | 100261 |  | 1095853 |  |
|  |  |  | 20293628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 300338465 |  |
|  **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** | **Consumer Staples (3.3%)** |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | **** |
|  Celsius Holdings, Inc.\* | 70095 |  | 7292684 |  |
|  Coca-Cola Consolidated, Inc. | 5842 |  | 2993207 |  |
|  Duckhorn Portfolio, Inc. (The)\* | 47403 |  | 785468 |  |
|  MGP Ingredients, Inc. | 18012 |  | 1916117 |  |
|  National Beverage Corp.\* | 29759 |  | 1384686 |  |
|  Primo Water Corp. | 195739 |  | 3041784 |  |
|  Vintage Wine Estates, Inc. (x)\* | 45632 |  | 148760 |  |
|  Vita Coco Co., Inc. (The) (x)\* | 35771 |  | 494355 |  |
|  |  |  | 18057061 |  |
|  ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | **** |
|  Andersons, Inc. (The) | 41104 |  | 1438229 |  |
|  Chefs' Warehouse, Inc. (The)\* | 43755 |  | 1456167 |  |
|  Fresh Market, Inc. (The) (r)\* | 62407 |  |  |  |
|  HF Foods Group, Inc. (x)\* | 48544 |  | 197089 |  |
|  Ingles Markets, Inc., Class A | 17831 |  | 1719978 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 12264 |  | 112093 |  |
|  PriceSmart, Inc. | 30332 |  | 1843579 |  |
|  Rite Aid Corp.\* | 74004 |  | 247173 |  |
|  SpartanNash Co. | 45838 |  | 1386141 |  |
|  Sprouts Farmers Market, Inc.\* | 135045 |  | 4371407 |  |
|  United Natural Foods, Inc.\* | 72620 |  | 2811120 |  |
|  Village Super Market, Inc., Class A | 11321 |  | 263666 |  |
|  Weis Markets, Inc. | 21090 |  | 1735496 |  |
|  |  |  | 17582138 |  |
|  ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | ***Food Products (1.1%)*** | **** |
|  Alico, Inc. | 8450 |  | 201702 |  |
|  AppHarvest, Inc. (x)\* | 98314 |  | 55783 |  |
|  B&G Foods, Inc. (x) | 91688 |  | 1022321 |  |
|  Benson Hill, Inc. (x)\* | 219670 |  | 560159 |  |
|  Beyond Meat, Inc. (x)\* | 78782 |  | 969806 |  |
|  BRC, Inc., Class A (x)\* | 32550 |  | 198881 |  |
|  Calavo Growers, Inc. | 22950 |  | 674730 |  |
|  Cal-Maine Foods, Inc. | 47168 |  | 2568298 |  |
|  Fresh Del Monte Produce, Inc. | 36083 |  | 945014 |  |
|  Hain Celestial Group, Inc. (The)\* | 113082 |  | 1829667 |  |
|  Hostess Brands, Inc.\* | 174641 |  | 3918944 |  |
|  J & J Snack Foods Corp. | 19507 |  | 2920393 |  |
|  John B Sanfilippo & Son, Inc. | 11457 |  | 931683 |  |
|  Lancaster Colony Corp. | 24469 |  | 4827734 |  |
|  Lifecore Biomedical, Inc.\* | 34777 |  | 225355 |  |
|  Local Bounti Corp. (x)\* | 81656 |  | 113502 |  |
|  Mission Produce, Inc.\* | 54030 |  | 627829 |  |
|  Seneca Foods Corp., Class A\* | 6282 |  | 382888 |  |
|  Simply Good Foods Co. (The)\* | 113282 |  | 4308114 |  |
|  Sovos Brands, Inc.\* | 48359 |  | 694919 |  |
|  SunOpta, Inc.\* | 117069 |  | 988062 |  |
|  Tattooed Chef, Inc. (x)\* | 63332 |  | 77898 |  |
|  Tootsie Roll Industries, Inc. | 19028 |  | 810022 |  |
|  TreeHouse Foods, Inc.\* | 63425 |  | 3131926 |  |
|  Utz Brands, Inc. (x) | 79026 |  | 1253352 |  |
|  Vital Farms, Inc.\* | 40264 |  | 600739 |  |
|  Whole Earth Brands, Inc.\* | 54091 |  | 220150 |  |
|  |  |  | 35059871 |  |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | **** |
|  Central Garden & Pet Co.\* | 11566 |  | 433147 |  |
|  Central Garden & Pet Co., Class A\* | 50737 |  | 1816385 |  |
|  Energizer Holdings, Inc. | 83602 |  | 2804847 |  |
|  WD-40 Co. | 16991 |  | 2739119 |  |
|  |  |  | 7793498 |  |
|  ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 127983 |  | 1164645 |  |
|  BellRing Brands, Inc.\* | 165774 |  | 4250445 |  |
|  e.l.f. Beauty, Inc.\* | 62122 |  | 3435347 |  |
|  Edgewell Personal Care Co. | 63938 |  | 2464171 |  |
|  Herbalife Nutrition Ltd.\* | 120225 |  | 1788948 |  |
|  Honest Co., Inc. (The) (x)\* | 83424 |  | 251106 |  |
|  Inter Parfums, Inc. | 23035 |  | 2223338 |  |
|  Medifast, Inc. | 13423 |  | 1548343 |  |
|  Nature's Sunshine Products, Inc.\* | 20349 |  | 169304 |  |
|  Nu Skin Enterprises, Inc., Class A | 64076 |  | 2701444 |  |
|  Thorne HealthTech, Inc.\* | 22524 |  | 81762 |  |
|  USANA Health Sciences, Inc.\* | 15143 |  | 805608 |  |
|  Veru, Inc. (x)\* | 83379 |  | 440241 |  |
|  |  |  | 21324702 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 218530 |  | 201157 |  |
|  Turning Point Brands, Inc. | 19287 |  | 417177 |  |
|  Universal Corp. | 29422 |  | 1553776 |  |
|  Vector Group Ltd. | 178086 |  | 2112100 |  |
|  |  |  | 4284210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 104101480 |  |
|  **Energy (6.2%)** | **Energy (6.2%)** | **Energy (6.2%)** | **Energy (6.2%)** |  |
|  ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | ***Energy Equipment & Services (2.0%)*** | **** |
|  Archrock, Inc. | 173706 |  | 1559880 |  |
|  Borr Drilling Ltd.\* | 254354 |  | 1264139 |  |
|  Bristow Group, Inc.\* | 29974 |  | 813195 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Cactus, Inc., Class A | 75641 | $| 3801717 |  |
|  ChampionX Corp. | 252825 |  | 7329397 |  |
|  Diamond Offshore Drilling, Inc.\* | 129839 |  | 1350326 |  |
|  DMC Global, Inc.\* | 24910 |  | 484250 |  |
|  Dril-Quip, Inc.\* | 43756 |  | 1188850 |  |
|  Expro Group Holdings NV\* | 99473 |  | 1803445 |  |
|  Helix Energy Solutions Group, Inc.\* | 170433 |  | 1257795 |  |
|  Helmerich & Payne, Inc. | 130138 |  | 6450941 |  |
|  Liberty Energy, Inc., Class A | 178093 |  | 2851269 |  |
|  Nabors Industries Ltd.\* | 11629 |  | 1800983 |  |
|  National Energy Services Reunited Corp.\* | 53289 |  | 369826 |  |
|  Newpark Resources, Inc.\* | 110675 |  | 459301 |  |
|  NexTier Oilfield Solutions, Inc.\* | 216609 |  | 2001467 |  |
|  Noble Corp. plc\* | 106455 |  | 4014418 |  |
|  Oceaneering International, Inc.\* | 128337 |  | 2244614 |  |
|  Oil States International, Inc.\* | 81404 |  | 607274 |  |
|  Patterson-UTI Energy, Inc. | 270481 |  | 4554900 |  |
|  ProFrac Holding Corp., Class A (x)\* | 29543 |  | 744484 |  |
|  ProPetro Holding Corp.\* | 112079 |  | 1162259 |  |
|  RPC, Inc. | 95396 |  | 848070 |  |
|  Select Energy Services, Inc., Class A | 96254 |  | 889387 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 41591 |  | 412999 |  |
|  TETRA Technologies, Inc.\* | 163202 |  | 564679 |  |
|  Tidewater, Inc.\* | 58789 |  | 2166375 |  |
|  US Silica Holdings, Inc.\* | 91988 |  | 1149850 |  |
|  Valaris Ltd.\* | 76782 |  | 5191999 |  |
|  Weatherford International plc\* | 88596 |  | 4511308 |  |
|  |  |  | 63849397 |  |
|  ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | **** |
|  Aemetis, Inc. (x)\* | 33588 |  | 133008 |  |
|  Alto Ingredients, Inc.\* | 95106 |  | 273905 |  |
|  Amplify Energy Corp.\* | 45043 |  | 395928 |  |
|  Arch Resources, Inc. | 18977 |  | 2709726 |  |
|  Ardmore Shipping Corp.\* | 44728 |  | 644530 |  |
|  Battalion Oil Corp.\* | 3251 |  | 31567 |  |
|  Berry Corp. | 100296 |  | 802368 |  |
|  California Resources Corp. | 95594 |  | 4159295 |  |
|  Callon Petroleum Co.\* | 63152 |  | 2342308 |  |
|  Centrus Energy Corp., Class A\* | 13664 |  | 443807 |  |
|  Chord Energy Corp. | 52343 |  | 7161046 |  |
|  Civitas Resources, Inc. | 93321 |  | 5406085 |  |
|  Clean Energy Fuels Corp. (x)\* | 217519 |  | 1131099 |  |
|  CNX Resources Corp.\* | 225175 |  | 3791947 |  |
|  Comstock Resources, Inc. | 112802 |  | 1546515 |  |
|  CONSOL Energy, Inc. | 42602 |  | 2769130 |  |
|  Crescent Energy Co., Class A (x) | 49440 |  | 592786 |  |
|  CVR Energy, Inc. | 37945 |  | 1189196 |  |
|  Delek US Holdings, Inc. | 90446 |  | 2442042 |  |
|  Denbury, Inc.\* | 63295 |  | 5507931 |  |
|  DHT Holdings, Inc. | 166709 |  | 1480376 |  |
|  Dorian LPG Ltd. | 39407 |  | 746763 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 56404 |  | 802629 |  |
|  Empire Petroleum Corp. (x)\* | 9254 |  | 113824 |  |
|  Energy Fuels, Inc. (x)\* | 200203 |  | 1243261 |  |
|  Equitrans Midstream Corp. | 516570 |  | 3461019 |  |
|  Excelerate Energy, Inc., Class A | 25007 |  | 626425 |  |
|  FLEX LNG Ltd. (x) | 36586 |  | 1195996 |  |
|  Frontline Ltd. (x) | 160012 |  | 1942546 |  |
|  Gevo, Inc. (x)\* | 256338 |  | 487042 |  |
|  Golar LNG Ltd.\* | 126106 |  | 2873956 |  |
|  Green Plains, Inc.\* | 53568 |  | 1633824 |  |
|  Gulfport Energy Corp.\* | 13572 |  | 999442 |  |
|  HighPeak Energy, Inc. (x) | 9418 |  | 215390 |  |
|  International Seaways, Inc. | 63226 |  | 2340626 |  |
|  Kinetik Holdings, Inc. (x) | 23171 |  | 766497 |  |
|  Kosmos Energy Ltd.\* | 566098 |  | 3600383 |  |
|  Laredo Petroleum, Inc.\* | 21647 |  | 1113089 |  |
|  Magnolia Oil & Gas Corp., Class A | 220179 |  | 5163198 |  |
|  Matador Resources Co. | 142504 |  | 8156929 |  |
|  Murphy Oil Corp. | 186770 |  | 8032978 |  |
|  NACCO Industries, Inc., Class A | 4787 |  | 181906 |  |
|  NextDecade Corp. (x)\* | 39617 |  | 195708 |  |
|  Nordic American Tankers Ltd. | 232922 |  | 712741 |  |
|  Northern Oil and Gas, Inc. (x) | 83389 |  | 2570049 |  |
|  Par Pacific Holdings, Inc.\* | 62745 |  | 1458821 |  |
|  PBF Energy, Inc., Class A | 121801 |  | 4967045 |  |
|  Peabody Energy Corp.\* | 147815 |  | 3905272 |  |
|  Permian Resources Corp. (x) | 263964 |  | 2481262 |  |
|  Ranger Oil Corp. | 25548 |  | 1032906 |  |
|  REX American Resources Corp.\* | 21360 |  | 680530 |  |
|  Riley Exploration Permian, Inc. (x) | 14071 |  | 414109 |  |
|  Ring Energy, Inc. (x)\* | 109479 |  | 269318 |  |
|  SandRidge Energy, Inc.\* | 27542 |  | 469040 |  |
|  Scorpio Tankers, Inc. | 60880 |  | 3273518 |  |
|  SFL Corp. Ltd. | 138904 |  | 1280695 |  |
|  SilverBow Resources, Inc. (x)\* | 14827 |  | 419308 |  |
|  Sitio Royalties Corp. | 89571 |  | 2584117 |  |
|  SM Energy Co. | 153426 |  | 5343828 |  |
|  Talos Energy, Inc.\* | 80411 |  | 1518160 |  |
|  Teekay Corp.\* | 89550 |  | 406557 |  |
|  Teekay Tankers Ltd., Class A\* | 28190 |  | 868534 |  |
|  Tellurian, Inc. (x)\* | 621733 |  | 1044511 |  |
|  Uranium Energy Corp. (x)\* | 445495 |  | 1728521 |  |
|  Ur-Energy, Inc. (x)\* | 261890 |  | 301173 |  |
|  VAALCO Energy, Inc. (x) | 136347 |  | 621742 |  |
|  Vertex Energy, Inc. (x)\* | 69389 |  | 430212 |  |
|  W&T Offshore, Inc.\* | 120419 |  | 671938 |  |
|  World Fuel Services Corp. | 78685 |  | 2150461 |  |
|  |  |  | 132452394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 196301791 |  |
|  **Financials (15.5%)** | **Financials (15.5%)** | **Financials (15.5%)** | **Financials (15.5%)** |  |
|  ***Banks (9.0%)*** | ***Banks (9.0%)*** | ***Banks (9.0%)*** | ***Banks (9.0%)*** | **** |
|  1st Source Corp. | 20691 |  | 1098485 |  |
|  ACNB Corp. | 11388 |  | 453356 |  |
|  Amalgamated Financial Corp. | 22290 |  | 513562 |  |
|  Amerant Bancorp, Inc. | 35584 |  | 955075 |  |
|  American National Bankshares, Inc. | 14008 |  | 517315 |  |
|  Ameris Bancorp | 83243 |  | 3924075 |  |
|  Arrow Financial Corp. | 18183 |  | 616404 |  |
|  Associated Banc-Corp. | 187944 |  | 4339627 |  |
|  Atlantic Union Bankshares Corp. | 96105 |  | 3377130 |  |
|  Banc of California, Inc. | 67622 |  | 1077218 |  |
|  BancFirst Corp. | 24360 |  | 2148065 |  |
|  Bancorp, Inc. (The)\* | 70760 |  | 2008169 |  |
|  Bank First Corp. (x) | 9758 |  | 905738 |  |
|  Bank of Marin Bancorp | 21120 |  | 694426 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 60992 |  | 1818172 |  |
|  BankUnited, Inc. | 97413 |  | 3309120 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Bankwell Financial Group, Inc. | 4748 | $139734 |
|  Banner Corp. | 42664 | 2696365 |
|  Bar Harbor Bankshares | 18959 | 607446 |
|  BayCom Corp. | 17323 | 328791 |
|  BCB Bancorp, Inc. | 19372 | 348502 |
|  Berkshire Hills Bancorp, Inc. | 56512 | 1689709 |
|  Blue Ridge Bankshares, Inc. | 21840 | 272782 |
|  Brookline Bancorp, Inc. | 96422 | 1364371 |
|  Business First Bancshares, Inc. | 24927 | 551884 |
|  Byline Bancorp, Inc. | 29312 | 673297 |
|  Cadence Bank | 227064 | 5599398 |
|  Cambridge Bancorp | 8766 | 728104 |
|  Camden National Corp. | 18461 | 769639 |
|  Capital Bancorp, Inc. | 11538 | 271604 |
|  Capital City Bank Group, Inc. | 17355 | 564037 |
|  Capstar Financial Holdings, Inc. | 22790 | 402471 |
|  Carter Bankshares, Inc.\* | 26442 | 438673 |
|  Cathay General Bancorp | 92400 | 3768996 |
|  Central Pacific Financial Corp. | 32457 | 658228 |
|  Citizens & Northern Corp. | 20489 | 468379 |
|  City Holding Co. | 17185 | 1599752 |
|  Civista Bancshares, Inc. | 19906 | 438131 |
|  CNB Financial Corp. | 20668 | 491692 |
|  Coastal Financial Corp.\* | 12192 | 579364 |
|  Colony Bankcorp, Inc. | 22063 | 279979 |
|  Columbia Banking System, Inc. (x) | 98543 | 2969101 |
|  Community Bank System, Inc. | 67167 | 4228163 |
|  Community Trust Bancorp, Inc. | 18571 | 852966 |
|  ConnectOne Bancorp, Inc. | 47628 | 1153074 |
|  CrossFirst Bankshares, Inc.\* | 58470 | 725613 |
|  Customers Bancorp, Inc.\* | 37763 | 1070203 |
|  CVB Financial Corp. | 166842 | 4296181 |
|  Dime Community Bancshares, Inc. | 41156 | 1309995 |
|  Eagle Bancorp, Inc. | 40682 | 1792856 |
|  Eastern Bankshares, Inc. | 195521 | 3372737 |
|  Enterprise Bancorp, Inc. | 11976 | 422753 |
|  Enterprise Financial Services Corp. | 43582 | 2133775 |
|  Equity Bancshares, Inc., Class A | 19488 | 636673 |
|  Esquire Financial Holdings, Inc. | 9333 | 403746 |
|  Farmers & Merchants Bancorp, Inc. (x) | 16326 | 443741 |
|  Farmers National Banc Corp. | 40387 | 570264 |
|  FB Financial Corp. | 45920 | 1659549 |
|  Financial Institutions, Inc. | 19381 | 472121 |
|  First Bancorp (Nasdaq Stock Exchange) | 40773 | 1746715 |
|  First Bancorp (Quotrix Stock Exchange) | 232342 | 2955390 |
|  First Bancorp, Inc. (The) | 13769 | 412244 |
|  First Bancshares, Inc. (The) | 25263 | 808669 |
|  First Bank | 20896 | 287529 |
|  First Busey Corp. | 66232 | 1637255 |
|  First Business Financial Services, Inc. | 10811 | 395142 |
|  First Commonwealth Financial Corp. | 119829 | 1674011 |
|  First Community Bankshares, Inc. | 20471 | 693967 |
|  First Financial Bancorp | 119598 | 2897860 |
|  First Financial Bankshares, Inc. | 164040 | 5642976 |
|  First Financial Corp. | 12619 | 581483 |
|  First Foundation, Inc. | 65629 | 940464 |
|  First Guaranty Bancshares, Inc. (x) | 8210 | 192524 |
|  First Internet Bancorp | 11309 | 274582 |
|  First Interstate BancSystem, Inc., Class A | 115366 | 4458896 |
|  First Merchants Corp. | 71480 | 2938543 |
|  First Mid Bancshares, Inc. | 25123 | 805946 |
|  First of Long Island Corp. (The) | 25304 | 455472 |
|  First Western Financial, Inc.\* | 10642 | 299572 |
|  Five Star Bancorp | 16708 | 455126 |
|  Flushing Financial Corp. | 36480 | 706982 |
|  Fulton Financial Corp. | 208172 | 3503535 |
|  FVCBankcorp, Inc.\* | 16105 | 307122 |
|  German American Bancorp, Inc. | 35526 | 1325120 |
|  Glacier Bancorp, Inc. | 140380 | 6937580 |
|  Great Southern Bancorp, Inc. | 11478 | 682826 |
|  Guaranty Bancshares, Inc. | 10439 | 361607 |
|  Hancock Whitney Corp. | 108924 | 5270832 |
|  Hanmi Financial Corp. | 38839 | 961265 |
|  HarborOne Bancorp, Inc. | 50914 | 707705 |
|  HBT Financial, Inc. | 13026 | 254919 |
|  Heartland Financial USA, Inc. | 52713 | 2457480 |
|  Heritage Commerce Corp. | 75388 | 980044 |
|  Heritage Financial Corp. | 44391 | 1360140 |
|  Hilltop Holdings, Inc. | 65308 | 1959893 |
|  Home BancShares, Inc. | 240578 | 5482773 |
|  HomeStreet, Inc. | 22850 | 630203 |
|  HomeTrust Bancshares, Inc. | 18249 | 441078 |
|  Hope Bancorp, Inc. | 146651 | 1878599 |
|  Horizon Bancorp, Inc. | 46142 | 695821 |
|  Independent Bank Corp. | 27058 | 647227 |
|  Independent Bank Corp./MA | 57797 | 4879801 |
|  Independent Bank Group, Inc. | 44550 | 2676564 |
|  International Bancshares Corp. | 67103 | 3070633 |
|  John Marshall Bancorp, Inc. (x) | 15360 | 442061 |
|  Lakeland Bancorp, Inc. | 79850 | 1406158 |
|  Lakeland Financial Corp. | 31487 | 2297606 |
|  Live Oak Bancshares, Inc. | 42008 | 1268642 |
|  Macatawa Bank Corp. | 33702 | 371733 |
|  Mercantile Bank Corp. | 19756 | 661431 |
|  Metrocity Bankshares, Inc. | 23954 | 518125 |
|  Metropolitan Bank Holding Corp.\* | 13229 | 776145 |
|  Mid Penn Bancorp, Inc. | 18390 | 551148 |
|  Midland States Bancorp, Inc. | 23212 | 617903 |
|  MidWestOne Financial Group, Inc. | 19067 | 605377 |
|  MVB Financial Corp. | 14241 | 313587 |
|  National Bank Holdings Corp., Class A | 37500 | 1577625 |
|  NBT Bancorp, Inc. | 50393 | 2188064 |
|  Nicolet Bankshares, Inc.\* | 15770 | 1258288 |
|  Northeast Bank | 9059 | 381384 |
|  Northwest Bancshares, Inc. | 148805 | 2080294 |
|  OceanFirst Financial Corp. | 70751 | 1503459 |
|  OFG Bancorp | 59790 | 1647812 |
|  Old National Bancorp | 369850 | 6649903 |
|  Old Second Bancorp, Inc. | 51905 | 832556 |
|  Origin Bancorp, Inc. | 28823 | 1057804 |
|  Orrstown Financial Services, Inc. | 14497 | 335750 |
|  Pacific Premier Bancorp, Inc. | 120156 | 3792123 |
|  Park National Corp. | 18413 | 2591630 |
|  Parke Bancorp, Inc. | 13624 | 282562 |
|  Pathward Financial, Inc. | 36132 | 1555483 |
|  PCB Bancorp | 15686 | 277485 |
|  PCSB Financial Corp. | 10839 | 206375 |
|  Peapack-Gladstone Financial Corp. | 22309 | 830341 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Peoples Bancorp, Inc. | 32752 | $| 925244 |  |
|  Peoples Financial Services Corp. | 8977 |  | 465368 |  |
|  Preferred Bank | 13351 |  | 996252 |  |
|  Premier Financial Corp. | 45453 |  | 1225867 |  |
|  Primis Financial Corp. | 30488 |  | 361283 |  |
|  Professional Holding Corp., Class A\* | 17427 |  | 483425 |  |
|  QCR Holdings, Inc. | 20529 |  | 1019060 |  |
|  RBB Bancorp | 18763 |  | 391209 |  |
|  Red River Bancshares, Inc. | 6076 |  | 310241 |  |
|  Renasant Corp. | 70240 |  | 2640322 |  |
|  Republic Bancorp, Inc., Class A | 11164 |  | 456831 |  |
|  Republic First Bancorp, Inc.\* | 72334 |  | 155518 |  |
|  S&T Bancorp, Inc. | 47713 |  | 1630830 |  |
|  Sandy Spring Bancorp, Inc. | 53548 |  | 1886496 |  |
|  Seacoast Banking Corp. of Florida | 72934 |  | 2274811 |  |
|  ServisFirst Bancshares, Inc. | 63214 |  | 4356077 |  |
|  Shore Bancshares, Inc. | 23985 |  | 418059 |  |
|  Sierra Bancorp | 18826 |  | 399864 |  |
|  Silvergate Capital Corp., Class A\* | 37740 |  | 656676 |  |
|  Simmons First National Corp., Class A | 154045 |  | 3324291 |  |
|  SmartFinancial, Inc. | 18291 |  | 503002 |  |
|  South Plains Financial, Inc. | 11235 |  | 309300 |  |
|  Southern First Bancshares, Inc.\* | 9723 |  | 444827 |  |
|  Southside Bancshares, Inc. | 39240 |  | 1412248 |  |
|  SouthState Corp. | 96218 |  | 7347206 |  |
|  Stellar Bancorp, Inc. | 58175 |  | 1713835 |  |
|  Stock Yards Bancorp, Inc. | 35568 |  | 2311209 |  |
|  Summit Financial Group, Inc. | 14280 |  | 355429 |  |
|  Texas Capital Bancshares, Inc.\* | 64173 |  | 3870274 |  |
|  Third Coast Bancshares, Inc. (x)\* | 18188 |  | 335205 |  |
|  Tompkins Financial Corp. | 17809 |  | 1381622 |  |
|  Towne Bank | 84602 |  | 2609126 |  |
|  TriCo Bancshares | 40028 |  | 2041028 |  |
|  Triumph Financial, Inc.\* | 29961 |  | 1464194 |  |
|  Trustmark Corp. | 78676 |  | 2746579 |  |
|  UMB Financial Corp. | 55454 |  | 4631518 |  |
|  United Bankshares, Inc. | 164172 |  | 6647324 |  |
|  United Community Banks, Inc. | 134128 |  | 4533526 |  |
|  Unity Bancorp, Inc. | 9490 |  | 259362 |  |
|  Univest Financial Corp. | 35970 |  | 939896 |  |
|  USCB Financial Holdings, Inc. (x)\* | 13831 |  | 168738 |  |
|  Valley National Bancorp | 545774 |  | 6172704 |  |
|  Veritex Holdings, Inc. | 63262 |  | 1776397 |  |
|  Washington Federal, Inc. | 79979 |  | 2683295 |  |
|  Washington Trust Bancorp, Inc. | 21930 |  | 1034657 |  |
|  WesBanco, Inc. | 72746 |  | 2690147 |  |
|  West Bancorp, Inc. | 20785 |  | 531057 |  |
|  Westamerica Bancorp | 32054 |  | 1891507 |  |
|  |  |  | 286796681 |  |
|  ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 75254 |  | 2235044 |  |
|  AssetMark Financial Holdings, Inc.\* | 29048 |  | 668104 |  |
|  Associated Capital Group, Inc., Class A | 2176 |  | 91370 |  |
|  B Riley Financial, Inc. (x) | 25072 |  | 857462 |  |
|  Bakkt Holdings, Inc. (x)\* | 85349 |  | 101565 |  |
|  BGC Partners, Inc., Class A | 387390 |  | 1460460 |  |
|  Blucora, Inc.\* | 57437 |  | 1466367 |  |
|  Brightsphere Investment Group, Inc. | 38337 |  | 788976 |  |
|  Cohen & Steers, Inc. | 31497 |  | 2033446 |  |
|  Cowen, Inc., Class A | 33711 |  | 1301919 |  |
|  Diamond Hill Investment Group, Inc. | 3788 |  | 700856 |  |
|  Donnelley Financial Solutions, Inc.\* | 31090 |  | 1201629 |  |
|  Federated Hermes, Inc., Class B | 107115 |  | 3889346 |  |
|  Focus Financial Partners, Inc., Class A\* | 74441 |  | 2774416 |  |
|  GCM Grosvenor, Inc., Class A (x) | 52748 |  | 401412 |  |
|  Hamilton Lane, Inc., Class A | 45371 |  | 2898300 |  |
|  Houlihan Lokey, Inc. | 62890 |  | 5481492 |  |
|  MarketWise, Inc. (x)\* | 22063 |  | 37066 |  |
|  Moelis & Co., Class A | 79593 |  | 3053984 |  |
|  Open Lending Corp., Class A\* | 125795 |  | 849116 |  |
|  Oppenheimer Holdings, Inc., Class A | 10476 |  | 443449 |  |
|  Perella Weinberg Partners | 52631 |  | 515784 |  |
|  Piper Sandler Cos. | 21527 |  | 2802600 |  |
|  PJT Partners, Inc., Class A | 29134 |  | 2146885 |  |
|  Sculptor Capital Management, Inc. | 32923 |  | 285113 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 13367 |  | 250899 |  |
|  StepStone Group, Inc., Class A | 68366 |  | 1721456 |  |
|  StoneX Group, Inc.\* | 22228 |  | 2118328 |  |
|  Value Line, Inc. | 1697 |  | 86343 |  |
|  Victory Capital Holdings, Inc., Class A | 22240 |  | 596699 |  |
|  Virtus Investment Partners, Inc. | 8485 |  | 1624368 |  |
|  WisdomTree, Inc. | 163663 |  | 891963 |  |
|  |  |  | 45776217 |  |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | **** |
|  Atlanticus Holdings Corp.\* | 6639 |  | 173942 |  |
|  Bread Financial Holdings, Inc. | 41520 |  | 1563643 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 11897 |  | 105288 |  |
|  Curo Group Holdings Corp. (x) | 28331 |  | 100575 |  |
|  Encore Capital Group, Inc. (x)\* | 30475 |  | 1460971 |  |
|  Enova International, Inc.\* | 38181 |  | 1465005 |  |
|  EZCORP, Inc., Class A\* | 64124 |  | 522611 |  |
|  FirstCash Holdings, Inc. | 48577 |  | 4221827 |  |
|  Green Dot Corp., Class A\* | 63387 |  | 1002782 |  |
|  LendingClub Corp.\* | 131721 |  | 1159145 |  |
|  LendingTree, Inc.\* | 14227 |  | 303462 |  |
|  Moneylion, Inc. (x)\* | 159882 |  | 99127 |  |
|  Navient Corp. | 142981 |  | 2352037 |  |
|  Nelnet, Inc., Class A | 18137 |  | 1645933 |  |
|  NerdWallet, Inc., Class A (x)\* | 32110 |  | 308256 |  |
|  Oportun Financial Corp.\* | 37574 |  | 207033 |  |
|  OppFi, Inc. (x)\* | 17445 |  | 35762 |  |
|  PRA Group, Inc.\* | 47420 |  | 1601848 |  |
|  PROG Holdings, Inc.\* | 60556 |  | 1022791 |  |
|  Regional Management Corp. | 10278 |  | 288606 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 42226 |  | 54472 |  |
|  World Acceptance Corp.\* | 4895 |  | 322776 |  |
|  |  |  | 20017892 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Alerus Financial Corp. | 21004 |  | 490443 |  |
|  A-Mark Precious Metals, Inc. | 23846 |  | 828172 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 35299 |  | 571844 |  |
|  Cannae Holdings, Inc.\* | 91513 |  | 1889743 |  |
|  Compass Diversified Holdings | 81671 |  | 1488862 |  |
|  Jackson Financial, Inc., Class A | 95340 |  | 3316879 |  |
|  SWK Holdings Corp. (x)\* | 4613 |  | 81373 |  |
|  |  |  | 8667316 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | ***Insurance (1.9%)*** | **** |
|  Ambac Financial Group, Inc.\* | 50387 | $878749 |  |
|  American Equity Investment Life Holding Co. | 90402 | 4124139 |  |
|  AMERISAFE, Inc. | 24520 | 1274304 |  |
|  Argo Group International Holdings Ltd. | 39184 | 1012906 |  |
|  Bright Health Group, Inc. (x)\* | 253992 | 165069 |  |
|  BRP Group, Inc., Class A (x)\* | 76731 | 1929017 |  |
|  CNO Financial Group, Inc. | 141653 | 3236771 |  |
|  Crawford & Co., Class A | 21826 | 121353 |  |
|  Donegal Group, Inc., Class A | 21080 | 299336 |  |
|  eHealth, Inc.\* | 33108 | 160243 |  |
|  Employers Holdings, Inc. | 32527 | 1402889 |  |
|  Enstar Group Ltd.\* | 14421 | 3331828 |  |
|  Genworth Financial, Inc., Class A\* | 630033 | 3332875 |  |
|  Goosehead Insurance, Inc., Class A\* | 24443 | 839373 |  |
|  Greenlight Capital Re Ltd., Class A\* | 35234 | 287157 |  |
|  HCI Group, Inc. (x) | 8281 | 327845 |  |
|  Hippo Holdings, Inc. (x)\* | 16590 | 225624 |  |
|  Horace Mann Educators Corp. | 52198 | 1950639 |  |
|  Investors Title Co. | 1741 | 256885 |  |
|  James River Group Holdings Ltd. | 48091 | 1005583 |  |
|  Kinsale Capital Group, Inc. | 27227 | 7120405 |  |
|  Lemonade, Inc. (x)\* | 55092 | 753659 |  |
|  MBIA, Inc.\* | 56926 | 731499 |  |
|  Mercury General Corp. | 31856 | 1089475 |  |
|  National Western Life Group, Inc., Class A | 2912 | 818272 |  |
|  NI Holdings, Inc.\* | 11494 | 152525 |  |
|  Oscar Health, Inc., Class A\* | 151580 | 372887 |  |
|  Palomar Holdings, Inc.\* | 31157 | 1407050 |  |
|  ProAssurance Corp. | 69181 | 1208592 |  |
|  RLI Corp. | 49110 | 6446670 |  |
|  Root, Inc., Class A (x)\* | 9749 | 43772 |  |
|  Safety Insurance Group, Inc. | 17220 | 1450957 |  |
|  Selective Insurance Group, Inc. | 75402 | 6681371 |  |
|  Selectquote, Inc.\* | 181470 | 121930 |  |
|  SiriusPoint Ltd.\* | 117478 | 693120 |  |
|  Stewart Information Services Corp. | 33744 | 1441881 |  |
|  Tiptree, Inc. | 32864 | 454838 |  |
|  Trean Insurance Group, Inc.\* | 25536 | 153216 |  |
|  Trupanion, Inc. (x)\* | 48217 | 2291754 |  |
|  United Fire Group, Inc. | 25744 | 704356 |  |
|  Universal Insurance Holdings, Inc. | 27620 | 292496 |  |
|  |  | 60593310 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 15710 | 247118 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 16079 | 76054 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 180551 | 1942729 |  |
|  Arbor Realty Trust, Inc. (REIT) | 203356 | 2682266 |  |
|  Ares Commercial Real Estate Corp. (REIT) (x) | 60304 | 620528 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 166064 | 934940 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 213525 | 4520324 |  |
|  BrightSpire Capital, Inc. (REIT) | 120238 | 749083 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 173100 | 616236 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 7968 | 120078 |  |
|  Chimera Investment Corp. (REIT) (x) | 298389 | 1641139 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 118036 | 1736310 |  |
|  Dynex Capital, Inc. (REIT) (x) | 57542 | 731934 |  |
|  Ellington Financial, Inc. (REIT) (x) | 72941 | 902280 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 108026 | 1393535 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 66624 | 357105 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 109955 | 3186496 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 41761 | 531618 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 69751 | 973724 |  |
|  Ladder Capital Corp. (REIT) | 137771 | 1383221 |  |
|  MFA Financial, Inc. (REIT) (x) | 131708 | 1297324 |  |
|  New York Mortgage Trust, Inc. (REIT) (x) | 454622 | 1163832 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 10569 | 167941 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 47209 | 495695 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x)‡ | 116260 | 1440462 |  |
|  Ready Capital Corp. (REIT) (x) | 95041 | 1058757 |  |
|  Redwood Trust, Inc. (REIT) (x) | 149725 | 1012141 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 88455 | 600609 |  |
|  Two Harbors Investment Corp. (REIT) | 105208 | 1659130 |  |
|  |  | 34242609 |  |
|  ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | ***Thrifts & Mortgage Finance (1.2%)*** | **** |
|  Axos Financial, Inc.\* | 71336 | 2726462 |  |
|  Blue Foundry Bancorp (x)\* | 33641 | 432287 |  |
|  Bridgewater Bancshares, Inc.\* | 26101 | 463032 |  |
|  Capitol Federal Financial, Inc. | 161914 | 1400556 |  |
|  Columbia Financial, Inc.\* | 43687 | 944513 |  |
|  Enact Holdings, Inc. (x) | 35995 | 868199 |  |
|  Essent Group Ltd. | 132918 | 5167852 |  |
|  Federal Agricultural Mortgage Corp., Class C | 11305 | 1274187 |  |
|  Finance of America Cos., Inc., Class A (x)\* | 59046 | 74988 |  |
|  Greene County Bancorp, Inc. (x) | 4564 | 262065 |  |
|  Hingham Institution For Savings (The) | 1873 | 516873 |  |
|  Home Bancorp, Inc. | 10031 | 401541 |  |
|  Home Point Capital, Inc. (x) | 11260 | 15426 |  |
|  Kearny Financial Corp. | 77547 | 787102 |  |
|  Luther Burbank Corp. | 20719 | 230188 |  |
|  Merchants Bancorp | 20185 | 490899 |  |
|  Mr Cooper Group, Inc.\* | 88285 | 3542877 |  |
|  NMI Holdings, Inc., Class A\* | 102737 | 2147203 |  |
|  Northfield Bancorp, Inc. | 56677 | 891529 |  |
|  PennyMac Financial Services, Inc.‡ | 35993 | 2039363 |  |
|  Pioneer Bancorp, Inc.\* | 18430 | 210102 |  |
|  Provident Bancorp, Inc. | 20588 | 149881 |  |
|  Provident Financial Services, Inc. | 93825 | 2004102 |  |
|  Radian Group, Inc. | 203611 | 3882862 |  |
|  Southern Missouri Bancorp, Inc. | 10089 | 462379 |  |
|  Sterling Bancorp, Inc. (x)\* | 23512 | 143188 |  |
|  TrustCo Bank Corp. | 24061 | 904453 |  |
|  Velocity Financial, Inc.\* | 12412 | 119776 |  |
|  Walker & Dunlop, Inc. | 38266 | 3003116 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Waterstone Financial, Inc. | 24742 | $| 426552 |  |
|  WSFS Financial Corp. | 80338 |  | 3642525 |  |
|  |  |  | 39626078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 495720103 |  |
|  **Health Care (15.2%)** | **Health Care (15.2%)** | **Health Care (15.2%)** | **Health Care (15.2%)** |  |
|  ***Biotechnology (6.6%)*** | ***Biotechnology (6.6%)*** | ***Biotechnology (6.6%)*** | ***Biotechnology (6.6%)*** | **** |
|  2seventy bio, Inc.\* | 47968 |  | 449460 |  |
|  4D Molecular Therapeutics, Inc. (x)\* | 37442 |  | 831587 |  |
|  Aadi Bioscience, Inc. (x)\* | 17549 |  | 225154 |  |
|  Absci Corp. (x)\* | 73933 |  | 155259 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 151754 |  | 2415924 |  |
|  Adicet Bio, Inc.\* | 31902 |  | 285204 |  |
|  ADMA Biologics, Inc.\* | 238452 |  | 925194 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 11795 |  | 345594 |  |
|  Affimed NV\* | 191691 |  | 237697 |  |
|  Agenus, Inc.\* | 384498 |  | 922795 |  |
|  Agios Pharmaceuticals, Inc.\* | 70020 |  | 1966162 |  |
|  Akero Therapeutics, Inc.\* | 44003 |  | 2411364 |  |
|  Albireo Pharma, Inc. (x)\* | 22620 |  | 488818 |  |
|  Alector, Inc.\* | 79789 |  | 736452 |  |
|  Alkermes plc\* | 205571 |  | 5371570 |  |
|  Allogene Therapeutics, Inc. (x)\* | 102250 |  | 643153 |  |
|  Allovir, Inc. (x)\* | 37671 |  | 193252 |  |
|  Alpine Immune Sciences, Inc. (x)\* | 23561 |  | 173173 |  |
|  ALX Oncology Holdings, Inc. (x)\* | 27522 |  | 310173 |  |
|  Amicus Therapeutics, Inc.\* | 345757 |  | 4221693 |  |
|  AnaptysBio, Inc. (x)\* | 25999 |  | 805709 |  |
|  Anavex Life Sciences Corp. (x)\* | 89859 |  | 832094 |  |
|  Anika Therapeutics, Inc.\* | 19348 |  | 572701 |  |
|  Apellis Pharmaceuticals, Inc.\* | 118219 |  | 6113105 |  |
|  Arbutus Biopharma Corp. (x)\* | 145568 |  | 339173 |  |
|  Arcellx, Inc. (x)\* | 37327 |  | 1156390 |  |
|  Arcturus Therapeutics Holdings, Inc. (x)\* | 27074 |  | 459175 |  |
|  Arcus Biosciences, Inc.\* | 65896 |  | 1362729 |  |
|  Arcutis Biotherapeutics, Inc.\* | 52388 |  | 775342 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 129241 |  | 5242015 |  |
|  Atara Biotherapeutics, Inc.\* | 123729 |  | 405831 |  |
|  Aura Biosciences, Inc. (x)\* | 23511 |  | 246866 |  |
|  Aurinia Pharmaceuticals, Inc.\* | 172112 |  | 743524 |  |
|  Avid Bioservices, Inc. (x)\* | 78364 |  | 1079072 |  |
|  Avidity Biosciences, Inc.\* | 66040 |  | 1465428 |  |
|  Beam Therapeutics, Inc. (x)\* | 79273 |  | 3100367 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 230653 |  | 2647896 |  |
|  Biohaven Ltd. (x)\* | 79818 |  | 1107874 |  |
|  Bioxcel Therapeutics, Inc. (x)\* | 25779 |  | 553733 |  |
|  Bluebird Bio, Inc.\* | 104800 |  | 725216 |  |
|  Blueprint Medicines Corp.\* | 74571 |  | 3266956 |  |
|  Bridgebio Pharma, Inc.\* | 134222 |  | 1022772 |  |
|  C4 Therapeutics, Inc. (x)\* | 53968 |  | 318411 |  |
|  CareDx, Inc.\* | 65328 |  | 745392 |  |
|  Caribou Biosciences, Inc. (x)\* | 71962 |  | 451921 |  |
|  Catalyst Pharmaceuticals, Inc.\* | 122933 |  | 2286554 |  |
|  Celldex Therapeutics, Inc.\* | 58798 |  | 2620627 |  |
|  Celularity, Inc., Class A (x)\* | 20196 |  | 26053 |  |
|  Century Therapeutics, Inc. (x)\* | 25837 |  | 132544 |  |
|  Cerevel Therapeutics Holdings, Inc.\* | 72310 |  | 2280657 |  |
|  Chimerix, Inc.\* | 123706 |  | 230093 |  |
|  Chinook Therapeutics, Inc.\* | 63988 |  | 1676486 |  |
|  Cogent Biosciences, Inc. (x)\* | 77935 |  | 900929 |  |
|  Coherus Biosciences, Inc.\* | 87011 |  | 689127 |  |
|  Crinetics Pharmaceuticals, Inc.\* | 64552 |  | 1181302 |  |
|  CTI BioPharma Corp. (x)\* | 127531 |  | 766461 |  |
|  Cullinan Oncology, Inc.\* | 40195 |  | 424057 |  |
|  Cytokinetics, Inc.\* | 102993 |  | 4719139 |  |
|  Day One Biopharmaceuticals, Inc. (x)\* | 34107 |  | 733983 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 57799 |  | 947326 |  |
|  Denali Therapeutics, Inc.\* | 137378 |  | 3820482 |  |
|  Design Therapeutics, Inc. (x)\* | 39341 |  | 403639 |  |
|  Dynavax Technologies Corp.\* | 151840 |  | 1615578 |  |
|  Dyne Therapeutics, Inc.\* | 40643 |  | 471052 |  |
|  Eagle Pharmaceuticals, Inc.\* | 13307 |  | 388964 |  |
|  Editas Medicine, Inc.\* | 84125 |  | 746189 |  |
|  Eiger BioPharmaceuticals, Inc.\* | 56473 |  | 66638 |  |
|  Emergent BioSolutions, Inc.\* | 64609 |  | 763032 |  |
|  Enanta Pharmaceuticals, Inc.\* | 24720 |  | 1149974 |  |
|  Enochian Biosciences, Inc. (x)\* | 25611 |  | 26379 |  |
|  EQRx, Inc.\* | 242923 |  | 597591 |  |
|  Erasca, Inc. (x)\* | 84996 |  | 366333 |  |
|  Fate Therapeutics, Inc.\* | 106651 |  | 1076109 |  |
|  FibroGen, Inc.\* | 112208 |  | 1797572 |  |
|  Foghorn Therapeutics, Inc. (x)\* | 28310 |  | 180618 |  |
|  Gelesis Holdings, Inc. (x)\* | 12779 |  | 3711 |  |
|  Generation Bio Co.\* | 66114 |  | 259828 |  |
|  Geron Corp.\* | 460954 |  | 1115509 |  |
|  Gossamer Bio, Inc. (x)\* | 83357 |  | 180885 |  |
|  GreenLight Biosciences Holdings PBC (x)\* | 96329 |  | 113668 |  |
|  Halozyme Therapeutics, Inc.\* | 170017 |  | 9673967 |  |
|  Heron Therapeutics, Inc. (x)\* | 132039 |  | 330098 |  |
|  HilleVax, Inc. (x)\* | 15973 |  | 267228 |  |
|  Humacyte, Inc. (x)\* | 74197 |  | 156556 |  |
|  Icosavax, Inc. (x)\* | 32152 |  | 255287 |  |
|  Ideaya Biosciences, Inc.\* | 55906 |  | 1015812 |  |
|  IGM Biosciences, Inc. (x)\* | 14714 |  | 250285 |  |
|  Imago Biosciences, Inc.\* | 33761 |  | 1213708 |  |
|  ImmunityBio, Inc. (x)\* | 90563 |  | 459154 |  |
|  ImmunoGen, Inc.\* | 259388 |  | 1286564 |  |
|  Immunovant, Inc.\* | 56108 |  | 995917 |  |
|  Inhibrx, Inc. (x)\* | 41121 |  | 1013221 |  |
|  Inovio Pharmaceuticals, Inc. (x)\* | 302929 |  | 472569 |  |
|  Insmed, Inc.\* | 170628 |  | 3409147 |  |
|  Instil Bio, Inc.\* | 89280 |  | 56246 |  |
|  Intellia Therapeutics, Inc.\* | 107274 |  | 3742790 |  |
|  Intercept Pharmaceuticals, Inc.\* | 33479 |  | 414135 |  |
|  Invivyd, Inc. (x)\* | 65862 |  | 98793 |  |
|  Iovance Biotherapeutics, Inc.\* | 193454 |  | 1236171 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 175368 |  | 2172810 |  |
|  iTeos Therapeutics, Inc.\* | 30188 |  | 589572 |  |
|  IVERIC bio, Inc.\* | 169846 |  | 3636403 |  |
|  Janux Therapeutics, Inc.\* | 23604 |  | 310865 |  |
|  Jounce Therapeutics, Inc.\* | 47712 |  | 52960 |  |
|  KalVista Pharmaceuticals, Inc.\* | 35092 |  | 237222 |  |
|  Karuna Therapeutics, Inc.\* | 38156 |  | 7497654 |  |
|  Karyopharm Therapeutics, Inc. (x)\* | 97753 |  | 332360 |  |
|  Keros Therapeutics, Inc.\* | 22648 |  | 1087557 |  |
|  Kezar Life Sciences, Inc. (x)\* | 70444 |  | 495926 |  |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 41394 |  | 620082 |  |
|  Kinnate Biopharma, Inc. (x)\* | 39389 |  | 240273 |  |
|  Kodiak Sciences, Inc.\* | 45217 |  | 323754 |  |
|  Kronos Bio, Inc.\* | 52041 |  | 84306 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Krystal Biotech, Inc.\* | 27372 | $| 2168410 |  |
|  Kura Oncology, Inc.\* | 81406 |  | 1010248 |  |
|  Kymera Therapeutics, Inc.\* | 48513 |  | 1210884 |  |
|  Lexicon Pharmaceuticals, Inc.\* | 98251 |  | 187659 |  |
|  Lyell Immunopharma, Inc. (x)\* | 221994 |  | 770319 |  |
|  MacroGenics, Inc.\* | 80494 |  | 540115 |  |
|  Madrigal Pharmaceuticals, Inc. (x)\* | 16334 |  | 4740944 |  |
|  MannKind Corp.\* | 319335 |  | 1682895 |  |
|  MeiraGTx Holdings plc\* | 38771 |  | 252787 |  |
|  Mersana Therapeutics, Inc.\* | 118128 |  | 692230 |  |
|  MiMedx Group, Inc.\* | 145090 |  | 403350 |  |
|  Mirum Pharmaceuticals, Inc.\* | 22630 |  | 441285 |  |
|  Monte Rosa Therapeutics, Inc. (x)\* | 38417 |  | 292353 |  |
|  Morphic Holding, Inc.\* | 33452 |  | 894841 |  |
|  Myriad Genetics, Inc.\* | 100380 |  | 1456514 |  |
|  Nkarta, Inc. (x)\* | 41956 |  | 251316 |  |
|  Nurix Therapeutics, Inc.\* | 61314 |  | 673228 |  |
|  Nuvalent, Inc., Class A (x)\* | 25407 |  | 756620 |  |
|  Ocugen, Inc. (x)\* | 288526 |  | 375084 |  |
|  Organogenesis Holdings, Inc.\* | 92358 |  | 248443 |  |
|  Outlook Therapeutics, Inc. (x)\* | 151981 |  | 164139 |  |
|  Pardes Biosciences, Inc.\* | 33053 |  | 55860 |  |
|  PepGen, Inc. (x)\* | 12443 |  | 166363 |  |
|  PMV Pharmaceuticals, Inc. (x)\* | 40075 |  | 348653 |  |
|  Point Biopharma Global, Inc. (x)\* | 95015 |  | 692659 |  |
|  Praxis Precision Medicines, Inc. (x)\* | 45485 |  | 108254 |  |
|  Precigen, Inc. (x)\* | 137273 |  | 208655 |  |
|  Prime Medicine, Inc. (x)\* | 13101 |  | 243417 |  |
|  Prometheus Biosciences, Inc.\* | 43917 |  | 4830870 |  |
|  Protagonist Therapeutics, Inc.\* | 59834 |  | 652789 |  |
|  Prothena Corp. plc\* | 46281 |  | 2788430 |  |
|  PTC Therapeutics, Inc.\* | 87694 |  | 3347280 |  |
|  Rallybio Corp. (x)\* | 20467 |  | 134468 |  |
|  RAPT Therapeutics, Inc. (x)\* | 29529 |  | 584674 |  |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 175337 |  | 1351848 |  |
|  REGENXBIO, Inc.\* | 51530 |  | 1168700 |  |
|  Relay Therapeutics, Inc.\* | 107437 |  | 1605109 |  |
|  Replimune Group, Inc.\* | 51266 |  | 1394435 |  |
|  REVOLUTION Medicines, Inc.\* | 95159 |  | 2266687 |  |
|  Rigel Pharmaceuticals, Inc. (x)\* | 237341 |  | 356012 |  |
|  Rocket Pharmaceuticals, Inc.\* | 67824 |  | 1327316 |  |
|  Sage Therapeutics, Inc.\* | 66835 |  | 2549087 |  |
|  Sana Biotechnology, Inc. (x)\* | 114203 |  | 451102 |  |
|  Sangamo Therapeutics, Inc.\* | 167455 |  | 525809 |  |
|  Seres Therapeutics, Inc.\* | 81221 |  | 454838 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 487816 |  | 432205 |  |
|  SpringWorks Therapeutics, Inc.\* | 44544 |  | 1158589 |  |
|  Stoke Therapeutics, Inc.\* | 30255 |  | 279254 |  |
|  Sutro Biopharma, Inc.\* | 58128 |  | 469674 |  |
|  Syndax Pharmaceuticals, Inc.\* | 65027 |  | 1654937 |  |
|  Talaris Therapeutics, Inc. (x)\* | 28574 |  | 29145 |  |
|  Tango Therapeutics, Inc. (x)\* | 59834 |  | 433797 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 38019 |  | 76418 |  |
|  TG Therapeutics, Inc.\* | 170901 |  | 2021759 |  |
|  Travere Therapeutics, Inc.\* | 78137 |  | 1643221 |  |
|  Twist Bioscience Corp. (x)\* | 72018 |  | 1714749 |  |
|  Tyra Biosciences, Inc. (x)\* | 16300 |  | 123880 |  |
|  Vanda Pharmaceuticals, Inc.\* | 64110 |  | 473773 |  |
|  Vaxart, Inc. (x)\* | 162755 |  | 156391 |  |
|  Vaxcyte, Inc.\* | 90522 |  | 4340530 |  |
|  VBI Vaccines, Inc. (x)\* | 269493 |  | 105399 |  |
|  Vera Therapeutics, Inc. (x)\* | 18196 |  | 352093 |  |
|  Veracyte, Inc.\* | 91936 |  | 2181641 |  |
|  Vericel Corp.\* | 60547 |  | 1594808 |  |
|  Verve Therapeutics, Inc. (x)\* | 57628 |  | 1115102 |  |
|  Vir Biotechnology, Inc.\* | 89726 |  | 2270965 |  |
|  Viridian Therapeutics, Inc. (x)\* | 47737 |  | 1394398 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 276890 |  | 28520 |  |
|  Xencor, Inc.\* | 73654 |  | 1917950 |  |
|  Y-mAbs Therapeutics, Inc.\* | 50074 |  | 244361 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 58429 |  | 1176760 |  |
|  |  |  | 211855149 |  |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | **** |
|  Alphatec Holdings, Inc.\* | 94030 |  | 1161271 |  |
|  AngioDynamics, Inc.\* | 49205 |  | 677553 |  |
|  Artivion, Inc.\* | 49967 |  | 605600 |  |
|  AtriCure, Inc.\* | 56280 |  | 2497706 |  |
|  Atrion Corp. | 1765 |  | 987429 |  |
|  Avanos Medical, Inc.\* | 56455 |  | 1527672 |  |
|  Axogen, Inc.\* | 51831 |  | 517273 |  |
|  Axonics, Inc.\* | 61901 |  | 3870670 |  |
|  Bioventus, Inc., Class A (x)\* | 40545 |  | 105823 |  |
|  Butterfly Network, Inc. (x)\* | 170534 |  | 419514 |  |
|  Cardiovascular Systems, Inc.\* | 52112 |  | 709765 |  |
|  Cerus Corp.\* | 221419 |  | 808179 |  |
|  CONMED Corp. | 37352 |  | 3310881 |  |
|  Cue Health, Inc. (x)\* | 139698 |  | 289175 |  |
|  Cutera, Inc. (x)\* | 21291 |  | 941488 |  |
|  Embecta Corp. | 74684 |  | 1888758 |  |
|  Figs, Inc., Class A\* | 163640 |  | 1101297 |  |
|  Glaukos Corp.\* | 56957 |  | 2487882 |  |
|  Haemonetics Corp.\* | 63892 |  | 5025106 |  |
|  Heska Corp.\* | 12384 |  | 769789 |  |
|  Inari Medical, Inc.\* | 60665 |  | 3855867 |  |
|  Inogen, Inc.\* | 29495 |  | 581347 |  |
|  Inspire Medical Systems, Inc.\* | 35733 |  | 9000428 |  |
|  Integer Holdings Corp.\* | 41298 |  | 2827261 |  |
|  iRadimed Corp. | 9057 |  | 256223 |  |
|  iRhythm Technologies, Inc.\* | 37397 |  | 3502977 |  |
|  Lantheus Holdings, Inc.\* | 85993 |  | 4382203 |  |
|  LeMaitre Vascular, Inc. | 24097 |  | 1108944 |  |
|  LivaNova plc\* | 68886 |  | 3825928 |  |
|  Meridian Bioscience, Inc.\* | 55158 |  | 1831797 |  |
|  Merit Medical Systems, Inc.\* | 70346 |  | 4967835 |  |
|  Mesa Laboratories, Inc. | 6160 |  | 1023854 |  |
|  Nano-X Imaging Ltd. (x)\* | 58796 |  | 433915 |  |
|  Neogen Corp.\* | 273880 |  | 4171192 |  |
|  Nevro Corp.\* | 42602 |  | 1687039 |  |
|  NuVasive, Inc.\* | 65638 |  | 2706911 |  |
|  Omnicell, Inc.\* | 56032 |  | 2825133 |  |
|  OraSure Technologies, Inc.\* | 91654 |  | 441772 |  |
|  Orthofix Medical, Inc.\* | 25383 |  | 521113 |  |
|  OrthoPediatrics Corp.\* | 19494 |  | 774497 |  |
|  Outset Medical, Inc.\* | 61507 |  | 1588111 |  |
|  Owlet, Inc. (x)\* | 21348 |  | 11936 |  |
|  Paragon 28, Inc. (x)\* | 59160 |  | 1130548 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 32848 |  | 1364506 |  |
|  Pulmonx Corp.\* | 44791 |  | 377588 |  |
|  RxSight, Inc. (x)\* | 27756 |  | 351669 |  |
|  SeaSpine Holdings Corp.\* | 45981 |  | 383941 |  |
|  Senseonics Holdings, Inc. (x)\* | 587749 |  | 605382 |  |
|  Shockwave Medical, Inc.\* | 44781 |  | 9207421 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  SI-BONE, Inc.\* | 43859 | $| 596482 |  |
|  Sight Sciences, Inc. (x)\* | 29698 |  | 362613 |  |
|  Silk Road Medical, Inc.\* | 47362 |  | 2503082 |  |
|  STAAR Surgical Co.\* | 61530 |  | 2986666 |  |
|  Surmodics, Inc.\* | 17986 |  | 613682 |  |
|  Tactile Systems Technology, Inc.\* | 25497 |  | 292706 |  |
|  Tenon Medical, Inc. (x)\* | 4182 |  | 6608 |  |
|  TransMedics Group, Inc.\* | 37413 |  | 2309130 |  |
|  Treace Medical Concepts, Inc.\* | 42790 |  | 983742 |  |
|  UFP Technologies, Inc.\* | 7992 |  | 942177 |  |
|  Utah Medical Products, Inc. | 4592 |  | 461634 |  |
|  Varex Imaging Corp.\* | 49561 |  | 1006088 |  |
|  Vicarious Surgical, Inc. (x)\* | 65669 |  | 132651 |  |
|  ViewRay, Inc.\* | 197185 |  | 883389 |  |
|  Zimvie, Inc.\* | 29357 |  | 274194 |  |
|  Zynex, Inc. (x) | 28364 |  | 394543 |  |
|  |  |  | 110199556 |  |
|  ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | **** |
|  1Life Healthcare, Inc.\* | 226310 |  | 3781640 |  |
|  23andMe Holding Co. (x)\* | 306016 |  | 660995 |  |
|  Accolade, Inc.\* | 78718 |  | 613213 |  |
|  AdaptHealth Corp.\* | 89679 |  | 1723630 |  |
|  Addus HomeCare Corp.\* | 19017 |  | 1892001 |  |
|  Agiliti, Inc. (x)\* | 31161 |  | 508236 |  |
|  AirSculpt Technologies, Inc. (x) | 18447 |  | 68254 |  |
|  Alignment Healthcare, Inc.\* | 124155 |  | 1460063 |  |
|  AMN Healthcare Services, Inc.\* | 54320 |  | 5585182 |  |
|  Apollo Medical Holdings, Inc.\* | 49948 |  | 1477961 |  |
|  ATI Physical Therapy, Inc. (x)\* | 83784 |  | 25554 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 55852 |  | 43565 |  |
|  Brookdale Senior Living, Inc.\* | 228330 |  | 623341 |  |
|  Cano Health, Inc. (x)\* | 192474 |  | 263689 |  |
|  CareMax, Inc. (x)\* | 76514 |  | 279276 |  |
|  Castle Biosciences, Inc.\* | 27296 |  | 642548 |  |
|  Clover Health Investments Corp. (x)\* | 517150 |  | 480691 |  |
|  Community Health Systems, Inc.\* | 165406 |  | 714554 |  |
|  CorVel Corp.\* | 11463 |  | 1665918 |  |
|  Cross Country Healthcare, Inc.\* | 44375 |  | 1179044 |  |
|  DocGo, Inc. (x)\* | 103316 |  | 730444 |  |
|  Ensign Group, Inc. (The) | 67699 |  | 6405002 |  |
|  Fulgent Genetics, Inc. (x)\* | 27658 |  | 823655 |  |
|  HealthEquity, Inc.\* | 104589 |  | 6446866 |  |
|  Hims & Hers Health, Inc. (x)\* | 155720 |  | 998165 |  |
|  Innovage Holding Corp. (x)\* | 26530 |  | 190485 |  |
|  Invitae Corp. (x)\* | 310300 |  | 577158 |  |
|  Joint Corp. (The)\* | 17642 |  | 246635 |  |
|  LHC Group, Inc.\* | 37511 |  | 6065154 |  |
|  LifeStance Health Group, Inc. (x)\* | 95588 |  | 472205 |  |
|  ModivCare, Inc.\* | 16230 |  | 1456318 |  |
|  National HealthCare Corp. | 15240 |  | 906780 |  |
|  National Research Corp. | 18746 |  | 699226 |  |
|  Oncology Institute, Inc. (The) (x)\* | 22642 |  | 37359 |  |
|  OPKO Health, Inc. (x)\* | 537528 |  | 671910 |  |
|  Option Care Health, Inc.\* | 196931 |  | 5925654 |  |
|  Owens & Minor, Inc.\* | 91419 |  | 1785413 |  |
|  P3 Health Partners, Inc. (x)\* | 36194 |  | 66597 |  |
|  Patterson Cos., Inc. | 109298 |  | 3063623 |  |
|  Pediatrix Medical Group, Inc.\* | 102404 |  | 1521724 |  |
|  Pennant Group, Inc. (The)\* | 34087 |  | 374275 |  |
|  PetIQ, Inc.\* | 35786 |  | 329947 |  |
|  Privia Health Group, Inc.\* | 55076 |  | 1250776 |  |
|  Progyny, Inc.\* | 93708 |  | 2919004 |  |
|  R1 RCM, Inc.\* | 192820 |  | 2111379 |  |
|  RadNet, Inc.\* | 60314 |  | 1135713 |  |
|  Select Medical Holdings Corp. | 129596 |  | 3217869 |  |
|  Sema4 Holdings Corp. (x)\* | 199544 |  | 52640 |  |
|  Surgery Partners, Inc.\* | 63947 |  | 1781563 |  |
|  US Physical Therapy, Inc. | 16492 |  | 1336347 |  |
|  |  |  | 77289241 |  |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | **** |
|  Allscripts Healthcare Solutions, Inc. (x)\* | 137255 |  | 2421178 |  |
|  American Well Corp., Class A\* | 294318 |  | 832920 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 5140 |  | 34693 |  |
|  Computer Programs and Systems, Inc.\* | 18748 |  | 510321 |  |
|  Evolent Health, Inc., Class A\* | 101423 |  | 2847958 |  |
|  Health Catalyst, Inc.\* | 69238 |  | 736000 |  |
|  HealthStream, Inc.\* | 31012 |  | 770338 |  |
|  Multiplan Corp. (x)\* | 435396 |  | 500705 |  |
|  NextGen Healthcare, Inc.\* | 70084 |  | 1316178 |  |
|  Nutex Health, Inc. (x)\* | 316321 |  | 601010 |  |
|  OptimizeRx Corp.\* | 22839 |  | 383695 |  |
|  Pear Therapeutics, Inc. (x)\* | 86497 |  | 102067 |  |
|  Phreesia, Inc.\* | 63016 |  | 2039198 |  |
|  Schrodinger, Inc.\* | 69244 |  | 1294170 |  |
|  Sharecare, Inc. (x)\* | 376280 |  | 602048 |  |
|  Simulations Plus, Inc. | 18921 |  | 691941 |  |
|  |  |  | 15684420 |  |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | **** |
|  AbCellera Biologics, Inc. (x)\* | 258422 |  | 2617815 |  |
|  Adaptive Biotechnologies Corp.\* | 143044 |  | 1092856 |  |
|  Akoya Biosciences, Inc. (x)\* | 21257 |  | 203429 |  |
|  Alpha Teknova, Inc.\* | 8508 |  | 47985 |  |
|  Berkeley Lights, Inc.\* | 48074 |  | 128838 |  |
|  BioLife Solutions, Inc.\* | 43246 |  | 787077 |  |
|  Bionano Genomics, Inc. (x)\* | 374546 |  | 546837 |  |
|  Codexis, Inc.\* | 80701 |  | 376067 |  |
|  CryoPort, Inc. (x)\* | 56118 |  | 973647 |  |
|  Cytek Biosciences, Inc.\* | 146504 |  | 1495806 |  |
|  Inotiv, Inc. (x)\* | 23174 |  | 114480 |  |
|  MaxCyte, Inc. (x)\* | 111634 |  | 609522 |  |
|  Medpace Holdings, Inc.\* | 31872 |  | 6769931 |  |
|  NanoString Technologies, Inc.\* | 59591 |  | 474940 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 56589 |  | 101860 |  |
|  NeoGenomics, Inc.\* | 151648 |  | 1401227 |  |
|  OmniAb, Inc. (x)\* | 95075 |  | 342270 |  |
|  Pacific Biosciences of California, Inc. (x)\* | 285123 |  | 2332306 |  |
|  Quanterix Corp.\* | 36653 |  | 507644 |  |
|  Quantum-Si, Inc. (x)\* | 114173 |  | 208937 |  |
|  Science 37 Holdings, Inc. (x)\* | 77735 |  | 32276 |  |
|  Seer, Inc.\* | 56867 |  | 329829 |  |
|  Singular Genomics Systems, Inc. (x)\* | 76759 |  | 154286 |  |
|  SomaLogic, Inc.\* | 169743 |  | 426055 |  |
|  |  |  | 22075920 |  |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 80812 |  | 1272789 |  |
|  Amneal Pharmaceuticals, Inc.\* | 147014 |  | 292558 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 46091 |  | 1291470 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 63651 | $| 2351905 |  |
|  AN2 Therapeutics, Inc. (x)\* | 6010 |  | 57275 |  |
|  ANI Pharmaceuticals, Inc.\* | 16991 |  | 683548 |  |
|  Arvinas, Inc.\* | 60301 |  | 2062897 |  |
|  Atea Pharmaceuticals, Inc.\* | 97896 |  | 470880 |  |
|  Athira Pharma, Inc.\* | 46677 |  | 147966 |  |
|  Axsome Therapeutics, Inc. (x)\* | 40450 |  | 3119909 |  |
|  Cara Therapeutics, Inc.\* | 60255 |  | 647139 |  |
|  Cassava Sciences, Inc. (x)\* | 48937 |  | 1445599 |  |
|  CinCor Pharma, Inc.\* | 22145 |  | 272162 |  |
|  Collegium Pharmaceutical, Inc.\* | 41426 |  | 961083 |  |
|  Corcept Therapeutics, Inc.\* | 105899 |  | 2150809 |  |
|  DICE Therapeutics, Inc. (x)\* | 44673 |  | 1393798 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 39896 |  | 356670 |  |
|  Esperion Therapeutics, Inc.\* | 86474 |  | 538733 |  |
|  Evolus, Inc.\* | 46685 |  | 350604 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 38512 |  | 134792 |  |
|  Fulcrum Therapeutics, Inc.\* | 47245 |  | 343944 |  |
|  Harmony Biosciences Holdings, Inc.\* | 33642 |  | 1853674 |  |
|  Innoviva, Inc.\* | 81185 |  | 1075701 |  |
|  Intra-Cellular Therapies, Inc.\* | 115474 |  | 6110884 |  |
|  OmniAb, Inc. (r) (x)\* | 14714 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 19403 |  | 1296120 |  |
|  Liquidia Corp. (x)\* | 58586 |  | 373193 |  |
|  Nektar Therapeutics\* | 232829 |  | 526194 |  |
|  NGM Biopharmaceuticals, Inc.\* | 52865 |  | 265382 |  |
|  Nuvation Bio, Inc. (x)\* | 158817 |  | 304929 |  |
|  Ocular Therapeutix, Inc.\* | 101935 |  | 286437 |  |
|  Pacira BioSciences, Inc.\* | 57644 |  | 2225635 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 29312 |  | 328881 |  |
|  Phibro Animal Health Corp., Class A | 27692 |  | 371350 |  |
|  Prestige Consumer Healthcare, Inc.\* | 61792 |  | 3868179 |  |
|  Provention Bio, Inc. (x)\* | 73306 |  | 774844 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 35474 |  | 1347657 |  |
|  Relmada Therapeutics, Inc. (x)\* | 36919 |  | 128847 |  |
|  Revance Therapeutics, Inc.\* | 101909 |  | 1881240 |  |
|  SIGA Technologies, Inc. (x) | 63495 |  | 467323 |  |
|  Supernus Pharmaceuticals, Inc.\* | 62613 |  | 2233406 |  |
|  Tarsus Pharmaceuticals, Inc. (x)\* | 22902 |  | 335743 |  |
|  Theravance Biopharma, Inc.\* | 78897 |  | 885224 |  |
|  Theseus Pharmaceuticals, Inc. (x)\* | 24561 |  | 122314 |  |
|  Third Harmonic Bio, Inc. (x)\* | 15953 |  | 68598 |  |
|  Tricida, Inc. (x)\* | 47170 |  | 7212 |  |
|  Ventyx Biosciences, Inc. (x)\* | 31475 |  | 1032065 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 164558 |  | 218862 |  |
|  |  |  | 48736424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 485840710 |  |
|  **Industrials (14.1%)** | **Industrials (14.1%)** | **Industrials (14.1%)** | **Industrials (14.1%)** |  |
|  ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | **** |
|  AAR Corp.\* | 43391 |  | 1948256 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 101849 |  | 5696415 |  |
|  AeroVironment, Inc.\* | 31319 |  | 2682786 |  |
|  AerSale Corp. (x)\* | 26270 |  | 426099 |  |
|  Archer Aviation, Inc., Class A (x)\* | 158488 |  | 296373 |  |
|  Astra Space, Inc. (x)\* | 183542 |  | 79620 |  |
|  Astronics Corp.\* | 33173 |  | 341682 |  |
|  Cadre Holdings, Inc. (x) | 23467 |  | 472625 |  |
|  Ducommun, Inc.\* | 13197 |  | 659322 |  |
|  Kaman Corp. | 32855 |  | 732666 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 158574 |  | 1636484 |  |
|  Maxar Technologies, Inc. | 94378 |  | 4883118 |  |
|  Momentus, Inc. (x)\* | 64911 |  | 50624 |  |
|  Moog, Inc., Class A | 35731 |  | 3135753 |  |
|  National Presto Industries, Inc. | 6577 |  | 450261 |  |
|  Park Aerospace Corp. | 26194 |  | 351262 |  |
|  Parsons Corp. (x)\* | 43170 |  | 1996612 |  |
|  Redwire Corp. (x)\* | 24827 |  | 49157 |  |
|  Rocket Lab USA, Inc. (x)\* | 276698 |  | 1043151 |  |
|  Terran Orbital Corp. (x)\* | 27570 |  | 43561 |  |
|  Triumph Group, Inc.\* | 82191 |  | 864649 |  |
|  V2X, Inc.\* | 15226 |  | 628682 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 305921 |  | 1064605 |  |
|  |  |  | 29533763 |  |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | **** |
|  Air Transport Services Group, Inc.\* | 73627 |  | 1912830 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 35078 |  | 3535862 |  |
|  Forward Air Corp. | 34496 |  | 3618285 |  |
|  Hub Group, Inc., Class A\* | 40747 |  | 3238979 |  |
|  Radiant Logistics, Inc.\* | 49616 |  | 252546 |  |
|  |  |  | 12558502 |  |
|  ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | **** |
|  Allegiant Travel Co.\* | 18987 |  | 1290926 |  |
|  Blade Air Mobility, Inc. (x)\* | 69831 |  | 249995 |  |
|  Frontier Group Holdings, Inc. (x)\* | 47871 |  | 491635 |  |
|  Hawaiian Holdings, Inc. (x)\* | 67244 |  | 689923 |  |
|  Joby Aviation, Inc. (x)\* | 322263 |  | 1079581 |  |
|  SkyWest, Inc.\* | 64046 |  | 1057400 |  |
|  Spirit Airlines, Inc. | 135844 |  | 2646241 |  |
|  Sun Country Airlines Holdings, Inc.\* | 38801 |  | 615384 |  |
|  Wheels Up Experience, Inc.\* | 204226 |  | 210353 |  |
|  |  |  | 8331438 |  |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | **** |
|  AAON, Inc. | 56279 |  | 4238934 |  |
|  American Woodmark Corp.\* | 22015 |  | 1075653 |  |
|  Apogee Enterprises, Inc. | 26604 |  | 1182814 |  |
|  Caesarstone Ltd. | 30869 |  | 176262 |  |
|  CSW Industrials, Inc. | 18021 |  | 2089174 |  |
|  Gibraltar Industries, Inc.\* | 40751 |  | 1869656 |  |
|  Griffon Corp. | 59105 |  | 2115368 |  |
|  Insteel Industries, Inc. | 21665 |  | 596221 |  |
|  Janus International Group, Inc.\* | 104798 |  | 997677 |  |
|  JELD-WEN Holding, Inc.\* | 107361 |  | 1036034 |  |
|  Masonite International Corp.\* | 27838 |  | 2244021 |  |
|  PGT Innovations, Inc.\* | 70654 |  | 1268946 |  |
|  Quanex Building Products Corp. | 40717 |  | 964179 |  |
|  Resideo Technologies, Inc.\* | 185574 |  | 3052692 |  |
|  Simpson Manufacturing Co., Inc. | 54511 |  | 4832945 |  |
|  UFP Industries, Inc. | 74988 |  | 5942799 |  |
|  View, Inc. (x)\* | 88822 |  | 85704 |  |
|  Zurn Elkay Water Solutions Corp. | 155445 |  | 3287662 |  |
|  |  |  | 37056741 |  |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | **** |
|  ABM Industries, Inc. | 84042 |  | 3733146 |  |
|  ACCO Brands Corp. | 123947 |  | 692864 |  |
|  ACV Auctions, Inc., Class A\* | 140835 |  | 1156255 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Aris Water Solution, Inc., Class A (x) | 29755 | $| 428770 |  |
|  Brady Corp., Class A | 58554 |  | 2757893 |  |
|  BrightView Holdings, Inc.\* | 56983 |  | 392613 |  |
|  Brink's Co. (The) | 58158 |  | 3123666 |  |
|  Casella Waste Systems, Inc., Class A\* | 62968 |  | 4993992 |  |
|  Cimpress plc\* | 22630 |  | 624814 |  |
|  CompX International, Inc. | 2589 |  | 47845 |  |
|  CoreCivic, Inc. (REIT)\* | 152153 |  | 1758889 |  |
|  Deluxe Corp. | 50949 |  | 865114 |  |
|  Ennis, Inc. | 28794 |  | 638075 |  |
|  GEO Group, Inc. (The) (x)\* | 146794 |  | 1607394 |  |
|  Harsco Corp.\* | 104983 |  | 660343 |  |
|  Healthcare Services Group, Inc. | 95108 |  | 1141296 |  |
|  Heritage-Crystal Clean, Inc.\* | 20200 |  | 656096 |  |
|  HNI Corp. | 52852 |  | 1502582 |  |
|  Interface, Inc. | 77936 |  | 769228 |  |
|  KAR Auction Services, Inc.\* | 147455 |  | 1924288 |  |
|  Kimball International, Inc., Class B | 48025 |  | 312163 |  |
|  Li-Cycle Holdings Corp. (x)\* | 178875 |  | 851445 |  |
|  Matthews International Corp., Class A | 38338 |  | 1167009 |  |
|  MillerKnoll, Inc. | 93338 |  | 1961031 |  |
|  Montrose Environmental Group, Inc.\* | 35244 |  | 1564481 |  |
|  NL Industries, Inc. | 13377 |  | 91097 |  |
|  Pitney Bowes, Inc. | 191189 |  | 726518 |  |
|  Quad/Graphics, Inc.\* | 42226 |  | 172282 |  |
|  SP Plus Corp.\* | 25402 |  | 881958 |  |
|  Steelcase, Inc., Class A | 116599 |  | 824355 |  |
|  UniFirst Corp. | 18740 |  | 3616633 |  |
|  Viad Corp.\* | 24051 |  | 586604 |  |
|  VSE Corp. | 12417 |  | 582109 |  |
|  |  |  | 42812848 |  |
|  ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | ***Construction & Engineering (1.5%)*** | **** |
|  Ameresco, Inc., Class A\* | 40809 |  | 2331826 |  |
|  API Group Corp.\* | 265499 |  | 4994036 |  |
|  Arcosa, Inc. | 60620 |  | 3294091 |  |
|  Argan, Inc. | 16941 |  | 624784 |  |
|  Comfort Systems USA, Inc. | 44271 |  | 5094707 |  |
|  Concrete Pumping Holdings, Inc.\* | 33685 |  | 197057 |  |
|  Construction Partners, Inc., Class A\* | 51180 |  | 1365994 |  |
|  Dycom Industries, Inc.\* | 36237 |  | 3391783 |  |
|  EMCOR Group, Inc. | 59629 |  | 8831651 |  |
|  Fluor Corp.\* | 178797 |  | 6197104 |  |
|  Granite Construction, Inc. | 54182 |  | 1900163 |  |
|  Great Lakes Dredge & Dock Corp. (x)\* | 74225 |  | 441639 |  |
|  IES Holdings, Inc.\* | 11154 |  | 396748 |  |
|  MYR Group, Inc.\* | 21003 |  | 1933746 |  |
|  Northwest Pipe Co.\* | 12872 |  | 433786 |  |
|  NV5 Global, Inc.\* | 17353 |  | 2296149 |  |
|  Primoris Services Corp. | 68065 |  | 1493346 |  |
|  Sterling Infrastructure, Inc.\* | 34927 |  | 1145606 |  |
|  Tutor Perini Corp.\* | 46280 |  | 349414 |  |
|  |  |  | 46713630 |  |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | **** |
|  Allied Motion Technologies, Inc. | 17473 |  | 608235 |  |
|  Array Technologies, Inc. (x)\* | 188999 |  | 3653351 |  |
|  Atkore, Inc.\* | 51745 |  | 5868918 |  |
|  AZZ, Inc. | 29289 |  | 1177418 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 84140 |  | 485488 |  |
|  Blink Charging Co. (x)\* | 45948 |  | 504050 |  |
|  Bloom Energy Corp., Class A\* | 227086 |  | 4341884 |  |
|  Encore Wire Corp. | 22963 |  | 3158790 |  |
|  Energy Vault Holdings, Inc. (x)\* | 103494 |  | 322901 |  |
|  EnerSys | 51519 |  | 3804163 |  |
|  Enovix Corp. (x)\* | 139585 |  | 1736437 |  |
|  ESS Tech, Inc. (x)\* | 101851 |  | 247498 |  |
|  Fluence Energy, Inc. (x)\* | 46098 |  | 790581 |  |
|  FTC Solar, Inc. (x)\* | 54425 |  | 145859 |  |
|  FuelCell Energy, Inc. (x)\* | 495712 |  | 1378079 |  |
|  GrafTech International Ltd. | 248674 |  | 1183688 |  |
|  Heliogen, Inc. (x)\* | 120807 |  | 84347 |  |
|  NuScale Power Corp. (x)\* | 41675 |  | 427586 |  |
|  Powell Industries, Inc. | 12211 |  | 429583 |  |
|  Preformed Line Products Co. | 3208 |  | 267194 |  |
|  Shoals Technologies Group, Inc., Class A\* | 172375 |  | 4252491 |  |
|  Stem, Inc. (x)\* | 177555 |  | 1587342 |  |
|  SunPower Corp. (x)\* | 100504 |  | 1812087 |  |
|  Thermon Group Holdings, Inc.\* | 43407 |  | 871613 |  |
|  TPI Composites, Inc.\* | 39541 |  | 400946 |  |
|  Vicor Corp.\* | 26458 |  | 1422117 |  |
|  |  |  | 40962646 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A (x) | 35016 |  | 657951 |  |
|  ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | ***Machinery (3.5%)*** | **** |
|  3D Systems Corp. (x)\* | 162581 |  | 1203099 |  |
|  Alamo Group, Inc. | 12911 |  | 1828198 |  |
|  Albany International Corp., Class A | 39138 |  | 3858615 |  |
|  Altra Industrial Motion Corp. | 81735 |  | 4883666 |  |
|  Astec Industries, Inc. | 29297 |  | 1191216 |  |
|  Barnes Group, Inc. | 60544 |  | 2473222 |  |
|  Berkshire Grey, Inc. (x)\* | 83493 |  | 50421 |  |
|  Blue Bird Corp.\* | 21187 |  | 226913 |  |
|  Chart Industries, Inc.\* | 53871 |  | 6207555 |  |
|  CIRCOR International, Inc.\* | 23708 |  | 568044 |  |
|  Columbus McKinnon Corp. | 34554 |  | 1121968 |  |
|  Desktop Metal, Inc., Class A (x)\* | 339264 |  | 461399 |  |
|  Douglas Dynamics, Inc. | 26568 |  | 960699 |  |
|  Energy Recovery, Inc.\* | 70617 |  | 1446942 |  |
|  Enerpac Tool Group Corp. | 75751 |  | 1927863 |  |
|  EnPro Industries, Inc. | 26709 |  | 2903001 |  |
|  ESCO Technologies, Inc. | 32072 |  | 2807583 |  |
|  Evoqua Water Technologies Corp.\* | 148623 |  | 5885471 |  |
|  Fathom Digital Manufacturing C (x)\* | 13088 |  | 17276 |  |
|  Federal Signal Corp. | 74771 |  | 3474608 |  |
|  Franklin Electric Co., Inc. | 58006 |  | 4625979 |  |
|  Gorman-Rupp Co. (The) | 30450 |  | 780129 |  |
|  Greenbrier Cos., Inc. (The) | 40856 |  | 1369902 |  |
|  Helios Technologies, Inc. | 41752 |  | 2272979 |  |
|  Hillenbrand, Inc. | 86928 |  | 3709218 |  |
|  Hillman Solutions Corp.\* | 172694 |  | 1245124 |  |
|  Hydrofarm Holdings Group, Inc. (x)\* | 53882 |  | 83517 |  |
|  Hyliion Holdings Corp. (x)\* | 178886 |  | 418593 |  |
|  Hyster-Yale Materials Handling, Inc. | 14461 |  | 366008 |  |
|  Hyzon Motors, Inc. (x)\* | 111011 |  | 172067 |  |
|  John Bean Technologies Corp. | 39613 |  | 3617855 |  |
|  Kadant, Inc. | 14892 |  | 2645266 |  |
|  Kennametal, Inc. | 102728 |  | 2471636 |  |
|  Lightning eMotors, Inc. (x)\* | 48072 |  | 17618 |  |
|  Lindsay Corp. | 13596 |  | 2214109 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Luxfer Holdings plc | 36683 | $| 503291 |  |
|  Manitowoc Co., Inc. (The)\* | 46243 |  | 423586 |  |
|  Markforged Holding Corp. (x)\* | 135560 |  | 157250 |  |
|  Microvast Holdings, Inc. (x)\* | 217909 |  | 333401 |  |
|  Miller Industries, Inc. | 14740 |  | 392968 |  |
|  Mueller Industries, Inc. | 69692 |  | 4111828 |  |
|  Mueller Water Products, Inc., Class A | 192220 |  | 2068287 |  |
|  Nikola Corp. (x)\* | 424483 |  | 916883 |  |
|  Omega Flex, Inc. (x) | 4127 |  | 385132 |  |
|  Proterra, Inc. (x)\* | 283699 |  | 1069545 |  |
|  Proto Labs, Inc.\* | 35324 |  | 901822 |  |
|  RBC Bearings, Inc.\* | 35932 |  | 7522364 |  |
|  REV Group, Inc. | 43295 |  | 546383 |  |
|  Sarcos Technology and Robotics Corp. (x)\* | 112346 |  | 63060 |  |
|  Shyft Group, Inc. (The) | 42393 |  | 1053890 |  |
|  SPX Technologies, Inc.\* | 54490 |  | 3577269 |  |
|  Standex International Corp. | 14442 |  | 1479005 |  |
|  Tennant Co. | 23776 |  | 1463888 |  |
|  Terex Corp. | 83518 |  | 3567889 |  |
|  Titan International, Inc.\* | 61964 |  | 949289 |  |
|  Trinity Industries, Inc. | 102364 |  | 3026903 |  |
|  Velo3D, Inc. (x)\* | 42350 |  | 75807 |  |
|  Wabash National Corp. | 61062 |  | 1380001 |  |
|  Watts Water Technologies, Inc., Class A | 34413 |  | 5032213 |  |
|  Xos, Inc.\* | 64088 |  | 28385 |  |
|  |  |  | 110538098 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Costamare, Inc. | 67785 |  | 629045 |  |
|  Eagle Bulk Shipping, Inc. (x) | 17220 |  | 859967 |  |
|  Eneti, Inc. | 26291 |  | 264224 |  |
|  Genco Shipping & Trading Ltd. | 47045 |  | 722611 |  |
|  Golden Ocean Group Ltd. (x) | 157524 |  | 1368884 |  |
|  Matson, Inc. | 48144 |  | 3009481 |  |
|  Safe Bulkers, Inc. | 102832 |  | 299241 |  |
|  |  |  | 7153453 |  |
|  ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | **** |
|  Alight, Inc., Class A\* | 426400 |  | 3564704 |  |
|  ASGN, Inc.\* | 61900 |  | 5043612 |  |
|  Atlas Technical Consultants, Inc.\* | 19486 |  | 100353 |  |
|  Barrett Business Services, Inc. | 8942 |  | 834110 |  |
|  CBIZ, Inc.\* | 60762 |  | 2846700 |  |
|  CRA International, Inc. | 8912 |  | 1091096 |  |
|  Exponent, Inc. | 63931 |  | 6334923 |  |
|  First Advantage Corp.\* | 75337 |  | 979381 |  |
|  Forrester Research, Inc.\* | 15131 |  | 541085 |  |
|  Franklin Covey Co.\* | 15604 |  | 729799 |  |
|  Heidrick & Struggles International, Inc. | 25476 |  | 712564 |  |
|  HireRight Holdings Corp.\* | 27206 |  | 322663 |  |
|  Huron Consulting Group, Inc.\* | 25527 |  | 1853260 |  |
|  ICF International, Inc. | 23679 |  | 2345405 |  |
|  Insperity, Inc. | 45682 |  | 5189475 |  |
|  Kelly Services, Inc., Class A | 43303 |  | 731821 |  |
|  Kforce, Inc. | 24769 |  | 1358084 |  |
|  Korn Ferry | 68024 |  | 3443375 |  |
|  Legalzoom.com, Inc. (x)\* | 123087 |  | 952693 |  |
|  Planet Labs PBC (x)\* | 199503 |  | 867838 |  |
|  Red Violet, Inc. (x)\* | 13440 |  | 309389 |  |
|  Resources Connection, Inc. | 36461 |  | 670153 |  |
|  Skillsoft Corp.\* | 115706 |  | 150418 |  |
|  Spire Global, Inc. (x)\* | 146113 |  | 140268 |  |
|  Sterling Check Corp.\* | 31230 |  | 483128 |  |
|  TriNet Group, Inc.\* | 46756 |  | 3170057 |  |
|  TrueBlue, Inc.\* | 41005 |  | 802878 |  |
|  Upwork, Inc.\* | 153841 |  | 1606100 |  |
|  Willdan Group, Inc.\* | 15865 |  | 283190 |  |
|  |  |  | 47458522 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  ArcBest Corp. | 31378 |  | 2197715 |  |
|  Bird Global, Inc., Class A (x)\* | 276218 |  | 49775 |  |
|  Covenant Logistics Group, Inc. | 12573 |  | 434649 |  |
|  Daseke, Inc.\* | 53839 |  | 306344 |  |
|  Heartland Express, Inc. | 53885 |  | 826596 |  |
|  Marten Transport Ltd. | 74222 |  | 1468111 |  |
|  PAM Transportation Services, Inc.\* | 9222 |  | 238850 |  |
|  Saia, Inc.\* | 33371 |  | 6997231 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 179533 |  | 294434 |  |
|  Universal Logistics Holdings, Inc. | 9217 |  | 308216 |  |
|  Werner Enterprises, Inc. | 78278 |  | 3151472 |  |
|  |  |  | 16273393 |  |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | **** |
|  Alta Equipment Group, Inc. | 26661 |  | 351659 |  |
|  Applied Industrial Technologies, Inc. | 47963 |  | 6044777 |  |
|  Beacon Roofing Supply, Inc.\* | 64352 |  | 3397142 |  |
|  BlueLinx Holdings, Inc.\* | 11549 |  | 821249 |  |
|  Boise Cascade Co. | 49264 |  | 3382959 |  |
|  Custom Truck One Source, Inc. (x)\* | 77903 |  | 492347 |  |
|  Distribution Solutions Group, Inc.\* | 7013 |  | 258499 |  |
|  DXP Enterprises, Inc.\* | 20526 |  | 565491 |  |
|  GATX Corp. | 44573 |  | 4739893 |  |
|  Global Industrial Co. | 16685 |  | 392598 |  |
|  GMS, Inc.\* | 54173 |  | 2697816 |  |
|  H&E Equipment Services, Inc. | 38768 |  | 1760067 |  |
|  Herc Holdings, Inc. | 32238 |  | 4241554 |  |
|  Hudson Technologies, Inc.\* | 55342 |  | 560061 |  |
|  Karat Packaging, Inc. | 6635 |  | 95345 |  |
|  McGrath RentCorp | 31090 |  | 3069827 |  |
|  MRC Global, Inc.\* | 109136 |  | 1263795 |  |
|  NOW, Inc.\* | 134374 |  | 1706550 |  |
|  Rush Enterprises, Inc., Class A | 52569 |  | 2748307 |  |
|  Rush Enterprises, Inc., Class B | 8411 |  | 473287 |  |
|  Textainer Group Holdings Ltd. | 57949 |  | 1796999 |  |
|  Titan Machinery, Inc.\* | 25977 |  | 1032066 |  |
|  Transcat, Inc.\* | 9136 |  | 647468 |  |
|  Triton International Ltd. | 73580 |  | 5060832 |  |
|  Veritiv Corp. | 16644 |  | 2025741 |  |
|  |  |  | 49626329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 449677314 |  |
|  **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** | **Information Technology (11.5%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  ADTRAN Holdings, Inc. | 96836 |  | 1819548 |  |
|  Aviat Networks, Inc.\* | 10493 |  | 327277 |  |
|  Calix, Inc.\* | 72582 |  | 4966786 |  |
|  Cambium Networks Corp.\* | 16452 |  | 356515 |  |
|  Casa Systems, Inc. (x)\* | 52655 |  | 143748 |  |
|  Clearfield, Inc.\* | 14833 |  | 1396378 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  CommScope Holding Co., Inc.\* | 253330 | $| 1861975 |  |
|  Comtech Telecommunications Corp. | 34571 |  | 419692 |  |
|  Digi International, Inc.\* | 43847 |  | 1602608 |  |
|  DZS, Inc.\* | 17982 |  | 228012 |  |
|  Extreme Networks, Inc.\* | 162041 |  | 2966971 |  |
|  Harmonic, Inc.\* | 111557 |  | 1461397 |  |
|  Infinera Corp. (x)\* | 242888 |  | 1637065 |  |
|  Inseego Corp. (x)\* | 120649 |  | 101647 |  |
|  NETGEAR, Inc.\* | 36332 |  | 657972 |  |
|  NetScout Systems, Inc.\* | 85135 |  | 2767739 |  |
|  Ondas Holdings, Inc. (x)\* | 42115 |  | 66963 |  |
|  Ribbon Communications, Inc.\* | 97891 |  | 273116 |  |
|  Viavi Solutions, Inc.\* | 283568 |  | 2980300 |  |
|  |  |  | 26035709 |  |
|  ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | ***Electronic Equipment, Instruments & Components (2.1%)*** | **** |
|  908 Devices, Inc. (x)\* | 22294 |  | 169880 |  |
|  Advanced Energy Industries, Inc. | 47167 |  | 4045985 |  |
|  Aeva Technologies, Inc. (x)\* | 124308 |  | 169059 |  |
|  AEye, Inc. (x)\* | 55037 |  | 26451 |  |
|  Akoustis Technologies, Inc. (x)\* | 62915 |  | 177420 |  |
|  Arlo Technologies, Inc.\* | 113212 |  | 397374 |  |
|  Badger Meter, Inc. | 36754 |  | 4007289 |  |
|  Belden, Inc. | 54262 |  | 3901438 |  |
|  Benchmark Electronics, Inc. | 44814 |  | 1196086 |  |
|  Cepton, Inc.\* | 10082 |  | 12804 |  |
|  CTS Corp. | 38557 |  | 1519917 |  |
|  ePlus, Inc.\* | 32205 |  | 1426037 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 107851 |  | 279334 |  |
|  Fabrinet\* | 46447 |  | 5955434 |  |
|  FARO Technologies, Inc.\* | 24385 |  | 717163 |  |
|  Focus Universal, Inc. (x)\* | 22712 |  | 145584 |  |
|  Identiv, Inc.\* | 29902 |  | 216490 |  |
|  Insight Enterprises, Inc.\* | 39673 |  | 3978012 |  |
|  Itron, Inc.\* | 57893 |  | 2932280 |  |
|  Kimball Electronics, Inc.\* | 30758 |  | 694823 |  |
|  Knowles Corp.\* | 114965 |  | 1887725 |  |
|  Lightwave Logic, Inc. (x)\* | 143423 |  | 618153 |  |
|  Methode Electronics, Inc. | 44530 |  | 1975796 |  |
|  MicroVision, Inc. (x)\* | 218588 |  | 513682 |  |
|  Mirion Technologies, Inc. (x)\* | 172921 |  | 1143008 |  |
|  Napco Security Technologies, Inc.\* | 37695 |  | 1035859 |  |
|  nLight, Inc.\* | 56762 |  | 575567 |  |
|  Novanta, Inc.\* | 44950 |  | 6107356 |  |
|  OSI Systems, Inc.\* | 20090 |  | 1597557 |  |
|  Ouster, Inc. (x)\* | 169648 |  | 146406 |  |
|  PAR Technology Corp. (x)\* | 34020 |  | 886901 |  |
|  PC Connection, Inc. | 13094 |  | 614109 |  |
|  Plexus Corp.\* | 34404 |  | 3541204 |  |
|  Rogers Corp.\* | 24075 |  | 2873110 |  |
|  Sanmina Corp.\* | 71326 |  | 4086267 |  |
|  ScanSource, Inc.\* | 30719 |  | 897609 |  |
|  SmartRent, Inc. (x)\* | 129267 |  | 314119 |  |
|  TTM Technologies, Inc.\* | 130038 |  | 1960973 |  |
|  Velodyne Lidar, Inc. (x)\* | 246548 |  | 182125 |  |
|  Vishay Intertechnology, Inc. | 165631 |  | 3572661 |  |
|  Vishay Precision Group, Inc.\* | 16664 |  | 644064 |  |
|  |  |  | 67143111 |  |
|  ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | ***IT Services (1.8%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 188098 |  | 1869694 |  |
|  BigCommerce Holdings, Inc.\* | 82289 |  | 719206 |  |
|  Brightcove, Inc.\* | 52795 |  | 276118 |  |
|  Cantaloupe, Inc.\* | 77491 |  | 337086 |  |
|  Cass Information Systems, Inc. | 17251 |  | 790441 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 60109 |  | 153278 |  |
|  Conduent, Inc.\* | 217837 |  | 882240 |  |
|  CSG Systems International, Inc. | 39115 |  | 2237378 |  |
|  Cyxtera Technologies, Inc. (x)\* | 56188 |  | 107881 |  |
|  DigitalOcean Holdings, Inc. (x)\* | 86276 |  | 2197450 |  |
|  Edgio, Inc.\* | 176183 |  | 199087 |  |
|  Evertec, Inc. | 78383 |  | 2538042 |  |
|  Evo Payments, Inc., Class A\* | 60681 |  | 2053445 |  |
|  ExlService Holdings, Inc.\* | 40688 |  | 6893768 |  |
|  Fastly, Inc., Class A\* | 143171 |  | 1172570 |  |
|  Flywire Corp.\* | 71750 |  | 1755722 |  |
|  Grid Dynamics Holdings, Inc.\* | 67699 |  | 759583 |  |
|  Hackett Group, Inc. (The) | 34584 |  | 704476 |  |
|  I3 Verticals, Inc., Class A\* | 29880 |  | 727279 |  |
|  IBEX Holdings Ltd.\* | 8546 |  | 212368 |  |
|  Information Services Group, Inc. | 45416 |  | 208914 |  |
|  International Money Express, Inc.\* | 41078 |  | 1001071 |  |
|  Marqeta, Inc., Class A\* | 543290 |  | 3319502 |  |
|  Maximus, Inc. | 76265 |  | 5592512 |  |
|  MoneyGram International, Inc.\* | 120335 |  | 1310448 |  |
|  Paya Holdings, Inc.\* | 112273 |  | 883588 |  |
|  Payoneer Global, Inc.\* | 265148 |  | 1450360 |  |
|  Paysafe Ltd. (x)\* | 37342 |  | 518680 |  |
|  Perficient, Inc.\* | 43844 |  | 3061627 |  |
|  PFSweb, Inc. | 21111 |  | 129833 |  |
|  Priority Technology Holdings, Inc. (x)\* | 26978 |  | 141904 |  |
|  Rackspace Technology, Inc. (x)\* | 73899 |  | 218002 |  |
|  Remitly Global, Inc. (x)\* | 120705 |  | 1382072 |  |
|  Repay Holdings Corp.\* | 112420 |  | 904981 |  |
|  Sabre Corp.\* | 399468 |  | 2468712 |  |
|  Squarespace, Inc., Class A\* | 40206 |  | 891367 |  |
|  StoneCo Ltd., Class A\* | 347230 |  | 3277851 |  |
|  TTEC Holdings, Inc. | 24190 |  | 1067505 |  |
|  Tucows, Inc., Class A (x)\* | 12713 |  | 431225 |  |
|  Unisys Corp.\* | 88429 |  | 451872 |  |
|  Verra Mobility Corp.\* | 177348 |  | 2452723 |  |
|  |  |  | 57751861 |  |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | **** |
|  ACM Research, Inc., Class A\* | 64631 |  | 498305 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 25604 |  | 731506 |  |
|  Ambarella, Inc.\* | 45135 |  | 3711451 |  |
|  Amkor Technology, Inc. | 130227 |  | 3122843 |  |
|  Atomera, Inc. (x)\* | 28326 |  | 176188 |  |
|  Axcelis Technologies, Inc.\* | 40697 |  | 3229714 |  |
|  AXT, Inc.\* | 41203 |  | 180469 |  |
|  CEVA, Inc.\* | 30862 |  | 789450 |  |
|  Cohu, Inc.\* | 61641 |  | 1975594 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 116076 |  | 1544972 |  |
|  Diodes, Inc.\* | 55939 |  | 4259195 |  |
|  FormFactor, Inc.\* | 96087 |  | 2136014 |  |
|  Ichor Holdings Ltd.\* | 33965 |  | 910941 |  |
|  Impinj, Inc.\* | 26138 |  | 2853747 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 124165 |  | 723882 |  |
|  Kulicke & Soffa Industries, Inc. | 71239 |  | 3153038 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 63555 |  | 4002694 |  |
|  MaxLinear, Inc.\* | 93335 |  | 3168723 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Onto Innovation, Inc.\* | 62464 | $| 4253174 |  |
|  PDF Solutions, Inc.\* | 35835 |  | 1022014 |  |
|  Photronics, Inc.\* | 76903 |  | 1294278 |  |
|  Power Integrations, Inc. | 71546 |  | 5131279 |  |
|  Rambus, Inc.\* | 138080 |  | 4946026 |  |
|  Rigetti Computing, Inc. (x)\* | 39193 |  | 28580 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 148872 |  | 20857 |  |
|  Semtech Corp.\* | 78061 |  | 2239570 |  |
|  Silicon Laboratories, Inc.\* | 41693 |  | 5656489 |  |
|  SiTime Corp. (x)\* | 20795 |  | 2113188 |  |
|  SkyWater Technology, Inc. (x)\* | 11379 |  | 80905 |  |
|  SMART Global Holdings, Inc.\* | 64888 |  | 965533 |  |
|  Synaptics, Inc.\* | 49930 |  | 4751339 |  |
|  Transphorm, Inc. (x)\* | 24559 |  | 133601 |  |
|  Ultra Clean Holdings, Inc.\* | 57949 |  | 1921009 |  |
|  Veeco Instruments, Inc.\* | 66765 |  | 1240494 |  |
|  |  |  | 72967062 |  |
|  ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | ***Software (4.2%)*** | **** |
|  8x8, Inc. (x)\* | 151305 |  | 653638 |  |
|  A10 Networks, Inc. | 84570 |  | 1406399 |  |
|  ACI Worldwide, Inc.\* | 146966 |  | 3380218 |  |
|  Adeia, Inc. | 133722 |  | 1267684 |  |
|  Agilysys, Inc.\* | 25425 |  | 2012134 |  |
|  Alarm.com Holdings, Inc.\* | 59916 |  | 2964644 |  |
|  Alkami Technology, Inc. (x)\* | 46019 |  | 671417 |  |
|  Altair Engineering, Inc., Class A\* | 66690 |  | 3032394 |  |
|  American Software, Inc., Class A | 42539 |  | 624472 |  |
|  Amplitude, Inc., Class A (x)\* | 71747 |  | 866704 |  |
|  Appfolio, Inc., Class A\* | 23687 |  | 2496136 |  |
|  Appian Corp., Class A\* | 51369 |  | 1672575 |  |
|  Applied Digital Corp. (x)\* | 10455 |  | 19237 |  |
|  Arteris, Inc.\* | 25604 |  | 110097 |  |
|  Asana, Inc., Class A (x)\* | 89129 |  | 1227306 |  |
|  Avaya Holdings Corp. (x)\* | 111258 |  | 21806 |  |
|  AvePoint, Inc. (x)\* | 165256 |  | 679202 |  |
|  Benefitfocus, Inc.\* | 27874 |  | 291562 |  |
|  Blackbaud, Inc.\* | 58077 |  | 3418412 |  |
|  Blackline, Inc.\* | 69295 |  | 4661475 |  |
|  Blend Labs, Inc., Class A\* | 237373 |  | 341817 |  |
|  Box, Inc., Class A\* | 174043 |  | 5417959 |  |
|  C3.ai, Inc., Class A (x)\* | 73926 |  | 827232 |  |
|  Cerence, Inc.\* | 47499 |  | 880156 |  |
|  Cipher Mining, Inc. (x)\* | 50130 |  | 28073 |  |
|  Cleanspark, Inc. (x)\* | 47382 |  | 96659 |  |
|  Clear Secure, Inc., Class A (x) | 79834 |  | 2189847 |  |
|  CommVault Systems, Inc.\* | 55756 |  | 3503707 |  |
|  Consensus Cloud Solutions, Inc.\* | 23727 |  | 1275563 |  |
|  Couchbase, Inc. (x)\* | 35719 |  | 473634 |  |
|  CS Disco, Inc.\* | 29143 |  | 184184 |  |
|  Cvent Holding Corp. (x)\* | 61731 |  | 333347 |  |
|  Digimarc Corp. (x)\* | 17542 |  | 324352 |  |
|  Digital Turbine, Inc.\* | 120484 |  | 1836176 |  |
|  Domo, Inc., Class B\* | 38982 |  | 555104 |  |
|  Duck Creek Technologies, Inc.\* | 99101 |  | 1194167 |  |
|  E2open Parent Holdings, Inc. (x)\* | 255630 |  | 1500548 |  |
|  Ebix, Inc. (x) | 34843 |  | 695466 |  |
|  eGain Corp.\* | 29588 |  | 267180 |  |
|  Enfusion, Inc., Class A (x)\* | 34754 |  | 336071 |  |
|  EngageSmart, Inc.\* | 45641 |  | 803282 |  |
|  Envestnet, Inc.\* | 69585 |  | 4293394 |  |
|  Everbridge, Inc.\* | 47604 |  | 1408126 |  |
|  EverCommerce, Inc. (x)\* | 32122 |  | 238988 |  |
|  ForgeRock, Inc., Class A (x)\* | 48092 |  | 1095055 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 13286 |  | 3841 |  |
|  Instructure Holdings, Inc. (x)\* | 22202 |  | 520415 |  |
|  Intapp, Inc.\* | 18399 |  | 458871 |  |
|  InterDigital, Inc. | 36408 |  | 1801468 |  |
|  IronNet, Inc. (x)\* | 82108 |  | 18885 |  |
|  Kaleyra, Inc. (x)\* | 63614 |  | 48035 |  |
|  KnowBe4, Inc., Class A\* | 89963 |  | 2229283 |  |
|  Latch, Inc. (x)\* | 109663 |  | 77850 |  |
|  LivePerson, Inc.\* | 90259 |  | 915226 |  |
|  LiveRamp Holdings, Inc.\* | 84764 |  | 1986868 |  |
|  LiveVox Holdings, Inc. (x)\* | 28826 |  | 85613 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 136126 |  | 465551 |  |
|  Matterport, Inc. (x)\* | 283855 |  | 794794 |  |
|  MeridianLink, Inc. (x)\* | 30153 |  | 414001 |  |
|  MicroStrategy, Inc., Class A (x)\* | 12073 |  | 1709175 |  |
|  Mitek Systems, Inc.\* | 55730 |  | 540024 |  |
|  Model N, Inc.\* | 47043 |  | 1908064 |  |
|  Momentive Global, Inc.\* | 167209 |  | 1170463 |  |
|  N-able, Inc.\* | 87487 |  | 899366 |  |
|  NextNav, Inc. (x)\* | 62531 |  | 183216 |  |
|  Olo, Inc., Class A (x)\* | 115383 |  | 721144 |  |
|  ON24, Inc.\* | 53376 |  | 460635 |  |
|  OneSpan, Inc.\* | 50847 |  | 568978 |  |
|  PagerDuty, Inc.\* | 109175 |  | 2899688 |  |
|  PowerSchool Holdings, Inc., Class A\* | 58514 |  | 1350503 |  |
|  Progress Software Corp. (x) | 56096 |  | 2830043 |  |
|  PROS Holdings, Inc.\* | 52549 |  | 1274839 |  |
|  Q2 Holdings, Inc.\* | 71685 |  | 1926176 |  |
|  Qualys, Inc.\* | 48729 |  | 5468856 |  |
|  Rapid7, Inc.\* | 74549 |  | 2533175 |  |
|  Rimini Street, Inc.\* | 62434 |  | 237873 |  |
|  Riot Blockchain, Inc. (x)\* | 200130 |  | 678441 |  |
|  Sapiens International Corp. NV | 36279 |  | 670436 |  |
|  SecureWorks Corp., Class A\* | 14823 |  | 94719 |  |
|  ShotSpotter, Inc.\* | 12279 |  | 415399 |  |
|  SolarWinds Corp.\* | 65095 |  | 609289 |  |
|  Sprout Social, Inc., Class A\* | 57371 |  | 3239167 |  |
|  SPS Commerce, Inc.\* | 45811 |  | 5883507 |  |
|  Sumo Logic, Inc.\* | 146619 |  | 1187614 |  |
|  Telos Corp.\* | 69120 |  | 351821 |  |
|  Tenable Holdings, Inc.\* | 141193 |  | 5386513 |  |
|  Terawulf, Inc. (x)\* | 27706 |  | 18441 |  |
|  Upland Software, Inc.\* | 40008 |  | 285257 |  |
|  UserTesting, Inc. (x)\* | 59348 |  | 445703 |  |
|  Varonis Systems, Inc.\* | 134955 |  | 3230823 |  |
|  Verint Systems, Inc.\* | 81645 |  | 2962081 |  |
|  Veritone, Inc. (x)\* | 38079 |  | 201819 |  |
|  Viant Technology, Inc., Class A (x)\* | 16523 |  | 66422 |  |
|  Weave Communications, Inc. (x)\* | 21670 |  | 99249 |  |
|  WM Technology, Inc. (x)\* | 91105 |  | 92016 |  |
|  Workiva, Inc.\* | 59893 |  | 5029215 |  |
|  Xperi, Inc.\* | 47706 |  | 410749 |  |
|  Yext, Inc.\* | 146112 |  | 954111 |  |
|  Zeta Global Holdings Corp., Class A\* | 127731 |  | 1043562 |  |
|  Zuora, Inc., Class A\* | 149468 |  | 950616 |  |
|  |  |  | 132387488 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | **** |
|  Avid Technology, Inc.\* | 45944 | $1221651 |  |
|  CompoSecure, Inc. (x)\* | 10074 | 49463 |  |
|  Corsair Gaming, Inc.\* | 49161 | 667115 |  |
|  Diebold Nixdorf, Inc.\* | 96480 | 137002 |  |
|  Eastman Kodak Co. (x)\* | 77903 | 237604 |  |
|  IonQ, Inc. (x)\* | 152460 | 525987 |  |
|  Super Micro Computer, Inc.\* | 58443 | 4798170 |  |
|  Turtle Beach Corp.\* | 20447 | 146605 |  |
|  Xerox Holdings Corp. | 146726 | 2142200 |  |
|  |  | 9925797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 366211028 |  |
|  **Materials (3.9%)** | **Materials (3.9%)** | **Materials (3.9%)** |  |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | **** |
|  AdvanSix, Inc. | 34923 | 1327772 |  |
|  American Vanguard Corp. | 35542 | 771617 |  |
|  Amyris, Inc. (x)\* | 252610 | 386493 |  |
|  Aspen Aerogels, Inc. (x)\* | 38752 | 456886 |  |
|  Avient Corp. | 113847 | 3843475 |  |
|  Balchem Corp. | 40130 | 4900274 |  |
|  Cabot Corp. | 69885 | 4671113 |  |
|  Chase Corp. | 8748 | 754603 |  |
|  Danimer Scientific, Inc. (x)\* | 121418 | 217338 |  |
|  Diversey Holdings Ltd.\* | 100272 | 427159 |  |
|  Ecovyst, Inc.\* | 86267 | 764326 |  |
|  FutureFuel Corp. | 34370 | 279428 |  |
|  Hawkins, Inc. | 25763 | 994452 |  |
|  HB Fuller Co. | 66404 | 4755854 |  |
|  Ingevity Corp.\* | 49025 | 3453321 |  |
|  Innospec, Inc. | 31771 | 3267965 |  |
|  Intrepid Potash, Inc.\* | 14694 | 424216 |  |
|  Koppers Holdings, Inc. | 22843 | 644173 |  |
|  Kronos Worldwide, Inc. | 20568 | 193339 |  |
|  Livent Corp. (x)\* | 204011 | 4053699 |  |
|  LSB Industries, Inc.\* | 93291 | 1240770 |  |
|  Mativ Holdings, Inc. | 69818 | 1459196 |  |
|  Minerals Technologies, Inc. | 40533 | 2461164 |  |
|  Origin Materials, Inc. (x)\* | 134796 | 621410 |  |
|  Orion Engineered Carbons SA | 77619 | 1382394 |  |
|  Perimeter Solutions SA (x)\* | 156342 | 1428966 |  |
|  PureCycle Technologies, Inc. (x)\* | 136346 | 921699 |  |
|  Quaker Chemical Corp. | 16898 | 2820276 |  |
|  Rayonier Advanced Materials, Inc.\* | 82841 | 795274 |  |
|  Sensient Technologies Corp. | 53832 | 3925429 |  |
|  Stepan Co. | 26692 | 2841630 |  |
|  Tredegar Corp. | 35136 | 359090 |  |
|  Trinseo plc | 45153 | 1025425 |  |
|  Tronox Holdings plc | 150118 | 2058118 |  |
|  Valhi, Inc. | 3234 | 71148 |  |
|  |  | 59999492 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Summit Materials, Inc., Class A\* | 151550 | 4302505 |  |
|  United States Lime & Minerals, Inc. | 2603 | 366398 |  |
|  |  | 4668903 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Cryptyde, Inc. (x)\* | 23592 | 4523 |  |
|  Greif, Inc., Class A | 31850 | 2135861 |  |
|  Greif, Inc., Class B | 6915 | 540960 |  |
|  Myers Industries, Inc. | 48587 | 1080089 |  |
|  O-I Glass, Inc.\* | 194483 | 3222583 |  |
|  Pactiv Evergreen, Inc. | 56058 | 636819 |  |
|  Ranpak Holdings Corp. (x)\* | 44714 | 258000 |  |
|  TriMas Corp. | 53743 | 1490831 |  |
|  |  | 9369666 |  |
|  ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | ***Metals & Mining (1.4%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 37498 | 295484 |  |
|  Alpha Metallurgical Resources, Inc. | 19237 | 2816104 |  |
|  Arconic Corp.\* | 127303 | 2693732 |  |
|  ATI, Inc.\* | 155783 | 4651680 |  |
|  Carpenter Technology Corp. | 61319 | 2265124 |  |
|  Century Aluminum Co.\* | 68311 | 558784 |  |
|  Coeur Mining, Inc.\* | 357478 | 1201126 |  |
|  Commercial Metals Co. | 149934 | 7241812 |  |
|  Compass Minerals International, Inc. | 41795 | 1713595 |  |
|  Constellium SE\* | 162204 | 1918873 |  |
|  Dakota Gold Corp. (x)\* | 65939 | 201114 |  |
|  Haynes International, Inc. | 16316 | 745478 |  |
|  Hecla Mining Co. | 690992 | 3841916 |  |
|  Hycroft Mining Holding Corp. (x)\* | 185675 | 98798 |  |
|  Ivanhoe Electric, Inc. (x)\* | 18312 | 222491 |  |
|  Kaiser Aluminum Corp. | 20321 | 1543583 |  |
|  Materion Corp. | 26201 | 2292850 |  |
|  Novagold Resources, Inc.\* | 317462 | 1898423 |  |
|  Olympic Steel, Inc. (x) | 13564 | 455479 |  |
|  Piedmont Lithium, Inc.\* | 22280 | 980766 |  |
|  PolyMet Mining Corp.\* | 41785 | 110730 |  |
|  Ramaco Resources, Inc. | 28665 | 251965 |  |
|  Ryerson Holding Corp. | 23132 | 699974 |  |
|  Schnitzer Steel Industries, Inc., Class A | 33260 | 1019419 |  |
|  SunCoke Energy, Inc. | 111796 | 964800 |  |
|  TimkenSteel Corp.\* | 59526 | 1081587 |  |
|  Warrior Met Coal, Inc. | 66077 | 2288907 |  |
|  Worthington Industries, Inc. | 39333 | 1955243 |  |
|  |  | 46009837 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 19162 | 724515 |  |
|  Glatfelter Corp. | 57584 | 160083 |  |
|  Resolute Forest Products, Inc.\* | 58962 | 1272990 |  |
|  Sylvamo Corp. | 45559 | 2213712 |  |
|  |  | 4371300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 124419198 |  |
|  **Real Estate (5.8%)** | **Real Estate (5.8%)** | **Real Estate (5.8%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.3%)*** | **** |
|  Acadia Realty Trust (REIT) | 119006 | 1707736 |  |
|  Agree Realty Corp. (REIT) | 110501 | 7837836 |  |
|  Alexander & Baldwin, Inc. (REIT) | 92948 | 1740916 |  |
|  Alexander's, Inc. (REIT) | 2790 | 613967 |  |
|  American Assets Trust, Inc. (REIT) | 63366 | 1679199 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 180216 | 1283138 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 268731 | 4240575 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 88657 | 1019556 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 44230 | 197708 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 4891 | 104227 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Braemar Hotels & Resorts, Inc. (REIT) | 87832 | $| 360990 |  |
|  Brandywine Realty Trust (REIT) | 217805 |  | 1339501 |  |
|  Broadstone Net Lease, Inc. (REIT) | 218480 |  | 3541561 |  |
|  BRT Apartments Corp. (REIT) (x) | 16207 |  | 318305 |  |
|  CareTrust REIT, Inc. (REIT) | 123916 |  | 2302359 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 34165 |  | 788528 |  |
|  Centerspace (REIT) | 19707 |  | 1156210 |  |
|  Chatham Lodging Trust (REIT) | 64103 |  | 786544 |  |
|  City Office REIT, Inc. (REIT) | 52288 |  | 438173 |  |
|  Clipper Realty, Inc. (REIT) | 16358 |  | 104691 |  |
|  Community Healthcare Trust, Inc. (REIT) | 30424 |  | 1089179 |  |
|  Corporate Office Properties Trust (REIT) | 139483 |  | 3618189 |  |
|  CTO Realty Growth, Inc. (REIT) | 22683 |  | 414645 |  |
|  DiamondRock Hospitality Co. (REIT) | 258869 |  | 2120137 |  |
|  Diversified Healthcare Trust (REIT) | 308709 |  | 199673 |  |
|  Easterly Government Properties, Inc. (REIT) | 116994 |  | 1669504 |  |
|  Elme Communities (REIT) | 107433 |  | 1912307 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 169705 |  | 1143812 |  |
|  Equity Commonwealth (REIT) | 132085 |  | 3298162 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 176000 |  | 4130720 |  |
|  Farmland Partners, Inc. (REIT) | 61731 |  | 769168 |  |
|  Four Corners Property Trust, Inc. (REIT) | 105627 |  | 2738908 |  |
|  Franklin Street Properties Corp. (REIT) | 134320 |  | 366694 |  |
|  Getty Realty Corp. (REIT) (x) | 53813 |  | 1821570 |  |
|  Gladstone Commercial Corp. (REIT) | 50263 |  | 929866 |  |
|  Gladstone Land Corp. (REIT) (x) | 41355 |  | 758864 |  |
|  Global Medical REIT, Inc. (REIT) | 78311 |  | 742388 |  |
|  Global Net Lease, Inc. (REIT) | 126835 |  | 1594316 |  |
|  Hersha Hospitality Trust (REIT), Class A | 40301 |  | 343365 |  |
|  Independence Realty Trust, Inc. (REIT) | 283535 |  | 4780400 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 6854 |  | 435160 |  |
|  Industrial Logistics Properties Trust (REIT) | 66090 |  | 216114 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 35637 |  | 3611810 |  |
|  InvenTrust Properties Corp. (REIT) | 83483 |  | 1976043 |  |
|  iStar, Inc. (REIT) | 89300 |  | 681359 |  |
|  Kite Realty Group Trust (REIT) | 273776 |  | 5762985 |  |
|  LTC Properties, Inc. (REIT) | 49430 |  | 1756248 |  |
|  LXP Industrial Trust (REIT) | 345911 |  | 3466028 |  |
|  Macerich Co. (The) (REIT) | 268957 |  | 3028456 |  |
|  National Health Investors, Inc. (REIT) | 55160 |  | 2880455 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 171482 |  | 1016888 |  |
|  NETSTREIT Corp. (REIT) | 64880 |  | 1189250 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 29043 |  | 1263951 |  |
|  Office Properties Income Trust (REIT) | 61499 |  | 821012 |  |
|  One Liberty Properties, Inc. (REIT) | 21598 |  | 479908 |  |
|  Orion Office REIT, Inc. (REIT) (x) | 73216 |  | 625265 |  |
|  Outfront Media, Inc. (REIT) | 182679 |  | 3028818 |  |
|  Paramount Group, Inc. (REIT) | 232723 |  | 1382375 |  |
|  Pebblebrook Hotel Trust (REIT) | 166681 |  | 2231859 |  |
|  Phillips Edison & Co., Inc. (REIT) | 145671 |  | 4638165 |  |
|  Physicians Realty Trust (REIT) | 281220 |  | 4069253 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 157742 |  | 1446494 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 46358 |  | 889146 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 22303 |  | 324063 |  |
|  PotlatchDeltic Corp. (REIT) | 102112 |  | 4491907 |  |
|  Retail Opportunity Investments Corp. (REIT) | 154752 |  | 2325923 |  |
|  RLJ Lodging Trust (REIT) | 206732 |  | 2189292 |  |
|  RPT Realty (REIT) | 111368 |  | 1118135 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 67651 |  | 5532499 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 289142 |  | 3594035 |  |
|  Safehold, Inc. (REIT) (x) | 33185 |  | 949755 |  |
|  Saul Centers, Inc. (REIT) | 15863 |  | 645307 |  |
|  Service Properties Trust (REIT) | 210770 |  | 1536513 |  |
|  SITE Centers Corp. (REIT) | 242926 |  | 3318369 |  |
|  STAG Industrial, Inc. (REIT) | 225956 |  | 7300638 |  |
|  Summit Hotel Properties, Inc. (REIT) | 139097 |  | 1004280 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 272211 |  | 2629558 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) (x) | 130123 |  | 2334407 |  |
|  Terreno Realty Corp. (REIT) | 92845 |  | 5280095 |  |
|  UMH Properties, Inc. (REIT) | 63544 |  | 1023058 |  |
|  Uniti Group, Inc. (REIT) | 304517 |  | 1683979 |  |
|  Universal Health Realty Income Trust (REIT) | 17205 |  | 821195 |  |
|  Urban Edge Properties (REIT) | 140784 |  | 1983647 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 39400 |  | 746630 |  |
|  Veris Residential, Inc. (REIT)\* | 110533 |  | 1760791 |  |
|  Whitestone REIT (REIT) | 63051 |  | 607812 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 146783 |  | 1934600 |  |
|  |  |  | 168037117 |  |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | **** |
|  American Realty Investors, Inc. (x)\* | 1937 |  | 49684 |  |
|  Anywhere Real Estate, Inc.\* | 145261 |  | 928218 |  |
|  Compass, Inc., Class A (x)\* | 357374 |  | 832681 |  |
|  Cushman & Wakefield plc\* | 199200 |  | 2482032 |  |
|  DigitalBridge Group, Inc. | 199284 |  | 2180167 |  |
|  Doma Holdings, Inc. (x)\* | 168144 |  | 76152 |  |
|  Douglas Elliman, Inc. | 96987 |  | 394737 |  |
|  eXp World Holdings, Inc. (x) | 84712 |  | 938609 |  |
|  Forestar Group, Inc.\* | 25290 |  | 389719 |  |
|  FRP Holdings, Inc.\* | 8958 |  | 482478 |  |
|  Kennedy-Wilson Holdings, Inc. | 151544 |  | 2383787 |  |
|  Marcus & Millichap, Inc. | 30949 |  | 1066193 |  |
|  Newmark Group, Inc., Class A | 175109 |  | 1395619 |  |
|  Offerpad Solutions, Inc. (x)\* | 84690 |  | 39000 |  |
|  RE/MAX Holdings, Inc., Class A | 24819 |  | 462626 |  |
|  Redfin Corp. (x)\* | 136373 |  | 578221 |  |
|  RMR Group, Inc. (The), Class A | 19637 |  | 554745 |  |
|  St Joe Co. (The) | 44217 |  | 1708987 |  |
|  Stratus Properties, Inc. | 7948 |  | 153317 |  |
|  Tejon Ranch Co.\* | 26978 |  | 508266 |  |
|  Transcontinental Realty Investors, Inc.\* | 1627 |  | 71881 |  |
|  |  |  | 17677119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 185714236 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |  |
|  ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | **** |
|  ALLETE, Inc. | 71949 | $4641430 |  |
|  MGE Energy, Inc. | 46715 | 3288736 |  |
|  Otter Tail Corp. | 52779 | 3098655 |  |
|  PNM Resources, Inc. | 109664 | 5350507 |  |
|  Portland General Electric Co. (x) | 112021 | 5489029 |  |
|  Via Renewables, Inc. | 17159 | 87682 |  |
|  |  | 21956039 |  |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 123307 | 4796642 |  |
|  Chesapeake Utilities Corp. | 22342 | 2640378 |  |
|  New Jersey Resources Corp. | 121538 | 6030716 |  |
|  Northwest Natural Holding Co. | 42597 | 2027191 |  |
|  ONE Gas, Inc. | 67886 | 5140328 |  |
|  South Jersey Industries, Inc. | 154214 | 5479223 |  |
|  Southwest Gas Holdings, Inc. | 84200 | 5210296 |  |
|  Spire, Inc. | 63335 | 4361248 |  |
|  |  | 35686022 |  |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | **** |
|  Altus Power, Inc. (x)\* | 52332 | 341205 |  |
|  Clearway Energy, Inc., Class A | 44684 | 1336945 |  |
|  Clearway Energy, Inc., Class C | 102221 | 3257783 |  |
|  Montauk Renewables, Inc.\* | 82632 | 911431 |  |
|  Ormat Technologies, Inc. | 61693 | 5335211 |  |
|  Sunnova Energy International, Inc. (x)\* | 127400 | 2294474 |  |
|  |  | 13477049 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 91033 | 4036403 |  |
|  Black Hills Corp. | 81359 | 5722792 |  |
|  NorthWestern Corp. | 73242 | 4346180 |  |
|  Unitil Corp. | 20390 | 1047231 |  |
|  |  | 15152606 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  American States Water Co. | 46336 | 4288397 |  |
|  Artesian Resources Corp., Class A | 10913 | 639283 |  |
|  California Water Service Group | 68063 | 4127340 |  |
|  Global Water Resources, Inc. | 18972 | 251948 |  |
|  Middlesex Water Co. | 22280 | 1752768 |  |
|  Pure Cycle Corp.\* | 25805 | 270436 |  |
|  SJW Group | 33445 | 2715400 |  |
|  York Water Co. (The) | 17159 | 771812 |  |
|  |  | 14817384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 101089100 |  |
|  **Total Common Stocks (90.5%)****<br> *(Cost $2,511,335,656)* |  | 2884211975 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring 1/17/23 (x)\* | 38637 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | **** |
|  Aduro Biotech, Inc., CVR (r)\* | 23102 |  |  |
|  Oncternal Therapeutics, Inc., CVR (r) (x)\* | 987 |  |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Zogenix, Inc., CVR\* | 75184 | 75183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 75183 |  |
|  **Total Rights (0.0%)†****<br> *(Cost $58,656)* |  | 75183 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (4.1%)** | **Investment Companies (4.1%)** | **Investment Companies (4.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 8000000 | 8000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 123125722 | 123187285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 131187285 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (4.1%)** | **Repurchase Agreements (4.1%)** | **Repurchase Agreements (4.1%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $4,001,902, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $4,081,940. (xx) | $4000000 | 4000000 |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $11,963,442, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $12,197,019. (xx) | 11957861 | 11957861 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 | 10000000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $63,003,082, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $68,540,247. (xx) | 62948614 | 62948614 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $17,514,632, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $17,850,002. (xx) | $| 17500000 | $17500000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $2,980,905, collateralized by various Common Stocks; total market value $3,315,667. (xx) |  | 2979446 | 2979446 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $20,009,800, collateralized by various Common Stocks; total market value $22,256,942. (xx) |  | 20000000 | 20000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,000,978, collateralized by various Common Stocks; total market value $2,221,293. (xx) |  | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 131385921 |
|  **Total Short-Term Investments (8.2%)**<br> *(Cost $262,492,781)* |  |  | 262573206 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $2,773,887,093)* | **Total Investments in Securities (98.7%)**<br> *(Cost $2,773,887,093)* | **Total Investments in Securities (98.7%)**<br> *(Cost $2,773,887,093)* | 3146860364 |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 42285328 |
|  **Net Assets (100%)** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;3189145692 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $1,659,578 or 0.1% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $174,541,071. This was collateralized by $41,804,091 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/12/23 – 2/15/52 and by cash of $139,385,921 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 116260 | 2302187 |  | (236697) | 29394 | (654422) | 1440462 | 230282 |  |
|  **Thrifts & Mortgage Finance** |  |  |  |  |  |  |  |  |  |
|  PennyMac Financial Services, Inc. | 35993 | 2923014 |  | (319016) | 69881 | (634516) | 2039363 | 31588 |  |
|  **Total** |  | **5225201** |  | **(555713)** | **99275** | **(1288938)** | **3479825** | **261870** |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 3445 | 3/2023 | USD | 305037525 | (9135281) |
|  |  |  |  |  | (9135281) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $74798550 | $— | $— | $74798550 |
|  Consumer Discretionary | 300338465 |  |  | 300338465 |
|  Consumer Staples | 104101480 |  | — (a) | 104101480 |
|  Energy | 196301791 |  |  | 196301791 |
|  Financials | 495720103 |  |  | 495720103 |
|  Health Care | 485840710 |  | — (a) | 485840710 |
|  Industrials | 449677314 |  |  | 449677314 |
|  Information Technology | 366211028 |  |  | 366211028 |
|  Materials | 124419198 |  |  | 124419198 |
|  Real Estate | 185714236 |  |  | 185714236 |
|  Utilities | 101089100 |  |  | 101089100 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 75183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (a) | 75183 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 131187285 |  |  | 131187285 |
|  Repurchase Agreements |  | 131385921 |  | 131385921 |
|  **Total Assets** | $**3015399260** | $**131461104** | $**—** | $**3146860364** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(9135281) | $— | $— | $(9135281) |
|  **Total Liabilities** | $**(9135281)** | $**—** | $**—** | $**(9135281)** |
|  **Total** | $**3006263979** | $**131461104** | $**—** | $**3137725083** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9135281 |
|  **Total** |  | $(9135281) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(135569800) | $(135569800) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135569800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135569800) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(14916270) | $(14916270) |
|  **Total** | $(14916270) | $(14916270) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $289,048,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 9%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484021517 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 14%)\* | $743212141 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1038014614 |
|  Aggregate gross unrealized depreciation | (659945127) |
|  Net unrealized appreciation | $378069487 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759655596 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $3,496,875) | $3479825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,639,004,297) | 3011994618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $131,385,921) | 131385921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 158377146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 22399600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4014292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 375175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 25127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3332066069 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 139385921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1222754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1086627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 716806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 360964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 89468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 57826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 142920377 |
|  **NET ASSETS** | $3189145692 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2971265984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 217879708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3189145692 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $411,368,478 / 24,401,572 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.86 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,777,777,214 / 163,115,996 shares outstanding (unlimited amount authorized: $0.01 par value) | $17.03 |

---

*(x)* *Includes value of securities on loan of $174,541,071.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($261,870 of dividend income received from affiliates) (net of $68,712 foreign withholding tax) | $47489663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2153886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4948668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 54592217 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 15916484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4473248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1172286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 154076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 138300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 134956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 120466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 114036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 22223852 |
|  **NET INVESTMENT INCOME (LOSS)** | 32368365 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($99,275 realized gain (loss) from affiliates) | 82112046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (135569800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53457754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(1288938) of change in unrealized appreciation (depreciation) from affiliates) | (923234120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14916270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (938150390) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (991608144) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(959239779) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $32368365 | $21990192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53457754) | 637325311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (938150390) | (6755554) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (959239779) | 652559949 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (11752541) | (94184949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (86922883) | (625145612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (98675424) | (719330561) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 830,214 and 2,211,237 shares, respectively ] | 15691551 | 58471163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 685,834 and 4,198,581 shares, respectively ] | 11752541 | 94184949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3155302) and (5807544) shares, respectively ] | (58125624) | (152458368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (30681532) | 197744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 24,351,345 and 3,800,507 shares, respectively ] | 439104869 | 101378007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,008,176 and 27,592,264 shares, respectively ] | 86922883 | 625145612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (35987920) and (36061264) shares, respectively ] | (660162345) | (946242546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (134134593) | (219718927) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (164816125) | (219521183) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1222731328) | (286291795) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4411877020 | 4698168815 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3189145692 | $4411877020 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/2000 MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $22.34 | $23.34 | $20.63 | $17.43 | $21.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.06 (aa) | 0.10 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.11) | 3.11 | 3.82 | 4.09 | (2.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.99) | 3.17 | 3.92 | 4.24 | (2.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.10) | (0.15) | (0.17) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.35) | (4.07) | (1.06) | (0.87) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (4.17) | (1.21) | (1.04) | (1.53) |
|  Net asset value, end of year | $16.86 | $22.34 | $23.34 | $20.63 | $17.43 |
|  Total return | (22.40)% | 13.92% | 19.31% | 24.41% | (11.91)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $411368 | $581771 | $593742 | $556136 | $496605 |
|  Ratio of expenses to average net assets (f) | 0.83% | 0.82 %(g) | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.67% | 0.25 %(bb) | 0.52% | 0.75% | 0.66% |
|  Portfolio turnover rate^ | 15% | 19% | 32% | 18% | 19% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $22.56 | $23.53 | $20.78 | $17.54 | $21.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.13 (aa) | 0.15 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.17) | 3.13 | 3.86 | 4.13 | (2.62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.00) | 3.26 | 4.01 | 4.33 | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.16) | (0.20) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.35) | (4.07) | (1.06) | (0.87) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.53) | (4.23) | (1.26) | (1.09) | (1.59) |
|  Net asset value, end of year | $17.03 | $22.56 | $23.53 | $20.78 | $17.54 |
|  Total return | (22.20)% | 14.20% | 19.59% | 24.77% | (11.72)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707319 |
|  Ratio of expenses to average net assets (f) | 0.58% | 0.57 %(g) | 0.58% | 0.58% | 0.58% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.93% | 0.50 %(bb) | 0.77% | 1.00% | 0.93% |
|  Portfolio turnover rate^ | 15% | 19% | 32% | 18% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.05 and $0.11 for Class IB and Class K respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

------

**EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> BlackRock Investment Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g04z33.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.94)% | 0.83% | 3.65 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (14.77) | 1.08 | 3.90 |  |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 1.54 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.94)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI EAFE<sup>®</sup> Index, which returned (11.94)% and (14.45)%, respectively.

**Portfolio Highlights** 

The Portfolio is divided into two portions; one portion utilizes a passive investment index style focused on equity securities of large-capitalization companies, and the other portion utilizes an actively managed futures strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time. This is one type of volatility management, which relies on certain quantitative market metrics to indicate that market volatility is high or is likely to increase — and generally triggers a defensive reduction in equity exposure.

In 2022, the MSCI EAFE Index fell 14.5%. During this period, equity market volatility remained at historically high levels by multiple measures, including the Cboe Volatility Index (the VIX) and the 21-day realized volatility level. In the first half of the year, the Portfolio reduced its equity exposure for around 36 days, sometimes by as much as 17%.

***What helped performance during the year:***

• Energy was the only positive sector during the period.

• The stocks that contributed most to performance were Novo Nordisk A/S, TotalEnergies SE, BHP Group Ltdastraz., AstraZeneca
plc, BP plc and Shell plc.

***What hurt performance during the year:***

• The sectors that detracted most from performance were Industrials, Information Technology, Consumer Discretionary, Health
Care and Consumer Staples.

• The stocks that detracted most from performance were ASML Holding NV, Roche Holding AG, Sony Group Corp. and Nestle SA.

• One principal risk of this strategy is that the Portfolio may be de-equitized when market values are increasing but market
volatility is high. This was the situation from time to time during the year, when international developed-market equities rallied off their lows, for instance during choppy markets in February and March, and also gains in October and November.
These periods account for a slight drag on absolute performance, but also a lag in risk mitigation compared to the broad market.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $333252235 | 16.8% |
| &nbsp;&nbsp;&nbsp; Industrials | 268941946 | 13.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 242487498 | 12.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 198255430 | 10 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 187069477 | 9.4 |
| &nbsp;&nbsp;&nbsp; Materials | 139624468 | 7.1 |
| &nbsp;&nbsp;&nbsp; Information Technology | 139584838 | 7 |
| &nbsp;&nbsp;&nbsp; Energy | 88875761 | 4.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 80414630 | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 62119260 | 3.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 46796351 | 2.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 20752589 | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 175249619 | 8.8 |
|  |  | 100.0% |

---

------

**EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1062.30 | $4.56 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.78 | 4.47 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1063.60 | 3.26 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.04 | 3.20 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (7.5%)** | **Australia (7.5%)** | **Australia (7.5%)** |
|  Ampol Ltd. | 28680 | $552217 |
|  ANZ Group Holdings Ltd.\* | 376974 | 6072641 |
|  APA Group | 145837 | 1068394 |
|  Aristocrat Leisure Ltd. | 73546 | 1528252 |
|  ASX Ltd. | 24807 | 1148847 |
|  Aurizon Holdings Ltd. | 220504 | 559985 |
|  BHP Group Ltd. (ASE Stock Exchange) | 368229 | 11439839 |
|  BHP Group Ltd. (London Stock Exchange) | 265671 | 8254402 |
|  BlueScope Steel Ltd. | 58975 | 676179 |
|  Brambles Ltd. | 177256 | 1456665 |
|  Cochlear Ltd. | 8169 | 1135288 |
|  Coles Group Ltd. | 168669 | 1920096 |
|  Commonwealth Bank of Australia | 212337 | 14832846 |
|  Dexus (REIT) | 134183 | 708028 |
|  Endeavour Group Ltd. | 165078 | 721565 |
|  Flutter Entertainment plc\* | 21059 | 2880945 |
|  Fortescue Metals Group Ltd. | 209021 | 2918818 |
|  Glencore plc | 1226852 | 8193212 |
|  Goodman Group (REIT) | 210428 | 2487166 |
|  GPT Group (The) (REIT) | 246625 | 705241 |
|  IDP Education Ltd. (x) | 26203 | 484900 |
|  IGO Ltd. | 85283 | 781554 |
|  Insurance Australia Group Ltd. | 300295 | 971165 |
|  Lendlease Corp. Ltd. | 85624 | 457049 |
|  Lottery Corp. Ltd. (The)\* | 271973 | 829574 |
|  Macquarie Group Ltd. | 46210 | 5252909 |
|  Medibank Pvt Ltd. | 330611 | 664035 |
|  Mineral Resources Ltd. | 20823 | 1094491 |
|  Mirvac Group (REIT) | 464275 | 673296 |
|  National Australia Bank Ltd. | 399426 | 8174793 |
|  Newcrest Mining Ltd. | 111782 | 1570844 |
|  Northern Star Resources Ltd. | 150207 | 1115749 |
|  Orica Ltd. | 52979 | 543226 |
|  Origin Energy Ltd. | 216830 | 1139694 |
|  Pilbara Minerals Ltd.\* | 317465 | 810548 |
|  Qantas Airways Ltd.\* | 105752 | 432727 |
|  QBE Insurance Group Ltd. | 186482 | 1705157 |
|  Ramsay Health Care Ltd. | 23581 | 1038767 |
|  REA Group Ltd. | 6309 | 475939 |
|  Reece Ltd. | 28159 | 271285 |
|  Rio Tinto Ltd. | 46985 | 3723925 |
|  Rio Tinto plc | 139910 | 9806980 |
|  Santos Ltd. | 403071 | 1959437 |
|  Scentre Group (REIT) | 645289 | 1265314 |
|  SEEK Ltd. | 43706 | 623414 |
|  Sonic Healthcare Ltd. | 59570 | 1215530 |
|  South32 Ltd. | 585776 | 1595302 |
|  Stockland (REIT) | 294244 | 727220 |
|  Suncorp Group Ltd. | 154553 | 1266938 |
|  Telstra Group Ltd. | 508343 | 1380960 |
|  Transurban Group | 383675 | 3390702 |
|  Treasury Wine Estates Ltd. | 92721 | 859187 |
|  Vicinity Ltd. (REIT) | 475722 | 647791 |
|  Washington H Soul Pattinson & Co. Ltd. | 28300 | 532954 |
|  Wesfarmers Ltd. | 141133 | 4411510 |
|  Westpac Banking Corp. | 435668 | 6926183 |
|  WiseTech Global Ltd. | 18259 | 630906 |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 188266 | 4542734 |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 48007 | 1154959 |
|  Woolworths Group Ltd. | 152140 | 3476296 |
|  |  | 147886570 |
|  **Austria (0.2%)** | **Austria (0.2%)** | **Austria (0.2%)** |
|  Erste Group Bank AG | 42287 | 1353457 |
|  Mondi plc | 60646 | 1033417 |
|  OMV AG | 18936 | 974989 |
|  Verbund AG | 9021 | 759486 |
|  voestalpine AG | 14333 | 380194 |
|  |  | 4501543 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 20554 | 911324 |
|  Anheuser-Busch InBev SA/NV | 108085 | 6510416 |
|  D'ieteren Group | 3099 | 594465 |
|  Elia Group SA/NV | 4231 | 601461 |
|  Groupe Bruxelles Lambert SA (Swiss Stock exchange) | 6489 | 519962 |
|  Groupe Bruxelles Lambert SA (Turquoise Stock Exchange) | 6168 | 492417 |
|  KBC Group NV | 31614 | 2033180 |
|  Sofina SA | 1780 | 391750 |
|  Solvay SA | 9409 | 951388 |
|  UCB SA | 16038 | 1262869 |
|  Umicore SA | 26963 | 990563 |
|  Warehouses De Pauw CVA (REIT) | 18525 | 529463 |
|  |  | 15789258 |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Yara International ASA | 19902 | 874755 |
|  **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** |
|  Antofagasta plc | 50216 | 938252 |
|  **China (0.6%)** | **China (0.6%)** | **China (0.6%)** |
|  BOC Hong Kong Holdings Ltd. | 455000 | 1550583 |
|  Budweiser Brewing Co. APAC Ltd. (m) | 209800 | 659871 |
|  ESR Group Ltd. (m) | 243800 | 511623 |
|  Prosus NV\* | 104933 | 7239380 |
|  SITC International Holdings Co. Ltd. | 172000 | 382543 |
|  Wilmar International Ltd. | 248000 | 772107 |
|  Xinyi Glass Holdings Ltd. | 230000 | 428444 |
|  |  | 11544551 |
|  **Denmark (2.7%)** | **Denmark (2.7%)** | **Denmark (2.7%)** |
|  AP Moller - Maersk A/S, Class A | 382 | 845186 |
|  AP Moller - Maersk A/S, Class B | 626 | 1407572 |
|  Carlsberg A/S, Class B | 11837 | 1573087 |
|  Chr Hansen Holding A/S | 13708 | 986049 |
|  Coloplast A/S, Class B | 15033 | 1757183 |
|  Danske Bank A/S | 83369 | 1647746 |
|  Demant A/S\* | 13406 | 371585 |
|  DSV A/S | 23266 | 3672363 |
|  Genmab A/S\* | 8203 | 3472825 |
|  Novo Nordisk A/S, Class B | 207149 | 27970542 |
|  Novozymes A/S, Class B | 25210 | 1277048 |
|  Orsted A/S (m) | 23666 | 2150680 |
|  Pandora A/S | 11972 | 841184 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  ROCKWOOL A/S, Class B | 1141 | $| 268218 |
|  Tryg A/S | 45315 |  | 1078602 |
|  Vestas Wind Systems A/S | 124340 |  | 3617365 |
|  |  |  | 52937235 |
|  **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** | **Finland (1.1%)** |
|  Elisa OYJ | 17323 |  | 917157 |
|  Fortum OYJ | 55188 |  | 918041 |
|  Kesko OYJ, Class B | 34715 |  | 766253 |
|  Kone OYJ, Class B | 43323 |  | 2239918 |
|  Neste OYJ | 52766 |  | 2429914 |
|  Nokia OYJ | 670113 |  | 3103854 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 6394 |  | 68650 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 418004 |  | 4473729 |
|  Orion OYJ, Class B | 13812 |  | 757586 |
|  Sampo OYJ, Class A | 60564 |  | 3165037 |
|  Stora Enso OYJ, Class R | 70500 |  | 992387 |
|  UPM-Kymmene OYJ | 65475 |  | 2448164 |
|  Wartsila OYJ Abp | 55498 |  | 467421 |
|  |  |  | 22748111 |
|  **France (9.9%)** | **France (9.9%)** | **France (9.9%)** | **France (9.9%)** |
|  Accor SA\* | 20875 |  | 521771 |
|  Adevinta ASA\* | 29558 |  | 197922 |
|  Aeroports de Paris\* | 3476 |  | 465855 |
|  Air Liquide SA | 65784 |  | 9323407 |
|  Airbus SE | 74408 |  | 8842748 |
|  Alstom SA (x) | 39764 |  | 971342 |
|  Amundi SA (m) | 8092 |  | 459090 |
|  Arkema SA | 7325 |  | 657707 |
|  AXA SA | 232575 |  | 6486650 |
|  BioMerieux | 5478 |  | 574196 |
|  BNP Paribas SA | 140091 |  | 7985392 |
|  Bollore SE | 104213 |  | 582316 |
|  Bouygues SA | 29304 |  | 879572 |
|  Bureau Veritas SA | 37819 |  | 996295 |
|  Capgemini SE | 20706 |  | 3456591 |
|  Carrefour SA | 75303 |  | 1260711 |
|  Cie de Saint-Gobain | 62065 |  | 3032871 |
|  Cie Generale des Etablissements Michelin SCA | 85035 |  | 2365303 |
|  Covivio (REIT) | 6038 |  | 358394 |
|  Credit Agricole SA | 147024 |  | 1547221 |
|  Danone SA | 79654 |  | 4197627 |
|  Dassault Aviation SA | 2970 |  | 502955 |
|  Dassault Systemes SE | 83844 |  | 3006203 |
|  Edenred | 30741 |  | 1674293 |
|  Eiffage SA | 10529 |  | 1036009 |
|  Electricite de France SA | 69992 |  | 899075 |
|  Engie SA | 228140 |  | 3269516 |
|  EssilorLuxottica SA (Borsa Italiana Stock Exchange) | 11323 |  | 2048399 |
|  EssilorLuxottica SA (Turquoise Stock Exchange) | 25068 |  | 4540320 |
|  Eurazeo SE | 6233 |  | 387650 |
|  Gecina SA (REIT) | 5317 |  | 541554 |
|  Getlink SE | 54567 |  | 874708 |
|  Hermes International | 3941 |  | 6095940 |
|  Ipsen SA | 4385 |  | 471739 |
|  Kering SA | 9321 |  | 4744379 |
|  Klepierre SA (REIT)\* | 28147 |  | 648698 |
|  La Francaise des Jeux SAEM (m) | 13552 |  | 545163 |
|  Legrand SA | 33529 |  | 2685373 |
|  L'Oreal SA | 30313 |  | 10824837 |
|  LVMH Moet Hennessy Louis Vuitton SE | 34686 |  | 25244435 |
|  Orange SA | 245893 |  | 2442909 |
|  Pernod Ricard SA | 26070 |  | 5127844 |
|  Publicis Groupe SA | 28612 |  | 1819899 |
|  Remy Cointreau SA | 3068 |  | 517581 |
|  Renault SA\* | 23400 |  | 783393 |
|  Safran SA | 42532 |  | 5323178 |
|  Sanofi | 142812 |  | 13734120 |
|  Sartorius Stedim Biotech | 3467 |  | 1122653 |
|  SEB SA | 3082 |  | 258157 |
|  Societe Generale SA | 99046 |  | 2489439 |
|  Sodexo SA | 10952 |  | 1049025 |
|  Teleperformance | 7627 |  | 1818195 |
|  Thales SA | 13361 |  | 1706262 |
|  TotalEnergies SE | 311352 |  | 19547268 |
|  Ubisoft Entertainment SA\* | 12028 |  | 340039 |
|  Unibail-Rodamco-Westfield (REIT)\* | 14933 |  | 777352 |
|  Valeo | 27370 |  | 489280 |
|  Veolia Environnement SA | 81798 |  | 2101456 |
|  Vinci SA | 67409 |  | 6731617 |
|  Vivendi SE | 92834 |  | 885821 |
|  Wendel SE | 3045 |  | 284230 |
|  Worldline SA (m)\* | 30150 |  | 1178972 |
|  |  |  | 195732917 |
|  **Germany (7.2%)** | **Germany (7.2%)** | **Germany (7.2%)** | **Germany (7.2%)** |
|  adidas AG | 21514 |  | 2935361 |
|  Allianz SE (Registered) | 51302 |  | 11032670 |
|  Aroundtown SA | 118122 |  | 276027 |
|  BASF SE | 116256 |  | 5773061 |
|  Bayer AG (Registered) | 122249 |  | 6323879 |
|  Bayerische Motoren Werke AG | 41565 |  | 3709848 |
|  Bayerische Motoren Werke AG (Preference) (q) | 6767 |  | 576239 |
|  Bechtle AG | 10218 |  | 361606 |
|  Beiersdorf AG | 12456 |  | 1429354 |
|  Brenntag SE | 19514 |  | 1247477 |
|  Carl Zeiss Meditec AG | 5130 |  | 647437 |
|  Commerzbank AG\* | 132394 |  | 1252248 |
|  Continental AG | 14134 |  | 846963 |
|  Covestro AG (m) | 24229 |  | 947958 |
|  Daimler Truck Holding AG\* | 56370 |  | 1746578 |
|  Deutsche Bank AG (Registered) | 261970 |  | 2969148 |
|  Deutsche Boerse AG | 23768 |  | 4106412 |
|  Deutsche Lufthansa AG (Registered)\* | 72330 |  | 601210 |
|  Deutsche Post AG (Registered) | 123347 |  | 4645055 |
|  Deutsche Telekom AG (Registered) | 408284 |  | 8145693 |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 13914 |  | 1411229 |
|  E.ON SE | 281270 |  | 2810332 |
|  Evonik Industries AG | 24597 |  | 472226 |
|  Fresenius Medical Care AG & Co. KGaA | 25333 |  | 828988 |
|  Fresenius SE & Co. KGaA | 53131 |  | 1492945 |
|  GEA Group AG | 19055 |  | 779182 |
|  Hannover Rueck SE | 7354 |  | 1460273 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  HeidelbergCement AG | 18596 | $| 1060596 |
|  HelloFresh SE\* | 19689 |  | 432692 |
|  Henkel AG & Co. KGaA | 12390 |  | 799088 |
|  Henkel AG & Co. KGaA (Preference) (q) | 22362 |  | 1556410 |
|  Infineon Technologies AG | 162504 |  | 4945467 |
|  Knorr-Bremse AG | 9377 |  | 512320 |
|  LEG Immobilien SE | 9264 |  | 603527 |
|  Mercedes-Benz Group AG | 99845 |  | 6562376 |
|  Merck KGaA | 16355 |  | 3167054 |
|  MTU Aero Engines AG | 6762 |  | 1463601 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 17440 |  | 5675269 |
|  Nemetschek SE | 7705 |  | 393338 |
|  Porsche Automobil Holding SE (Preference) (q) | 19644 |  | 1077471 |
|  Puma SE | 12970 |  | 787208 |
|  Rational AG | 634 |  | 376659 |
|  Rheinmetall AG | 5425 |  | 1080428 |
|  RWE AG | 79957 |  | 3559687 |
|  SAP SE | 130861 |  | 13502326 |
|  Sartorius AG (Preference) (q) | 2975 |  | 1176387 |
|  Scout24 SE (m) | 10145 |  | 509646 |
|  Siemens AG (Registered) | 95939 |  | 13313756 |
|  Siemens Energy AG | 56167 |  | 1056679 |
|  Siemens Healthineers AG (m) | 34780 |  | 1739770 |
|  Symrise AG | 17004 |  | 1850226 |
|  Telefonica Deutschland Holding AG | 145427 |  | 358513 |
|  United Internet AG (Registered) | 12524 |  | 253245 |
|  Volkswagen AG | 3804 |  | 601230 |
|  Volkswagen AG (Preference) (q) | 23465 |  | 2924250 |
|  Vonovia SE | 89760 |  | 2115761 |
|  Zalando SE (m)\* | 26753 |  | 948196 |
|  |  |  | 143232575 |
|  **Hong Kong (2.5%)** | **Hong Kong (2.5%)** | **Hong Kong (2.5%)** | **Hong Kong (2.5%)** |
|  AIA Group Ltd. | 1498812 |  | 16667441 |
|  CK Asset Holdings Ltd. | 245152 |  | 1509145 |
|  CK Infrastructure Holdings Ltd. | 86000 |  | 450083 |
|  CLP Holdings Ltd. | 202500 |  | 1477477 |
|  Futu Holdings Ltd. (ADR) (x)\* | 8369 |  | 340200 |
|  Hang Lung Properties Ltd. | 240000 |  | 469211 |
|  Hang Seng Bank Ltd. | 96200 |  | 1599749 |
|  Henderson Land Development Co. Ltd. | 187025 |  | 652932 |
|  HK Electric Investments & HK Electric Investments Ltd. (m) | 333500 |  | 220896 |
|  HKT Trust & HKT Ltd. | 459013 |  | 562780 |
|  Hong Kong & China Gas Co. Ltd. | 1364722 |  | 1297329 |
|  Hong Kong Exchanges & Clearing Ltd. | 147558 |  | 6374592 |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 143700 |  | 641620 |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 600 |  | 2760 |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 17900 |  | 912900 |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 1900 |  | 96710 |
|  Link REIT (REIT) | 255900 |  | 1878568 |
|  MTR Corp. Ltd. | 187500 |  | 993296 |
|  New World Development Co. Ltd. | 188621 |  | 531636 |
|  Power Assets Holdings Ltd. | 170500 |  | 933819 |
|  Prudential plc | 344029 |  | 4689429 |
|  Sino Land Co. Ltd. | 483172 |  | 604162 |
|  Sun Hung Kai Properties Ltd. | 180500 |  | 2469736 |
|  Swire Pacific Ltd., Class A | 60000 |  | 528093 |
|  Swire Properties Ltd. | 138800 |  | 352804 |
|  Techtronic Industries Co. Ltd. | 172000 |  | 1919326 |
|  WH Group Ltd. (m) | 1133103 |  | 659064 |
|  Wharf Real Estate Investment Co. Ltd. | 205900 |  | 1200245 |
|  |  |  | 50036003 |
|  **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** |
|  AerCap Holdings NV\* | 16501 |  | 962339 |
|  AIB Group plc | 133813 |  | 517956 |
|  Bank of Ireland Group plc | 133932 |  | 1275971 |
|  CRH plc | 95853 |  | 3797442 |
|  Kerry Group plc, Class A | 19445 |  | 1753447 |
|  Kingspan Group plc | 19272 |  | 1043451 |
|  Smurfit Kappa Group plc | 29760 |  | 1100964 |
|  |  |  | 10451570 |
|  **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  Azrieli Group Ltd. | 4926 |  | 327807 |
|  Bank Hapoalim BM | 158189 |  | 1429637 |
|  Bank Leumi Le-Israel BM | 192294 |  | 1605963 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 258355 |  | 446054 |
|  Check Point Software Technologies Ltd.\* | 12857 |  | 1622039 |
|  Elbit Systems Ltd. | 3155 |  | 514247 |
|  ICL Group Ltd. | 94201 |  | 682177 |
|  Israel Discount Bank Ltd., Class A | 153744 |  | 809608 |
|  Mizrahi Tefahot Bank Ltd. | 19694 |  | 638955 |
|  Nice Ltd.\* | 7981 |  | 1547988 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 140633 |  | 1282573 |
|  Tower Semiconductor Ltd.\* | 13585 |  | 593111 |
|  Wix.com Ltd.\* | 7243 |  | 556480 |
|  ZIM Integrated Shipping Services Ltd. (x) | 10445 |  | 179550 |
|  |  |  | 12236189 |
|  **Italy (1.8%)** | **Italy (1.8%)** | **Italy (1.8%)** | **Italy (1.8%)** |
|  Amplifon SpA | 15662 |  | 466413 |
|  Assicurazioni Generali SpA | 139631 |  | 2483411 |
|  Coca-Cola HBC AG\* | 25890 |  | 617543 |
|  Davide Campari-Milano NV | 60150 |  | 610652 |
|  DiaSorin SpA | 3041 |  | 424483 |
|  Enel SpA | 1029893 |  | 5545318 |
|  Eni SpA | 314067 |  | 4466660 |
|  Ferrari NV | 15874 |  | 3401863 |
|  FinecoBank Banca Fineco SpA | 75921 |  | 1261305 |
|  Infrastrutture Wireless Italiane SpA (m) | 45293 |  | 456427 |
|  Intesa Sanpaolo SpA | 2100183 |  | 4671637 |
|  Mediobanca Banca di Credito Finanziario SpA | 79319 |  | 762805 |
|  Moncler SpA | 26828 |  | 1421543 |
|  Nexi SpA (m)\* | 69067 |  | 544589 |
|  Poste Italiane SpA (m) | 66421 |  | 648862 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Prysmian SpA | 31222 | $| 1158392 |
|  Recordati Industria Chimica e Farmaceutica SpA | 13850 |  | 574497 |
|  Snam SpA | 250129 |  | 1212107 |
|  Telecom Italia SpA (x)\* | 1086535 |  | 251574 |
|  Terna - Rete Elettrica Nazionale | 173416 |  | 1280869 |
|  UniCredit SpA | 240394 |  | 3415281 |
|  |  |  | 35676231 |
|  **Japan (19.8%)** | **Japan (19.8%)** | **Japan (19.8%)** | **Japan (19.8%)** |
|  Advantest Corp. | 24100 |  | 1557208 |
|  Aeon Co. Ltd. | 84000 |  | 1781256 |
|  AGC, Inc. (x) | 23000 |  | 770230 |
|  Aisin Corp. | 17500 |  | 470703 |
|  Ajinomoto Co., Inc. | 58600 |  | 1799883 |
|  ANA Holdings, Inc.\* | 21200 |  | 452301 |
|  Asahi Group Holdings Ltd. | 58100 |  | 1823483 |
|  Asahi Intecc Co. Ltd. | 26300 |  | 433657 |
|  Asahi Kasei Corp. | 155600 |  | 1116137 |
|  Astellas Pharma, Inc. | 231100 |  | 3533238 |
|  Azbil Corp. (x) | 15100 |  | 382562 |
|  Bandai Namco Holdings, Inc. | 25500 |  | 1615414 |
|  Bridgestone Corp. (x) | 72500 |  | 2591416 |
|  Brother Industries Ltd. | 28000 |  | 428193 |
|  Canon, Inc. (x) | 125300 |  | 2726258 |
|  Capcom Co. Ltd. | 21600 |  | 692898 |
|  Central Japan Railway Co. | 17600 |  | 2173179 |
|  Chiba Bank Ltd. (The) | 58900 |  | 431742 |
|  Chubu Electric Power Co., Inc. | 83800 |  | 869671 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 85700 |  | 2199311 |
|  Concordia Financial Group Ltd. | 138600 |  | 580844 |
|  CyberAgent, Inc. | 54400 |  | 484145 |
|  Dai Nippon Printing Co. Ltd. | 26700 |  | 539127 |
|  Daifuku Co. Ltd. | 12300 |  | 579198 |
|  Dai-ichi Life Holdings, Inc. | 123400 |  | 2815145 |
|  Daiichi Sankyo Co. Ltd. | 218100 |  | 7062824 |
|  Daikin Industries Ltd. | 31100 |  | 4786803 |
|  Daito Trust Construction Co. Ltd. | 8000 |  | 825358 |
|  Daiwa House Industry Co. Ltd. | 74700 |  | 1729757 |
|  Daiwa House REIT Investment Corp. (REIT) | 264 |  | 590198 |
|  Daiwa Securities Group, Inc. | 157400 |  | 699209 |
|  Denso Corp. | 53200 |  | 2649461 |
|  Dentsu Group, Inc. (x) | 27981 |  | 883734 |
|  Disco Corp. | 3700 |  | 1064272 |
|  East Japan Railway Co. | 38109 |  | 2183631 |
|  Eisai Co. Ltd. | 31400 |  | 2082487 |
|  ENEOS Holdings, Inc. | 374390 |  | 1278015 |
|  FANUC Corp. | 24200 |  | 3657475 |
|  Fast Retailing Co. Ltd. | 7200 |  | 4417982 |
|  Fuji Electric Co. Ltd. | 15800 |  | 605562 |
|  FUJIFILM Holdings Corp. | 45300 |  | 2286746 |
|  Fujitsu Ltd. | 24500 |  | 3288384 |
|  GLP J-REIT (REIT) | 495 |  | 570661 |
|  GMO Payment Gateway, Inc. | 5100 |  | 424352 |
|  Hakuhodo DY Holdings, Inc. | 27200 |  | 275648 |
|  Hamamatsu Photonics KK | 17500 |  | 842731 |
|  Hankyu Hanshin Holdings, Inc. | 30400 |  | 908016 |
|  Hikari Tsushin, Inc. (x) | 2600 |  | 368881 |
|  Hirose Electric Co. Ltd. | 4124 |  | 521628 |
|  Hitachi Construction Machinery Co. Ltd. | 12300 |  | 277322 |
|  Hitachi Ltd. | 120500 |  | 6143443 |
|  Honda Motor Co. Ltd. | 202900 |  | 4687540 |
|  Hoshizaki Corp. | 13800 |  | 489477 |
|  Hoya Corp. | 45700 |  | 4424097 |
|  Hulic Co. Ltd. (x) | 46900 |  | 371655 |
|  Ibiden Co. Ltd. | 13000 |  | 473979 |
|  Idemitsu Kosan Co. Ltd. | 28577 |  | 668481 |
|  Iida Group Holdings Co. Ltd. | 21100 |  | 321709 |
|  Inpex Corp. (x) | 130700 |  | 1390256 |
|  Isuzu Motors Ltd. | 71200 |  | 839275 |
|  Ito En Ltd. | 6900 |  | 251836 |
|  ITOCHU Corp. | 148100 |  | 4678624 |
|  Itochu Techno-Solutions Corp. | 11100 |  | 259654 |
|  Japan Airlines Co. Ltd.\* | 16538 |  | 339606 |
|  Japan Exchange Group, Inc. | 65300 |  | 944123 |
|  Japan Metropolitan Fund Invest (REIT) | 930 |  | 741931 |
|  Japan Post Bank Co. Ltd. | 51600 |  | 443499 |
|  Japan Post Holdings Co. Ltd. | 297800 |  | 2517594 |
|  Japan Post Insurance Co. Ltd. | 26300 |  | 465120 |
|  Japan Real Estate Investment Corp. (REIT) | 158 |  | 694651 |
|  Japan Tobacco, Inc. (x) | 152000 |  | 3081926 |
|  JFE Holdings, Inc. | 60500 |  | 708077 |
|  JSR Corp. | 22500 |  | 443691 |
|  Kajima Corp. | 51400 |  | 601573 |
|  Kakaku.com, Inc. | 16200 |  | 260701 |
|  Kansai Electric Power Co., Inc. (The) | 90100 |  | 878070 |
|  Kao Corp. (x) | 58400 |  | 2338403 |
|  KDDI Corp. | 200700 |  | 6089511 |
|  Keio Corp. | 13900 |  | 512618 |
|  Keisei Electric Railway Co. Ltd. | 17900 |  | 512149 |
|  Keyence Corp. | 24240 |  | 9497263 |
|  Kikkoman Corp. | 17500 |  | 925404 |
|  Kintetsu Group Holdings Co. Ltd. | 20300 |  | 673625 |
|  Kirin Holdings Co. Ltd. (x) | 106000 |  | 1624246 |
|  Kobayashi Pharmaceutical Co. Ltd. | 6200 |  | 426592 |
|  Kobe Bussan Co. Ltd. | 20200 |  | 583343 |
|  Koei Tecmo Holdings Co. Ltd. | 16640 |  | 303283 |
|  Koito Manufacturing Co. Ltd. | 27600 |  | 417870 |
|  Komatsu Ltd. | 115100 |  | 2522307 |
|  Konami Group Corp. | 11800 |  | 536772 |
|  Kose Corp. (x) | 4000 |  | 439500 |
|  Kubota Corp. (x) | 129600 |  | 1794294 |
|  Kurita Water Industries Ltd. | 14300 |  | 594925 |
|  Kyocera Corp. | 40700 |  | 2031899 |
|  Kyowa Kirin Co. Ltd. | 34300 |  | 789287 |
|  Lasertec Corp. (x) | 9500 |  | 1574044 |
|  Lixil Corp. | 34000 |  | 518394 |
|  M3, Inc. | 56200 |  | 1532182 |
|  Makita Corp. | 27500 |  | 645383 |
|  Marubeni Corp. | 192100 |  | 2217552 |
|  Mazda Motor Corp. | 71600 |  | 548293 |
|  McDonald's Holdings Co. Japan Ltd. (x) | 10676 |  | 406329 |
|  Meiji Holdings Co. Ltd. | 15022 |  | 771474 |
|  Minebea Mitsumi, Inc. | 42700 |  | 641281 |
|  MISUMI Group, Inc. | 37600 |  | 824828 |
|  Mitsubishi Chemical Group Corp. | 156100 |  | 814399 |
|  Mitsubishi Corp. | 157100 |  | 5126938 |
|  Mitsubishi Electric Corp. | 240700 |  | 2409017 |
|  Mitsubishi Estate Co. Ltd. | 148100 |  | 1930807 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Mitsubishi HC Capital, Inc. | 87200 | $431216 |
|  Mitsubishi Heavy Industries Ltd. | 38699 | 1543360 |
|  Mitsubishi UFJ Financial Group, Inc. | 1487500 | 10076101 |
|  Mitsui & Co. Ltd. | 179300 | 5263966 |
|  Mitsui Chemicals, Inc. | 24100 | 546308 |
|  Mitsui Fudosan Co. Ltd. | 114000 | 2099497 |
|  Mitsui OSK Lines Ltd. (x) | 42000 | 1052880 |
|  Mizuho Financial Group, Inc. | 302643 | 4279986 |
|  MonotaRO Co. Ltd. | 32400 | 458449 |
|  MS&AD Insurance Group Holdings, Inc. | 55580 | 1788859 |
|  Murata Manufacturing Co. Ltd. | 71500 | 3589165 |
|  NEC Corp. | 31700 | 1119548 |
|  Nexon Co. Ltd. (x) | 59300 | 1338362 |
|  NGK Insulators Ltd. | 31600 | 404029 |
|  Nidec Corp. | 56600 | 2949462 |
|  Nihon M&A Center Holdings, Inc. | 39400 | 489048 |
|  Nintendo Co. Ltd. | 138000 | 5816946 |
|  Nippon Building Fund, Inc. (REIT) (x) | 190 | 851265 |
|  Nippon Express Holdings, Inc. (x) | 9900 | 568775 |
|  Nippon Paint Holdings Co. Ltd. (x) | 105100 | 832055 |
|  Nippon Prologis REIT, Inc. (REIT) | 259 | 608820 |
|  Nippon Sanso Holdings Corp. | 22600 | 329942 |
|  Nippon Shinyaku Co. Ltd. | 6800 | 387565 |
|  Nippon Steel Corp. | 100608 | 1757037 |
|  Nippon Telegraph & Telephone Corp. | 149196 | 4276709 |
|  Nippon Yusen KK (x) | 58800 | 1393386 |
|  Nissan Chemical Corp. | 15500 | 682642 |
|  Nissan Motor Co. Ltd. | 285100 | 908262 |
|  Nisshin Seifun Group, Inc. | 23015 | 289880 |
|  Nissin Foods Holdings Co. Ltd. | 8000 | 635172 |
|  Nitori Holdings Co. Ltd. | 10500 | 1364104 |
|  Nitto Denko Corp. | 18300 | 1066710 |
|  Nomura Holdings, Inc. | 362400 | 1349197 |
|  Nomura Real Estate Holdings, Inc. | 14100 | 304046 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 539 | 669438 |
|  Nomura Research Institute Ltd. | 44498 | 1056166 |
|  NTT Data Corp. | 80100 | 1179162 |
|  Obayashi Corp. | 83800 | 637248 |
|  Obic Co. Ltd. | 8500 | 1257124 |
|  Odakyu Electric Railway Co. Ltd. | 39100 | 509754 |
|  Oji Holdings Corp. | 109900 | 444658 |
|  Olympus Corp. | 153700 | 2754514 |
|  Omron Corp. | 24200 | 1181050 |
|  Ono Pharmaceutical Co. Ltd. | 44600 | 1047713 |
|  Open House Group Co. Ltd. | 10300 | 378284 |
|  Oracle Corp. | 4900 | 318104 |
|  Oriental Land Co. Ltd. | 25400 | 3708199 |
|  ORIX Corp. | 149200 | 2408414 |
|  Osaka Gas Co. Ltd. | 45600 | 740079 |
|  Otsuka Corp. | 13200 | 417906 |
|  Otsuka Holdings Co. Ltd. (x) | 49200 | 1613883 |
|  Pan Pacific International Holdings Corp. | 50400 | 942024 |
|  Panasonic Holdings Corp. | 275800 | 2333708 |
|  Persol Holdings Co. Ltd. | 21000 | 452514 |
|  Rakuten Group, Inc. (x)\* | 106700 | 484557 |
|  Recruit Holdings Co. Ltd. | 179400 | 5709797 |
|  Renesas Electronics Corp.\* | 142900 | 1288648 |
|  Resona Holdings, Inc. | 266705 | 1469682 |
|  Ricoh Co. Ltd. | 71500 | 548617 |
|  Rohm Co. Ltd. | 10700 | 776981 |
|  SBI Holdings, Inc. | 30220 | 579577 |
|  SCSK Corp. | 18600 | 283592 |
|  Secom Co. Ltd. | 26000 | 1494346 |
|  Seiko Epson Corp. | 36600 | 537120 |
|  Sekisui Chemical Co. Ltd. | 48000 | 674794 |
|  Sekisui House Ltd. | 77200 | 1372647 |
|  Seven & i Holdings Co. Ltd. | 94600 | 4079823 |
|  SG Holdings Co. Ltd. | 35900 | 500587 |
|  Sharp Corp. (x) | 30400 | 218897 |
|  Shimadzu Corp. | 29800 | 850358 |
|  Shimano, Inc. | 9000 | 1434624 |
|  Shimizu Corp. | 69900 | 374959 |
|  Shin-Etsu Chemical Co. Ltd. | 46700 | 5773449 |
|  Shionogi & Co. Ltd. | 34100 | 1711236 |
|  Shiseido Co. Ltd. (x) | 50400 | 2485053 |
|  Shizuoka Financial Group, Inc. | 52600 | 422836 |
|  SMC Corp. | 7200 | 3049192 |
|  SoftBank Corp. | 359500 | 4076013 |
|  SoftBank Group Corp. | 150100 | 6455078 |
|  Sompo Holdings, Inc. | 39125 | 1746971 |
|  Sony Group Corp. | 158200 | 12096442 |
|  Square Enix Holdings Co. Ltd. | 9700 | 453071 |
|  Subaru Corp. | 75800 | 1171019 |
|  SUMCO Corp. (x) | 42100 | 563622 |
|  Sumitomo Chemical Co. Ltd. | 183400 | 662386 |
|  Sumitomo Corp. | 140100 | 2344252 |
|  Sumitomo Electric Industries Ltd. | 91900 | 1053517 |
|  Sumitomo Metal Mining Co. Ltd. | 30099 | 1071262 |
|  Sumitomo Mitsui Financial Group, Inc. | 162497 | 6557331 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 41468 | 1449674 |
|  Sumitomo Realty & Development Co. Ltd. | 38600 | 917941 |
|  Suntory Beverage & Food Ltd. (x) | 16300 | 558900 |
|  Suzuki Motor Corp. | 47000 | 1529541 |
|  Sysmex Corp. | 21800 | 1328531 |
|  T&D Holdings, Inc. | 64800 | 939116 |
|  Taisei Corp. | 23400 | 757772 |
|  Takeda Pharmaceutical Co. Ltd. | 187063 | 5859616 |
|  TDK Corp. | 47900 | 1582189 |
|  Terumo Corp. | 81500 | 2326265 |
|  TIS, Inc. | 29200 | 774276 |
|  Tobu Railway Co. Ltd. | 25100 | 589058 |
|  Toho Co. Ltd. | 13900 | 538037 |
|  Tokio Marine Holdings, Inc. | 228600 | 4925072 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 192700 | 698912 |
|  Tokyo Electron Ltd. | 18600 | 5510271 |
|  Tokyo Gas Co. Ltd. | 47500 | 935595 |
|  Tokyu Corp. | 62900 | 797034 |
|  Toppan, Inc. | 32200 | 479418 |
|  Toray Industries, Inc. | 172000 | 965370 |
|  Toshiba Corp. | 47700 | 1672989 |
|  Tosoh Corp. | 32200 | 385203 |
|  TOTO Ltd. | 17100 | 586330 |
|  Toyota Industries Corp. | 18800 | 1037123 |
|  Toyota Motor Corp. | 1327050 | 18327325 |
|  Toyota Tsusho Corp. | 26300 | 978936 |
|  Trend Micro, Inc. (x)\* | 16700 | 781301 |
|  Unicharm Corp. | 50000 | 1930814 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  USS Co. Ltd. | 25800 | $| 411849 |
|  Welcia Holdings Co. Ltd. | 13200 |  | 309281 |
|  West Japan Railway Co. | 28100 |  | 1226645 |
|  Yakult Honsha Co. Ltd. | 16100 |  | 1050107 |
|  Yamaha Corp. | 16800 |  | 629808 |
|  Yamaha Motor Co. Ltd. (x) | 37600 |  | 862359 |
|  Yamato Holdings Co. Ltd. | 33700 |  | 535903 |
|  Yaskawa Electric Corp. | 29300 |  | 943253 |
|  Yokogawa Electric Corp. | 28100 |  | 450705 |
|  Z Holdings Corp. | 322700 |  | 816340 |
|  ZOZO, Inc. | 14300 |  | 355212 |
|  |  |  | 392852234 |
|  **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** |
|  Hikma Pharmaceuticals plc | 22414 |  | 420552 |
|  **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
|  ArcelorMittal SA | 65603 |  | 1725773 |
|  Eurofins Scientific SE | 16950 |  | 1216745 |
|  |  |  | 2942518 |
|  **Macau (0.2%)** | **Macau (0.2%)** | **Macau (0.2%)** | **Macau (0.2%)** |
|  Galaxy Entertainment Group Ltd. | 283000 |  | 1870847 |
|  Sands China Ltd.\* | 326800 |  | 1084386 |
|  |  |  | 2955233 |
|  **Netherlands (4.8%)** | **Netherlands (4.8%)** | **Netherlands (4.8%)** | **Netherlands (4.8%)** |
|  ABN AMRO Bank NV (CVA) (m) | 50430 |  | 697728 |
|  Adyen NV (m)\* | 2698 |  | 3720995 |
|  Aegon NV | 220517 |  | 1118416 |
|  Akzo Nobel NV | 22995 |  | 1539914 |
|  Argenx SE\* | 6852 |  | 2572288 |
|  ASM International NV | 5961 |  | 1503671 |
|  ASML Holding NV | 50863 |  | 27430045 |
|  Euronext NV (m) | 10755 |  | 796218 |
|  EXOR NV\* | 13376 |  | 977943 |
|  Heineken Holding NV | 12555 |  | 968316 |
|  Heineken NV | 32654 |  | 3071799 |
|  IMCD NV | 7168 |  | 1021658 |
|  ING Groep NV | 471405 |  | 5746561 |
|  JDE Peet's NV | 14011 |  | 405248 |
|  Koninklijke Ahold Delhaize NV | 131749 |  | 3785265 |
|  Koninklijke DSM NV | 21476 |  | 2627641 |
|  Koninklijke KPN NV | 405758 |  | 1255253 |
|  Koninklijke Philips NV | 110559 |  | 1657344 |
|  NN Group NV | 35405 |  | 1446237 |
|  OCI NV | 13121 |  | 469396 |
|  Randstad NV | 15259 |  | 930384 |
|  Shell plc | 909010 |  | 25561522 |
|  Universal Music Group NV | 89287 |  | 2151444 |
|  Wolters Kluwer NV | 32667 |  | 3418510 |
|  |  |  | 94873796 |
|  **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** | **New Zealand (0.2%)** |
|  Auckland International Airport Ltd.\* | 153139 |  | 759350 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 72402 |  | 1038878 |
|  Mercury NZ Ltd. | 88765 |  | 313344 |
|  Meridian Energy Ltd. | 149621 |  | 497771 |
|  Spark New Zealand Ltd. | 226432 |  | 776313 |
|  Xero Ltd.\* | 16176 |  | 773914 |
|  |  |  | 4159570 |
|  **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** |
|  Aker BP ASA | 39315 |  | 1220367 |
|  DNB Bank ASA | 117429 |  | 2330768 |
|  Equinor ASA | 122078 |  | 4383782 |
|  Gjensidige Forsikring ASA | 24944 |  | 489368 |
|  Kongsberg Gruppen ASA | 11136 |  | 472412 |
|  Mowi ASA | 51522 |  | 879315 |
|  Norsk Hydro ASA | 169326 |  | 1267249 |
|  Orkla ASA | 92310 |  | 668430 |
|  Salmar ASA | 7336 |  | 288144 |
|  Telenor ASA | 89928 |  | 840826 |
|  |  |  | 12840661 |
|  **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** | **Portugal (0.2%)** |
|  EDP - Energias de Portugal SA | 334507 |  | 1667188 |
|  Galp Energia SGPS SA, Class B | 63649 |  | 859158 |
|  Jeronimo Martins SGPS SA | 35393 |  | 764548 |
|  |  |  | 3290894 |
|  **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** | **Singapore (1.5%)** |
|  CapitaLand Ascendas REIT (REIT) | 430866 |  | 881419 |
|  CapitaLand Integrated Commercial Trust (REIT) | 680305 |  | 1036152 |
|  Capitaland Investment Ltd. | 327700 |  | 905249 |
|  City Developments Ltd. | 47700 |  | 293095 |
|  DBS Group Holdings Ltd. | 225400 |  | 5708204 |
|  Genting Singapore Ltd. | 744641 |  | 530933 |
|  Grab Holdings Ltd., Class A\* | 161714 |  | 520719 |
|  Jardine Cycle & Carriage Ltd. | 12400 |  | 264775 |
|  Keppel Corp. Ltd. | 186500 |  | 1010893 |
|  Mapletree Logistics Trust (REIT) | 462851 |  | 549450 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 319500 |  | 398361 |
|  Oversea-Chinese Banking Corp. Ltd. | 420806 |  | 3826651 |
|  Sea Ltd. (ADR)\* | 44654 |  | 2323348 |
|  Singapore Airlines Ltd. | 164400 |  | 678761 |
|  Singapore Exchange Ltd. | 98100 |  | 655514 |
|  Singapore Technologies Engineering Ltd. | 214400 |  | 536240 |
|  Singapore Telecommunications Ltd. | 1014800 |  | 1947167 |
|  STMicroelectronics NV | 86563 |  | 3057362 |
|  United Overseas Bank Ltd. | 144675 |  | 3316054 |
|  UOL Group Ltd. | 52911 |  | 265464 |
|  Venture Corp. Ltd. | 36400 |  | 463628 |
|  |  |  | 29169439 |
|  **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
|  Anglo American plc | 158121 |  | 6186906 |
|  **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** | **South Korea (0.1%)** |
|  Delivery Hero SE (m)\* | 20487 |  | 982039 |
|  **Spain (2.2%)** | **Spain (2.2%)** | **Spain (2.2%)** | **Spain (2.2%)** |
|  Acciona SA | 3074 |  | 565648 |
|  ACS Actividades de Construccion y Servicios SA (x) | 26874 |  | 770100 |
|  Aena SME SA (m)\* | 9547 |  | 1198758 |
|  Amadeus IT Group SA\* | 57084 |  | 2966675 |
|  Banco Bilbao Vizcaya Argentaria SA | 759222 |  | 4578804 |
|  Banco Santander SA | 2125461 |  | 6376247 |
|  CaixaBank SA | 552851 |  | 2173087 |
|  Cellnex Telecom SA (m) | 67591 |  | 2237148 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Corp. ACCIONA Energias Renovables SA | 8240 | $| 318773 |
|  EDP Renovaveis SA | 37535 |  | 826891 |
|  Enagas SA (x) | 30951 |  | 514367 |
|  Endesa SA | 40050 |  | 756039 |
|  Ferrovial SA | 62283 |  | 1631435 |
|  Grifols SA\* | 36105 |  | 416245 |
|  Iberdrola SA | 756301 |  | 8848736 |
|  Industria de Diseno Textil SA | 136989 |  | 3644001 |
|  Naturgy Energy Group SA | 18114 |  | 471374 |
|  Red Electrica Corp. SA | 50343 |  | 876246 |
|  Repsol SA | 177388 |  | 2819792 |
|  Telefonica SA | 639445 |  | 2317012 |
|  |  |  | 44307378 |
|  **Sweden (2.8%)** | **Sweden (2.8%)** | **Sweden (2.8%)** | **Sweden (2.8%)** |
|  Alfa Laval AB | 35219 |  | 1016252 |
|  Assa Abloy AB, Class B | 126948 |  | 2721483 |
|  Atlas Copco AB, Class A | 337862 |  | 3985760 |
|  Atlas Copco AB, Class B | 191951 |  | 2043705 |
|  Boliden AB | 34800 |  | 1304810 |
|  Electrolux AB, Class B (x) | 26592 |  | 358761 |
|  Embracer Group AB (x)\* | 94746 |  | 429382 |
|  Epiroc AB, Class A | 82449 |  | 1500064 |
|  Epiroc AB, Class B | 48973 |  | 786818 |
|  EQT AB | 35627 |  | 753180 |
|  Essity AB, Class B | 74987 |  | 1963991 |
|  Evolution AB (m) | 22772 |  | 2215910 |
|  Fastighets AB Balder, Class B\* | 77838 |  | 361931 |
|  Getinge AB, Class B | 28766 |  | 596279 |
|  H & M Hennes & Mauritz AB, Class B (x) | 90067 |  | 968784 |
|  Hexagon AB, Class B | 242206 |  | 2530027 |
|  Holmen AB, Class B | 11684 |  | 463448 |
|  Husqvarna AB, Class B | 52123 |  | 365241 |
|  Industrivarden AB, Class A | 14864 |  | 361100 |
|  Industrivarden AB, Class C | 20811 |  | 504577 |
|  Indutrade AB | 34017 |  | 688174 |
|  Investment AB Latour, Class B | 18533 |  | 350063 |
|  Investor AB, Class A (x) | 64200 |  | 1192654 |
|  Investor AB, Class B | 227096 |  | 4103674 |
|  Kinnevik AB, Class B\* | 30063 |  | 412562 |
|  L E Lundbergforetagen AB, Class B | 9254 |  | 393844 |
|  Lifco AB, Class B | 29260 |  | 488328 |
|  Nibe Industrier AB, Class B | 190131 |  | 1769237 |
|  Sagax AB, Class B | 23672 |  | 536513 |
|  Sandvik AB | 132790 |  | 2397508 |
|  Securitas AB, Class B | 63448 |  | 528751 |
|  Skandinaviska Enskilda Banken AB, Class A | 202329 |  | 2325799 |
|  Skanska AB, Class B | 42740 |  | 675822 |
|  SKF AB, Class B | 49012 |  | 747520 |
|  Svenska Cellulosa AB SCA, Class B | 73697 |  | 931908 |
|  Svenska Handelsbanken AB, Class A | 181834 |  | 1831435 |
|  Swedbank AB, Class A | 110353 |  | 1875023 |
|  Swedish Orphan Biovitrum AB\* | 21037 |  | 434858 |
|  Tele2 AB, Class B | 70702 |  | 576601 |
|  Telefonaktiebolaget LM Ericsson, Class B | 358495 |  | 2092253 |
|  Telia Co. AB | 358293 |  | 915403 |
|  Volvo AB, Class A | 26124 |  | 495950 |
|  Volvo AB, Class B | 187938 |  | 3394640 |
|  Volvo Car AB, Class B (x)\* | 74215 |  | 336977 |
|  |  |  | 54727000 |
|  **Switzerland (5.3%)** | **Switzerland (5.3%)** | **Switzerland (5.3%)** | **Switzerland (5.3%)** |
|  ABB Ltd. (Registered) | 196683 |  | 5968664 |
|  Adecco Group AG (Registered) | 19946 |  | 657065 |
|  Alcon, Inc. | 62181 |  | 4248738 |
|  Bachem Holding AG, Class B (x) | 3890 |  | 335929 |
|  Baloise Holding AG (Registered) | 5472 |  | 844486 |
|  Banque Cantonale Vaudoise (Registered) | 3769 |  | 361757 |
|  Barry Callebaut AG (Registered) | 429 |  | 848582 |
|  BKW AG | 2643 |  | 361585 |
|  Chocoladefabriken Lindt & Spruengli AG | 130 |  | 1325799 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 14 |  | 1438382 |
|  Cie Financiere Richemont SA (Registered) | 64956 |  | 8422889 |
|  Clariant AG (Registered)\* | 24093 |  | 381725 |
|  Credit Suisse Group AG (Registered) (x) | 420157 |  | 1255950 |
|  EMS-Chemie Holding AG (Registered) | 924 |  | 625560 |
|  Geberit AG (Registered) | 4512 |  | 2125102 |
|  Givaudan SA (Registered) | 1154 |  | 3535697 |
|  Julius Baer Group Ltd. | 27472 |  | 1600218 |
|  Kuehne + Nagel International AG (Registered) | 6939 |  | 1614960 |
|  Logitech International SA (Registered) | 22003 |  | 1357801 |
|  Lonza Group AG (Registered) | 9277 |  | 4545946 |
|  Novartis AG (Registered) | 270706 |  | 24472302 |
|  Partners Group Holding AG | 2882 |  | 2545847 |
|  Schindler Holding AG | 5049 |  | 949571 |
|  Schindler Holding AG (Registered) | 3011 |  | 543162 |
|  SGS SA (Registered) | 804 |  | 1869464 |
|  SIG Group AG\* | 38092 |  | 832162 |
|  Sika AG (Registered) | 18511 |  | 4438316 |
|  Sonova Holding AG (Registered) | 6613 |  | 1568411 |
|  Straumann Holding AG (Registered) | 13880 |  | 1585171 |
|  Swatch Group AG (The) | 3541 |  | 1007173 |
|  Swatch Group AG (The) (Registered) | 6356 |  | 330225 |
|  Swiss Life Holding AG (Registered) | 3872 |  | 1996614 |
|  Swiss Prime Site AG (Registered) | 10050 |  | 871149 |
|  Swisscom AG (Registered) | 3284 |  | 1799248 |
|  Temenos AG (Registered) | 7912 |  | 434170 |
|  UBS Group AG (Registered) | 418995 |  | 7796257 |
|  VAT Group AG (m) | 3416 |  | 933937 |
|  Zurich Insurance Group AG | 18723 |  | 8956019 |
|  |  |  | 104786033 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 12466 |  |  |
|  **United Kingdom (10.6%)** | **United Kingdom (10.6%)** | **United Kingdom (10.6%)** | **United Kingdom (10.6%)** |
|  3i Group plc | 121043 |  | 1963083 |
|  abrdn plc | 262441 |  | 600449 |
|  Admiral Group plc | 23723 |  | 612890 |
|  Ashtead Group plc | 55030 |  | 3140146 |
|  Associated British Foods plc | 42525 |  | 810231 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  AstraZeneca plc | 193892 | $| 26295635 |
|  Auto Trader Group plc (m) | 119101 |  | 742398 |
|  AVEVA Group plc | 14658 |  | 569369 |
|  Aviva plc | 354167 |  | 1895938 |
|  BAE Systems plc | 388711 |  | 4022619 |
|  Barclays plc | 2046325 |  | 3921634 |
|  Barratt Developments plc | 131405 |  | 630365 |
|  Berkeley Group Holdings plc | 13072 |  | 596262 |
|  BP plc | 2354478 |  | 13517773 |
|  British American Tobacco plc | 268029 |  | 10633165 |
|  British Land Co. plc (The) (REIT) | 109910 |  | 524992 |
|  BT Group plc | 865378 |  | 1172266 |
|  Bunzl plc | 42323 |  | 1411681 |
|  Burberry Group plc | 49611 |  | 1217538 |
|  CK Hutchison Holdings Ltd. | 341652 |  | 2050669 |
|  CNH Industrial NV | 124656 |  | 1996900 |
|  Coca-Cola Europacific Partners plc | 25431 |  | 1406843 |
|  Compass Group plc | 222174 |  | 5150352 |
|  Croda International plc | 17453 |  | 1393431 |
|  DCC plc | 12254 |  | 604430 |
|  Diageo plc | 284606 |  | 12558717 |
|  Entain plc | 74062 |  | 1183235 |
|  Experian plc | 113174 |  | 3848795 |
|  Halma plc | 47841 |  | 1141710 |
|  Hargreaves Lansdown plc | 42558 |  | 440519 |
|  HSBC Holdings plc | 2501116 |  | 15593346 |
|  Imperial Brands plc | 112449 |  | 2815425 |
|  Informa plc | 183158 |  | 1371973 |
|  InterContinental Hotels Group plc | 23330 |  | 1338036 |
|  Intertek Group plc | 19816 |  | 966407 |
|  J Sainsbury plc | 213509 |  | 561931 |
|  JD Sports Fashion plc | 334822 |  | 510634 |
|  Johnson Matthey plc | 24440 |  | 628459 |
|  Just Eat Takeaway.com NV (m)\* | 21345 |  | 451263 |
|  Kingfisher plc | 263824 |  | 753041 |
|  Land Securities Group plc (REIT) | 89759 |  | 674307 |
|  Legal & General Group plc | 742281 |  | 2238965 |
|  Lloyds Banking Group plc | 8665670 |  | 4757316 |
|  London Stock Exchange Group plc | 41361 |  | 3568241 |
|  M&G plc | 315682 |  | 716918 |
|  Melrose Industries plc | 535875 |  | 871353 |
|  National Grid plc | 457994 |  | 5522523 |
|  NatWest Group plc | 670085 |  | 2148383 |
|  Next plc | 16746 |  | 1175429 |
|  Ocado Group plc\* | 71902 |  | 536159 |
|  Pearson plc | 80459 |  | 913568 |
|  Persimmon plc | 38842 |  | 571479 |
|  Phoenix Group Holdings plc | 90768 |  | 667841 |
|  Reckitt Benckiser Group plc | 88980 |  | 6189714 |
|  RELX plc (London Stock Exchange) | 109494 |  | 3028689 |
|  RELX plc (Turquoise Stock Exchange) | 130049 |  | 3597211 |
|  Rentokil Initial plc | 313468 |  | 1925153 |
|  Rolls-Royce Holdings plc\* | 1045785 |  | 1178329 |
|  Sage Group plc (The) | 126916 |  | 1144012 |
|  Schroders plc | 95458 |  | 503161 |
|  Segro plc (REIT) | 150573 |  | 1390021 |
|  Severn Trent plc | 30252 |  | 969554 |
|  Smith & Nephew plc | 107469 |  | 1441514 |
|  Smiths Group plc | 47839 |  | 924492 |
|  Spirax-Sarco Engineering plc | 9407 |  | 1207201 |
|  SSE plc | 133255 |  | 2758009 |
|  St James's Place plc | 69803 |  | 924052 |
|  Standard Chartered plc | 322789 |  | 2428827 |
|  Taylor Wimpey plc | 440342 |  | 541135 |
|  Tesco plc | 947330 |  | 2567706 |
|  Unilever plc (Cboe Europe) | 207162 |  | 10393730 |
|  Unilever plc (London Stock Exchange) | 110385 |  | 5580877 |
|  United Utilities Group plc | 86201 |  | 1033165 |
|  Vodafone Group plc | 3327682 |  | 3388976 |
|  Whitbread plc | 25822 |  | 802290 |
|  WPP plc | 131986 |  | 1308748 |
|  |  |  | 210633598 |
|  **United States (5.9%)** | **United States (5.9%)** | **United States (5.9%)** | **United States (5.9%)** |
|  Computershare Ltd. | 67508 |  | 1204226 |
|  CSL Ltd. | 60449 |  | 11843252 |
|  CyberArk Software Ltd.\* | 5030 |  | 652139 |
|  GSK plc | 506105 |  | 8796037 |
|  Haleon plc\* | 632256 |  | 2502152 |
|  Holcim AG\* | 69038 |  | 3574909 |
|  James Hardie Industries plc (CHDI) | 57570 |  | 1034788 |
|  Nestle SA (Registered) | 344115 |  | 39872904 |
|  QIAGEN NV\* | 28002 |  | 1409113 |
|  Roche Holding AG | 87914 |  | 27620199 |
|  Roche Holding AG CHF 1 | 3322 |  | 1287628 |
|  Schneider Electric SE | 67511 |  | 9446762 |
|  Stellantis NV (Euronext Paris) | 146873 |  | 2086312 |
|  Stellantis NV (Italian Stock Exchange) | 126229 |  | 1792256 |
|  Swiss Re AG | 38172 |  | 3570123 |
|  Tenaris SA | 58253 |  | 1015483 |
|  |  |  | 117708283 |
|  **Total Common Stocks (90.2%)** <br> *(Cost $1,543,866,801)* |  |  | 1787421894 |
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 |  | 2000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,037,068, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,076,840. (xx) | 2036117 |  | 2036117 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $6,002,867, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $6,123,180. (xx) | 6000000 |  | 6000000 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $5,004,326, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $5,444,143. (xx) | $5000000 | $5000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $1,000,490, collateralized by various Common Stocks; total market value $1,112,847. (xx) | 1000000 | 1000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $4,718,783, collateralized by various Common Stocks; total market value $5,248,712. (xx) | 4716472 | 4716472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 20752589 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $20,752,589)* |  | 20752589 |
|  **Total Investments in Securities (91.2%)**<br> *(Cost $1,564,619,390)* |  | 1808174483 |
|  **Other Assets Less Liabilities (8.8%)** |  | 175249619 |
|  **Net Assets (100%)** |  | $1983424102 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $26,157,201 or 1.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $35,122,575. This was collateralized by $16,035,869 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $20,752,589 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository* *Interest*

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1851 | 3/2023 | EUR | 74996102 | (2863559) |
|  FTSE 100 Index | 529 | 3/2023 | GBP | 47747650 | (17270) |
|  SPI 200 Index | 160 | 3/2023 | AUD | 19042013 | (409543) |
|  TOPIX Index | 334 | 3/2023 | JPY | 48137839 | (1193313) |
|  |  |  |  |  | (4483685) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 26837324 | USD | 18195974 | HSBC Securities, Inc. | 3/17/2023 | 129839 |
|  EUR | 2042592 | USD | 2194274 | HSBC Bank plc | 3/17/2023 | 3123 |
|  JPY | 6422445905 | USD | 47769635 | HSBC Securities, Inc. | 3/17/2023 | 1647207 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1780169 |
|  GBP | 40338562 | USD | 49430390 | HSBC Securities, Inc. | 3/17/2023 | (575147) |
|  USD | 89495101 | EUR | 84364157 | HSBC Securities, Inc. | 3/17/2023 | (1262881) |
|  USD | 2179031 | GBP | 1802256 | HSBC Bank plc | 3/17/2023 | (3736) |
|  USD | 1978204 | JPY | 267714316 | HSBC Bank plc | 3/17/2023 | (81696) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1923460) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (143291) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) : AUD 2,016, CHF 2,013, DKK 2,020, EUR 164,391,326, GBP 104,493, HKD 52,983, ILS 1,989, JPY 2,045, NOK 2,015, NZD 2,007, SEK 2,005 and SGD 2,021.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $147886570 | $— | $147886570 |
|  Austria |  | 4501543 |  | 4501543 |
|  Belgium |  | 15789258 |  | 15789258 |
|  Brazil |  | 874755 |  | 874755 |
|  Chile |  | 938252 |  | 938252 |
|  China |  | 11544551 |  | 11544551 |
|  Denmark |  | 52937235 |  | 52937235 |
|  Finland |  | 22748111 |  | 22748111 |
|  France |  | 195732917 |  | 195732917 |
|  Germany |  | 143232575 |  | 143232575 |
|  Hong Kong | 1894720 | 48141283 |  | 50036003 |
|  Ireland | 962339 | 9489231 |  | 10451570 |
|  Israel | 3640642 | 8595547 |  | 12236189 |
|  Italy |  | 35676231 |  | 35676231 |
|  Japan |  | 392852234 |  | 392852234 |
|  Jordan |  | 420552 |  | 420552 |
|  Luxembourg |  | 2942518 |  | 2942518 |
|  Macau |  | 2955233 |  | 2955233 |
|  Netherlands |  | 94873796 |  | 94873796 |
|  New Zealand |  | 4159570 |  | 4159570 |
|  Norway |  | 12840661 |  | 12840661 |
|  Portugal |  | 3290894 |  | 3290894 |
|  Singapore | 2844067 | 26325372 |  | 29169439 |
|  South Africa |  | 6186906 |  | 6186906 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)(a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  South Korea | $— | $982039 | $— | $982039 |
|  Spain |  | 44307378 |  | 44307378 |
|  Sweden |  | 54727000 |  | 54727000 |
|  Switzerland |  | 104786033 |  | 104786033 |
|  United Arab Emirates |  |  | — (b) | — (b) |
|  United Kingdom | 1406843 | 209226755 |  | 210633598 |
|  United States | 652139 | 117056144 |  | 117708283 |
|  **Forward Currency Contracts** |  | 1780169 |  | 1780169 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 20752589 |  | 20752589 |
|  **Total Assets** | $**11400750** | $**1798553902** | $**—** | $**1809954652** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1923460) | $— | $(1923460) |
|  **Futures** | (4483685) |  |  | (4483685) |
|  **Total Liabilities** | $**(4483685)** | $**(1923460)** | $**—** | $**(6407145)** |
|  **Total** | $**6917065** | $**1796630442** | $**—** | $**1803547507** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $398,361 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

(b) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $1780169 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780169 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(1923460) |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | (4483685) |
|  **Total** |  | $(6407145) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $332057 | $332057 |
|  Equity contracts | (13229745) |  | (13229745) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13229745) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12897688) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(82019) | $(82019) |
|  Equity contracts | (8587934) |  | (8587934) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8587934) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82019) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8669953) |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $383,785,000 and futures contracts with an average notional balance of approximately $182,388,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available**<br>**for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  HSBC Bank plc | $3123 | $(3123) | $— | $— |
|  HSBC Securities, Inc. | 1777046 | (1777046) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1780169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available**<br>**for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  HSBC Bank plc | $85432 | $(3123) | $— | $82309 |
|  HSBC Securities, Inc. | 1838028 | (1777046) |  | 60982 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1780169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143291 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 9%)\* | $150310447 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 4%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175115850 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $474121353 |
|  Aggregate gross unrealized depreciation | (262620904) |
|  Net unrealized appreciation | $211500449 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592047058 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,543,866,801) | $1787421894.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $20,752,589) | 20752589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 9888324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $166,853,079) | 164566933.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 14774870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 9350524.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 3129757.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1780169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 14820.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 9658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 106601.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2011796139.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 20752589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3121764.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1923460.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1130280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 766243.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 368917.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 221407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 18722.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 68655.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28372037.0 |
|  **NET ASSETS** | $1983424102.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1833737332.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 149686770.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1983424102.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $86,300,031 / 7,035,617 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.27 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,897,124,071 / 153,587,268 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.35 |

---

*(x)* *Includes value of securities on loan of $35,122,575.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $4,372,895 foreign withholding tax) | $56962965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 335095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 57298060 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9011784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2473842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 827932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 298100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 226011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 152600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 79141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 65954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 235886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13371250 |
|  **NET INVESTMENT INCOME (LOSS)** | 43926810 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 5772688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13229745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 332057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7621440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14746440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (366119789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8587934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (82019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3144011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (377933753) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (392680193) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(348753383) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $43926810 | $48238481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14746440) | 77674885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (377933753) | 126510545 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (348753383) | 252423911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1606594) | (7616089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (38758708) | (164642604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (40365302) | (172258693) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 711,725 and 370,787 shares, respectively ] | 8708663 | 5660019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 135,115 and 524,261 shares, respectively ] | 1606594 | 7616089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1205770) and (1292996) shares, respectively ] | (14999035) | (19587147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (4683778) | (6311039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 21,630,965 and 4,729,952 shares, respectively ] | 254772598 | 73673482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,205,586 and 11,257,756 shares, respectively ] | 38758708 | 164642604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (25760312) and (23308055) shares, respectively ] | (312454520) | (355041264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (18923214) | (116725178) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (23606992) | (123036217) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (412725677) | (42870999) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2396149779 | 2439020778 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1983424102 | $2396149779 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $14.70 | $14.30 | $13.68 | $11.55 | $13.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.27 (cc) | 0.17 (aa) | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.45) | 1.22 | 0.72 | 2.19 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.20) | 1.49 | 0.89 | 2.47 | (1.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.48) | (0.21) | (0.31) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.09) | (0.61) | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (1.09) | (0.27) | (0.34) | (0.29) |
|  Net asset value, end of year | $12.27 | $14.70 | $14.30 | $13.68 | $11.55 |
|  Total return | (14.94)% | 10.59% | 6.63% | 21.44% | (14.43)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $86300 | $108731 | $111399 | $111644 | $102960 |
|  Ratio of expenses to average net assets (f) | 0.91 %(g) | 0.91 %(g) | 0.89 %(g) | 0.86% | 0.88% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.96% | 1.74 %(dd) | 1.33 %(bb) | 2.18% | 1.95% |
|  Portfolio turnover rate^ | 8% | 3% | 18% | 2% | 5% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $14.80 | $14.38 | $13.75 | $11.61 | $13.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.28 | 0.31 (cc) | 0.20 (aa) | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.47) | 1.23 | 0.73 | 2.20 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.19) | 1.54 | 0.93 | 2.51 | (1.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.51) | (0.24) | (0.34) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.09) | (0.61) | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (1.12) | (0.30) | (0.37) | (0.33) |
|  Net asset value, end of year | $12.35 | $14.80 | $14.38 | $13.75 | $11.61 |
|  Total return | (14.77)% | 10.92% | 6.90% | 21.69% | (14.19)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934588 |
|  Ratio of expenses to average net assets (f) | 0.66 %(g) | 0.66 %(g) | 0.64 %(g) | 0.61% | 0.63% |
|  Ratio of net investment income (loss) to average net assets (f) | 2.20% | 1.98 %(dd) | 1.59 %(bb) | 2.42% | 2.19% |
|  Portfolio turnover rate^ | 8% | 3% | 18% | 2% | 5% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Interest Expense of 0.08%, 0.06% and 0.03% for the years ended December 31, 2022, 2021 and 2020, respectively for each class.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.15 and $0.18 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.14% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.22 and $0.25 for Class IB and Class K respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.33% lower.* 

See Notes to Financial Statements.

------

**EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g04z52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (16.42)% | 2.11% | 2.59 | % |
| &nbsp;&nbsp;&nbsp; EQ/AB Dynamic Aggressive Growth Index | (14.77) | 5.66 | 6.11 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 9.95 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.43 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (16.42)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/AB Dynamic Aggressive Growth Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (14.77)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• An overweight cash position contributed to performance.

• Country selection within international equities added to relative performance.

***What hurt performance during the year:***

• An underweight to fixed income relative to the benchmark detracted from Portfolio performance.

• An underweight to international large cap equities, particularly during the fourth quarter of 2022, detracted from
performance.

**Portfolio Positioning and Outlook — AllianceBernstein L.P.** 

Our outlook for equities remains constructive over the medium term. Fundamentals point to below-trend yet positive economic growth, which could help support moderation in historically high inflation. However, tighter financial conditions may persist for some time, sustaining volatility across risk assets, though supply and demand imbalances appear to us to be improving. Historically, risk assets have been resilient during hiking cycles, which have typically coincided with a strong economic backdrop. However, with inflation stubbornly high across major economies, uncertainty about terminal policy rates continues to drive asset price volatility and the path to a "soft landing" appears narrow. For these reasons, the team maintained an underweight allocation to U.S. and developed-international equities at period end.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 3.93 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.54 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.67 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

------

**EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 18.7% |
| &nbsp;&nbsp;&nbsp; Information Technology | 12.8 |
| &nbsp;&nbsp;&nbsp; Investment Company | 10.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 9.9 |
| &nbsp;&nbsp;&nbsp; Financials | 9.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 7.1 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.4 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund | 4.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 4.1 |
| &nbsp;&nbsp;&nbsp; Energy | 3.4 |
| &nbsp;&nbsp;&nbsp; Materials | 2.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (1.1) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1012.10 | $5.86 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.38 | 5.88 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (4.1%)** | **Communication Services (4.1%)** | **Communication Services (4.1%)** |  |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | **** |
|  AT&T, Inc. | 36700 | $675647 |  |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 12433 | 21466 |  |
|  BT Group plc | 40865 | 55357 |  |
|  Cellnex Telecom SA (m) | 3341 | 110581 |  |
|  Deutsche Telekom AG (Registered) | 19327 | 385594 |  |
|  Elisa OYJ | 919 | 48656 |  |
|  HKT Trust & HKT Ltd. | 21918 | 26873 |  |
|  Infrastrutture Wireless Italiane SpA (m) | 1944 | 19590 |  |
|  Koninklijke KPN NV | 19802 | 61259 |  |
|  Lumen Technologies, Inc. | 4901 | 25583 |  |
|  Nippon Telegraph & Telephone Corp. | 7080 | 202949 |  |
|  Orange SA | 11544 | 114688 |  |
|  Singapore Telecommunications Ltd. | 47781 | 91681 |  |
|  Spark New Zealand Ltd. | 10804 | 37041 |  |
|  Swisscom AG (Registered) | 158 | 86566 |  |
|  Telecom Italia SpA (x)\* | 57658 | 13350 |  |
|  Telefonica Deutschland Holding AG | 6024 | 14851 |  |
|  Telefonica SA | 30183 | 109367 |  |
|  Telenor ASA | 4049 | 37858 |  |
|  Telia Co. AB | 15382 | 39299 |  |
|  Telstra Group Ltd. | 24077 | 65407 |  |
|  United Internet AG (Registered) | 561 | 11344 |  |
|  Verizon Communications, Inc. | 21627 | 852104 |  |
|  |  | 3107111 |  |
|  ***Entertainment (0.8%)*** | ***Entertainment (0.8%)*** | ***Entertainment (0.8%)*** | **** |
|  Activision Blizzard, Inc. | 3667 | 280709 |  |
|  Bollore SE | 5116 | 28587 |  |
|  Capcom Co. Ltd. | 1019 | 32688 |  |
|  Electronic Arts, Inc. | 1351 | 165065 |  |
|  Embracer Group AB (x)\* | 3237 | 14670 |  |
|  Koei Tecmo Holdings Co. Ltd. | 680 | 12394 |  |
|  Konami Group Corp. | 539 | 24519 |  |
|  Live Nation Entertainment, Inc.\* | 736 | 51329 |  |
|  Netflix, Inc.\* | 2292 | 675865 |  |
|  Nexon Co. Ltd. (x) | 2855 | 64435 |  |
|  Nintendo Co. Ltd. | 6590 | 277780 |  |
|  Sea Ltd. (ADR)\* | 2194 | 114154 |  |
|  Square Enix Holdings Co. Ltd. | 496 | 23167 |  |
|  Take-Two Interactive Software, Inc.\* | 812 | 84554 |  |
|  Toho Co. Ltd. | 647 | 25044 |  |
|  Ubisoft Entertainment SA\* | 536 | 15153 |  |
|  Universal Music Group NV | 4413 | 106335 |  |
|  Walt Disney Co. (The)\* | 9388 | 815629 |  |
|  Warner Bros Discovery, Inc.\* | 11380 | 107882 |  |
|  |  | 2919959 |  |
|  ***Interactive Media & Services (1.7%)*** | ***Interactive Media & Services (1.7%)*** | ***Interactive Media & Services (1.7%)*** | **** |
|  Adevinta ASA\* | 1486 | 9950 |  |
|  Alphabet, Inc., Class A\* | 30758 | 2713778 |  |
|  Alphabet, Inc., Class C\* | 27265 | 2419223 |  |
|  Auto Trader Group plc (m) | 4951 | 30861 |  |
|  Kakaku.com, Inc. | 775 | 12472 |  |
|  Match Group, Inc.\* | 1438 | 59663 |  |
|  Meta Platforms, Inc., Class A\* | 11579 | 1393417 |  |
|  REA Group Ltd. | 366 | 27610 |  |
|  Scout24 SE (m) | 506 | 25420 |  |
|  SEEK Ltd. | 1943 | 27715 |  |
|  Z Holdings Corp. | 15506 | 39226 |  |
|  |  | 6759335 |  |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** | **** |
|  Charter Communications, Inc., Class A\* | 553 | 187522 |  |
|  Comcast Corp., Class A | 22215 | 776858 |  |
|  CyberAgent, Inc. | 2341 | 20834 |  |
|  Dentsu Group, Inc. (x) | 1251 | 39511 |  |
|  DISH Network Corp., Class A\* | 1294 | 18168 |  |
|  Fox Corp., Class A | 1558 | 47316 |  |
|  Fox Corp., Class B | 717 | 20399 |  |
|  Hakuhodo DY Holdings, Inc. | 1352 | 13701 |  |
|  Informa plc | 8013 | 60023 |  |
|  Interpublic Group of Cos., Inc. (The) | 2001 | 66653 |  |
|  News Corp., Class A | 1969 | 35836 |  |
|  News Corp., Class B | 607 | 11193 |  |
|  Omnicom Group, Inc. | 1050 | 85648 |  |
|  Paramount Global, Class B (x) | 2601 | 43905 |  |
|  Pearson plc | 3853 | 43749 |  |
|  Publicis Groupe SA | 1410 | 89685 |  |
|  Vivendi SE | 4064 | 38779 |  |
|  WPP plc | 6546 | 64909 |  |
|  |  | 1664689 |  |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | **** |
|  KDDI Corp. | 9653 | 292885 |  |
|  SoftBank Corp. | 17218 | 195218 |  |
|  SoftBank Group Corp. | 7234 | 311100 |  |
|  Tele2 AB, Class B | 3338 | 27223 |  |
|  T-Mobile US, Inc.\* | 3075 | 430500 |  |
|  Vodafone Group plc | 157133 | 160027 |  |
|  |  | 1416953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 15868047 |  |
|  **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aisin Corp. | 852 | 22916 |  |
|  Aptiv plc\* | 1395 | 129916 |  |
|  BorgWarner, Inc. | 1206 | 48542 |  |
|  Bridgestone Corp. (x) | 3431 | 122637 |  |
|  Cie Generale des Etablissements Michelin SCA | 4076 | 113377 |  |
|  Continental AG | 721 | 43205 |  |
|  Denso Corp. | 2592 | 129086 |  |
|  Koito Manufacturing Co. Ltd. | 1208 | 18289 |  |
|  Sumitomo Electric Industries Ltd. | 3913 | 44858 |  |
|  Valeo | 1095 | 19575 |  |
|  |  | 692401 |  |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | **** |
|  Bayerische Motoren Werke AG | 2033 | 181454 |  |
|  Bayerische Motoren Werke AG (Preference) (q) | 405 | 34487 |  |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 722 | 73229 |  |
|  Ferrari NV | 775 | 166086 |  |
|  Ford Motor Co. | 20338 | 236531 |  |
|  General Motors Co. | 7316 | 246110 |  |
|  Honda Motor Co. Ltd. | 9845 | 227446 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Isuzu Motors Ltd. | 3374 | $| 39771 |  |
|  Mazda Motor Corp. | 3290 |  | 25194 |  |
|  Mercedes-Benz Group AG | 4807 |  | 315943 |  |
|  Nissan Motor Co. Ltd. | 13433 |  | 42794 |  |
|  Porsche Automobil Holding SE (Preference) (q) | 950 |  | 52107 |  |
|  Renault SA\* | 1112 |  | 37228 |  |
|  Stellantis NV | 13227 |  | 187803 |  |
|  Subaru Corp. | 3560 |  | 54998 |  |
|  Suzuki Motor Corp. | 2276 |  | 74069 |  |
|  Tesla, Inc.\* | 13821 |  | 1702471 |  |
|  Toyota Motor Corp. | 63571 |  | 877952 |  |
|  Volkswagen AG | 187 |  | 29556 |  |
|  Volkswagen AG (Preference) (q) | 1140 |  | 142069 |  |
|  Volvo Car AB, Class B\* | 3504 |  | 15910 |  |
|  Yamaha Motor Co. Ltd. (x) | 1722 |  | 39494 |  |
|  |  |  | 4802702 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  D'ieteren Group | 174 |  | 33378 |  |
|  Genuine Parts Co. | 726 |  | 125968 |  |
|  LKQ Corp. | 1307 |  | 69807 |  |
|  Pool Corp. | 201 |  | 60768 |  |
|  |  |  | 289921 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  IDP Education Ltd. (x) | 1208 |  | 22355 |  |
|  ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | **** |
|  Accor SA\* | 984 |  | 24595 |  |
|  Aristocrat Leisure Ltd. | 3487 |  | 72458 |  |
|  Booking Holdings, Inc.\* | 200 |  | 403056 |  |
|  Caesars Entertainment, Inc.\* | 1105 |  | 45968 |  |
|  Carnival Corp. (x)\* | 5157 |  | 41565 |  |
|  Chipotle Mexican Grill, Inc.\* | 143 |  | 198411 |  |
|  Compass Group plc | 10548 |  | 244520 |  |
|  Darden Restaurants, Inc. | 630 |  | 87148 |  |
|  Domino's Pizza, Inc. | 182 |  | 63045 |  |
|  Entain plc | 3388 |  | 54128 |  |
|  Evolution AB (m) | 1139 |  | 110834 |  |
|  Expedia Group, Inc.\* | 775 |  | 67890 |  |
|  Flutter Entertainment plc\* | 1007 |  | 137761 |  |
|  Galaxy Entertainment Group Ltd. | 12592 |  | 83243 |  |
|  Genting Singapore Ltd. | 34991 |  | 24949 |  |
|  Hilton Worldwide Holdings, Inc. | 1393 |  | 176020 |  |
|  InterContinental Hotels Group plc | 1142 |  | 65497 |  |
|  La Francaise des Jeux SAEM (m) | 686 |  | 27596 |  |
|  Las Vegas Sands Corp.\* | 1692 |  | 81334 |  |
|  Lottery Corp. Ltd. (The)\* | 12855 |  | 39210 |  |
|  Marriott International, Inc., Class A | 1386 |  | 206362 |  |
|  McDonald's Corp. | 3772 |  | 994035 |  |
|  McDonald's Holdings Co. Japan Ltd. (x) | 587 |  | 22341 |  |
|  MGM Resorts International | 1641 |  | 55023 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 2170 |  | 26561 |  |
|  Oriental Land Co. Ltd. | 1220 |  | 178110 |  |
|  Royal Caribbean Cruises Ltd.\* | 1130 |  | 55856 |  |
|  Sands China Ltd.\* | 14049 |  | 46617 |  |
|  Sodexo SA | 574 |  | 54980 |  |
|  Starbucks Corp. | 5911 |  | 586371 |  |
|  Whitbread plc | 1168 |  | 36290 |  |
|  Wynn Resorts Ltd.\* | 531 |  | 43792 |  |
|  Yum! Brands, Inc. | 1451 |  | 185844 |  |
|  |  |  | 4541410 |  |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | **** |
|  Barratt Developments plc | 5898 |  | 28293 |  |
|  Berkeley Group Holdings plc | 650 |  | 29649 |  |
|  DR Horton, Inc. | 1612 |  | 143694 |  |
|  Electrolux AB, Class B (x) | 1305 |  | 17606 |  |
|  Garmin Ltd. | 790 |  | 72909 |  |
|  Iida Group Holdings Co. Ltd. | 851 |  | 12975 |  |
|  Lennar Corp., Class A | 1312 |  | 118736 |  |
|  Mohawk Industries, Inc.\* | 272 |  | 27804 |  |
|  Newell Brands, Inc. | 1938 |  | 25349 |  |
|  NVR, Inc.\* | 15 |  | 69189 |  |
|  Open House Group Co. Ltd. | 474 |  | 17408 |  |
|  Panasonic Holdings Corp. | 12779 |  | 108131 |  |
|  Persimmon plc | 1846 |  | 27160 |  |
|  PulteGroup, Inc. | 1173 |  | 53407 |  |
|  SEB SA | 160 |  | 13402 |  |
|  Sekisui Chemical Co. Ltd. | 2182 |  | 30675 |  |
|  Sekisui House Ltd. | 3565 |  | 63387 |  |
|  Sharp Corp. | 1239 |  | 8922 |  |
|  Sony Group Corp. | 7560 |  | 578060 |  |
|  Taylor Wimpey plc | 21101 |  | 25931 |  |
|  Whirlpool Corp. | 281 |  | 39750 |  |
|  |  |  | 1512437 |  |
|  ***Internet & Direct Marketing Retail (1.2%)*** | ***Internet & Direct Marketing Retail (1.2%)*** | ***Internet & Direct Marketing Retail (1.2%)*** | ***Internet & Direct Marketing Retail (1.2%)*** | **** |
|  Amazon.com, Inc.\* | 45703 |  | 3839052 |  |
|  Delivery Hero SE (m)\* | 1050 |  | 50332 |  |
|  eBay, Inc. | 2794 |  | 115867 |  |
|  Etsy, Inc.\* | 647 |  | 77498 |  |
|  Just Eat Takeaway.com NV (m)\* | 1043 |  | 22050 |  |
|  Prosus NV\* | 4965 |  | 342538 |  |
|  Rakuten Group, Inc. (x)\* | 5024 |  | 22815 |  |
|  Zalando SE (m)\* | 1286 |  | 45579 |  |
|  ZOZO, Inc. | 721 |  | 17910 |  |
|  |  |  | 4533641 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Bandai Namco Holdings, Inc. | 1223 |  | 77476 |  |
|  Hasbro, Inc. | 669 |  | 40816 |  |
|  Shimano, Inc. | 458 |  | 73006 |  |
|  Yamaha Corp. | 900 |  | 33740 |  |
|  |  |  | 225038 |  |
|  ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | **** |
|  Dollar General Corp. | 1162 |  | 286143 |  |
|  Dollar Tree, Inc.\* | 1084 |  | 153321 |  |
|  Next plc | 769 |  | 53977 |  |
|  Pan Pacific International Holdings Corp. | 2290 |  | 42802 |  |
|  Target Corp. | 2370 |  | 353225 |  |
|  Wesfarmers Ltd. (x) | 6870 |  | 214741 |  |
|  |  |  | 1104209 |  |
|  ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | **** |
|  Advance Auto Parts, Inc. | 310 |  | 45579 |  |
|  AutoZone, Inc.\* | 98 |  | 241686 |  |
|  Bath & Body Works, Inc. | 1176 |  | 49557 |  |
|  Best Buy Co., Inc. | 1032 |  | 82777 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  CarMax, Inc.\* | 814 | $| 49564 |  |
|  Fast Retailing Co. Ltd. | 356 |  | 218445 |  |
|  H & M Hennes & Mauritz AB, Class B (x) | 4226 |  | 45456 |  |
|  Hikari Tsushin, Inc. (x) | 121 |  | 17167 |  |
|  Home Depot, Inc. (The) | 5272 |  | 1665214 |  |
|  Industria de Diseno Textil SA | 6535 |  | 173835 |  |
|  JD Sports Fashion plc | 14924 |  | 22760 |  |
|  Kingfisher plc | 10937 |  | 31218 |  |
|  Lowe's Cos., Inc. | 3196 |  | 636771 |  |
|  Nitori Holdings Co. Ltd. | 514 |  | 66776 |  |
|  O'Reilly Automotive, Inc.\* | 322 |  | 271778 |  |
|  Ross Stores, Inc. | 1787 |  | 207417 |  |
|  TJX Cos., Inc. (The) | 5979 |  | 475928 |  |
|  Tractor Supply Co. | 569 |  | 128008 |  |
|  Ulta Beauty, Inc.\* | 264 |  | 123835 |  |
|  USS Co. Ltd. | 1268 |  | 20241 |  |
|  |  |  | 4574012 |  |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | **** |
|  adidas AG | 1054 |  | 143807 |  |
|  Burberry Group plc | 2342 |  | 57477 |  |
|  Cie Financiere Richemont SA (Registered) | 3150 |  | 408463 |  |
|  Hermes International | 192 |  | 296986 |  |
|  Kering SA | 453 |  | 230576 |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 1649 |  | 1200140 |  |
|  Moncler SpA | 1302 |  | 68989 |  |
|  NIKE, Inc., Class B | 6487 |  | 759044 |  |
|  Pandora A/S | 578 |  | 40612 |  |
|  Puma SE | 611 |  | 37084 |  |
|  Ralph Lauren Corp. | 212 |  | 22402 |  |
|  Swatch Group AG (The) | 189 |  | 53758 |  |
|  Swatch Group AG (The) (Registered) | 304 |  | 15794 |  |
|  Tapestry, Inc. | 1241 |  | 47257 |  |
|  VF Corp. | 1701 |  | 46965 |  |
|  |  |  | 3429354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 25727480 |  |
|  **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** | **Consumer Staples (5.4%)** |  |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | **** |
|  Anheuser-Busch InBev SA/NV | 5220 |  | 314423 |  |
|  Asahi Group Holdings Ltd. | 2793 |  | 87659 |  |
|  Brown-Forman Corp., Class B | 942 |  | 61870 |  |
|  Budweiser Brewing Co. APAC Ltd. (m) | 9962 |  | 31333 |  |
|  Carlsberg A/S, Class B | 618 |  | 82130 |  |
|  Coca-Cola Co. (The) | 20042 |  | 1274872 |  |
|  Coca-Cola Europacific Partners plc | 1294 |  | 71584 |  |
|  Coca-Cola HBC AG\* | 1161 |  | 27693 |  |
|  Constellation Brands, Inc., Class A | 836 |  | 193743 |  |
|  Davide Campari-Milano NV | 3024 |  | 30700 |  |
|  Diageo plc | 13711 |  | 605021 |  |
|  Heineken Holding NV | 593 |  | 45736 |  |
|  Heineken NV | 1550 |  | 145810 |  |
|  Ito En Ltd. | 309 |  | 11278 |  |
|  Keurig Dr Pepper, Inc. | 4376 |  | 156048 |  |
|  Kirin Holdings Co. Ltd. (x) | 4760 |  | 72938 |  |
|  Molson Coors Beverage Co., Class B | 968 |  | 49871 |  |
|  Monster Beverage Corp.\* | 1961 |  | 199100 |  |
|  PepsiCo, Inc. | 7094 |  | 1281602 |  |
|  Pernod Ricard SA | 1236 |  | 243115 |  |
|  Remy Cointreau SA | 160 |  | 26992 |  |
|  Suntory Beverage & Food Ltd. | 804 |  | 27568 |  |
|  Treasury Wine Estates Ltd. | 4177 |  | 38706 |  |
|  |  |  | 5079792 |  |
|  ***Food & Staples Retailing (1.0%)*** | ***Food & Staples Retailing (1.0%)*** | ***Food & Staples Retailing (1.0%)*** | ***Food & Staples Retailing (1.0%)*** | **** |
|  Aeon Co. Ltd. | 3784 |  | 80241 |  |
|  Carrefour SA | 3358 |  | 56219 |  |
|  Coles Group Ltd. | 7719 |  | 87872 |  |
|  Costco Wholesale Corp. | 2279 |  | 1040363 |  |
|  Endeavour Group Ltd. | 7793 |  | 34064 |  |
|  HelloFresh SE\* | 955 |  | 20987 |  |
|  J Sainsbury plc | 10119 |  | 26632 |  |
|  Jeronimo Martins SGPS SA | 1638 |  | 35384 |  |
|  Kesko OYJ, Class B | 1580 |  | 34875 |  |
|  Kobe Bussan Co. Ltd. | 992 |  | 28647 |  |
|  Koninklijke Ahold Delhaize NV | 6235 |  | 179137 |  |
|  Kroger Co. (The) | 3354 |  | 149521 |  |
|  Ocado Group plc\* | 2824 |  | 21058 |  |
|  Seven & i Holdings Co. Ltd. | 4482 |  | 193296 |  |
|  Sysco Corp. | 2610 |  | 199534 |  |
|  Tesco plc | 43393 |  | 117615 |  |
|  Walgreens Boots Alliance, Inc. | 3696 |  | 138083 |  |
|  Walmart, Inc. | 7268 |  | 1030530 |  |
|  Welcia Holdings Co. Ltd. | 545 |  | 12770 |  |
|  Woolworths Group Ltd. | 7233 |  | 165269 |  |
|  |  |  | 3652097 |  |
|  ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | **** |
|  Ajinomoto Co., Inc. | 2701 |  | 82960 |  |
|  Archer-Daniels-Midland Co. | 2829 |  | 262673 |  |
|  Associated British Foods plc | 2061 |  | 39268 |  |
|  Barry Callebaut AG (Registered) | 23 |  | 45495 |  |
|  Campbell Soup Co. | 1034 |  | 58679 |  |
|  Chocoladefabriken Lindt & Spruengli AG | 7 |  | 71389 |  |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 1 |  | 102742 |  |
|  Conagra Brands, Inc. | 2468 |  | 95512 |  |
|  Danone SA | 3866 |  | 203731 |  |
|  General Mills, Inc. | 3056 |  | 256246 |  |
|  Hershey Co. (The) | 757 |  | 175298 |  |
|  Hormel Foods Corp. | 1491 |  | 67915 |  |
|  J M Smucker Co. (The) | 549 |  | 86995 |  |
|  JDE Peet's NV | 581 |  | 16805 |  |
|  Kellogg Co. | 1318 |  | 93894 |  |
|  Kerry Group plc, Class A | 969 |  | 87379 |  |
|  Kikkoman Corp. | 928 |  | 49073 |  |
|  Kraft Heinz Co. (The) | 4100 |  | 166911 |  |
|  Lamb Weston Holdings, Inc. | 741 |  | 66216 |  |
|  McCormick & Co., Inc. (Non-Voting) | 1290 |  | 106928 |  |
|  Meiji Holdings Co. Ltd. | 706 |  | 36258 |  |
|  Mondelez International, Inc., Class A | 7032 |  | 468683 |  |
|  Mowi ASA | 2350 |  | 40107 |  |
|  Nestle SA (Registered) | 16486 |  | 1910247 |  |
|  Nisshin Seifun Group, Inc. | 1144 |  | 14409 |  |
|  Nissin Foods Holdings Co. Ltd. | 367 |  | 29138 |  |
|  Orkla ASA | 4346 |  | 31470 |  |
|  Salmar ASA | 347 |  | 13629 |  |
|  Tyson Foods, Inc., Class A | 1491 |  | 92815 |  |
|  WH Group Ltd. (m) | 48258 |  | 28069 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Wilmar International Ltd. | 11116 | $| 34608 |  |
|  Yakult Honsha Co. Ltd. | 831 |  | 54201 |  |
|  |  |  | 4889743 |  |
|  ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | **** |
|  Church & Dwight Co., Inc. | 1256 |  | 101246 |  |
|  Clorox Co. (The) | 635 |  | 89110 |  |
|  Colgate-Palmolive Co. | 4301 |  | 338876 |  |
|  Essity AB, Class B | 3726 |  | 97588 |  |
|  Henkel AG & Co. KGaA | 676 |  | 43598 |  |
|  Henkel AG & Co. KGaA (Preference) (q) | 1106 |  | 76978 |  |
|  Kimberly-Clark Corp. | 1738 |  | 235934 |  |
|  Procter & Gamble Co. (The) | 12202 |  | 1849335 |  |
|  Reckitt Benckiser Group plc | 4336 |  | 301625 |  |
|  Unicharm Corp. | 2486 |  | 96000 |  |
|  |  |  | 3230290 |  |
|  ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | **** |
|  Beiersdorf AG | 633 |  | 72638 |  |
|  Estee Lauder Cos., Inc. (The), Class A | 1191 |  | 295499 |  |
|  Haleon plc\* | 29897 |  | 118317 |  |
|  Kao Corp. (x) | 2875 |  | 115118 |  |
|  Kobayashi Pharmaceutical Co. Ltd. | 308 |  | 21192 |  |
|  Kose Corp. (x) | 242 |  | 26590 |  |
|  L'Oreal SA | 1448 |  | 517084 |  |
|  Shiseido Co. Ltd. (x) | 2452 |  | 120900 |  |
|  Unilever plc | 15305 |  | 773795 |  |
|  |  |  | 2061133 |  |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | **** |
|  Altria Group, Inc. | 9229 |  | 421858 |  |
|  British American Tobacco plc | 12804 |  | 507956 |  |
|  Imperial Brands plc | 5448 |  | 136404 |  |
|  Japan Tobacco, Inc. (x) | 7193 |  | 145844 |  |
|  Philip Morris International, Inc. | 7983 |  | 807959 |  |
|  |  |  | 2020021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 20933076 |  |
|  **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** | **Energy (3.4%)** |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | **** |
|  Baker Hughes Co. | 5157 |  | 152286 |  |
|  Halliburton Co. | 4676 |  | 184001 |  |
|  Schlumberger Ltd. | 7302 |  | 390365 |  |
|  Tenaris SA | 2732 |  | 47625 |  |
|  |  |  | 774277 |  |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | **** |
|  Aker BP ASA | 1980 |  | 61461 |  |
|  Ampol Ltd. | 1379 |  | 26552 |  |
|  APA Corp. | 1656 |  | 77302 |  |
|  BP plc | 112793 |  | 647579 |  |
|  Chevron Corp. | 9161 |  | 1644308 |  |
|  ConocoPhillips | 6417 |  | 757206 |  |
|  Coterra Energy, Inc. | 4060 |  | 99754 |  |
|  Devon Energy Corp. | 3366 |  | 207043 |  |
|  Diamondback Energy, Inc. | 906 |  | 123923 |  |
|  ENEOS Holdings, Inc. | 17757 |  | 60615 |  |
|  Eni SpA | 14986 |  | 213131 |  |
|  EOG Resources, Inc. | 3025 |  | 391798 |  |
|  EQT Corp. | 1890 |  | 63939 |  |
|  Equinor ASA | 5791 |  | 207953 |  |
|  Exxon Mobil Corp. | 21207 |  | 2339132 |  |
|  Galp Energia SGPS SA, Class B | 2900 |  | 39145 |  |
|  Hess Corp. | 1429 |  | 202661 |  |
|  Idemitsu Kosan Co. Ltd. | 1206 |  | 28211 |  |
|  Inpex Corp. (x) | 5923 |  | 63003 |  |
|  Kinder Morgan, Inc. | 10186 |  | 184163 |  |
|  Marathon Oil Corp. | 3270 |  | 88519 |  |
|  Marathon Petroleum Corp. | 2413 |  | 280849 |  |
|  Neste OYJ | 2558 |  | 117798 |  |
|  Occidental Petroleum Corp. | 3744 |  | 235834 |  |
|  OMV AG | 951 |  | 48966 |  |
|  ONEOK, Inc. | 2302 |  | 151241 |  |
|  Phillips 66 | 2434 |  | 253331 |  |
|  Pioneer Natural Resources Co. | 1224 |  | 279549 |  |
|  Repsol SA | 8061 |  | 128139 |  |
|  Santos Ltd. | 18618 |  | 90507 |  |
|  Shell plc | 43547 |  | 1224549 |  |
|  Targa Resources Corp. | 1166 |  | 85701 |  |
|  TotalEnergies SE | 14916 |  | 936455 |  |
|  Valero Energy Corp. | 1985 |  | 251817 |  |
|  Washington H Soul Pattinson & Co. Ltd. | 1253 |  | 23597 |  |
|  Williams Cos., Inc. (The) | 6272 |  | 206349 |  |
|  Woodside Energy Group Ltd. | 11362 |  | 274157 |  |
|  |  |  | 12116237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 12890514 |  |
|  **Financials (9.2%)** | **Financials (9.2%)** | **Financials (9.2%)** | **Financials (9.2%)** |  |
|  ***Banks (3.8%)*** | ***Banks (3.8%)*** | ***Banks (3.8%)*** | ***Banks (3.8%)*** | **** |
|  ABN AMRO Bank NV (CVA) (m) | 2045 |  | 28294 |  |
|  AIB Group plc | 6425 |  | 24870 |  |
|  ANZ Group Holdings Ltd.\* | 17923 |  | 288720 |  |
|  Banco Bilbao Vizcaya Argentaria SA | 36371 |  | 219350 |  |
|  Banco Santander SA | 100101 |  | 300297 |  |
|  Bank Hapoalim BM | 7467 |  | 67483 |  |
|  Bank Leumi Le-Israel BM | 9166 |  | 76551 |  |
|  Bank of America Corp. | 35940 |  | 1190333 |  |
|  Bank of Ireland Group plc | 6431 |  | 61268 |  |
|  Banque Cantonale Vaudoise (Registered) | 181 |  | 17373 |  |
|  Barclays plc | 95921 |  | 183826 |  |
|  BNP Paribas SA | 6689 |  | 381283 |  |
|  BOC Hong Kong Holdings Ltd. | 21413 |  | 72973 |  |
|  CaixaBank SA | 25654 |  | 100838 |  |
|  Chiba Bank Ltd. (The) | 3067 |  | 22481 |  |
|  Citigroup, Inc. | 9974 |  | 451124 |  |
|  Citizens Financial Group, Inc. | 2536 |  | 99842 |  |
|  Comerica, Inc. | 674 |  | 45057 |  |
|  Commerzbank AG\* | 5797 |  | 54831 |  |
|  Commonwealth Bank of Australia | 10202 |  | 712663 |  |
|  Concordia Financial Group Ltd. | 6299 |  | 26398 |  |
|  Credit Agricole SA | 7157 |  | 75317 |  |
|  Danske Bank A/S | 3991 |  | 78880 |  |
|  DBS Group Holdings Ltd. | 10903 |  | 276116 |  |
|  DNB Bank ASA | 5647 |  | 112083 |  |
|  Erste Group Bank AG | 1989 |  | 63661 |  |
|  Fifth Third Bancorp | 3535 |  | 115983 |  |
|  FinecoBank Banca Fineco SpA | 3529 |  | 58629 |  |
|  First Republic Bank | 942 |  | 114820 |  |
|  Hang Seng Bank Ltd. | 4425 |  | 73585 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  HSBC Holdings plc | 119106 | $| 742573 |  |
|  Huntington Bancshares, Inc. | 7429 |  | 104749 |  |
|  ING Groep NV | 22583 |  | 275293 |  |
|  Intesa Sanpaolo SpA | 100148 |  | 222769 |  |
|  Israel Discount Bank Ltd., Class A | 6735 |  | 35466 |  |
|  Japan Post Bank Co. Ltd. | 2343 |  | 20138 |  |
|  JPMorgan Chase & Co. | 15104 |  | 2025446 |  |
|  KBC Group NV | 1526 |  | 98141 |  |
|  KeyCorp | 4804 |  | 83686 |  |
|  Lloyds Banking Group plc | 401657 |  | 220503 |  |
|  M&T Bank Corp. | 889 |  | 128958 |  |
|  Mediobanca Banca di Credito Finanziario SpA | 3628 |  | 34890 |  |
|  Mitsubishi UFJ Financial Group, Inc. | 71658 |  | 485401 |  |
|  Mizrahi Tefahot Bank Ltd. | 969 |  | 31438 |  |
|  Mizuho Financial Group, Inc. | 14460 |  | 204494 |  |
|  National Australia Bank Ltd. | 19019 |  | 389250 |  |
|  NatWest Group plc | 31780 |  | 101891 |  |
|  Nordea Bank Abp | 19768 |  | 211569 |  |
|  Oversea-Chinese Banking Corp. Ltd. | 20298 |  | 184582 |  |
|  PNC Financial Services Group, Inc. (The) | 2077 |  | 328041 |  |
|  Regions Financial Corp. | 4812 |  | 103747 |  |
|  Resona Holdings, Inc. | 11923 |  | 65702 |  |
|  Shizuoka Financial Group, Inc. | 2582 |  | 20756 |  |
|  Signature Bank | 324 |  | 37331 |  |
|  Skandinaviska Enskilda Banken AB, Class A | 9417 |  | 108250 |  |
|  Societe Generale SA | 4892 |  | 122956 |  |
|  Standard Chartered plc | 14606 |  | 109903 |  |
|  Sumitomo Mitsui Financial Group, Inc. | 7865 |  | 317381 |  |
|  Sumitomo Mitsui Trust Holdings, Inc. | 2112 |  | 73833 |  |
|  SVB Financial Group\* | 304 |  | 69963 |  |
|  Svenska Handelsbanken AB, Class A | 8440 |  | 85008 |  |
|  Swedbank AB, Class A | 5240 |  | 89034 |  |
|  Truist Financial Corp. | 6832 |  | 293981 |  |
|  UniCredit SpA | 11516 |  | 163608 |  |
|  United Overseas Bank Ltd. | 7088 |  | 162462 |  |
|  US Bancorp | 6963 |  | 303656 |  |
|  Wells Fargo & Co. | 19622 |  | 810192 |  |
|  Westpac Banking Corp. | 20988 |  | 333664 |  |
|  Zions Bancorp NA | 770 |  | 37853 |  |
|  |  |  | 14633487 |  |
|  ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | **** |
|  3i Group plc | 5631 |  | 91324 |  |
|  abrdn plc | 12619 |  | 28871 |  |
|  Ameriprise Financial, Inc. | 548 |  | 170631 |  |
|  Amundi SA (m) | 352 |  | 19970 |  |
|  ASX Ltd. | 1224 |  | 56685 |  |
|  Bank of New York Mellon Corp. (The) | 3788 |  | 172430 |  |
|  BlackRock, Inc. | 773 |  | 547771 |  |
|  Cboe Global Markets, Inc. | 546 |  | 68507 |  |
|  Charles Schwab Corp. (The) | 7855 |  | 654007 |  |
|  CME Group, Inc. | 1852 |  | 311432 |  |
|  Credit Suisse Group AG (Registered) (x) | 25974 |  | 77642 |  |
|  Daiwa Securities Group, Inc. | 7324 |  | 32535 |  |
|  Deutsche Bank AG (Registered) | 11959 |  | 135542 |  |
|  Deutsche Boerse AG | 1155 |  | 199550 |  |
|  EQT AB (x) | 1712 |  | 36193 |  |
|  Euronext NV (m) | 568 |  | 42050 |  |
|  FactSet Research Systems, Inc. | 196 |  | 78637 |  |
|  Franklin Resources, Inc. | 1463 |  | 38594 |  |
|  Futu Holdings Ltd. (ADR) (x)\* | 416 |  | 16910 |  |
|  Goldman Sachs Group, Inc. (The) | 1744 |  | 598855 |  |
|  Hargreaves Lansdown plc | 2058 |  | 21302 |  |
|  Hong Kong Exchanges & Clearing Ltd. | 7223 |  | 312038 |  |
|  Intercontinental Exchange, Inc. | 2876 |  | 295049 |  |
|  Invesco Ltd. | 2342 |  | 42133 |  |
|  Japan Exchange Group, Inc. | 2948 |  | 42623 |  |
|  Julius Baer Group Ltd. | 1282 |  | 74675 |  |
|  London Stock Exchange Group plc | 2009 |  | 173318 |  |
|  Macquarie Group Ltd. | 2230 |  | 253495 |  |
|  MarketAxess Holdings, Inc. | 194 |  | 54105 |  |
|  Moody's Corp. | 811 |  | 225961 |  |
|  Morgan Stanley | 6788 |  | 577116 |  |
|  MSCI, Inc. | 412 |  | 191650 |  |
|  Nasdaq, Inc. | 1746 |  | 107117 |  |
|  Nomura Holdings, Inc. | 16486 |  | 61377 |  |
|  Northern Trust Corp. | 1073 |  | 94950 |  |
|  Partners Group Holding AG | 141 |  | 124554 |  |
|  Raymond James Financial, Inc. | 997 |  | 106529 |  |
|  S&P Global, Inc. | 1715 |  | 574422 |  |
|  SBI Holdings, Inc. | 1415 |  | 27138 |  |
|  Schroders plc | 4229 |  | 22291 |  |
|  Singapore Exchange Ltd. | 4650 |  | 31072 |  |
|  St James's Place plc | 3123 |  | 41342 |  |
|  State Street Corp. | 1890 |  | 146607 |  |
| T. Rowe Price Group, Inc. | 1151 |  | 125528 |  |
|  UBS Group AG (Registered) | 20072 |  | 373481 |  |
|  |  |  | 7478009 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 3078 |  | 454775 |  |
|  Capital One Financial Corp. | 1966 |  | 182759 |  |
|  Discover Financial Services | 1407 |  | 137647 |  |
|  Synchrony Financial | 2320 |  | 76235 |  |
|  |  |  | 851416 |  |
|  ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | ***Diversified Financial Services (0.9%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 9278 |  | 2865974 |  |
|  Eurazeo SE | 294 |  | 18285 |  |
|  EXOR NV\* | 639 |  | 46718 |  |
|  Groupe Bruxelles Lambert NV | 598 |  | 47741 |  |
|  Industrivarden AB, Class A | 760 |  | 18463 |  |
|  Industrivarden AB, Class C | 924 |  | 22403 |  |
|  Investor AB, Class A | 2885 |  | 53595 |  |
|  Investor AB, Class B | 10859 |  | 196225 |  |
|  Kinnevik AB, Class B\* | 1401 |  | 19226 |  |
|  L E Lundbergforetagen AB, Class B | 439 |  | 18684 |  |
|  M&G plc | 15044 |  | 34165 |  |
|  Mitsubishi HC Capital, Inc. | 3819 |  | 18886 |  |
|  ORIX Corp. | 7068 |  | 114093 |  |
|  Sofina SA | 111 |  | 24429 |  |
|  Wendel SE | 155 |  | 14468 |  |
|  |  |  | 3513355 |  |
|  ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | **** |
|  Admiral Group plc | 1117 |  | 28858 |  |
|  Aegon NV | 10342 |  | 52452 |  |
|  Aflac, Inc. | 2914 |  | 209633 |  |
|  Ageas SA/NV | 1018 |  | 45136 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  AIA Group Ltd. | 71146 | $| 791174 |  |
|  Allianz SE (Registered) | 2462 |  | 529462 |  |
|  Allstate Corp. (The) | 1366 |  | 185230 |  |
|  American International Group, Inc. | 3826 |  | 241956 |  |
|  Aon plc, Class A | 1065 |  | 319649 |  |
|  Arch Capital Group Ltd.\* | 1905 |  | 119596 |  |
|  Arthur J Gallagher & Co. | 1086 |  | 204754 |  |
|  Assicurazioni Generali SpA | 6692 |  | 119021 |  |
|  Assurant, Inc. | 272 |  | 34016 |  |
|  Aviva plc | 16500 |  | 88328 |  |
|  AXA SA | 11276 |  | 314494 |  |
|  Baloise Holding AG (Registered) | 303 |  | 46762 |  |
|  Brown & Brown, Inc. | 1210 |  | 68934 |  |
|  Chubb Ltd. | 2137 |  | 471422 |  |
|  Cincinnati Financial Corp. | 809 |  | 82834 |  |
|  Dai-ichi Life Holdings, Inc. | 5817 |  | 132704 |  |
|  Everest Re Group Ltd. | 202 |  | 66917 |  |
|  Gjensidige Forsikring ASA | 1157 |  | 22699 |  |
|  Globe Life, Inc. | 466 |  | 56176 |  |
|  Hannover Rueck SE | 383 |  | 76052 |  |
|  Hartford Financial Services Group, Inc. (The) | 1638 |  | 124210 |  |
|  Insurance Australia Group Ltd. | 14264 |  | 46130 |  |
|  Japan Post Holdings Co. Ltd. | 14252 |  | 120486 |  |
|  Japan Post Insurance Co. Ltd. | 1156 |  | 20444 |  |
|  Legal & General Group plc | 34545 |  | 104199 |  |
|  Lincoln National Corp. | 793 |  | 24361 |  |
|  Loews Corp. | 1015 |  | 59205 |  |
|  Marsh & McLennan Cos., Inc. | 2554 |  | 422636 |  |
|  Medibank Pvt Ltd. | 15936 |  | 32008 |  |
|  MetLife, Inc. | 3394 |  | 245624 |  |
|  MS&AD Insurance Group Holdings, Inc. | 2746 |  | 88381 |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 850 |  | 276604 |  |
|  NN Group NV | 1683 |  | 68748 |  |
|  Phoenix Group Holdings plc | 4048 |  | 29784 |  |
|  Poste Italiane SpA (m) | 3023 |  | 29531 |  |
|  Principal Financial Group, Inc. | 1172 |  | 98354 |  |
|  Progressive Corp. (The) | 3013 |  | 390816 |  |
|  Prudential Financial, Inc. | 1895 |  | 188477 |  |
|  Prudential plc | 16481 |  | 224651 |  |
|  QBE Insurance Group Ltd. | 8536 |  | 78052 |  |
|  Sampo OYJ, Class A | 2945 |  | 153904 |  |
|  Sompo Holdings, Inc. | 1953 |  | 87203 |  |
|  Suncorp Group Ltd. | 7425 |  | 60866 |  |
|  Swiss Life Holding AG (Registered) | 192 |  | 99006 |  |
|  Swiss Re AG | 1806 |  | 168910 |  |
|  T&D Holdings, Inc. | 2774 |  | 40202 |  |
|  Tokio Marine Holdings, Inc. | 10890 |  | 234620 |  |
|  Travelers Cos., Inc. (The) | 1207 |  | 226300 |  |
|  Tryg A/S | 2083 |  | 49580 |  |
|  W R Berkley Corp. | 1053 |  | 76416 |  |
|  Willis Towers Watson plc | 557 |  | 136231 |  |
|  Zurich Insurance Group AG | 905 |  | 432901 |  |
|  |  |  | 8747099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 35223366 |  |
|  **Health Care (9.9%)** | **Health Care (9.9%)** | **Health Care (9.9%)** | **Health Care (9.9%)** |  |
|  ***Biotechnology (1.3%)*** | ***Biotechnology (1.3%)*** | ***Biotechnology (1.3%)*** | ***Biotechnology (1.3%)*** | **** |
|  AbbVie, Inc. | 9107 |  | 1471782 |  |
|  Amgen, Inc. | 2748 |  | 721735 |  |
|  Argenx SE\* | 340 |  | 127638 |  |
|  Biogen, Inc.\* | 742 |  | 205475 |  |
|  CSL Ltd. | 2888 |  | 565821 |  |
|  Genmab A/S\* | 405 |  | 171461 |  |
|  Gilead Sciences, Inc. | 6459 |  | 554505 |  |
|  Grifols SA\* | 1726 |  | 19899 |  |
|  Incyte Corp.\* | 951 |  | 76384 |  |
|  Moderna, Inc.\* | 1701 |  | 305534 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 551 |  | 397541 |  |
|  Swedish Orphan Biovitrum AB\* | 993 |  | 20526 |  |
|  Vertex Pharmaceuticals, Inc.\* | 1322 |  | 381767 |  |
|  |  |  | 5020068 |  |
|  ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | **** |
|  Abbott Laboratories | 8978 |  | 985695 |  |
|  Alcon, Inc. | 3034 |  | 207309 |  |
|  Align Technology, Inc.\* | 374 |  | 78877 |  |
|  Asahi Intecc Co. Ltd. | 1254 |  | 20677 |  |
|  Baxter International, Inc. | 2596 |  | 132318 |  |
|  Becton Dickinson and Co. | 1469 |  | 373567 |  |
|  BioMerieux | 247 |  | 25890 |  |
|  Boston Scientific Corp.\* | 7376 |  | 341287 |  |
|  Carl Zeiss Meditec AG | 241 |  | 30416 |  |
|  Cochlear Ltd. | 413 |  | 57397 |  |
|  Coloplast A/S, Class B | 731 |  | 85445 |  |
|  Cooper Cos., Inc. (The) | 254 |  | 83990 |  |
|  Demant A/S\* | 625 |  | 17324 |  |
|  Dentsply Sirona, Inc. | 1107 |  | 35247 |  |
|  Dexcom, Inc.\* | 1989 |  | 225234 |  |
|  DiaSorin SpA | 184 |  | 25684 |  |
|  Edwards Lifesciences Corp.\* | 3184 |  | 237558 |  |
|  EssilorLuxottica SA | 1748 |  | 316598 |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 3336 |  | 47867 |  |
|  Getinge AB, Class B | 1323 |  | 27424 |  |
|  Hologic, Inc.\* | 1286 |  | 96206 |  |
|  Hoya Corp. | 2182 |  | 211234 |  |
|  IDEXX Laboratories, Inc.\* | 426 |  | 173791 |  |
|  Intuitive Surgical, Inc.\* | 1820 |  | 482937 |  |
|  Koninklijke Philips NV | 5110 |  | 76602 |  |
|  Medtronic plc | 6844 |  | 531916 |  |
|  Olympus Corp. | 7259 |  | 130091 |  |
|  ResMed, Inc. | 754 |  | 156930 |  |
|  Siemens Healthineers AG (m) | 1718 |  | 85938 |  |
|  Smith & Nephew plc | 5087 |  | 68233 |  |
|  Sonova Holding AG (Registered) | 338 |  | 80164 |  |
|  STERIS plc | 514 |  | 94931 |  |
|  Straumann Holding AG (Registered) | 674 |  | 76974 |  |
|  Stryker Corp. | 1734 |  | 423946 |  |
|  Sysmex Corp. | 1058 |  | 64476 |  |
|  Teleflex, Inc. | 242 |  | 60410 |  |
|  Terumo Corp. | 3899 |  | 111290 |  |
|  Zimmer Biomet Holdings, Inc. | 1081 |  | 137827 |  |
|  |  |  | 6419700 |  |
|  ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | **** |
|  AmerisourceBergen Corp. | 834 |  | 138202 |  |
|  Amplifon SpA | 720 |  | 21442 |  |
|  Cardinal Health, Inc. | 1350 |  | 103774 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Centene Corp.\* | 2916 | $| 239141 |  |
|  Cigna Corp. | 1574 |  | 521529 |  |
|  CVS Health Corp. | 6766 |  | 630524 |  |
|  DaVita, Inc.\* | 283 |  | 21132 |  |
|  Elevance Health, Inc. | 1230 |  | 630953 |  |
|  Fresenius Medical Care AG & Co. KGaA | 1269 |  | 41526 |  |
|  Fresenius SE & Co. KGaA | 2610 |  | 73339 |  |
|  HCA Healthcare, Inc. | 1092 |  | 262036 |  |
|  Henry Schein, Inc.\* | 698 |  | 55749 |  |
|  Humana, Inc. | 652 |  | 333948 |  |
|  Laboratory Corp. of America Holdings | 456 |  | 107379 |  |
|  McKesson Corp. | 730 |  | 273838 |  |
|  Molina Healthcare, Inc.\* | 301 |  | 99396 |  |
|  Quest Diagnostics, Inc. | 586 |  | 91674 |  |
|  Ramsay Health Care Ltd. | 1175 |  | 51760 |  |
|  Sonic Healthcare Ltd. | 2629 |  | 53645 |  |
|  UnitedHealth Group, Inc. | 4811 |  | 2550696 |  |
|  Universal Health Services, Inc., Class B | 330 |  | 46494 |  |
|  |  |  | 6348177 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  M3, Inc. | 2715 |  | 74019 |  |
|  ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | ***Life Sciences Tools & Services (1.0%)*** | **** |
|  Agilent Technologies, Inc. | 1524 |  | 228067 |  |
|  Bachem Holding AG, Class B | 220 |  | 18998 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 111 |  | 46674 |  |
|  Bio-Techne Corp. | 808 |  | 66967 |  |
|  Charles River Laboratories International, Inc.\* | 262 |  | 57090 |  |
|  Danaher Corp. | 3374 |  | 895527 |  |
|  Eurofins Scientific SE | 827 |  | 59366 |  |
|  Illumina, Inc.\* | 810 |  | 163782 |  |
|  IQVIA Holdings, Inc.\* | 956 |  | 195875 |  |
|  Lonza Group AG (Registered) | 448 |  | 219530 |  |
|  Mettler-Toledo International, Inc.\* | 115 |  | 166227 |  |
|  PerkinElmer, Inc. | 650 |  | 91143 |  |
|  QIAGEN NV\* | 1431 |  | 72011 |  |
|  Sartorius AG (Preference) (q) | 157 |  | 62082 |  |
|  Sartorius Stedim Biotech | 172 |  | 55695 |  |
|  Thermo Fisher Scientific, Inc. | 2020 |  | 1112394 |  |
|  Waters Corp.\* | 306 |  | 104829 |  |
|  West Pharmaceutical Services, Inc. | 381 |  | 89668 |  |
|  |  |  | 3705925 |  |
|  ***Pharmaceuticals (4.2%)*** | ***Pharmaceuticals (4.2%)*** | ***Pharmaceuticals (4.2%)*** | ***Pharmaceuticals (4.2%)*** | **** |
|  Astellas Pharma, Inc. | 10773 |  | 164706 |  |
|  AstraZeneca plc | 9289 |  | 1259774 |  |
|  Bayer AG (Registered) | 5913 |  | 305877 |  |
|  Bristol-Myers Squibb Co. | 10949 |  | 787781 |  |
|  Catalent, Inc.\* | 927 |  | 41724 |  |
|  Chugai Pharmaceutical Co. Ltd. (x) | 4089 |  | 104936 |  |
|  Daiichi Sankyo Co. Ltd. | 10493 |  | 339799 |  |
|  Eisai Co. Ltd. | 1566 |  | 103859 |  |
|  Eli Lilly and Co. | 4061 |  | 1485676 |  |
|  GSK plc | 24382 |  | 423756 |  |
|  Hikma Pharmaceuticals plc | 1004 |  | 18838 |  |
|  Ipsen SA | 262 |  | 28186 |  |
|  Johnson & Johnson | 13463 |  | 2378239 |  |
|  Kyowa Kirin Co. Ltd. | 1562 |  | 35944 |  |
|  Merck & Co., Inc. | 13056 |  | 1448563 |  |
|  Merck KGaA | 800 |  | 154916 |  |
|  Nippon Shinyaku Co. Ltd. | 284 |  | 16187 |  |
|  Novartis AG (Registered) | 12969 |  | 1172421 |  |
|  Novo Nordisk A/S, Class B | 9924 |  | 1340000 |  |
|  Ono Pharmaceutical Co. Ltd. | 2140 |  | 50271 |  |
|  Organon & Co. | 1310 |  | 36588 |  |
|  Orion OYJ, Class B | 663 |  | 36365 |  |
|  Otsuka Holdings Co. Ltd. (x) | 2417 |  | 79284 |  |
|  Pfizer, Inc. | 28905 |  | 1481092 |  |
|  Recordati Industria Chimica e Farmaceutica SpA | 605 |  | 25095 |  |
|  Roche Holding AG | 4212 |  | 1323296 |  |
|  Roche Holding AG CHF 1 | 170 |  | 65893 |  |
|  Sanofi | 6839 |  | 657701 |  |
|  Shionogi & Co. Ltd. | 1626 |  | 81597 |  |
|  Takeda Pharmaceutical Co. Ltd. | 9025 |  | 282702 |  |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 6379 |  | 58177 |  |
|  UCB SA | 788 |  | 62049 |  |
|  Viatris, Inc. | 6245 |  | 69507 |  |
|  Zoetis, Inc. | 2400 |  | 351720 |  |
|  |  |  | 16272519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 37840408 |  |
|  **Industrials (7.1%)** | **Industrials (7.1%)** | **Industrials (7.1%)** | **Industrials (7.1%)** |  |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | **** |
|  Airbus SE | 3553 |  | 422243 |  |
|  BAE Systems plc | 18739 |  | 193923 |  |
|  Boeing Co. (The)\* | 2885 |  | 549564 |  |
|  Dassault Aviation SA | 151 |  | 25571 |  |
|  Elbit Systems Ltd. | 179 |  | 29176 |  |
|  General Dynamics Corp. | 1159 |  | 287560 |  |
|  Howmet Aerospace, Inc. | 1896 |  | 74721 |  |
|  Huntington Ingalls Industries, Inc. | 205 |  | 47289 |  |
|  Kongsberg Gruppen ASA | 526 |  | 22314 |  |
|  L3Harris Technologies, Inc. | 980 |  | 204046 |  |
|  Lockheed Martin Corp. | 1201 |  | 584275 |  |
|  MTU Aero Engines AG | 335 |  | 72509 |  |
|  Northrop Grumman Corp. | 745 |  | 406479 |  |
|  Raytheon Technologies Corp. | 7570 |  | 763964 |  |
|  Rheinmetall AG | 283 |  | 56362 |  |
|  Rolls-Royce Holdings plc\* | 48419 |  | 54556 |  |
|  Safran SA | 2073 |  | 259450 |  |
|  Singapore Technologies Engineering Ltd. | 9034 |  | 22595 |  |
|  Textron, Inc. | 1075 |  | 76110 |  |
|  Thales SA | 657 |  | 83902 |  |
|  TransDigm Group, Inc. | 266 |  | 167487 |  |
|  |  |  | 4404096 |  |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | **** |
|  CH Robinson Worldwide, Inc. | 606 |  | 55485 |  |
|  Deutsche Post AG (Registered) | 5987 |  | 225461 |  |
|  DSV A/S | 1130 |  | 178362 |  |
|  Expeditors International of Washington, Inc. | 819 |  | 85110 |  |
|  FedEx Corp. | 1233 |  | 213556 |  |
|  Nippon Express Holdings, Inc. (x) | 444 |  | 25509 |  |
|  SG Holdings Co. Ltd. | 1558 |  | 21725 |  |
|  United Parcel Service, Inc., Class B | 3758 |  | 653291 |  |
|  Yamato Holdings Co. Ltd. | 1686 |  | 26811 |  |
|  |  |  | 1485310 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 653 | $28040 |  |
|  American Airlines Group, Inc.\* | 3347 | 42574 |  |
|  ANA Holdings, Inc.\* | 924 | 19713 |  |
|  Delta Air Lines, Inc.\* | 3302 | 108504 |  |
|  Deutsche Lufthansa AG (Registered)\* | 3458 | 28743 |  |
|  Japan Airlines Co. Ltd. (x)\* | 834 | 17126 |  |
|  Qantas Airways Ltd.\* | 5347 | 21879 |  |
|  Singapore Airlines Ltd. | 7753 | 32010 |  |
|  Southwest Airlines Co.\* | 3058 | 102963 |  |
|  United Airlines Holdings, Inc.\* | 1683 | 63449 |  |
|  |  | 465001 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 653 | 37378 |  |
|  AGC, Inc. (x) | 1118 | 37440 |  |
|  Allegion plc | 452 | 47577 |  |
|  Assa Abloy AB, Class B | 6043 | 129548 |  |
|  Carrier Global Corp. | 4306 | 177622 |  |
|  Cie de Saint-Gobain | 3036 | 148357 |  |
|  Daikin Industries Ltd. | 1499 | 230721 |  |
|  Geberit AG (Registered) | 215 | 101263 |  |
|  Johnson Controls International plc | 3546 | 226944 |  |
|  Kingspan Group plc | 955 | 51707 |  |
|  Lixil Corp. | 1469 | 22398 |  |
|  Masco Corp. | 1161 | 54184 |  |
|  Nibe Industrier AB, Class B | 8912 | 82929 |  |
|  ROCKWOOL A/S, Class B | 67 | 15750 |  |
|  TOTO Ltd. | 819 | 28082 |  |
|  Trane Technologies plc | 1186 | 199355 |  |
|  Xinyi Glass Holdings Ltd. | 8662 | 16136 |  |
|  |  | 1607391 |  |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | **** |
|  Brambles Ltd. | 7709 | 63352 |  |
|  Cintas Corp. | 444 | 200519 |  |
|  Copart, Inc.\* | 2207 | 134384 |  |
|  Dai Nippon Printing Co. Ltd. | 1285 | 25947 |  |
|  Rentokil Initial plc | 15040 | 92368 |  |
|  Republic Services, Inc. | 1058 | 136471 |  |
|  Rollins, Inc. | 1192 | 43556 |  |
|  Secom Co. Ltd. | 1291 | 74200 |  |
|  Securitas AB, Class B | 2846 | 23718 |  |
|  Toppan, Inc. | 1517 | 22586 |  |
|  Waste Management, Inc. | 1923 | 301680 |  |
|  |  | 1118781 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  ACS Actividades de Construccion y Servicios SA (x) | 1315 | 37683 |  |
|  Bouygues SA | 1323 | 39710 |  |
|  Eiffage SA | 532 | 52347 |  |
|  Ferrovial SA | 2900 | 75962 |  |
|  Kajima Corp. | 2140 | 25046 |  |
|  Obayashi Corp. | 3757 | 28570 |  |
|  Quanta Services, Inc. | 736 | 104880 |  |
|  Shimizu Corp. | 3194 | 17133 |  |
|  Skanska AB, Class B | 1968 | 31119 |  |
|  Taisei Corp. | 1104 | 35751 |  |
|  Vinci SA | 3224 | 321956 |  |
|  |  | 770157 |  |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | **** |
|  ABB Ltd. (Registered) | 9422 | 285926 |  |
|  AMETEK, Inc. | 1183 | 165289 |  |
|  Eaton Corp. plc | 2048 | 321433 |  |
|  Emerson Electric Co. | 3045 | 292503 |  |
|  Fuji Electric Co. Ltd. | 734 | 28132 |  |
|  Generac Holdings, Inc.\* | 326 | 32815 |  |
|  Legrand SA | 1605 | 128546 |  |
|  Mitsubishi Electric Corp. | 11365 | 113745 |  |
|  Nidec Corp. | 2666 | 138927 |  |
|  Prysmian SpA | 1474 | 54688 |  |
|  Rockwell Automation, Inc. | 591 | 152224 |  |
|  Schneider Electric SE | 3274 | 458128 |  |
|  Siemens Energy AG | 2579 | 48519 |  |
|  Vestas Wind Systems A/S | 6071 | 176621 |  |
|  |  | 2397496 |  |
|  ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | **** |
|  3M Co. | 2846 | 341292 |  |
|  CK Hutchison Holdings Ltd. | 15601 | 93641 |  |
|  DCC plc | 570 | 28115 |  |
|  General Electric Co. | 5627 | 471486 |  |
|  Hitachi Ltd. | 5806 | 296007 |  |
|  Honeywell International, Inc. | 3462 | 741907 |  |
|  Investment AB Latour, Class B | 856 | 16169 |  |
|  Jardine Cycle & Carriage Ltd. | 592 | 12641 |  |
|  Jardine Matheson Holdings Ltd. | 946 | 48151 |  |
|  Keppel Corp. Ltd. | 8427 | 45677 |  |
|  Lifco AB, Class B | 1349 | 22514 |  |
|  Melrose Industries plc | 22104 | 35942 |  |
|  Siemens AG (Registered) | 4591 | 637107 |  |
|  Smiths Group plc | 2032 | 39269 |  |
|  Toshiba Corp. | 2353 | 82527 |  |
|  |  | 2912445 |  |
|  ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | ***Machinery (1.4%)*** | **** |
|  Alfa Laval AB | 1805 | 52084 |  |
|  Alstom SA (x) | 1836 | 44849 |  |
|  Atlas Copco AB, Class A | 16101 | 189943 |  |
|  Atlas Copco AB, Class B | 9032 | 96164 |  |
|  Caterpillar, Inc. | 2680 | 642021 |  |
|  CNH Industrial NV | 5921 | 94850 |  |
|  Cummins, Inc. | 726 | 175903 |  |
|  Daifuku Co. Ltd. | 586 | 27594 |  |
|  Daimler Truck Holding AG\* | 2662 | 82480 |  |
|  Deere & Co. | 1414 | 606267 |  |
|  Dover Corp. | 723 | 97901 |  |
|  Epiroc AB, Class A | 3813 | 69373 |  |
|  Epiroc AB, Class B | 2256 | 36246 |  |
|  FANUC Corp. | 1173 | 177282 |  |
|  Fortive Corp. | 1822 | 117064 |  |
|  GEA Group AG | 887 | 36271 |  |
|  Hitachi Construction Machinery Co. Ltd. | 622 | 14024 |  |
|  Hoshizaki Corp. | 628 | 22275 |  |
|  Husqvarna AB, Class B | 2421 | 16965 |  |
|  IDEX Corp. | 388 | 88592 |  |
|  Illinois Tool Works, Inc. | 1439 | 317012 |  |
|  Indutrade AB | 1606 | 32490 |  |
|  Ingersoll Rand, Inc. | 2085 | 108941 |  |
|  Knorr-Bremse AG | 419 | 22892 |  |
|  Komatsu Ltd. | 5437 | 119147 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Kone OYJ, Class B | 2067 | $| 106870 |  |
|  Kubota Corp. | 5944 |  | 82294 |  |
|  Kurita Water Industries Ltd. | 596 |  | 24795 |  |
|  Makita Corp. | 1296 |  | 30415 |  |
|  Minebea Mitsumi, Inc. | 2100 |  | 31538 |  |
|  MISUMI Group, Inc. | 1645 |  | 36086 |  |
|  Mitsubishi Heavy Industries Ltd. | 1995 |  | 79563 |  |
|  NGK Insulators Ltd. | 1160 |  | 14831 |  |
|  Nordson Corp. | 277 |  | 65848 |  |
|  Otis Worldwide Corp. | 2145 |  | 167975 |  |
|  PACCAR, Inc. | 1791 |  | 177255 |  |
|  Parker-Hannifin Corp. | 661 |  | 192351 |  |
|  Pentair plc | 847 |  | 38098 |  |
|  Rational AG | 36 |  | 21388 |  |
|  Sandvik AB | 6270 |  | 113204 |  |
|  Schindler Holding AG | 260 |  | 48899 |  |
|  Schindler Holding AG (Registered) | 141 |  | 25435 |  |
|  SKF AB, Class B | 2211 |  | 33722 |  |
|  SMC Corp. | 351 |  | 148648 |  |
|  Snap-on, Inc. | 274 |  | 62606 |  |
|  Spirax-Sarco Engineering plc | 465 |  | 59673 |  |
|  Stanley Black & Decker, Inc. | 762 |  | 57241 |  |
|  Techtronic Industries Co. Ltd. | 7959 |  | 88813 |  |
|  Toyota Industries Corp. | 945 |  | 52132 |  |
|  VAT Group AG (m) | 170 |  | 46478 |  |
|  Volvo AB, Class A | 1158 |  | 21984 |  |
|  Volvo AB, Class B | 8875 |  | 160305 |  |
|  Wartsila OYJ Abp | 2739 |  | 23069 |  |
|  Westinghouse Air Brake Technologies Corp. | 937 |  | 93522 |  |
|  Xylem, Inc. | 928 |  | 102609 |  |
|  Yaskawa Electric Corp. | 1389 |  | 44716 |  |
|  |  |  | 5540993 |  |
|  ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | **** |
|  AP Moller - Maersk A/S, Class A | 20 |  | 44251 |  |
|  AP Moller - Maersk A/S, Class B | 32 |  | 71952 |  |
|  Kuehne + Nagel International AG (Registered) | 333 |  | 77501 |  |
|  Mitsui OSK Lines Ltd. (x) | 1992 |  | 49937 |  |
|  Nippon Yusen KK (x) | 2982 |  | 70665 |  |
|  SITC International Holdings Co. Ltd. | 7760 |  | 17259 |  |
|  ZIM Integrated Shipping Services Ltd. (x) | 494 |  | 8492 |  |
|  |  |  | 340057 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  Adecco Group AG (Registered) | 1031 |  | 33963 |  |
|  Bureau Veritas SA | 1701 |  | 44811 |  |
|  CoStar Group, Inc.\* | 2094 |  | 161824 |  |
|  Equifax, Inc. | 631 |  | 122641 |  |
|  Experian plc | 5488 |  | 186635 |  |
|  Intertek Group plc | 1037 |  | 50574 |  |
|  Jacobs Solutions, Inc. | 657 |  | 78886 |  |
|  Leidos Holdings, Inc. | 704 |  | 74054 |  |
|  Nihon M&A Center Holdings, Inc. | 1752 |  | 21746 |  |
|  Persol Holdings Co. Ltd. | 1027 |  | 22130 |  |
|  Randstad NV | 778 |  | 47437 |  |
|  Recruit Holdings Co. Ltd. | 8641 |  | 275019 |  |
|  RELX plc | 11550 |  | 319482 |  |
|  Robert Half International, Inc. | 559 |  | 41271 |  |
|  SGS SA (Registered) | 41 |  | 95333 |  |
|  Teleperformance | 365 |  | 87012 |  |
|  Verisk Analytics, Inc. | 805 |  | 142018 |  |
|  Wolters Kluwer NV | 1598 |  | 167226 |  |
|  |  |  | 1972062 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  Aurizon Holdings Ltd. | 10651 |  | 27049 |  |
|  Central Japan Railway Co. | 873 |  | 107795 |  |
|  CSX Corp. | 10826 |  | 335389 |  |
|  East Japan Railway Co. | 1844 |  | 105660 |  |
|  Grab Holdings Ltd., Class A\* | 6285 |  | 20238 |  |
|  Hankyu Hanshin Holdings, Inc. | 1324 |  | 39546 |  |
|  JB Hunt Transport Services, Inc. | 427 |  | 74452 |  |
|  Keio Corp. | 595 |  | 21943 |  |
|  Keisei Electric Railway Co. Ltd. | 748 |  | 21402 |  |
|  Kintetsu Group Holdings Co. Ltd. | 993 |  | 32951 |  |
|  MTR Corp. Ltd. | 8957 |  | 47450 |  |
|  Norfolk Southern Corp. | 1192 |  | 293733 |  |
|  Odakyu Electric Railway Co. Ltd. | 1705 |  | 22228 |  |
|  Old Dominion Freight Line, Inc. | 467 |  | 132525 |  |
|  Tobu Railway Co. Ltd. | 1092 |  | 25628 |  |
|  Tokyu Corp. | 2892 |  | 36646 |  |
|  Union Pacific Corp. | 3166 |  | 655584 |  |
|  West Japan Railway Co. | 1374 |  | 59979 |  |
|  |  |  | 2060198 |  |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | **** |
|  AerCap Holdings NV\* | 865 |  | 50447 |  |
|  Ashtead Group plc | 2705 |  | 154354 |  |
|  Brenntag SE | 959 |  | 61306 |  |
|  Bunzl plc | 2086 |  | 69578 |  |
|  Fastenal Co. | 2949 |  | 139547 |  |
|  IMCD NV | 364 |  | 51881 |  |
|  ITOCHU Corp. | 7212 |  | 227834 |  |
|  Marubeni Corp. | 9053 |  | 104505 |  |
|  Mitsubishi Corp. | 7601 |  | 248058 |  |
|  Mitsui & Co. Ltd. | 8592 |  | 252247 |  |
|  MonotaRO Co. Ltd. | 1450 |  | 20517 |  |
|  Reece Ltd. (x) | 1211 |  | 11667 |  |
|  Sumitomo Corp. | 6517 |  | 109047 |  |
|  Toyota Tsusho Corp. | 1229 |  | 45746 |  |
|  United Rentals, Inc.\* | 357 |  | 126885 |  |
|  WW Grainger, Inc. | 232 |  | 129050 |  |
|  |  |  | 1802669 |  |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | **** |
|  Aena SME SA (m)\* | 467 |  | 58638 |  |
|  Aeroports de Paris\* | 205 |  | 27474 |  |
|  Auckland International Airport Ltd.\* | 7243 |  | 35915 |  |
|  Getlink SE | 2546 |  | 40813 |  |
|  Transurban Group | 18233 |  | 161133 |  |
|  |  |  | 323973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 27200629 |  |
|  **Information Technology (12.8%)** | **Information Technology (12.8%)** | **Information Technology (12.8%)** | **Information Technology (12.8%)** |  |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | **** |
|  Arista Networks, Inc.\* | 1275 |  | 154721 |  |
|  Cisco Systems, Inc. | 21143 |  | 1007253 |  |
|  F5, Inc.\* | 308 |  | 44201 |  |
|  Juniper Networks, Inc. | 1671 |  | 53405 |  |
|  Motorola Solutions, Inc. | 861 |  | 221888 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Nokia OYJ | 32439 | $| 150252 |  |
|  Telefonaktiebolaget LM Ericsson, Class B | 16889 |  | 98568 |  |
|  |  |  | 1730288 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 3064 |  | 233293 |  |
|  Azbil Corp. | 714 |  | 18089 |  |
|  CDW Corp. | 697 |  | 124470 |  |
|  Corning, Inc. | 3920 |  | 125205 |  |
|  Halma plc | 2196 |  | 52407 |  |
|  Hamamatsu Photonics KK | 908 |  | 43726 |  |
|  Hexagon AB, Class B | 11447 |  | 119573 |  |
|  Hirose Electric Co. Ltd. | 187 |  | 23653 |  |
|  Ibiden Co. Ltd. | 736 |  | 26835 |  |
|  Keyence Corp. | 1176 |  | 460758 |  |
|  Keysight Technologies, Inc.\* | 921 |  | 157555 |  |
|  Kyocera Corp. | 1946 |  | 97152 |  |
|  Murata Manufacturing Co. Ltd. | 3497 |  | 175543 |  |
|  Omron Corp. | 1178 |  | 57491 |  |
|  Shimadzu Corp. | 1370 |  | 39094 |  |
|  TDK Corp. | 2393 |  | 79043 |  |
|  TE Connectivity Ltd. | 1638 |  | 188042 |  |
|  Teledyne Technologies, Inc.\* | 241 |  | 96378 |  |
|  Trimble, Inc.\* | 1270 |  | 64211 |  |
|  Venture Corp. Ltd. | 1602 |  | 20405 |  |
|  Yokogawa Electric Corp. | 1321 |  | 21188 |  |
|  Zebra Technologies Corp., Class A\* | 266 |  | 68205 |  |
|  |  |  | 2292316 |  |
|  ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | ***IT Services (2.2%)*** | **** |
|  Accenture plc, Class A | 3245 |  | 865896 |  |
|  Adyen NV (m)\* | 132 |  | 182050 |  |
|  Akamai Technologies, Inc.\* | 810 |  | 68283 |  |
|  Amadeus IT Group SA\* | 2685 |  | 139540 |  |
|  Automatic Data Processing, Inc. | 2136 |  | 510205 |  |
|  Bechtle AG | 474 |  | 16774 |  |
|  Broadridge Financial Solutions, Inc. | 606 |  | 81283 |  |
|  Capgemini SE | 980 |  | 163598 |  |
|  Cognizant Technology Solutions Corp., Class A | 2646 |  | 151325 |  |
|  Computershare Ltd. | 3144 |  | 56084 |  |
|  DXC Technology Co.\* | 1185 |  | 31403 |  |
|  Edenred | 1543 |  | 84039 |  |
|  EPAM Systems, Inc.\* | 296 |  | 97011 |  |
|  Fidelity National Information Services, Inc. | 3056 |  | 207350 |  |
|  Fiserv, Inc.\* | 3270 |  | 330499 |  |
|  FleetCor Technologies, Inc.\* | 380 |  | 69798 |  |
|  Fujitsu Ltd. | 1180 |  | 158379 |  |
|  Gartner, Inc.\* | 407 |  | 136809 |  |
|  Global Payments, Inc. | 1392 |  | 138253 |  |
|  GMO Payment Gateway, Inc. | 300 |  | 24962 |  |
|  International Business Machines Corp. | 4656 |  | 655984 |  |
|  Itochu Techno-Solutions Corp. | 555 |  | 12983 |  |
|  Jack Henry & Associates, Inc. | 376 |  | 66011 |  |
|  Mastercard, Inc., Class A | 4371 |  | 1519928 |  |
|  NEC Corp. | 1421 |  | 50185 |  |
|  Nexi SpA (m)\* | 3538 |  | 27897 |  |
|  Nomura Research Institute Ltd. | 1943 |  | 46117 |  |
|  NTT Data Corp. | 3652 |  | 53762 |  |
|  Obic Co. Ltd. | 437 |  | 64631 |  |
|  Otsuka Corp. | 659 |  | 20864 |  |
|  Paychex, Inc. | 1652 |  | 190905 |  |
|  PayPal Holdings, Inc.\* | 5870 |  | 418061 |  |
|  SCSK Corp. | 904 |  | 13783 |  |
|  TIS, Inc. | 1329 |  | 35240 |  |
|  VeriSign, Inc.\* | 475 |  | 97584 |  |
|  Visa, Inc., Class A | 8419 |  | 1749131 |  |
|  Wix.com Ltd.\* | 392 |  | 30117 |  |
|  Worldline SA (m)\* | 1496 |  | 58499 |  |
|  |  |  | 8625223 |  |
|  ***Semiconductors & Semiconductor Equipment (2.8%)*** | ***Semiconductors & Semiconductor Equipment (2.8%)*** | ***Semiconductors & Semiconductor Equipment (2.8%)*** | ***Semiconductors & Semiconductor Equipment (2.8%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 8303 |  | 537785 |  |
|  Advantest Corp. | 1154 |  | 74565 |  |
|  Analog Devices, Inc. | 2649 |  | 434515 |  |
|  Applied Materials, Inc. | 4430 |  | 431393 |  |
|  ASM International NV | 285 |  | 71892 |  |
|  ASML Holding NV | 2437 |  | 1314256 |  |
|  Broadcom, Inc. | 2086 |  | 1166345 |  |
|  Disco Corp. | 187 |  | 53789 |  |
|  Enphase Energy, Inc.\* | 700 |  | 185472 |  |
|  First Solar, Inc.\* | 511 |  | 76543 |  |
|  Infineon Technologies AG | 7882 |  | 239872 |  |
|  Intel Corp. | 21252 |  | 561690 |  |
|  KLA Corp. | 730 |  | 275232 |  |
|  Lam Research Corp. | 702 |  | 295051 |  |
|  Lasertec Corp. | 474 |  | 78537 |  |
|  Microchip Technology, Inc. | 2832 |  | 198948 |  |
|  Micron Technology, Inc. | 5598 |  | 279788 |  |
|  Monolithic Power Systems, Inc. | 230 |  | 81330 |  |
|  NVIDIA Corp. | 12822 |  | 1873807 |  |
|  NXP Semiconductors NV | 1334 |  | 210812 |  |
|  ON Semiconductor Corp.\* | 2227 |  | 138898 |  |
|  Qorvo, Inc.\* | 522 |  | 47314 |  |
|  QUALCOMM, Inc. | 5773 |  | 634684 |  |
|  Renesas Electronics Corp.\* | 6719 |  | 60591 |  |
|  Rohm Co. Ltd. | 575 |  | 41754 |  |
|  Skyworks Solutions, Inc. | 826 |  | 75273 |  |
|  SolarEdge Technologies, Inc.\* | 288 |  | 81582 |  |
|  STMicroelectronics NV | 4080 |  | 144104 |  |
|  SUMCO Corp. (x) | 1925 |  | 25771 |  |
|  Teradyne, Inc. | 802 |  | 70055 |  |
|  Texas Instruments, Inc. | 4673 |  | 772073 |  |
|  Tokyo Electron Ltd. | 903 |  | 267515 |  |
|  Tower Semiconductor Ltd.\* | 642 |  | 28029 |  |
|  |  |  | 10829265 |  |
|  ***Software (3.9%)*** | ***Software (3.9%)*** | ***Software (3.9%)*** | ***Software (3.9%)*** | **** |
|  Adobe, Inc.\* | 2394 |  | 805653 |  |
|  ANSYS, Inc.\* | 449 |  | 108474 |  |
|  Autodesk, Inc.\* | 1112 |  | 207799 |  |
|  AVEVA Group plc | 697 |  | 27074 |  |
|  Cadence Design Systems, Inc.\* | 1413 |  | 226984 |  |
|  Ceridian HCM Holding, Inc.\* | 791 |  | 50743 |  |
|  Check Point Software Technologies Ltd.\* | 614 |  | 77462 |  |
|  CyberArk Software Ltd.\* | 267 |  | 34617 |  |
|  Dassault Systemes SE | 3970 |  | 142343 |  |
|  Fortinet, Inc.\* | 3339 |  | 163244 |  |
|  Gen Digital, Inc. | 2985 |  | 63969 |  |
|  Intuit, Inc. | 1451 |  | 564758 |  |
|  Microsoft Corp. | 38386 |  | 9205731 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Nemetschek SE | 334 | $| 17051 |  |
|  Nice Ltd.\* | 391 |  | 75838 |  |
|  Oracle Corp. | 222 |  | 14412 |  |
|  Oracle Corp. (Moscow Stock Exchange) | 7914 |  | 646890 |  |
|  Paycom Software, Inc.\* | 250 |  | 77577 |  |
|  PTC, Inc.\* | 544 |  | 65302 |  |
|  Roper Technologies, Inc. | 546 |  | 235921 |  |
|  Sage Group plc (The) | 6107 |  | 55048 |  |
|  Salesforce, Inc.\* | 5149 |  | 682706 |  |
|  SAP SE | 6260 |  | 645911 |  |
|  ServiceNow, Inc.\* | 1040 |  | 403801 |  |
|  Synopsys, Inc.\* | 787 |  | 251281 |  |
|  Temenos AG (Registered) | 388 |  | 21291 |  |
|  Trend Micro, Inc. (x)\* | 863 |  | 40375 |  |
|  Tyler Technologies, Inc.\* | 214 |  | 68996 |  |
|  WiseTech Global Ltd. | 846 |  | 29232 |  |
|  Xero Ltd.\* | 854 |  | 40858 |  |
|  |  |  | 15051341 |  |
|  ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** | ***Technology Hardware, Storage & Peripherals (2.8%)*** | **** |
|  Apple, Inc. | 77003 |  | 10005000 |  |
|  Brother Industries Ltd. | 1365 |  | 20874 |  |
|  Canon, Inc. (x) | 6005 |  | 130656 |  |
|  FUJIFILM Holdings Corp. | 2178 |  | 109946 |  |
|  Hewlett Packard Enterprise Co. | 6626 |  | 105751 |  |
|  HP, Inc. | 4558 |  | 122473 |  |
|  Logitech International SA (Registered) | 1019 |  | 62882 |  |
|  NetApp, Inc. | 1119 |  | 67207 |  |
|  Ricoh Co. Ltd. | 3256 |  | 24983 |  |
|  Seagate Technology Holdings plc | 989 |  | 52031 |  |
|  Seiko Epson Corp. | 1618 |  | 23745 |  |
|  Western Digital Corp.\* | 1636 |  | 51616 |  |
|  |  |  | 10777164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 49305597 |  |
|  **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** | **Materials (2.9%)** |  |
|  ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | ***Chemicals (1.5%)*** | **** |
|  Air Liquide SA | 3154 |  | 447009 |  |
|  Air Products and Chemicals, Inc. | 1142 |  | 352033 |  |
|  Akzo Nobel NV | 1084 |  | 72593 |  |
|  Albemarle Corp. | 603 |  | 130767 |  |
|  Arkema SA | 355 |  | 31875 |  |
|  Asahi Kasei Corp. | 7259 |  | 52070 |  |
|  BASF SE | 5527 |  | 274461 |  |
|  Celanese Corp. | 514 |  | 52551 |  |
|  CF Industries Holdings, Inc. | 1010 |  | 86052 |  |
|  Chr Hansen Holding A/S | 691 |  | 49705 |  |
|  Clariant AG (Registered)\* | 1248 |  | 19773 |  |
|  Corteva, Inc. | 3679 |  | 216252 |  |
|  Covestro AG (m) | 1118 |  | 43742 |  |
|  Croda International plc | 866 |  | 69141 |  |
|  Dow, Inc. | 3624 |  | 182613 |  |
|  DuPont de Nemours, Inc. | 2558 |  | 175555 |  |
|  Eastman Chemical Co. | 618 |  | 50330 |  |
|  Ecolab, Inc. | 1276 |  | 185734 |  |
|  EMS-Chemie Holding AG (Registered) | 46 |  | 31143 |  |
|  Evonik Industries AG | 1213 |  | 23288 |  |
|  FMC Corp. | 649 |  | 80995 |  |
|  Givaudan SA (Registered) | 57 |  | 174640 |  |
|  ICL Group Ltd. | 3643 |  | 26382 |  |
|  International Flavors & Fragrances, Inc. | 1313 |  | 137655 |  |
|  Johnson Matthey plc | 1120 |  | 28800 |  |
|  JSR Corp. | 1010 |  | 19917 |  |
|  Koninklijke DSM NV | 1078 |  | 131896 |  |
|  Linde plc | 2546 |  | 830454 |  |
|  LyondellBasell Industries NV, Class A | 1308 |  | 108603 |  |
|  Mitsubishi Chemical Group Corp. | 7408 |  | 38649 |  |
|  Mitsui Chemicals, Inc. | 1065 |  | 24142 |  |
|  Mosaic Co. (The) | 1753 |  | 76904 |  |
|  Nippon Paint Holdings Co. Ltd. (x) | 4801 |  | 38008 |  |
|  Nippon Sanso Holdings Corp. | 877 |  | 12803 |  |
|  Nissan Chemical Corp. | 792 |  | 34881 |  |
|  Nitto Denko Corp. | 894 |  | 52111 |  |
|  Novozymes A/S, Class B | 1270 |  | 64334 |  |
|  OCI NV | 620 |  | 22180 |  |
|  Orica Ltd. | 2358 |  | 24178 |  |
|  PPG Industries, Inc. | 1210 |  | 152145 |  |
|  Sherwin-Williams Co. (The) | 1214 |  | 288119 |  |
|  Shin-Etsu Chemical Co. Ltd. | 2251 |  | 278288 |  |
|  Sika AG (Registered) | 880 |  | 210994 |  |
|  Solvay SA | 480 |  | 48535 |  |
|  Sumitomo Chemical Co. Ltd. | 8621 |  | 31136 |  |
|  Symrise AG | 832 |  | 90531 |  |
|  Toray Industries, Inc. | 8024 |  | 45036 |  |
|  Tosoh Corp. | 1504 |  | 17992 |  |
|  Umicore SA | 1252 |  | 45996 |  |
|  Yara International ASA | 1065 |  | 46810 |  |
|  |  |  | 5729801 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  CRH plc | 4507 |  | 178556 |  |
|  HeidelbergCement AG | 861 |  | 49106 |  |
|  Holcim AG\* | 3369 |  | 174453 |  |
|  James Hardie Industries plc (CHDI) | 2575 |  | 46284 |  |
|  Martin Marietta Materials, Inc. | 320 |  | 108150 |  |
|  Vulcan Materials Co. | 684 |  | 119775 |  |
|  |  |  | 676324 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 7668 |  | 91326 |  |
|  Avery Dennison Corp. | 417 |  | 75477 |  |
|  Ball Corp. | 1617 |  | 82693 |  |
|  International Paper Co. | 1831 |  | 63408 |  |
|  Packaging Corp. of America | 476 |  | 60885 |  |
|  Sealed Air Corp. | 745 |  | 37161 |  |
|  SIG Group AG\* | 1797 |  | 39257 |  |
|  Smurfit Kappa Group plc | 1424 |  | 52681 |  |
|  Westrock Co. | 1309 |  | 46024 |  |
|  |  |  | 548912 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Anglo American plc | 7621 |  | 298192 |  |
|  Antofagasta plc | 2282 |  | 42638 |  |
|  ArcelorMittal SA | 3127 |  | 82260 |  |
|  BHP Group Ltd. | 30368 |  | 943448 |  |
|  BlueScope Steel Ltd. | 2410 |  | 27632 |  |
|  Boliden AB | 1726 |  | 64716 |  |
|  Fortescue Metals Group Ltd. | 9799 |  | 136835 |  |
|  Freeport-McMoRan, Inc. | 7360 |  | 279680 |  |
|  Glencore plc | 58156 |  | 388380 |  |
|  IGO Ltd. | 4085 |  | 37436 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  JFE Holdings, Inc. | 2844 | $| 33285 |  |
|  Mineral Resources Ltd. | 1076 |  | 56556 |  |
|  Newcrest Mining Ltd. | 5172 |  | 72681 |  |
|  Newmont Corp. | 4087 |  | 192906 |  |
|  Nippon Steel Corp. | 4650 |  | 81208 |  |
|  Norsk Hydro ASA | 7782 |  | 58241 |  |
|  Northern Star Resources Ltd. | 6400 |  | 47540 |  |
|  Nucor Corp. | 1321 |  | 174121 |  |
|  Pilbara Minerals Ltd.\* | 15208 |  | 38829 |  |
|  Rio Tinto Ltd. | 2212 |  | 175318 |  |
|  Rio Tinto plc | 6802 |  | 476786 |  |
|  South32 Ltd. | 27097 |  | 73796 |  |
|  Steel Dynamics, Inc. | 859 |  | 83924 |  |
|  Sumitomo Metal Mining Co. Ltd. | 1430 |  | 50896 |  |
|  voestalpine AG | 671 |  | 17799 |  |
|  |  |  | 3935103 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Holmen AB, Class B | 552 |  | 21895 |  |
|  Mondi plc | 2809 |  | 47866 |  |
|  Oji Holdings Corp. | 4695 |  | 18996 |  |
|  Stora Enso OYJ, Class R | 3114 |  | 43834 |  |
|  Svenska Cellulosa AB SCA, Class B | 3506 |  | 44334 |  |
|  UPM-Kymmene OYJ | 3231 |  | 120809 |  |
|  |  |  | 297734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 11187874 |  |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 769 |  | 112020 |  |
|  American Tower Corp. (REIT) | 2398 |  | 508040 |  |
|  AvalonBay Communities, Inc. (REIT) | 720 |  | 116295 |  |
|  Boston Properties, Inc. (REIT) | 735 |  | 49671 |  |
|  British Land Co. plc (The) (REIT) | 5094 |  | 24332 |  |
|  Camden Property Trust (REIT) | 549 |  | 61422 |  |
|  CapitaLand Ascendas REIT (REIT) | 19419 |  | 39725 |  |
|  CapitaLand Integrated Commercial Trust (REIT) | 31805 |  | 48441 |  |
|  Covivio (REIT) | 301 |  | 17866 |  |
|  Crown Castle, Inc. (REIT) | 2230 |  | 302477 |  |
|  Daiwa House REIT Investment Corp. (REIT) | 14 |  | 31298 |  |
|  Dexus (REIT) | 6223 |  | 32836 |  |
|  Digital Realty Trust, Inc. (REIT) | 1481 |  | 148500 |  |
|  Equinix, Inc. (REIT) | 477 |  | 312449 |  |
|  Equity Residential (REIT) | 1751 |  | 103309 |  |
|  Essex Property Trust, Inc. (REIT) | 333 |  | 70569 |  |
|  Extra Space Storage, Inc. (REIT) | 690 |  | 101554 |  |
|  Federal Realty Investment Trust (REIT) | 376 |  | 37991 |  |
|  Gecina SA (REIT) | 270 |  | 27500 |  |
|  GLP J-REIT (REIT) | 28 |  | 32280 |  |
|  Goodman Group (REIT) | 10145 |  | 119910 |  |
|  GPT Group (The) (REIT) | 11084 |  | 31696 |  |
|  Healthpeak Properties, Inc. (REIT) | 2768 |  | 69394 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 3682 |  | 59096 |  |
|  Invitation Homes, Inc. (REIT) | 2991 |  | 88653 |  |
|  Iron Mountain, Inc. (REIT) | 1497 |  | 74626 |  |
|  Japan Metropolitan Fund Invest (REIT) | 48 |  | 38293 |  |
|  Japan Real Estate Investment Corp. (REIT) | 8 |  | 35172 |  |
|  Kimco Realty Corp. (REIT) | 3185 |  | 67458 |  |
|  Klepierre SA (REIT)\* | 1176 |  | 27103 |  |
|  Land Securities Group plc (REIT) | 4076 |  | 30621 |  |
|  Link REIT (REIT) | 12105 |  | 88863 |  |
|  Mapletree Logistics Trust (REIT) | 18047 |  | 21424 |  |
|  Mapletree Pan Asia Commercial Trust (REIT) | 12492 |  | 15575 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 595 |  | 93409 |  |
|  Mirvac Group (REIT) | 22814 |  | 33085 |  |
|  Nippon Building Fund, Inc. (REIT) (x) | 10 |  | 44804 |  |
|  Nippon Prologis REIT, Inc. (REIT) | 14 |  | 32909 |  |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 28 |  | 34776 |  |
|  Prologis, Inc. (REIT) | 4753 |  | 535806 |  |
|  Public Storage (REIT) | 814 |  | 228075 |  |
|  Realty Income Corp. (REIT) | 3230 |  | 204879 |  |
|  Regency Centers Corp. (REIT) | 793 |  | 49563 |  |
|  SBA Communications Corp. (REIT) | 556 |  | 155852 |  |
|  Scentre Group (REIT) | 30034 |  | 58892 |  |
|  Segro plc (REIT) | 6945 |  | 64113 |  |
|  Simon Property Group, Inc. (REIT) | 1684 |  | 197836 |  |
|  Stockland (REIT) | 13813 |  | 34139 |  |
|  UDR, Inc. (REIT) | 1576 |  | 61039 |  |
|  Unibail-Rodamco-Westfield (REIT)\* | 721 |  | 37532 |  |
|  Ventas, Inc. (REIT) | 2058 |  | 92713 |  |
|  VICI Properties, Inc. (REIT) | 4959 |  | 160672 |  |
|  Vicinity Ltd. (REIT) | 22390 |  | 30489 |  |
|  Vornado Realty Trust (REIT) | 830 |  | 17272 |  |
|  Warehouses De Pauw CVA (REIT) | 1059 |  | 30267 |  |
|  Welltower, Inc. (REIT) | 2433 |  | 159483 |  |
|  Weyerhaeuser Co. (REIT) | 3790 |  | 117490 |  |
|  |  |  | 5421554 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Aroundtown SA | 5781 |  | 13509 |  |
|  Azrieli Group Ltd. | 245 |  | 16304 |  |
|  Capitaland Investment Ltd. | 15267 |  | 42174 |  |
|  CBRE Group, Inc., Class A\* | 1627 |  | 125214 |  |
|  City Developments Ltd. | 2367 |  | 14544 |  |
|  CK Asset Holdings Ltd. | 11596 |  | 71384 |  |
|  Daito Trust Construction Co. Ltd. | 378 |  | 38998 |  |
|  Daiwa House Industry Co. Ltd. | 3526 |  | 81648 |  |
|  ESR Group Ltd. (m) | 11510 |  | 24154 |  |
|  Fastighets AB Balder, Class B\* | 3648 |  | 16962 |  |
|  Hang Lung Properties Ltd. | 11715 |  | 22903 |  |
|  Henderson Land Development Co. Ltd. | 8404 |  | 29340 |  |
|  Hongkong Land Holdings Ltd. | 5854 |  | 26928 |  |
|  Hulic Co. Ltd. (x) | 2195 |  | 17394 |  |
|  LEG Immobilien SE | 472 |  | 30750 |  |
|  Lendlease Corp. Ltd. | 3984 |  | 21266 |  |
|  Mitsubishi Estate Co. Ltd. | 6844 |  | 89226 |  |
|  Mitsui Fudosan Co. Ltd. | 5307 |  | 97737 |  |
|  New World Development Co. Ltd. | 7602 |  | 21427 |  |
|  Nomura Real Estate Holdings, Inc. | 686 |  | 14793 |  |
|  Sagax AB, Class B | 1121 |  | 25407 |  |
|  Sino Land Co. Ltd. | 19259 |  | 24082 |  |
|  Sumitomo Realty & Development Co. Ltd. | 1790 |  | 42568 |  |
|  Sun Hung Kai Properties Ltd. | 8521 |  | 116591 |  |
|  Swire Pacific Ltd., Class A | 2881 |  | 25357 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Swire Properties Ltd. | 6770 | $| 17208 |  |
|  Swiss Prime Site AG (Registered) | 488 |  | 42301 |  |
|  UOL Group Ltd. | 2687 |  | 13481 |  |
|  Vonovia SE | 4316 |  | 101734 |  |
|  Wharf Real Estate Investment Co. Ltd. | 9663 |  | 56328 |  |
|  |  |  | 1281712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 6703266 |  |
|  **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** | **Utilities (2.1%)** |  |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | **** |
|  Acciona SA | 173 |  | 31834 |  |
|  Alliant Energy Corp. | 1293 |  | 71387 |  |
|  American Electric Power Co., Inc. | 2646 |  | 251238 |  |
|  BKW AG | 127 |  | 17375 |  |
|  Chubu Electric Power Co., Inc. | 3728 |  | 38689 |  |
|  CK Infrastructure Holdings Ltd. | 3085 |  | 16145 |  |
|  CLP Holdings Ltd. | 9502 |  | 69328 |  |
|  Constellation Energy Corp. | 1684 |  | 145178 |  |
|  Duke Energy Corp. | 3965 |  | 408355 |  |
|  Edison International | 1966 |  | 125077 |  |
|  EDP - Energias de Portugal SA | 16063 |  | 80058 |  |
|  Electricite de France SA | 3159 |  | 40579 |  |
|  Elia Group SA/NV | 222 |  | 31559 |  |
|  Endesa SA | 1838 |  | 34697 |  |
|  Enel SpA | 47833 |  | 257550 |  |
|  Entergy Corp. | 1048 |  | 117900 |  |
|  Evergy, Inc. | 1182 |  | 74383 |  |
|  Eversource Energy | 1794 |  | 150409 |  |
|  Exelon Corp. | 5117 |  | 221208 |  |
|  FirstEnergy Corp. | 2797 |  | 117306 |  |
|  Fortum OYJ | 2570 |  | 42751 |  |
|  HK Electric Investments & HK Electric Investments Ltd. (m)(x) | 15339 |  | 10160 |  |
|  Iberdrola SA | 36231 |  | 423903 |  |
|  Kansai Electric Power Co., Inc. (The) | 4074 |  | 39703 |  |
|  Mercury NZ Ltd. | 3941 |  | 13912 |  |
|  NextEra Energy, Inc. | 10233 |  | 855479 |  |
|  NRG Energy, Inc. | 1186 |  | 37739 |  |
|  Origin Energy Ltd. | 10233 |  | 53786 |  |
|  Orsted A/S (m) | 1139 |  | 103508 |  |
|  PG&E Corp.\* | 8291 |  | 134812 |  |
|  Pinnacle West Capital Corp. | 583 |  | 44331 |  |
|  Power Assets Holdings Ltd. | 8027 |  | 43963 |  |
|  PPL Corp. | 3792 |  | 110802 |  |
|  Red Electrica Corp. SA | 2268 |  | 39476 |  |
|  Southern Co. (The) | 5606 |  | 400325 |  |
|  SSE plc | 6268 |  | 129730 |  |
|  Terna - Rete Elettrica Nazionale | 8141 |  | 60130 |  |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 8834 |  | 32040 |  |
|  Verbund AG | 450 |  | 37886 |  |
|  Xcel Energy, Inc. | 2818 |  | 197570 |  |
|  |  |  | 5112261 |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  APA Group | 6827 |  | 50014 |  |
|  Atmos Energy Corp. | 720 |  | 80691 |  |
|  Enagas SA (x) | 1440 |  | 23931 |  |
|  Hong Kong & China Gas Co. Ltd. | 64786 |  | 61587 |  |
|  Naturgy Energy Group SA | 855 |  | 22249 |  |
|  Osaka Gas Co. Ltd. | 2170 |  | 35219 |  |
|  Snam SpA | 11668 |  | 56542 |  |
|  Tokyo Gas Co. Ltd. | 2411 |  | 47489 |  |
|  |  |  | 377722 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 3440 |  | 98934 |  |
|  Corp. ACCIONA Energias Renovables SA | 395 |  | 15281 |  |
|  EDP Renovaveis SA | 1667 |  | 36724 |  |
|  Meridian Energy Ltd. | 7413 |  | 24662 |  |
|  RWE AG | 3829 |  | 170467 |  |
|  |  |  | 346068 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Ameren Corp. | 1331 |  | 118353 |  |
|  CenterPoint Energy, Inc. | 3242 |  | 97228 |  |
|  CMS Energy Corp. | 1495 |  | 94678 |  |
|  Consolidated Edison, Inc. | 1827 |  | 174131 |  |
|  Dominion Energy, Inc. | 4291 |  | 263124 |  |
|  DTE Energy Co. | 998 |  | 117295 |  |
|  E.ON SE | 12991 |  | 129801 |  |
|  Engie SA | 10949 |  | 156912 |  |
|  National Grid plc | 21652 |  | 261081 |  |
|  NiSource, Inc. | 2091 |  | 57335 |  |
|  Public Service Enterprise Group, Inc. | 2569 |  | 157403 |  |
|  Sempra Energy | 1619 |  | 250200 |  |
|  Veolia Environnement SA | 3970 |  | 101993 |  |
|  WEC Energy Group, Inc. | 1624 |  | 152266 |  |
|  |  |  | 2131800 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 936 |  | 142665 |  |
|  Severn Trent plc | 1447 |  | 46375 |  |
|  United Utilities Group plc | 3945 |  | 47283 |  |
|  |  |  | 236323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 8204174 |  |
|  **Total Common Stocks (65.3%)**<br> *(Cost $257,240,588)* |  |  | 251084431 |  |
|  EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): |  |
|  **Equity (4.4%)** | **Equity (4.4%)** | **Equity (4.4%)** | **Equity (4.4%)** |  |
|  SPDR S&P MidCap 400 ETF Trust (x) | 38197 |  | 16913250 |  |
|  **Total Exchange Traded Fund (4.4%)**<br> *(Cost $14,757,231)* |  |  | 16913250 |  |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |  |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Treasury Obligations (18.7%)** | **U.S. Treasury Obligations (18.7%)** | **U.S. Treasury Obligations (18.7%)** | **U.S. Treasury Obligations (18.7%)** |  |
|  U.S. Treasury Bonds<br>6.000%, 2/15/26 | $857100 |  | 902045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 1896100 |  | 2070934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 665600 |  | 706570 |  |
|  U.S. Treasury Notes<br>2.750%, 11/15/23 | 667500 |  | 656127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/31/23 | 3055800 |  | 2981839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/31/24 | 1880800 |  | 1836801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/24 | 2534200 |  | 2479548 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/24 | $| 1521400 | $1474305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/24 |  | 2916800 | 2802810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 |  | 2334900 | 2210111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 |  | 745400 | 709660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/31/25 |  | 623600 | 573311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 |  | 1120900 | 1066249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/30/25 |  | 2607300 | 2363688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/25 |  | 2684200 | 2536569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 |  | 1567100 | 1410943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/30/25 |  | 829000 | 745002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 |  | 338700 | 320917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 |  | 966500 | 864409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/31/26 |  | 1504700 | 1340306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 |  | 1602600 | 1484073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 |  | 656000 | 585282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 |  | 321000 | 287293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 |  | 2393400 | 2137200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 |  | 2167700 | 1978971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 |  | 660100 | 585216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 |  | 1851600 | 1646369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 |  | 3908200 | 3617929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 |  | 827900 | 742337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 |  | 990600 | 895558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 |  | 1962300 | 1828140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 |  | 497800 | 456579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 |  | 2289900 | 2137672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 |  | 5527100 | 5120251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 |  | 3255500 | 3004086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 |  | 742700 | 699449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 |  | 881000 | 833077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 |  | 137000 | 129234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 1417600 | 1354524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 |  | 693400 | 642482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 704000 | 641462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 |  | 522700 | 454520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 473100 | 404049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 1183500 | 939005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 1464800 | 1156157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 1636700 | 1312453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 1207500 | 1019193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 1243400 | 1012400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 801300 | 654537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 2363100 | 2010634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 860100 | 795400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 945400 | 863422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 266600 | 272780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 71753878 |
|  **Total Long-Term Debt Securities (18.7%)**<br> *(Cost $78,238,512)* |  |  | 71753878 |
|  | **Number of**<br> **Shares** | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (10.4%)** | **Investment Company (10.4%)** | **Investment Company (10.4%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares |  | 40144624 | 40164696 |
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreements (2.3%)** | **Repurchase Agreements (2.3%)** | **Repurchase Agreements (2.3%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $5,666,057, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24 - 11/15/50; total market value $5,776,682. (xx) |  | 5663414 | 5663414 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $3,001,433, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23 - 2/15/51; total market value $3,061,590. (xx) |  | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  |  | 8663414 |
|  **Total Short-Term Investments (12.7%)**<br> *(Cost $48,821,727)* |  |  | 48828110 |
|  **Total Investments in Securities (101.1%)**<br> *(Cost $399,058,058)* |  |  | 388579669 |
|  **Other Assets Less Liabilities (-1.1%)** |  |  | (4393381) |
|  **Net Assets (100%)** |  |  | $384186288 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $1,263,154 or 0.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $9,206,428. This was collateralized by $825,612 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 2/28/23 – 11/15/51 and by cash of $8,663,414 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

*Depository* *Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*SEK* *— Swedish Krona* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Australia | 1.8 |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |
| &nbsp;&nbsp;&nbsp; Belgium | 0.2 |
| &nbsp;&nbsp;&nbsp; Brazil | 0.0 |
| &nbsp;&nbsp;&nbsp; Chile | 0.0 |
| &nbsp;&nbsp;&nbsp; China | 0.2 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.7 |
| &nbsp;&nbsp;&nbsp; Finland | 0.3 |
| &nbsp;&nbsp;&nbsp; France | 2.4 |
| &nbsp;&nbsp;&nbsp; Germany | 1.8 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.6 |
| &nbsp;&nbsp;&nbsp; Ireland | 0.1 |
| &nbsp;&nbsp;&nbsp; Israel | 0.2 |
| &nbsp;&nbsp;&nbsp; Italy | 0.4 |
| &nbsp;&nbsp;&nbsp; Japan | 4.9 |
| &nbsp;&nbsp;&nbsp; Jordan | 0.0 |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.0 |
| &nbsp;&nbsp;&nbsp; Macau | 0.0 |
| &nbsp;&nbsp;&nbsp; Netherlands | 1.2 |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.1 |
| &nbsp;&nbsp;&nbsp; Norway | 0.2 |
| &nbsp;&nbsp;&nbsp; Portugal | 0.0 |
| &nbsp;&nbsp;&nbsp; Singapore | 0.4 |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |
| &nbsp;&nbsp;&nbsp; South Korea | 0.0 |
| &nbsp;&nbsp;&nbsp; Spain | 0.5 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.7 |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.4 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.8 |
| &nbsp;&nbsp;&nbsp; United States | 80.0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (1.1) |
|  | 100.0 |

---

*#* *Percent shown is less than 0.05%.* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 104 | 3/2023 | EUR | 4213719 | (152125) |
|  FTSE 100 Index | 20 | 3/2023 | GBP | 1805204 | (8932) |
|  MSCI EAFE E-Mini Index | 3 | 3/2023 | USD | 292410 | (5708) |
|  Russell 2000 E-Mini Index | 190 | 3/2023 | USD | 16823550 | (586380) |
|  S&P 500 E-Mini Index | 20 | 3/2023 | USD | 3861000 | (49940) |
|  S&P 500 Micro E-Mini Index | 4 | 3/2023 | USD | 77220 | (2740) |
|  TOPIX Index | 3 | 3/2023 | JPY | 432376 | (17093) |
|  |  |  |  |  | (822918) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  SPI 200 Index | (11) | 3/2023 | AUD | (1309138) | 24143 |
|  U.S. Treasury 2 Year Note | (36) | 3/2023 | USD | (7382813) | (9607) |
|  U.S. Treasury 5 Year Note | (10) | 3/2023 | USD | (1079297) | 680 |
|  U.S. Treasury 10 Year Note | (69) | 3/2023 | USD | (7748484) | 43670 |
|  |  |  |  |  | 58886 |
|  |  |  |  |  | (764032) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  GBP | 818444 | USD | 974525 | JPMorgan Chase Bank | 1/18/2023 | 15320 |
|  USD | 2620185 | GBP | 2161548 | Bank of America | 1/18/2023 | 5958 |
|  AUD | 1015000 | USD | 650817 | Bank of America | 1/19/2023 | 40693 |
|  AUD | 6300774 | USD | 4252467 | BNP Paribas | 1/19/2023 | 40190 |
|  AUD | 13757938 | USD | 8729274 | Citibank NA | 1/19/2023 | 643879 |
|  AUD | 358369 | USD | 242341 | JPMorgan Chase Bank | 1/19/2023 | 1812 |
|  NZD | 4532382 | USD | 2795609 | Morgan Stanley | 2/2/2023 | 83312 |
|  USD | 521818 | NZD | 808699 | HSBC Bank plc | 2/2/2023 | 8141 |
|  USD | 212774 | NZD | 333896 | JPMorgan Chase Bank | 2/2/2023 | 686 |
|  NOK | 14168004 | USD | 1433063 | Citibank NA | 2/3/2023 | 15000 |
|  JPY | 93330213 | USD | 694155 | BNP Paribas | 2/9/2023 | 20517 |
|  JPY | 1428574327 | USD | 10347136 | Citibank NA | 2/9/2023 | 592121 |
|  JPY | 237518571 | USD | 1811332 | HSBC Bank plc | 2/9/2023 | 7457 |
|  EUR | 1128157 | USD | 1210900 | Citibank NA | 2/27/2023 | 1263 |
|  EUR | 3406761 | USD | 3595979 | HSBC Bank plc | 2/27/2023 | 64459 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1540808 |
|  GBP | 3699923 | USD | 4595141 | HSBC Bank plc | 1/18/2023 | (120366) |
|  USD | 988411 | GBP | 822556 | HSBC Bank plc | 1/18/2023 | (6408) |
|  USD | 8711894 | GBP | 7325016 | JPMorgan Chase Bank | 1/18/2023 | (147156) |
|  AUD | 1378622 | USD | 945499 | Bank of America | 1/19/2023 | (6257) |
|  USD | 4914211 | AUD | 7382375 | HSBC Bank plc | 1/19/2023 | (115331) |
|  USD | 1585877 | NZD | 2548622 | Goldman Sachs International | 2/2/2023 | (32981) |
|  USD | 743621 | NZD | 1175061 | JPMorgan Chase Bank | 2/2/2023 | (2765) |
|  USD | 1255594 | NOK | 12577659 | JPMorgan Chase Bank | 2/3/2023 | (29925) |
|  USD | 944545 | SEK | 9909389 | JPMorgan Chase Bank | 2/3/2023 | (6855) |
|  USD | 1372598 | SEK | 14395524 | Morgan Stanley | 2/3/2023 | (9515) |
|  USD | 1463275 | JPY | 199148165 | Morgan Stanley | 2/9/2023 | (61695) |
|  USD | 701561 | EUR | 666344 | Bank of America | 2/27/2023 | (14401) |
|  USD | 2876683 | EUR | 2692779 | Morgan Stanley | 2/27/2023 | (16607) |
|  CHF | 2026126 | USD | 2210244 | HSBC Bank plc | 3/1/2023 | (5358) |
|  USD | 483918 | CHF | 445399 | JPMorgan Chase Bank | 3/1/2023 | (778) |
|  USD | 8747686 | CHF | 8124107 | Morgan Stanley | 3/1/2023 | (93189) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (669587) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 871221 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $12158600 | $3709447 | $— | $15868047 |
|  Consumer Discretionary | 16208936 | 9518544 |  | 25727480 |
|  Consumer Staples | 11985303 | 8947773 |  | 20933076 |
|  Energy | 8651071 | 4239443 |  | 12890514 |
|  Financials | 19314840 | 15908526 |  | 35223366 |
|  Health Care | 26231165 | 11609243 |  | 37840408 |
|  Industrials | 14396208 | 12804421 |  | 27200629 |
|  Information Technology | 42729239 | 6576358 |  | 49305597 |
|  Materials | 4522292 | 6665582 |  | 11187874 |
|  Real Estate | 4482827 | 2220439 |  | 6703266 |
|  Utilities | 5267802 | 2936372 |  | 8204174 |
|  Exchange Traded Fund | 16913250 |  |  | 16913250 |
|  **Forward Currency Contracts** |  | 1540808 |  | 1540808 |
|  **Futures** | 68493 |  |  | 68493 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 40164696 |  |  | 40164696 |
|  Repurchase Agreements |  | 8663414 |  | 8663414 |
|  U.S. Treasury Obligations |  | 71753878 |  | 71753878 |
|  **Total Assets** | $**223094722** | $**167094248** | $**—** | $**390188970** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(669587) | $— | $(669587) |
|  **Futures** | (832525) |  |  | (832525) |
|  **Total Liabilities** | $**(832525)** | $**(669587)** | $**—** | $**(1502112)** |
|  **Total** | $**222262197** | $**166424661** | $**—** | $**388686858** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets - Unrealized appreciation | $44350 |
|  Foreign exchange contracts | Receivables | 1540808 |
|  Equity contracts | Receivables, Net assets - Unrealized appreciation | 24143 |
|  **Total** |  | $1609301 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets - Unrealized depreciation | $(9607) |
|  Foreign exchange contracts | Payables | (669587) |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | (822918) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1502112 |

---

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

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $1750952 | $— | $1750952 |
|  Foreign exchange contracts |  | (2851578) | (2851578) |
|  Equity contracts | (7285481) |  | (7285481) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5534529) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2851578) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8386107) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $118840 | $— | $118840 |
|  Foreign exchange contracts |  | 1581718 | 1581718 |
|  Equity contracts | (1824770) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1824770) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1705930) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581718 | $(124212) |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $122,745,000 and futures contracts with an average notional balance of approximately $62,321,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $46651 | $(20658) | $— | $25993 |
|  BNP Paribas | 60707 |  |  | 60707 |
|  Citibank NA | 1252263 |  |  | 1252263 |
|  HSBC Bank plc | 80057 | (80057) |  |  |
|  JPMorgan Chase Bank | 17818 | (17818) |  |  |
|  Morgan Stanley | 83312 | (83312) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201845) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $20658 | $(20658) | $— | $— |
|  Goldman Sachs International | 32981 |  |  | 32981 |
|  HSBC Bank plc | 247463 | (80057) |  | 167406 |
|  JPMorgan Chase Bank | 187479 | (17818) |  | 169661 |
|  Morgan Stanley | 181006 | (83312) |  | 97694 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201845) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467742 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $129203628 |
|  Long-term U.S. government debt securities | 20278689 |
|  | $149482317 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $87245696 |
|  Long-term U.S. government debt securities | 19325587 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106571283 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $29353310 |
|  Aggregate gross unrealized depreciation | (39862958) |
|  Net unrealized depreciation | $(10509648) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399196506 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $390,394,644) | $379916255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $8,663,414) | 8663414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 344333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $88,730) | 88891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 2086142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1540808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1390260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 879878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 267911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 395187806 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 8663414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1192764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 669587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 211849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 82121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 80044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 42695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11001518 |
|  **NET ASSETS** | $384186288 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $400074680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (15888392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $384186288 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $384,186,288 / 37,314,534 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.30 |

---

*(x)* *Includes value of securities on loan of $9,206,428.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $254,736 foreign withholding tax) | $6395111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 908432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 89059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7392602 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2875643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 958548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 473272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 85900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 62935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 51242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4555145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (102278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4452867 |
|  **NET INVESTMENT INCOME (LOSS)** | 2939735 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 5585674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5534529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2851578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (430051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3230484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (70766022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1705930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1581718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 41855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (70848379) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (74078863) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(71139128) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2939735 | $211615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3230484) | 20145051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (70848379) | 32144402 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (71139128) | 52501068 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2419594) | (18304917) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,320,737 and 7,678,975 shares, respectively ] | 68822034 | 94976517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 229,612 and 1,495,191 shares, respectively ] | 2419594 | 18304917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2985657) and (1006053) shares, respectively ] | (32087417) | (11934107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 39154211 | 101347327 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 39154211 | 101347327 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (34404511) | 135543478 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 418590799 | 283047321 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $384186288 | $418590799 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.40 | $11.06 | $10.92 | $9.30 | $10.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.08 | 0.01 |  | 0.12 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.11) | 1.91 | 0.28 | 1.73 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.03) | 1.92 | 0.28 | 1.85 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.02) | (0.06) | (0.08) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.05) | (0.56) | (0.08) | (0.15) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.07) | (0.58) | (0.14) | (0.23) | (0.12) |
|  Net asset value, end of year | $10.30 | $12.40 | $11.06 | $10.92 | $9.30 |
|  Total return | (16.42)% | 17.37% | 2.70 | 19.86% | (8.07)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82748 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.16 %(j) | 1.10 %(k) | 1.11 | 1.09 %(m) | 1.05 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.19% | 1.15% | 1.18 | 1.19% | 1.46% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 0.77% | 0.06% | 0.03 | 1.20% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 0.74% | 0.01% | (0.04) | 1.09% | 1.34% |
|  Portfolio turnover rate^ | 31% | 7% | 22 | 56% | 3% |

---

---

| | | |
|:---|:---|:---|
| **Class K** | **January 1, 2019 to<br>September 10, 2019‡** | **Year Ended<br>December 31, 2018** |
|  Net asset value, beginning of period | $9.30 | $10.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.09 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.13 | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.14) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.52 | $9.30 |
|  Total return (b) | 13.12% | (7.83)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9379 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.83 %(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 %(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.94% | 1.38% |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.29% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.19% | 0.80% |
|  Portfolio turnover rate^ | 56% | 3% |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC AGGRESSIVE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*#* *Per share amount is less than $0.005.* 

*‡* *After the close of business on September 10, 2019 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.94% for Class K.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

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

See Notes to Financial Statements.

------

**EQ/AB DYNAMIC GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g04z68.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (15.59)% | 1.99% | 3.13 | % |
| &nbsp;&nbsp;&nbsp; EQ/AB Dynamic Growth Index | (13.82) | 5.14 | 5.88 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 10.35 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.59 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

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*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.59)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/AB Dynamic Growth Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (13.82)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• An overweight cash position contributed to performance.

• Country selection within international equities added to relative performance.

***What hurt performance during the year:***

• An underweight to fixed income relative to the benchmark detracted from Portfolio performance.

• An underweight to international large cap equities, particularly during the fourth quarter of 2022, detracted from
performance.

**Portfolio Positioning and Outlook — AllianceBernstein L.P.** 

Our outlook for equities remains constructive over the medium term. Fundamentals point to below-trend yet positive economic growth, which could help support moderation in historically high inflation. However, tighter financial conditions may persist for some time, sustaining volatility across risk assets, though supply and demand imbalances appear to us to be improving. Historically, risk assets have been resilient during hiking cycles, which have typically coincided with a strong economic backdrop. However, with inflation stubbornly high across major economies, uncertainty about terminal policy rates continues to drive asset price volatility and the path to a "soft landing" appears narrow. For these reasons, the team maintained an underweight allocation to U.S. and developed-international equities at period end.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Characteristics<br>As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 3.90 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.20 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.67 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.* |  |
| &nbsp;&nbsp;&nbsp; *\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* |  |

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**EQ/AB DYNAMIC GROWTH PORTFOLIO (Unaudited)** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 31.2% |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 9.0 |
| &nbsp;&nbsp;&nbsp; Financials | 8.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 6.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.1 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund | 3.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.8 |
| &nbsp;&nbsp;&nbsp; Energy | 3.1 |
| &nbsp;&nbsp;&nbsp; Materials | 2.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.0 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.6 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 0.7 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.2 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.7 |
|  | 100.0% |

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UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1006.30 | $5.84 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.38 | 5.88 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.8%)** | **Communication Services (3.8%)** | **Communication Services (3.8%)** |  |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | **** |
|  AT&T, Inc. | 65651 | $1208635 |  |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 23591 | 40730 |  |
|  BT Group plc | 78200 | 105932 |  |
|  Cellnex Telecom SA (m) | 6260 | 207196 |  |
|  Deutsche Telekom AG (Registered) | 37243 | 743037 |  |
|  Elisa OYJ | 1656 | 87676 |  |
|  HKT Trust & HKT Ltd. | 41715 | 51145 |  |
|  Infrastrutture Wireless Italiane SpA (m) | 3708 | 37366 |  |
|  Koninklijke KPN NV | 37106 | 114791 |  |
|  Lumen Technologies, Inc. | 8775 | 45806 |  |
|  Nippon Telegraph & Telephone Corp. | 13777 | 394918 |  |
|  Orange SA | 22452 | 223057 |  |
|  Singapore Telecommunications Ltd. | 93936 | 180900 |  |
|  Spark New Zealand Ltd. | 20606 | 70647 |  |
|  Swisscom AG (Registered) | 305 | 167104 |  |
|  Telecom Italia SpA\* | 109967 | 25462 |  |
|  Telefonica Deutschland Holding AG | 11489 | 28323 |  |
|  Telefonica SA | 58737 | 212832 |  |
|  Telenor ASA | 7722 | 72201 |  |
|  Telia Co. AB | 29337 | 74953 |  |
|  Telstra Group Ltd. | 46468 | 126235 |  |
|  United Internet AG (Registered) | 1070 | 21636 |  |
|  Verizon Communications, Inc. | 38691 | 1524425 |  |
|  |  | 5765007 |  |
|  ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | **** |
|  Activision Blizzard, Inc. | 6558 | 502015 |  |
|  Bollore SE | 9758 | 54525 |  |
|  Capcom Co. Ltd. | 1943 | 62329 |  |
|  Electronic Arts, Inc. | 2433 | 297264 |  |
|  Embracer Group AB (x)\* | 7189 | 32580 |  |
|  Koei Tecmo Holdings Co. Ltd. | 1382 | 25188 |  |
|  Konami Group Corp. | 1102 | 50129 |  |
|  Live Nation Entertainment, Inc.\* | 1308 | 91220 |  |
|  Netflix, Inc.\* | 4097 | 1208123 |  |
|  Nexon Co. Ltd. (x) | 5406 | 122010 |  |
|  Nintendo Co. Ltd. | 12708 | 535665 |  |
|  Sea Ltd. (ADR)\* | 4215 | 219306 |  |
|  Square Enix Holdings Co. Ltd. | 1054 | 49230 |  |
|  Take-Two Interactive Software, Inc.\* | 1443 | 150260 |  |
|  Toho Co. Ltd. | 1366 | 52875 |  |
|  Ubisoft Entertainment SA\* | 1120 | 31663 |  |
|  Universal Music Group NV | 8232 | 198357 |  |
|  Walt Disney Co. (The)\* | 16795 | 1459150 |  |
|  Warner Bros Discovery, Inc.\* | 20352 | 192937 |  |
|  |  | 5334826 |  |
|  ***Interactive Media & Services (1.6%)*** | ***Interactive Media & Services (1.6%)*** | ***Interactive Media & Services (1.6%)*** | **** |
|  Adevinta ASA\* | 2834 | 18977 |  |
|  Alphabet, Inc., Class A\* | 55240 | 4873825 |  |
|  Alphabet, Inc., Class C\* | 49398 | 4383085 |  |
|  Auto Trader Group plc (m) | 10728 | 66871 |  |
|  Kakaku.com, Inc. | 1548 | 24911 |  |
|  Match Group, Inc.\* | 2607 | 108164 |  |
|  Meta Platforms, Inc., Class A\* | 21011 | 2528464 |  |
|  REA Group Ltd. | 647 | 48809 |  |
|  Scout24 SE (m) | 966 | 48528 |  |
|  SEEK Ltd. | 3706 | 52862 |  |
|  Z Holdings Corp. | 29574 | 74814 |  |
|  |  | 12229310 |  |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** | **** |
|  Charter Communications, Inc., Class A\* | 1021 | 346221 |  |
|  Comcast Corp., Class A | 40571 | 1418768 |  |
|  CyberAgent, Inc. | 4464 | 39728 |  |
|  Dentsu Group, Inc. (x) | 2555 | 80695 |  |
|  DISH Network Corp., Class A (x)\* | 2312 | 32460 |  |
|  Fox Corp., Class A | 2823 | 85735 |  |
|  Fox Corp., Class B | 1296 | 36871 |  |
|  Hakuhodo DY Holdings, Inc. | 2579 | 26136 |  |
|  Informa plc | 16588 | 124255 |  |
|  Interpublic Group of Cos., Inc. (The) | 3602 | 119983 |  |
|  News Corp., Class A | 3552 | 64646 |  |
|  News Corp., Class B | 1100 | 20284 |  |
|  Omnicom Group, Inc. | 1887 | 153923 |  |
|  Paramount Global, Class B (x) | 4652 | 78526 |  |
|  Pearson plc | 7611 | 86419 |  |
|  Publicis Groupe SA | 2675 | 170146 |  |
|  Vivendi SE | 8109 | 77376 |  |
|  WPP plc | 12225 | 121221 |  |
|  |  | 3083393 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  KDDI Corp. | 18534 | 562347 |  |
|  SoftBank Corp. | 33004 | 374200 |  |
|  SoftBank Group Corp. | 13859 | 596009 |  |
|  Tele2 AB, Class B | 6388 | 52096 |  |
|  T-Mobile US, Inc.\* | 5545 | 776300 |  |
|  Vodafone Group plc | 302303 | 307871 |  |
|  |  | 2668823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 29081359 |  |
|  **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aisin Corp. | 1626 | 43735 |  |
|  Aptiv plc\* | 2496 | 232453 |  |
|  BorgWarner, Inc. | 2181 | 87785 |  |
|  Bridgestone Corp. (x) | 6579 | 235158 |  |
|  Cie Generale des Etablissements Michelin SCA | 7808 | 217185 |  |
|  Continental AG | 1281 | 76762 |  |
|  Denso Corp. | 5031 | 250553 |  |
|  Koito Manufacturing Co. Ltd. | 2306 | 34913 |  |
|  Sumitomo Electric Industries Ltd. | 7873 | 90254 |  |
|  Valeo | 2301 | 41134 |  |
|  |  | 1309932 |  |
|  ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** | **** |
|  Bayerische Motoren Werke AG | 3824 | 341308 |  |
|  Bayerische Motoren Werke AG (Preference) (q) | 720 | 61311 |  |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 1341 | 136011 |  |
|  Ferrari NV | 1464 | 313741 |  |
|  Ford Motor Co. | 36385 | 423158 |  |
|  General Motors Co. | 13432 | 451853 |  |
|  Honda Motor Co. Ltd. | 18804 | 434423 |  |

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See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Isuzu Motors Ltd. | 6435 | $| 75853 |  |
|  Mazda Motor Corp. | 6275 |  | 48052 |  |
|  Mercedes-Benz Group AG | 9220 |  | 605990 |  |
|  Nissan Motor Co. Ltd. | 25619 |  | 81616 |  |
|  Porsche Automobil Holding SE (Preference) (q) | 1750 |  | 95987 |  |
|  Renault SA\* | 2277 |  | 76230 |  |
|  Stellantis NV (Euronext Paris) | 9499 |  | 134932 |  |
|  Stellantis NV (Italian Stock Exchange) | 15552 |  | 220814 |  |
|  Subaru Corp. | 7074 |  | 109285 |  |
|  Suzuki Motor Corp. | 4239 |  | 137952 |  |
|  Tesla, Inc.\* | 24538 |  | 3022591 |  |
|  Toyota Motor Corp. | 121855 |  | 1682888 |  |
|  Volkswagen AG | 359 |  | 56741 |  |
|  Volkswagen AG (Preference) (q) | 2141 |  | 266815 |  |
|  Volvo Car AB, Class B (x)\* | 6706 |  | 30449 |  |
|  Yamaha Motor Co. Ltd. (x) | 3492 |  | 80089 |  |
|  |  |  | 8888089 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  D'ieteren Group | 308 |  | 59082 |  |
|  Genuine Parts Co. | 1303 |  | 226084 |  |
|  LKQ Corp. | 2401 |  | 128237 |  |
|  Pool Corp. | 365 |  | 110350 |  |
|  |  |  | 523753 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  IDP Education Ltd. | 2303 |  | 42618 |  |
|  ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | **** |
|  Accor SA\* | 1878 |  | 46941 |  |
|  Aristocrat Leisure Ltd. | 6860 |  | 142548 |  |
|  Booking Holdings, Inc.\* | 366 |  | 737592 |  |
|  Caesars Entertainment, Inc.\* | 1975 |  | 82160 |  |
|  Carnival Corp. (x)\* | 9093 |  | 73290 |  |
|  Chipotle Mexican Grill, Inc.\* | 256 |  | 355197 |  |
|  Compass Group plc | 20380 |  | 472441 |  |
|  Darden Restaurants, Inc. | 1129 |  | 156175 |  |
|  Domino's Pizza, Inc. | 331 |  | 114658 |  |
|  Entain plc | 6765 |  | 108079 |  |
|  Evolution AB (m) | 2121 |  | 206391 |  |
|  Expedia Group, Inc.\* | 1400 |  | 122640 |  |
|  Flutter Entertainment plc (x)\* | 1920 |  | 262663 |  |
|  Galaxy Entertainment Group Ltd. | 25065 |  | 165699 |  |
|  Genting Singapore Ltd. | 66727 |  | 47577 |  |
|  Hilton Worldwide Holdings, Inc. | 2527 |  | 319312 |  |
|  InterContinental Hotels Group plc | 2100 |  | 120440 |  |
|  La Francaise des Jeux SAEM (m) | 1188 |  | 47790 |  |
|  Las Vegas Sands Corp.\* | 3027 |  | 145508 |  |
|  Lottery Corp. Ltd. (The)\* | 24518 |  | 74785 |  |
|  Marriott International, Inc., Class A | 2541 |  | 378329 |  |
|  McDonald's Corp. | 6778 |  | 1786206 |  |
|  McDonald's Holdings Co. Japan Ltd. (x) | 1006 |  | 38288 |  |
|  MGM Resorts International | 3005 |  | 100758 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 3882 |  | 47516 |  |
|  Oriental Land Co. Ltd. | 2306 |  | 336658 |  |
|  Royal Caribbean Cruises Ltd.\* | 2020 |  | 99849 |  |
|  Sands China Ltd.\* | 26793 |  | 88904 |  |
|  Sodexo SA | 1043 |  | 99903 |  |
|  Starbucks Corp. | 10570 |  | 1048544 |  |
|  Whitbread plc | 2396 |  | 74444 |  |
|  Wynn Resorts Ltd.\* | 953 |  | 78594 |  |
|  Yum! Brands, Inc. | 2621 |  | 335698 |  |
|  |  |  | 8315577 |  |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | **** |
|  Barratt Developments plc | 11249 |  | 53963 |  |
|  Berkeley Group Holdings plc | 1240 |  | 56561 |  |
|  DR Horton, Inc. | 2913 |  | 259665 |  |
|  Electrolux AB, Class B (x) | 2489 |  | 33580 |  |
|  Garmin Ltd. | 1421 |  | 131144 |  |
|  Iida Group Holdings Co. Ltd. | 1624 |  | 24761 |  |
|  Lennar Corp., Class A | 2349 |  | 212584 |  |
|  Mohawk Industries, Inc.\* | 485 |  | 49577 |  |
|  Newell Brands, Inc. | 3467 |  | 45348 |  |
|  NVR, Inc.\* | 29 |  | 133765 |  |
|  Open House Group Co. Ltd. | 904 |  | 33201 |  |
|  Panasonic Holdings Corp. | 25123 |  | 212581 |  |
|  Persimmon plc | 3521 |  | 51804 |  |
|  PulteGroup, Inc. | 2132 |  | 97070 |  |
|  SEB SA | 306 |  | 25631 |  |
|  Sekisui Chemical Co. Ltd. | 4162 |  | 58510 |  |
|  Sekisui House Ltd. | 7086 |  | 125992 |  |
|  Sharp Corp. | 2363 |  | 17015 |  |
|  Sony Group Corp. | 14491 |  | 1108025 |  |
|  Taylor Wimpey plc | 40244 |  | 49456 |  |
|  Whirlpool Corp. | 502 |  | 71013 |  |
|  |  |  | 2851246 |  |
|  ***Internet & Direct Marketing Retail (1.1%)*** | ***Internet & Direct Marketing Retail (1.1%)*** | ***Internet & Direct Marketing Retail (1.1%)*** | ***Internet & Direct Marketing Retail (1.1%)*** | **** |
|  Amazon.com, Inc.\* | 81656 |  | 6859104 |  |
|  Delivery Hero SE (m)\* | 2022 |  | 96924 |  |
|  eBay, Inc. | 5061 |  | 209880 |  |
|  Etsy, Inc.\* | 1166 |  | 139664 |  |
|  Just Eat Takeaway.com NV (m)\* | 1990 |  | 42071 |  |
|  Prosus NV\* | 9531 |  | 657549 |  |
|  Rakuten Group, Inc. (x)\* | 9581 |  | 43510 |  |
|  Zalando SE (m)\* | 2579 |  | 91406 |  |
|  ZOZO, Inc. | 1375 |  | 34155 |  |
|  |  |  | 8174263 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Bandai Namco Holdings, Inc. | 2357 |  | 149315 |  |
|  Hasbro, Inc. | 1195 |  | 72907 |  |
|  Shimano, Inc. | 847 |  | 135014 |  |
|  Yamaha Corp. | 1604 |  | 60132 |  |
|  |  |  | 417368 |  |
|  ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | **** |
|  Dollar General Corp. | 2091 |  | 514908 |  |
|  Dollar Tree, Inc.\* | 1945 |  | 275101 |  |
|  Next plc | 1460 |  | 102480 |  |
|  Pan Pacific International Holdings Corp. | 4190 |  | 78315 |  |
|  Target Corp. | 4272 |  | 636699 |  |
|  Wesfarmers Ltd. | 12977 |  | 405633 |  |
|  |  |  | 2013136 |  |
|  ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | ***Specialty Retail (1.1%)*** | **** |
|  Advance Auto Parts, Inc. | 559 |  | 82190 |  |
|  AutoZone, Inc.\* | 180 |  | 443912 |  |
|  Bath & Body Works, Inc. | 2103 |  | 88620 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Best Buy Co., Inc. | 1846 | $| 148068 |  |
|  CarMax, Inc.\* | 1466 |  | 89265 |  |
|  Fast Retailing Co. Ltd. | 674 |  | 413572 |  |
|  H & M Hennes & Mauritz AB, Class B (x) | 8060 |  | 86696 |  |
|  Hikari Tsushin, Inc. (x) | 246 |  | 34902 |  |
|  Home Depot, Inc. (The) | 9469 |  | 2990878 |  |
|  Industria de Diseno Textil SA | 12499 |  | 332482 |  |
|  JD Sports Fashion plc | 28463 |  | 43409 |  |
|  Kingfisher plc | 22022 |  | 62858 |  |
|  Lowe's Cos., Inc. | 5888 |  | 1173125 |  |
|  Nitori Holdings Co. Ltd. | 934 |  | 121340 |  |
|  O'Reilly Automotive, Inc.\* | 588 |  | 496290 |  |
|  Ross Stores, Inc. | 3223 |  | 374094 |  |
|  TJX Cos., Inc. (The) | 10794 |  | 859202 |  |
|  Tractor Supply Co. | 1023 |  | 230144 |  |
|  Ulta Beauty, Inc.\* | 478 |  | 224215 |  |
|  USS Co. Ltd. | 2419 |  | 38615 |  |
|  |  |  | 8333877 |  |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | **** |
|  adidas AG | 1983 |  | 270560 |  |
|  Burberry Group plc | 4468 |  | 109652 |  |
|  Cie Financiere Richemont SA (Registered) | 5998 |  | 777765 |  |
|  Hermes International | 364 |  | 563035 |  |
|  Kering SA | 866 |  | 440793 |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 3159 |  | 2299117 |  |
|  Moncler SpA | 2376 |  | 125898 |  |
|  NIKE, Inc., Class B | 11641 |  | 1362113 |  |
|  Pandora A/S | 1069 |  | 75111 |  |
|  Puma SE | 1232 |  | 74776 |  |
|  Ralph Lauren Corp. | 395 |  | 41740 |  |
|  Swatch Group AG (The) | 340 |  | 96707 |  |
|  Swatch Group AG (The) (Registered) | 613 |  | 31848 |  |
|  Tapestry, Inc. | 2319 |  | 88307 |  |
|  VF Corp. | 3042 |  | 83989 |  |
|  |  |  | 6441411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 47311270 |  |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |  |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | **** |
|  Anheuser-Busch InBev SA/NV | 9988 |  | 601619 |  |
|  Asahi Group Holdings Ltd. (x) | 5328 |  | 167221 |  |
|  Brown-Forman Corp., Class B | 1684 |  | 110605 |  |
|  Budweiser Brewing Co. APAC Ltd. (m) | 19000 |  | 59760 |  |
|  Carlsberg A/S, Class B | 1143 |  | 151900 |  |
|  Coca-Cola Co. (The) | 35858 |  | 2280927 |  |
|  Coca-Cola Europacific Partners plc | 2358 |  | 130445 |  |
|  Coca-Cola HBC AG\* | 2256 |  | 53811 |  |
|  Constellation Brands, Inc., Class A | 1468 |  | 340209 |  |
|  Davide Campari-Milano NV | 5768 |  | 58558 |  |
|  Diageo plc | 26164 |  | 1154530 |  |
|  Heineken Holding NV | 1206 |  | 93014 |  |
|  Heineken NV | 3023 |  | 284377 |  |
|  Ito En Ltd. | 591 |  | 21570 |  |
|  Keurig Dr Pepper, Inc. | 7827 |  | 279111 |  |
|  Kirin Holdings Co. Ltd. (x) | 9402 |  | 144068 |  |
|  Molson Coors Beverage Co., Class B | 1733 |  | 89284 |  |
|  Monster Beverage Corp.\* | 3543 |  | 359721 |  |
|  PepsiCo, Inc. | 12715 |  | 2297092 |  |
|  Pernod Ricard SA | 2390 |  | 470101 |  |
|  Remy Cointreau SA | 283 |  | 47743 |  |
|  Suntory Beverage & Food Ltd. (x) | 1676 |  | 57467 |  |
|  Treasury Wine Estates Ltd. | 7966 |  | 73816 |  |
|  |  |  | 9326949 |  |
|  ***Food & Staples Retailing (0.9%)*** | ***Food & Staples Retailing (0.9%)*** | ***Food & Staples Retailing (0.9%)*** | ***Food & Staples Retailing (0.9%)*** | **** |
|  Aeon Co. Ltd. | 7483 |  | 158680 |  |
|  Carrefour SA | 6638 |  | 111132 |  |
|  Coles Group Ltd. | 15200 |  | 173034 |  |
|  Costco Wholesale Corp. | 4081 |  | 1862977 |  |
|  Endeavour Group Ltd. | 14964 |  | 65409 |  |
|  HelloFresh SE\* | 1823 |  | 40063 |  |
|  J Sainsbury plc | 19299 |  | 50793 |  |
|  Jeronimo Martins SGPS SA | 3350 |  | 72366 |  |
|  Kesko OYJ, Class B | 3014 |  | 66527 |  |
|  Kobe Bussan Co. Ltd. | 1728 |  | 49902 |  |
|  Koninklijke Ahold Delhaize NV | 12068 |  | 346724 |  |
|  Kroger Co. (The) | 5999 |  | 267435 |  |
|  Ocado Group plc\* | 6566 |  | 48961 |  |
|  Seven & i Holdings Co. Ltd. | 8671 |  | 373955 |  |
|  Sysco Corp. | 4693 |  | 358780 |  |
|  Tesco plc | 85771 |  | 232479 |  |
|  Walgreens Boots Alliance, Inc. | 6608 |  | 246875 |  |
|  Walmart, Inc. | 13132 |  | 1861986 |  |
|  Welcia Holdings Co. Ltd. | 1041 |  | 24391 |  |
|  Woolworths Group Ltd. | 14041 |  | 320827 |  |
|  |  |  | 6733296 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Ajinomoto Co., Inc. | 5312 |  | 163157 |  |
|  Archer-Daniels-Midland Co. | 5164 |  | 479477 |  |
|  Associated British Foods plc | 3931 |  | 74898 |  |
|  Barry Callebaut AG (Registered) | 43 |  | 85056 |  |
|  Campbell Soup Co. | 1855 |  | 105271 |  |
|  Chocoladefabriken Lindt & Spruengli AG | 12 |  | 122381 |  |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 2 |  | 205483 |  |
|  Conagra Brands, Inc. | 4423 |  | 171170 |  |
|  Danone SA | 7379 |  | 388860 |  |
|  General Mills, Inc. | 5488 |  | 460169 |  |
|  Hershey Co. (The) | 1353 |  | 313314 |  |
|  Hormel Foods Corp. | 2666 |  | 121436 |  |
|  J M Smucker Co. (The) | 982 |  | 155608 |  |
|  JDE Peet's NV | 1112 |  | 32163 |  |
|  Kellogg Co. | 2350 |  | 167414 |  |
|  Kerry Group plc (London Stock Exchange), Class A | 1404 |  | 127748 |  |
|  Kerry Group plc (Turquoise Stock Exchange), Class A | 452 |  | 40759 |  |
|  Kikkoman Corp. | 1702 |  | 90002 |  |
|  Kraft Heinz Co. (The) | 7338 |  | 298730 |  |
|  Lamb Weston Holdings, Inc. | 1324 |  | 118313 |  |
|  McCormick & Co., Inc. (Non-Voting) | 2307 |  | 191227 |  |
|  Meiji Holdings Co. Ltd. | 1348 |  | 69228 |  |
|  Mondelez International, Inc., Class A | 12626 |  | 841523 |  |
|  Mowi ASA | 4656 |  | 79463 |  |
|  Nestle SA (Registered) | 31600 |  | 3661520 |  |
|  Nisshin Seifun Group, Inc. | 2183 |  | 27495 |  |
|  Nissin Foods Holdings Co. Ltd. | 771 |  | 61215 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Orkla ASA | 8289 | $| 60022 |  |
|  Salmar ASA | 811 |  | 31855 |  |
|  Tyson Foods, Inc., Class A | 2668 |  | 166083 |  |
|  WH Group Ltd. (m) | 92015 |  | 53520 |  |
|  Wilmar International Ltd. | 21161 |  | 65881 |  |
|  Yakult Honsha Co. Ltd. | 1509 |  | 98423 |  |
|  |  |  | 9128864 |  |
|  ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | **** |
|  Church & Dwight Co., Inc. | 2237 |  | 180325 |  |
|  Clorox Co. (The) | 1135 |  | 159275 |  |
|  Colgate-Palmolive Co. | 7684 |  | 605422 |  |
|  Essity AB, Class B (x) | 6913 |  | 181059 |  |
|  Henkel AG & Co. KGaA | 1223 |  | 78877 |  |
|  Henkel AG & Co. KGaA (Preference) (q) | 2044 |  | 142264 |  |
|  Kimberly-Clark Corp. | 3110 |  | 422183 |  |
|  Procter & Gamble Co. (The) | 22015 |  | 3336593 |  |
|  Reckitt Benckiser Group plc | 8223 |  | 572016 |  |
|  Unicharm Corp. | 4599 |  | 177596 |  |
|  |  |  | 5855610 |  |
|  ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | **** |
|  Beiersdorf AG | 1164 |  | 133572 |  |
|  Estee Lauder Cos., Inc. (The), Class A | 2136 |  | 529963 |  |
|  Haleon plc\* | 57212 |  | 226416 |  |
|  Kao Corp. (x) | 5484 |  | 219586 |  |
|  Kobayashi Pharmaceutical Co. Ltd. | 675 |  | 46444 |  |
|  Kose Corp. (x) | 418 |  | 45928 |  |
|  L'Oreal SA | 2776 |  | 991315 |  |
|  Shiseido Co. Ltd. (x) | 4644 |  | 228980 |  |
|  Unilever plc (Cboe Europe) | 13364 |  | 670498 |  |
|  Unilever plc (London Stock Exchange) | 15884 |  | 803068 |  |
|  |  |  | 3895770 |  |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | **** |
|  Altria Group, Inc. | 16590 |  | 758329 |  |
|  British American Tobacco plc | 24626 |  | 976955 |  |
|  Imperial Brands plc | 10375 |  | 259763 |  |
|  Japan Tobacco, Inc. (x) | 13789 |  | 279583 |  |
|  Philip Morris International, Inc. | 14281 |  | 1445380 |  |
|  |  |  | 3720010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 38660499 |  |
|  **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** | **Energy (3.1%)** |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | **** |
|  Baker Hughes Co. | 9321 |  | 275249 |  |
|  Halliburton Co. | 8355 |  | 328769 |  |
|  Schlumberger Ltd. | 13030 |  | 696584 |  |
|  Tenaris SA | 5211 |  | 90840 |  |
|  |  |  | 1391442 |  |
|  ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | ***Oil, Gas & Consumable Fuels (2.9%)*** | **** |
|  Aker BP ASA | 3592 |  | 111498 |  |
|  Ampol Ltd. | 2629 |  | 50620 |  |
|  APA Corp. | 3008 |  | 140413 |  |
|  BP plc | 216205 |  | 1241299 |  |
|  Chevron Corp. | 16591 |  | 2977919 |  |
|  ConocoPhillips | 11728 |  | 1383904 |  |
|  Coterra Energy, Inc. | 7329 |  | 180074 |  |
|  Devon Energy Corp. | 6032 |  | 371028 |  |
|  Diamondback Energy, Inc. | 1637 |  | 223909 |  |
|  ENEOS Holdings, Inc. | 33867 |  | 115608 |  |
|  Eni SpA | 28749 |  | 408868 |  |
|  EOG Resources, Inc. | 5399 |  | 699279 |  |
|  EQT Corp. | 3408 |  | 115293 |  |
|  Equinor ASA | 10947 |  | 393103 |  |
|  Exxon Mobil Corp. | 38396 |  | 4235079 |  |
|  Galp Energia SGPS SA, Class B | 5532 |  | 74673 |  |
|  Hess Corp. | 2567 |  | 364052 |  |
|  Idemitsu Kosan Co. Ltd. | 2301 |  | 53826 |  |
|  Inpex Corp. | 11831 |  | 125846 |  |
|  Kinder Morgan, Inc. | 18265 |  | 330231 |  |
|  Marathon Oil Corp. | 6242 |  | 168971 |  |
|  Marathon Petroleum Corp. | 4593 |  | 534579 |  |
|  Neste OYJ | 4895 |  | 225418 |  |
|  Occidental Petroleum Corp. | 6865 |  | 432426 |  |
|  OMV AG | 1713 |  | 88200 |  |
|  ONEOK, Inc. | 4116 |  | 270421 |  |
|  Phillips 66 | 4431 |  | 461179 |  |
|  Pioneer Natural Resources Co. | 2199 |  | 502230 |  |
|  Repsol SA | 15854 |  | 252018 |  |
|  Santos Ltd. | 36603 |  | 177937 |  |
|  Shell plc | 83472 |  | 2347247 |  |
|  Targa Resources Corp. | 2087 |  | 153395 |  |
|  TotalEnergies SE | 28591 |  | 1794997 |  |
|  Valero Energy Corp. | 3629 |  | 460375 |  |
|  Washington H Soul Pattinson & Co. Ltd. | 2389 |  | 44990 |  |
|  Williams Cos., Inc. (The) | 11226 |  | 369335 |  |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 17606 |  | 424826 |  |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 4212 |  | 101332 |  |
|  |  |  | 22406398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 23797840 |  |
|  **Financials (8.5%)** | **Financials (8.5%)** | **Financials (8.5%)** | **Financials (8.5%)** |  |
|  ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | **** |
|  ABN AMRO Bank NV (CVA) (m) | 4266 |  | 59022 |  |
|  AIB Group plc | 12287 |  | 47560 |  |
|  ANZ Group Holdings Ltd.\* | 34356 |  | 553438 |  |
|  Banco Bilbao Vizcaya Argentaria SA | 69717 |  | 420457 |  |
|  Banco Santander SA | 191560 |  | 574668 |  |
|  Bank Hapoalim BM | 14289 |  | 129137 |  |
|  Bank Leumi Le-Israel BM | 17562 |  | 146671 |  |
|  Bank of America Corp. | 64404 |  | 2133060 |  |
|  Bank of Ireland Group plc | 12298 |  | 117163 |  |
|  Banque Cantonale Vaudoise (Registered) | 346 |  | 33210 |  |
|  Barclays plc | 184708 |  | 353979 |  |
|  BNP Paribas SA | 12765 |  | 727624 |  |
|  BOC Hong Kong Holdings Ltd. | 42520 |  | 144903 |  |
|  CaixaBank SA | 50434 |  | 198240 |  |
|  Chiba Bank Ltd. (The) | 5850 |  | 42881 |  |
|  Citigroup, Inc. | 17842 |  | 806994 |  |
|  Citizens Financial Group, Inc. | 4566 |  | 179763 |  |
|  Comerica, Inc. | 1205 |  | 80554 |  |
|  Commerzbank AG\* | 11980 |  | 113313 |  |
|  Commonwealth Bank of Australia | 19552 |  | 1365809 |  |
|  Concordia Financial Group Ltd. | 12014 |  | 50348 |  |
|  Credit Agricole SA | 13649 |  | 143636 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Danske Bank A/S | 7925 | $| 156634 |  |
|  DBS Group Holdings Ltd. | 20813 |  | 527084 |  |
|  DNB Bank ASA | 10782 |  | 214005 |  |
|  Erste Group Bank AG | 3954 |  | 126553 |  |
|  Fifth Third Bancorp | 6321 |  | 207392 |  |
|  FinecoBank Banca Fineco SpA | 7048 |  | 117091 |  |
|  First Republic Bank | 1683 |  | 205141 |  |
|  Hang Seng Bank Ltd. | 8759 |  | 145657 |  |
|  HSBC Holdings plc | 229444 |  | 1430481 |  |
|  Huntington Bancshares, Inc. | 13286 |  | 187333 |  |
|  ING Groep NV | 43287 |  | 527681 |  |
|  Intesa Sanpaolo SpA | 191966 |  | 427008 |  |
|  Israel Discount Bank Ltd., Class A | 13801 |  | 72675 |  |
|  Japan Post Bank Co. Ltd. | 4469 |  | 38411 |  |
|  JPMorgan Chase & Co. | 27017 |  | 3622980 |  |
|  KBC Group NV | 2926 |  | 188179 |  |
|  KeyCorp | 8592 |  | 149673 |  |
|  Lloyds Banking Group plc | 783144 |  | 429934 |  |
|  M&T Bank Corp. | 1618 |  | 234707 |  |
|  Mediobanca Banca di Credito Finanziario SpA | 6955 |  | 66886 |  |
|  Mitsubishi UFJ Financial Group, Inc. | 137356 |  | 930429 |  |
|  Mizrahi Tefahot Bank Ltd. | 1732 |  | 56193 |  |
|  Mizuho Financial Group, Inc. | 27718 |  | 391989 |  |
|  National Australia Bank Ltd. | 36298 |  | 742888 |  |
|  NatWest Group plc | 60888 |  | 195215 |  |
|  Nordea Bank Abp (Aquis Stock Exchange) | 403 |  | 4327 |  |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 37913 |  | 405768 |  |
|  Oversea-Chinese Banking Corp. Ltd. | 38908 |  | 353815 |  |
|  PNC Financial Services Group, Inc. (The) | 3778 |  | 596697 |  |
|  Regions Financial Corp. | 8608 |  | 185588 |  |
|  Resona Holdings, Inc. | 24319 |  | 134010 |  |
|  Shizuoka Financial Group, Inc. | 4926 |  | 39599 |  |
|  Signature Bank | 580 |  | 66828 |  |
|  Skandinaviska Enskilda Banken AB, Class A | 18514 |  | 212821 |  |
|  Societe Generale SA | 9356 |  | 235155 |  |
|  Standard Chartered plc | 28473 |  | 214245 |  |
|  Sumitomo Mitsui Financial Group, Inc. | 15052 |  | 607402 |  |
|  Sumitomo Mitsui Trust Holdings, Inc. | 3893 |  | 136095 |  |
|  SVB Financial Group\* | 544 |  | 125196 |  |
|  Svenska Handelsbanken AB, Class A | 16759 |  | 168797 |  |
|  Swedbank AB, Class A | 10348 |  | 175824 |  |
|  Truist Financial Corp. | 12220 |  | 525827 |  |
|  UniCredit SpA | 22074 |  | 313606 |  |
|  United Overseas Bank Ltd. | 13517 |  | 309819 |  |
|  US Bancorp | 12456 |  | 543206 |  |
|  Wells Fargo & Co. | 34945 |  | 1442879 |  |
|  Westpac Banking Corp. | 40230 |  | 639570 |  |
|  Zions Bancorp NA | 1386 |  | 68136 |  |
|  |  |  | 27319859 |  |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | **** |
|  3i Group plc | 11050 |  | 179210 |  |
|  abrdn plc | 24067 |  | 55064 |  |
|  Ameriprise Financial, Inc. | 997 |  | 310436 |  |
|  Amundi SA (m) | 763 |  | 43288 |  |
|  ASX Ltd. | 2219 |  | 102765 |  |
|  Bank of New York Mellon Corp. (The) | 6774 |  | 308352 |  |
|  BlackRock, Inc. | 1389 |  | 984287 |  |
|  Cboe Global Markets, Inc. | 977 |  | 122584 |  |
|  Charles Schwab Corp. (The) | 14067 |  | 1171218 |  |
|  CME Group, Inc. | 3311 |  | 556778 |  |
|  Credit Suisse Group AG (Registered) (x) | 49744 |  | 148697 |  |
|  Daiwa Securities Group, Inc. | 14907 |  | 66220 |  |
|  Deutsche Bank AG (Registered) | 23748 |  | 269158 |  |
|  Deutsche Boerse AG | 2186 |  | 377677 |  |
|  EQT AB (x) | 3483 |  | 73633 |  |
|  Euronext NV (m) | 1006 |  | 74476 |  |
|  FactSet Research Systems, Inc. | 350 |  | 140423 |  |
|  Franklin Resources, Inc. | 2617 |  | 69036 |  |
|  Futu Holdings Ltd. (ADR) (x)\* | 738 |  | 30000 |  |
|  Goldman Sachs Group, Inc. (The) | 3145 |  | 1079930 |  |
|  Hargreaves Lansdown plc | 3926 |  | 40638 |  |
|  Hong Kong Exchanges & Clearing Ltd. | 13843 |  | 598026 |  |
|  Intercontinental Exchange, Inc. | 5145 |  | 527825 |  |
|  Invesco Ltd. | 4190 |  | 75378 |  |
|  Japan Exchange Group, Inc. | 5623 |  | 81299 |  |
|  Julius Baer Group Ltd. | 2453 |  | 142885 |  |
|  London Stock Exchange Group plc | 3797 |  | 327570 |  |
|  Macquarie Group Ltd. | 4219 |  | 479594 |  |
|  MarketAxess Holdings, Inc. | 347 |  | 96775 |  |
|  Moody's Corp. | 1454 |  | 405113 |  |
|  Morgan Stanley | 12337 |  | 1048892 |  |
|  MSCI, Inc. | 742 |  | 345156 |  |
|  Nasdaq, Inc. | 3122 |  | 191535 |  |
|  Nomura Holdings, Inc. | 32613 |  | 121417 |  |
|  Northern Trust Corp. | 1919 |  | 169812 |  |
|  Partners Group Holding AG | 266 |  | 234974 |  |
|  Raymond James Financial, Inc. | 1789 |  | 191155 |  |
|  S&P Global, Inc. | 3139 |  | 1051377 |  |
|  SBI Holdings, Inc. | 2700 |  | 51782 |  |
|  Schroders plc | 8070 |  | 42537 |  |
|  Singapore Exchange Ltd. | 9648 |  | 64469 |  |
|  St James's Place plc | 5957 |  | 78859 |  |
|  State Street Corp. | 3386 |  | 262652 |  |
| T. Rowe Price Group, Inc. | 2079 |  | 226736 |  |
|  UBS Group AG (Registered) | 38475 |  | 715906 |  |
|  |  |  | 13735594 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 5526 |  | 816466 |  |
|  Capital One Financial Corp. | 3536 |  | 328707 |  |
|  Discover Financial Services | 2516 |  | 246140 |  |
|  Synchrony Financial | 4438 |  | 145833 |  |
|  |  |  | 1537146 |  |
|  ***Diversified Financial Services (0.8%)*** | ***Diversified Financial Services (0.8%)*** | ***Diversified Financial Services (0.8%)*** | ***Diversified Financial Services (0.8%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 16628 |  | 5136389 |  |
|  Eurazeo SE | 502 |  | 31221 |  |
|  EXOR NV\* | 1265 |  | 92486 |  |
|  Groupe Bruxelles Lambert NV | 1144 |  | 91330 |  |
|  Industrivarden AB, Class A | 1473 |  | 35785 |  |
|  Industrivarden AB, Class C | 1762 |  | 42721 |  |
|  Investor AB, Class A | 5763 |  | 107060 |  |
|  Investor AB, Class B | 20998 |  | 379439 |  |
|  Kinnevik AB, Class B\* | 2672 |  | 36669 |  |
|  L E Lundbergforetagen AB, Class B | 862 |  | 36686 |  |
|  M&G plc | 28693 |  | 65162 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Mitsubishi HC Capital, Inc. | 7285 | $| 36025 |  |
|  ORIX Corp. | 13792 |  | 222633 |  |
|  Sofina SA | 188 |  | 41376 |  |
|  Wendel SE | 352 |  | 32857 |  |
|  |  |  | 6387839 |  |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | **** |
|  Admiral Group plc | 2143 |  | 55365 |  |
|  Aegon NV | 19724 |  | 100036 |  |
|  Aflac, Inc. | 5297 |  | 381066 |  |
|  Ageas SA/NV | 1844 |  | 81759 |  |
|  AIA Group Ltd. | 137025 |  | 1523778 |  |
|  Allianz SE (Registered) | 4694 |  | 1009461 |  |
|  Allstate Corp. (The) | 2490 |  | 337644 |  |
|  American International Group, Inc. | 7005 |  | 442996 |  |
|  Aon plc, Class A | 1943 |  | 583172 |  |
|  Arch Capital Group Ltd.\* | 3402 |  | 213578 |  |
|  Arthur J Gallagher & Co. | 1938 |  | 365391 |  |
|  Assicurazioni Generali SpA | 12770 |  | 227121 |  |
|  Assurant, Inc. | 490 |  | 61279 |  |
|  Aviva plc | 32185 |  | 172294 |  |
|  AXA SA | 21477 |  | 599006 |  |
|  Baloise Holding AG (Registered) | 541 |  | 83492 |  |
|  Brown & Brown, Inc. | 2159 |  | 122998 |  |
|  Chubb Ltd. | 3848 |  | 848869 |  |
|  Cincinnati Financial Corp. | 1466 |  | 150104 |  |
|  Dai-ichi Life Holdings, Inc. | 11329 |  | 258450 |  |
|  Everest Re Group Ltd. | 363 |  | 120251 |  |
|  Gjensidige Forsikring ASA | 2207 |  | 43298 |  |
|  Globe Life, Inc. | 835 |  | 100659 |  |
|  Hannover Rueck SE | 699 |  | 138799 |  |
|  Hartford Financial Services Group, Inc. (The) | 2977 |  | 225746 |  |
|  Insurance Australia Group Ltd. | 27205 |  | 87982 |  |
|  Japan Post Holdings Co. Ltd. | 27029 |  | 228503 |  |
|  Japan Post Insurance Co. Ltd. | 2205 |  | 38996 |  |
|  Legal & General Group plc | 67921 |  | 204872 |  |
|  Lincoln National Corp. | 1427 |  | 43838 |  |
|  Loews Corp. | 1842 |  | 107444 |  |
|  Marsh & McLennan Cos., Inc. | 4597 |  | 760712 |  |
|  Medibank Pvt Ltd. | 30393 |  | 61045 |  |
|  MetLife, Inc. | 6172 |  | 446668 |  |
|  MS&AD Insurance Group Holdings, Inc. | 5077 |  | 163405 |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1624 |  | 528477 |  |
|  NN Group NV | 3220 |  | 131532 |  |
|  Phoenix Group Holdings plc | 8436 |  | 62069 |  |
|  Poste Italiane SpA (m) | 5765 |  | 56318 |  |
|  Principal Financial Group, Inc. | 2135 |  | 179169 |  |
|  Progressive Corp. (The) | 5389 |  | 699007 |  |
|  Prudential Financial, Inc. | 3427 |  | 340849 |  |
|  Prudential plc | 31591 |  | 430614 |  |
|  QBE Insurance Group Ltd. | 17043 |  | 155838 |  |
|  Sampo OYJ, Class A | 5549 |  | 289987 |  |
|  Sompo Holdings, Inc. | 3620 |  | 161637 |  |
|  Suncorp Group Ltd. | 14209 |  | 116477 |  |
|  Swiss Life Holding AG (Registered) | 355 |  | 183057 |  |
|  Swiss Re AG | 3498 |  | 327158 |  |
|  T&D Holdings, Inc. | 6091 |  | 88274 |  |
|  Tokio Marine Holdings, Inc. | 21127 |  | 455171 |  |
|  Travelers Cos., Inc. (The) | 2186 |  | 409853 |  |
|  Tryg A/S | 4197 |  | 99898 |  |
|  W R Berkley Corp. | 1881 |  | 136504 |  |
|  Willis Towers Watson plc | 1013 |  | 247760 |  |
|  Zurich Insurance Group AG | 1729 |  | 827055 |  |
|  |  |  | 16316781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 65297219 |  |
|  **Health Care (9.0%)** | **Health Care (9.0%)** | **Health Care (9.0%)** | **Health Care (9.0%)** |  |
|  ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | ***Biotechnology (1.2%)*** | **** |
|  AbbVie, Inc. | 16289 |  | 2632465 |  |
|  Amgen, Inc. | 4928 |  | 1294290 |  |
|  Argenx SE\* | 640 |  | 240260 |  |
|  Biogen, Inc.\* | 1337 |  | 370242 |  |
|  CSL Ltd. | 5536 |  | 1084621 |  |
|  Genmab A/S\* | 767 |  | 324718 |  |
|  Gilead Sciences, Inc. | 11547 |  | 991310 |  |
|  Grifols SA\* | 3292 |  | 37953 |  |
|  Incyte Corp.\* | 1700 |  | 136544 |  |
|  Moderna, Inc.\* | 3099 |  | 556642 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 988 |  | 712832 |  |
|  Swedish Orphan Biovitrum AB\* | 1901 |  | 39296 |  |
|  Vertex Pharmaceuticals, Inc.\* | 2363 |  | 682387 |  |
|  |  |  | 9103560 |  |
|  ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | **** |
|  Abbott Laboratories | 16133 |  | 1771242 |  |
|  Alcon, Inc. | 5802 |  | 396442 |  |
|  Align Technology, Inc.\* | 669 |  | 141092 |  |
|  Asahi Intecc Co. Ltd. | 2392 |  | 39441 |  |
|  Baxter International, Inc. | 4639 |  | 236450 |  |
|  Becton Dickinson and Co. | 2628 |  | 668300 |  |
|  BioMerieux | 508 |  | 53248 |  |
|  Boston Scientific Corp.\* | 13189 |  | 610255 |  |
|  Carl Zeiss Meditec AG | 484 |  | 61084 |  |
|  Cochlear Ltd. | 758 |  | 105343 |  |
|  Coloplast A/S, Class B | 1391 |  | 162592 |  |
|  Cooper Cos., Inc. (The) | 455 |  | 150455 |  |
|  Demant A/S\* | 1068 |  | 29603 |  |
|  Dentsply Sirona, Inc. | 1984 |  | 63171 |  |
|  Dexcom, Inc.\* | 3616 |  | 409476 |  |
|  DiaSorin SpA | 321 |  | 44807 |  |
|  Edwards Lifesciences Corp.\* | 5711 |  | 426098 |  |
|  EssilorLuxottica SA | 3342 |  | 605304 |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 6363 |  | 91301 |  |
|  Getinge AB, Class B | 2524 |  | 52319 |  |
|  Hologic, Inc.\* | 2300 |  | 172063 |  |
|  Hoya Corp. | 4168 |  | 403493 |  |
|  IDEXX Laboratories, Inc.\* | 767 |  | 312905 |  |
|  Intuitive Surgical, Inc.\* | 3290 |  | 873002 |  |
|  Koninklijke Philips NV | 9948 |  | 149126 |  |
|  Medtronic plc | 12241 |  | 951371 |  |
|  Olympus Corp. | 14130 |  | 253229 |  |
|  ResMed, Inc. | 1349 |  | 280767 |  |
|  Siemens Healthineers AG (m) | 3302 |  | 165173 |  |
|  Smith & Nephew plc | 9703 |  | 130149 |  |
|  Sonova Holding AG (Registered) | 627 |  | 148706 |  |
|  STERIS plc | 921 |  | 170099 |  |
|  Straumann Holding AG (Registered) | 1307 |  | 149266 |  |
|  Stryker Corp. | 3102 |  | 758408 |  |
|  Sysmex Corp. | 1928 |  | 117496 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Teleflex, Inc. | 432 | $| 107840 |  |
|  Terumo Corp. | 7465 |  | 213074 |  |
|  Zimmer Biomet Holdings, Inc. | 1933 |  | 246458 |  |
|  |  |  | 11720648 |  |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | **** |
|  AmerisourceBergen Corp. | 1432 |  | 237297 |  |
|  Amplifon SpA | 1374 |  | 40917 |  |
|  Cardinal Health, Inc. | 2509 |  | 192867 |  |
|  Centene Corp.\* | 5265 |  | 431783 |  |
|  Cigna Corp. | 2811 |  | 931397 |  |
|  CVS Health Corp. | 12095 |  | 1127133 |  |
|  DaVita, Inc.\* | 513 |  | 38306 |  |
|  Elevance Health, Inc. | 2211 |  | 1134177 |  |
|  Fresenius Medical Care AG & Co. KGaA | 2342 |  | 76639 |  |
|  Fresenius SE & Co. KGaA | 4949 |  | 139063 |  |
|  HCA Healthcare, Inc. | 1983 |  | 475841 |  |
|  Henry Schein, Inc.\* | 1254 |  | 100157 |  |
|  Humana, Inc. | 1166 |  | 597213 |  |
|  Laboratory Corp. of America Holdings | 833 |  | 196155 |  |
|  McKesson Corp. | 1324 |  | 496659 |  |
|  Molina Healthcare, Inc.\* | 536 |  | 176998 |  |
|  NMC Health plc (r)\* | 907 |  |  |  |
|  Quest Diagnostics, Inc. | 1074 |  | 168016 |  |
|  Ramsay Health Care Ltd. | 2111 |  | 92992 |  |
|  Sonic Healthcare Ltd. | 5209 |  | 106290 |  |
|  UnitedHealth Group, Inc. | 8618 |  | 4569091 |  |
|  Universal Health Services, Inc., Class B | 605 |  | 85238 |  |
|  |  |  | 11414229 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  M3, Inc. | 5041 |  | 137433 |  |
|  ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | ***Life Sciences Tools & Services (0.9%)*** | **** |
|  Agilent Technologies, Inc. | 2752 |  | 411837 |  |
|  Bachem Holding AG, Class B | 382 |  | 32988 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 198 |  | 83257 |  |
|  Bio-Techne Corp. | 1448 |  | 120010 |  |
|  Charles River Laboratories International, Inc.\* | 469 |  | 102195 |  |
|  Danaher Corp. | 6032 |  | 1601013 |  |
|  Eurofins Scientific SE | 1598 |  | 114712 |  |
|  Illumina, Inc.\* | 1447 |  | 292583 |  |
|  IQVIA Holdings, Inc.\* | 1718 |  | 352001 |  |
|  Lonza Group AG (Registered) | 859 |  | 420930 |  |
|  Mettler-Toledo International, Inc.\* | 208 |  | 300654 |  |
|  PerkinElmer, Inc. | 1163 |  | 163076 |  |
|  QIAGEN NV\* | 2629 |  | 132296 |  |
|  Sartorius AG (Preference) (q) | 287 |  | 113487 |  |
|  Sartorius Stedim Biotech | 322 |  | 104267 |  |
|  Thermo Fisher Scientific, Inc. | 3610 |  | 1987991 |  |
|  Waters Corp.\* | 552 |  | 189104 |  |
|  West Pharmaceutical Services, Inc. | 682 |  | 160509 |  |
|  |  |  | 6682910 |  |
|  ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | **** |
|  Astellas Pharma, Inc. | 21095 |  | 322517 |  |
|  AstraZeneca plc | 17805 |  | 2414714 |  |
|  Bayer AG (Registered) | 11289 |  | 583974 |  |
|  Bristol-Myers Squibb Co. | 19672 |  | 1415401 |  |
|  Catalent, Inc.\* | 1651 |  | 74312 |  |
|  Chugai Pharmaceutical Co. Ltd.(x) | 7770 |  | 199401 |  |
|  Daiichi Sankyo Co. Ltd. | 20135 |  | 652040 |  |
|  Eisai Co. Ltd. | 2910 |  | 192995 |  |
|  Eli Lilly and Co. | 7266 |  | 2658194 |  |
|  GSK plc | 46736 |  | 812265 |  |
|  Hikma Pharmaceuticals plc | 1915 |  | 35931 |  |
|  Ipsen SA | 465 |  | 50025 |  |
|  Johnson & Johnson | 24222 |  | 4278816 |  |
|  Kyowa Kirin Co. Ltd. | 3193 |  | 73475 |  |
|  Merck & Co., Inc. | 23339 |  | 2589462 |  |
|  Merck KGaA | 1484 |  | 287368 |  |
|  Nippon Shinyaku Co. Ltd. | 559 |  | 31860 |  |
|  Novartis AG (Registered) | 24859 |  | 2247298 |  |
|  Novo Nordisk A/S, Class B | 19022 |  | 2568468 |  |
|  Ono Pharmaceutical Co. Ltd. | 4081 |  | 95868 |  |
|  Organon & Co. | 2343 |  | 65440 |  |
|  Orion OYJ, Class B | 1285 |  | 70482 |  |
|  Otsuka Holdings Co. Ltd. | 4456 |  | 146168 |  |
|  Pfizer, Inc. | 51706 |  | 2649416 |  |
|  Recordati Industria Chimica e Farmaceutica SpA | 1274 |  | 52846 |  |
|  Roche Holding AG | 8073 |  | 2536318 |  |
|  Roche Holding AG CHF 1 | 314 |  | 121708 |  |
|  Sanofi | 13108 |  | 1260586 |  |
|  Shionogi & Co. Ltd. | 3112 |  | 156169 |  |
|  Takeda Pharmaceutical Co. Ltd. | 17274 |  | 541096 |  |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 12761 |  | 116380 |  |
|  UCB SA | 1502 |  | 118271 |  |
|  Viatris, Inc. | 11171 |  | 124333 |  |
|  Zoetis, Inc. | 4313 |  | 632070 |  |
|  |  |  | 30175667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 69234447 |  |
|  **Industrials (6.6%)** | **Industrials (6.6%)** | **Industrials (6.6%)** | **Industrials (6.6%)** |  |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | **** |
|  Airbus SE | 6793 |  | 807289 |  |
|  BAE Systems plc | 35903 |  | 371546 |  |
|  Boeing Co. (The)\* | 5142 |  | 979500 |  |
|  Dassault Aviation SA | 304 |  | 51481 |  |
|  Elbit Systems Ltd. | 317 |  | 51669 |  |
|  General Dynamics Corp. | 2072 |  | 514084 |  |
|  Howmet Aerospace, Inc. | 3406 |  | 134231 |  |
|  Huntington Ingalls Industries, Inc. | 368 |  | 84890 |  |
|  Kongsberg Gruppen ASA | 1006 |  | 42677 |  |
|  L3Harris Technologies, Inc. | 1763 |  | 367074 |  |
|  Lockheed Martin Corp. | 2174 |  | 1057629 |  |
|  MTU Aero Engines AG | 615 |  | 133114 |  |
|  Northrop Grumman Corp. | 1340 |  | 731117 |  |
|  Raytheon Technologies Corp. | 13603 |  | 1372815 |  |
|  Rheinmetall AG | 500 |  | 99579 |  |
|  Rolls-Royce Holdings plc\* | 92347 |  | 104051 |  |
|  Safran SA | 3955 |  | 494996 |  |
|  Singapore Technologies Engineering Ltd. | 17170 |  | 42944 |  |
|  Textron, Inc. | 1948 |  | 137918 |  |
|  Thales SA | 1256 |  | 160397 |  |
|  TransDigm Group, Inc. | 475 |  | 299084 |  |
|  |  |  | 8038085 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | **** |
|  CH Robinson Worldwide, Inc. | 1141 | $104470 |  |
|  Deutsche Post AG (Registered) | 11444 | 430963 |  |
|  DSV A/S | 2161 | 341098 |  |
|  Expeditors International of Washington, Inc. | 1507 | 156608 |  |
|  FedEx Corp. | 2202 | 381386 |  |
|  Nippon Express Holdings, Inc. (x) | 951 | 54637 |  |
|  SG Holdings Co. Ltd. | 3239 | 45164 |  |
|  United Parcel Service, Inc., Class B | 6742 | 1172029 |  |
|  Yamato Holdings Co. Ltd. | 3216 | 51141 |  |
|  |  | 2737496 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 1167 | 50111 |  |
|  American Airlines Group, Inc.\* | 5987 | 76155 |  |
|  ANA Holdings, Inc.\* | 1763 | 37614 |  |
|  Delta Air Lines, Inc.\* | 5907 | 194104 |  |
|  Deutsche Lufthansa AG (Registered)\* | 6596 | 54826 |  |
|  Japan Airlines Co. Ltd. (x)\* | 1685 | 34601 |  |
|  Qantas Airways Ltd.\* | 10199 | 41733 |  |
|  Singapore Airlines Ltd. | 14766 | 60965 |  |
|  Southwest Airlines Co.\* | 5466 | 184040 |  |
|  United Airlines Holdings, Inc.\* | 3010 | 113477 |  |
|  |  | 847626 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 1183 | 67715 |  |
|  AGC, Inc. (x) | 2283 | 76454 |  |
|  Allegion plc | 809 | 85155 |  |
|  Assa Abloy AB, Class B | 11517 | 246899 |  |
|  Carrier Global Corp. | 7753 | 319811 |  |
|  Cie de Saint-Gobain | 5708 | 278927 |  |
|  Daikin Industries Ltd. | 2873 | 442202 |  |
|  Geberit AG (Registered) | 416 | 195931 |  |
|  Johnson Controls International plc | 6345 | 406080 |  |
|  Kingspan Group plc | 1843 | 99786 |  |
|  Lixil Corp. | 3350 | 51077 |  |
|  Masco Corp. | 2077 | 96934 |  |
|  Nibe Industrier AB, Class B | 17055 | 158703 |  |
|  ROCKWOOL A/S, Class B | 117 | 27504 |  |
|  TOTO Ltd. | 1709 | 58599 |  |
|  Trane Technologies plc | 2135 | 358872 |  |
|  Xinyi Glass Holdings Ltd. | 20000 | 37256 |  |
|  |  | 3007905 |  |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | **** |
|  Brambles Ltd. | 15379 | 126383 |  |
|  Cintas Corp. | 793 | 358135 |  |
|  Copart, Inc.\* | 3940 | 239907 |  |
|  Dai Nippon Printing Co. Ltd. | 2450 | 49470 |  |
|  Rentokil Initial plc | 28829 | 177052 |  |
|  Republic Services, Inc. | 1892 | 244049 |  |
|  Rollins, Inc. | 2132 | 77903 |  |
|  Secom Co. Ltd. | 2471 | 142020 |  |
|  Securitas AB, Class B | 5428 | 45235 |  |
|  Toppan, Inc. | 2894 | 43088 |  |
|  Waste Management, Inc. | 3465 | 543589 |  |
|  |  | 2046831 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  ACS Actividades de Construccion y Servicios SA (x) | 2488 | 71296 |  |
|  Bouygues SA | 2666 | 80021 |  |
|  Eiffage SA | 970 | 95444 |  |
|  Ferrovial SA | 5702 | 149358 |  |
|  Kajima Corp. | 4499 | 52655 |  |
|  Obayashi Corp. | 7166 | 54493 |  |
|  Quanta Services, Inc. | 1317 | 187673 |  |
|  Shimizu Corp. | 6091 | 32673 |  |
|  Skanska AB, Class B | 3754 | 59360 |  |
|  Taisei Corp. | 2106 | 68199 |  |
|  Vinci SA | 6180 | 617149 |  |
|  |  | 1468321 |  |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | **** |
|  ABB Ltd. (Registered) | 18061 | 548090 |  |
|  AMETEK, Inc. | 2115 | 295508 |  |
|  Eaton Corp. plc | 3669 | 575850 |  |
|  Emerson Electric Co. | 5447 | 523239 |  |
|  Fuji Electric Co. Ltd. | 1525 | 58448 |  |
|  Generac Holdings, Inc.\* | 588 | 59188 |  |
|  Legrand SA | 3079 | 246601 |  |
|  Mitsubishi Electric Corp. | 21748 | 217662 |  |
|  Nidec Corp. | 5155 | 268630 |  |
|  Prysmian SpA | 2968 | 110118 |  |
|  Rockwell Automation, Inc. | 1064 | 274055 |  |
|  Schneider Electric SE | 6235 | 872459 |  |
|  Siemens Energy AG | 4907 | 92316 |  |
|  Vestas Wind Systems A/S | 11576 | 336775 |  |
|  |  | 4478939 |  |
|  ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | **** |
|  3M Co. | 5100 | 611592 |  |
|  CK Hutchison Holdings Ltd. | 30535 | 183278 |  |
|  DCC plc | 1153 | 56872 |  |
|  General Electric Co. | 10102 | 846447 |  |
|  Hitachi Ltd. | 11130 | 567440 |  |
|  Honeywell International, Inc. | 6207 | 1330160 |  |
|  Investment AB Latour, Class B | 1634 | 30864 |  |
|  Jardine Cycle & Carriage Ltd. | 1135 | 24235 |  |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 1300 | 66300 |  |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 511 | 26010 |  |
|  Keppel Corp. Ltd. | 15985 | 86644 |  |
|  Lifco AB, Class B | 2572 | 42925 |  |
|  Melrose Industries plc | 45058 | 73266 |  |
|  Siemens AG (Registered) | 8791 | 1219955 |  |
|  Smiths Group plc | 4083 | 78904 |  |
|  Toshiba Corp. | 4430 | 155374 |  |
|  |  | 5400266 |  |
|  ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | **** |
|  Alfa Laval AB | 3261 | 94097 |  |
|  Alstom SA (x) | 3698 | 90333 |  |
|  Atlas Copco AB, Class A | 30864 | 364103 |  |
|  Atlas Copco AB, Class B | 17756 | 189048 |  |
|  Caterpillar, Inc. | 4864 | 1165220 |  |
|  CNH Industrial NV | 11758 | 188355 |  |
|  Cummins, Inc. | 1299 | 314735 |  |
|  Daifuku Co. Ltd. | 1197 | 56366 |  |
|  Daimler Truck Holding AG\* | 5251 | 162698 |  |
|  Deere & Co. | 2563 | 1098912 |  |
|  Dover Corp. | 1322 | 179012 |  |
|  Epiroc AB, Class A | 7572 | 137764 |  |
|  Epiroc AB, Class B | 4303 | 69133 |  |
|  FANUC Corp. | 2212 | 334311 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Fortive Corp. | 3277 | $| 210547 |  |
|  GEA Group AG | 1816 |  | 74258 |  |
|  Hitachi Construction Machinery Co. Ltd. | 1187 |  | 26763 |  |
|  Hoshizaki Corp. | 1200 |  | 42563 |  |
|  Husqvarna AB, Class B | 4617 |  | 32353 |  |
|  IDEX Corp. | 695 |  | 158689 |  |
|  Illinois Tool Works, Inc. | 2596 |  | 571899 |  |
|  Indutrade AB | 3074 |  | 62188 |  |
|  Ingersoll Rand, Inc. | 3714 |  | 194056 |  |
|  Knorr-Bremse AG | 876 |  | 47861 |  |
|  Komatsu Ltd. | 10625 |  | 232837 |  |
|  Kone OYJ, Class B | 3961 |  | 204794 |  |
|  Kubota Corp. (x) | 11668 |  | 161542 |  |
|  Kurita Water Industries Ltd. | 1225 |  | 50964 |  |
|  Makita Corp. | 2472 |  | 58014 |  |
|  Minebea Mitsumi, Inc. | 4006 |  | 60163 |  |
|  MISUMI Group, Inc. | 3333 |  | 73116 |  |
|  Mitsubishi Heavy Industries Ltd. | 3668 |  | 146284 |  |
|  NGK Insulators Ltd. | 2513 |  | 32130 |  |
|  Nordson Corp. | 498 |  | 118385 |  |
|  Otis Worldwide Corp. | 3871 |  | 303138 |  |
|  PACCAR, Inc. | 3203 |  | 317001 |  |
|  Parker-Hannifin Corp. | 1183 |  | 344253 |  |
|  Pentair plc | 1515 |  | 68145 |  |
|  Rational AG | 59 |  | 35052 |  |
|  Sandvik AB | 12275 |  | 221624 |  |
|  Schindler Holding AG | 477 |  | 89710 |  |
|  Schindler Holding AG (Registered) | 274 |  | 49428 |  |
|  SKF AB, Class B | 4218 |  | 64332 |  |
|  SMC Corp. | 663 |  | 280780 |  |
|  Snap-on, Inc. | 491 |  | 112189 |  |
|  Spirax-Sarco Engineering plc | 849 |  | 108952 |  |
|  Stanley Black & Decker, Inc. | 1361 |  | 102238 |  |
|  Techtronic Industries Co. Ltd. | 15652 |  | 174659 |  |
|  Toyota Industries Corp. | 1700 |  | 93782 |  |
|  VAT Group AG (m) | 313 |  | 85574 |  |
|  Volvo AB, Class A | 2209 |  | 41937 |  |
|  Volvo AB, Class B | 17340 |  | 313204 |  |
|  Wartsila OYJ Abp | 5224 |  | 43998 |  |
|  Westinghouse Air Brake Technologies Corp. | 1675 |  | 167182 |  |
|  Xylem, Inc. | 1660 |  | 183546 |  |
|  Yaskawa Electric Corp. | 2808 |  | 90398 |  |
|  |  |  | 10294615 |  |
|  ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | **** |
|  AP Moller - Maersk A/S, Class A | 37 |  | 81864 |  |
|  AP Moller - Maersk A/S, Class B | 58 |  | 130414 |  |
|  Kuehne + Nagel International AG (Registered) | 641 |  | 149184 |  |
|  Mitsui OSK Lines Ltd. (x) | 4024 |  | 100876 |  |
|  Nippon Yusen KK (x) | 5550 |  | 131519 |  |
|  SITC International Holdings Co. Ltd. | 14800 |  | 32916 |  |
|  ZIM Integrated Shipping Services Ltd. (x) | 944 |  | 16227 |  |
|  |  |  | 643000 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  Adecco Group AG (Registered) | 1818 |  | 59889 |  |
|  Bureau Veritas SA | 3450 |  | 90886 |  |
|  CoStar Group, Inc.\* | 3647 |  | 281840 |  |
|  Equifax, Inc. | 1128 |  | 219238 |  |
|  Experian plc | 10628 |  | 361435 |  |
|  Intertek Group plc | 1861 |  | 90759 |  |
|  Jacobs Solutions, Inc. | 1175 |  | 141082 |  |
|  Leidos Holdings, Inc. | 1257 |  | 132224 |  |
|  Nihon M&A Center Holdings, Inc. | 3342 |  | 41482 |  |
|  Persol Holdings Co. Ltd. | 1959 |  | 42213 |  |
|  Randstad NV | 1411 |  | 86033 |  |
|  Recruit Holdings Co. Ltd. | 16565 |  | 527217 |  |
|  RELX plc (London Stock Exchange) | 13652 |  | 377625 |  |
|  RELX plc (Turquoise Stock Exchange) | 8483 |  | 234644 |  |
|  Robert Half International, Inc. | 1009 |  | 74495 |  |
|  SGS SA (Registered) | 75 |  | 174390 |  |
|  Teleperformance | 682 |  | 162582 |  |
|  Verisk Analytics, Inc. | 1446 |  | 255103 |  |
|  Wolters Kluwer NV | 3049 |  | 319069 |  |
|  |  |  | 3672206 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  Aurizon Holdings Ltd. | 20314 |  | 51589 |  |
|  Central Japan Railway Co. | 1674 |  | 206699 |  |
|  CSX Corp. | 19727 |  | 611143 |  |
|  East Japan Railway Co. | 3522 |  | 201809 |  |
|  Grab Holdings Ltd., Class A\* | 14769 |  | 47556 |  |
|  Hankyu Hanshin Holdings, Inc. | 2689 |  | 80318 |  |
|  JB Hunt Transport Services, Inc. | 765 |  | 133385 |  |
|  Keio Corp. | 1273 |  | 46947 |  |
|  Keisei Electric Railway Co. Ltd. | 1436 |  | 41086 |  |
|  Kintetsu Group Holdings Co. Ltd. | 2039 |  | 67661 |  |
|  MTR Corp. Ltd. | 17024 |  | 90186 |  |
|  Norfolk Southern Corp. | 2164 |  | 533253 |  |
|  Odakyu Electric Railway Co. Ltd. | 3253 |  | 42410 |  |
|  Old Dominion Freight Line, Inc. | 845 |  | 239794 |  |
|  Tobu Railway Co. Ltd. | 2084 |  | 48908 |  |
|  Tokyu Corp. | 5977 |  | 75737 |  |
|  Union Pacific Corp. | 5753 |  | 1191274 |  |
|  West Japan Railway Co. | 2503 |  | 109263 |  |
|  |  |  | 3819018 |  |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | **** |
|  AerCap Holdings NV\* | 1606 |  | 93662 |  |
|  Ashtead Group plc | 5117 |  | 291989 |  |
|  Brenntag SE | 1771 |  | 113215 |  |
|  Bunzl plc | 3862 |  | 128817 |  |
|  Fastenal Co. | 5294 |  | 250512 |  |
|  IMCD NV | 663 |  | 94498 |  |
|  ITOCHU Corp. (x) | 13659 |  | 431501 |  |
|  Marubeni Corp. | 17768 |  | 205109 |  |
|  Mitsubishi Corp. | 14549 |  | 474805 |  |
|  Mitsui & Co. Ltd. | 16469 |  | 483504 |  |
|  MonotaRO Co. Ltd. | 2766 |  | 39138 |  |
|  Reece Ltd. | 2544 |  | 24509 |  |
|  Sumitomo Corp. | 12812 |  | 214379 |  |
|  Toyota Tsusho Corp. | 2490 |  | 92682 |  |
|  United Rentals, Inc.\* | 645 |  | 229246 |  |
|  WW Grainger, Inc. | 417 |  | 231956 |  |
|  |  |  | 3399522 |  |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | **** |
|  Aena SME SA (m)\* | 863 |  | 108361 |  |
|  Aeroports de Paris\* | 363 |  | 48649 |  |
|  Auckland International Airport Ltd.\* | 13814 |  | 68498 |  |
|  Getlink SE | 4855 |  | 77826 |  |
|  Transurban Group | 34932 |  | 308709 |  |
|  |  |  | 612043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 50465873 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Information Technology (11.6%)** | **Information Technology (11.6%)** | **Information Technology (11.6%)** |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | **** |
|  Arista Networks, Inc.\* | 2270 | $275464 |  |
|  Cisco Systems, Inc. | 38150 | 1817466 |  |
|  F5, Inc.\* | 549 | 78787 |  |
|  Juniper Networks, Inc. | 2972 | 94985 |  |
|  Motorola Solutions, Inc. | 1538 | 396358 |  |
|  Nokia OYJ | 62180 | 288008 |  |
|  Telefonaktiebolaget LM Ericsson, Class B | 32848 | 191708 |  |
|  |  | 3142776 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 5480 | 417247 |  |
|  Azbil Corp. | 1362 | 34507 |  |
|  CDW Corp. | 1246 | 222511 |  |
|  Corning, Inc. | 7009 | 223867 |  |
|  Halma plc | 4370 | 104289 |  |
|  Hamamatsu Photonics KK | 1663 | 80083 |  |
|  Hexagon AB, Class B | 22365 | 233620 |  |
|  Hirose Electric Co. Ltd. | 363 | 45914 |  |
|  Ibiden Co. Ltd. | 1307 | 47653 |  |
|  Keyence Corp. | 2236 | 876068 |  |
|  Keysight Technologies, Inc.\* | 1658 | 283634 |  |
|  Kyocera Corp. | 3738 | 186615 |  |
|  Murata Manufacturing Co. Ltd. | 6596 | 331107 |  |
|  Omron Corp. | 2134 | 104147 |  |
|  Shimadzu Corp. | 2752 | 78530 |  |
|  TDK Corp. | 4438 | 146592 |  |
|  TE Connectivity Ltd. | 2946 | 338201 |  |
|  Teledyne Technologies, Inc.\* | 432 | 172761 |  |
|  Trimble, Inc.\* | 2281 | 115327 |  |
|  Venture Corp. Ltd. | 3000 | 38211 |  |
|  Yokogawa Electric Corp. | 2519 | 40403 |  |
|  Zebra Technologies Corp., Class A\* | 477 | 122308 |  |
|  |  | 4243595 |  |
|  ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | **** |
|  Accenture plc, Class A | 5828 | 1555143 |  |
|  Adyen NV (m)\* | 252 | 347550 |  |
|  Akamai Technologies, Inc.\* | 1464 | 123415 |  |
|  Amadeus IT Group SA\* | 5225 | 271545 |  |
|  Automatic Data Processing, Inc. | 3828 | 914356 |  |
|  Bechtle AG | 904 | 31992 |  |
|  Broadridge Financial Solutions, Inc. | 1080 | 144860 |  |
|  Capgemini SE | 1892 | 315844 |  |
|  Cognizant Technology Solutions Corp., Class A | 4770 | 272796 |  |
|  Computershare Ltd. | 6148 | 109670 |  |
|  DXC Technology Co.\* | 2117 | 56100 |  |
|  Edenred | 2855 | 155496 |  |
|  EPAM Systems, Inc.\* | 529 | 173374 |  |
|  Fidelity National Information Services, Inc. | 5601 | 380028 |  |
|  Fiserv, Inc.\* | 5892 | 595504 |  |
|  FleetCor Technologies, Inc.\* | 691 | 126923 |  |
|  Fujitsu Ltd. | 2279 | 305887 |  |
|  Gartner, Inc.\* | 729 | 245046 |  |
|  Global Payments, Inc. | 2553 | 253564 |  |
|  GMO Payment Gateway, Inc. | 477 | 39689 |  |
|  International Business Machines Corp. | 8321 | 1172346 |  |
|  Itochu Techno-Solutions Corp. | 1059 | 24772 |  |
|  Jack Henry & Associates, Inc. | 671 | 117801 |  |
|  Mastercard, Inc., Class A | 7861 | 2733506 |  |
|  NEC Corp. | 2835 | 100124 |  |
|  Nexi SpA (m)\* | 6782 | 53476 |  |
|  Nomura Research Institute Ltd. | 3908 | 92757 |  |
|  NTT Data Corp. | 7294 | 107376 |  |
|  Obic Co. Ltd. | 804 | 118909 |  |
|  Otsuka Corp. | 1258 | 39828 |  |
|  Paychex, Inc. | 2951 | 341018 |  |
|  PayPal Holdings, Inc.\* | 10654 | 758778 |  |
|  SCSK Corp. | 1724 | 26286 |  |
|  TIS, Inc. | 2639 | 69977 |  |
|  VeriSign, Inc.\* | 860 | 176678 |  |
|  Visa, Inc., Class A | 15063 | 3129489 |  |
|  Wix.com Ltd.\* | 676 | 51937 |  |
|  Worldline SA (m)\* | 2749 | 107496 |  |
|  |  | 15641336 |  |
|  ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | ***Semiconductors & Semiconductor Equipment (2.6%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 14872 | 963259 |  |
|  Advantest Corp. | 2232 | 144219 |  |
|  Analog Devices, Inc. | 4789 | 785540 |  |
|  Applied Materials, Inc. | 8014 | 780403 |  |
|  ASM International NV | 555 | 140000 |  |
|  ASML Holding NV | 4671 | 2519036 |  |
|  Broadcom, Inc. | 3721 | 2080523 |  |
|  Disco Corp. | 340 | 97798 |  |
|  Enphase Energy, Inc.\* | 1248 | 330670 |  |
|  First Solar, Inc.\* | 917 | 137357 |  |
|  Infineon Technologies AG | 14961 | 455306 |  |
|  Intel Corp. | 37828 | 999794 |  |
|  KLA Corp. | 1307 | 492778 |  |
|  Lam Research Corp. | 1262 | 530419 |  |
|  Lasertec Corp. | 869 | 143984 |  |
|  Microchip Technology, Inc. | 5090 | 357572 |  |
|  Micron Technology, Inc. | 10163 | 507947 |  |
|  Monolithic Power Systems, Inc. | 410 | 144980 |  |
|  NVIDIA Corp. | 23069 | 3371304 |  |
|  NXP Semiconductors NV | 2419 | 382275 |  |
|  ON Semiconductor Corp.\* | 3991 | 248919 |  |
|  Qorvo, Inc.\* | 950 | 86108 |  |
|  QUALCOMM, Inc. | 10346 | 1137439 |  |
|  Renesas Electronics Corp.\* | 13267 | 119640 |  |
|  Rohm Co. Ltd. | 1029 | 74721 |  |
|  Skyworks Solutions, Inc. | 1478 | 134690 |  |
|  SolarEdge Technologies, Inc.\* | 513 | 145317 |  |
|  STMicroelectronics NV | 7812 | 275916 |  |
|  SUMCO Corp. (x) | 3992 | 53444 |  |
|  Teradyne, Inc. | 1444 | 126133 |  |
|  Texas Instruments, Inc. | 8418 | 1390822 |  |
|  Tokyo Electron Ltd. | 1718 | 508959 |  |
|  Tower Semiconductor Ltd.\* | 1228 | 53614 |  |
|  |  | 19720886 |  |
|  ***Software (3.5%)*** | ***Software (3.5%)*** | ***Software (3.5%)*** | **** |
|  Adobe, Inc.\* | 4312 | 1451117 |  |
|  ANSYS, Inc.\* | 802 | 193755 |  |
|  Autodesk, Inc.\* | 2002 | 374114 |  |
|  AVEVA Group plc | 1460 | 56712 |  |
|  Cadence Design Systems, Inc.\* | 2523 | 405295 |  |
|  Ceridian HCM Holding, Inc.\* | 1410 | 90451 |  |
|  Check Point Software Technologies Ltd.\* | 1162 | 146598 |  |
|  CyberArk Software Ltd.\* | 471 | 61065 |  |
|  Dassault Systemes SE | 7710 | 276440 |  |
|  Fortinet, Inc.\* | 6029 | 294758 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Gen Digital, Inc. | 5599 | $| 119987 |  |
|  Intuit, Inc. | 2599 |  | 1011583 |  |
|  Microsoft Corp. | 68709 |  | 16477792 |  |
|  Nemetschek SE | 638 |  | 32570 |  |
|  Nice Ltd.\* | 745 |  | 144499 |  |
|  Oracle Corp. | 471 |  | 30577 |  |
|  Oracle Corp. (Moscow Stock Exchange) | 13994 |  | 1143870 |  |
|  Paycom Software, Inc.\* | 448 |  | 139019 |  |
|  PTC, Inc.\* | 974 |  | 116919 |  |
|  Roper Technologies, Inc. | 977 |  | 422152 |  |
|  Sage Group plc (The) | 11706 |  | 105517 |  |
|  Salesforce, Inc.\* | 9167 |  | 1215452 |  |
|  SAP SE | 11999 |  | 1238065 |  |
|  ServiceNow, Inc.\* | 1861 |  | 722570 |  |
|  Synopsys, Inc.\* | 1409 |  | 449880 |  |
|  Temenos AG (Registered) | 796 |  | 43680 |  |
|  Trend Micro, Inc. (x)\* | 1561 |  | 73031 |  |
|  Tyler Technologies, Inc.\* | 383 |  | 123483 |  |
|  WiseTech Global Ltd. | 1747 |  | 60364 |  |
|  Xero Ltd.\* | 1553 |  | 74301 |  |
|  |  |  | 27095616 |  |
|  ***Technology Hardware, Storage & Peripherals (2.5%)*** | ***Technology Hardware, Storage & Peripherals (2.5%)*** | ***Technology Hardware, Storage & Peripherals (2.5%)*** | ***Technology Hardware, Storage & Peripherals (2.5%)*** | **** |
|  Apple, Inc. | 138331 |  | 17973347 |  |
|  Brother Industries Ltd. | 2604 |  | 39822 |  |
|  Canon, Inc. (x) | 11561 |  | 251542 |  |
|  FUJIFILM Holdings Corp. | 4172 |  | 210603 |  |
|  Hewlett Packard Enterprise Co. | 11970 |  | 191041 |  |
|  HP, Inc. | 8384 |  | 225278 |  |
|  Logitech International SA (Registered) | 1989 |  | 122741 |  |
|  NetApp, Inc. | 2024 |  | 121561 |  |
|  Ricoh Co. Ltd. | 6456 |  | 49537 |  |
|  Seagate Technology Holdings plc | 1799 |  | 94645 |  |
|  Seiko Epson Corp. | 3087 |  | 45303 |  |
|  Western Digital Corp.\* | 2885 |  | 91022 |  |
|  |  |  | 19416442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 89260651 |  |
|  **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |  |
|  ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** | ***Chemicals (1.4%)*** | **** |
|  Air Liquide SA | 6014 |  | 852350 |  |
|  Air Products and Chemicals, Inc. | 2044 |  | 630083 |  |
|  Akzo Nobel NV | 2128 |  | 142507 |  |
|  Albemarle Corp. | 1079 |  | 233992 |  |
|  Arkema SA | 727 |  | 65277 |  |
|  Asahi Kasei Corp. | 13845 |  | 99312 |  |
|  BASF SE | 10623 |  | 527519 |  |
|  Celanese Corp. | 918 |  | 93856 |  |
|  CF Industries Holdings, Inc. | 1835 |  | 156342 |  |
|  Chr Hansen Holding A/S | 1229 |  | 88405 |  |
|  Clariant AG (Registered)\* | 2381 |  | 37724 |  |
|  Corteva, Inc. | 6620 |  | 389124 |  |
|  Covestro AG (m) | 2244 |  | 87796 |  |
|  Croda International plc | 1655 |  | 132134 |  |
|  Dow, Inc. | 6616 |  | 333380 |  |
|  DuPont de Nemours, Inc. | 4614 |  | 316659 |  |
|  Eastman Chemical Co. | 1131 |  | 92109 |  |
|  Ecolab, Inc. | 2284 |  | 332459 |  |
|  EMS-Chemie Holding AG (Registered) | 84 |  | 56869 |  |
|  Evonik Industries AG | 2314 |  | 44425 |  |
|  FMC Corp. | 1160 |  | 144768 |  |
|  Givaudan SA (Registered) | 108 |  | 330897 |  |
|  ICL Group Ltd. | 7794 |  | 56442 |  |
|  International Flavors & Fragrances, Inc. | 2348 |  | 246164 |  |
|  Johnson Matthey plc | 2135 |  | 54900 |  |
|  JSR Corp. | 2036 |  | 40149 |  |
|  Koninklijke DSM NV | 2031 |  | 248498 |  |
|  Linde plc | 4592 |  | 1497819 |  |
|  LyondellBasell Industries NV, Class A | 2344 |  | 194622 |  |
|  Mitsubishi Chemical Group Corp. | 14130 |  | 73718 |  |
|  Mitsui Chemicals, Inc. | 2032 |  | 46062 |  |
|  Mosaic Co. (The) | 3180 |  | 139507 |  |
|  Nippon Paint Holdings Co. Ltd. (x) | 9191 |  | 72763 |  |
|  Nippon Sanso Holdings Corp. | 1949 |  | 28454 |  |
|  Nissan Chemical Corp. | 1449 |  | 63816 |  |
|  Nitto Denko Corp. | 1645 |  | 95887 |  |
|  Novozymes A/S, Class B | 2340 |  | 118536 |  |
|  OCI NV | 1186 |  | 42428 |  |
|  Orica Ltd. | 5113 |  | 52427 |  |
|  PPG Industries, Inc. | 2165 |  | 272227 |  |
|  Sherwin-Williams Co. (The) | 2173 |  | 515718 |  |
|  Shin-Etsu Chemical Co. Ltd. | 4309 |  | 532715 |  |
|  Sika AG (Registered) | 1682 |  | 403287 |  |
|  Solvay SA | 871 |  | 88071 |  |
|  Sumitomo Chemical Co. Ltd. | 16442 |  | 59384 |  |
|  Symrise AG | 1559 |  | 169637 |  |
|  Toray Industries, Inc. | 15304 |  | 85895 |  |
|  Tosoh Corp. | 2870 |  | 34333 |  |
|  Umicore SA | 2499 |  | 91808 |  |
|  Yara International ASA | 1925 |  | 84610 |  |
|  |  |  | 10597864 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  CRH plc | 8739 |  | 346216 |  |
|  HeidelbergCement AG | 1734 |  | 98896 |  |
|  Holcim AG\* | 6355 |  | 329073 |  |
|  James Hardie Industries plc (CHDI) | 5110 |  | 91849 |  |
|  Martin Marietta Materials, Inc. | 575 |  | 194333 |  |
|  Vulcan Materials Co. | 1224 |  | 214335 |  |
|  |  |  | 1274702 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 13844 |  | 164882 |  |
|  Avery Dennison Corp. | 749 |  | 135569 |  |
|  Ball Corp. | 2895 |  | 148050 |  |
|  International Paper Co. | 3335 |  | 115491 |  |
|  Packaging Corp. of America | 863 |  | 110386 |  |
|  Sealed Air Corp. | 1337 |  | 66690 |  |
|  SIG Group AG\* | 3440 |  | 75151 |  |
|  Smurfit Kappa Group plc | 2841 |  | 105102 |  |
|  Westrock Co. | 2342 |  | 82345 |  |
|  |  |  | 1003666 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Anglo American plc | 14666 |  | 573846 |  |
|  Antofagasta plc | 4352 |  | 81314 |  |
|  ArcelorMittal SA | 5992 |  | 157627 |  |
|  BHP Group Ltd. (ASE Stock Exchange) | 34900 |  | 1084245 |  |
|  BHP Group Ltd. (London Stock Exchange) | 23309 |  | 724211 |  |
|  BlueScope Steel Ltd. | 5191 |  | 59518 |  |
|  Boliden AB | 3145 |  | 117920 |  |
|  Fortescue Metals Group Ltd. | 19458 |  | 271716 |  |
|  Freeport-McMoRan, Inc. | 13174 |  | 500612 |  |
|  Glencore plc | 112160 |  | 749031 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  IGO Ltd. | 7831 | $| 71765 |  |
|  JFE Holdings, Inc. | 5424 |  | 63481 |  |
|  Mineral Resources Ltd. | 1996 |  | 104913 |  |
|  Newcrest Mining Ltd. | 9933 |  | 139586 |  |
|  Newmont Corp. | 7312 |  | 345126 |  |
|  Nippon Steel Corp. | 9091 |  | 158767 |  |
|  Norsk Hydro ASA | 14842 |  | 111079 |  |
|  Northern Star Resources Ltd. | 13112 |  | 97397 |  |
|  Nucor Corp. | 2412 |  | 317926 |  |
|  Pilbara Minerals Ltd.\* | 29151 |  | 74428 |  |
|  Rio Tinto Ltd. | 4295 |  | 340412 |  |
|  Rio Tinto plc | 12921 |  | 905697 |  |
|  South32 Ltd. | 51589 |  | 140498 |  |
|  Steel Dynamics, Inc. | 1543 |  | 150751 |  |
|  Sumitomo Metal Mining Co. Ltd. | 2848 |  | 101364 |  |
|  voestalpine AG | 1280 |  | 33953 |  |
|  |  |  | 7477183 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Holmen AB, Class B | 1056 |  | 41887 |  |
|  Mondi plc | 5626 |  | 95868 |  |
|  Oji Holdings Corp. | 8955 |  | 36232 |  |
|  Stora Enso OYJ, Class R | 6168 |  | 86823 |  |
|  Svenska Cellulosa AB SCA, Class B | 6686 |  | 84545 |  |
|  UPM-Kymmene OYJ | 6177 |  | 230963 |  |
|  |  |  | 576318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 20929733 |  |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1368 |  | 199277 |  |
|  American Tower Corp. (REIT) | 4289 |  | 908668 |  |
|  AvalonBay Communities, Inc. (REIT) | 1288 |  | 208038 |  |
|  Boston Properties, Inc. (REIT) | 1314 |  | 88800 |  |
|  British Land Co. plc (The) (REIT) | 9716 |  | 46409 |  |
|  Camden Property Trust (REIT) | 981 |  | 109754 |  |
|  CapitaLand Ascendas REIT (REIT) | 37018 |  | 75727 |  |
|  CapitaLand Integrated Commercial Trust (REIT) | 59500 |  | 90623 |  |
|  Covivio (REIT) | 574 |  | 34071 |  |
|  Crown Castle, Inc. (REIT) | 3989 |  | 541068 |  |
|  Daiwa House REIT Investment Corp. (REIT) | 28 |  | 62597 |  |
|  Dexus (REIT) | 11870 |  | 62633 |  |
|  Digital Realty Trust, Inc. (REIT) | 2647 |  | 265415 |  |
|  Equinix, Inc. (REIT) | 839 |  | 549570 |  |
|  Equity Residential (REIT) | 3118 |  | 183962 |  |
|  Essex Property Trust, Inc. (REIT) | 600 |  | 127152 |  |
|  Extra Space Storage, Inc. (REIT) | 1234 |  | 181620 |  |
|  Federal Realty Investment Trust (REIT) | 670 |  | 67697 |  |
|  Gecina SA (REIT) | 552 |  | 56223 |  |
|  GLP J-REIT (REIT) | 53 |  | 61101 |  |
|  Goodman Group (REIT) | 19447 |  | 229855 |  |
|  GPT Group (The) (REIT) | 21140 |  | 60451 |  |
|  Healthpeak Properties, Inc. (REIT) | 4971 |  | 124623 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 6586 |  | 105705 |  |
|  Invitation Homes, Inc. (REIT) | 5342 |  | 158337 |  |
|  Iron Mountain, Inc. (REIT) | 2678 |  | 133498 |  |
|  Japan Metropolitan Fund Invest (REIT) | 85 |  | 67811 |  |
|  Japan Real Estate Investment Corp. (REIT) | 15 |  | 65948 |  |
|  Kimco Realty Corp. (REIT) | 5698 |  | 120684 |  |
|  Klepierre SA (REIT)\* | 2454 |  | 56557 |  |
|  Land Securities Group plc (REIT) | 7773 |  | 58394 |  |
|  Link REIT (REIT) | 23748 |  | 174335 |  |
|  Mapletree Logistics Trust (REIT) | 34339 |  | 40764 |  |
|  Mapletree Pan Asia Commercial Trust (REIT) | 23800 |  | 29674 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 1063 |  | 166880 |  |
|  Mirvac Group (REIT) | 43512 |  | 63102 |  |
|  Nippon Building Fund, Inc. (REIT) (x) | 18 |  | 80646 |  |
|  Nippon Prologis REIT, Inc. (REIT) | 25 |  | 58766 |  |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 53 |  | 65826 |  |
|  Prologis, Inc. (REIT) | 8505 |  | 958769 |  |
|  Public Storage (REIT) | 1456 |  | 407957 |  |
|  Realty Income Corp. (REIT) | 5689 |  | 360853 |  |
|  Regency Centers Corp. (REIT) | 1418 |  | 88625 |  |
|  SBA Communications Corp. (REIT) | 994 |  | 278628 |  |
|  Scentre Group (REIT) | 57282 |  | 112321 |  |
|  Segro plc (REIT) | 13744 |  | 126878 |  |
|  Simon Property Group, Inc. (REIT) | 3015 |  | 354202 |  |
|  Stockland (REIT) | 26345 |  | 65111 |  |
|  UDR, Inc. (REIT) | 2813 |  | 108947 |  |
|  Unibail-Rodamco-Westfield (REIT)\* | 1419 |  | 73867 |  |
|  Ventas, Inc. (REIT) | 3682 |  | 165874 |  |
|  VICI Properties, Inc. (REIT) | 8872 |  | 287453 |  |
|  Vicinity Ltd. (REIT) | 42704 |  | 58150 |  |
|  Vornado Realty Trust (REIT) | 1484 |  | 30882 |  |
|  Warehouses De Pauw CVA (REIT) | 1858 |  | 53104 |  |
|  Welltower, Inc. (REIT) | 4269 |  | 279833 |  |
|  Weyerhaeuser Co. (REIT) | 6820 |  | 211420 |  |
|  |  |  | 9805135 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Aroundtown SA | 11025 |  | 25763 |  |
|  Azrieli Group Ltd. | 535 |  | 35602 |  |
|  Capitaland Investment Ltd. | 29042 |  | 80227 |  |
|  CBRE Group, Inc., Class A\* | 2958 |  | 227648 |  |
|  City Developments Ltd. | 4506 |  | 27687 |  |
|  CK Asset Holdings Ltd. | 22985 |  | 141495 |  |
|  Daito Trust Construction Co. Ltd. | 723 |  | 74592 |  |
|  Daiwa House Industry Co. Ltd. | 6966 |  | 161305 |  |
|  ESR Group Ltd. (m) | 21900 |  | 45958 |  |
|  Fastighets AB Balder, Class B\* | 6966 |  | 32391 |  |
|  Hang Lung Properties Ltd. | 22269 |  | 43537 |  |
|  Henderson Land Development Co. Ltd. | 15985 |  | 55806 |  |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 6900 |  | 30808 |  |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 5043 |  | 23198 |  |
|  Hulic Co. Ltd. (x) | 4186 |  | 33172 |  |
|  LEG Immobilien SE | 854 |  | 55636 |  |
|  Lendlease Corp. Ltd. | 7599 |  | 40562 |  |
|  Mitsubishi Estate Co. Ltd. | 13455 |  | 175415 |  |
|  Mitsui Fudosan Co. Ltd. | 10347 |  | 190557 |  |
|  New World Development Co. Ltd. | 16993 |  | 47896 |  |
|  Nomura Real Estate Holdings, Inc. | 1336 |  | 28809 |  |
|  Sagax AB, Class B | 2142 |  | 48547 |  |
|  Sino Land Co. Ltd. | 36700 |  | 45890 |  |
|  Sumitomo Realty & Development Co. Ltd. | 3615 |  | 85968 |  |
|  Sun Hung Kai Properties Ltd. | 16306 |  | 223111 |  |
|  Swire Pacific Ltd., Class A | 5457 |  | 48030 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Swire Properties Ltd. | 12896 | $| 32779 |  |
|  Swiss Prime Site AG (Registered) | 890 |  | 77146 |  |
|  UOL Group Ltd. | 5226 |  | 26220 |  |
|  Vonovia SE | 8148 |  | 192059 |  |
|  Wharf Real Estate Investment Co. Ltd. | 18412 |  | 107328 |  |
|  |  |  | 2465142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 12270277 |  |
|  **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |  |
|  ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | **** |
|  Acciona SA | 303 |  | 55755 |  |
|  Alliant Energy Corp. | 2311 |  | 127590 |  |
|  American Electric Power Co., Inc. | 4733 |  | 449398 |  |
|  BKW AG | 243 |  | 33245 |  |
|  Chubu Electric Power Co., Inc. | 7110 |  | 73787 |  |
|  CK Infrastructure Holdings Ltd. | 6519 |  | 34117 |  |
|  CLP Holdings Ltd. | 18681 |  | 136300 |  |
|  Constellation Energy Corp. | 3011 |  | 259578 |  |
|  Duke Energy Corp. | 7093 |  | 730508 |  |
|  Edison International | 3514 |  | 223561 |  |
|  EDP - Energias de Portugal SA | 31897 |  | 158975 |  |
|  Electricite de France SA | 6698 |  | 86039 |  |
|  Elia Group SA/NV | 391 |  | 55583 |  |
|  Endesa SA | 3505 |  | 66165 |  |
|  Enel SpA | 93456 |  | 503201 |  |
|  Entergy Corp. | 1874 |  | 210825 |  |
|  Evergy, Inc. | 2114 |  | 133034 |  |
|  Eversource Energy | 3191 |  | 267533 |  |
|  Exelon Corp. | 9137 |  | 394993 |  |
|  FirstEnergy Corp. | 5001 |  | 209742 |  |
|  Fortum OYJ | 4901 |  | 81527 |  |
|  HK Electric Investments & HK Electric Investments Ltd. (m) | 29833 |  | 19760 |  |
|  Iberdrola SA | 69449 |  | 812555 |  |
|  Kansai Electric Power Co., Inc. (The) | 7770 |  | 75723 |  |
|  Mercury NZ Ltd. | 7517 |  | 26535 |  |
|  NextEra Energy, Inc. | 18101 |  | 1513244 |  |
|  NRG Energy, Inc. | 2166 |  | 68922 |  |
|  Origin Energy Ltd. | 19650 |  | 103284 |  |
|  Orsted A/S (m) | 2185 |  | 198565 |  |
|  PG&E Corp.\* | 14832 |  | 241168 |  |
|  Pinnacle West Capital Corp. | 1041 |  | 79158 |  |
|  Power Assets Holdings Ltd. | 15292 |  | 83753 |  |
|  PPL Corp. | 6782 |  | 198170 |  |
|  Red Electrica Corp. SA | 4541 |  | 79038 |  |
|  Southern Co. (The) | 9793 |  | 699318 |  |
|  SSE plc | 12275 |  | 254058 |  |
|  Terna - Rete Elettrica Nazionale | 15527 |  | 114684 |  |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 16848 |  | 61107 |  |
|  Verbund AG | 799 |  | 67269 |  |
|  Xcel Energy, Inc. | 5039 |  | 353284 |  |
|  |  |  | 9341051 |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  APA Group | 13021 |  | 95391 |  |
|  Atmos Energy Corp. | 1288 |  | 144346 |  |
|  Enagas SA(x) | 2746 |  | 45635 |  |
|  Hong Kong & China Gas Co. Ltd. | 123534 |  | 117434 |  |
|  Naturgy Energy Group SA | 1637 |  | 42599 |  |
|  Osaka Gas Co. Ltd. | 4138 |  | 67159 |  |
|  Snam SpA | 22254 |  | 107841 |  |
|  Tokyo Gas Co. Ltd. | 4467 |  | 87986 |  |
|  |  |  | 708391 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 6153 |  | 176960 |  |
|  Corp. ACCIONA Energias Renovables SA | 757 |  | 29285 |  |
|  EDP Renovaveis SA | 3385 |  | 74571 |  |
|  Meridian Energy Ltd. | 14138 |  | 47036 |  |
|  RWE AG | 7448 |  | 331585 |  |
|  |  |  | 659437 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Ameren Corp. | 2380 |  | 211630 |  |
|  CenterPoint Energy, Inc. | 5799 |  | 173912 |  |
|  CMS Energy Corp. | 2673 |  | 169281 |  |
|  Consolidated Edison, Inc. | 3266 |  | 311282 |  |
|  Dominion Energy, Inc. | 7669 |  | 470263 |  |
|  DTE Energy Co. | 1785 |  | 209791 |  |
|  E.ON SE | 25797 |  | 257753 |  |
|  Engie SA | 20987 |  | 300769 |  |
|  National Grid plc | 42056 |  | 507114 |  |
|  NiSource, Inc. | 3740 |  | 102551 |  |
|  Public Service Enterprise Group, Inc. | 4595 |  | 281536 |  |
|  Sempra Energy | 2896 |  | 447548 |  |
|  Veolia Environnement SA | 7638 |  | 196226 |  |
|  WEC Energy Group, Inc. | 2906 |  | 272466 |  |
|  |  |  | 3912122 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 1675 |  | 255304 |  |
|  Severn Trent plc | 2927 |  | 93808 |  |
|  United Utilities Group plc | 7525 |  | 90191 |  |
|  |  |  | 439303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 15060304 |  |
|  **Total Common Stocks (60.2%)**<br> *(Cost $335,838,234)* |  |  | 461369472 |  |
|  EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): |  |
|  **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** | **Equity (3.9%)** |  |
|  SPDR S&P MidCap 400 ETF Trust (x) | 67292 |  | 29796225 |  |
|  **Total Exchange Traded Fund (3.9%)**<br> *(Cost $22,799,170)*  |  |  | 29796225 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** | **U.S. Government Agency Securities (0.7%)** |  |
|  FHLB<br>2.500%, 2/13/24 | $295000 |  | 288497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 745000 |  | 717663 |  |
|  FHLMC<br>2.750%, 6/19/23 | 1485000 |  | 1470286 |  |
|  FNMA<br>2.875%, 9/12/23 | 1692000 |  | 1669639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 1297000 |  | 1197174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  | 5343259 |  |
|  **U.S. Treasury Obligations (31.2%)** | **U.S. Treasury Obligations (31.2%)** | **U.S. Treasury Obligations (31.2%)** | **U.S. Treasury Obligations (31.2%)** |  |
|  U.S. Treasury Bonds<br>6.125%, 11/15/27 | 4431200 |  | 4839789 |  |
|  U.S. Treasury Notes<br>0.250%, 9/30/23 | 4787800 |  | 4631883 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/23 | $1029600 | $1012057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 11/30/23 | 2112000 | 2063052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/31/23 | 5004500 | 4883374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/31/24 | 989100 | 965961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/24 | 1643000 | 1592141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/30/24 | 1313000 | 1271725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/31/24 | 4685400 | 4515366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 | 5477000 | 5286850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/24 | 2629300 | 2526545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 | 11889500 | 11319434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/31/25 | 2907000 | 2672571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 | 6405600 | 6093286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/31/25 | 5820700 | 5256821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 | 4564000 | 4109210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/30/25 | 2489600 | 2237343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 1027500 | 973554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 2383100 | 2131373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/31/26 | 4578300 | 4078104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 | 5790500 | 5362239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 | 2080300 | 1856041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 | 2137700 | 1913229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 4226400 | 3773987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 4529600 | 4015749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 46067500 | 40961392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 12962400 | 11999654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 4064300 | 3644256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 3846200 | 3477181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 4750400 | 4425620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 3489800 | 3200826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 10030500 | 9363694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 7648500 | 7407119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 5434100 | 5034096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 2266200 | 2277815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 12465600 | 11502912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 1064000 | 1002038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 1186000 | 1121487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 1160900 | 1109246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 1585100 | 1468702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 4216300 | 3841754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 2150000 | 1869558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 1913800 | 1673768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 1323900 | 1130672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 2574800 | 2042882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 2614600 | 2063686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 3247100 | 2740723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 15571900 | 12678934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 2185600 | 1785294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 4910800 | 4178334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 4634000 | 4285414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 2982400 | 2723788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 934600 | 956265 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 239348794 |
|  **Total Long-Term Debt Securities (31.9%)**<br> *(Cost $266,265,428)* |  | 244692053 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.2%)** | **Investment Company (0.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |
|  **Repurchase Agreements (2.1%)** | **Repurchase Agreements (2.1%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $3,001,427, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $3,061,455. (xx) | $3000000 | 3000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $11,961,625, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $12,195,166. (xx) | 11956045 | 11956045 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,000,865, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,088,829. (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 15956045 |
|  **Total Short-Term Investments (2.3%)**<br> *(Cost $17,956,045)* | **Total Short-Term Investments (2.3%)**<br> *(Cost $17,956,045)* | 17956045 |
|  **Total Investments in Securities (98.3%)**<br> *(Cost $642,858,877)* |  | 753813795 |
|  **Other Assets Less Liabilities (1.7%)** |  | 12918391 |
|  **Net Assets (100%)** |  | $766732186 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $2,410,636 or 0.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $25,958,100. This was collateralized by $8,831,377 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.250%, maturing 1/19/23 – 2/15/52 and by cash of $17,956,045 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(CHESS)* *Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*EUR* *— European Currency Unit* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*SEK* *— Swedish Krona* 

*USD* *— United States Dollar* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Australia | 1.8 | % |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Belgium | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Brazil | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Chile | 0.0 | # |
| &nbsp;&nbsp;&nbsp; China | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Denmark | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Finland | 0.3 |  |
| &nbsp;&nbsp;&nbsp; France | 2.4 |  |
| &nbsp;&nbsp;&nbsp; Germany | 1.7 |  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Ireland | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Israel | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Italy | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Japan | 4.7 |  |
| &nbsp;&nbsp;&nbsp; Jordan | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Macau | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Netherlands | 1.1 |  |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Norway | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Portugal | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Singapore | 0.3 |  |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |  |
| &nbsp;&nbsp;&nbsp; South Korea | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Spain | 0.5 |  |
| &nbsp;&nbsp;&nbsp; Sweden | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.3 |  |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | 0.0 | # |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.7 |  |
| &nbsp;&nbsp;&nbsp; United States | 78.0 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.7 |  |
|  | 100.0 | % |

---

*#* *Percent shown is less than 0.05%.* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 17 | 3/2023 | EUR | 688781 | (18593) |
|  FTSE 100 Index | 4 | 3/2023 | GBP | 361041 | (1642) |
|  MSCI EAFE E-Mini Index | 7 | 3/2023 | USD | 682290 | (6446) |
|  Russell 2000 E-Mini Index | 335 | 3/2023 | USD | 29662575 | (1017926) |
|  S&P 500 E-Mini Index | 6 | 3/2023 | USD | 1158300 | (7317) |
|  |  |  |  |  | (1051924) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  SPI 200 Index | (33) | 3/2023 | AUD | (3927415) | 72430 |
|  TOPIX Index | (17) | 3/2023 | JPY | (2450129) | 4710 |
|  U.S. Treasury 2 Year Note | (134) | 3/2023 | USD | (27480469) | (24503) |
|  U.S. Treasury 5 Year Note | (36) | 3/2023 | USD | (3885469) | 1736 |
|  U.S. Treasury 10 Year Note | (259) | 3/2023 | USD | (29084891) | 218934 |
|  |  |  |  |  | 273307 |
|  |  |  |  |  | (778617) |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  GBP | 1275994 | USD | 1519332 | JPMorgan Chase Bank | 1/18/2023 | 23885 |
|  USD | 3299773 | GBP | 2722181 | Bank of America | 1/18/2023 | 7503 |
|  AUD | 8540163 | USD | 5763858 | BNP Paribas | 1/19/2023 | 54474 |
|  AUD | 24698840 | USD | 15671167 | Citibank NA | 1/19/2023 | 1155919 |
|  AUD | 715700 | USD | 483980 | JPMorgan Chase Bank | 1/19/2023 | 3619 |
|  NZD | 8012058 | USD | 4941901 | Morgan Stanley | 2/2/2023 | 147274 |
|  USD | 899103 | NZD | 1393405 | HSBC Bank plc | 2/2/2023 | 14026 |
|  USD | 399079 | NZD | 626256 | JPMorgan Chase Bank | 2/2/2023 | 1288 |
|  NOK | 21039541 | USD | 2128104 | Citibank NA | 2/3/2023 | 22274 |
|  JPY | 449260626 | USD | 3341434 | BNP Paribas | 2/9/2023 | 98763 |
|  JPY | 2207932318 | USD | 15992011 | Citibank NA | 2/9/2023 | 915152 |
|  JPY | 128368657 | USD | 978948 | HSBC Bank plc | 2/9/2023 | 4030 |
|  EUR | 2373557 | USD | 2547641 | Citibank NA | 2/27/2023 | 2658 |
|  EUR | 2509820 | USD | 2649220 | HSBC Bank plc | 2/27/2023 | 47488 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 2498353 |
|  GBP | 5308527 | USD | 6592956 | HSBC Bank plc | 1/18/2023 | (172697) |
|  USD | 17677524 | GBP | 14843512 | Bank of America | 1/18/2023 | (274574) |
|  USD | 1775232 | GBP | 1477348 | HSBC Bank plc | 1/18/2023 | (11508) |
|  AUD | 5571071 | USD | 3820804 | Bank of America | 1/19/2023 | (25286) |
|  USD | 8803799 | AUD | 13225511 | HSBC Bank plc | 1/19/2023 | (206616) |
|  USD | 2829625 | NZD | 4547416 | Goldman Sachs Bank USA | 2/2/2023 | (58846) |
|  USD | 1310753 | NZD | 2071237 | JPMorgan Chase Bank | 2/2/2023 | (4875) |
|  USD | 2209431 | NOK | 22127891 | JPMorgan Chase Bank | 2/3/2023 | (52184) |
|  USD | 2115419 | SEK | 22225600 | HSBC Bank plc | 2/3/2023 | (18459) |
|  USD | 2437411 | SEK | 25563069 | Morgan Stanley | 2/3/2023 | (16896) |
|  USD | 2846180 | JPY | 387358134 | Morgan Stanley | 2/9/2023 | (120001) |
|  USD | 1582311 | EUR | 1502882 | Bank of America | 2/27/2023 | (32480) |
|  USD | 5232028 | EUR | 4897548 | Morgan Stanley | 2/27/2023 | (30205) |
|  CHF | 931759 | USD | 1014869 | Citibank NA | 3/1/2023 | (903) |
|  CHF | 2378912 | USD | 2595088 | HSBC Bank plc | 3/1/2023 | (6291) |
|  USD | 17306967 | CHF | 16073240 | Morgan Stanley | 3/1/2023 | (184371) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1216192) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 1282161 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $21926396 | $7154963 | $— | $29081359 |
|  Consumer Discretionary | 29149118 | 18162152 |  | 47311270 |
|  Consumer Staples | 21512652 | 17147847 |  | 38660499 |
|  Energy | 15674694 | 8123146 |  | 23797840 |
|  Financials | 34726496 | 30570723 |  | 65297219 |
|  Health Care | 47052546 | 22181901 | — (b) | 69234447 |
|  Industrials | 25970021 | 24495852 |  | 50465873 |
|  Information Technology | 76672581 | 12588070 |  | 89260651 |
|  Materials | 8135325 | 12794408 |  | 20929733 |
|  Real Estate | 8032647 | 4237630 |  | 12270277 |
|  Utilities | 9386896 | 5673408 |  | 15060304 |
|  **Exchange Traded Fund** | 29796225 |  |  | 29796225 |
|  **Forward Currency Contracts** |  | 2498353 |  | 2498353 |
|  **Futures** | 297810 |  |  | 297810 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 15956045 |  | 15956045 |
|  **U.S. Government Agency Securities** |  | 5343259 |  | 5343259 |
|  **U.S. Treasury Obligations** |  | 239348794 |  | 239348794 |
|  **Total Assets** | $**330333407** | $**426276551** | $**—** | $**756609958** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1216192) | $— | $(1216192) |
|  **Futures** | (1076427) |  |  | (1076427) |
|  **Total Liabilities** | $**(1076427)** | $**(1216192)** | $**—** | $**(2292619)** |
|  **Total** | $**329256980** | $**425060359** | $**—** | $**754317339** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $29,674 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

(b) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets - Unrealized appreciation | $220670 \* |
|  Foreign exchange contracts | Receivables | 2498353 |
|  Equity contracts | Receivables, Net assets - Unrealized appreciation | 77140 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796163 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Interest rate contracts | Payables, Net assets - Unrealized depreciation | $(24503) |
|  Foreign exchange contracts | Payables | (1216192) |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | (1051924) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2292619 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $5022555 | $— | $5022555 |
|  Foreign exchange contracts |  | (5473825) | (5473825) |
|  Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13706798) |  | (13706798) |
|  **Total** | $(8684243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5473825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14158068) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $192458 | $— | $192458 |
|  Foreign exchange contracts |  | 2400948 | 2400948 |
|  Equity contracts | (2467998) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2467998) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2275540) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400948 | $125408 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $214,877,000 and futures contracts with an average notional balance of approximately $134,312,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $7503 | $(7503) | $— | $— |
|  BNP Paribas | 153237 |  |  | 153237 |
|  Citibank NA | 2096003 | (903) |  | 2095100 |
|  HSBC Bank plc | 65544 | (65544) |  |  |
|  JPMorgan Chase Bank | 28792 | (28792) |  |  |
|  Morgan Stanley | 147274 | (147274) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250016) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248337 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $332340 | $(7503) | $— | $324837 |
|  Citibank NA | 903 | (903) |  |  |
|  Goldman Sachs Bank USA | 58846 |  |  | 58846 |
|  HSBC Bank plc | 415571 | (65544) |  | 350027 |
|  JPMorgan Chase Bank | 57059 | (28792) |  | 28267 |
|  Morgan Stanley | 351473 | (147274) |  | 204199 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250016) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966176 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $59089932 |
|  Long-term U.S. government debt securities | 68155012 |
|  | $127244944 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $39241716 |
|  Long-term U.S. government debt securities | 71561212 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110802928 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $168803478 |
|  Aggregate gross unrealized depreciation | (59103501) |
|  Net unrealized appreciation | $109699977 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644617362 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $626,902,832) | $737857750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $15,956,045) | 15956045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 12253051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $727,591) | 695163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 10600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 10289174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 2498353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1948015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 23072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 8916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 792137076 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 17956045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 5250828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1216192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 465592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 165287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 109726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 86904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 85934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 68382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 25404890 |
|  **NET ASSETS** | $766732186 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $761729224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5002962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $766732186 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $766,732,186 / 73,410,569 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.44 |

---

*(x)* *Includes value of securities on loan of $25,958,100.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $489,391 foreign withholding tax) | $11116710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3827937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 125381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15070028 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6076995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2036743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1004754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 92763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 38783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 26417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 27216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 9433671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (78596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9355075 |
|  **NET INVESTMENT INCOME (LOSS)** | 5714953 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2023488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8684243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5473825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (303054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12437634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (138800918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2275540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2400948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (53118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (138728628) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (151166262) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(145451309) |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5714953 | $3557673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12437634) | 53686446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (138728628) | 61427518 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (145451309) | 118671637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (67202022) | (18493016) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,387,954 and 3,362,603 shares, respectively ] | 50762623 | 44703532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,621,870 and 1,388,921 shares, respectively ] | 67202022 | 18493016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5894547) and (3018071) shares, respectively ] | (66440615) | (39246974) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 51524030 | 23949574 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (161129301) | 124128195 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 927861487 | 803733292 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $766732186 | $927861487 |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.59 | $12.07 | $11.82 | $10.19 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.05 | 0.06 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.23) | 1.74 | 0.38 | 1.68 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.15) | 1.79 | 0.44 | 1.81 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.07) | (0.12) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.00) | (0.20) | (0.07) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.00) | (0.27) | (0.19) | (0.18) | (0.17) |
|  Net asset value, end of year | $10.44 | $13.59 | $12.07 | $11.82 | $10.19 |
|  Total return | (15.59)% | 14.94% | 3.73% | 17.80% | (6.92)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927861 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602294 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 %(j) | 1.14 %(j) | 1.17 %(k) | 1.17 %(k) | 1.16 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.14% | 1.17% | 1.17% | 1.16% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.70% | 0.41% | 0.56% | 1.17% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.69% | 0.41% | 0.56% | 1.17% | 0.99% |
|  Portfolio turnover rate^ | 14% | 31% | 17% | 5% | 7% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

------

**EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g04z93.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.63)% | 1.72% | 4.44 | % |
| &nbsp;&nbsp;&nbsp; EQ/AB Dynamic Moderate Growth Index | (12.86) | 4.53 | 6.41 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.63)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/AB Dynamic Moderate Growth Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (12.86)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• An overweight cash position contributed to performance.

• Country selection within international equities added to relative performance.

***What hurt performance during the year:***

• An underweight to fixed income relative to the benchmark detracted from Portfolio performance.

• An underweight to international large cap equities, particularly during the fourth quarter of 2022, detracted from
performance.

**Portfolio Positioning and Outlook — AllianceBernstein L.P.** 

Our outlook for equities remains constructive over the medium term. Fundamentals point to below-trend yet positive economic growth, which could help support moderation in historically high inflation. However, tighter financial conditions may to persist for some time, sustaining volatility across risk assets, though supply and demand imbalances appear to us to be improving. Historically, risk assets have been resilient during hiking cycles, which have typically coincided with a strong economic backdrop. However, with inflation stubbornly high across major economies, uncertainty about terminal policy rates continues to drive asset price volatility and the path to a "soft landing" appears narrow. For these reasons, the team maintained an underweight allocation to U.S. and developed-international equities at period end.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 4.02 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.16 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.72 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.*  | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.*  | <br>|

---

------

**EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 35.5 | % |
| &nbsp;&nbsp;&nbsp; Information Technology | 10.7 |  |
| &nbsp;&nbsp;&nbsp; Health Care | 8.6 |  |
| &nbsp;&nbsp;&nbsp; Financials | 8.3 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 6.5 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.9 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.9 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.6 |  |
| &nbsp;&nbsp;&nbsp; Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp; Materials | 2.7 |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 2.7 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 1.9 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.5 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.3 |  |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.9 |  |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1001.60 | $5.72 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.49 | 5.77 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | **** |
|  AT&T, Inc. | 122003 | $2246075 |  |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 52275 | 90254 |  |
|  BT Group plc | 175161 | 237278 |  |
|  Cellnex Telecom SA (m) | 13697 | 453348 |  |
|  Deutsche Telekom AG (Registered) | 81688 | 1629761 |  |
|  Elisa OYJ | 3648 | 193141 |  |
|  HKT Trust & HKT Ltd. | 92168 | 113004 |  |
|  Infrastrutture Wireless Italiane SpA (m) | 8190 | 82532 |  |
|  Koninklijke KPN NV | 82363 | 254798 |  |
|  Lumen Technologies, Inc. | 16307 | 85123 |  |
|  Nippon Telegraph & Telephone Corp. | 30124 | 863506 |  |
|  Orange SA | 50281 | 499534 |  |
|  Singapore Telecommunications Ltd. | 208109 | 400090 |  |
|  Spark New Zealand Ltd. | 47169 | 161717 |  |
|  Swisscom AG (Registered) | 661 | 362151 |  |
|  Telecom Italia SpA\* | 242840 | 56227 |  |
|  Telefonica Deutschland Holding AG | 25372 | 62548 |  |
|  Telefonica SA | 130348 | 472312 |  |
|  Telenor ASA | 17635 | 164887 |  |
|  Telia Co. AB | 66279 | 169336 |  |
|  Telstra Group Ltd. | 100991 | 274351 |  |
|  United Internet AG (Registered) | 2364 | 47802 |  |
|  Verizon Communications, Inc. | 71902 | 2832939 |  |
|  |  | 11752714 |  |
|  ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | **** |
|  Activision Blizzard, Inc. | 12188 | 932991 |  |
|  Bollore SE | 21550 | 120416 |  |
|  Capcom Co. Ltd. | 4382 | 140569 |  |
|  Electronic Arts, Inc. | 4522 | 552498 |  |
|  Embracer Group AB (x)\* | 15584 | 70626 |  |
|  Koei Tecmo Holdings Co. Ltd. | 2966 | 54059 |  |
|  Konami Group Corp. | 2403 | 109310 |  |
|  Live Nation Entertainment, Inc.\* | 2432 | 169608 |  |
|  Netflix, Inc.\* | 7614 | 2245216 |  |
|  Nexon Co. Ltd. (x) | 11996 | 270742 |  |
|  Nintendo Co. Ltd. | 27821 | 1172705 |  |
|  Sea Ltd. (ADR)\* | 9107 | 473837 |  |
|  Square Enix Holdings Co. Ltd. | 2229 | 104113 |  |
|  Take-Two Interactive Software, Inc.\* | 2682 | 279277 |  |
|  Toho Co. Ltd. | 2817 | 109040 |  |
|  Ubisoft Entertainment SA\* | 2384 | 67397 |  |
|  Universal Music Group NV | 18382 | 442929 |  |
|  Walt Disney Co. (The)\* | 31212 | 2711698 |  |
|  Warner Bros Discovery, Inc.\* | 37821 | 358543 |  |
|  |  | 10385574 |  |
|  ***Interactive Media & Services (1.4%)*** | ***Interactive Media & Services (1.4%)*** | ***Interactive Media & Services (1.4%)*** | **** |
|  Adevinta ASA\* | 7102 | 47555 |  |
|  Alphabet, Inc., Class A\* | 102656 | 9057339 |  |
|  Alphabet, Inc., Class C\* | 91798 | 8145236 |  |
|  Auto Trader Group plc (m) | 23170 | 144427 |  |
|  Kakaku.com, Inc. | 3209 | 51641 |  |
|  Match Group, Inc.\* | 4844 | 200978 |  |
|  Meta Platforms, Inc., Class A\* | 39047 | 4698916 |  |
|  REA Group Ltd. | 1351 | 101917 |  |
|  Scout24 SE (m) | 2037 | 102331 |  |
|  SEEK Ltd. | 8535 | 121742 |  |
|  Z Holdings Corp. | 67305 | 170263 |  |
|  |  | 22842345 |  |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** | **** |
|  Charter Communications, Inc., Class A\* | 1898 | 643612 |  |
|  Comcast Corp., Class A | 75396 | 2636598 |  |
|  CyberAgent, Inc. | 10603 | 94364 |  |
|  Dentsu Group, Inc.(x) | 5405 | 170708 |  |
|  DISH Network Corp., Class A(x)\* | 4297 | 60330 |  |
|  Fox Corp., Class A | 5247 | 159351 |  |
|  Fox Corp., Class B | 2409 | 68536 |  |
|  Hakuhodo DY Holdings, Inc. | 5646 | 57217 |  |
|  Informa plc | 36546 | 273753 |  |
|  Interpublic Group of Cos., Inc. (The) | 6694 | 222977 |  |
|  News Corp., Class A | 6601 | 120138 |  |
|  News Corp., Class B | 2045 | 37710 |  |
|  Omnicom Group, Inc. | 3507 | 286066 |  |
|  Paramount Global, Class B (x) | 8645 | 145928 |  |
|  Pearson plc | 16325 | 185361 |  |
|  Publicis Groupe SA | 5749 | 365672 |  |
|  Vivendi SE | 17774 | 169599 |  |
|  WPP plc | 27229 | 269998 |  |
|  |  | 5967918 |  |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | **** |
|  KDDI Corp. | 40651 | 1233407 |  |
|  SoftBank Corp. | 72390 | 820758 |  |
|  SoftBank Group Corp. | 30397 | 1307229 |  |
|  Tele2 AB, Class B | 14001 | 114183 |  |
|  T-Mobile US, Inc.\* | 10306 | 1442840 |  |
|  Vodafone Group plc | 661645 | 673832 |  |
|  |  | 5592249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 56540800 |  |
|  **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aisin Corp. | 3716 | 99950 |  |
|  Aptiv plc\* | 4638 | 431937 |  |
|  BorgWarner, Inc. | 4054 | 163174 |  |
|  Bridgestone Corp. (x) | 14390 | 514352 |  |
|  Cie Generale des Etablissements Michelin SCA | 17128 | 476426 |  |
|  Continental AG | 2832 | 169704 |  |
|  Denso Corp. | 10923 | 543986 |  |
|  Koito Manufacturing Co. Ltd. | 5332 | 80728 |  |
|  Sumitomo Electric Industries Ltd. | 17625 | 202048 |  |
|  Valeo | 5086 | 90920 |  |
|  |  | 2773225 |  |
|  ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** | **** |
|  Bayerische Motoren Werke AG | 8345 | 744826 |  |
|  Bayerische Motoren Werke AG (Preference) (q) | 1543 | 131393 |  |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 2883 | 292409 |  |
|  Ferrari NV | 3177 | 680844 |  |
|  Ford Motor Co. | 67616 | 786374 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  General Motors Co. | 24963 | $| 839755 |  |
|  Honda Motor Co. Ltd. | 41088 |  | 949244 |  |
|  Isuzu Motors Ltd. | 14538 |  | 171368 |  |
|  Mazda Motor Corp. | 13805 |  | 105715 |  |
|  Mercedes-Benz Group AG | 20223 |  | 1329169 |  |
|  Nissan Motor Co. Ltd. | 57880 |  | 184392 |  |
|  Porsche Automobil Holding SE (Preference) (q) | 3868 |  | 212159 |  |
|  Renault SA\* | 4863 |  | 162805 |  |
|  Stellantis NV (Euronext Paris) | 44032 |  | 625469 |  |
|  Stellantis NV (Italian Stock Exchange) | 11432 |  | 162317 |  |
|  Subaru Corp. | 15342 |  | 237015 |  |
|  Suzuki Motor Corp. | 9373 |  | 305030 |  |
|  Tesla, Inc.\* | 45601 |  | 5617131 |  |
|  Toyota Motor Corp. | 267271 |  | 3691166 |  |
|  Volkswagen AG | 763 |  | 120594 |  |
|  Volkswagen AG (Preference) (q) | 4678 |  | 582981 |  |
|  Volvo Car AB, Class B (x)\* | 14699 |  | 66742 |  |
|  Yamaha Motor Co. Ltd. (x) | 7478 |  | 171508 |  |
|  |  |  | 18170406 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  D'ieteren Group | 647 |  | 124110 |  |
|  Genuine Parts Co. | 2421 |  | 420068 |  |
|  LKQ Corp. | 4462 |  | 238315 |  |
|  Pool Corp. | 678 |  | 204980 |  |
|  |  |  | 987473 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  IDP Education Ltd. (x) | 5341 |  | 98838 |  |
|  ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | ***Hotels, Restaurants & Leisure (1.0%)*** | **** |
|  Accor SA\* | 4362 |  | 109028 |  |
|  Aristocrat Leisure Ltd. | 15112 |  | 314020 |  |
|  Booking Holdings, Inc.\* | 680 |  | 1370390 |  |
|  Caesars Entertainment, Inc.\* | 3671 |  | 152714 |  |
|  Carnival Corp. (x)\* | 16899 |  | 136206 |  |
|  Chipotle Mexican Grill, Inc.\* | 476 |  | 660445 |  |
|  Compass Group plc | 44479 |  | 1031095 |  |
|  Darden Restaurants, Inc. | 2098 |  | 290216 |  |
|  Domino's Pizza, Inc. | 615 |  | 213036 |  |
|  Entain plc | 14871 |  | 237583 |  |
|  Evolution AB (m) | 4625 |  | 450052 |  |
|  Expedia Group, Inc.\* | 2603 |  | 228023 |  |
|  Flutter Entertainment plc\* | 4210 |  | 575943 |  |
|  Galaxy Entertainment Group Ltd. | 54977 |  | 363440 |  |
|  Genting Singapore Ltd. | 146650 |  | 104562 |  |
|  Hilton Worldwide Holdings, Inc. | 4696 |  | 593387 |  |
|  InterContinental Hotels Group plc | 4642 |  | 266231 |  |
|  La Francaise des Jeux SAEM (m) | 2720 |  | 109419 |  |
|  Las Vegas Sands Corp.\* | 5625 |  | 270394 |  |
|  Lottery Corp. Ltd. (The)\* | 56096 |  | 171104 |  |
|  Marriott International, Inc., Class A | 4723 |  | 703208 |  |
|  McDonald's Corp. | 12596 |  | 3319424 |  |
|  McDonald's Holdings Co. Japan Ltd. (x) | 2267 |  | 86282 |  |
|  MGM Resorts International | 5586 |  | 187299 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 7214 |  | 88299 |  |
|  Oriental Land Co. Ltd. | 5042 |  | 736092 |  |
|  Royal Caribbean Cruises Ltd.\* | 3755 |  | 185610 |  |
|  Sands China Ltd.\* | 59153 |  | 196281 |  |
|  Sodexo SA | 2275 |  | 217908 |  |
|  Starbucks Corp. | 19644 |  | 1948685 |  |
|  Whitbread plc | 5068 |  | 157463 |  |
|  Wynn Resorts Ltd.\* | 1771 |  | 146054 |  |
|  Yum! Brands, Inc. | 4871 |  | 623878 |  |
|  |  |  | 16243771 |  |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | **** |
|  Barratt Developments plc | 24915 |  | 119520 |  |
|  Berkeley Group Holdings plc | 2830 |  | 129087 |  |
|  DR Horton, Inc. | 5413 |  | 482515 |  |
|  Electrolux AB, Class B (x) | 5496 |  | 74148 |  |
|  Garmin Ltd. | 2641 |  | 243738 |  |
|  Iida Group Holdings Co. Ltd. | 3556 |  | 54218 |  |
|  Lennar Corp., Class A | 4365 |  | 395032 |  |
|  Mohawk Industries, Inc.\* | 902 |  | 92202 |  |
|  Newell Brands, Inc. | 6443 |  | 84274 |  |
|  NVR, Inc.\* | 53 |  | 244467 |  |
|  Open House Group Co. Ltd. | 2025 |  | 74371 |  |
|  Panasonic Holdings Corp. | 55664 |  | 471006 |  |
|  Persimmon plc | 7954 |  | 117027 |  |
|  PulteGroup, Inc. | 3963 |  | 180435 |  |
|  SEB SA | 680 |  | 56959 |  |
|  Sekisui Chemical Co. Ltd. | 9101 |  | 127944 |  |
|  Sekisui House Ltd. | 15530 |  | 276130 |  |
|  Sharp Corp. (x) | 5320 |  | 38307 |  |
|  Sony Group Corp. | 31783 |  | 2430223 |  |
|  Taylor Wimpey plc | 89016 |  | 109392 |  |
|  Whirlpool Corp. | 933 |  | 131982 |  |
|  |  |  | 5932977 |  |
|  ***Internet & Direct Marketing Retail (1.0%)*** | ***Internet & Direct Marketing Retail (1.0%)*** | ***Internet & Direct Marketing Retail (1.0%)*** | ***Internet & Direct Marketing Retail (1.0%)*** | **** |
|  Amazon.com, Inc.\* | 151745 |  | 12746580 |  |
|  Delivery Hero SE (m)\* | 4285 |  | 205401 |  |
|  eBay, Inc. | 9405 |  | 390025 |  |
|  Etsy, Inc.\* | 2167 |  | 259563 |  |
|  Just Eat Takeaway.com NV (m)\* | 4627 |  | 97821 |  |
|  Prosus NV\* | 20905 |  | 1442247 |  |
|  Rakuten Group, Inc. (x)\* | 21124 |  | 95930 |  |
|  Zalando SE (m)\* | 5720 |  | 202732 |  |
|  ZOZO, Inc. | 3225 |  | 80109 |  |
|  |  |  | 15520408 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Bandai Namco Holdings, Inc. | 5079 |  | 321753 |  |
|  Hasbro, Inc. | 2222 |  | 135564 |  |
|  Shimano, Inc. | 1859 |  | 296329 |  |
|  Yamaha Corp. | 3600 |  | 134959 |  |
|  |  |  | 888605 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp. | 3886 |  | 956927 |  |
|  Dollar Tree, Inc.\* | 3614 |  | 511164 |  |
|  Next plc | 3220 |  | 226017 |  |
|  Pan Pacific International Holdings Corp. | 9674 |  | 180816 |  |
|  Target Corp. | 7939 |  | 1183229 |  |
|  Wesfarmers Ltd. | 28584 |  | 893474 |  |
|  |  |  | 3951627 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | **** |
|  Advance Auto Parts, Inc. | 1038 | $152617 |  |
|  AutoZone, Inc.\* | 334 | 823704 |  |
|  Bath & Body Works, Inc. | 3908 | 164683 |  |
|  Best Buy Co., Inc. | 3431 | 275201 |  |
|  CarMax, Inc.\* | 2725 | 165925 |  |
|  Fast Retailing Co. Ltd. | 1471 | 902618 |  |
|  H & M Hennes & Mauritz AB, Class B (x) | 18406 | 197980 |  |
|  Hikari Tsushin, Inc. | 511 | 72499 |  |
|  Home Depot, Inc. (The) | 17596 | 5557873 |  |
|  Industria de Diseno Textil SA | 27492 | 731306 |  |
|  JD Sports Fashion plc | 62855 | 95860 |  |
|  Kingfisher plc | 49385 | 140961 |  |
|  Lowe's Cos., Inc. | 10942 | 2180084 |  |
|  Nitori Holdings Co. Ltd. | 2035 | 264376 |  |
|  O'Reilly Automotive, Inc.\* | 1092 | 921681 |  |
|  Ross Stores, Inc. | 5991 | 695375 |  |
|  TJX Cos., Inc. (The) | 20059 | 1596697 |  |
|  Tractor Supply Co. | 1900 | 427443 |  |
|  Ulta Beauty, Inc.\* | 887 | 416065 |  |
|  USS Co. Ltd. | 5182 | 82721 |  |
|  |  | 15865669 |  |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | **** |
|  adidas AG | 4358 | 594604 |  |
|  Burberry Group plc | 9869 | 242202 |  |
|  Cie Financiere Richemont SA (Registered) | 13156 | 1705947 |  |
|  Hermes International | 799 | 1235893 |  |
|  Kering SA | 1888 | 960990 |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 6929 | 5042919 |  |
|  Moncler SpA | 5215 | 276329 |  |
|  NIKE, Inc., Class B | 21634 | 2531394 |  |
|  Pandora A/S | 2329 | 163641 |  |
|  Puma SE | 2646 | 160598 |  |
|  Ralph Lauren Corp. | 734 | 77562 |  |
|  Swatch Group AG (The) | 747 | 212471 |  |
|  Swatch Group AG (The) (Registered) | 1399 | 72685 |  |
|  Tapestry, Inc. | 4311 | 164163 |  |
|  VF Corp. | 5653 | 156079 |  |
|  |  | 13597477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 94030476 |  |
|  **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** | **Consumer Staples (4.9%)** |  |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | **** |
|  Anheuser-Busch InBev SA/NV | 21891 | 1318587 |  |
|  Asahi Group Holdings Ltd. (x) | 11570 | 363127 |  |
|  Brown-Forman Corp., Class B | 3130 | 205578 |  |
|  Budweiser Brewing Co. APAC Ltd. (m) | 41580 | 130779 |  |
|  Carlsberg A/S, Class B | 2467 | 327854 |  |
|  Coca-Cola Co. (The) | 66637 | 4238780 |  |
|  Coca-Cola Europacific Partners plc | 5202 | 287775 |  |
|  Coca-Cola HBC AG\* | 5122 | 122173 |  |
|  Constellation Brands, Inc., Class A | 2728 | 632214 |  |
|  Davide Campari-Milano NV | 12739 | 129328 |  |
|  Diageo plc | 57388 | 2532342 |  |
|  Heineken Holding NV | 2559 | 197365 |  |
|  Heineken NV | 6533 | 614567 |  |
|  Ito En Ltd. | 1423 | 51937 |  |
|  Keurig Dr Pepper, Inc. | 14546 | 518710 |  |
|  Kirin Holdings Co. Ltd. (x) | 20625 | 316038 |  |
|  Molson Coors Beverage Co., Class B | 3222 | 165997 |  |
|  Monster Beverage Corp.\* | 6585 | 668575 |  |
|  PepsiCo, Inc. | 23628 | 4268634 |  |
|  Pernod Ricard SA | 5224 | 1027536 |  |
|  Remy Cointreau SA | 583 | 98354 |  |
|  Suntory Beverage & Food Ltd. | 3453 | 118398 |  |
|  Treasury Wine Estates Ltd. | 18192 | 168574 |  |
|  |  | 18503222 |  |
|  ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | **** |
|  Aeon Co. Ltd. | 16401 | 347790 |  |
|  Carrefour SA | 15053 | 252015 |  |
|  Coles Group Ltd. | 33380 | 379992 |  |
|  Costco Wholesale Corp. | 7584 | 3462096 |  |
|  Endeavour Group Ltd. | 33853 | 147973 |  |
|  HelloFresh SE\* | 4161 | 91444 |  |
|  J Sainsbury plc | 42635 | 112210 |  |
|  Jeronimo Martins SGPS SA | 7130 | 154020 |  |
|  Kesko OYJ, Class B | 6899 | 152279 |  |
|  Kobe Bussan Co. Ltd. | 3712 | 107197 |  |
|  Koninklijke Ahold Delhaize NV | 26356 | 757231 |  |
|  Kroger Co. (The) | 11148 | 496978 |  |
|  Ocado Group plc\* | 14392 | 107318 |  |
|  Seven & i Holdings Co. Ltd. | 18990 | 818984 |  |
|  Sysco Corp. | 8722 | 666797 |  |
|  Tesco plc | 187358 | 507828 |  |
|  Walgreens Boots Alliance, Inc. | 12281 | 458818 |  |
|  Walmart, Inc. | 24404 | 3460243 |  |
|  Welcia Holdings Co. Ltd. | 2468 | 57826 |  |
|  Woolworths Group Ltd. | 30594 | 699052 |  |
|  |  | 13238091 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Ajinomoto Co., Inc. | 11542 | 354509 |  |
|  Archer-Daniels-Midland Co. | 9597 | 891081 |  |
|  Associated British Foods plc | 8970 | 170906 |  |
|  Barry Callebaut AG (Registered) | 90 | 178024 |  |
|  Campbell Soup Co. | 3447 | 195617 |  |
|  Chocoladefabriken Lindt & Spruengli AG | 27 | 275358 |  |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 3 | 308225 |  |
|  Conagra Brands, Inc. | 8219 | 318075 |  |
|  Danone SA | 16181 | 852710 |  |
|  General Mills, Inc. | 10199 | 855186 |  |
|  Hershey Co. (The) | 2515 | 582399 |  |
|  Hormel Foods Corp. | 4954 | 225655 |  |
|  J M Smucker Co. (The) | 1824 | 289031 |  |
|  JDE Peet's NV | 2610 | 75490 |  |
|  Kellogg Co. | 4367 | 311105 |  |
|  Kerry Group plc (London Stock Exchange), Class A | 1182 | 107548 |  |
|  Kerry Group plc (Turquoise Stock Exchange), Class A | 2848 | 256818 |  |
|  Kikkoman Corp. | 3672 | 194176 |  |
|  Kraft Heinz Co. (The) | 13637 | 555162 |  |
|  Lamb Weston Holdings, Inc. | 2460 | 219826 |  |
|  McCormick & Co., Inc. (Non-Voting) | 4288 | 355432 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Meiji Holdings Co. Ltd. | 2825 | $| 145082 |  |
|  Mondelez International, Inc., Class A | 23465 |  | 1563942 |  |
|  Mowi ASA | 10204 |  | 174150 |  |
|  Nestle SA (Registered) | 69309 |  | 8030894 |  |
|  Nisshin Seifun Group, Inc. | 4803 |  | 60495 |  |
|  Nissin Foods Holdings Co. Ltd. | 1616 |  | 128305 |  |
|  Orkla ASA | 18304 |  | 132542 |  |
|  Salmar ASA | 1681 |  | 66027 |  |
|  Tyson Foods, Inc., Class A | 4958 |  | 308636 |  |
|  WH Group Ltd. (m) | 202856 |  | 117990 |  |
|  Wilmar International Ltd. | 48415 |  | 150732 |  |
|  Yakult Honsha Co. Ltd. | 3254 |  | 212239 |  |
|  |  |  | 18663367 |  |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | **** |
|  Church & Dwight Co., Inc. | 4158 |  | 335176 |  |
|  Clorox Co. (The) | 2108 |  | 295816 |  |
|  Colgate-Palmolive Co. | 14280 |  | 1125121 |  |
|  Essity AB, Class B | 15271 |  | 399964 |  |
|  Henkel AG & Co. KGaA | 2608 |  | 168202 |  |
|  Henkel AG & Co. KGaA (Preference) (q) | 4498 |  | 313064 |  |
|  Kimberly-Clark Corp. | 5780 |  | 784635 |  |
|  Procter & Gamble Co. (The) | 40911 |  | 6200471 |  |
|  Reckitt Benckiser Group plc | 18035 |  | 1254568 |  |
|  Unicharm Corp. | 10225 |  | 394852 |  |
|  |  |  | 11271869 |  |
|  ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | ***Personal Products (0.5%)*** | **** |
|  Beiersdorf AG | 2556 |  | 293307 |  |
|  Estee Lauder Cos., Inc. (The), Class A | 3969 |  | 984749 |  |
|  Haleon plc\* | 128006 |  | 506583 |  |
|  Kao Corp. (x) | 11972 |  | 479373 |  |
|  Kobayashi Pharmaceutical Co. Ltd. | 1363 |  | 93781 |  |
|  Kose Corp. (x) | 878 |  | 96470 |  |
|  L'Oreal SA | 6088 |  | 2174038 |  |
|  Shiseido Co. Ltd. (x) | 10132 |  | 499575 |  |
|  Unilever plc (Cboe Europe) | 59243 |  | 2972339 |  |
|  Unilever plc (London Stock Exchange) | 4907 |  | 248089 |  |
|  |  |  | 8348304 |  |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | **** |
|  Altria Group, Inc. | 30831 |  | 1409285 |  |
|  British American Tobacco plc | 53867 |  | 2136995 |  |
|  Imperial Brands plc | 22756 |  | 569750 |  |
|  Japan Tobacco, Inc. (x) | 30244 |  | 613222 |  |
|  Philip Morris International, Inc. | 26540 |  | 2686114 |  |
|  |  |  | 7415366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 77440219 |  |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |  |
|  ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | ***Energy Equipment & Services (0.2%)*** | **** |
|  Baker Hughes Co. | 17322 |  | 511519 |  |
|  Halliburton Co. | 15527 |  | 610987 |  |
|  Schlumberger Ltd. | 24215 |  | 1294534 |  |
|  Tenaris SA | 11874 |  | 206991 |  |
|  |  |  | 2624031 |  |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | **** |
|  Aker BP ASA | 7933 |  | 246246 |  |
|  Ampol Ltd. | 6032 |  | 116143 |  |
|  APA Corp. | 5590 |  | 260941 |  |
|  BP plc | 474215 |  | 2722612 |  |
|  Chevron Corp. | 30832 |  | 5534036 |  |
|  ConocoPhillips | 21795 |  | 2571810 |  |
|  Coterra Energy, Inc. | 13621 |  | 334668 |  |
|  Devon Energy Corp. | 11210 |  | 689527 |  |
|  Diamondback Energy, Inc. | 3043 |  | 416222 |  |
|  ENEOS Holdings, Inc. | 76514 |  | 261188 |  |
|  Eni SpA | 62929 |  | 894976 |  |
|  EOG Resources, Inc. | 10033 |  | 1299474 |  |
|  EQT Corp. | 6333 |  | 214245 |  |
|  Equinor ASA | 24010 |  | 862192 |  |
|  Exxon Mobil Corp. | 71353 |  | 7870236 |  |
|  Galp Energia SGPS SA, Class B | 12636 |  | 170565 |  |
|  Hess Corp. | 4771 |  | 676623 |  |
|  Idemitsu Kosan Co. Ltd. | 5224 |  | 122201 |  |
|  Inpex Corp. | 26211 |  | 278806 |  |
|  Kinder Morgan, Inc. | 33944 |  | 613708 |  |
|  Marathon Oil Corp. | 11600 |  | 314012 |  |
|  Marathon Petroleum Corp. | 8537 |  | 993621 |  |
|  Neste OYJ | 10663 |  | 491039 |  |
|  Occidental Petroleum Corp. | 12758 |  | 803626 |  |
|  OMV AG | 3776 |  | 194421 |  |
|  ONEOK, Inc. | 7650 |  | 502605 |  |
|  Phillips 66 | 8236 |  | 857203 |  |
|  Pioneer Natural Resources Co. | 4086 |  | 933202 |  |
|  Repsol SA | 34774 |  | 552774 |  |
|  Santos Ltd. | 79367 |  | 385824 |  |
|  Shell plc | 183084 |  | 5148355 |  |
|  Targa Resources Corp. | 3878 |  | 285033 |  |
|  TotalEnergies SE | 62710 |  | 3937052 |  |
|  Valero Energy Corp. | 6745 |  | 855671 |  |
|  Washington H Soul Pattinson & Co. Ltd. | 5545 |  | 104425 |  |
|  Williams Cos., Inc. (The) | 20862 |  | 686360 |  |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 38605 |  | 931504 |  |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 9250 |  | 222527 |  |
|  |  |  | 44355673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 46979704 |  |
|  **Financials (8.3%)** | **Financials (8.3%)** | **Financials (8.3%)** | **Financials (8.3%)** |  |
|  ***Banks (3.5%)*** | ***Banks (3.5%)*** | ***Banks (3.5%)*** | ***Banks (3.5%)*** | **** |
|  ABN AMRO Bank NV (CVA) (m) | 9907 |  | 137069 |  |
|  AIB Group plc | 26951 |  | 104321 |  |
|  ANZ Group Holdings Ltd.\* | 75355 |  | 1213887 |  |
|  Banco Bilbao Vizcaya Argentaria SA | 152915 |  | 922217 |  |
|  Banco Santander SA | 423269 |  | 1269780 |  |
|  Bank Hapoalim BM | 31318 |  | 283037 |  |
|  Bank Leumi Le-Israel BM | 38492 |  | 321470 |  |
|  Bank of America Corp. | 119685 |  | 3963967 |  |
|  Bank of Ireland Group plc | 26975 |  | 256991 |  |
|  Banque Cantonale Vaudoise (Registered) | 760 |  | 72947 |  |
|  Barclays plc | 405131 |  | 776404 |  |
|  BNP Paribas SA | 27998 |  | 1595927 |  |
|  BOC Hong Kong Holdings Ltd. | 93263 |  | 317829 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  CaixaBank SA | 110538 | $| 434491 |  |
|  Chiba Bank Ltd. (The) | 12903 |  | 94580 |  |
|  Citigroup, Inc. | 33158 |  | 1499736 |  |
|  Citizens Financial Group, Inc. | 8485 |  | 334054 |  |
|  Comerica, Inc. | 2239 |  | 149677 |  |
|  Commerzbank AG\* | 26257 |  | 248352 |  |
|  Commonwealth Bank of Australia | 42884 |  | 2995671 |  |
|  Concordia Financial Group Ltd. | 26435 |  | 110784 |  |
|  Credit Agricole SA | 30166 |  | 317455 |  |
|  Danske Bank A/S | 17198 |  | 339910 |  |
|  DBS Group Holdings Ltd. | 45651 |  | 1156101 |  |
|  DNB Bank ASA | 23488 |  | 466197 |  |
|  Erste Group Bank AG | 8704 |  | 278584 |  |
|  Fifth Third Bancorp | 11748 |  | 385452 |  |
|  FinecoBank Banca Fineco SpA | 15377 |  | 255464 |  |
|  First Republic Bank | 3128 |  | 381272 |  |
|  Hang Seng Bank Ltd. | 19187 |  | 319068 |  |
|  HSBC Holdings plc | 503254 |  | 3137565 |  |
|  Huntington Bancshares, Inc. | 24691 |  | 348143 |  |
|  ING Groep NV | 94945 |  | 1157407 |  |
|  Intesa Sanpaolo SpA | 421052 |  | 936586 |  |
|  Israel Discount Bank Ltd., Class A | 30513 |  | 160680 |  |
|  Japan Post Bank Co. Ltd. | 9985 |  | 85821 |  |
|  JPMorgan Chase & Co. | 50208 |  | 6732893 |  |
|  KBC Group NV | 6373 |  | 409864 |  |
|  KeyCorp | 15967 |  | 278145 |  |
|  Lloyds Banking Group plc | 1718888 |  | 943642 |  |
|  M&T Bank Corp. | 3007 |  | 436195 |  |
|  Mediobanca Banca di Credito Finanziario SpA | 15255 |  | 146706 |  |
|  Mitsubishi UFJ Financial Group, Inc. | 301271 |  | 2040764 |  |
|  Mizrahi Tefahot Bank Ltd. | 3920 |  | 127181 |  |
|  Mizuho Financial Group, Inc. | 60796 |  | 859779 |  |
|  National Australia Bank Ltd. | 79796 |  | 1633133 |  |
|  NatWest Group plc | 133451 |  | 427862 |  |
|  Nordea Bank Abp (Aquis Stock Exchange) | 1774 |  | 19047 |  |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 82779 |  | 885950 |  |
|  Oversea-Chinese Banking Corp. Ltd. | 85340 |  | 776050 |  |
|  PNC Financial Services Group, Inc. (The) | 7022 |  | 1109055 |  |
|  Regions Financial Corp. | 15997 |  | 344895 |  |
|  Resona Holdings, Inc. | 54460 |  | 300103 |  |
|  Shizuoka Financial Group, Inc. | 10861 |  | 87308 |  |
|  Signature Bank | 1077 |  | 124092 |  |
|  Skandinaviska Enskilda Banken AB, Class A | 40726 |  | 468151 |  |
|  Societe Generale SA | 20349 |  | 511455 |  |
|  Standard Chartered plc | 62898 |  | 473276 |  |
|  Sumitomo Mitsui Financial Group, Inc. | 32914 |  | 1328197 |  |
|  Sumitomo Mitsui Trust Holdings, Inc. | 8547 |  | 298793 |  |
|  SVB Financial Group\* | 1012 |  | 232902 |  |
|  Svenska Handelsbanken AB, Class A | 36367 |  | 366289 |  |
|  Swedbank AB, Class A | 22824 |  | 387806 |  |
|  Truist Financial Corp. | 22708 |  | 977125 |  |
|  UniCredit SpA | 48417 |  | 687861 |  |
|  United Overseas Bank Ltd. | 29743 |  | 681731 |  |
|  US Bancorp | 23148 |  | 1009484 |  |
|  Wells Fargo & Co. | 64940 |  | 2681373 |  |
|  Westpac Banking Corp. | 88239 |  | 1402810 |  |
|  Zions Bancorp NA | 2576 |  | 126636 |  |
|  |  |  | 56145449 |  |
|  ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | **** |
|  3i Group plc | 24033 |  | 389769 |  |
|  abrdn plc | 53147 |  | 121597 |  |
|  Ameriprise Financial, Inc. | 1852 |  | 576657 |  |
|  Amundi SA (m) | 1573 |  | 89242 |  |
|  ASX Ltd. | 4904 |  | 227111 |  |
|  Bank of New York Mellon Corp. (The) | 12590 |  | 573097 |  |
|  BlackRock, Inc. | 2582 |  | 1829683 |  |
|  Cboe Global Markets, Inc. | 1816 |  | 227854 |  |
|  Charles Schwab Corp. (The) | 26142 |  | 2176583 |  |
|  CME Group, Inc. | 6154 |  | 1034857 |  |
|  Credit Suisse Group AG (Registered) (x) | 109457 |  | 327193 |  |
|  Daiwa Securities Group, Inc. | 33620 |  | 149348 |  |
|  Deutsche Bank AG (Registered) | 52088 |  | 590361 |  |
|  Deutsche Boerse AG | 4789 |  | 827399 |  |
|  EQT AB (x) | 7619 |  | 161071 |  |
|  Euronext NV (m) | 2216 |  | 164056 |  |
|  FactSet Research Systems, Inc. | 651 |  | 261188 |  |
|  Franklin Resources, Inc. | 4863 |  | 128286 |  |
|  Futu Holdings Ltd. (ADR) (x)\* | 1559 |  | 63373 |  |
|  Goldman Sachs Group, Inc. (The) | 5845 |  | 2007056 |  |
|  Hargreaves Lansdown plc | 8669 |  | 89733 |  |
|  Hong Kong Exchanges & Clearing Ltd. | 30356 |  | 1311397 |  |
|  Intercontinental Exchange, Inc. | 9561 |  | 980863 |  |
|  Invesco Ltd. | 7788 |  | 140106 |  |
|  Japan Exchange Group, Inc. | 12414 |  | 179485 |  |
|  Julius Baer Group Ltd. | 5389 |  | 313904 |  |
|  London Stock Exchange Group plc | 8295 |  | 715615 |  |
|  Macquarie Group Ltd. | 9254 |  | 1051946 |  |
|  MarketAxess Holdings, Inc. | 645 |  | 179884 |  |
|  Moody's Corp. | 2702 |  | 752831 |  |
|  Morgan Stanley | 22926 |  | 1949169 |  |
|  MSCI, Inc. | 1379 |  | 641469 |  |
|  Nasdaq, Inc. | 5803 |  | 356014 |  |
|  Nomura Holdings, Inc. | 73345 |  | 273060 |  |
|  Northern Trust Corp. | 3567 |  | 315644 |  |
|  Partners Group Holding AG | 572 |  | 505283 |  |
|  Raymond James Financial, Inc. | 3325 |  | 355276 |  |
|  S&P Global, Inc. | 5833 |  | 1953705 |  |
|  SBI Holdings, Inc. | 6116 |  | 117296 |  |
|  Schroders plc | 17862 |  | 94151 |  |
|  Singapore Exchange Ltd. | 21147 |  | 141306 |  |
|  St James's Place plc | 13558 |  | 179481 |  |
|  State Street Corp. | 6293 |  | 488148 |  |
| T. Rowe Price Group, Inc. | 3864 |  | 421408 |  |
|  UBS Group AG (Registered) | 84390 |  | 1570248 |  |
|  |  |  | 27003203 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 10269 |  | 1517245 |  |
|  Capital One Financial Corp. | 6571 |  | 610840 |  |
|  Discover Financial Services | 4676 |  | 457453 |  |
|  Synchrony Financial | 8248 |  | 271029 |  |
|  |  |  | 2856567 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Diversified Financial Services (0.8%)*** | ***Diversified Financial Services (0.8%)*** | ***Diversified Financial Services (0.8%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 30900 | $9545010 |  |
|  Eurazeo SE | 1075 | 66858 |  |
|  EXOR NV\* | 2776 | 202958 |  |
|  Groupe Bruxelles Lambert NV | 2507 | 200144 |  |
|  Industrivarden AB, Class A | 3376 | 82015 |  |
|  Industrivarden AB, Class C | 3958 | 95964 |  |
|  Investor AB, Class A (x) | 12412 | 230580 |  |
|  Investor AB, Class B | 45918 | 829748 |  |
|  Kinnevik AB, Class B\* | 5901 | 80981 |  |
|  L E Lundbergforetagen AB, Class B | 1978 | 84182 |  |
|  M&G plc | 61207 | 139002 |  |
|  Mitsubishi HC Capital, Inc. | 16009 | 79167 |  |
|  ORIX Corp. | 30127 | 486316 |  |
|  Sofina SA | 398 | 87594 |  |
|  Wendel SE | 705 | 65807 |  |
|  |  | 12276326 |  |
|  ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | ***Insurance (2.1%)*** | **** |
|  Admiral Group plc | 4639 | 119850 |  |
|  Aegon NV | 45031 | 228388 |  |
|  Aflac, Inc. | 9845 | 708249 |  |
|  Ageas SA/NV | 4150 | 184003 |  |
|  AIA Group Ltd. | 300321 | 3339700 |  |
|  Allianz SE (Registered) | 10295 | 2213975 |  |
|  Allstate Corp. (The) | 4628 | 627557 |  |
|  American International Group, Inc. | 13018 | 823258 |  |
|  Aon plc, Class A | 3611 | 1083805 |  |
|  Arch Capital Group Ltd.\* | 6323 | 396958 |  |
|  Arthur J Gallagher & Co. | 3601 | 678932 |  |
|  Assicurazioni Generali SpA | 27995 | 497906 |  |
|  Assurant, Inc. | 911 | 113930 |  |
|  Aviva plc | 70541 | 377622 |  |
|  AXA SA | 47107 | 1313841 |  |
|  Baloise Holding AG (Registered) | 1179 | 181953 |  |
|  Brown & Brown, Inc. | 4013 | 228621 |  |
|  Chubb Ltd. | 7150 | 1577290 |  |
|  Cincinnati Financial Corp. | 2725 | 279013 |  |
|  Dai-ichi Life Holdings, Inc. | 24709 | 563690 |  |
|  Everest Re Group Ltd. | 675 | 223607 |  |
|  Gjensidige Forsikring ASA | 5036 | 98799 |  |
|  Globe Life, Inc. | 1551 | 186973 |  |
|  Hannover Rueck SE | 1530 | 303810 |  |
|  Hartford Financial Services Group, Inc. (The) | 5532 | 419492 |  |
|  Insurance Australia Group Ltd. | 62127 | 200921 |  |
|  Japan Post Holdings Co. Ltd. | 59280 | 501152 |  |
|  Japan Post Insurance Co. Ltd. | 5115 | 90460 |  |
|  Legal & General Group plc | 150530 | 454048 |  |
|  Lincoln National Corp. | 2652 | 81469 |  |
|  Loews Corp. | 3423 | 199664 |  |
|  Marsh & McLennan Cos., Inc. | 8544 | 1413861 |  |
|  Medibank Pvt Ltd. | 67118 | 134807 |  |
|  MetLife, Inc. | 11470 | 830084 |  |
|  MS&AD Insurance Group Holdings, Inc. | 11326 | 364531 |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 3531 | 1149047 |  |
|  NN Group NV | 7052 | 288063 |  |
|  Phoenix Group Holdings plc | 18491 | 136051 |  |
|  Poste Italiane SpA (m) | 12732 | 124378 |  |
|  Principal Financial Group, Inc. | 3968 | 332995 |  |
|  Progressive Corp. (The) | 10014 | 1298916 |  |
|  Prudential Financial, Inc. | 6369 | 633461 |  |
|  Prudential plc | 69291 | 944499 |  |
|  QBE Insurance Group Ltd. | 36982 | 338157 |  |
|  Sampo OYJ, Class A | 12092 | 631920 |  |
|  Sompo Holdings, Inc. | 7958 | 355333 |  |
|  Suncorp Group Ltd. | 31481 | 258063 |  |
|  Swiss Life Holding AG (Registered) | 777 | 400664 |  |
|  Swiss Re AG | 7602 | 710994 |  |
|  T&D Holdings, Inc. | 13360 | 193620 |  |
|  Tokio Marine Holdings, Inc. | 46273 | 996929 |  |
|  Travelers Cos., Inc. (The) | 4063 | 761772 |  |
|  Tryg A/S | 8993 | 214054 |  |
|  W R Berkley Corp. | 3497 | 253777 |  |
|  Willis Towers Watson plc | 1883 | 460544 |  |
|  Zurich Insurance Group AG | 3793 | 1814356 |  |
|  |  | 33339812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 131621357 |  |
|  **Health Care (8.6%)** | **Health Care (8.6%)** | **Health Care (8.6%)** |  |
|  ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | ***Biotechnology (1.1%)*** | **** |
|  AbbVie, Inc. | 30271 | 4892096 |  |
|  Amgen, Inc. | 9159 | 2405520 |  |
|  Argenx SE\* | 1388 | 521065 |  |
|  Biogen, Inc.\* | 2485 | 688146 |  |
|  CSL Ltd. | 12141 | 2378682 |  |
|  Genmab A/S\* | 1659 | 702355 |  |
|  Gilead Sciences, Inc. | 21458 | 1842169 |  |
|  Grifols SA\* | 7269 | 83802 |  |
|  Incyte Corp.\* | 3160 | 253811 |  |
|  Moderna, Inc.\* | 5760 | 1034611 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 1836 | 1324656 |  |
|  Swedish Orphan Biovitrum AB\* | 4167 | 86137 |  |
|  Vertex Pharmaceuticals, Inc.\* | 4391 | 1268033 |  |
|  |  | 17481083 |  |
|  ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | **** |
|  Abbott Laboratories | 29982 | 3291724 |  |
|  Alcon, Inc. | 12594 | 860530 |  |
|  Align Technology, Inc.\* | 1244 | 262360 |  |
|  Asahi Intecc Co. Ltd. | 5494 | 90590 |  |
|  Baxter International, Inc. | 8622 | 439463 |  |
|  Becton Dickinson and Co. | 4883 | 1241747 |  |
|  BioMerieux | 1060 | 111108 |  |
|  Boston Scientific Corp.\* | 24510 | 1134078 |  |
|  Carl Zeiss Meditec AG | 1020 | 128730 |  |
|  Cochlear Ltd. | 1672 | 232366 |  |
|  Coloplast A/S, Class B | 3023 | 353353 |  |
|  Cooper Cos., Inc. (The) | 845 | 279416 |  |
|  Demant A/S\* | 2370 | 65691 |  |
|  Dentsply Sirona, Inc. | 3688 | 117426 |  |
|  Dexcom, Inc.\* | 6721 | 761086 |  |
|  DiaSorin SpA | 653 | 91150 |  |
|  Edwards Lifesciences Corp.\* | 10613 | 791836 |  |
|  EssilorLuxottica SA | 7330 | 1327611 |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 14551 | 208788 |  |
|  Getinge AB, Class B | 5833 | 120910 |  |
|  Hologic, Inc.\* | 4274 | 319738 |  |
|  Hoya Corp. | 9120 | 882883 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  IDEXX Laboratories, Inc.\* | 1426 | $| 581751 |  |
|  Intuitive Surgical, Inc.\* | 6114 |  | 1622350 |  |
|  Koninklijke Philips NV | 22438 |  | 336359 |  |
|  Medtronic plc | 22748 |  | 1767975 |  |
|  Olympus Corp. | 30776 |  | 551548 |  |
|  ResMed, Inc. | 2507 |  | 521782 |  |
|  Siemens Healthineers AG (m) | 7157 |  | 358008 |  |
|  Smith & Nephew plc | 21734 |  | 291525 |  |
|  Sonova Holding AG (Registered) | 1365 |  | 323738 |  |
|  STERIS plc | 1712 |  | 316189 |  |
|  Straumann Holding AG (Registered) | 2839 |  | 324229 |  |
|  Stryker Corp. | 5765 |  | 1409485 |  |
|  Sysmex Corp. | 4241 |  | 258454 |  |
|  Teleflex, Inc. | 803 |  | 200453 |  |
|  Terumo Corp. | 16271 |  | 464425 |  |
|  Zimmer Biomet Holdings, Inc. | 3592 |  | 457980 |  |
|  |  |  | 22898835 |  |
|  ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | **** |
|  AmerisourceBergen Corp. | 2661 |  | 440954 |  |
|  Amplifon SpA | 3230 |  | 96189 |  |
|  Cardinal Health, Inc. | 4664 |  | 358522 |  |
|  Centene Corp.\* | 9785 |  | 802468 |  |
|  Cigna Corp. | 5224 |  | 1730920 |  |
|  CVS Health Corp. | 22476 |  | 2094538 |  |
|  DaVita, Inc.\* | 953 |  | 71161 |  |
|  Elevance Health, Inc. | 4109 |  | 2107794 |  |
|  Fresenius Medical Care AG & Co. KGaA | 5243 |  | 171570 |  |
|  Fresenius SE & Co. KGaA | 10741 |  | 301815 |  |
|  HCA Healthcare, Inc. | 3686 |  | 884493 |  |
|  Henry Schein, Inc.\* | 2330 |  | 186097 |  |
|  Humana, Inc. | 2167 |  | 1109916 |  |
|  Laboratory Corp. of America Holdings | 1548 |  | 364523 |  |
|  McKesson Corp. | 2461 |  | 923170 |  |
|  Molina Healthcare, Inc.\* | 995 |  | 328569 |  |
|  NMC Health plc (r)\* | 3800 |  |  |  |
|  Quest Diagnostics, Inc. | 1996 |  | 312254 |  |
|  Ramsay Health Care Ltd. | 4670 |  | 205718 |  |
|  Sonic Healthcare Ltd. | 11536 |  | 235393 |  |
|  UnitedHealth Group, Inc. | 16015 |  | 8490833 |  |
|  Universal Health Services, Inc., Class B | 1125 |  | 158501 |  |
|  |  |  | 21375398 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  M3, Inc. | 11080 |  | 302075 |  |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | **** |
|  Agilent Technologies, Inc. | 5114 |  | 765310 |  |
|  Bachem Holding AG, Class B | 837 |  | 72281 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 367 |  | 154320 |  |
|  Bio-Techne Corp. | 2688 |  | 222781 |  |
|  Charles River Laboratories International, Inc.\* | 871 |  | 189791 |  |
|  Danaher Corp. | 11209 |  | 2975093 |  |
|  Eurofins Scientific SE | 3407 |  | 244569 |  |
|  Illumina, Inc.\* | 2690 |  | 543918 |  |
|  IQVIA Holdings, Inc.\* | 3193 |  | 654214 |  |
|  Lonza Group AG (Registered) | 1877 |  | 919774 |  |
|  Mettler-Toledo International, Inc.\* | 386 |  | 557944 |  |
|  PerkinElmer, Inc. | 2161 |  | 303015 |  |
|  QIAGEN NV\* | 5735 |  | 288596 |  |
|  Sartorius AG (Preference) (q) | 613 |  | 242395 |  |
|  Sartorius Stedim Biotech | 705 |  | 228287 |  |
|  Thermo Fisher Scientific, Inc. | 6708 |  | 3694028 |  |
|  Waters Corp.\* | 1025 |  | 351144 |  |
|  West Pharmaceutical Services, Inc. | 1268 |  | 298424 |  |
|  |  |  | 12705884 |  |
|  ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | ***Pharmaceuticals (3.9%)*** | **** |
|  Astellas Pharma, Inc. | 46269 |  | 707397 |  |
|  AstraZeneca plc | 39052 |  | 5296233 |  |
|  Bayer AG (Registered) | 24760 |  | 1280822 |  |
|  Bristol-Myers Squibb Co. | 36557 |  | 2630276 |  |
|  Catalent, Inc.\* | 3068 |  | 138091 |  |
|  Chugai Pharmaceutical Co. Ltd. (x) | 16958 |  | 435192 |  |
|  Daiichi Sankyo Co. Ltd. | 44164 |  | 1430181 |  |
|  Eisai Co. Ltd. | 6344 |  | 420742 |  |
|  Eli Lilly and Co. | 13502 |  | 4939572 |  |
|  GSK plc | 102509 |  | 1781593 |  |
|  Hikma Pharmaceuticals plc | 4231 |  | 79386 |  |
|  Ipsen SA | 968 |  | 104138 |  |
|  Johnson & Johnson | 45014 |  | 7951723 |  |
|  Kyowa Kirin Co. Ltd. | 6769 |  | 155763 |  |
|  Merck & Co., Inc. | 43371 |  | 4812012 |  |
|  Merck KGaA | 3258 |  | 630893 |  |
|  Nippon Shinyaku Co. Ltd. | 1231 |  | 70161 |  |
|  Novartis AG (Registered) | 54523 |  | 4928976 |  |
|  Novo Nordisk A/S, Class B | 41722 |  | 5633563 |  |
|  Ono Pharmaceutical Co. Ltd. | 9149 |  | 214922 |  |
|  Organon & Co. | 4354 |  | 121607 |  |
|  Orion OYJ, Class B | 2711 |  | 148698 |  |
|  Otsuka Holdings Co. Ltd. (x) | 9803 |  | 321563 |  |
|  Pfizer, Inc. | 96088 |  | 4923549 |  |
|  Recordati Industria Chimica e Farmaceutica SpA | 2660 |  | 110337 |  |
|  Roche Holding AG | 17707 |  | 5563060 |  |
|  Roche Holding AG CHF 1 | 679 |  | 263185 |  |
|  Sanofi | 28750 |  | 2764865 |  |
|  Shionogi & Co. Ltd. | 6737 |  | 338082 |  |
|  Takeda Pharmaceutical Co. Ltd. | 37884 |  | 1186689 |  |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 27684 |  | 252478 |  |
|  UCB SA | 3211 |  | 252841 |  |
|  Viatris, Inc. | 20760 |  | 231059 |  |
|  Zoetis, Inc. | 8015 |  | 1174598 |  |
|  |  |  | 61294247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 136057522 |  |
|  **Industrials (6.5%)** | **Industrials (6.5%)** | **Industrials (6.5%)** | **Industrials (6.5%)** |  |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | **** |
|  Airbus SE | 14898 |  | 1770499 |  |
|  BAE Systems plc | 78690 |  | 814332 |  |
|  Boeing Co. (The)\* | 9556 |  | 1820322 |  |
|  Dassault Aviation SA | 640 |  | 108381 |  |
|  Elbit Systems Ltd. | 672 |  | 109532 |  |
|  General Dynamics Corp. | 3850 |  | 955224 |  |
|  Howmet Aerospace, Inc. | 6329 |  | 249426 |  |
|  Huntington Ingalls Industries, Inc. | 684 |  | 157785 |  |
|  Kongsberg Gruppen ASA | 2206 |  | 93583 |  |
|  L3Harris Technologies, Inc. | 3276 |  | 682096 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lockheed Martin Corp. | 4041 | $| 1965906 |  |
|  MTU Aero Engines AG | 1358 |  | 293932 |  |
|  Northrop Grumman Corp. | 2490 |  | 1358569 |  |
|  Raytheon Technologies Corp. | 25279 |  | 2551157 |  |
|  Rheinmetall AG | 1108 |  | 220666 |  |
|  Rolls-Royce Holdings plc\* | 210888 |  | 237616 |  |
|  Safran SA | 8615 |  | 1078228 |  |
|  Singapore Technologies Engineering Ltd. | 39348 |  | 98414 |  |
|  Textron, Inc. | 3621 |  | 256367 |  |
|  Thales SA | 2722 |  | 347612 |  |
|  TransDigm Group, Inc. | 882 |  | 555351 |  |
|  |  |  | 15724998 |  |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | **** |
|  CH Robinson Worldwide, Inc. | 2121 |  | 194199 |  |
|  Deutsche Post AG (Registered) | 24983 |  | 940821 |  |
|  DSV A/S | 4718 |  | 744701 |  |
|  Expeditors International of Washington, Inc. | 2800 |  | 290976 |  |
|  FedEx Corp. | 4093 |  | 708908 |  |
|  Nippon Express Holdings, Inc. (x) | 1957 |  | 112433 |  |
|  SG Holdings Co. Ltd. | 7108 |  | 99113 |  |
|  United Parcel Service, Inc., Class B | 12530 |  | 2178215 |  |
|  Yamato Holdings Co. Ltd. | 7081 |  | 112603 |  |
|  |  |  | 5381969 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 2170 |  | 93180 |  |
|  American Airlines Group, Inc.\* | 11125 |  | 141510 |  |
|  ANA Holdings, Inc.\* | 4090 |  | 87260 |  |
|  Delta Air Lines, Inc.\* | 10977 |  | 360704 |  |
|  Deutsche Lufthansa AG (Registered)\* | 14567 |  | 121082 |  |
|  Japan Airlines Co. Ltd.\* | 3715 |  | 76287 |  |
|  Qantas Airways Ltd.\* | 22523 |  | 92162 |  |
|  Singapore Airlines Ltd. | 33408 |  | 137932 |  |
|  Southwest Airlines Co.\* | 10158 |  | 342020 |  |
|  United Airlines Holdings, Inc.\* | 5594 |  | 210894 |  |
|  |  |  | 1663031 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 2199 |  | 125871 |  |
|  AGC, Inc. (x) | 4946 |  | 165633 |  |
|  Allegion plc | 1503 |  | 158206 |  |
|  Assa Abloy AB, Class B | 25261 |  | 541540 |  |
|  Carrier Global Corp. | 14408 |  | 594330 |  |
|  Cie de Saint-Gobain | 12457 |  | 608724 |  |
|  Daikin Industries Ltd. | 6280 |  | 966595 |  |
|  Geberit AG (Registered) | 905 |  | 426245 |  |
|  Johnson Controls International plc | 11793 |  | 754752 |  |
|  Kingspan Group plc | 3908 |  | 211592 |  |
|  Lixil Corp. | 7014 |  | 106942 |  |
|  Masco Corp. | 3861 |  | 180193 |  |
|  Nibe Industrier AB, Class B | 38195 |  | 355418 |  |
|  ROCKWOOL A/S, Class B | 223 |  | 52421 |  |
|  TOTO Ltd. | 3578 |  | 122684 |  |
|  Trane Technologies plc | 3967 |  | 666813 |  |
|  Xinyi Glass Holdings Ltd. | 44000 |  | 81963 |  |
|  |  |  | 6119922 |  |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | **** |
|  Brambles Ltd. | 34953 |  | 287239 |  |
|  Cintas Corp. | 1473 |  | 665236 |  |
|  Copart, Inc.\* | 7324 |  | 445958 |  |
|  Dai Nippon Printing Co. Ltd. | 5559 |  | 112248 |  |
|  Rentokil Initial plc | 63233 |  | 388343 |  |
|  Republic Services, Inc. | 3516 |  | 453529 |  |
|  Rollins, Inc. | 3962 |  | 144772 |  |
|  Secom Co. Ltd. | 5345 |  | 307203 |  |
|  Securitas AB, Class B | 11990 |  | 99920 |  |
|  Toppan, Inc. | 6640 |  | 98861 |  |
|  Waste Management, Inc. | 6440 |  | 1010307 |  |
|  |  |  | 4013616 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  ACS Actividades de Construccion y Servicios SA (x) | 5456 |  | 156347 |  |
|  Bouygues SA | 5735 |  | 172139 |  |
|  Eiffage SA | 2131 |  | 209681 |  |
|  Ferrovial SA | 12356 |  | 323652 |  |
|  Kajima Corp. | 10420 |  | 121953 |  |
|  Obayashi Corp. | 15771 |  | 119929 |  |
|  Quanta Services, Inc. | 2448 |  | 348840 |  |
|  Shimizu Corp. | 13426 |  | 72020 |  |
|  Skanska AB, Class B | 8598 |  | 135955 |  |
|  Taisei Corp. | 4506 |  | 145920 |  |
|  Vinci SA | 13555 |  | 1353633 |  |
|  |  |  | 3160069 |  |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | **** |
|  ABB Ltd. (Registered) | 39614 |  | 1202151 |  |
|  AMETEK, Inc. | 3930 |  | 549100 |  |
|  Eaton Corp. plc | 6819 |  | 1070242 |  |
|  Emerson Electric Co. | 10123 |  | 972415 |  |
|  Fuji Electric Co. Ltd. | 3267 |  | 125214 |  |
|  Generac Holdings, Inc.\* | 1093 |  | 110021 |  |
|  Legrand SA | 6730 |  | 539013 |  |
|  Mitsubishi Electric Corp. | 48704 |  | 487448 |  |
|  Nidec Corp. | 11271 |  | 587339 |  |
|  Prysmian SpA | 6508 |  | 241459 |  |
|  Rockwell Automation, Inc. | 1976 |  | 508958 |  |
|  Schneider Electric SE | 13674 |  | 1913392 |  |
|  Siemens Energy AG | 11061 |  | 208092 |  |
|  Vestas Wind Systems A/S | 25452 |  | 740463 |  |
|  |  |  | 9255307 |  |
|  ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | **** |
|  3M Co. | 9478 |  | 1136602 |  |
|  CK Hutchison Holdings Ltd. | 67648 |  | 406038 |  |
|  DCC plc | 2474 |  | 122030 |  |
|  General Electric Co. | 18773 |  | 1572990 |  |
|  Hitachi Ltd. | 24411 |  | 1244544 |  |
|  Honeywell International, Inc. | 11534 |  | 2471736 |  |
|  Investment AB Latour, Class B | 3608 |  | 68150 |  |
|  Jardine Cycle & Carriage Ltd. | 2490 |  | 53169 |  |
|  Jardine Matheson Holdings Ltd. (London Stock Exchange) | 2741 |  | 139791 |  |
|  Jardine Matheson Holdings Ltd. (Singapore Stock Exchange) | 1334 |  | 67901 |  |
|  Keppel Corp. Ltd. | 35925 |  | 194726 |  |
|  Lifco AB, Class B | 5681 |  | 94812 |  |
|  Melrose Industries plc | 102183 |  | 166153 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Siemens AG (Registered) | 19281 | $| 2675685 |  |
|  Smiths Group plc | 9092 |  | 175703 |  |
|  Toshiba Corp. | 9904 |  | 347364 |  |
|  |  |  | 10937394 |  |
|  ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | ***Machinery (1.3%)*** | **** |
|  Alfa Laval AB | 7243 |  | 208998 |  |
|  Alstom SA (x) | 8118 |  | 198304 |  |
|  Atlas Copco AB, Class A | 67696 |  | 798610 |  |
|  Atlas Copco AB, Class B | 38917 |  | 414350 |  |
|  Caterpillar, Inc. | 9038 |  | 2165143 |  |
|  CNH Industrial NV | 25790 |  | 413137 |  |
|  Cummins, Inc. | 2414 |  | 584888 |  |
|  Daifuku Co. Ltd. | 2591 |  | 122008 |  |
|  Daimler Truck Holding AG\* | 11368 |  | 352228 |  |
|  Deere & Co. | 4762 |  | 2041755 |  |
|  Dover Corp. | 2457 |  | 332702 |  |
|  Epiroc AB, Class A | 16609 |  | 302182 |  |
|  Epiroc AB, Class B | 9828 |  | 157900 |  |
|  FANUC Corp. | 4835 |  | 730739 |  |
|  Fortive Corp. | 6089 |  | 391218 |  |
|  GEA Group AG | 3864 |  | 158004 |  |
|  Hitachi Construction Machinery Co. Ltd. | 2769 |  | 62431 |  |
|  Hoshizaki Corp. | 2760 |  | 97895 |  |
|  Husqvarna AB, Class B | 10201 |  | 71481 |  |
|  IDEX Corp. | 1292 |  | 295002 |  |
|  Illinois Tool Works, Inc. | 4824 |  | 1062727 |  |
|  Indutrade AB | 6974 |  | 141086 |  |
|  Ingersoll Rand, Inc. | 6902 |  | 360630 |  |
|  Knorr-Bremse AG | 1842 |  | 100639 |  |
|  Komatsu Ltd. | 23300 |  | 510597 |  |
|  Kone OYJ, Class B | 8617 |  | 445523 |  |
|  Kubota Corp. (x) | 25712 |  | 355979 |  |
|  Kurita Water Industries Ltd. | 2688 |  | 111829 |  |
|  Makita Corp. | 5547 |  | 130180 |  |
|  Minebea Mitsumi, Inc. | 9090 |  | 136516 |  |
|  MISUMI Group, Inc. | 7113 |  | 156037 |  |
|  Mitsubishi Heavy Industries Ltd. | 8041 |  | 320684 |  |
|  NGK Insulators Ltd. | 5752 |  | 73544 |  |
|  Nordson Corp. | 926 |  | 220129 |  |
|  Otis Worldwide Corp. | 7194 |  | 563362 |  |
|  PACCAR, Inc. | 5953 |  | 589168 |  |
|  Parker-Hannifin Corp. | 2198 |  | 639618 |  |
|  Pentair plc | 2815 |  | 126619 |  |
|  Rational AG | 134 |  | 79609 |  |
|  Sandvik AB | 26909 |  | 485839 |  |
|  Schindler Holding AG | 1044 |  | 196346 |  |
|  Schindler Holding AG (Registered) | 610 |  | 110040 |  |
|  SKF AB, Class B | 9666 |  | 147424 |  |
|  SMC Corp. | 1444 |  | 611533 |  |
|  Snap-on, Inc. | 912 |  | 208383 |  |
|  Spirax-Sarco Engineering plc | 1874 |  | 240491 |  |
|  Stanley Black & Decker, Inc. | 2530 |  | 190054 |  |
|  Techtronic Industries Co. Ltd. | 34372 |  | 383553 |  |
|  Toyota Industries Corp. | 3712 |  | 204777 |  |
|  VAT Group AG (m) | 696 |  | 190287 |  |
|  Volvo AB, Class A | 5141 |  | 97599 |  |
|  Volvo AB, Class B | 38032 |  | 686955 |  |
|  Wartsila OYJ Abp | 11536 |  | 97160 |  |
|  Westinghouse Air Brake Technologies Corp. | 3113 |  | 310709 |  |
|  Xylem, Inc. | 3084 |  | 340998 |  |
|  Yaskawa Electric Corp. | 6118 |  | 196956 |  |
|  |  |  | 20722555 |  |
|  ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | **** |
|  AP Moller - Maersk A/S, Class A | 80 |  | 177002 |  |
|  AP Moller - Maersk A/S, Class B | 129 |  | 290059 |  |
|  Kuehne + Nagel International AG (Registered) | 1388 |  | 323039 |  |
|  Mitsui OSK Lines Ltd. (x) | 8685 |  | 217721 |  |
|  Nippon Yusen KK (x) | 12165 |  | 288274 |  |
|  SITC International Holdings Co. Ltd. | 32000 |  | 71171 |  |
|  ZIM Integrated Shipping Services Ltd. (x) | 2069 |  | 35566 |  |
|  |  |  | 1402832 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  Adecco Group AG (Registered) | 4029 |  | 132724 |  |
|  Bureau Veritas SA | 7344 |  | 193469 |  |
|  CoStar Group, Inc.\* | 6778 |  | 523804 |  |
|  Equifax, Inc. | 2096 |  | 407379 |  |
|  Experian plc | 23202 |  | 789048 |  |
|  Intertek Group plc | 4123 |  | 201075 |  |
|  Jacobs Solutions, Inc. | 2184 |  | 262233 |  |
|  Leidos Holdings, Inc. | 2337 |  | 245829 |  |
|  Nihon M&A Center Holdings, Inc. | 7670 |  | 95203 |  |
|  Persol Holdings Co. Ltd. | 4539 |  | 97808 |  |
|  Randstad NV | 3005 |  | 183223 |  |
|  Recruit Holdings Co. Ltd. | 36332 |  | 1156345 |  |
|  RELX plc (London Stock Exchange) | 11073 |  | 306288 |  |
|  RELX plc (Turquoise Stock Exchange) | 37306 |  | 1031900 |  |
|  Robert Half International, Inc. | 1875 |  | 138431 |  |
|  SGS SA (Registered) | 161 |  | 374358 |  |
|  Teleperformance | 1490 |  | 355200 |  |
|  Verisk Analytics, Inc. | 2687 |  | 474040 |  |
|  Wolters Kluwer NV | 6617 |  | 692450 |  |
|  |  |  | 7660807 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  Aurizon Holdings Ltd. | 44860 |  | 113925 |  |
|  Central Japan Railway Co. | 3644 |  | 449947 |  |
|  CSX Corp. | 36659 |  | 1135696 |  |
|  East Japan Railway Co. | 7650 |  | 438342 |  |
|  Grab Holdings Ltd., Class A\* | 32370 |  | 104231 |  |
|  Hankyu Hanshin Holdings, Inc. | 5742 |  | 171508 |  |
|  JB Hunt Transport Services, Inc. | 1422 |  | 247940 |  |
|  Keio Corp. | 2611 |  | 96291 |  |
|  Keisei Electric Railway Co. Ltd. | 3208 |  | 91786 |  |
|  Kintetsu Group Holdings Co. Ltd. | 4312 |  | 143087 |  |
|  MTR Corp. Ltd. | 38193 |  | 202331 |  |
|  Norfolk Southern Corp. | 4021 |  | 990855 |  |
|  Odakyu Electric Railway Co. Ltd. | 7126 |  | 92903 |  |
|  Old Dominion Freight Line, Inc. | 1569 |  | 445251 |  |
|  Tobu Railway Co. Ltd. | 4748 |  | 111428 |  |
|  Tokyu Corp. | 13101 |  | 166009 |  |
|  Union Pacific Corp. | 10692 |  | 2213992 |  |
|  West Japan Railway Co. | 5553 |  | 242404 |  |
|  |  |  | 7457926 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | **** |
|  AerCap Holdings NV\* | 3472 | $202487 |  |
|  Ashtead Group plc | 11159 | 636760 |  |
|  Brenntag SE | 3906 | 249700 |  |
|  Bunzl plc | 8516 | 284051 |  |
|  Fastenal Co. | 9838 | 465534 |  |
|  IMCD NV | 1458 | 207809 |  |
|  ITOCHU Corp. | 29958 | 946402 |  |
|  Marubeni Corp. | 38973 | 449894 |  |
|  Mitsubishi Corp. | 31828 | 1038703 |  |
|  Mitsui & Co. Ltd. | 36122 | 1060485 |  |
|  MonotaRO Co. Ltd. | 6336 | 89652 |  |
|  Reece Ltd. | 5577 | 53729 |  |
|  Sumitomo Corp. | 28458 | 476179 |  |
|  Toyota Tsusho Corp. | 5389 | 200589 |  |
|  United Rentals, Inc.\* | 1198 | 425793 |  |
|  WW Grainger, Inc. | 775 | 431094 |  |
|  |  | 7218861 |  |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | **** |
|  Aena SME SA (m)\* | 1903 | 238948 |  |
|  Aeroports de Paris\* | 757 | 101453 |  |
|  Auckland International Airport Ltd.\* | 31548 | 156433 |  |
|  Getlink SE | 11004 | 176394 |  |
|  Transurban Group | 77489 | 684804 |  |
|  |  | 1358032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 102077319 |  |
|  **Information Technology (10.7%)** | **Information Technology (10.7%)** | **Information Technology (10.7%)** |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | **** |
|  Arista Networks, Inc.\* | 4219 | 511976 |  |
|  Cisco Systems, Inc. | 70896 | 3377485 |  |
|  F5, Inc.\* | 1020 | 146380 |  |
|  Juniper Networks, Inc. | 5523 | 176515 |  |
|  Motorola Solutions, Inc. | 2857 | 736277 |  |
|  Nokia OYJ | 136384 | 631709 |  |
|  Telefonaktiebolaget LM Ericsson, Class B | 72774 | 424725 |  |
|  |  | 6005067 |  |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | **** |
|  Amphenol Corp., Class A | 10183 | 775334 |  |
|  Azbil Corp. | 2983 | 75575 |  |
|  CDW Corp. | 2315 | 413413 |  |
|  Corning, Inc. | 13025 | 416019 |  |
|  Halma plc | 9615 | 229459 |  |
|  Hamamatsu Photonics KK | 3583 | 172543 |  |
|  Hexagon AB, Class B | 49055 | 512417 |  |
|  Hirose Electric Co. Ltd. | 758 | 95876 |  |
|  Ibiden Co. Ltd. | 2905 | 105916 |  |
|  Keyence Corp. | 4904 | 1921393 |  |
|  Keysight Technologies, Inc.\* | 3081 | 527067 |  |
|  Kyocera Corp. | 8110 | 404882 |  |
|  Murata Manufacturing Co. Ltd. | 14478 | 726768 |  |
|  Omron Corp. | 4681 | 228450 |  |
|  Shimadzu Corp. | 6018 | 171727 |  |
|  TDK Corp. | 9875 | 326182 |  |
|  TE Connectivity Ltd. | 5476 | 628645 |  |
|  Teledyne Technologies, Inc.\* | 803 | 321128 |  |
|  Trimble, Inc.\* | 4240 | 214374 |  |
|  Venture Corp. Ltd. | 6833 | 87032 |  |
|  Yokogawa Electric Corp. | 5810 | 93188 |  |
|  Zebra Technologies Corp., Class A\* | 887 | 227436 |  |
|  |  | 8674824 |  |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | **** |
|  Accenture plc, Class A | 10830 | 2889877 |  |
|  Adyen NV (m)\* | 547 | 754405 |  |
|  Akamai Technologies, Inc.\* | 2721 | 229380 |  |
|  Amadeus IT Group SA\* | 11354 | 590071 |  |
|  Automatic Data Processing, Inc. | 7114 | 1699250 |  |
|  Bechtle AG | 2129 | 75343 |  |
|  Broadridge Financial Solutions, Inc. | 2007 | 269199 |  |
|  Capgemini SE | 4128 | 689115 |  |
|  Cognizant Technology Solutions Corp., Class A | 8864 | 506932 |  |
|  Computershare Ltd. | 13550 | 241709 |  |
|  DXC Technology Co.\* | 3935 | 104278 |  |
|  Edenred | 6284 | 342255 |  |
|  EPAM Systems, Inc.\* | 982 | 321841 |  |
|  Fidelity National Information Services, Inc. | 10409 | 706251 |  |
|  Fiserv, Inc.\* | 10950 | 1106716 |  |
|  FleetCor Technologies, Inc.\* | 1284 | 235845 |  |
|  Fujitsu Ltd. | 4957 | 665327 |  |
|  Gartner, Inc.\* | 1354 | 455134 |  |
|  Global Payments, Inc. | 4745 | 471273 |  |
|  GMO Payment Gateway, Inc. | 1106 | 92026 |  |
|  International Business Machines Corp. | 15463 | 2178582 |  |
|  Itochu Techno-Solutions Corp. | 2491 | 58270 |  |
|  Jack Henry & Associates, Inc. | 1247 | 218923 |  |
|  Mastercard, Inc., Class A | 14608 | 5079640 |  |
|  NEC Corp. | 6204 | 219107 |  |
|  Nexi SpA (m)\* | 14875 | 117288 |  |
|  Nomura Research Institute Ltd. | 8552 | 202983 |  |
|  NTT Data Corp. | 15655 | 230459 |  |
|  Obic Co. Ltd. | 1756 | 259707 |  |
|  Otsuka Corp. | 2886 | 91369 |  |
|  Paychex, Inc. | 5484 | 633731 |  |
|  PayPal Holdings, Inc.\* | 19799 | 1410085 |  |
|  SCSK Corp. | 3800 | 57938 |  |
|  TIS, Inc. | 5750 | 152469 |  |
|  VeriSign, Inc.\* | 1598 | 328293 |  |
|  Visa, Inc., Class A | 27993 | 5815826 |  |
|  Wix.com Ltd.\* | 1466 | 112633 |  |
|  Worldline SA (m)\* | 6044 | 236342 |  |
|  |  | 29849872 |  |
|  ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 27638 | 1790113 |  |
|  Advantest Corp. | 4769 | 308146 |  |
|  Analog Devices, Inc. | 8899 | 1459703 |  |
|  Applied Materials, Inc. | 14894 | 1450378 |  |
|  ASM International NV | 1198 | 302197 |  |
|  ASML Holding NV | 10245 | 5525054 |  |
|  Broadcom, Inc. | 6914 | 3865825 |  |
|  Disco Corp. | 735 | 211416 |  |
|  Enphase Energy, Inc.\* | 2319 | 614442 |  |
|  First Solar, Inc.\* | 1704 | 255242 |  |
|  Infineon Technologies AG | 32913 | 1001638 |  |
|  Intel Corp. | 70298 | 1857976 |  |
|  KLA Corp. | 2428 | 915429 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lam Research Corp. | 2345 | $| 985604 |  |
|  Lasertec Corp. | 1926 |  | 319117 |  |
|  Microchip Technology, Inc. | 9458 |  | 664425 |  |
|  Micron Technology, Inc. | 18886 |  | 943922 |  |
|  Monolithic Power Systems, Inc. | 761 |  | 269097 |  |
|  NVIDIA Corp. | 42871 |  | 6265168 |  |
|  NXP Semiconductors NV | 4496 |  | 710503 |  |
|  ON Semiconductor Corp.\* | 7417 |  | 462598 |  |
|  Qorvo, Inc.\* | 1766 |  | 160070 |  |
|  QUALCOMM, Inc. | 19226 |  | 2113707 |  |
|  Renesas Electronics Corp.\* | 29079 |  | 262230 |  |
|  Rohm Co. Ltd. | 2228 |  | 161786 |  |
|  Skyworks Solutions, Inc. | 2746 |  | 250243 |  |
|  SolarEdge Technologies, Inc.\* | 953 |  | 269956 |  |
|  STMicroelectronics NV | 17225 |  | 608378 |  |
|  SUMCO Corp. (x) | 8638 |  | 115643 |  |
|  Teradyne, Inc. | 2684 |  | 234447 |  |
|  Texas Instruments, Inc. | 15643 |  | 2584537 |  |
|  Tokyo Electron Ltd. | 3765 |  | 1115386 |  |
|  Tower Semiconductor Ltd.\* | 2802 |  | 122333 |  |
|  |  |  | 38176709 |  |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** | **** |
|  Adobe, Inc.\* | 8013 |  | 2696615 |  |
|  ANSYS, Inc.\* | 1491 |  | 360211 |  |
|  Autodesk, Inc.\* | 3720 |  | 695156 |  |
|  AVEVA Group plc | 3092 |  | 120104 |  |
|  Cadence Design Systems, Inc.\* | 4689 |  | 753241 |  |
|  Ceridian HCM Holding, Inc.\* | 2620 |  | 168073 |  |
|  Check Point Software Technologies Ltd.\* | 2529 |  | 319059 |  |
|  CyberArk Software Ltd.\* | 1043 |  | 135225 |  |
|  Dassault Systemes SE | 16799 |  | 602323 |  |
|  Fortinet, Inc.\* | 11205 |  | 547812 |  |
|  Gen Digital, Inc. | 11173 |  | 239437 |  |
|  Intuit, Inc. | 4830 |  | 1879933 |  |
|  Microsoft Corp. | 127685 |  | 30621417 |  |
|  Nemetschek SE | 1478 |  | 75452 |  |
|  Nice Ltd.\* | 1616 |  | 313438 |  |
|  Oracle Corp. | 1031 |  | 66932 |  |
|  Oracle Corp. (Moscow Stock Exchange) | 26006 |  | 2125730 |  |
|  Paycom Software, Inc.\* | 832 |  | 258178 |  |
|  PTC, Inc.\* | 1810 |  | 217272 |  |
|  Roper Technologies, Inc. | 1815 |  | 784243 |  |
|  Sage Group plc (The) | 25676 |  | 231442 |  |
|  Salesforce, Inc.\* | 17035 |  | 2258671 |  |
|  SAP SE | 26318 |  | 2715509 |  |
|  ServiceNow, Inc.\* | 3459 |  | 1343026 |  |
|  Synopsys, Inc.\* | 2619 |  | 836220 |  |
|  Temenos AG (Registered) | 1630 |  | 89446 |  |
|  Trend Micro, Inc. (x)\* | 3388 |  | 158506 |  |
|  Tyler Technologies, Inc.\* | 712 |  | 229556 |  |
|  WiseTech Global Ltd. | 3693 |  | 127605 |  |
|  Xero Ltd.\* | 3452 |  | 165155 |  |
|  |  |  | 51134987 |  |
|  ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | ***Technology Hardware, Storage & Peripherals (2.3%)*** | **** |
|  Apple, Inc. | 257073 |  | 33401495 |  |
|  Brother Industries Ltd. | 5995 |  | 91679 |  |
|  Canon, Inc. (x) | 25211 |  | 548537 |  |
|  FUJIFILM Holdings Corp. | 9082 |  | 458460 |  |
|  Hewlett Packard Enterprise Co. | 22245 |  | 355030 |  |
|  HP, Inc. | 15580 |  | 418635 |  |
|  Logitech International SA (Registered) | 4391 |  | 270968 |  |
|  NetApp, Inc. | 3762 |  | 225946 |  |
|  Ricoh Co. Ltd. | 14151 |  | 108580 |  |
|  Seagate Technology Holdings plc | 3343 |  | 175875 |  |
|  Seiko Epson Corp. | 6817 |  | 100042 |  |
|  Western Digital Corp.\* | 5361 |  | 169139 |  |
|  |  |  | 36324386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 170165845 |  |
|  **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |  |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | **** |
|  Air Liquide SA | 13189 |  | 1869245 |  |
|  Air Products and Chemicals, Inc. | 3798 |  | 1170771 |  |
|  Akzo Nobel NV | 4632 |  | 310193 |  |
|  Albemarle Corp. | 2005 |  | 434804 |  |
|  Arkema SA | 1496 |  | 134325 |  |
|  Asahi Kasei Corp. | 31279 |  | 224368 |  |
|  BASF SE | 23149 |  | 1149537 |  |
|  Celanese Corp. | 1706 |  | 174421 |  |
|  CF Industries Holdings, Inc. | 3411 |  | 290617 |  |
|  Chr Hansen Holding A/S | 2719 |  | 195584 |  |
|  Clariant AG (Registered)\* | 5258 |  | 83307 |  |
|  Corteva, Inc. | 12303 |  | 723170 |  |
|  Covestro AG (m) | 4950 |  | 193668 |  |
|  Croda International plc | 3525 |  | 281433 |  |
|  Dow, Inc. | 12295 |  | 619545 |  |
|  DuPont de Nemours, Inc. | 8575 |  | 588502 |  |
|  Eastman Chemical Co. | 2102 |  | 171187 |  |
|  Ecolab, Inc. | 4245 |  | 617902 |  |
|  EMS-Chemie Holding AG (Registered) | 178 |  | 120508 |  |
|  Evonik Industries AG | 5368 |  | 103058 |  |
|  FMC Corp. | 2156 |  | 269069 |  |
|  Givaudan SA (Registered) | 233 |  | 713880 |  |
|  ICL Group Ltd. | 17651 |  | 127824 |  |
|  International Flavors & Fragrances, Inc. | 4364 |  | 457522 |  |
|  Johnson Matthey plc | 4687 |  | 120523 |  |
|  JSR Corp. | 4462 |  | 87989 |  |
|  Koninklijke DSM NV | 4406 |  | 539085 |  |
|  Linde plc | 8533 |  | 2783294 |  |
|  LyondellBasell Industries NV, Class A | 4356 |  | 361679 |  |
|  Mitsubishi Chemical Group Corp. | 32268 |  | 168347 |  |
|  Mitsui Chemicals, Inc. | 4657 |  | 105567 |  |
|  Mosaic Co. (The) | 5911 |  | 259316 |  |
|  Nippon Paint Holdings Co. Ltd.(x) | 20910 |  | 165540 |  |
|  Nippon Sanso Holdings Corp. | 4273 |  | 62382 |  |
|  Nissan Chemical Corp. | 3278 |  | 144368 |  |
|  Nitto Denko Corp. | 3593 |  | 209437 |  |
|  Novozymes A/S, Class B | 5175 |  | 262147 |  |
|  OCI NV | 2719 |  | 97271 |  |
|  Orica Ltd. | 11206 |  | 114902 |  |
|  PPG Industries, Inc. | 4023 |  | 505852 |  |
|  Sherwin-Williams Co. (The) | 4038 |  | 958339 |  |
|  Shin-Etsu Chemical Co. Ltd. | 9451 |  | 1168413 |  |
|  Sika AG (Registered) | 3681 |  | 882580 |  |
|  Solvay SA | 1908 |  | 192927 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Sumitomo Chemical Co. Ltd. | 36279 | $| 131029 |  |
|  Symrise AG | 3375 |  | 367238 |  |
|  Toray Industries, Inc. | 34950 |  | 196161 |  |
|  Tosoh Corp. | 6322 |  | 75629 |  |
|  Umicore SA | 5331 |  | 195849 |  |
|  Yara International ASA | 4240 |  | 186361 |  |
|  |  |  | 21366665 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  CRH plc | 19090 |  | 756295 |  |
|  HeidelbergCement AG | 3718 |  | 212051 |  |
|  Holcim AG\* | 13971 |  | 723443 |  |
|  James Hardie Industries plc (CHDI) | 11298 |  | 203075 |  |
|  Martin Marietta Materials, Inc. | 1068 |  | 360952 |  |
|  Vulcan Materials Co. | 2275 |  | 398375 |  |
|  |  |  | 2654191 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 25728 |  | 306420 |  |
|  Avery Dennison Corp. | 1391 |  | 251771 |  |
|  Ball Corp. | 5381 |  | 275184 |  |
|  International Paper Co. | 6198 |  | 214637 |  |
|  Packaging Corp. of America | 1605 |  | 205296 |  |
|  Sealed Air Corp. | 2486 |  | 124002 |  |
|  SIG Group AG\* | 7752 |  | 169351 |  |
|  Smurfit Kappa Group plc | 6261 |  | 231624 |  |
|  Westrock Co. | 4353 |  | 153051 |  |
|  |  |  | 1931336 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Anglo American plc | 32026 |  | 1253103 |  |
|  Antofagasta plc | 9938 |  | 185685 |  |
|  ArcelorMittal SA | 13323 |  | 350479 |  |
|  BHP Group Ltd. (ASE Stock Exchange) | 76487 |  | 2376236 |  |
|  BHP Group Ltd. (London Stock Exchange) | 51187 |  | 1590381 |  |
|  BlueScope Steel Ltd. | 11585 |  | 132828 |  |
|  Boliden AB | 6936 |  | 260062 |  |
|  Fortescue Metals Group Ltd. | 42679 |  | 595980 |  |
|  Freeport-McMoRan, Inc. | 24482 |  | 930316 |  |
|  Glencore plc | 246222 |  | 1644330 |  |
|  IGO Ltd. | 17176 |  | 157405 |  |
|  JFE Holdings, Inc. | 12388 |  | 144986 |  |
|  Mineral Resources Ltd. | 4352 |  | 228748 |  |
|  Newcrest Mining Ltd. | 22509 |  | 316313 |  |
|  Newmont Corp. | 13588 |  | 641354 |  |
|  Nippon Steel Corp. | 20242 |  | 353510 |  |
|  Norsk Hydro ASA | 33894 |  | 253665 |  |
|  Northern Star Resources Ltd. | 28739 |  | 213475 |  |
|  Nucor Corp. | 4482 |  | 590772 |  |
|  Pilbara Minerals Ltd.\* | 63940 |  | 163251 |  |
|  Rio Tinto Ltd. | 9356 |  | 741535 |  |
|  Rio Tinto plc | 28340 |  | 1986490 |  |
|  South32 Ltd. | 115797 |  | 315362 |  |
|  Steel Dynamics, Inc. | 2867 |  | 280106 |  |
|  Sumitomo Metal Mining Co. Ltd. | 6287 |  | 223762 |  |
|  voestalpine AG | 3015 |  | 79975 |  |
|  |  |  | 16010109 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Holmen AB, Class B | 2438 |  | 96704 |  |
|  Mondi plc | 12092 |  | 206049 |  |
|  Oji Holdings Corp. | 19684 |  | 79642 |  |
|  Stora Enso OYJ, Class R | 13945 |  | 196296 |  |
|  Svenska Cellulosa AB SCA, Class B | 15037 |  | 190145 |  |
|  UPM-Kymmene OYJ | 13460 |  | 503280 |  |
|  |  |  | 1272116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 43234417 |  |
|  **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 2542 |  | 370293 |  |
|  American Tower Corp. (REIT) | 7971 |  | 1688736 |  |
|  AvalonBay Communities, Inc. (REIT) | 2394 |  | 386679 |  |
|  Boston Properties, Inc. (REIT) | 2441 |  | 164963 |  |
|  British Land Co. plc (The) (REIT) | 21458 |  | 102496 |  |
|  Camden Property Trust (REIT) | 1824 |  | 204069 |  |
|  CapitaLand Ascendas REIT (REIT) | 83734 |  | 171294 |  |
|  CapitaLand Integrated Commercial Trust (REIT) | 130410 |  | 198624 |  |
|  Covivio (REIT) | 1252 |  | 74314 |  |
|  Crown Castle, Inc. (REIT) | 7414 |  | 1005635 |  |
|  Daiwa House REIT Investment Corp. (REIT) | 58 |  | 129665 |  |
|  Dexus (REIT) | 26213 |  | 138315 |  |
|  Digital Realty Trust, Inc. (REIT) | 4920 |  | 493328 |  |
|  Equinix, Inc. (REIT) | 1560 |  | 1021847 |  |
|  Equity Residential (REIT) | 5795 |  | 341905 |  |
|  Essex Property Trust, Inc. (REIT) | 1115 |  | 236291 |  |
|  Extra Space Storage, Inc. (REIT) | 2293 |  | 337484 |  |
|  Federal Realty Investment Trust (REIT) | 1246 |  | 125896 |  |
|  Gecina SA (REIT) | 1163 |  | 118455 |  |
|  GLP J-REIT (REIT) | 111 |  | 127966 |  |
|  Goodman Group (REIT) | 42654 |  | 504151 |  |
|  GPT Group (The) (REIT) | 46685 |  | 133499 |  |
|  Healthpeak Properties, Inc. (REIT) | 9238 |  | 231597 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 12239 |  | 196436 |  |
|  Invitation Homes, Inc. (REIT) | 9927 |  | 294236 |  |
|  Iron Mountain, Inc. (REIT) | 4976 |  | 248054 |  |
|  Japan Metropolitan Fund Invest (REIT) | 180 |  | 143600 |  |
|  Japan Real Estate Investment Corp. (REIT) | 33 |  | 145085 |  |
|  Kimco Realty Corp. (REIT) | 10588 |  | 224254 |  |
|  Klepierre SA (REIT)\* | 5524 |  | 127311 |  |
|  Land Securities Group plc (REIT) | 17167 |  | 128966 |  |
|  Link REIT (REIT) | 53225 |  | 390726 |  |
|  Mapletree Logistics Trust (REIT) | 80745 |  | 95852 |  |
|  Mapletree Pan Asia Commercial Trust (REIT) | 57386 |  | 71550 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 1976 |  | 310212 |  |
|  Mirvac Group (REIT) | 96088 |  | 139348 |  |
|  Nippon Building Fund, Inc. (REIT)(x) | 40 |  | 179214 |  |
|  Nippon Prologis REIT, Inc. (REIT) | 56 |  | 131637 |  |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 110 |  | 136620 |  |
|  Prologis, Inc. (REIT) | 15806 |  | 1781810 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Public Storage (REIT) | 2705 | $| 757914 |  |
|  Realty Income Corp. (REIT) | 10573 |  | 670645 |  |
|  Regency Centers Corp. (REIT) | 2636 |  | 164750 |  |
|  SBA Communications Corp. (REIT) | 1847 |  | 517733 |  |
|  Scentre Group (REIT) | 129413 |  | 253759 |  |
|  Segro plc (REIT) | 30133 |  | 278174 |  |
|  Simon Property Group, Inc. (REIT) | 5604 |  | 658358 |  |
|  Stockland (REIT) | 60163 |  | 148692 |  |
|  UDR, Inc. (REIT) | 5229 |  | 202519 |  |
|  Unibail-Rodamco-Westfield (REIT)\* | 3006 |  | 156480 |  |
|  Ventas, Inc. (REIT) | 6843 |  | 308277 |  |
|  VICI Properties, Inc. (REIT) | 16488 |  | 534211 |  |
|  Vicinity Ltd. (REIT) | 94303 |  | 128412 |  |
|  Vornado Realty Trust (REIT) | 2758 |  | 57394 |  |
|  Warehouses De Pauw CVA (REIT) | 4071 |  | 116353 |  |
|  Welltower, Inc. (REIT) | 7933 |  | 520008 |  |
|  Weyerhaeuser Co. (REIT) | 12674 |  | 392894 |  |
|  |  |  | 18918986 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Aroundtown SA | 24348 |  | 56896 |  |
|  Azrieli Group Ltd. | 1101 |  | 73267 |  |
|  Capitaland Investment Ltd. | 63909 |  | 176544 |  |
|  CBRE Group, Inc., Class A\* | 5498 |  | 423126 |  |
|  City Developments Ltd. | 10312 |  | 63363 |  |
|  CK Asset Holdings Ltd. | 50415 |  | 310352 |  |
|  Daito Trust Construction Co. Ltd. | 1564 |  | 161357 |  |
|  Daiwa House Industry Co. Ltd. | 15024 |  | 347896 |  |
|  ESR Group Ltd. (m) | 49958 |  | 104839 |  |
|  Fastighets AB Balder, Class B\* | 15372 |  | 71477 |  |
|  Hang Lung Properties Ltd. | 48886 |  | 95574 |  |
|  Henderson Land Development Co. Ltd. | 36605 |  | 127794 |  |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 24219 |  | 108138 |  |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 2994 |  | 13772 |  |
|  Hulic Co. Ltd. (x) | 9269 |  | 73451 |  |
|  LEG Immobilien SE | 1902 |  | 123911 |  |
|  Lendlease Corp. Ltd. | 16787 |  | 89607 |  |
|  Mitsubishi Estate Co. Ltd. | 29556 |  | 385327 |  |
|  Mitsui Fudosan Co. Ltd. | 22838 |  | 420599 |  |
|  New World Development Co. Ltd. | 37648 |  | 106113 |  |
|  Nomura Real Estate Holdings, Inc. | 3072 |  | 66243 |  |
|  Sagax AB, Class B | 4695 |  | 106410 |  |
|  Sino Land Co. Ltd. | 86597 |  | 108282 |  |
|  Sumitomo Realty & Development Co. Ltd. | 7858 |  | 186870 |  |
|  Sun Hung Kai Properties Ltd. | 36160 |  | 494768 |  |
|  Swire Pacific Ltd., Class A | 12280 |  | 108083 |  |
|  Swire Properties Ltd. | 28335 |  | 72022 |  |
|  Swiss Prime Site AG (Registered) | 1960 |  | 169896 |  |
|  UOL Group Ltd. | 10763 |  | 54000 |  |
|  Vonovia SE | 18060 |  | 425698 |  |
|  Wharf Real Estate Investment Co. Ltd. | 41636 |  | 242707 |  |
|  |  |  | 5368382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 24287368 |  |
|  **Utilities (1.9%)** | **Utilities (1.9%)** | **Utilities (1.9%)** | **Utilities (1.9%)** |  |
|  ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | ***Electric Utilities (1.2%)*** | **** |
|  Acciona SA | 635 |  | 116847 |  |
|  Alliant Energy Corp. | 4296 |  | 237182 |  |
|  American Electric Power Co., Inc. | 8795 |  | 835085 |  |
|  BKW AG | 533 |  | 72919 |  |
|  Chubu Electric Power Co., Inc. | 16238 |  | 168517 |  |
|  CK Infrastructure Holdings Ltd. | 15061 |  | 78822 |  |
|  CLP Holdings Ltd. | 40945 |  | 298742 |  |
|  Constellation Energy Corp. | 5595 |  | 482345 |  |
|  Duke Energy Corp. | 13182 |  | 1357614 |  |
|  Edison International | 6530 |  | 415439 |  |
|  EDP - Energias de Portugal SA | 69214 |  | 344964 |  |
|  Electricite de France SA | 14693 |  | 188737 |  |
|  Elia Group SA/NV | 837 |  | 118984 |  |
|  Endesa SA | 8037 |  | 151718 |  |
|  Enel SpA | 204984 |  | 1103708 |  |
|  Entergy Corp. | 3482 |  | 391725 |  |
|  Evergy, Inc. | 3929 |  | 247252 |  |
|  Eversource Energy | 5931 |  | 497255 |  |
|  Exelon Corp. | 16979 |  | 734002 |  |
|  FirstEnergy Corp. | 9293 |  | 389748 |  |
|  Fortum OYJ | 11194 |  | 186210 |  |
|  HK Electric Investments & HK Electric Investments Ltd. (m) | 64248 |  | 42555 |  |
|  Iberdrola SA | 152326 |  | 1782217 |  |
|  Kansai Electric Power Co., Inc. (The) | 17744 |  | 172924 |  |
|  Mercury NZ Ltd. | 16603 |  | 58609 |  |
|  NextEra Energy, Inc. | 33638 |  | 2812137 |  |
|  NRG Energy, Inc. | 4025 |  | 128076 |  |
|  Origin Energy Ltd. | 42923 |  | 225610 |  |
|  Orsted A/S (m) | 4780 |  | 434389 |  |
|  PG&E Corp.\* | 27564 |  | 448191 |  |
|  Pinnacle West Capital Corp. | 1935 |  | 147137 |  |
|  Power Assets Holdings Ltd. | 34219 |  | 187416 |  |
|  PPL Corp. | 12604 |  | 368289 |  |
|  Red Electrica Corp. SA | 10290 |  | 179103 |  |
|  Southern Co. (The) | 18199 |  | 1299591 |  |
|  SSE plc | 26909 |  | 556942 |  |
|  Terna - Rete Elettrica Nazionale | 35081 |  | 259112 |  |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 37165 |  | 134795 |  |
|  Verbund AG | 1710 |  | 143966 |  |
|  Xcel Energy, Inc. | 9364 |  | 656510 |  |
|  |  |  | 18455384 |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  APA Group | 29736 |  | 217844 |  |
|  Atmos Energy Corp. | 2395 |  | 268408 |  |
|  Enagas SA (x) | 6340 |  | 105363 |  |
|  Hong Kong & China Gas Co. Ltd. | 279152 |  | 265367 |  |
|  Naturgy Energy Group SA | 3769 |  | 98079 |  |
|  Osaka Gas Co. Ltd. | 9325 |  | 151343 |  |
|  Snam SpA | 50278 |  | 243643 |  |
|  Tokyo Gas Co. Ltd. | 9790 |  | 192831 |  |
|  |  |  | 1542878 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 11435 |  | 328871 |  |
|  Corp. ACCIONA Energias Renovables SA | 1660 |  | 64219 |  |

---

See Notes to Financial Statements.

------

**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  EDP Renovaveis SA | 7258 | $| 159893 |  |
|  Meridian Energy Ltd. | 31379 |  | 104394 |  |
|  RWE AG | 16191 |  | 720823 |  |
|  |  |  | 1378200 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Ameren Corp. | 4423 |  | 393293 |  |
|  CenterPoint Energy, Inc. | 10777 |  | 323202 |  |
|  CMS Energy Corp. | 4968 |  | 314623 |  |
|  Consolidated Edison, Inc. | 6070 |  | 578532 |  |
|  Dominion Energy, Inc. | 14253 |  | 873994 |  |
|  DTE Energy Co. | 3317 |  | 389847 |  |
|  E.ON SE | 56583 |  | 565354 |  |
|  Engie SA | 46032 |  | 659693 |  |
|  National Grid plc | 92244 |  | 1112284 |  |
|  NiSource, Inc. | 6950 |  | 190569 |  |
|  Public Service Enterprise Group, Inc. | 8540 |  | 523246 |  |
|  Sempra Energy | 5381 |  | 831580 |  |
|  Veolia Environnement SA | 16825 |  | 432248 |  |
|  WEC Energy Group, Inc. | 5400 |  | 506304 |  |
|  |  |  | 7694769 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Works Co., Inc. | 3112 |  | 474331 |  |
|  Severn Trent plc | 6255 |  | 200468 |  |
|  United Utilities Group plc | 17026 |  | 204066 |  |
|  |  |  | 878865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 29950096 |  |
|  **Total Common Stocks (57.6%)**<br> *(Cost $568,319,622)* |  |  | 912385123 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Government Agency Securities (2.7%)** | **U.S. Government Agency Securities (2.7%)** | **U.S. Government Agency Securities (2.7%)** | **U.S. Government Agency Securities (2.7%)** |  |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/13/24 | $2250000 |  | 2200405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 5940000 |  | 5722037 |  |
|  FHLMC<br>2.750%, 6/19/23 | 11568000 |  | 11453380 |  |
|  FNMA<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/12/23 | 15892000 |  | 15681978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 8398000 |  | 7751629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  | 42809429 |  |
|  **U.S. Treasury Obligations (35.5%)** | **U.S. Treasury Obligations (35.5%)** | **U.S. Treasury Obligations (35.5%)** | **U.S. Treasury Obligations (35.5%)** |  |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/26 | 8713000 |  | 9169892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;18708100 |  | 20433123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/28 | 6710900 |  | 7123980 |  |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/23 | 3554500 |  | 3493937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/31/24 | 11740200 |  | 11465552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/24 | 25955900 |  | 25396143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/24 | 10373500 |  | 10052388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/24 | 3506100 |  | 3369080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 | 6292500 |  | 5956197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 | 7633400 |  | 7267401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/31/25 | 6451700 |  | 5931416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 | 11422700 |  | 10865770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/30/25 | 26854400 |  | 24345267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/25# | 28925400 |  | 27334503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 | 16111000 |  | 14505582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/30/25 | 8586100 |  | 7716118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 3495500 |  | 3311977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 9925800 |  | 8877337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;14152800 |  | 12606554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 | 12939100 |  | 11982135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 | 6797400 |  | 6064630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 | 3326000 |  | 2976750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 24585400 |  | 21953668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 | 22287200 |  | 20346781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 6812400 |  | 6039582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 6837700 |  | 6079811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 45228500 |  | 41869280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 8201200 |  | 7353609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 6580200 |  | 5948871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 12890700 |  | 12009377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/27 | 6847700 |  | 6280674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 26341100 |  | 24590002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 24314100 |  | 22524342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 24429600 |  | 22542961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 7595100 |  | 7152802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 8942200 |  | 8455784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1412600 |  | 1332520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 3406400 |  | 3254832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 7103500 |  | 6581871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 7176400 |  | 6538900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 5349800 |  | 4651982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 4863300 |  | 4153485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 12203000 |  | 9682031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 15094900 |  | 11914303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 13136200 |  | 11087641 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 12066000 |  | 9824364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 9648000 |  | 7880909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 13963100 |  | 11880446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 11419200 |  | 10560207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 8043500 |  | 7346026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 3014300 |  | 3084176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 563166969 |  |
|  **Total Long-Term Debt Securities (38.2%)**<br> *(Cost $661,442,674)* |  |  | 605976398 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (0.0%**)**†** | **Investment Company (0.0%**)**†** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 323024 |  | 323024 |  |

---

See Notes to Financial Statements.

500

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $727,088, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $741,630. (xx) | $726742 | $726742 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,469,337, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,537,073. (xx) | &nbsp;&nbsp;&nbsp;&nbsp;3467719 | 3467719 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 4194461 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $4,517,485)* |  | 4517485 |
|  **Total Investments in Securities (96.1%)**<br> *(Cost $1,234,279,781)* |  | 1522879006 |
|  **Other Assets Less Liabilities (3.9%)** | **Other Assets Less Liabilities (3.9%)** | 61920062 |
|  **Net Assets (100%)** |  | $1584799068 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $17,071,425.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $5,282,306 or 0.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $7,277,003. This was collateralized by $3,094,867 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.250%, maturing 2/28/23 – 11/15/51 and by cash of $4,517,485 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | |
|:---|:---|
|  *ADR* | American Depositary Receipt |
|  *AUD* | Australian Dollar |
|  *CHDI* | Clearing House Electronic Subregister System (CHESS) Depository Interest |
|  *CHF* | Swiss Franc |
|  *CVA* | Dutch Certification |
|  *EUR* | European Currency Unit |
|  *FHLB* | Federal Home Loan Bank |
|  *FHLMC* | Federal Home Loan Mortgage Corp. |
|  *FNMA* | Federal National Mortgage Association |
|  *GBP* | British Pound |
|  *JPY* | Japanese Yen |
|  *NOK* | Norwegian Krone |
|  *NZD* | New Zealand Dollar |
|  *SEK* | Swedish Krona |
|  *USD* | United States Dollar |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Australia | 1.9 | % |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Belgium | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Brazil | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Chile | 0.0 | # |
| &nbsp;&nbsp;&nbsp; China | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Denmark | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Finland | 0.3 |  |
| &nbsp;&nbsp;&nbsp; France | 2.5 |  |
| &nbsp;&nbsp;&nbsp; Germany | 1.8 |  |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Ireland | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Israel | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Italy | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Japan | 5.0 |  |
| &nbsp;&nbsp;&nbsp; Jordan | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Macau | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Netherlands | 1.2 | % |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Norway | 0.2 |  |
| &nbsp;&nbsp;&nbsp; Portugal | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Singapore | 0.4 |  |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |  |
| &nbsp;&nbsp;&nbsp; South Korea | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Spain | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Sweden | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.4 |  |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | 0.0 | # |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.8 |  |
| &nbsp;&nbsp;&nbsp; United States | 74.6 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.9 |  |
|  | 100.0 | % |

---

*#* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

501

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 15 | 3/2023 | USD | 1462050 | (15562) |
|  Russell 2000 E-Mini Index | 703 | 3/2023 | USD | 62247135 | (2145379) |
|  S&P Midcap 400 E-Mini Index | 256 | 3/2023 | USD | 62530560 | (1778218) |
|  |  |  |  |  | (3939159) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  EURO STOXX 50 Index | (866) | 3/2023 | EUR | (35087318) | 2066979 |
|  FTSE 100 Index | (112) | 3/2023 | GBP | (10109143) | 45994 |
|  S&P 500 E-Mini Index | (178) | 3/2023 | USD | (34362900) | 954682 |
|  SPI 200 Index | (137) | 3/2023 | AUD | (16304724) | 300692 |
|  TOPIX Index | (139) | 3/2023 | JPY | (20033412) | 334972 |
|  U.S. Treasury 2 Year Note | (96) | 3/2023 | USD | (19687500) | (25614) |
|  U.S. Treasury 5 Year Note | (25) | 3/2023 | USD | (2698242) | 1159 |
|  U.S. Treasury 10 Year Note | (198) | 3/2023 | USD | (22234781) | 118430 |
|  |  |  |  |  | 3797294 |
|  |  |  |  |  | (141865) |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  GBP | 2447379 | USD | 2914106 | JPMorgan Chase Bank | 1/18/2023 | 45812 |
|  USD | 5725228 | GBP | 4723084 | Bank of America | 1/18/2023 | 13017 |
|  AUD | 15205093 | USD | 10262098 | BNP Paribas | 1/19/2023 | 96987 |
|  AUD | 39532365 | USD | 25167937 | Citibank NA | 1/19/2023 | 1765089 |
|  NZD | 13555724 | USD | 8361279 | Morgan Stanley | 2/2/2023 | 249175 |
|  USD | 2295825 | NZD | 3558008 | HSBC Bank plc | 2/2/2023 | 35816 |
|  NOK | 36335018 | USD | 3675208 | Citibank NA | 2/3/2023 | 38469 |
|  JPY | 891022555 | USD | 6627095 | BNP Paribas | 2/9/2023 | 195878 |
|  JPY | 1695231540 | USD | 12278529 | Citibank NA | 2/9/2023 | 702646 |
|  JPY | 256549889 | USD | 1956467 | HSBC Bank plc | 2/9/2023 | 8055 |
|  EUR | 5521172 | USD | 5926112 | Citibank NA | 2/27/2023 | 6182 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 3157126 |
|  GBP | 9495999 | USD | 11793612 | HSBC Bank plc | 1/18/2023 | (308924) |
|  USD | 41952376 | GBP | 35226686 | Bank of America | 1/18/2023 | (651619) |
|  USD | 3068475 | GBP | 2553585 | HSBC Bank plc | 1/18/2023 | (19892) |
|  AUD | 10781443 | USD | 7394230 | Bank of America | 1/19/2023 | (48935) |
|  USD | 15096359 | AUD | 22678511 | HSBC Bank plc | 1/19/2023 | (354295) |
|  USD | 2701930 | AUD | 4194963 | JPMorgan Chase Bank | 1/19/2023 | (156059) |
|  USD | 4824001 | NZD | 7752525 | Goldman Sachs Bank USA | 2/2/2023 | (100322) |
|  USD | 2290346 | NZD | 3619177 | JPMorgan Chase Bank | 2/2/2023 | (8520) |
|  USD | 3843961 | NOK | 38496902 | JPMorgan Chase Bank | 2/3/2023 | (90673) |
|  USD | 6418210 | SEK | 67432762 | HSBC Bank plc | 2/3/2023 | (56003) |
|  USD | 4149106 | SEK | 43514973 | Morgan Stanley | 2/3/2023 | (28762) |
|  USD | 4439228 | JPY | 604168173 | Morgan Stanley | 2/9/2023 | (187168) |
|  USD | 2770573 | EUR | 2631496 | Bank of America | 2/27/2023 | (56871) |
|  USD | 18800642 | EUR | 17811363 | HSBC Bank plc | 2/27/2023 | (337006) |
|  USD | 8564854 | EUR | 8017309 | Morgan Stanley | 2/27/2023 | (49446) |
|  CHF | 1957909 | USD | 2132548 | Citibank NA | 3/1/2023 | (1897) |
|  CHF | 3182282 | USD | 3471462 | HSBC Bank plc | 3/1/2023 | (8416) |
|  USD | 36779325 | CHF | 34157511 | Morgan Stanley | 3/1/2023 | (391809) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2856617) |
|  **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** | **Net unrealized appreciation** |  | 300509 |

---

See Notes to Financial Statements.

502

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $40814360 | $15726440 | $— | $56540800 |
|  Consumer Discretionary | 54163245 | 39867231 |  | 94030476 |
|  Consumer Staples | 40023709 | 37416510 |  | 77440219 |
|  Energy | 29129863 | 17849841 |  | 46979704 |
|  Financials | 64544052 | 67077305 |  | 131621357 |
|  Health Care | 87475541 | 48581981 | — (b) | 136057522 |
|  Industrials | 48326731 | 53750588 |  | 102077319 |
|  Information Technology | 142584318 | 27581527 |  | 170165845 |
|  Materials | 15118226 | 28116191 |  | 43234417 |
|  Real Estate | 14979692 | 9307676 |  | 24287368 |
|  Utilities | 17444378 | 12505718 |  | 29950096 |
|  **Forward Currency Contracts** |  | 3157126 |  | 3157126 |
|  **Futures** | 3822908 |  |  | 3822908 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 323024 |  |  | 323024 |
|  Repurchase Agreements |  | 4194461 |  | 4194461 |
|  **U.S. Government Agency Securities** |  | 42809429 |  | 42809429 |
|  **U.S. Treasury Obligations** |  | 563166969 |  | 563166969 |
|  **Total Assets** | $**558750047** | $**971108993** | $**—** | $**1529859040** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(2856617) | $— | $(2856617) |
|  **Futures** | (3964773) |  |  | (3964773) |
|  **Total Liabilities** | $**(3964773)** | $**(2856617)** | $**—** | $**(6821390)** |
|  **Total** | $**554785274** | $**968252376** | $**—** | $**1523037650** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $71,550 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

(b) Value is zero.

See Notes to Financial Statements.

503

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets - Unrealized appreciation | $119589 |
|  Foreign exchange contracts | Receivables | 3157126 |
|  Equity contracts | Receivables, Net assets - Unrealized appreciation | 3703319 |
|  **Total** |  | $6980034 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets - Unrealized depreciation | $(25614) |
|  Foreign exchange contracts | Payables | (2856617) |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | (3939159) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6821390 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $7400185 | $— | $7400185 |
|  Foreign exchange contracts |  | (5381000) | (5381000) |
|  Equity contracts | (37362272) |  | (37362272) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29962087) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5381000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35343087) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(175971) | $— | $(175971) |
|  Foreign exchange contracts |  | (635994) | (635994) |
|  Equity contracts | 1294225 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294225 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635994) | $482260 |

---

^ The Portfolio held forward foreign currency contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $481,508,000 and futures contracts with an average notional balance of approximately $356,934,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $13017 | $(13017) | $— | $— |
|  BNP Paribas | 292865 |  |  | 292865 |
|  Citibank NA | 2512386 | (1897) |  | 2510489 |
|  HSBC Bank plc | 43871 | (43871) |  |  |
|  JPMorgan Chase Bank | 45812 | (45812) |  |  |
|  Morgan Stanley | 249175 | (249175) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353772) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $757425 | $(13017) | $— | $744408 |
|  Citibank NA | 1897 | (1897) |  |  |
|  Goldman Sachs Bank USA | 100322 |  |  | 100322 |
|  HSBC Bank plc | 1084536 | (43871) |  | 1040665 |
|  JPMorgan Chase Bank | 255252 | (45812) |  | 209440 |
|  Morgan Stanley | 657185 | (249175) |  | 408010 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353772) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502845 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $50816579 |
|  Long-term U.S. government debt securities | 381731751 |
|  | $432548330 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $519792908 |
|  Long-term U.S. government debt securities | 434034008 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953826916 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $432053410 |
|  Aggregate gross unrealized depreciation | (147793657) |
|  Net unrealized appreciation | $284259753 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238777897 |

---

See Notes to Financial Statements.

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,230,085,320) | $1518684545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,194,461) | 4194461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 58491917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $389,922) | 391752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 17021031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5632816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 3157126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 134393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 107782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1607826725 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 11874826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4517485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2856617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 2214932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 989103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 342742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 178194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 23027657 |
|  **NET ASSETS** | $1584799068 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1570959695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 13839373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1584799068 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,584,799,068 / 143,818,784 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.02 |

---

*(x)* *Includes value of securities on loan of $7,277,003.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $898,837 foreign withholding tax) | $23029378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11480627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 137100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 34647105 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13376160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4676383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2301827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 237200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 130925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 78648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 63339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 54689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 20919171 |
|  **NET INVESTMENT INCOME (LOSS)** | 13727934 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 80635753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (29962087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (5381000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (25974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 45266692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (400559775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1118254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (635994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (69297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (400146812) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (354880120) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(341152186) |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13727934 | $14957078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 45266692 | 95310605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (400146812) | 160740646 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (341152186) | 271008329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (59861790) | (97923350) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (2593147) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 17,193,833 and 5,346,647 shares, respectively ] | 198956198 | 71322639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,497,732 and 7,557,650 shares, respectively ] | 59861790 | 100516497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (55291087) and (24894557) shares, respectively ] | (638669464) | (332031311) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (379851476) | (160192175) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (780865452) | 10299657 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2365664520 | 2355364863 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1584799068 | $2365664520 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/AB DYNAMIC MODERATE GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.41 | $12.50 | $13.38 | $12.01 | $13.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.08 (aa) | 0.10 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.06) | 1.42 | 0.45 | 1.73 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.97) | 1.50 | 0.55 | 1.89 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.19) | (0.10) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.35) | (0.39) | (1.33) | (0.37) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.42) | (0.59) | (1.43) | (0.52) | (0.27) |
|  Net asset value, end of year | $11.02 | $13.41 | $12.50 | $13.38 | $12.01 |
|  Total return | (14.63)% | 12.04% | 4.43% | 15.80% | (5.84)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367497 |
|  Ratio of expenses to average net assets (f) | 1.12 %(j) | 1.10 %(k) | 1.11 %(j) | 1.11 %(k) | 1.11 %(m) |
|  Ratio of net investment income (loss) to average net assets (f) | 0.73% | 0.62 %(bb) | 0.76% | 1.24% | 1.00% |
|  Portfolio turnover rate^ | 24% | 19% | 11% | 9% | 12% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.12% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.11% for Class IB.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.13% for Class IB.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amount would be $0.07.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratio for class IB would have been 0.11% lower.* 

See Notes to Financial Statements.

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**EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g29y47.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (1.83)% | 0.48% | 0.12 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (1.57) | 0.74 | 0.36 |  |
| &nbsp;&nbsp;&nbsp; ICE BofA 1-year U.S. Treasury Note Index | (0.96) | 1.10 | 0.76 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 5/21/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/21/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/21/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 5/21/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (1.83)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the ICE BofA 1-year U.S. Treasury Note Index, which returned (0.96)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Off-benchmark exposure to inflation-linked securities

• Shorter-than-benchmark duration exposure in the less-than one-year, four- to five-year and six- to seven-year parts of the
U.S. yield curve

***What hurt performance during the year:***

• Off-benchmark exposure to agencies, asset-backed securities and collateralized loan obligations

• Longer-than-benchmark duration exposure in the one- to four-year part of the U.S. yield curve

**Portfolio Positioning and Outlook — AllianceBernstein L.P.** 

At period end, the Portfolio's duration was slightly shorter than that of its benchmark.

The highest developed market inflation in over 40 years and the hawkish resolve of many central banks to combat the rising price spiral framed the challenging environment for capital markets in 2022. We expect 2023 to be a year of transition—with a gradual fading of pricing pressures as central banks adopt a more measured approach to inflation and growth prospects. The speed of the transition will depend on the lag effect of monetary tightening on economic growth as inflation continues to subside. We believe that developed market central banks will continue to tighten monetary policy, albeit with lower and perhaps less frequent rate hikes over the near-term horizon, in order to sufficiently bring inflation down closer to target during the year.

Goods pricing was the initial driver of the inflation escalation. Supply chain disruptions resulting from the COVID-19 pandemic pushed input prices higher as manufacturers struggled to meet surging demand. We believe that goods pricing will continue to be a driver of disinflation in coming months, as commodity input costs, shipping rates and demand fall while inventories normalize. The most obstinate source of recent inflation has been in the broader services sector. The rotation from goods to services and tight global labor markets led to higher wages that so far have been passed along to consumers. Since labor markets remain tight, we believe that when central banks reach a plateau in rates, higher borrowing costs will remain restrictive until labor markets weaken meaningfully. We do not see any imminent signs of tangible relief from the impact of higher wages, yet we expect unemployment to rise above its equilibrium level in most developed market economies.

Our economic forecasts in developed markets incorporate slowing output in several key economic zones, characterized by gross domestic product (GDP) growth close to zero in the U.S. and slightly below that in the UK and eurozone. The duration of growth slowdowns will vary by economic region, and we expect the damage to be worse in Europe because of the natural gas price shock from the conflict in Ukraine.

Corporate bond fundamentals remain solid at this point, given the strong starting point for this business cycle. Many corporations did not build up excess leverage that

509

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**EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (Unaudited)** 

typically characterizes the beginning of an economic downturn. Debt was termed out at low servicing costs as corporations took advantage of the recent period of lower yields to issue new debt. Default levels are expected to modestly increase yet remain low by historical comparisons.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 1.51 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.17 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 0.73 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA+ |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 40.6% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 38.4 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 8.7 |
| &nbsp;&nbsp;&nbsp; Financials | 3.0 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 2.5 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 2.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 0.6 |
| &nbsp;&nbsp;&nbsp; Industrials | 0.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.5 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 0.4 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 0.2 |
| &nbsp;&nbsp;&nbsp; Communication Services | 0.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.1 |
| &nbsp;&nbsp;&nbsp; Energy | 0.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.5 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

510

------

**EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.20 | $3.89 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.32 | 3.92 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.70 | 2.63 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.58 | 2.65 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.77% and 0.52%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.77% and 0.52%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.77% and 0.52%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.77% and 0.52%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

511

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** | **Asset-Backed Securities (8.7%)** |
|  ACM Auto Trust,<br>Series 2022-1A A 3.230%, 4/20/29§ | $683597 | $680231 |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1 A 1.070%, 8/15/25§ | 539642 | 524677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1 A 1.750%, 2/15/27§ | 1059629 | 1029973 |
|  AGL CLO 12 Ltd.,<br>Series 2021-12A A1 5.403%, 7/20/34 (l)§ | 3900765 | 3802138 |
|  Amur Equipment Finance Receivables XI LLC,<br>Series 2022-2A A2 5.300%, 6/21/28§ | 863000 | 853687 |
|  Avant Loans Funding Trust,<br>Series 2021-REV1 A 1.210%, 7/15/30§ | 4500000 | 4286183 |
|  Avis Budget Rental Car Funding AESOP LLC,<br>Series 2017-2A D 4.560%, 3/20/24§ | 1090500 | 1086704 |
|  BHG Securitization Trust,<br>Series 2022-A A 1.710%, 2/20/35§ | 301325 | 283494 |
|  Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A 2.090%, 7/15/24§ | 3246000 | 3204564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A 4.630%, 7/15/25§ | 2436000 | 2386379 |
|  Carmax Auto Owner Trust,<br>Series 2021-1 C 0.940%, 12/15/26 | 1177000 | 1069249 |
|  Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, | Carvana Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1 C 1.300%, 1/10/28 | 1369087 | 1256915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N2 B 0.750%, 3/10/28 | 274486 | 251661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C 1.020%, 6/12/28 | 1244683 | 1193430 |
|  Chase Auto Credit Linked Notes, | Chase Auto Credit Linked Notes, | Chase Auto Credit Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 B 0.875%, 9/25/28§ | 1751639 | 1681325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B 0.889%, 12/26/28§ | 1518934 | 1451379 |
|  CNH Equipment Trust,<br>Series 2022-C A2 5.420%, 7/15/26 | 2513000 | 2524552 |
|  CPS Auto Receivables Trust, | CPS Auto Receivables Trust, | CPS Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A C 0.830%, 9/15/26§ | 2902562 | 2860484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A B 1.700%, 4/16/29§ | 2195000 | 2124303 |
|  Crossroads Asset Trust,<br>Series 2021-A B 1.120%, 6/20/25§ | 1058000 | 1035409 |
|  Donlen Fleet Lease Funding LLC,<br>Series 2021-2 C 1.200%, 12/11/34§ | 1678000 | 1567859 |
|  Drive Auto Receivables Trust,<br>Series 2021-1 C 1.020%, 6/15/27 | 1230000 | 1203452 |
|  Dryden 78 CLO Ltd., | Dryden 78 CLO Ltd., | Dryden 78 CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A C 6.029%, 4/17/33 (l)§ | 2120000 | 1995766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A D 7.079%, 4/17/33 (l)§ | 850000 | 780114 |
|  DT Auto Owner Trust,<br>Series 2021-2A C 1.100%, 2/16/27§ | 1050000 | 996388 |
|  Elevation CLO Ltd.,<br>Series 2020-11A C 6.279%, 4/15/33 (l)§ | 1870000 | 1702951 |
|  Encina Equipment Finance LLC,<br>Series 2021-1A B 1.210%, 2/16/27§ | 900000 | 860682 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A C 0.740%, 1/15/26 | 2682062 | 2616637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A2 2.190%, 11/17/25 | 892580 | 891188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6A A2 5.730%, 11/17/25 | 1062000 | 1062900 |
|  FHF Trust,<br>Series 2021-2A A 0.830%, 12/15/26§ | 815976 | 782221 |
|  First Investors Auto Owner Trust,<br>Series 2021-2A C 1.470%, 11/15/27§ | 2862000 | 2625069 |
|  Flagship Credit Auto Trust,<br>Series 2020-4 C 1.280%, 2/16/27§ | 3820000 | 3663319 |
|  Ford Credit Auto Owner Trust,<br>Series 2021-1 C 1.910%, 10/17/33§ | 1168000 | 1005564 |
|  Foursight Capital Automobile Receivables Trust,<br>Series 2021-1 C 1.020%, 9/15/26§ | 1411000 | 1336992 |
|  Go Mortgage LLC,<br>1.433%, 8/15/26 (l) | 1022631 | 950134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 876000 | 824203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 98000 | 88914 |
|  Goldentree Loan Management US CLO 7 Ltd.,<br>Series 2020-7A AR 5.313%, 4/20/34 (l)§ | 2550000 | 2476501 |
|  Hardee's Funding LLC,<br>Series 2018-1A A23 5.710%, 6/20/48§ | 1350700 | 1272473 |
|  Hertz Vehicle Financing III LLC,<br>Series 2022-1A A 1.990%, 6/25/26§ | 2488000 | 2279976 |
|  LAD Auto Receivables Trust,<br>Series 2022-1A A 5.210%, 6/15/27§ | 1692100 | 1667974 |
|  Mission Lane Credit Card Master Trust,<br>Series 2021-A A 1.590%, 9/15/26§ | 808000 | 779680 |

---

See Notes to Financial Statements.

512

------

**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Neighborly Issuer LLC,<br>Series 2021-1A A2 3.584%, 4/30/51§ | $| 1314549 | $| 1038550 |
|  Nelnet Student Loan Trust,<br>Series 2021-CA AFX 1.320%, 4/20/62§ |  | 2241114 |  | 1981959 |
|  NMEF Funding LLC,<br>Series 2022-B A2 6.070%, 6/15/29§ |  | 931000 |  | 928476 |
|  OCP CLO Ltd.,<br>Series 2020-18A AR 5.333%, 7/20/32 (l)§ |  | 3424000 |  | 3348100 |
|  Rad CLO 2 Ltd.,<br>Series 2018-2A AR 5.159%, 10/15/31 (l)§ |  | 3513691 |  | 3454426 |
|  Rad CLO 7 Ltd.,<br>Series 2020-7A C 6.079%, 4/17/33 (l)§ |  | 970000 |  | 920276 |
|  Research-Driven Pagaya Motor Asset Trust VII,<br>Series 2022-3A A 5.380%, 11/25/30§ |  | 2033566 |  | 1981800 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B B 5.721%, 8/16/32§ |  | 1944670 |  | 1935706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C B 6.451%, 12/15/32§ |  | 1641290 |  | 1641211 |
|  Santander Consumer Auto Receivables Trust,<br>Series 2021-BA B 1.450%, 10/16/28§ |  | 1534053 |  | 1506950 |
|  United Auto Credit Securitization Trust,<br>Series 2022-2 A 4.390%, 4/10/25§ |  | 1438386 |  | 1429107 |
|  Voya CLO Ltd.,<br>Series 2019-1A DR 6.929%, 4/15/31 (l)§ |  | 800000 |  | 694037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 87878292 |
|  **Collateralized Mortgage Obligations (2.3%)** | **Collateralized Mortgage Obligations (2.3%)** | **Collateralized Mortgage Obligations (2.3%)** | **Collateralized Mortgage Obligations (2.3%)** | **Collateralized Mortgage Obligations (2.3%)** |
|  Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., | Bellemeade Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A M1B 6.139%, 3/25/29 (l)§ |  | 99259 |  | 99218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A M1B 5.989%, 7/25/29 (l)§ |  | 205520 |  | 205419 |
|  Chase Mortgage Finance Corp.,<br>Series 2019-CL1 M3 6.489%, 4/25/47 (l)§ |  | 300643 |  | 288067 |
|  Connecticut Avenue Securities Trust,<br>Series 2022-R05 2M1 5.828%, 4/25/42 (l)§ |  | 687891 |  | 681371 |
|  FHLMC, | FHLMC, | FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3305 FT 4.718%, 7/15/34 (l) |  | 47728 |  | 46829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3349 FE 4.808%, 7/15/37 (l) |  | 891705 |  | 878299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM 4.818%, 2/15/41 (l) |  | 29487 |  | 29040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH 4.768%, 9/15/41 (l) |  | 28776 |  | 28122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4029 LD<br> 1.750%, 1/15/27 |  | 846046 |  | 815023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4087 FB 4.788%, 7/15/42 (l) |  | 851662 |  | 831123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4286 VF 4.768%, 12/15/43 (l) |  | 628998 |  | 612342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4350 KF<br> 2.823%, 1/15/39 (l) |  | 301571 |  | 288831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4457 BA<br> 3.000%, 7/15/39 |  | 2794653 |  | 2577645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4459 CA<br> 5.000%, 12/15/34 |  | 421747 |  | 420470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4483 A<br> 3.000%, 12/15/29 |  | 193212 |  | 186765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4486 JN<br> 2.000%, 11/15/24 |  | 831445 |  | 810888 |
|  FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, | FHLMC STACR REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M1A 6.078%, 9/25/42 (l)§ |  | 1051306 |  | 1051947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br> 6.428%, 3/25/52 (l)§ |  | 2903685 |  | 2913388 |
|  FNMA, | FNMA, | FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42 CF 4.839%, 6/25/36 (l) |  | 42759 |  | 42185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF 5.069%, 12/25/37 (l) |  | 66421 |  | 65754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-39 FT 5.339%, 10/25/35 (l) |  | 1669702 |  | 1678596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-53 FT 4.969%, 6/25/41 (l) |  | 153016 |  | 150698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 KF 4.939%, 9/25/41 (l) |  | 152028 |  | 149325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF 4.939%, 9/25/41 (l) |  | 64384 |  | 63297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65 FA 4.839%, 6/25/42 (l) |  | 26078 |  | 25425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-121 FA 4.789%, 12/25/43 (l) |  | 478617 |  | 468494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-49 AF 3.449%, 8/25/44 (l) |  | 1583211 |  | 1536462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04 1M2 9.289%, 11/25/24 (l) |  | 697307 |  | 715455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04 2M2 9.389%, 11/25/24 (l) |  | 79712 |  | 80591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C01 1M2 8.689%, 2/25/25 (l) |  | 231383 |  | 235433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02 1M2 8.389%, 5/25/25 (l) |  | 59780 |  | 60078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02 1M2 10.389%, 9/25/28 (l) |  | 395995 |  | 409454 |
|  HFX Funding Issuer LLC,<br>3.622%, 3/15/35 (l) |  | 2920000 |  | 2709863 |
|  PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R A 7.137%, 5/27/23 (l)§ |  | 524285 |  | 501743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R A<br> 8.087%, 11/27/31 (l)§ |  | 98184 |  | 93902 |
|  Radnor RE Ltd., | Radnor RE Ltd., | Radnor RE Ltd., | Radnor RE Ltd., | Radnor RE Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1B 6.339%, 2/25/29 (l)§ |  | 1277057 |  | 1262396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 M1B 6.139%, 6/25/29 (l)§ |  | 210930 |  | 210691 |

---

See Notes to Financial Statements.

513

------

**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 M1A 5.339%, 1/25/30 (l)§ | $| 159322 | $| 159097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 23383726 |  |
|  **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** | **Commercial Mortgage-Backed Securities (2.5%)** |  |
|  Ashford Hospitality Trust,<br>Series 2018-KEYS A 5.318%, 6/15/35 (l)§ |  | 1590446 |  | 1540814 |  |
|  BAMLL Commercial Mortgage<br>Securities Trust, Series 2013-WBRK D 3.534%, 3/10/37 (l)§ |  | 1250000 |  | 1056063 |  |
|  BBCMS Mortgage Trust,<br>Series 2020-BID A 6.458%, 10/15/37 (l)§ |  | 3190000 |  | 3142427 |  |
|  BFLD Trust,<br>Series 2021-FPM A 5.918%, 6/15/38 (l)§ |  | 4795000 |  | 4571595 |  |
|  Citigroup Commercial Mortgage Trust,<br>Series 2013-GC11 B 3.732%, 4/10/46 (l) |  | 2000000 |  | 1948679 |  |
|  CLNY Trust,<br>Series 2019-IKPR D 6.343%, 11/15/38 (l)§ |  | 2400000 |  | 2220184 |  |
|  GCT Commercial Mortgage Trust,<br>Series 2021-GCT B 5.568%, 2/15/38 (l)§ |  | 2996618 |  | 2787919 |  |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 AS 5.154%, 8/10/44 (l)§ |  | 2839031 |  | 2778076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5 D 5.154%, 8/10/44 (l)§ |  | 49051 |  | 21386 |  |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C3 C 5.083%, 7/15/49 (l)§ |  | 271915 |  | 266325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BPR C 7.618%, 5/15/36 (l)§ |  | 2220000 |  | 2127340 |  |
|  UBS-Barclays Commercial Mortgage Trust,<br>Series 2013-C5 B 3.649%, 3/10/46 (l)§ |  | 2414356 |  | 2352188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  |  | 24812996 |  |
|  **Corporate Bonds (5.3%)** | **Corporate Bonds (5.3%)** | **Corporate Bonds (5.3%)** | **Corporate Bonds (5.3%)** | **Corporate Bonds (5.3%)** |  |
|  **Communication Services (0.2%)** | **Communication Services (0.2%)** | **Communication Services (0.2%)** |  |  |  |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | **** |
|  Warnermedia Holdings, Inc.<br>3.788%, 3/15/25 (x)§ |  | 1728000 |  | 1652331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 1652331 |  |
|  **Consumer Discretionary (0.5%)** | **Consumer Discretionary (0.5%)** | **Consumer Discretionary (0.5%)** |  |  |  |
|  ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | **** |
|  Las Vegas Sands Corp.<br>3.200%, 8/8/24 |  | 1453000 |  | 1382109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 6/25/25 |  | 2462000 |  | 2260741 |  |
|  |  |  |  | 3642850 |  |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  Amazon.com, Inc.<br>4.550%, 12/1/27 |  | 1519000 |  | 1513334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 5156184 |  |
|  **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |  |  |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  Philip Morris International, Inc.<br>5.000%, 11/17/25 |  | 1509000 |  | 1516129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 1516129 |  |
|  **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |  |  |  |
|  ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | ***Oil, Gas & Consumable Fuels (0.1%)*** | **** |
|  Var Energi ASA 7.500%, 1/15/28§ |  | 1370000 |  | 1396798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 1396798 |  |
|  **Financials (3.0%)** | **Financials (3.0%)** | **Financials (3.0%)** |  |  |  |
|  ***Banks (2.0%)*** | ***Banks (2.0%)*** | ***Banks (2.0%)*** | ***Banks (2.0%)*** | ***Banks (2.0%)*** | **** |
|  AIB Group plc<br>(SOFR + 3.46%),<br>7.583%, 10/14/26 (k)§ |  | 2071000 |  | 2112146 |  |
|  Banco Bilbao Vizcaya Argentaria SA<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%),<br>5.862%, 9/14/26 (k) |  | 1600000 |  | 1599918 |  |
|  Banco Santander SA<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%),<br>4.175%, 3/24/28 (k) |  | 600000 |  | 556745 |  |
|  Bank of America Corp.<br>(SOFR + 1.58%),<br>4.376%, 4/27/28 (k) |  | 2279000 |  | 2177516 |  |
|  Bank of Ireland Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%),<br>6.253%, 9/16/26 (k)§ |  | 424000 |  | 420980 |  |
|  Barclays plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%),<br>7.325%, 11/2/26 (k) |  | 1506000 |  | 1562157 |  |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 2.999%, 3/10/26 (k) |  | 2908000 |  | 2730598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%), 5.210%, 8/11/28 (k) |  | 1051000 |  | 1015637 |  |
|  Intesa Sanpaolo SpA<br>7.000%, 11/21/25§ |  | 278000 |  | 283319 |  |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 5.546%, 12/15/25 (k) |  | 1521000 |  | 1518764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 4.851%, 7/25/28 (k) |  | 2091000 |  | 2042520 |  |
|  NatWest Group plc<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%),<br>7.472%, 11/10/26 (k)(x) |  | 520000 |  | 545035 |  |

---

See Notes to Financial Statements.

514

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Santander UK Group Holdings plc<br>(SOFR + 2.75%),<br>6.833%, 11/21/26 (k) | $| 1509000 | $| 1529935 |  |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%),<br>7.776%, 11/16/25 (k)§ |  | 1039000 |  | 1073292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%),<br>3.971%, 3/30/26 (k)§ |  | 892000 |  | 848670 |  |
|  |  |  |  | 20017232 |  |
|  ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | **** |
|  Credit Suisse AG<br>6.500%, 8/8/23§ |  | 1698000 |  | 1642815 |  |
|  Credit Suisse Group AG<br>(SOFR + 3.34%), 6.373%, 7/15/26 (k)§ |  | 910000 |  | 852085 |  |
|  Deutsche Bank AG<br>(SOFR + 3.19%), 6.119%, 7/14/26 (k) |  | 739000 |  | 735730 |  |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%), 4.210%, 4/20/28 (k) |  | 853000 |  | 811636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.296%, 10/18/28 (k) |  | 1716000 |  | 1765803 |  |
|  UBS Group AG<br>(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%),<br>4.488%, 5/12/26 (k)§ |  | 596000 |  | 583319 |  |
|  |  |  |  | 6391388 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  Harley-Davidson Financial Services, Inc.<br>3.050%, 2/14/27§ |  | 630000 |  | 562359 |  |
|  Synchrony Financial<br>4.875%, 6/13/25 |  | 853000 |  | 832341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 |  | 895000 |  | 798370 |  |
|  |  |  |  | 2193070 |  |
|  ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | **** |
|  Nationwide Building Society<br>(SOFR + 1.29%), 2.972%, 2/16/28 (k)§ |  | 1611000 |  | 1417709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 30019399 |  |
|  **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |  |  |  |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | **** |
|  Zoetis, Inc.<br>5.400%, 11/14/25 |  | 856000 |  | 872757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 872757 |  |
|  **Industrials (0.6%)** | **Industrials (0.6%)** | **Industrials (0.6%)** |  |  |  |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | **** |
|  CNH Industrial Capital LLC<br>3.950%, 5/23/25 |  | 1680000 |  | 1630807 |  |
|  Parker-Hannifin Corp.<br>3.650%, 6/15/24 |  | 1641000 |  | 1607790 |  |
|  |  |  |  | 3238597 |  |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | **** |
|  Aviation Capital Group LLC<br>5.500%, 12/15/24§ |  | 388000 |  | 378331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/26§ |  | 1884000 |  | 1631254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ |  | 623000 |  | 526473 |  |
|  |  |  |  | 2536058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 5774655 |  |
|  **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** |  |  |  |
|  ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | ***IT Services (0.3%)*** | **** |
|  Kyndryl Holdings, Inc.<br>2.050%, 10/15/26 |  | 4060000 |  | 3331617 |  |
|  ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | ***Semiconductors & Semiconductor Equipment (0.1%)*** | **** |
|  TSMC Arizona Corp.<br>3.875%, 4/22/27 |  | 931000 |  | 889862 |  |
|  ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** | ***Software (0.1%)*** | **** |
|  Workday, Inc.<br>3.500%, 4/1/27 |  | 1138000 |  | 1067738 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  HP, Inc.<br>4.750%, 1/15/28 |  | 1336000 |  | 1298328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 6587545 |  |
|  **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.1%)*** | **** |
|  American Tower Corp. (REIT)<br>3.650%, 3/15/27 |  | 1138000 |  | 1064555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 1064555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 54040353 |  |
|  **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** | **Mortgage-Backed Securities (0.4%)** |  |
|  FHLMC UMBS<br>3.500%, 10/1/49 |  | 785577 |  | 730017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 |  | 3655911 |  | 3398289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  |  | 4128306 |  |
|  **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** | **Municipal Bonds (0.2%)** |  |
|  Arizona Salt River Project, Agricultural Improvement & Power District, Revenue Bonds,<br>Series 2010A<br>4.839%, 1/1/41 |  | 18000 |  | 17571 |  |
|  Bay Area Toll Authority<br>6.263%, 4/1/49 |  | 7000 |  | 7936 |  |
|  Central Puget Sound Regional Transit Authority 5.491%, 11/1/39 |  | 6000 |  | 6258 |  |
|  City & County of San Francisco Public Utilities Commission, Revenue Bonds,<br>Series 2010E<br>6.000%, 11/1/40 |  | 8000 |  | 8626 |  |

---

See Notes to Financial Statements.

515

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  City of Chicago, International Airport, Revenue Bonds,<br>Series 2010B<br>6.395%, 1/1/40 | $6000 | $6707 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series 2010EE<br>6.011%, 6/15/42 | 6000 | 6658 |
|  City of New York Transitional Finance Authority, Future Tax Secured Bonds, Revenue Bonds,<br>Series 2011A<br>5.508%, 8/1/37 | 7000 | 7185 |
|  City of New York, General Obligation Bonds,<br>Series 2009-A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2 5.206%, 10/1/31 | 6000 | 6066 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series 2010GG<br>5.724%, 6/15/42 | 8000 | 8610 |
|  Commonwealth of Massachusetts, General Obligation Bonds,<br>Series 2009E<br>5.456%, 12/1/39 | 7000 | 7348 |
|  County of Los Angeles Community College District, General Obligation Bonds,<br>Series 2008-E<br>6.750%, 8/1/49 | 6000 | 7459 |
|  County of Los Angeles Unified School District, General Obligation Bonds,<br>Series 2009-KRY<br>5.755%, 7/1/29 | 6000 | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 7/1/34 | 7000 | 7312 |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds,<br>Series 2010B<br>6.731%, 7/1/43 | 6000 | 6703 |
|  Georgia Municipal Electric Authority, Revenue Bonds,<br>Series 2010A<br>6.637%, 4/1/57 | 37000 | 39580 |
|  Los Angeles Community College District<br>6.600%, 8/1/42 | 31000 | 37193 |
|  Massachusetts Clean Water Trust (The)<br>5.192%, 8/1/40 | 40000 | 40108 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010A<br>6.668%, 11/15/39 | 8000 | 8263 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010B-1 6.548%, 11/15/31 | 6000 | 6098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.648%, 11/15/39 | 6000 | 6177 |
|  Metropolitan Washington Airports Authority, Revenue Bonds,<br>Series 2009D<br>7.462%, 10/1/46 | 9000 | 11057 |
|  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Revenue Bonds,<br>Series 2010B<br>6.561%, 12/15/40 | 31000 | 33348 |
|  North Texas Tollway Authority<br>6.718%, 1/1/49 | 8000 | 9482 |
|  Ohio State University (The)<br>4.910%, 6/1/40 | 6000 | 6016 |
|  Pennsylvania Turnpike Commission, Revenue Bonds,<br>Series 2010B<br>5.511%, 12/1/45 | 9000 | 9040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 | 7000 | 7050 |
|  San Diego County Water Authority<br>6.138%, 5/1/49 | 6000 | 6636 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1<br>6.793%, 4/1/30 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.918%, 4/1/40 | 6000 | 7010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 6000 | 7376 |
|  State of California, Various Purposes, General Obligation Bonds,<br>Series 2009<br>7.350%, 11/1/39 | 6000 | 7324 |
|  State of Georgia, General Obligation Bonds,<br>Series 2009H<br>4.503%, 11/1/25 | 1000 | 997 |
|  State of New York Dormitory Authority, Personal Income Tax, Revenue Bonds,<br>Series 2010D<br>5.500%, 3/15/30 | 6000 | 6065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 3/15/40 | 6000 | 6208 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds,<br>Series 2009E<br>5.770%, 3/15/39 | 8000 | 8216 |
|  State of Washington Motor Vehicle Fuel Tax, Revenue Bonds,<br>Series 2010D<br>5.481%, 8/1/39 | 6000 | 6277 |
|  State of Washington Motor Vehicle Fuel Tax, Revenue Bonds,<br>Series 2010F<br>5.090%, 8/1/33 | 6000 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%, 8/1/40 | 6000 | 6058 |
|  Tobacco Settlement Finance Authority<br>3.000%, 6/1/35 | 1505137 | 1350710 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 1744136 |

---

See Notes to Financial Statements.

516

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Government Agency Securities (40.6%)** | **U.S. Government Agency Securities (40.6%)** | **U.S. Government Agency Securities (40.6%)** |
|  FFCB<br>0.125%, 3/9/23 | $50000000 | $49596460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/13/23 | 50000000 | 49382860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/28/23 | 35000000 | 34234665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 1/18/24 | 20000000 | 19198000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/6/24 | 40000000 | 39414268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/6/25 | 7000000 | 6544025 |
|  FHLB<br>0.125%, 8/28/23 | 24165000 | 23436450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/9/23 | 22000000 | 21200432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/3/24 | 45000000 | 45076680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 | 20000000 | 18393194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 | 12000 | 13181 |
|  FHLMC<br>2.750%, 6/19/23 | 2717000 | 2690079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/24/23 | 13000000 | 12631245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 11/6/23 | 50000000 | 48107610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/12/25 | 25500000 | 24033138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/21/25 | 12900000 | 11679963 |
|  FNMA<br>2.500%, 2/5/24 | 5000000 | 4879956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 410512206 |
|  **U.S. Treasury Obligations (32.6%)** | **U.S. Treasury Obligations (32.6%)** | **U.S. Treasury Obligations (32.6%)** |
|  U.S. Treasury Notes<br>0.125%, 5/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;27722000 | 27226031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 9/30/23 | 9213500 | 8913458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/23 | 50691300 | 50055205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 12/31/23 | 20295700 | 19516727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/29/24 | 35079600 | 33816503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/31/24 | 40703500 | 39503956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/24 | 29738900 | 29031126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/31/24 | 16335300 | 16294824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/24 | 58524200 | 58356177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 49367000 | 47809012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 330523019 |
|  **Total Long-Term Debt Securities (92.6%)**<br> *(Cost $966,705,773)* |  | 937023034 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreement (0.1%)** | **Repurchase Agreement (0.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $562,838, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $573,827. (xx) | 562575 | 562575 |
|  **U.S. Treasury Obligations (5.8%)** | **U.S. Treasury Obligations (5.8%)** |  |
|  U.S. Treasury Bills<br>4.18%, 3/30/23 (p) | &nbsp;&nbsp;&nbsp;&nbsp;51181000 | 50657076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/2/23 (p) | 9051500 | 8710603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 59367679 |
|  **Total Short-Term Investments (5.9%)**<br> *(Cost $59,948,115)* |  | 59930254 |
|  **Total Investments in Securities (98.5%)**<br> *(Cost $1,026,653,888)* |  | 996953288 |
|  **Other Assets Less Liabilities (1.5%)** |  | 15159188 |
|  **Net Assets (100%)** |  | $1012112476 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $119,658,494 or 11.8% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $549,837. This was collateralized by cash of $562,575 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *CLO* | | *—* | | *Collateralized Loan Obligation* |
|  *FFCB* | | *—* | | *Federal Farm Credit Bank* |
|  *FHLB* | | *—* | | *Federal Home Loan Bank* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *REMIC* | | *—* | | *Real Estate Mortgage Investment Conduit* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *STACR* | | *—* | | *Structured Agency Credit Risk* |
|  *UMBS* | | *—* | | *Uniform Mortgage-Backed Securities* |
|  *USD* | | *—* | | *United States Dollar* |

---

See Notes to Financial Statements.

517

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 2 Year Note | 460 | 3/2023 | USD | 94335938 | 54898 |
|  |  |  |  |  | 54898 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 5 Year Note | (1524) | 3/2023 | USD | (164484844) | 57641 |
|  U.S. Treasury 10 Year Note | (57) | 3/2023 | USD | (6400922) | 34314 |
|  U.S. Treasury Ultra Bond | (4) | 3/2023 | USD | (537250) | 14119 |
|  |  |  |  |  | 106074 |
|  |  |  |  |  | 160972 |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $87878292 | $— | $87878292 |
|  **Collateralized Mortgage Obligations** |  | 23383726 |  | 23383726 |
|  **Commercial Mortgage-Backed Securities** |  | 24812996 |  | 24812996 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 1652331 |  | 1652331 |
|  Consumer Discretionary |  | 5156184 |  | 5156184 |
|  Consumer Staples |  | 1516129 |  | 1516129 |
|  Energy |  | 1396798 |  | 1396798 |
|  Financials |  | 30019399 |  | 30019399 |
|  Health Care |  | 872757 |  | 872757 |
|  Industrials |  | 5774655 |  | 5774655 |
|  Information Technology |  | 6587545 |  | 6587545 |
|  Real Estate |  | 1064555 |  | 1064555 |
|  **Futures** | 160972 |  |  | 160972 |
|  **Mortgage-Backed Securities** |  | 4128306 |  | 4128306 |
|  **Municipal Bonds** |  | 1744136 |  | 1744136 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreement |  | 562575 |  | 562575 |
|  U.S. Treasury Obligations |  | 59367679 |  | 59367679 |
|  **U.S. Government Agency Securities** |  | 410512206 |  | 410512206 |
|  **U.S. Treasury Obligations** |  | 330523019 |  | 330523019 |
|  **Total Assets** | $**160972** | $**996953288** | $**—** | $**997114260** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**160972** | $**996953288** | $**—** | $**997114260** |

---

See Notes to Financial Statements.

518

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets - Unrealized appreciation | $160972 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160972 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $6083444 | $6083444 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6083444 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $251920 | $251920 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251920 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $176,393,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $215417279 |
|  Long-term U.S. government debt securities | 297119068 |
|  | $512536347 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $283225137 |
|  Long-term U.S. government debt securities | 413683790 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696908927 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $807740 |
|  Aggregate gross unrealized depreciation | (30706839) |
|  Net unrealized depreciation | $(29899099) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027013359 |

---

See Notes to Financial Statements.

519

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,026,091,313) | $996390713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $562,575) | 562575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1717626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 2687465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 115820859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4745131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 529974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 94415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1122556407 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 109022299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 562575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 346151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 281769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 98275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 81858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 110443931 |
|  **NET ASSETS** | $1012112476 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1051591001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (39478525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1012112476 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $462,873,943 / 48,351,380 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.57 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $549,238,533 / 57,041,724 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.63 |

---

*(x)* *Includes value of securities on loan of $549,837.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $13182606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 16215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13198843 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4815352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1170446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1006103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 91652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 47496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 35655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 43827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7243731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (431930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6811801 |
|  **NET INVESTMENT INCOME (LOSS)** | 6387042 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (6662129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6083444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (578685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (26311659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 251920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26059739) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (26638424) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(20251382) |

---

See Notes to Financial Statements.

520

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6387042 | $5716547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (578685) | 5484963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26059739) | (13115644) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (20251382) | (1914134) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2445437) | (1896311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (4281265) | (4479032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6726702) | (6375343) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 11,649,100 and 14,209,856 shares, respectively ] | 112156040 | 140342333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 255,893 and 193,427 shares, respectively ] | 2445437 | 1896311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11726633) and (18138448) shares, respectively ] | (112856788) | (179060291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 1744689 | (36821647) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,447,569 and 17,796,937 shares, respectively ] | 52688960 | 176947939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 445,427 and 454,273 shares, respectively ] | 4281265 | 4479032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20961113) and (54290385) shares, respectively ] | (202980186) | (539752079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (146009961) | (358325108) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (144265272) | (395146755) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (171243356) | (403436232) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1183355832 | 1586792064 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1012112476 | $1183355832 |

---

See Notes to Financial Statements.

521

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**EQ ADVISORS TRUST** 

EQ/AB SHORT DURATION GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.80 | $9.88 | $9.88 | $9.80 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.02 | 0.09 | 0.17 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.22) | (0.06) |  | 0.09 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.18) | (0.04) | 0.09 | 0.26 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.04) | (0.09) | (0.18) | (0.13) |
|  Net asset value, end of year | $9.57 | $9.80 | $9.88 | $9.88 | $9.80 |
|  Total return | (1.83)% | (0.42)% | 0.94 | 2.63% | 1.12% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $462874 | $472296 | $512688 | $486821 | $515609 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.77% | 0.79% | 0.80 | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.81% | 0.80% | 0.81 | 0.81% | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.47% | 0.19% | 0.87 | 1.75% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.43% | 0.18% | 0.86 | 1.75% | 1.24% |
|  Portfolio turnover rate^ | 50% | 77% | 65 | 37% | 48% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.86 | $9.93 | $9.93 | $9.86 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.04 | 0.11 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.23) | (0.05) | 0.01 | 0.07 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) | (0.01) | 0.12 | 0.27 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.06) | (0.12) | (0.20) | (0.15) |
|  Net asset value, end of year | $9.63 | $9.86 | $9.93 | $9.93 | $9.86 |
|  Total return | (1.57)% | (0.09)% | 1.18 | 2.76% | 1.47% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059567 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887570 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.52% | 0.54% | 0.55 | 0.55% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.56% | 0.55% | 0.56 | 0.56% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.68% | 0.45% | 1.12 | 2.01% | 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.64% | 0.44% | 1.11 | 2.01% | 1.49% |
|  Portfolio turnover rate^ | 50% | 77% | 65 | 37% | 48% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

522

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**EQ/AB SMALL CAP GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g52c53.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (28.45)% | 5.28% | 9.52 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (28.42) | 5.30 | 9.53 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (28.28) | 5.56 | 9.80 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Growth Index | (26.36) | 3.51 | 9.20 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (28.42)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Growth Index, which returned (26.36)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• An underweight to Communication Services and an overweight to Industrials relative to the benchmark contributed to
Portfolio performance.

• Security selection within Financials and Materials added to returns.

• Top contributors included Matador Resources Co., Howmet Aerospace, Inc. and Axon Enterprise, Inc.

***What hurt performance during the year:***

• An overweight to Energy and an underweight to Materials relative to the benchmark detracted from Portfolio performance.

• Security selection within Technology and Health Care hurt performance.

• Individual detractors included R1 RCM, Inc., Latham Group, Inc. and MongoDB, Inc.

**Portfolio Positioning and Outlook — AllianceBernstein L.P.** 

Moderating freight costs, coupled with the easing of global supply chain bottlenecks, could begin to cool inflation. However, wages have been more sticky given healthy demand for labor which has led the Federal Reserve to be more hawkish than investors had hoped. As financial conditions continue to tighten, absolute valuations for small- and mid-cap growth stocks have corrected sharply and indiscriminately, to almost record low levels relative to the broader market.

The lack of risk appetite has led to little differentiation for our fundamental outperformers. Historically, after sustained periods of our approach being out of favor, the risk/reward for our high-quality secular growth ideas should become increasingly compelling. While the exact timing of a market bottom is impossible to predict, extremely attractive valuations of our small- and mid-cap growth strategy relative to the benchmark could help set the stage for potential future outperformance.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 19.9% |
| &nbsp;&nbsp;&nbsp; Information Technology | 18.5 |
| &nbsp;&nbsp;&nbsp; Health Care | 17.0 |
| &nbsp;&nbsp;&nbsp; Financials | 12.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 11.7 |
| &nbsp;&nbsp;&nbsp; Energy | 7.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 3.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.2 |
| &nbsp;&nbsp;&nbsp; Materials | 3.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 1.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.3 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (2.7) |
|  | 100.0% |

---

523

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**EQ/AB SMALL CAP GROWTH PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1033.00 | $4.70 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.58 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1033.90 | 4.70 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.58 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1034.70 | 3.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.84 | 3.40 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

524

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.3%)** | **Communication Services (1.3%)** | **Communication Services (1.3%)** |  |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | **** |
|  Anterix, Inc.\* | 3400 | $109378 |  |
|  ATN International, Inc. | 4300 | 194833 |  |
|  Bandwidth, Inc., Class A\* | 22500 | 516375 |  |
|  Charge Enterprises, Inc. (x)\* | 52600 | 65224 |  |
|  Cogent Communications Holdings, Inc. | 15982 | 912252 |  |
|  Consolidated Communications Holdings, Inc.\* | 28822 | 103183 |  |
|  EchoStar Corp., Class A\* | 16600 | 276888 |  |
|  Globalstar, Inc. (x)\* | 243100 | 323323 |  |
|  IDT Corp., Class B\* | 8000 | 225360 |  |
|  Iridium Communications, Inc.\* | 49700 | 2554580 |  |
|  Liberty Latin America Ltd., Class A\* | 13900 | 104667 |  |
|  Liberty Latin America Ltd., Class C\* | 73533 | 558851 |  |
|  Ooma, Inc.\* | 1100 | 14982 |  |
|  Radius Global Infrastructure, Inc.\* | 22800 | 269496 |  |
|  |  | 6229392 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  Cinemark Holdings, Inc.\* | 53300 | 461578 |  |
|  IMAX Corp.\* | 26000 | 381160 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 4800 | 156816 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 16500 | 531795 |  |
|  Lions Gate Entertainment Corp., Class A\* | 34400 | 196424 |  |
|  Lions Gate Entertainment Corp., Class B\* | 46100 | 250323 |  |
|  Madison Square Garden Entertainment Corp.\* | 10111 | 454692 |  |
|  Marcus Corp. (The)(x) | 2900 | 41731 |  |
|  Playstudios, Inc.\* | 9200 | 35696 |  |
|  Reservoir Media, Inc.\* | 600 | 3582 |  |
|  Skillz, Inc. (x)\* | 107000 | 54195 |  |
|  |  | 2567992 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  Arena Group Holdings, Inc. (The)\* | 300 | 3183 |  |
|  Bumble, Inc., Class A\* | 31400 | 660970 |  |
|  Cargurus, Inc.\* | 35774 | 501194 |  |
|  Cars.com, Inc.\* | 35000 | 481950 |  |
|  DHI Group, Inc.\* | 1700 | 8993 |  |
|  Eventbrite, Inc., Class A\* | 32100 | 188106 |  |
|  EverQuote, Inc., Class A\* | 2900 | 42746 |  |
|  fuboTV, Inc. (x)\* | 140400 | 244296 |  |
|  Leafly Holdings, Inc. (x)\* | 5900 | 3846 |  |
|  MediaAlpha, Inc., Class A\* | 8400 | 83580 |  |
|  Outbrain, Inc.\* | 2000 | 7240 |  |
|  QuinStreet, Inc.\* | 14500 | 208075 |  |
|  Shutterstock, Inc. | 9700 | 511384 |  |
|  TrueCar, Inc.\* | 39300 | 98643 |  |
|  Vimeo, Inc.\* | 52100 | 178703 |  |
|  Vinco Ventures, Inc. (x)\* | 60800 | 28211 |  |
|  Yelp, Inc.\* | 27700 | 757318 |  |
|  Ziff Davis, Inc.\* | 16800 | 1328880 |  |
|  ZipRecruiter, Inc., Class A\* | 29100 | 477822 |  |
|  |  | 5815140 |  |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 1000 | 1660 |  |
|  Advantage Solutions, Inc.\* | 17800 | 37024 |  |
|  AMC Networks, Inc., Class A\* | 12900 | 202143 |  |
|  Audacy, Inc. (x)\* | 29400 | 6618 |  |
|  Boston Omaha Corp., Class A\* | 3700 | 98050 |  |
|  Cardlytics, Inc.\* | 25300 | 146234 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 167500 | 175875 |  |
|  Cumulus Media, Inc., Class A\* | 1200 | 7452 |  |
|  Daily Journal Corp.\* | 100 | 25051 |  |
|  Entravision Communications Corp., Class A | 1700 | 8160 |  |
|  EW Scripps Co. (The), Class A\* | 21965 | 289718 |  |
|  Gambling.com Group Ltd.\* | 400 | 3660 |  |
|  Gannett Co., Inc.\* | 58700 | 119161 |  |
|  Gray Television, Inc. | 41800 | 467742 |  |
|  iHeartMedia, Inc., Class A\* | 44800 | 274624 |  |
|  Innovid Corp.\* | 3100 | 5301 |  |
|  Integral Ad Science Holding Corp.\* | 15200 | 133608 |  |
|  John Wiley & Sons, Inc., Class A | 17300 | 693038 |  |
|  Loyalty Ventures, Inc.\* | 14400 | 34704 |  |
|  Magnite, Inc.\* | 48238 | 510841 |  |
|  PubMatic, Inc., Class A\* | 15200 | 194712 |  |
|  Scholastic Corp. | 13300 | 524818 |  |
|  Sinclair Broadcast Group, Inc., Class A | 25900 | 401709 |  |
|  Stagwell, Inc.\* | 10700 | 66447 |  |
|  TechTarget, Inc.\* | 12000 | 528720 |  |
|  TEGNA, Inc. | 84800 | 1796912 |  |
|  Thryv Holdings, Inc.\* | 5800 | 110200 |  |
|  Urban One, Inc.\* | 500 | 1880 |  |
|  Urban One, Inc., Class A\* | 400 | 1820 |  |
|  WideOpenWest, Inc.\* | 20100 | 183111 |  |
|  |  | 7050993 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  Gogo, Inc.\* | 25100 | 370476 |  |
|  KORE Group Holdings, Inc. (x)\* | 600 | 756 |  |
|  Shenandoah Telecommunications Co. | 24728 | 392681 |  |
|  Telephone and Data Systems, Inc. | 40500 | 424845 |  |
|  United States Cellular Corp.\* | 6100 | 127185 |  |
|  |  | 1315943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 22979460 |  |
|  **Consumer Discretionary (11.7%)** | **Consumer Discretionary (11.7%)** | **Consumer Discretionary (11.7%)** |  |
|  ***Auto Components (0.7%)*** | ***Auto Components (0.7%)*** | ***Auto Components (0.7%)*** | **** |
|  Adient plc\* | 40700 | 1411883 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 47100 | 368322 |  |
|  Dana, Inc. | 47000 | 711110 |  |
|  Dorman Products, Inc.\* | 10600 | 857222 |  |
|  Fox Factory Holding Corp.\* | 16800 | 1532664 |  |
|  Gentherm, Inc.\* | 14300 | 933647 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 110686 | 1123463 |  |
|  Holley, Inc.\* | 4700 | 9964 |  |
|  LCI Industries | 9900 | 915255 |  |
|  Luminar Technologies, Inc. (x)\* | 86900 | 430155 |  |
|  Modine Manufacturing Co.\* | 19300 | 383298 |  |
|  Motorcar Parts of America, Inc.\* | 3300 | 39138 |  |

---

See Notes to Financial Statements.

525

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Patrick Industries, Inc. | 9900 | $| 599940 |  |
|  Solid Power, Inc. (x)\* | 12300 |  | 31242 |  |
|  Standard Motor Products, Inc. | 9700 |  | 337560 |  |
|  Stoneridge, Inc.\* | 8000 |  | 172480 |  |
|  Visteon Corp.\* | 10100 |  | 1321383 |  |
|  XPEL, Inc.(m)\* | 7900 |  | 474474 |  |
|  |  |  | 11653200 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 36300 |  | 44649 |  |
|  Fisker, Inc. (x)\* | 63600 |  | 462372 |  |
|  Lordstown Motors Corp. (x)\* | 44900 |  | 51186 |  |
|  Winnebago Industries, Inc. | 16200 |  | 853740 |  |
|  Workhorse Group, Inc. (x)\* | 73000 |  | 110960 |  |
|  |  |  | 1522907 |  |
|  ***Distributors (0.7%)*** | ***Distributors (0.7%)*** | ***Distributors (0.7%)*** | ***Distributors (0.7%)*** | **** |
|  Funko, Inc., Class A (x)\* | 25800 |  | 281478 |  |
|  Pool Corp. | 40513 |  | 12248295 |  |
|  |  |  | 12529773 |  |
|  ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | **** |
|  2U, Inc.\* | 28700 |  | 179949 |  |
|  Adtalem Global Education, Inc.\* | 18553 |  | 658631 |  |
|  Chegg, Inc.\* | 45300 |  | 1144731 |  |
|  Coursera, Inc.\* | 41100 |  | 486213 |  |
|  Duolingo, Inc.\* | 8600 |  | 611718 |  |
|  European Wax Center, Inc., Class A (x) | 14900 |  | 185505 |  |
|  Frontdoor, Inc.\* | 30100 |  | 626080 |  |
|  Graham Holdings Co., Class B | 1600 |  | 966736 |  |
|  Laureate Education, Inc., Class A | 48800 |  | 469456 |  |
|  OneSpaWorld Holdings Ltd.\* | 5600 |  | 52248 |  |
|  Perdoceo Education Corp.\* | 29300 |  | 407270 |  |
|  Rover Group, Inc. (x)\* | 8200 |  | 30094 |  |
|  Strategic Education, Inc. | 10531 |  | 824788 |  |
|  Stride, Inc.\* | 17700 |  | 553656 |  |
|  Udemy, Inc.\* | 26300 |  | 277465 |  |
|  Vivint Smart Home, Inc.\* | 34800 |  | 414120 |  |
|  WW International, Inc.\* | 21700 |  | 83762 |  |
|  |  |  | 7972422 |  |
|  ***Hotels, Restaurants & Leisure (3.5%)*** | ***Hotels, Restaurants & Leisure (3.5%)*** | ***Hotels, Restaurants & Leisure (3.5%)*** | ***Hotels, Restaurants & Leisure (3.5%)*** | **** |
|  Accel Entertainment, Inc.\* | 4800 |  | 36960 |  |
|  Bally's Corp. (x)\* | 10000 |  | 193800 |  |
|  Biglari Holdings, Inc., Class B\* | 70 |  | 9716 |  |
|  BJ's Restaurants, Inc.\* | 10700 |  | 282266 |  |
|  Bloomin' Brands, Inc. | 37500 |  | 754500 |  |
|  Bluegreen Vacations Holding Corp. | 3131 |  | 78150 |  |
|  Bowlero Corp. (x)\* | 13300 |  | 179284 |  |
|  Brinker International, Inc.\* | 22200 |  | 708402 |  |
|  Cheesecake Factory, Inc. (The) (x) | 22000 |  | 697620 |  |
|  Chuy's Holdings, Inc.\* | 6700 |  | 189610 |  |
|  Cracker Barrel Old Country Store, Inc. | 11185 |  | 1059667 |  |
|  Dave & Buster's Entertainment, Inc.\* | 19800 |  | 701712 |  |
|  Denny's Corp.\* | 29712 |  | 273648 |  |
|  Dine Brands Global, Inc. | 8000 |  | 516800 |  |
|  El Pollo Loco Holdings, Inc. | 3000 |  | 29880 |  |
|  Everi Holdings, Inc.\* | 26600 |  | 381710 |  |
|  First Watch Restaurant Group, Inc.\* | 3000 |  | 40590 |  |
|  Golden Entertainment, Inc.\* | 6400 |  | 239360 |  |
|  Hilton Grand Vacations, Inc.\* | 33100 |  | 1275674 |  |
|  International Game Technology plc | 37468 |  | 849774 |  |
|  Jack in the Box, Inc. | 9900 |  | 675477 |  |
|  Krispy Kreme, Inc. (x) | 32583 |  | 336257 |  |
|  Kura Sushi USA, Inc., Class A\* | 800 |  | 38144 |  |
|  Life Time Group Holdings, Inc.\* | 13300 |  | 159068 |  |
|  Light & Wonder, Inc.\* | 38500 |  | 2256100 |  |
|  Lindblad Expeditions Holdings, Inc.\* | 7800 |  | 60060 |  |
|  Monarch Casino & Resort, Inc.\* | 4900 |  | 376761 |  |
|  NEOGAMES SA\* | 4800 |  | 58512 |  |
|  Noodles & Co., Class A\* | 1700 |  | 9333 |  |
|  Papa John's International, Inc. | 13066 |  | 1075462 |  |
|  Planet Fitness, Inc., Class A\* | 224504 |  | 17690915 |  |
|  Portillo's, Inc., Class A (x)\* | 9600 |  | 156672 |  |
|  RCI Hospitality Holdings, Inc. | 600 |  | 55914 |  |
|  Red Rock Resorts, Inc., Class A | 24500 |  | 980245 |  |
|  Rush Street Interactive, Inc.\* | 20800 |  | 74672 |  |
|  Ruth's Hospitality Group, Inc. | 7400 |  | 114552 |  |
|  SeaWorld Entertainment, Inc.\* | 19700 |  | 1054147 |  |
|  Shake Shack, Inc., Class A\* | 17500 |  | 726775 |  |
|  Sonder Holdings, Inc. (x)\* | 12100 |  | 15004 |  |
|  Sweetgreen, Inc., Class A (x)\* | 32211 |  | 276048 |  |
|  Target Hospitality Corp.\* | 19000 |  | 287660 |  |
|  Texas Roadhouse, Inc. | 24900 |  | 2264655 |  |
|  Vacasa, Inc., Class A (x)\* | 25800 |  | 32508 |  |
|  Vail Resorts, Inc. | 60451 |  | 14408496 |  |
|  Wingstop, Inc. | 76420 |  | 10516920 |  |
|  Xponential Fitness, Inc., Class A\* | 2100 |  | 48153 |  |
|  |  |  | 62247633 |  |
|  ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | **** |
|  Cavco Industries, Inc.\* | 3500 |  | 791875 |  |
|  Century Communities, Inc. | 12500 |  | 625125 |  |
|  Ethan Allen Interiors, Inc. | 2900 |  | 76618 |  |
|  GoPro, Inc., Class A\* | 62600 |  | 311748 |  |
|  Green Brick Partners, Inc.\* | 9200 |  | 222916 |  |
|  Helen of Troy Ltd.\* | 9033 |  | 1001850 |  |
|  Installed Building Products, Inc. | 10400 |  | 890240 |  |
|  iRobot Corp. (x)\* | 14119 |  | 679548 |  |
|  KB Home | 29779 |  | 948461 |  |
|  La-Z-Boy, Inc. | 25600 |  | 584192 |  |
|  Legacy Housing Corp.\* | 500 |  | 9480 |  |
|  LGI Homes, Inc.\* | 8900 |  | 824140 |  |
|  Lovesac Co. (The)\* | 4800 |  | 105648 |  |
|  M.D.C. Holdings, Inc. | 25502 |  | 805863 |  |
|  M/I Homes, Inc.\* | 12800 |  | 591104 |  |
|  Meritage Homes Corp.\* | 14500 |  | 1336900 |  |
|  NVR, Inc.\* | 2140 |  | 9870921 |  |
|  Purple Innovation, Inc. (x)\* | 20100 |  | 96279 |  |
|  Skyline Champion Corp.\* | 23400 |  | 1205334 |  |
|  Snap One Holdings Corp. (x)\* | 600 |  | 4446 |  |
|  Sonos, Inc.\* | 52188 |  | 881977 |  |
|  Taylor Morrison Home Corp., Class A\* | 47140 |  | 1430699 |  |
|  Traeger, Inc.\* | 8100 |  | 22842 |  |
|  Tri Pointe Homes, Inc.\* | 41360 |  | 768883 |  |
|  Tupperware Brands Corp.\* | 24900 |  | 103086 |  |
|  Universal Electronics, Inc.\* | 100 |  | 2081 |  |
|  Vizio Holding Corp., Class A (x)\* | 26400 |  | 195624 |  |
|  Vuzix Corp. (x)\* | 23500 |  | 85540 |  |
|  Weber, Inc., Class A (x) | 21800 |  | 175490 |  |
|  |  |  | 24648910 |  |

---

See Notes to Financial Statements.

526

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 10600 | $101336 |  |
|  CarParts.com, Inc.\* | 19000 | 118940 |  |
|  ContextLogic, Inc., Class A\* | 207200 | 101052 |  |
|  Duluth Holdings, Inc., Class B\* | 300 | 1854 |  |
|  Groupon, Inc. (x)\* | 10200 | 87516 |  |
|  Lands' End, Inc.\* | 4400 | 33396 |  |
|  Liquidity Services, Inc.\* | 1300 | 18278 |  |
|  Overstock.com, Inc.\* | 16500 | 319440 |  |
|  PetMed Express, Inc. (x) | 3700 | 65490 |  |
|  Porch Group, Inc. (x)\* | 29800 | 56024 |  |
|  Poshmark, Inc., Class A\* | 17900 | 320052 |  |
|  Quotient Technology, Inc.\* | 33500 | 114905 |  |
|  Qurate Retail, Inc.\* | 127500 | 207825 |  |
|  RealReal, Inc. (The) (x)\* | 32000 | 40000 |  |
|  Revolve Group, Inc. (x)\* | 14400 | 320544 |  |
|  Stitch Fix, Inc., Class A\* | 28000 | 87080 |  |
|  Vivid Seats, Inc., Class A\* | 13900 | 101470 |  |
|  Xometry, Inc., Class A (x)\* | 13100 | 422213 |  |
|  |  | 2517415 |  |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | **** |
|  Acushnet Holdings Corp. | 14600 | 619916 |  |
|  Johnson Outdoors, Inc., Class A | 800 | 52896 |  |
|  Latham Group, Inc.\* | 10500 | 33810 |  |
|  Malibu Boats, Inc., Class A\* | 9700 | 517010 |  |
|  Marine Products Corp. | 300 | 3531 |  |
|  MasterCraft Boat Holdings, Inc.\* | 1100 | 28457 |  |
|  Smith & Wesson Brands, Inc. | 16000 | 138880 |  |
|  Sturm Ruger & Co., Inc. | 8300 | 420146 |  |
|  Topgolf Callaway Brands Corp.\* | 54400 | 1074400 |  |
|  Vista Outdoor, Inc.\* | 21126 | 514841 |  |
|  |  | 3403887 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Big Lots, Inc. | 17100 | 251370 |  |
|  Dillard's, Inc., Class A (x) | 1600 | 517120 |  |
|  Franchise Group, Inc. (x) | 11300 | 269166 |  |
|  |  | 1037656 |  |
|  ***Specialty Retail (4.1%)*** | ***Specialty Retail (4.1%)*** | ***Specialty Retail (4.1%)*** | **** |
|  Aaron's Co., Inc. (The) | 10700 | 127865 |  |
|  Abercrombie & Fitch Co., Class A\* | 27200 | 623152 |  |
|  Academy Sports & Outdoors, Inc. | 30000 | 1576200 |  |
|  American Eagle Outfitters, Inc. | 69100 | 964636 |  |
|  America's Car-Mart, Inc.\* | 2100 | 151746 |  |
|  Arko Corp. | 46700 | 404422 |  |
|  Asbury Automotive Group, Inc.\* | 8900 | 1595325 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 36313 | 91146 |  |
|  Boot Barn Holdings, Inc.\* | 13000 | 812760 |  |
|  Buckle, Inc. (The) | 11600 | 526060 |  |
|  Burlington Stores, Inc.\* | 52690 | 10683424 |  |
|  Caleres, Inc. | 15400 | 343112 |  |
|  Camping World Holdings, Inc., Class A (x) | 16900 | 377208 |  |
|  Cato Corp. (The), Class A | 3100 | 28923 |  |
|  Chico's FAS, Inc.\* | 47600 | 234192 |  |
|  Children's Place, Inc. (The)\* | 6400 | 233088 |  |
|  Citi Trends, Inc.\* | 900 | 23832 |  |
|  Designer Brands, Inc., Class A | 26900 | 263082 |  |
|  Destination XL Group, Inc.\* | 7200 | 48600 |  |
|  EVgo, Inc. (x)\* | 35600 | 159132 |  |
|  Five Below, Inc.\* | 86191 | 15244602 |  |
|  Foot Locker, Inc. | 30200 | 1141258 |  |
|  Genesco, Inc.\* | 5800 | 266916 |  |
|  Group 1 Automotive, Inc. | 6237 | 1124968 |  |
|  GrowGeneration Corp. (x)\* | 21700 | 85064 |  |
|  Guess?, Inc. (x) | 12900 | 266901 |  |
|  Haverty Furniture Cos., Inc. | 1700 | 50830 |  |
|  Hibbett, Inc. | 7600 | 518472 |  |
|  Lithia Motors, Inc., Class A | 46049 | 9428072 |  |
|  MarineMax, Inc.\* | 9400 | 293468 |  |
|  Monro, Inc. | 14850 | 671220 |  |
|  Murphy USA, Inc. | 8200 | 2292228 |  |
|  National Vision Holdings, Inc.\* | 403927 | 15656210 |  |
|  ODP Corp. (The)\* | 19590 | 892129 |  |
|  OneWater Marine, Inc., Class A\* | 800 | 22880 |  |
|  Party City Holdco, Inc. (x)\* | 44300 | 16192 |  |
|  Rent-A-Center, Inc. | 26400 | 595320 |  |
|  Sally Beauty Holdings, Inc.\* | 57800 | 723656 |  |
|  Shoe Carnival, Inc. | 6400 | 153024 |  |
|  Signet Jewelers Ltd. | 17000 | 1156000 |  |
|  Sleep Number Corp.\* | 11800 | 306564 |  |
|  Sonic Automotive, Inc., Class A | 12200 | 601094 |  |
|  Torrid Holdings, Inc. (x)\* | 1400 | 4144 |  |
|  TravelCenters of America, Inc.\* | 1700 | 76126 |  |
|  Urban Outfitters, Inc.\* | 34400 | 820440 |  |
|  Warby Parker, Inc., Class A (x)\* | 30400 | 410096 |  |
|  Winmark Corp. | 400 | 94332 |  |
|  Zumiez, Inc.\* | 10600 | 230444 |  |
|  |  | 72410555 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Crocs, Inc.\* | 23700 | 2569791 |  |
|  Ermenegildo Zegna NV (x) | 8200 | 85854 |  |
|  G-III Apparel Group Ltd.\* | 24000 | 329040 |  |
|  Kontoor Brands, Inc. | 24900 | 995751 |  |
|  Movado Group, Inc. | 1200 | 38700 |  |
|  Oxford Industries, Inc. | 7600 | 708168 |  |
|  PLBY Group, Inc. (x)\* | 9800 | 26950 |  |
|  Steven Madden Ltd. | 34293 | 1096004 |  |
|  Wolverine World Wide, Inc. | 32200 | 351946 |  |
|  |  | 6202204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 206146562 |  |
|  **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |  |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | **** |
|  Celsius Holdings, Inc.\* | 20800 | 2164032 |  |
|  Coca-Cola Consolidated, Inc. | 1800 | 922248 |  |
|  Duckhorn Portfolio, Inc. (The) (x)\* | 13400 | 222038 |  |
|  MGP Ingredients, Inc. | 5400 | 574452 |  |
|  National Beverage Corp.\* | 10800 | 502524 |  |
|  Primo Water Corp. | 58934 | 915834 |  |
|  Vintage Wine Estates, Inc.\* | 3300 | 10758 |  |
|  Vita Coco Co., Inc. (The)\* | 6800 | 93976 |  |
|  |  | 5405862 |  |
|  ***Food & Staples Retailing (1.1%)*** | ***Food & Staples Retailing (1.1%)*** | ***Food & Staples Retailing (1.1%)*** | **** |
|  Andersons, Inc. (The) | 13600 | 475864 |  |
|  Chefs' Warehouse, Inc. (The)\* | 14200 | 472576 |  |
|  Grocery Outlet Holding Corp.\* | 448700 | 13097553 |  |
|  HF Foods Group, Inc.\* | 5200 | 21112 |  |
|  Ingles Markets, Inc., Class A | 6200 | 598052 |  |

---

See Notes to Financial Statements.

527

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Natural Grocers by Vitamin Cottage, Inc. | 600 | $| 5484 |  |
|  PriceSmart, Inc. | 9000 |  | 547020 |  |
|  Rite Aid Corp.\* | 21100 |  | 70474 |  |
|  SpartanNash Co. | 13800 |  | 417312 |  |
|  Sprouts Farmers Market, Inc.\* | 47500 |  | 1537575 |  |
|  United Natural Foods, Inc.\* | 24500 |  | 948395 |  |
|  Village Super Market, Inc., Class A | 300 |  | 6987 |  |
|  Weis Markets, Inc. | 5800 |  | 477282 |  |
|  |  |  | 18675686 |  |
|  ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | ***Food Products (0.6%)*** | **** |
|  Alico, Inc. | 400 |  | 9548 |  |
|  AppHarvest, Inc. (x)\* | 14800 |  | 8397 |  |
|  B&G Foods, Inc. (x) | 25300 |  | 282095 |  |
|  Benson Hill, Inc.\* | 5900 |  | 15045 |  |
|  Beyond Meat, Inc. (x)\* | 22400 |  | 275744 |  |
|  BRC, Inc., Class A (x)\* | 4000 |  | 24440 |  |
|  Calavo Growers, Inc. | 5000 |  | 147000 |  |
|  Cal-Maine Foods, Inc. | 18200 |  | 990990 |  |
|  Fresh Del Monte Produce, Inc. | 12400 |  | 324756 |  |
|  Hain Celestial Group, Inc. (The)\* | 27400 |  | 443332 |  |
|  Hostess Brands, Inc.\* | 57800 |  | 1297032 |  |
|  J & J Snack Foods Corp. | 6900 |  | 1032999 |  |
|  John B Sanfilippo & Son, Inc. | 3500 |  | 284620 |  |
|  Lancaster Colony Corp. | 7800 |  | 1538940 |  |
|  Lifecore Biomedical, Inc.\* | 2100 |  | 13608 |  |
|  Local Bounti Corp. (x)\* | 2500 |  | 3475 |  |
|  Mission Produce, Inc.\* | 1900 |  | 22078 |  |
|  Seneca Foods Corp., Class A\* | 300 |  | 18285 |  |
|  Simply Good Foods Co. (The)\* | 39203 |  | 1490890 |  |
|  Sovos Brands, Inc.\* | 4700 |  | 67539 |  |
|  SunOpta, Inc.\* | 35600 |  | 300464 |  |
|  Tattooed Chef, Inc. (x)\* | 13400 |  | 16482 |  |
|  Tootsie Roll Industries, Inc. | 3545 |  | 150911 |  |
|  TreeHouse Foods, Inc.\* | 20800 |  | 1027104 |  |
|  Utz Brands, Inc. | 23600 |  | 374296 |  |
|  Vital Farms, Inc.\* | 1700 |  | 25364 |  |
|  Whole Earth Brands, Inc.\* | 3100 |  | 12617 |  |
|  |  |  | 10198051 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Central Garden & Pet Co.\* | 500 |  | 18725 |  |
|  Central Garden & Pet Co., Class A\* | 19300 |  | 690940 |  |
|  Energizer Holdings, Inc. | 27300 |  | 915915 |  |
|  WD-40 Co. | 5600 |  | 902776 |  |
|  |  |  | 2528356 |  |
|  ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | ***Personal Products (0.4%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 33700 |  | 306670 |  |
|  BellRing Brands, Inc.\* | 51304 |  | 1315435 |  |
|  e.l.f. Beauty, Inc.\* | 18800 |  | 1039640 |  |
|  Edgewell Personal Care Co. | 25400 |  | 978916 |  |
|  Herbalife Nutrition Ltd.\* | 36100 |  | 537168 |  |
|  Honest Co., Inc. (The)\* | 11700 |  | 35217 |  |
|  Inter Parfums, Inc. | 8400 |  | 810768 |  |
|  Medifast, Inc. | 5100 |  | 588285 |  |
|  Nature's Sunshine Products, Inc.\* | 2800 |  | 23296 |  |
|  Nu Skin Enterprises, Inc., Class A | 19900 |  | 838984 |  |
|  Thorne HealthTech, Inc.\* | 600 |  | 2178 |  |
|  USANA Health Sciences, Inc.\* | 7400 |  | 393680 |  |
|  Veru, Inc. (x)\* | 23700 |  | 125136 |  |
|  |  |  | 6995373 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 18800 |  | 17305 |  |
|  Turning Point Brands, Inc. | 1800 |  | 38934 |  |
|  Universal Corp. | 12000 |  | 633720 |  |
|  Vector Group Ltd. | 60794 |  | 721017 |  |
|  |  |  | 1410976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 45214304 |  |
|  **Energy (7.4%)** | **Energy (7.4%)** | **Energy (7.4%)** | **Energy (7.4%)** |  |
|  ***Energy Equipment & Services (2.9%)*** | ***Energy Equipment & Services (2.9%)*** | ***Energy Equipment & Services (2.9%)*** | ***Energy Equipment & Services (2.9%)*** | **** |
|  Archrock, Inc. | 62200 |  | 558556 |  |
|  Borr Drilling Ltd.\* | 107000 |  | 531790 |  |
|  Bristow Group, Inc.\* | 9133 |  | 247778 |  |
|  Cactus, Inc., Class A | 260370 |  | 13086196 |  |
|  ChampionX Corp. | 77400 |  | 2243826 |  |
|  Diamond Offshore Drilling, Inc.\* | 36400 |  | 378560 |  |
|  DMC Global, Inc.\* | 6100 |  | 118584 |  |
|  Dril-Quip, Inc.\* | 15700 |  | 426569 |  |
|  Expro Group Holdings NV\* | 30183 |  | 547218 |  |
|  Helix Energy Solutions Group, Inc.\* | 55600 |  | 410328 |  |
|  Helmerich & Payne, Inc. | 42200 |  | 2091854 |  |
|  Liberty Energy, Inc., Class A | 52000 |  | 832520 |  |
|  Nabors Industries Ltd.\* | 3300 |  | 511071 |  |
|  National Energy Services Reunited Corp.\* | 14500 |  | 100630 |  |
|  Newpark Resources, Inc.\* | 12100 |  | 50215 |  |
|  NexTier Oilfield Solutions, Inc.\* | 66592 |  | 615310 |  |
|  Noble Corp. plc\* | 27161 |  | 1024241 |  |
|  NOV, Inc. | 345430 |  | 7216033 |  |
|  Oceaneering International, Inc.\* | 46600 |  | 815034 |  |
|  Oil States International, Inc.\* | 8300 |  | 61918 |  |
|  Patterson-UTI Energy, Inc. | 858230 |  | 14452593 |  |
|  ProFrac Holding Corp., Class A (x)\* | 4000 |  | 100800 |  |
|  ProPetro Holding Corp.\* | 33200 |  | 344284 |  |
|  RPC, Inc. | 22315 |  | 198380 |  |
|  Select Energy Services, Inc., Class A | 20200 |  | 186648 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 19800 |  | 196614 |  |
|  TETRA Technologies, Inc.\* | 13700 |  | 47402 |  |
|  Tidewater, Inc.\* | 21850 |  | 805173 |  |
|  US Silica Holdings, Inc.\* | 23500 |  | 293750 |  |
|  Valaris Ltd.\* | 22200 |  | 1501164 |  |
|  Weatherford International plc\* | 25700 |  | 1308644 |  |
|  |  |  | 51303683 |  |
|  ***Oil, Gas & Consumable Fuels (4.5%)*** | ***Oil, Gas & Consumable Fuels (4.5%)*** | ***Oil, Gas & Consumable Fuels (4.5%)*** | ***Oil, Gas & Consumable Fuels (4.5%)*** | **** |
|  Aemetis, Inc. (x)\* | 7900 |  | 31284 |  |
|  Alto Ingredients, Inc. (x)\* | 7900 |  | 22752 |  |
|  Amplify Energy Corp.\* | 5700 |  | 50103 |  |
|  Arch Resources, Inc. | 6600 |  | 942414 |  |
|  Ardmore Shipping Corp.\* | 8700 |  | 125367 |  |
|  Berry Corp. | 11600 |  | 92800 |  |
|  California Resources Corp. | 33700 |  | 1466287 |  |
|  Callon Petroleum Co.\* | 22400 |  | 830816 |  |
|  Centrus Energy Corp., Class A\* | 2000 |  | 64960 |  |
|  Chord Energy Corp. | 17223 |  | 2356268 |  |
|  Civitas Resources, Inc. | 30946 |  | 1792702 |  |
|  Clean Energy Fuels Corp.\* | 76500 |  | 397800 |  |
|  CNX Resources Corp.\* | 83000 |  | 1397720 |  |
|  Comstock Resources, Inc. | 35700 |  | 489447 |  |
|  CONSOL Energy, Inc. | 12800 |  | 832000 |  |

---

See Notes to Financial Statements.

528

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Crescent Energy Co., Class A (x) | 13180 | $| 158028 |  |
|  CVR Energy, Inc. | 10800 |  | 338472 |  |
|  Delek US Holdings, Inc. | 25680 |  | 693360 |  |
|  Denbury, Inc.\* | 20200 |  | 1757804 |  |
|  DHT Holdings, Inc. | 51900 |  | 460872 |  |
|  Dorian LPG Ltd. | 14715 |  | 278849 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 16500 |  | 234795 |  |
|  Empire Petroleum Corp.\* | 400 |  | 4920 |  |
|  Energy Fuels, Inc. (x)\* | 57100 |  | 354591 |  |
|  Equitrans Midstream Corp. | 163800 |  | 1097460 |  |
|  Excelerate Energy, Inc., Class A | 9300 |  | 232965 |  |
|  FLEX LNG Ltd. (x) | 10400 |  | 339976 |  |
|  Frontline Ltd. (x) | 58800 |  | 713832 |  |
|  Gevo, Inc. (x)\* | 152600 |  | 289940 |  |
|  Golar LNG Ltd.\* | 46400 |  | 1057456 |  |
|  Green Plains, Inc.\* | 17900 |  | 545950 |  |
|  Gulfport Energy Corp.\* | 4300 |  | 316652 |  |
|  HighPeak Energy, Inc. (x) | 8700 |  | 198969 |  |
|  International Seaways, Inc. | 17955 |  | 664694 |  |
|  Kinetik Holdings, Inc. (x) | 6400 |  | 211712 |  |
|  Kosmos Energy Ltd.\* | 200900 |  | 1277724 |  |
|  Laredo Petroleum, Inc.\* | 5000 |  | 257100 |  |
|  Magnolia Oil & Gas Corp., Class A | 61800 |  | 1449210 |  |
|  Matador Resources Co. | 245660 |  | 14061579 |  |
|  Murphy Oil Corp. | 58700 |  | 2524687 |  |
|  NACCO Industries, Inc., Class A | 200 |  | 7600 |  |
|  NextDecade Corp. (x)\* | 15600 |  | 77064 |  |
|  Nordic American Tankers Ltd. (x) | 41800 |  | 127908 |  |
|  Northern Oil and Gas, Inc. | 23900 |  | 736598 |  |
|  Ovintiv, Inc. | 257290 |  | 13047176 |  |
|  Par Pacific Holdings, Inc.\* | 14200 |  | 330150 |  |
|  PBF Energy, Inc., Class A | 35200 |  | 1435456 |  |
|  Peabody Energy Corp. (x)\* | 42900 |  | 1133418 |  |
|  Permian Resources Corp. (x) | 72500 |  | 681500 |  |
|  Ranger Oil Corp. | 7700 |  | 311311 |  |
|  REX American Resources Corp.\* | 6800 |  | 216648 |  |
|  Riley Exploration Permian, Inc. | 500 |  | 14715 |  |
|  Ring Energy, Inc. (x)\* | 24600 |  | 60516 |  |
|  SandRidge Energy, Inc.\* | 13000 |  | 221390 |  |
|  Scorpio Tankers, Inc. | 22100 |  | 1188317 |  |
|  SFL Corp. Ltd. | 47800 |  | 440716 |  |
|  SilverBow Resources, Inc. (x)\* | 5900 |  | 166852 |  |
|  Sitio Royalties Corp. (x) | 25628 |  | 739353 |  |
|  SM Energy Co. | 50400 |  | 1755432 |  |
|  Talos Energy, Inc.\* | 24100 |  | 455008 |  |
|  Targa Resources Corp. | 179510 |  | 13193985 |  |
|  Teekay Corp.\* | 9800 |  | 44492 |  |
|  Teekay Tankers Ltd., Class A\* | 5100 |  | 157131 |  |
|  Tellurian, Inc. (x)\* | 185800 |  | 312144 |  |
|  Uranium Energy Corp. (x)\* | 124800 |  | 484224 |  |
|  Ur-Energy, Inc. (x)\* | 11700 |  | 13455 |  |
|  VAALCO Energy, Inc. (x) | 19400 |  | 88464 |  |
|  Vertex Energy, Inc. (x)\* | 21300 |  | 132060 |  |
|  W&T Offshore, Inc.\* | 49800 |  | 277884 |  |
|  World Fuel Services Corp. | 31600 |  | 863628 |  |
|  |  |  | 79128912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 130432595 |  |
|  **Financials (12.6%)** | **Financials (12.6%)** | **Financials (12.6%)** | **Financials (12.6%)** |  |
|  ***Banks (5.4%)*** | ***Banks (5.4%)*** | ***Banks (5.4%)*** | ***Banks (5.4%)*** | **** |
|  1st Source Corp. | 6535 |  | 346943 |  |
|  ACNB Corp. | 200 |  | 7962 |  |
|  Amalgamated Financial Corp. | 7600 |  | 175104 |  |
|  Amerant Bancorp, Inc. | 10400 |  | 279136 |  |
|  American National Bankshares, Inc. | 3700 |  | 136641 |  |
|  Ameris Bancorp | 24920 |  | 1174729 |  |
|  Arrow Financial Corp. | 3454 |  | 117091 |  |
|  Associated Banc-Corp. | 60600 |  | 1399254 |  |
|  Atlantic Union Bankshares Corp. | 31544 |  | 1108456 |  |
|  Banc of California, Inc. | 21000 |  | 334530 |  |
|  BancFirst Corp. | 8200 |  | 723076 |  |
|  Bancorp, Inc. (The)\* | 23500 |  | 666930 |  |
|  Bank First Corp. (x) | 1300 |  | 120666 |  |
|  Bank of Marin Bancorp | 700 |  | 23016 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 26100 |  | 778041 |  |
|  BankUnited, Inc. | 29700 |  | 1008909 |  |
|  Bankwell Financial Group, Inc. | 400 |  | 11772 |  |
|  Banner Corp. | 13700 |  | 865840 |  |
|  Bar Harbor Bankshares | 800 |  | 25632 |  |
|  BayCom Corp. | 400 |  | 7592 |  |
|  BCB Bancorp, Inc. | 700 |  | 12593 |  |
|  Berkshire Hills Bancorp, Inc. | 20400 |  | 609960 |  |
|  Blue Ridge Bankshares, Inc. | 300 |  | 3747 |  |
|  Brookline Bancorp, Inc. | 33856 |  | 479062 |  |
|  Business First Bancshares, Inc. | 1700 |  | 37638 |  |
|  Byline Bancorp, Inc. | 5800 |  | 133226 |  |
|  Cadence Bank | 67753 |  | 1670789 |  |
|  Cambridge Bancorp | 1200 |  | 99672 |  |
|  Camden National Corp. | 4325 |  | 180309 |  |
|  Capital Bancorp, Inc. | 200 |  | 4708 |  |
|  Capital City Bank Group, Inc. | 5100 |  | 165750 |  |
|  Capstar Financial Holdings, Inc. | 1800 |  | 31788 |  |
|  Carter Bankshares, Inc.\* | 2500 |  | 41475 |  |
|  Cathay General Bancorp | 29001 |  | 1182951 |  |
|  Central Pacific Financial Corp. | 10500 |  | 212940 |  |
|  Citizens & Northern Corp. | 4500 |  | 102870 |  |
|  City Holding Co. | 7300 |  | 679557 |  |
|  Civista Bancshares, Inc. | 3200 |  | 70432 |  |
|  CNB Financial Corp. | 4240 |  | 100870 |  |
|  Coastal Financial Corp.\* | 1300 |  | 61776 |  |
|  Colony Bankcorp, Inc. | 500 |  | 6345 |  |
|  Columbia Banking System, Inc. | 33075 |  | 996550 |  |
|  Community Bank System, Inc. | 22596 |  | 1422418 |  |
|  Community Trust Bancorp, Inc. | 6100 |  | 280173 |  |
|  ConnectOne Bancorp, Inc. | 16200 |  | 392202 |  |
|  CrossFirst Bankshares, Inc.\* | 8800 |  | 109208 |  |
|  Customers Bancorp, Inc.\* | 10800 |  | 306072 |  |
|  CVB Financial Corp. | 51335 |  | 1321876 |  |
|  Dime Community Bancshares, Inc. | 15719 |  | 500336 |  |
|  Eagle Bancorp, Inc. | 12230 |  | 538976 |  |
|  Eastern Bankshares, Inc. | 64370 |  | 1110382 |  |
|  Enterprise Bancorp, Inc. | 1100 |  | 38830 |  |
|  Enterprise Financial Services Corp. | 16084 |  | 787473 |  |
|  Equity Bancshares, Inc., Class A | 3500 |  | 114345 |  |
|  Esquire Financial Holdings, Inc. | 400 |  | 17304 |  |
|  Farmers & Merchants Bancorp, Inc. (x) | 900 |  | 24462 |  |
|  Farmers National Banc Corp. | 6500 |  | 91780 |  |

---

See Notes to Financial Statements.

529

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  FB Financial Corp. | 16444 | $594286 |
|  Financial Institutions, Inc. | 1200 | 29232 |
|  First Bancorp (Nasdaq Stock Exchange) | 17188 | 736334 |
|  First Bancorp (Quotrix Stock Exchange) | 78100 | 993432 |
|  First Bancorp, Inc. (The) | 3440 | 102994 |
|  First Bancshares, Inc. (The) | 2900 | 92829 |
|  First Bank | 600 | 8256 |
|  First Busey Corp. | 26331 | 650902 |
|  First Business Financial Services, Inc. | 300 | 10965 |
|  First Commonwealth Financial Corp. | 36600 | 511302 |
|  First Community Bankshares, Inc. | 4100 | 138990 |
|  First Financial Bancorp | 35765 | 866586 |
|  First Financial Bankshares, Inc. | 54800 | 1885120 |
|  First Financial Corp. | 1000 | 46080 |
|  First Foundation, Inc. | 18800 | 269404 |
|  First Guaranty Bancshares, Inc. (x) | 100 | 2345 |
|  First Internet Bancorp | 1900 | 46132 |
|  First Interstate BancSystem, Inc., Class A | 39134 | 1512529 |
|  First Merchants Corp. | 26420 | 1086126 |
|  First Mid Bancshares, Inc. | 6800 | 218144 |
|  First of Long Island Corp. (The) | 2100 | 37800 |
|  First Western Financial, Inc.\* | 200 | 5630 |
|  Five Star Bancorp | 600 | 16344 |
|  Flushing Financial Corp. | 4000 | 77520 |
|  Fulton Financial Corp. | 61300 | 1031679 |
|  FVCBankcorp, Inc.\* | 300 | 5721 |
|  German American Bancorp, Inc. | 15650 | 583745 |
|  Glacier Bancorp, Inc. | 46430 | 2294571 |
|  Great Southern Bancorp, Inc. | 2500 | 148725 |
|  Guaranty Bancshares, Inc. | 1590 | 55078 |
|  Hancock Whitney Corp. | 35902 | 1737298 |
|  Hanmi Financial Corp. | 11800 | 292050 |
|  HarborOne Bancorp, Inc. | 9200 | 127880 |
|  HBT Financial, Inc. | 1800 | 35226 |
|  Heartland Financial USA, Inc. | 17055 | 795104 |
|  Heritage Commerce Corp. | 22800 | 296400 |
|  Heritage Financial Corp. | 15266 | 467750 |
|  Hilltop Holdings, Inc. | 24399 | 732214 |
|  Home BancShares, Inc. | 80175 | 1827188 |
|  HomeStreet, Inc. | 6300 | 173754 |
|  HomeTrust Bancshares, Inc. | 3900 | 94263 |
|  Hope Bancorp, Inc. | 44585 | 571134 |
|  Horizon Bancorp, Inc. | 16500 | 248820 |
|  Independent Bank Corp. | 2000 | 47840 |
|  Independent Bank Corp./MA | 19045 | 1607969 |
|  Independent Bank Group, Inc. | 13962 | 838837 |
|  International Bancshares Corp. | 20600 | 942656 |
|  John Marshall Bancorp, Inc. | 300 | 8634 |
|  Lakeland Bancorp, Inc. | 32010 | 563696 |
|  Lakeland Financial Corp. | 10455 | 762901 |
|  Live Oak Bancshares, Inc. | 12400 | 374480 |
|  Macatawa Bank Corp. | 4300 | 47429 |
|  Mercantile Bank Corp. | 1900 | 63612 |
|  Metrocity Bankshares, Inc. | 2400 | 51912 |
|  Metropolitan Bank Holding Corp.\* | 3800 | 222946 |
|  Mid Penn Bancorp, Inc. | 700 | 20979 |
|  Midland States Bancorp, Inc. | 1400 | 37268 |
|  MidWestOne Financial Group, Inc. | 1100 | 34925 |
|  MVB Financial Corp. | 300 | 6606 |
|  National Bank Holdings Corp., Class A | 11300 | 475391 |
|  NBT Bancorp, Inc. | 16295 | 707529 |
|  Nicolet Bankshares, Inc.\* | 4800 | 382992 |
|  Northeast Bank | 200 | 8420 |
|  Northwest Bancshares, Inc. | 55870 | 781063 |
|  OceanFirst Financial Corp. | 24343 | 517289 |
|  OFG Bancorp | 26100 | 719316 |
|  Old National Bancorp | 119906 | 2155910 |
|  Old Second Bancorp, Inc. | 12500 | 200500 |
|  Origin Bancorp, Inc. | 7700 | 282590 |
|  Orrstown Financial Services, Inc. | 1100 | 25476 |
|  Pacific Premier Bancorp, Inc. | 38550 | 1216638 |
|  Park National Corp. | 6450 | 907837 |
|  Parke Bancorp, Inc. | 200 | 4148 |
|  Pathward Financial, Inc. | 11000 | 473550 |
|  PCB Bancorp | 400 | 7076 |
|  PCSB Financial Corp. | 2700 | 51408 |
|  Peapack-Gladstone Financial Corp. | 4600 | 171212 |
|  Peoples Bancorp, Inc. | 9734 | 274985 |
|  Peoples Financial Services Corp. | 500 | 25920 |
|  Pinnacle Financial Partners, Inc. | 120699 | 8859307 |
|  Preferred Bank | 4900 | 365638 |
|  Premier Financial Corp. | 14994 | 404388 |
|  Primis Financial Corp. | 2000 | 23700 |
|  Professional Holding Corp., Class A\* | 1000 | 27740 |
|  QCR Holdings, Inc. | 5800 | 287912 |
|  RBB Bancorp | 1500 | 31275 |
|  Red River Bancshares, Inc. | 500 | 25530 |
|  Renasant Corp. | 26500 | 996135 |
|  Republic Bancorp, Inc., Class A | 3000 | 122760 |
|  Republic First Bancorp, Inc.\* | 1900 | 4085 |
|  S&T Bancorp, Inc. | 21059 | 719797 |
|  Sandy Spring Bancorp, Inc. | 16589 | 584430 |
|  Seacoast Banking Corp. of Florida | 27000 | 842130 |
|  ServisFirst Bancshares, Inc. | 19300 | 1329963 |
|  Shore Bancshares, Inc. | 400 | 6972 |
|  Sierra Bancorp | 3100 | 65844 |
|  Silvergate Capital Corp., Class A\* | 10500 | 182700 |
|  Simmons First National Corp., Class A | 49819 | 1075094 |
|  SmartFinancial, Inc. | 1300 | 35750 |
|  South Plains Financial, Inc. | 1500 | 41295 |
|  Southern First Bancshares, Inc.\* | 700 | 32025 |
|  Southside Bancshares, Inc. | 14736 | 530349 |
|  SouthState Corp. | 29150 | 2225894 |
|  Stellar Bancorp, Inc. | 15654 | 461167 |
|  Stock Yards Bancorp, Inc. | 12150 | 789507 |
|  Summit Financial Group, Inc. | 1600 | 39824 |
|  Texas Capital Bancshares, Inc.\* | 19400 | 1170014 |
|  Third Coast Bancshares, Inc.\* | 1000 | 18430 |
|  Tompkins Financial Corp. | 7351 | 570291 |
|  Towne Bank | 29009 | 894638 |
|  TriCo Bancshares | 10782 | 549774 |
|  Triumph Financial, Inc.\* | 9000 | 439830 |
|  Trustmark Corp. | 23320 | 814101 |
|  UMB Financial Corp. | 19360 | 1616947 |
|  United Bankshares, Inc. | 51502 | 2085316 |
|  United Community Banks, Inc. | 41300 | 1395940 |
|  Unity Bancorp, Inc. | 200 | 5466 |
|  Univest Financial Corp. | 11100 | 290043 |
|  USCB Financial Holdings, Inc.\* | 600 | 7320 |

---

See Notes to Financial Statements.

530

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Valley National Bancorp | 167509 | $| 1894527 |  |
|  Veritex Holdings, Inc. | 17824 |  | 500498 |  |
|  Washington Federal, Inc. | 25000 |  | 838750 |  |
|  Washington Trust Bancorp, Inc. | 6100 |  | 287798 |  |
|  WesBanco, Inc. | 22675 |  | 838521 |  |
|  West Bancorp, Inc. | 4600 |  | 117530 |  |
|  Westamerica Bancorp | 13500 |  | 796635 |  |
|  |  |  | 94975567 |  |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | **** |
|  Ares Management Corp. | 164001 |  | 11224228 |  |
|  Artisan Partners Asset Management, Inc., Class A | 27100 |  | 804870 |  |
|  AssetMark Financial Holdings, Inc.\* | 5200 |  | 119600 |  |
|  Associated Capital Group, Inc., Class A | 3130 |  | 131429 |  |
|  B Riley Financial, Inc. | 8600 |  | 294120 |  |
|  Bakkt Holdings, Inc. (x)\* | 16800 |  | 19992 |  |
|  BGC Partners, Inc., Class A | 151900 |  | 572663 |  |
|  Blucora, Inc.\* | 18200 |  | 464646 |  |
|  Brightsphere Investment Group, Inc. | 12108 |  | 249183 |  |
|  Cohen & Steers, Inc. | 11366 |  | 733789 |  |
|  Cowen, Inc., Class A | 11500 |  | 444130 |  |
|  Diamond Hill Investment Group, Inc. | 200 |  | 37004 |  |
|  Donnelley Financial Solutions, Inc.\* | 12400 |  | 479260 |  |
|  Federated Hermes, Inc., Class B | 35900 |  | 1303529 |  |
|  Focus Financial Partners, Inc., Class A\* | 23027 |  | 858216 |  |
|  GCM Grosvenor, Inc., Class A | 2400 |  | 18264 |  |
|  Hamilton Lane, Inc., Class A | 14800 |  | 945424 |  |
|  Houlihan Lokey, Inc. | 20700 |  | 1804212 |  |
|  LPL Financial Holdings, Inc. | 83429 |  | 18034847 |  |
|  MarketWise, Inc. (x)\* | 6100 |  | 10248 |  |
|  Moelis & Co., Class A | 25500 |  | 978435 |  |
|  Open Lending Corp., Class A\* | 41800 |  | 282150 |  |
|  Oppenheimer Holdings, Inc., Class A | 1300 |  | 55029 |  |
|  Perella Weinberg Partners | 13700 |  | 134260 |  |
|  Piper Sandler Cos. | 8000 |  | 1041520 |  |
|  PJT Partners, Inc., Class A | 160080 |  | 11796295 |  |
|  Sculptor Capital Management, Inc. | 4800 |  | 41568 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 300 |  | 5631 |  |
|  StepStone Group, Inc., Class A | 20700 |  | 521226 |  |
|  StoneX Group, Inc.\* | 6446 |  | 614304 |  |
|  Value Line, Inc. | 200 |  | 10176 |  |
|  Victory Capital Holdings, Inc., Class A | 7200 |  | 193176 |  |
|  Virtus Investment Partners, Inc. | 3395 |  | 649939 |  |
|  WisdomTree, Inc. | 53000 |  | 288850 |  |
|  |  |  | 55162213 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  Atlanticus Holdings Corp.\* | 1300 |  | 34060 |  |
|  Bread Financial Holdings, Inc. | 18200 |  | 685412 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 1500 |  | 13275 |  |
|  Curo Group Holdings Corp. (x) | 1800 |  | 6390 |  |
|  Encore Capital Group, Inc.\* | 11250 |  | 539325 |  |
|  Enova International, Inc.\* | 16700 |  | 640779 |  |
|  EZCORP, Inc., Class A\* | 4100 |  | 33415 |  |
|  FirstCash Holdings, Inc. | 16004 |  | 1390907 |  |
|  Green Dot Corp., Class A\* | 25200 |  | 398664 |  |
|  LendingClub Corp.\* | 38200 |  | 336160 |  |
|  LendingTree, Inc.\* | 7800 |  | 166374 |  |
|  Moneylion, Inc. (x)\* | 6000 |  | 3720 |  |
|  Navient Corp. | 56657 |  | 932008 |  |
|  Nelnet, Inc., Class A | 6550 |  | 594412 |  |
|  NerdWallet, Inc., Class A (x)\* | 10100 |  | 96960 |  |
|  Oportun Financial Corp.\* | 3800 |  | 20938 |  |
|  OppFi, Inc. (x)\* | 900 |  | 1845 |  |
|  PRA Group, Inc.\* | 17960 |  | 606689 |  |
|  PROG Holdings, Inc.\* | 26800 |  | 452652 |  |
|  Regional Management Corp. | 400 |  | 11232 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 10000 |  | 12900 |  |
|  World Acceptance Corp.\* | 2700 |  | 178038 |  |
|  |  |  | 7156155 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Alerus Financial Corp. | 400 |  | 9340 |  |
|  A-Mark Precious Metals, Inc. | 6400 |  | 222272 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 2820 |  | 45684 |  |
|  Cannae Holdings, Inc.\* | 27500 |  | 567875 |  |
|  Compass Diversified Holdings | 22100 |  | 402883 |  |
|  Jackson Financial, Inc., Class A | 27500 |  | 956725 |  |
|  SWK Holdings Corp. (x)\* | 200 |  | 3528 |  |
|  |  |  | 2208307 |  |
|  ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | ***Insurance (2.3%)*** | **** |
|  Ambac Financial Group, Inc.\* | 9900 |  | 172656 |  |
|  American Equity Investment Life Holding Co. | 34180 |  | 1559292 |  |
|  AMERISAFE, Inc. | 8790 |  | 456816 |  |
|  Argo Group International Holdings Ltd. | 16910 |  | 437124 |  |
|  Bright Health Group, Inc. (x)\* | 97300 |  | 63235 |  |
|  BRP Group, Inc., Class A\* | 23200 |  | 583248 |  |
|  CNO Financial Group, Inc. | 52600 |  | 1201910 |  |
|  Crawford & Co., Class A | 2800 |  | 15568 |  |
|  Donegal Group, Inc., Class A | 6000 |  | 85200 |  |
|  eHealth, Inc.\* | 19700 |  | 95348 |  |
|  Employers Holdings, Inc. | 10481 |  | 452046 |  |
|  Enstar Group Ltd.\* | 4750 |  | 1097440 |  |
|  Genworth Financial, Inc., Class A\* | 189998 |  | 1005089 |  |
|  Goosehead Insurance, Inc., Class A\* | 7100 |  | 243814 |  |
|  Greenlight Capital Re Ltd., Class A\* | 5316 |  | 43325 |  |
|  HCI Group, Inc. (x) | 4100 |  | 162319 |  |
|  Hippo Holdings, Inc. (x)\* | 2475 |  | 33660 |  |
|  Horace Mann Educators Corp. | 18310 |  | 684245 |  |
|  Investors Title Co. | 100 |  | 14755 |  |
|  James River Group Holdings Ltd. | 14500 |  | 303195 |  |
|  Kinsale Capital Group, Inc. | 63204 |  | 16529110 |  |
|  Lemonade, Inc. (x)\* | 14700 |  | 201096 |  |
|  MBIA, Inc.\* | 17300 |  | 222305 |  |
|  Mercury General Corp. | 9700 |  | 331740 |  |
|  National Western Life Group, Inc., Class A | 600 |  | 168600 |  |
|  NI Holdings, Inc.\* | 4000 |  | 53080 |  |
|  Oscar Health, Inc., Class A\* | 67900 |  | 167034 |  |
|  Palomar Holdings, Inc.\* | 11600 |  | 523856 |  |
|  ProAssurance Corp. | 25000 |  | 436750 |  |
|  RLI Corp. | 16000 |  | 2100320 |  |
|  Root, Inc., Class A (x)\* | 1900 |  | 8531 |  |

---

See Notes to Financial Statements.

531

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Safety Insurance Group, Inc. | 5424 | $| 457026 |  |
|  Selective Insurance Group, Inc. | 23840 |  | 2112462 |  |
|  Selectquote, Inc.\* | 71579 |  | 48094 |  |
|  SiriusPoint Ltd.\* | 36000 |  | 212400 |  |
|  Stewart Information Services Corp. | 12600 |  | 538398 |  |
|  Tiptree, Inc. | 700 |  | 9688 |  |
|  Trean Insurance Group, Inc.\* | 1600 |  | 9600 |  |
|  Trupanion, Inc. (x)\* | 137837 |  | 6551393 |  |
|  United Fire Group, Inc. | 7800 |  | 213408 |  |
|  Universal Insurance Holdings, Inc. | 1800 |  | 19062 |  |
|  |  |  | 39624238 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.6%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 1200 |  | 18876 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 1000 |  | 4730 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 70548 |  | 759097 |  |
|  Arbor Realty Trust, Inc. (REIT) | 64200 |  | 846798 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 19900 |  | 204771 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 34300 |  | 193109 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 66200 |  | 1401454 |  |
|  BrightSpire Capital, Inc. (REIT) | 32500 |  | 202475 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 64100 |  | 228196 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 400 |  | 6028 |  |
|  Chimera Investment Corp. (REIT) (x) | 95600 |  | 525800 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 33500 |  | 492785 |  |
|  Dynex Capital, Inc. (REIT) (x) | 21300 |  | 270936 |  |
|  Ellington Financial, Inc. (REIT) | 20700 |  | 256059 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 30600 |  | 394740 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 9200 |  | 49312 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 34100 |  | 988218 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 17469 |  | 222380 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 18800 |  | 262448 |  |
|  Ladder Capital Corp. (REIT) | 54887 |  | 551065 |  |
|  MFA Financial, Inc. (REIT) (x) | 56525 |  | 556771 |  |
|  New York Mortgage Trust, Inc. (REIT) | 170600 |  | 436736 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 600 |  | 9534 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 22920 |  | 240660 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 40863 |  | 506293 |  |
|  Ready Capital Corp. (REIT) (x) | 42600 |  | 474564 |  |
|  Redwood Trust, Inc. (REIT) (x) | 57300 |  | 387348 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 17100 |  | 116109 |  |
|  Two Harbors Investment Corp. (REIT) | 34125 |  | 538151 |  |
|  |  |  | 11145443 |  |
|  ***Thrifts & Mortgage Finance (0.7%)*** | ***Thrifts & Mortgage Finance (0.7%)*** | ***Thrifts & Mortgage Finance (0.7%)*** | ***Thrifts & Mortgage Finance (0.7%)*** | **** |
|  Axos Financial, Inc.\* | 21380 |  | 817144 |  |
|  Blue Foundry Bancorp\* | 900 |  | 11565 |  |
|  Bridgewater Bancshares, Inc.\* | 2500 |  | 44350 |  |
|  Capitol Federal Financial, Inc. | 60600 |  | 524190 |  |
|  Columbia Financial, Inc.\* | 15100 |  | 326462 |  |
|  Enact Holdings, Inc. (x) | 8500 |  | 205020 |  |
|  Essent Group Ltd. | 44300 |  | 1722384 |  |
|  Federal Agricultural Mortgage Corp., Class C | 4000 |  | 450840 |  |
|  Finance of America Cos., Inc., Class A\* | 1300 |  | 1651 |  |
|  Greene County Bancorp, Inc. (x) | 500 |  | 28710 |  |
|  Hingham Institution For Savings (The) | 400 |  | 110384 |  |
|  Home Bancorp, Inc. | 1000 |  | 40030 |  |
|  Kearny Financial Corp. | 24645 |  | 250147 |  |
|  Luther Burbank Corp. | 11100 |  | 123321 |  |
|  Merchants Bancorp | 3900 |  | 94848 |  |
|  Mr Cooper Group, Inc.\* | 26761 |  | 1073919 |  |
|  NMI Holdings, Inc., Class A\* | 40300 |  | 842270 |  |
|  Northfield Bancorp, Inc. | 5300 |  | 83369 |  |
|  PennyMac Financial Services, Inc. | 12000 |  | 679920 |  |
|  Pioneer Bancorp, Inc.\* | 300 |  | 3420 |  |
|  Provident Bancorp, Inc. | 2008 |  | 14618 |  |
|  Provident Financial Services, Inc. | 36756 |  | 785108 |  |
|  Radian Group, Inc. | 67566 |  | 1288484 |  |
|  Southern Missouri Bancorp, Inc. | 1300 |  | 59579 |  |
|  Sterling Bancorp, Inc.\* | 400 |  | 2436 |  |
|  TrustCo Bank Corp. | 2300 |  | 86457 |  |
|  Velocity Financial, Inc.\* | 300 |  | 2895 |  |
|  Walker & Dunlop, Inc. | 11300 |  | 886824 |  |
|  Waterstone Financial, Inc. | 1700 |  | 29308 |  |
|  WSFS Financial Corp. | 29381 |  | 1332134 |  |
|  |  |  | 11921787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 222193710 |  |
|  **Health Care (17.0%)** | **Health Care (17.0%)** | **Health Care (17.0%)** | **Health Care (17.0%)** |  |
|  ***Biotechnology (6.7%)*** | ***Biotechnology (6.7%)*** | ***Biotechnology (6.7%)*** | ***Biotechnology (6.7%)*** | **** |
|  2seventy bio, Inc.\* | 13000 |  | 121810 |  |
|  4D Molecular Therapeutics, Inc.\* | 3500 |  | 77735 |  |
|  Aadi Bioscience, Inc. (x)\* | 1000 |  | 12830 |  |
|  Absci Corp.\* | 2100 |  | 4410 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 47900 |  | 762568 |  |
|  ADC Therapeutics SA (x)\* | 203822 |  | 782676 |  |
|  Adicet Bio, Inc.\* | 9700 |  | 86718 |  |
|  ADMA Biologics, Inc.\* | 28000 |  | 108640 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 700 |  | 20510 |  |
|  Affimed NV\* | 67700 |  | 83948 |  |
|  Agenus, Inc.\* | 120400 |  | 288960 |  |
|  Agios Pharmaceuticals, Inc. (x)\* | 24700 |  | 693576 |  |
|  Akero Therapeutics, Inc.\* | 10900 |  | 597320 |  |
|  Albireo Pharma, Inc. (x)\* | 9400 |  | 203134 |  |
|  Alector, Inc.\* | 22900 |  | 211367 |  |
|  Alkermes plc\* | 64200 |  | 1677546 |  |
|  Allogene Therapeutics, Inc. (x)\* | 24177 |  | 152073 |  |
|  Allovir, Inc.\* | 12100 |  | 62073 |  |
|  Alpine Immune Sciences, Inc. (x)\* | 1200 |  | 8820 |  |
|  ALX Oncology Holdings, Inc. (x)\* | 6100 |  | 68747 |  |
|  Amicus Therapeutics, Inc.\* | 98529 |  | 1203039 |  |
|  AnaptysBio, Inc.\* | 7700 |  | 238623 |  |
|  Anavex Life Sciences Corp. (x)\* | 24300 |  | 225018 |  |
|  Anika Therapeutics, Inc.\* | 6200 |  | 183520 |  |
|  Apellis Pharmaceuticals, Inc.\* | 36500 |  | 1887415 |  |

---

See Notes to Financial Statements.

532

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Arbutus Biopharma Corp.\* | 10000 | $23300 |
|  Arcellx, Inc. (x)\* | 11700 | 362466 |
|  Arcturus Therapeutics Holdings, Inc.\* | 10200 | 172992 |
|  Arcus Biosciences, Inc.\* | 155210 | 3209743 |
|  Arcutis Biotherapeutics, Inc.\* | 12800 | 189440 |
|  Arrowhead Pharmaceuticals, Inc.\* | 200234 | 8121491 |
|  Ascendis Pharma A/S (ADR) (x)\* | 37781 | 4614194 |
|  Atara Biotherapeutics, Inc.\* | 42100 | 138088 |
|  Aura Biosciences, Inc.\* | 1000 | 10500 |
|  Aurinia Pharmaceuticals, Inc.\* | 48800 | 210816 |
|  Avid Bioservices, Inc.\* | 24500 | 337365 |
|  Avidity Biosciences, Inc.\* | 14400 | 319536 |
|  Beam Therapeutics, Inc. (x)\* | 23100 | 903441 |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 77400 | 888552 |
|  Biohaven Ltd. (x)\* | 11350 | 157538 |
|  Bioxcel Therapeutics, Inc. (x)\* | 6000 | 128880 |
|  Bluebird Bio, Inc.\* | 47600 | 329392 |
|  Blueprint Medicines Corp.\* | 122786 | 5379255 |
|  Bridgebio Pharma, Inc.\* | 43076 | 328239 |
|  C4 Therapeutics, Inc. (x)\* | 18100 | 106790 |
|  CareDx, Inc.\* | 23500 | 268135 |
|  Caribou Biosciences, Inc.\* | 5500 | 34540 |
|  Catalyst Pharmaceuticals, Inc.\* | 42700 | 794220 |
|  Celldex Therapeutics, Inc.\* | 15700 | 699749 |
|  Celularity, Inc., Class A (x)\* | 7300 | 9417 |
|  Century Therapeutics, Inc. (x)\* | 1900 | 9747 |
|  Cerevel Therapeutics Holdings, Inc.\* | 19900 | 627646 |
|  Chimerix, Inc.\* | 40300 | 74958 |
|  Chinook Therapeutics, Inc.\* | 19340 | 506708 |
|  Cogent Biosciences, Inc. (x)\* | 24900 | 287844 |
|  Coherus Biosciences, Inc.\* | 490065 | 3881315 |
|  Crinetics Pharmaceuticals, Inc.\* | 19200 | 351360 |
|  CTI BioPharma Corp. (x)\* | 41400 | 248814 |
|  Cullinan Oncology, Inc.\* | 10300 | 108665 |
|  Cytokinetics, Inc.\* | 32500 | 1489150 |
|  Day One Biopharmaceuticals, Inc. (x)\* | 15400 | 331408 |
|  Deciphera Pharmaceuticals, Inc.\* | 18600 | 304854 |
|  Denali Therapeutics, Inc.\* | 36400 | 1012284 |
|  Design Therapeutics, Inc. (x)\* | 9300 | 95418 |
|  Dynavax Technologies Corp.\* | 47500 | 505400 |
|  Dyne Therapeutics, Inc.\* | 5000 | 57950 |
|  Eagle Pharmaceuticals, Inc.\* | 5500 | 160765 |
|  Editas Medicine, Inc.\* | 27600 | 244812 |
|  Eiger BioPharmaceuticals, Inc.\* | 22700 | 26786 |
|  Emergent BioSolutions, Inc.\* | 20700 | 244467 |
|  Enanta Pharmaceuticals, Inc.\* | 7900 | 367508 |
|  EQRx, Inc.\* | 78200 | 192372 |
|  Erasca, Inc. (x)\* | 163933 | 706551 |
|  Fate Therapeutics, Inc.\* | 34500 | 348105 |
|  FibroGen, Inc.\* | 42600 | 682452 |
|  Foghorn Therapeutics, Inc. (x)\* | 2100 | 13398 |
|  Generation Bio Co.\* | 19078 | 74977 |
|  Geron Corp.\* | 131700 | 318714 |
|  Gossamer Bio, Inc. (x)\* | 23300 | 50561 |
|  GreenLight Biosciences Holdings PBC (x)\* | 2500 | 2950 |
|  Halozyme Therapeutics, Inc.\* | 52800 | 3004320 |
|  Heron Therapeutics, Inc. (x)\* | 65900 | 164750 |
|  HilleVax, Inc. (x)\* | 900 | 15057 |
|  Humacyte, Inc.\* | 3000 | 6330 |
|  Icosavax, Inc. (x)\* | 900 | 7146 |
|  Ideaya Biosciences, Inc.\* | 13600 | 247112 |
|  IGM Biosciences, Inc. (x)\* | 9600 | 163296 |
|  Imago Biosciences, Inc.\* | 2400 | 86280 |
|  ImmunityBio, Inc. (x)\* | 44500 | 225615 |
|  ImmunoGen, Inc.\* | 106300 | 527248 |
|  Immunovant, Inc.\* | 25800 | 457950 |
|  Inhibrx, Inc.\* | 10800 | 266112 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 137900 | 215124 |
|  Insmed, Inc.\* | 50400 | 1006992 |
|  Instil Bio, Inc.\* | 35600 | 22428 |
|  Intellia Therapeutics, Inc.\* | 146021 | 5094673 |
|  Intercept Pharmaceuticals, Inc.\* | 10900 | 134833 |
|  Invivyd, Inc. (x)\* | 2700 | 4050 |
|  Iovance Biotherapeutics, Inc.\* | 54900 | 350811 |
|  Ironwood Pharmaceuticals, Inc.\* | 49800 | 617022 |
|  iTeos Therapeutics, Inc.\* | 9400 | 183582 |
|  IVERIC bio, Inc.\* | 337850 | 7233369 |
|  Janux Therapeutics, Inc.\* | 2200 | 28974 |
|  Jounce Therapeutics, Inc.\* | 32800 | 36408 |
|  KalVista Pharmaceuticals, Inc.\* | 4300 | 29068 |
|  Karuna Therapeutics, Inc.\* | 48272 | 9485448 |
|  Karyopharm Therapeutics, Inc. (x)\* | 49400 | 167960 |
|  Keros Therapeutics, Inc.\* | 6500 | 312130 |
|  Kezar Life Sciences, Inc.\* | 21088 | 148460 |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 12900 | 193242 |
|  Kinnate Biopharma, Inc.\* | 2500 | 15250 |
|  Kodiak Sciences, Inc.\* | 18400 | 131744 |
|  Kronos Bio, Inc.\* | 17000 | 27540 |
|  Krystal Biotech, Inc.\* | 7500 | 594150 |
|  Kura Oncology, Inc.\* | 26400 | 327624 |
|  Kymera Therapeutics, Inc.\* | 11600 | 289536 |
|  Legend Biotech Corp. (ADR)\* | 96453 | 4814934 |
|  Lexicon Pharmaceuticals, Inc.\* | 4800 | 9168 |
|  Lyell Immunopharma, Inc. (x)\* | 56772 | 196999 |
|  MacroGenics, Inc.\* | 37400 | 250954 |
|  Madrigal Pharmaceuticals, Inc.\* | 4500 | 1306125 |
|  MannKind Corp.\* | 96800 | 510136 |
|  MeiraGTx Holdings plc\* | 13300 | 86716 |
|  Mersana Therapeutics, Inc.\* | 32700 | 191622 |
|  MiMedx Group, Inc.\* | 49500 | 137610 |
|  Mirum Pharmaceuticals, Inc.\* | 11000 | 214500 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 2900 | 22069 |
|  Morphic Holding, Inc.\* | 15600 | 417300 |
|  Myriad Genetics, Inc.\* | 38100 | 552831 |
|  Nkarta, Inc.\* | 19700 | 118003 |
|  Nurix Therapeutics, Inc.\* | 12500 | 137250 |
|  Nuvalent, Inc., Class A (x)\* | 6900 | 205482 |
|  Ocugen, Inc. (x)\* | 122300 | 158990 |
|  Organogenesis Holdings, Inc.\* | 31700 | 85273 |
|  Outlook Therapeutics, Inc. (x)\* | 5000 | 5400 |
|  Pardes Biosciences, Inc.\* | 1900 | 3211 |
|  PDL BioPharma, Inc.(r)(x)\* | 73900 | 28350 |
|  PepGen, Inc. (x)\* | 800 | 10696 |
|  PMV Pharmaceuticals, Inc. (x)\* | 18000 | 156600 |
|  Point Biopharma Global, Inc.\* | 22900 | 166941 |
|  Praxis Precision Medicines, Inc.\* | 10300 | 24514 |
|  Precigen, Inc. (x)\* | 41700 | 63384 |
|  Prometheus Biosciences, Inc.\* | 11500 | 1265000 |
|  Protagonist Therapeutics, Inc.\* | 20800 | 226928 |
|  Prothena Corp. plc\* | 13600 | 819400 |

---

See Notes to Financial Statements.

533

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  PTC Therapeutics, Inc.\* | 30800 | $| 1175636 |  |
|  Rallybio Corp.\* | 700 |  | 4599 |  |
|  RAPT Therapeutics, Inc.\* | 9200 |  | 182160 |  |
|  Recursion Pharmaceuticals, Inc., Class A\* | 43815 |  | 337814 |  |
|  REGENXBIO, Inc.\* | 18700 |  | 424116 |  |
|  Relay Therapeutics, Inc.\* | 37500 |  | 560250 |  |
|  Replimune Group, Inc.\* | 10300 |  | 280160 |  |
|  REVOLUTION Medicines, Inc.\* | 29000 |  | 690780 |  |
|  Rigel Pharmaceuticals, Inc.\* | 71700 |  | 107550 |  |
|  Rocket Pharmaceuticals, Inc.\* | 15900 |  | 311163 |  |
|  Sage Therapeutics, Inc.\* | 19000 |  | 724660 |  |
|  Sana Biotechnology, Inc. (x)\* | 33400 |  | 131930 |  |
|  Sangamo Therapeutics, Inc.\* | 47800 |  | 150092 |  |
|  Seres Therapeutics, Inc.\* | 33500 |  | 187600 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 108400 |  | 96042 |  |
|  SpringWorks Therapeutics, Inc.\* | 10600 |  | 275706 |  |
|  Stoke Therapeutics, Inc.\* | 10900 |  | 100607 |  |
|  Sutro Biopharma, Inc.\* | 13600 |  | 109888 |  |
|  Syndax Pharmaceuticals, Inc.\* | 18800 |  | 478460 |  |
|  Talaris Therapeutics, Inc. (x)\* | 5500 |  | 5610 |  |
|  Tango Therapeutics, Inc. (x)\* | 2500 |  | 18125 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 1500 |  | 3015 |  |
|  TG Therapeutics, Inc.\* | 54400 |  | 643552 |  |
|  Travere Therapeutics, Inc.\* | 24000 |  | 504720 |  |
|  Twist Bioscience Corp. (x)\* | 20373 |  | 485081 |  |
|  Tyra Biosciences, Inc.\* | 600 |  | 4560 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 114792 |  | 5318313 |  |
|  Vanda Pharmaceuticals, Inc.\* | 21603 |  | 159646 |  |
|  Vaxart, Inc. (x)\* | 73800 |  | 70914 |  |
|  Vaxcyte, Inc.\* | 26200 |  | 1256290 |  |
|  VBI Vaccines, Inc.\* | 6400 |  | 2503 |  |
|  Vera Therapeutics, Inc. (x)\* | 1100 |  | 21285 |  |
|  Veracyte, Inc.\* | 28100 |  | 666813 |  |
|  Vericel Corp.\* | 20300 |  | 534702 |  |
|  Verve Therapeutics, Inc. (x)\* | 13700 |  | 265095 |  |
|  Vir Biotechnology, Inc.\* | 204152 |  | 5167087 |  |
|  Viridian Therapeutics, Inc. (x)\* | 4100 |  | 119761 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 40900 |  | 4213 |  |
|  Xencor, Inc.\* | 27600 |  | 718704 |  |
|  Y-mAbs Therapeutics, Inc.\* | 24500 |  | 119560 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 13510 |  | 272091 |  |
|  |  |  | 117527967 |  |
|  ***Health Care Equipment & Supplies (5.3%)*** | ***Health Care Equipment & Supplies (5.3%)*** | ***Health Care Equipment & Supplies (5.3%)*** | ***Health Care Equipment & Supplies (5.3%)*** | **** |
|  Alphatec Holdings, Inc.\* | 24600 |  | 303810 |  |
|  AngioDynamics, Inc.\* | 14600 |  | 201042 |  |
|  Artivion, Inc.\* | 16300 |  | 197556 |  |
|  AtriCure, Inc.\* | 297391 |  | 13198213 |  |
|  Atrion Corp. | 700 |  | 391615 |  |
|  Avanos Medical, Inc.\* | 25500 |  | 690030 |  |
|  Axogen, Inc.\* | 15700 |  | 156686 |  |
|  Axonics, Inc.\* | 17700 |  | 1106781 |  |
|  Bioventus, Inc., Class A (x)\* | 23707 |  | 61875 |  |
|  Butterfly Network, Inc. (x)\* | 58100 |  | 142926 |  |
|  Cardiovascular Systems, Inc.\* | 19100 |  | 260142 |  |
|  Cerus Corp.\* | 72400 |  | 264260 |  |
|  CONMED Corp. | 10881 |  | 964492 |  |
|  Cue Health, Inc. (x)\* | 14000 |  | 28980 |  |
|  Cutera, Inc.\* | 6600 |  | 291852 |  |
|  Embecta Corp. | 20900 |  | 528561 |  |
|  Figs, Inc., Class A\* | 46400 |  | 312272 |  |
|  Glaukos Corp.\* | 21076 |  | 920600 |  |
|  Haemonetics Corp.\* | 20200 |  | 1588730 |  |
|  Heska Corp.\* | 3300 |  | 205128 |  |
|  Inari Medical, Inc.\* | 176820 |  | 11238679 |  |
|  Inogen, Inc.\* | 9200 |  | 181332 |  |
|  Inspire Medical Systems, Inc.\* | 10900 |  | 2745492 |  |
|  Insulet Corp.\* | 27180 |  | 8001520 |  |
|  Integer Holdings Corp.\* | 15100 |  | 1033746 |  |
|  iRadimed Corp. | 5000 |  | 141450 |  |
|  iRhythm Technologies, Inc.\* | 97647 |  | 9146594 |  |
|  Lantheus Holdings, Inc.\* | 246080 |  | 12540237 |  |
|  LeMaitre Vascular, Inc. | 7200 |  | 331344 |  |
|  LivaNova plc\* | 20032 |  | 1112577 |  |
|  Meridian Bioscience, Inc.\* | 18700 |  | 621027 |  |
|  Merit Medical Systems, Inc.\* | 20575 |  | 1453006 |  |
|  Mesa Laboratories, Inc. | 2300 |  | 382283 |  |
|  Nano-X Imaging Ltd. (x)\* | 7800 |  | 57564 |  |
|  Neogen Corp.\* | 84112 |  | 1281026 |  |
|  Nevro Corp.\* | 14200 |  | 562320 |  |
|  NuVasive, Inc.\* | 21400 |  | 882536 |  |
|  Omnicell, Inc.\* | 18100 |  | 912602 |  |
|  OraSure Technologies, Inc.\* | 29400 |  | 141708 |  |
|  Orthofix Medical, Inc.\* | 10900 |  | 223777 |  |
|  OrthoPediatrics Corp.\* | 5500 |  | 218515 |  |
|  Outset Medical, Inc.\* | 18300 |  | 472506 |  |
|  Paragon 28, Inc. (x)\* | 16800 |  | 321048 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 9300 |  | 386322 |  |
|  Pulmonx Corp.\* | 20300 |  | 171129 |  |
|  RxSight, Inc.\* | 700 |  | 8869 |  |
|  SeaSpine Holdings Corp.\* | 16300 |  | 136105 |  |
|  Senseonics Holdings, Inc. (x)\* | 166300 |  | 171289 |  |
|  Shockwave Medical, Inc.\* | 13556 |  | 2787249 |  |
|  SI-BONE, Inc.\* | 11700 |  | 159120 |  |
|  Sight Sciences, Inc.\* | 3000 |  | 36630 |  |
|  Silk Road Medical, Inc.\* | 214994 |  | 11362433 |  |
|  STAAR Surgical Co.\* | 19100 |  | 927114 |  |
|  Surmodics, Inc.\* | 4900 |  | 167188 |  |
|  Tactile Systems Technology, Inc.\* | 10200 |  | 117096 |  |
|  TransMedics Group, Inc.\* | 11900 |  | 734468 |  |
|  Treace Medical Concepts, Inc.\* | 20100 |  | 462099 |  |
|  UFP Technologies, Inc.\* | 2700 |  | 318303 |  |
|  Utah Medical Products, Inc. | 1600 |  | 160848 |  |
|  Varex Imaging Corp.\* | 11400 |  | 231420 |  |
|  Vicarious Surgical, Inc.\* | 1800 |  | 3636 |  |
|  ViewRay, Inc.\* | 39500 |  | 176960 |  |
|  Zimvie, Inc.\* | 4400 |  | 41096 |  |
|  Zynex, Inc. (x) | 2200 |  | 30602 |  |
|  |  |  | 94408416 |  |
|  ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | ***Health Care Providers & Services (1.7%)*** | **** |
|  1Life Healthcare, Inc.\* | 65600 |  | 1096176 |  |
|  23andMe Holding Co. (x)\* | 100400 |  | 216864 |  |
|  Accolade, Inc.\* | 20192 |  | 157296 |  |
|  AdaptHealth Corp.\* | 32575 |  | 626091 |  |
|  Addus HomeCare Corp.\* | 6900 |  | 686481 |  |
|  Agiliti, Inc. (x)\* | 9300 |  | 151683 |  |
|  AirSculpt Technologies, Inc. (x) | 2400 |  | 8880 |  |
|  Alignment Healthcare, Inc.\* | 29700 |  | 349272 |  |
|  AMN Healthcare Services, Inc.\* | 16300 |  | 1675966 |  |
|  Apollo Medical Holdings, Inc.\* | 14500 |  | 429055 |  |
|  ATI Physical Therapy, Inc. (x)\* | 7000 |  | 2135 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 13800 |  | 10764 |  |

---

See Notes to Financial Statements.

534

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Brookdale Senior Living, Inc.\* | 71500 | $| 195195 |  |
|  Cano Health, Inc. (x)\* | 188500 |  | 258245 |  |
|  CareMax, Inc.\* | 6200 |  | 22630 |  |
|  Castle Biosciences, Inc.\* | 8500 |  | 200090 |  |
|  Clover Health Investments Corp.\* | 138900 |  | 129108 |  |
|  Community Health Systems, Inc.\* | 81700 |  | 352944 |  |
|  CorVel Corp.\* | 3500 |  | 508655 |  |
|  Cross Country Healthcare, Inc.\* | 14700 |  | 390579 |  |
|  DocGo, Inc. (x)\* | 24700 |  | 174629 |  |
|  Ensign Group, Inc. (The) | 21500 |  | 2034115 |  |
|  Fulgent Genetics, Inc. (x)\* | 6200 |  | 184636 |  |
|  Guardant Health, Inc.\* | 232104 |  | 6313229 |  |
|  HealthEquity, Inc.\* | 32800 |  | 2021792 |  |
|  Hims & Hers Health, Inc. (x)\* | 48800 |  | 312808 |  |
|  Innovage Holding Corp. (x)\* | 3900 |  | 28002 |  |
|  Invitae Corp. (x)\* | 80200 |  | 149172 |  |
|  Joint Corp. (The)\* | 7600 |  | 106248 |  |
|  LHC Group, Inc.\* | 12573 |  | 2032928 |  |
|  LifeStance Health Group, Inc. (x)\* | 34000 |  | 167960 |  |
|  ModivCare, Inc.\* | 4900 |  | 439677 |  |
|  National HealthCare Corp. | 6100 |  | 362950 |  |
|  National Research Corp. | 4700 |  | 175310 |  |
|  Oncology Institute, Inc. (The) (x)\* | 1700 |  | 2805 |  |
|  OPKO Health, Inc.\* | 204200 |  | 255250 |  |
|  Option Care Health, Inc.\* | 57850 |  | 1740706 |  |
|  Owens & Minor, Inc.\* | 32050 |  | 625936 |  |
|  P3 Health Partners, Inc. (x)\* | 600 |  | 1104 |  |
|  Patterson Cos., Inc. | 38700 |  | 1084761 |  |
|  Pediatrix Medical Group, Inc.\* | 30200 |  | 448772 |  |
|  Pennant Group, Inc. (The)\* | 11300 |  | 124074 |  |
|  PetIQ, Inc.\* | 13600 |  | 125392 |  |
|  Privia Health Group, Inc.\* | 15700 |  | 356547 |  |
|  Progyny, Inc.\* | 29100 |  | 906465 |  |
|  R1 RCM, Inc. (x)\* | 47200 |  | 516840 |  |
|  RadNet, Inc.\* | 18500 |  | 348355 |  |
|  Select Medical Holdings Corp. | 39319 |  | 976291 |  |
|  Sema4 Holdings Corp.\* | 47500 |  | 12531 |  |
|  Surgery Partners, Inc.\* | 12700 |  | 353822 |  |
|  US Physical Therapy, Inc. | 6200 |  | 502386 |  |
|  |  |  | 30353602 |  |
|  ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | ***Health Care Technology (0.3%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 46800 |  | 825552 |  |
|  American Well Corp., Class A\* | 77900 |  | 220457 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 467 |  | 3152 |  |
|  Computer Programs and Systems, Inc.\* | 6500 |  | 176930 |  |
|  Evolent Health, Inc., Class A\* | 27900 |  | 783432 |  |
|  Health Catalyst, Inc.\* | 19400 |  | 206222 |  |
|  HealthStream, Inc.\* | 8300 |  | 206172 |  |
|  Multiplan Corp. (x)\* | 146700 |  | 168705 |  |
|  NextGen Healthcare, Inc.\* | 23900 |  | 448842 |  |
|  Nutex Health, Inc. (x)\* | 93400 |  | 177460 |  |
|  OptimizeRx Corp.\* | 8800 |  | 147840 |  |
|  Pear Therapeutics, Inc. (x)\* | 1800 |  | 2124 |  |
|  Phreesia, Inc.\* | 18900 |  | 611604 |  |
|  Schrodinger, Inc.\* | 18110 |  | 338476 |  |
|  Sharecare, Inc.\* | 56700 |  | 90720 |  |
|  Simulations Plus, Inc. | 6300 |  | 230391 |  |
|  |  |  | 4638079 |  |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | **** |
|  AbCellera Biologics, Inc. (x)\* | 75400 |  | 763802 |  |
|  Adaptive Biotechnologies Corp.\* | 40600 |  | 310184 |  |
|  Akoya Biosciences, Inc. (x)\* | 2900 |  | 27753 |  |
|  Alpha Teknova, Inc.\* | 900 |  | 5076 |  |
|  Berkeley Lights, Inc.\* | 34000 |  | 91120 |  |
|  BioLife Solutions, Inc.\* | 12300 |  | 223860 |  |
|  Bionano Genomics, Inc. (x)\* | 112600 |  | 164396 |  |
|  Codexis, Inc.\* | 31700 |  | 147722 |  |
|  CryoPort, Inc.\* | 16700 |  | 289745 |  |
|  Cytek Biosciences, Inc.\* | 37342 |  | 381262 |  |
|  ICON plc\* | 46757 |  | 9082547 |  |
|  Inotiv, Inc. (x)\* | 2500 |  | 12350 |  |
|  MaxCyte, Inc. (x)\* | 6700 |  | 36582 |  |
|  Medpace Holdings, Inc.\* | 11100 |  | 2357751 |  |
|  NanoString Technologies, Inc.\* | 35300 |  | 281341 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 1400 |  | 2520 |  |
|  NeoGenomics, Inc.\* | 43800 |  | 404712 |  |
|  OmniAb, Inc. (x)\* | 32094 |  | 115539 |  |
|  Pacific Biosciences of California, Inc.\* | 81700 |  | 668306 |  |
|  Quanterix Corp.\* | 16600 |  | 229910 |  |
|  Quantum-Si, Inc. (x)\* | 6500 |  | 11895 |  |
|  Repligen Corp.\* | 91369 |  | 15469685 |  |
|  Science 37 Holdings, Inc.\* | 2700 |  | 1121 |  |
|  Seer, Inc.\* | 19700 |  | 114260 |  |
|  Singular Genomics Systems, Inc.\* | 1700 |  | 3417 |  |
|  SomaLogic, Inc. (x)\* | 65600 |  | 164656 |  |
|  |  |  | 31361512 |  |
|  ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 19100 |  | 300825 |  |
|  Amneal Pharmaceuticals, Inc.\* | 30400 |  | 60496 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 16400 |  | 459528 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 14100 |  | 520995 |  |
|  AN2 Therapeutics, Inc.\* | 400 |  | 3812 |  |
|  ANI Pharmaceuticals, Inc.\* | 6100 |  | 245403 |  |
|  Arvinas, Inc.\* | 17500 |  | 598675 |  |
|  Atea Pharmaceuticals, Inc.\* | 31100 |  | 149591 |  |
|  Athira Pharma, Inc.\* | 27600 |  | 87492 |  |
|  Axsome Therapeutics, Inc.\* | 12500 |  | 964125 |  |
|  Cara Therapeutics, Inc.\* | 16000 |  | 171840 |  |
|  Cassava Sciences, Inc. (x)\* | 14600 |  | 431284 |  |
|  CinCor Pharma, Inc.\* | 7600 |  | 93404 |  |
|  Collegium Pharmaceutical, Inc.\* | 10700 |  | 248240 |  |
|  Corcept Therapeutics, Inc.\* | 40500 |  | 822555 |  |
|  DICE Therapeutics, Inc. (x)\* | 8400 |  | 262080 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 4500 |  | 40230 |  |
|  Esperion Therapeutics, Inc.\* | 24100 |  | 150143 |  |
|  Evolus, Inc.\* | 18700 |  | 140437 |  |
|  EyePoint Pharmaceuticals, Inc.\* | 1000 |  | 3500 |  |
|  Fulcrum Therapeutics, Inc.\* | 13400 |  | 97552 |  |
|  Harmony Biosciences Holdings, Inc.\* | 8600 |  | 473860 |  |
|  Innoviva, Inc.\* | 20000 |  | 265000 |  |
|  Intra-Cellular Therapies, Inc.\* | 164970 |  | 8730212 |  |
|  OmniAb, Inc.(r)(x)\* | 4966 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 6550 |  | 437540 |  |
|  Liquidia Corp.\* | 5500 |  | 35035 |  |
|  Nektar Therapeutics\* | 66100 |  | 149386 |  |
|  NGM Biopharmaceuticals, Inc.\* | 34400 |  | 172688 |  |

---

See Notes to Financial Statements.

535

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Nuvation Bio, Inc. (x)\* | 67829 | $| 130232 |  |
|  Ocular Therapeutix, Inc.\* | 38100 |  | 107061 |  |
|  Pacira BioSciences, Inc.\* | 16500 |  | 637065 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 2900 |  | 32538 |  |
|  Phibro Animal Health Corp., Class A | 8900 |  | 119349 |  |
|  Prestige Consumer Healthcare, Inc.\* | 22700 |  | 1421020 |  |
|  Provention Bio, Inc. (x)\* | 33500 |  | 354095 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 11000 |  | 417890 |  |
|  Relmada Therapeutics, Inc. (x)\* | 18900 |  | 65961 |  |
|  Revance Therapeutics, Inc.\* | 29200 |  | 539032 |  |
|  SIGA Technologies, Inc. (x) | 28900 |  | 212704 |  |
|  Supernus Pharmaceuticals, Inc.\* | 24500 |  | 873915 |  |
|  Tarsus Pharmaceuticals, Inc.\* | 1600 |  | 23456 |  |
|  Theravance Biopharma, Inc.\* | 23300 |  | 261426 |  |
|  Theseus Pharmaceuticals, Inc.\* | 1500 |  | 7470 |  |
|  Tricida, Inc. (x)\* | 195400 |  | 29877 |  |
|  Ventyx Biosciences, Inc.\* | 10700 |  | 350853 |  |
|  Xeris Biopharma Holdings, Inc.\* | 8500 |  | 11305 |  |
|  |  |  | 21711177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 300000753 |  |
|  **Industrials (19.9%)** | **Industrials (19.9%)** | **Industrials (19.9%)** | **Industrials (19.9%)** |  |
|  ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** | ***Aerospace & Defense (3.4%)*** | **** |
|  AAR Corp.\* | 17100 |  | 767790 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 34400 |  | 1923992 |  |
|  AeroVironment, Inc.\* | 10000 |  | 856600 |  |
|  AerSale Corp. (x)\* | 2300 |  | 37306 |  |
|  Archer Aviation, Inc., Class A (x)\* | 10000 |  | 18700 |  |
|  Astra Space, Inc. (x)\* | 20300 |  | 8806 |  |
|  Astronics Corp.\* | 1100 |  | 11330 |  |
|  Axon Enterprise, Inc.\* | 86757 |  | 14395589 |  |
|  Cadre Holdings, Inc. (x) | 1200 |  | 24168 |  |
|  Curtiss-Wright Corp. | 73108 |  | 12208305 |  |
|  Ducommun, Inc.\* | 500 |  | 24980 |  |
|  Hexcel Corp. | 178410 |  | 10499428 |  |
|  Howmet Aerospace, Inc. | 340370 |  | 13413982 |  |
|  Kaman Corp. | 14300 |  | 318890 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 59500 |  | 614040 |  |
|  Maxar Technologies, Inc. | 28100 |  | 1453894 |  |
|  Momentus, Inc. (x)\* | 2600 |  | 2028 |  |
|  Moog, Inc., Class A | 10800 |  | 947808 |  |
|  National Presto Industries, Inc. | 200 |  | 13692 |  |
|  Park Aerospace Corp. | 600 |  | 8046 |  |
|  Parsons Corp.\* | 13100 |  | 605875 |  |
|  Redwire Corp. (x)\* | 1400 |  | 2772 |  |
|  Rocket Lab USA, Inc. (x)\* | 77600 |  | 292552 |  |
|  Terran Orbital Corp. (x)\* | 17700 |  | 27966 |  |
|  Triumph Group, Inc.\* | 23900 |  | 251428 |  |
|  V2X, Inc.\* | 900 |  | 37161 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 83100 |  | 289188 |  |
|  |  |  | 59056316 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  Air Transport Services Group, Inc.\* | 27700 |  | 719646 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 11000 |  | 1108800 |  |
|  Forward Air Corp. | 12200 |  | 1279658 |  |
|  Hub Group, Inc., Class A\* | 15000 |  | 1192350 |  |
|  Radiant Logistics, Inc.\* | 1100 |  | 5599 |  |
|  |  |  | 4306053 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Allegiant Travel Co.\* | 6490 |  | 441255 |  |
|  Blade Air Mobility, Inc. (x)\* | 3900 |  | 13962 |  |
|  Frontier Group Holdings, Inc. (x)\* | 21700 |  | 222859 |  |
|  Hawaiian Holdings, Inc. (x)\* | 25400 |  | 260604 |  |
|  Joby Aviation, Inc. (x)\* | 91400 |  | 306190 |  |
|  SkyWest, Inc.\* | 23800 |  | 392938 |  |
|  Spirit Airlines, Inc. | 43100 |  | 839588 |  |
|  Sun Country Airlines Holdings, Inc.\* | 12400 |  | 196664 |  |
|  Wheels Up Experience, Inc.\* | 15000 |  | 15450 |  |
|  |  |  | 2689510 |  |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | **** |
|  AAON, Inc. | 19315 |  | 1454806 |  |
|  American Woodmark Corp.\* | 7200 |  | 351792 |  |
|  Apogee Enterprises, Inc. | 12300 |  | 546858 |  |
|  Armstrong World Industries, Inc. | 116168 |  | 7967963 |  |
|  Caesarstone Ltd. | 1100 |  | 6281 |  |
|  Carlisle Cos., Inc. | 67337 |  | 15867964 |  |
|  CSW Industrials, Inc. | 6700 |  | 776731 |  |
|  Gibraltar Industries, Inc.\* | 13000 |  | 596440 |  |
|  Griffon Corp. | 23400 |  | 837486 |  |
|  Insteel Industries, Inc. | 1400 |  | 38528 |  |
|  Janus International Group, Inc.\* | 29700 |  | 282744 |  |
|  JELD-WEN Holding, Inc.\* | 31717 |  | 306069 |  |
|  Masonite International Corp. (x)\* | 10800 |  | 870588 |  |
|  PGT Innovations, Inc.\* | 22700 |  | 407692 |  |
|  Quanex Building Products Corp. | 12100 |  | 286528 |  |
|  Resideo Technologies, Inc.\* | 61700 |  | 1014965 |  |
|  Simpson Manufacturing Co., Inc. | 17900 |  | 1587014 |  |
|  UFP Industries, Inc. | 22564 |  | 1788197 |  |
|  View, Inc. (x)\* | 26500 |  | 25570 |  |
|  Zurn Elkay Water Solutions Corp. | 51600 |  | 1091340 |  |
|  |  |  | 36105556 |  |
|  ***Commercial Services & Supplies (2.3%)*** | ***Commercial Services & Supplies (2.3%)*** | ***Commercial Services & Supplies (2.3%)*** | ***Commercial Services & Supplies (2.3%)*** | **** |
|  ABM Industries, Inc. | 28300 |  | 1257086 |  |
|  ACCO Brands Corp. | 21600 |  | 120744 |  |
|  ACV Auctions, Inc., Class A\* | 41000 |  | 336610 |  |
|  Aris Water Solution, Inc., Class A | 6100 |  | 87901 |  |
|  Brady Corp., Class A | 18000 |  | 847800 |  |
|  BrightView Holdings, Inc.\* | 5000 |  | 34450 |  |
|  Brink's Co. (The) | 18016 |  | 967639 |  |
|  Casella Waste Systems, Inc., Class A\* | 18437 |  | 1462239 |  |
|  Cimpress plc (x)\* | 7600 |  | 209836 |  |
|  CoreCivic, Inc. (REIT)\* | 53500 |  | 618460 |  |
|  Deluxe Corp. | 16600 |  | 281868 |  |
|  Driven Brands Holdings, Inc.\* | 502070 |  | 13711532 |  |
|  Ennis, Inc. | 900 |  | 19944 |  |
|  GEO Group, Inc. (The) (x)\* | 46000 |  | 503700 |  |
|  Harsco Corp.\* | 41400 |  | 260406 |  |
|  Healthcare Services Group, Inc. | 34500 |  | 414000 |  |
|  Heritage-Crystal Clean, Inc.\* | 1800 |  | 58464 |  |
|  HNI Corp. | 22100 |  | 628303 |  |
|  Interface, Inc. | 21300 |  | 210231 |  |
|  KAR Auction Services, Inc.\* | 45284 |  | 590956 |  |
|  Kimball International, Inc., Class B | 1100 |  | 7150 |  |
|  Li-Cycle Holdings Corp. (x)\* | 48100 |  | 228956 |  |
|  Matthews International Corp., Class A | 17344 |  | 527951 |  |
|  MillerKnoll, Inc. | 29440 |  | 618534 |  |

---

See Notes to Financial Statements.

536

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Montrose Environmental Group, Inc.\* | 9200 | $| 408388 |  |
|  Pitney Bowes, Inc. | 88500 |  | 336300 |  |
|  Quad/Graphics, Inc.\* | 1900 |  | 7752 |  |
|  SP Plus Corp.\* | 8500 |  | 295120 |  |
|  Steelcase, Inc., Class A | 44100 |  | 311787 |  |
|  Tetra Tech, Inc. | 94021 |  | 13650909 |  |
|  UniFirst Corp. | 5700 |  | 1100043 |  |
|  Viad Corp.\* | 6600 |  | 160974 |  |
|  VSE Corp. | 400 |  | 18752 |  |
|  |  |  | 40294785 |  |
|  ***Construction & Engineering (0.8%)*** | ***Construction & Engineering (0.8%)*** | ***Construction & Engineering (0.8%)*** | ***Construction & Engineering (0.8%)*** | **** |
|  Ameresco, Inc., Class A\* | 14800 |  | 845672 |  |
|  API Group Corp.\* | 77700 |  | 1461537 |  |
|  Arcosa, Inc. | 22600 |  | 1228084 |  |
|  Argan, Inc. | 600 |  | 22128 |  |
|  Comfort Systems USA, Inc. | 15700 |  | 1806756 |  |
|  Concrete Pumping Holdings, Inc.\* | 3000 |  | 17550 |  |
|  Construction Partners, Inc., Class A\* | 15500 |  | 413695 |  |
|  Dycom Industries, Inc.\* | 11300 |  | 1057680 |  |
|  EMCOR Group, Inc. | 19974 |  | 2958349 |  |
|  Fluor Corp.\* | 54700 |  | 1895902 |  |
|  Granite Construction, Inc. | 21421 |  | 751235 |  |
|  Great Lakes Dredge & Dock Corp.\* | 30300 |  | 180285 |  |
|  IES Holdings, Inc.\* | 300 |  | 10671 |  |
|  MYR Group, Inc.\* | 5600 |  | 515592 |  |
|  Northwest Pipe Co.\* | 700 |  | 23590 |  |
|  NV5 Global, Inc.\* | 5000 |  | 661600 |  |
|  Primoris Services Corp. | 22900 |  | 502426 |  |
|  Sterling Infrastructure, Inc.\* | 11400 |  | 373920 |  |
|  Tutor Perini Corp.\* | 3900 |  | 29445 |  |
|  |  |  | 14756117 |  |
|  ***Electrical Equipment (2.0%)*** | ***Electrical Equipment (2.0%)*** | ***Electrical Equipment (2.0%)*** | ***Electrical Equipment (2.0%)*** | **** |
|  Allied Motion Technologies, Inc. | 600 |  | 20886 |  |
|  AMETEK, Inc. | 93562 |  | 13072483 |  |
|  Array Technologies, Inc.\* | 58600 |  | 1132738 |  |
|  Atkore, Inc.\* | 17800 |  | 2018876 |  |
|  AZZ, Inc. | 13300 |  | 534660 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 8300 |  | 47891 |  |
|  Blink Charging Co. (x)\* | 14600 |  | 160162 |  |
|  Bloom Energy Corp., Class A\* | 68400 |  | 1307808 |  |
|  Encore Wire Corp. | 8000 |  | 1100480 |  |
|  Energy Vault Holdings, Inc. (x)\* | 16700 |  | 52104 |  |
|  EnerSys | 17600 |  | 1299584 |  |
|  Enovix Corp. (x)\* | 39600 |  | 492624 |  |
|  ESS Tech, Inc. (x)\* | 12800 |  | 31104 |  |
|  Fluence Energy, Inc. (x)\* | 25900 |  | 444185 |  |
|  FTC Solar, Inc. (x)\* | 13400 |  | 35912 |  |
|  FuelCell Energy, Inc. (x)\* | 133800 |  | 371964 |  |
|  GrafTech International Ltd. | 68300 |  | 325108 |  |
|  Heliogen, Inc. (x)\* | 12200 |  | 8518 |  |
|  NuScale Power Corp. (x)\* | 19900 |  | 204174 |  |
|  Powell Industries, Inc. | 500 |  | 17590 |  |
|  Preformed Line Products Co. | 200 |  | 16658 |  |
|  Shoals Technologies Group, Inc., Class A\* | 440582 |  | 10869158 |  |
|  Stem, Inc.\* | 56048 |  | 501069 |  |
|  SunPower Corp. (x)\* | 38800 |  | 699564 |  |
|  Thermon Group Holdings, Inc.\* | 1300 |  | 26104 |  |
|  TPI Composites, Inc.\* | 12400 |  | 125736 |  |
|  Vicor Corp.\* | 7600 |  | 408500 |  |
|  |  |  | 35325640 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A | 2600 |  | 48854 |  |
|  ***Machinery (4.9%)*** | ***Machinery (4.9%)*** | ***Machinery (4.9%)*** | ***Machinery (4.9%)*** | **** |
|  3D Systems Corp. (x)\* | 56000 |  | 414400 |  |
|  Alamo Group, Inc. | 5100 |  | 722160 |  |
|  Albany International Corp., Class A | 13400 |  | 1321106 |  |
|  Altra Industrial Motion Corp. | 27593 |  | 1648682 |  |
|  Astec Industries, Inc. | 11400 |  | 463524 |  |
|  Barnes Group, Inc. | 17742 |  | 724761 |  |
|  Berkshire Grey, Inc. (x)\* | 5500 |  | 3321 |  |
|  Blue Bird Corp.\* | 1600 |  | 17136 |  |
|  Chart Industries, Inc.\* | 14000 |  | 1613220 |  |
|  CIRCOR International, Inc.\* | 800 |  | 19168 |  |
|  Columbus McKinnon Corp. | 9300 |  | 301971 |  |
|  Desktop Metal, Inc., Class A (x)\* | 94600 |  | 128656 |  |
|  Douglas Dynamics, Inc. | 7700 |  | 278432 |  |
|  Energy Recovery, Inc.\* | 29800 |  | 610602 |  |
|  Enerpac Tool Group Corp. | 31200 |  | 794040 |  |
|  EnPro Industries, Inc. | 9700 |  | 1054293 |  |
|  ESCO Technologies, Inc. | 9584 |  | 838983 |  |
|  Evoqua Water Technologies Corp.\* | 44027 |  | 1743469 |  |
|  Fathom Digital Manufacturing C (x)\* | 800 |  | 1056 |  |
|  Federal Signal Corp. | 27900 |  | 1296513 |  |
|  Franklin Electric Co., Inc. | 17500 |  | 1395625 |  |
|  Gorman-Rupp Co. (The) | 8700 |  | 222894 |  |
|  Greenbrier Cos., Inc. (The) | 11947 |  | 400583 |  |
|  Helios Technologies, Inc. | 12000 |  | 653280 |  |
|  Hillenbrand, Inc. | 27341 |  | 1166640 |  |
|  Hillman Solutions Corp.\* | 49000 |  | 353290 |  |
|  Hydrofarm Holdings Group, Inc.\* | 24800 |  | 38440 |  |
|  Hyliion Holdings Corp.\* | 30000 |  | 70200 |  |
|  Hyster-Yale Materials Handling, Inc. | 800 |  | 20248 |  |
|  Hyzon Motors, Inc. (x)\* | 22200 |  | 34410 |  |
|  IDEX Corp. | 54880 |  | 12530750 |  |
|  Ingersoll Rand, Inc. | 247613 |  | 12937779 |  |
|  ITT, Inc. | 166577 |  | 13509395 |  |
|  John Bean Technologies Corp. | 12500 |  | 1141625 |  |
|  Kadant, Inc. | 4316 |  | 766651 |  |
|  Kennametal, Inc. | 31600 |  | 760296 |  |
|  Lightning eMotors, Inc. (x)\* | 4700 |  | 1723 |  |
|  Lindsay Corp. | 5100 |  | 830535 |  |
|  Luxfer Holdings plc | 800 |  | 10976 |  |
|  Manitowoc Co., Inc. (The)\* | 1800 |  | 16488 |  |
|  Markforged Holding Corp.\* | 5600 |  | 6496 |  |
|  Microvast Holdings, Inc. (x)\* | 67600 |  | 103428 |  |
|  Middleby Corp. (The)\* | 93052 |  | 12459663 |  |
|  Miller Industries, Inc. | 300 |  | 7998 |  |
|  Mueller Industries, Inc. | 23900 |  | 1410100 |  |
|  Mueller Water Products, Inc., Class A | 75800 |  | 815608 |  |
|  Nikola Corp. (x)\* | 106300 |  | 229608 |  |
|  Omega Flex, Inc. | 400 |  | 37328 |  |
|  Proterra, Inc. (x)\* | 80500 |  | 303485 |  |
|  Proto Labs, Inc.\* | 13100 |  | 334443 |  |
|  RBC Bearings, Inc.\* | 11800 |  | 2470330 |  |
|  REV Group, Inc. | 1600 |  | 20192 |  |

---

See Notes to Financial Statements.

537

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Sarcos Technology and Robotics Corp.\* | 3800 | $| 2133 |  |
|  Shyft Group, Inc. (The) | 13300 |  | 330638 |  |
|  SPX Technologies, Inc.\* | 16100 |  | 1056965 |  |
|  Standex International Corp. | 6600 |  | 675906 |  |
|  Tennant Co. | 9200 |  | 566444 |  |
|  Terex Corp. | 29400 |  | 1255968 |  |
|  Titan International, Inc.\* | 18600 |  | 284952 |  |
|  Trinity Industries, Inc. | 34700 |  | 1026079 |  |
|  Velo3D, Inc. (x)\* | 13000 |  | 23270 |  |
|  Wabash National Corp. | 19000 |  | 429400 |  |
|  Watts Water Technologies, Inc., Class A | 10892 |  | 1592737 |  |
|  Xos, Inc. (x)\* | 3000 |  | 1329 |  |
|  |  |  | 86301821 |  |
|  ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | **** |
|  Costamare, Inc. | 19800 |  | 183744 |  |
|  Eagle Bulk Shipping, Inc. (x) | 4900 |  | 244706 |  |
|  Eneti, Inc. | 2900 |  | 29145 |  |
|  Genco Shipping & Trading Ltd. | 13300 |  | 204288 |  |
|  Golden Ocean Group Ltd. (x) | 44700 |  | 388443 |  |
|  Matson, Inc. | 17500 |  | 1093925 |  |
|  Safe Bulkers, Inc. | 8400 |  | 24444 |  |
|  |  |  | 2168695 |  |
|  ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | ***Professional Services (1.5%)*** | **** |
|  Alight, Inc., Class A\* | 123600 |  | 1033296 |  |
|  ASGN, Inc.\* | 19073 |  | 1554068 |  |
|  Atlas Technical Consultants, Inc.\* | 500 |  | 2575 |  |
|  Barrett Business Services, Inc. | 500 |  | 46640 |  |
|  CBIZ, Inc.\* | 18366 |  | 860447 |  |
|  CRA International, Inc. | 2700 |  | 330561 |  |
|  Exponent, Inc. | 21500 |  | 2130435 |  |
|  First Advantage Corp.\* | 21200 |  | 275600 |  |
|  Forrester Research, Inc.\* | 1000 |  | 35760 |  |
|  Franklin Covey Co.\* | 700 |  | 32739 |  |
|  FTI Consulting, Inc.\* | 80470 |  | 12778636 |  |
|  Heidrick & Struggles International, Inc. | 7500 |  | 209775 |  |
|  HireRight Holdings Corp.\* | 8700 |  | 103182 |  |
|  Huron Consulting Group, Inc.\* | 7669 |  | 556770 |  |
|  ICF International, Inc. | 8000 |  | 792400 |  |
|  Insperity, Inc. | 14700 |  | 1669920 |  |
|  Kelly Services, Inc., Class A | 13000 |  | 219700 |  |
|  Kforce, Inc. | 9700 |  | 531851 |  |
|  Korn Ferry | 21400 |  | 1083268 |  |
|  Legalzoom.com, Inc. (x)\* | 35700 |  | 276318 |  |
|  Planet Labs PBC (x)\* | 56600 |  | 246210 |  |
|  Red Violet, Inc. (x)\* | 400 |  | 9208 |  |
|  Resources Connection, Inc. | 1600 |  | 29408 |  |
|  Skillsoft Corp.\* | 4200 |  | 5460 |  |
|  Spire Global, Inc.\* | 4400 |  | 4224 |  |
|  Sterling Check Corp.\* | 9700 |  | 150059 |  |
|  TriNet Group, Inc.\* | 13600 |  | 922080 |  |
|  TrueBlue, Inc.\* | 15000 |  | 293700 |  |
|  Upwork, Inc.\* | 46700 |  | 487548 |  |
|  Willdan Group, Inc.\* | 600 |  | 10710 |  |
|  |  |  | 26682548 |  |
|  ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | **** |
|  ArcBest Corp. | 9485 |  | 664330 |  |
|  Bird Global, Inc., Class A (x)\* | 9900 |  | 1784 |  |
|  Covenant Logistics Group, Inc. | 1600 |  | 55312 |  |
|  Daseke, Inc.\* | 3200 |  | 18208 |  |
|  Heartland Express, Inc. | 8700 |  | 133458 |  |
|  Marten Transport Ltd. | 26949 |  | 533051 |  |
|  PAM Transportation Services, Inc.\* | 400 |  | 10360 |  |
|  Saia, Inc.\* | 9943 |  | 2084848 |  |
|  TFI International, Inc. (x) | 116232 |  | 11651096 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 112500 |  | 184500 |  |
|  Universal Logistics Holdings, Inc. | 600 |  | 20064 |  |
|  Werner Enterprises, Inc. | 22747 |  | 915794 |  |
|  |  |  | 16272805 |  |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | **** |
|  Alta Equipment Group, Inc. | 600 |  | 7914 |  |
|  Applied Industrial Technologies, Inc. | 14900 |  | 1877847 |  |
|  Beacon Roofing Supply, Inc.\* | 23900 |  | 1261681 |  |
|  BlueLinx Holdings, Inc.\* | 900 |  | 63999 |  |
|  Boise Cascade Co. | 17900 |  | 1229193 |  |
|  Custom Truck One Source, Inc. (x)\* | 15400 |  | 97328 |  |
|  Distribution Solutions Group, Inc.\* | 800 |  | 29488 |  |
|  DXP Enterprises, Inc.\* | 700 |  | 19285 |  |
|  GATX Corp. | 13700 |  | 1456858 |  |
|  Global Industrial Co. | 1300 |  | 30589 |  |
|  GMS, Inc.\* | 18200 |  | 906360 |  |
|  H&E Equipment Services, Inc. | 15100 |  | 685540 |  |
|  Herc Holdings, Inc. | 9600 |  | 1263072 |  |
|  Hudson Technologies, Inc.\* | 6200 |  | 62744 |  |
|  Karat Packaging, Inc. | 200 |  | 2874 |  |
|  McGrath RentCorp | 10300 |  | 1017022 |  |
|  MRC Global, Inc.\* | 30200 |  | 349716 |  |
|  NOW, Inc.\* | 37300 |  | 473710 |  |
|  Rush Enterprises, Inc., Class A | 19950 |  | 1042986 |  |
|  Rush Enterprises, Inc., Class B | 200 |  | 11254 |  |
|  SiteOne Landscape Supply, Inc.\* | 104141 |  | 12217822 |  |
|  Textainer Group Holdings Ltd. | 24200 |  | 750442 |  |
|  Titan Machinery, Inc.\* | 1200 |  | 47676 |  |
|  Transcat, Inc.\* | 400 |  | 28348 |  |
|  Triton International Ltd. | 25012 |  | 1720325 |  |
|  Veritiv Corp. | 6200 |  | 754602 |  |
|  |  |  | 27408675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 351417375 |  |
|  **Information Technology (18.5%)** | **Information Technology (18.5%)** | **Information Technology (18.5%)** | **Information Technology (18.5%)** |  |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | **** |
|  ADTRAN Holdings, Inc. | 26000 |  | 488540 |  |
|  Aviat Networks, Inc.\* | 800 |  | 24952 |  |
|  Calix, Inc.\* | 25500 |  | 1744965 |  |
|  Cambium Networks Corp.\* | 1700 |  | 36839 |  |
|  Casa Systems, Inc.\* | 1700 |  | 4641 |  |
|  Ciena Corp.\* | 172960 |  | 8817501 |  |
|  Clearfield, Inc.\* | 4200 |  | 395388 |  |
|  CommScope Holding Co., Inc.\* | 74700 |  | 549045 |  |
|  Comtech Telecommunications Corp. | 1200 |  | 14568 |  |
|  Digi International, Inc.\* | 12400 |  | 453220 |  |
|  DZS, Inc.\* | 2800 |  | 35504 |  |
|  Extreme Networks, Inc.\* | 55900 |  | 1023529 |  |
|  Harmonic, Inc.\* | 35400 |  | 463740 |  |
|  Infinera Corp. (x)\* | 75000 |  | 505500 |  |
|  Inseego Corp. (x)\* | 6300 |  | 5308 |  |
|  NETGEAR, Inc.\* | 12900 |  | 233619 |  |

---

See Notes to Financial Statements.

538

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  NetScout Systems, Inc.\* | 32000 | $| 1040320 |  |
|  Ondas Holdings, Inc. (x)\* | 2500 |  | 3975 |  |
|  Ribbon Communications, Inc.\* | 13500 |  | 37665 |  |
|  Viavi Solutions, Inc.\* | 99800 |  | 1048898 |  |
|  |  |  | 16927717 |  |
|  ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** | ***Electronic Equipment, Instruments & Components (2.6%)*** | **** |
|  908 Devices, Inc. (x)\* | 8100 |  | 61722 |  |
|  Advanced Energy Industries, Inc. | 15800 |  | 1355324 |  |
|  Aeva Technologies, Inc.\* | 33300 |  | 45288 |  |
|  AEye, Inc. (x)\* | 5100 |  | 2451 |  |
|  Akoustis Technologies, Inc. (x)\* | 4400 |  | 12408 |  |
|  Arlo Technologies, Inc.\* | 20700 |  | 72657 |  |
|  Badger Meter, Inc. | 11600 |  | 1264748 |  |
|  Belden, Inc. | 16578 |  | 1191958 |  |
|  Benchmark Electronics, Inc. | 13189 |  | 352015 |  |
|  Cepton, Inc.\* | 2600 |  | 3302 |  |
|  CTS Corp. | 11962 |  | 471542 |  |
|  ePlus, Inc.\* | 13200 |  | 584496 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 17400 |  | 45066 |  |
|  Fabrinet\* | 14800 |  | 1897656 |  |
|  FARO Technologies, Inc.\* | 7695 |  | 226310 |  |
|  Focus Universal, Inc. (x)\* | 2300 |  | 14743 |  |
|  Identiv, Inc.\* | 1900 |  | 13756 |  |
|  Insight Enterprises, Inc.\* | 12925 |  | 1295990 |  |
|  Itron, Inc.\* | 20000 |  | 1013000 |  |
|  Kimball Electronics, Inc.\* | 1500 |  | 33885 |  |
|  Knowles Corp.\* | 33000 |  | 541860 |  |
|  Lightwave Logic, Inc. (x)\* | 40700 |  | 175417 |  |
|  Littelfuse, Inc. | 49112 |  | 10814462 |  |
|  Methode Electronics, Inc. | 18800 |  | 834156 |  |
|  MicroVision, Inc. (x)\* | 63400 |  | 148990 |  |
|  Mirion Technologies, Inc. (x)\* | 49900 |  | 329839 |  |
|  Napco Security Technologies, Inc.\* | 10900 |  | 299532 |  |
|  nLight, Inc.\* | 17900 |  | 181506 |  |
|  Novanta, Inc.\* | 116750 |  | 15862823 |  |
|  OSI Systems, Inc.\* | 7700 |  | 612304 |  |
|  Ouster, Inc. (x)\* | 12700 |  | 10960 |  |
|  PAR Technology Corp. (x)\* | 8700 |  | 226809 |  |
|  PC Connection, Inc. | 2400 |  | 112560 |  |
|  Plexus Corp.\* | 9995 |  | 1028785 |  |
|  Rogers Corp.\* | 7200 |  | 859248 |  |
|  Sanmina Corp.\* | 23500 |  | 1346315 |  |
|  ScanSource, Inc.\* | 9400 |  | 274668 |  |
|  SmartRent, Inc. (x)\* | 39000 |  | 94770 |  |
|  TTM Technologies, Inc.\* | 53300 |  | 803764 |  |
|  Velodyne Lidar, Inc. (x)\* | 38200 |  | 28218 |  |
|  Vishay Intertechnology, Inc. | 61200 |  | 1320084 |  |
|  Vishay Precision Group, Inc.\* | 500 |  | 19325 |  |
|  |  |  | 45884712 |  |
|  ***IT Services (2.7%)*** | ***IT Services (2.7%)*** | ***IT Services (2.7%)*** | ***IT Services (2.7%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 53400 |  | 530796 |  |
|  BigCommerce Holdings, Inc.\* | 31400 |  | 274436 |  |
|  Brightcove, Inc.\* | 8300 |  | 43409 |  |
|  Cantaloupe, Inc.\* | 6800 |  | 29580 |  |
|  Cass Information Systems, Inc. | 1733 |  | 79406 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 10800 |  | 27540 |  |
|  Conduent, Inc.\* | 59900 |  | 242595 |  |
|  CSG Systems International, Inc. | 12052 |  | 689374 |  |
|  Cyxtera Technologies, Inc. (x)\* | 20000 |  | 38400 |  |
|  DigitalOcean Holdings, Inc.\* | 225590 |  | 5745777 |  |
|  Edgio, Inc.\* | 12500 |  | 14125 |  |
|  Evertec, Inc. | 22696 |  | 734897 |  |
|  Evo Payments, Inc., Class A\* | 18400 |  | 622656 |  |
|  ExlService Holdings, Inc.\* | 12600 |  | 2134818 |  |
|  Fastly, Inc., Class A\* | 40600 |  | 332514 |  |
|  Flywire Corp.\* | 486286 |  | 11899419 |  |
|  Grid Dynamics Holdings, Inc.\* | 16300 |  | 182886 |  |
|  Hackett Group, Inc. (The) | 4000 |  | 81480 |  |
|  I3 Verticals, Inc., Class A\* | 4200 |  | 102228 |  |
|  IBEX Holdings Ltd.\* | 400 |  | 9940 |  |
|  Information Services Group, Inc. | 1500 |  | 6900 |  |
|  International Money Express, Inc.\* | 11900 |  | 290003 |  |
|  Marqeta, Inc., Class A\* | 158100 |  | 965991 |  |
|  Maximus, Inc. | 22983 |  | 1685343 |  |
|  MoneyGram International, Inc.\* | 34500 |  | 375705 |  |
|  Paya Holdings, Inc.\* | 23700 |  | 186519 |  |
|  Payoneer Global, Inc.\* | 78800 |  | 431036 |  |
|  Paysafe Ltd. (x)\* | 12683 |  | 176167 |  |
|  Perficient, Inc.\* | 13900 |  | 970637 |  |
|  PFSweb, Inc. | 700 |  | 4305 |  |
|  Priority Technology Holdings, Inc. (x)\* | 400 |  | 2104 |  |
|  Rackspace Technology, Inc. (x)\* | 41600 |  | 122720 |  |
|  Remitly Global, Inc.\* | 30600 |  | 350370 |  |
|  Repay Holdings Corp.\* | 29100 |  | 234255 |  |
|  Sabre Corp.\* | 118700 |  | 733566 |  |
|  Shift4 Payments, Inc., Class A\* | 249586 |  | 13959345 |  |
|  Squarespace, Inc., Class A\* | 12100 |  | 268257 |  |
|  StoneCo Ltd., Class A\* | 100900 |  | 952496 |  |
|  TTEC Holdings, Inc. | 9300 |  | 410409 |  |
|  Tucows, Inc., Class A (x)\* | 1500 |  | 50880 |  |
|  Unisys Corp.\* | 37200 |  | 190092 |  |
|  Verra Mobility Corp.\* | 58600 |  | 810438 |  |
|  |  |  | 46993814 |  |
|  ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | **** |
|  ACM Research, Inc., Class A\* | 33700 |  | 259827 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 8200 |  | 234274 |  |
|  Ambarella, Inc.\* | 13900 |  | 1142997 |  |
|  Amkor Technology, Inc. | 39500 |  | 947210 |  |
|  Atomera, Inc. (x)\* | 1800 |  | 11196 |  |
|  Axcelis Technologies, Inc.\* | 14600 |  | 1158656 |  |
|  AXT, Inc.\* | 2900 |  | 12702 |  |
|  CEVA, Inc.\* | 7800 |  | 199524 |  |
|  Cohu, Inc.\* | 23577 |  | 755643 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 35434 |  | 471627 |  |
|  Diodes, Inc.\* | 17300 |  | 1317222 |  |
|  FormFactor, Inc.\* | 29140 |  | 647782 |  |
|  Ichor Holdings Ltd.\* | 10300 |  | 276246 |  |
|  Impinj, Inc.\* | 7700 |  | 840686 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 59500 |  | 346885 |  |
|  Kulicke & Soffa Industries, Inc. | 24500 |  | 1084370 |  |
|  Lattice Semiconductor Corp.\* | 232913 |  | 15111396 |  |
|  MACOM Technology Solutions Holdings, Inc. (x)\* | 235443 |  | 14828200 |  |
|  MaxLinear, Inc.\* | 27656 |  | 938921 |  |
|  Monolithic Power Systems, Inc. | 20290 |  | 7174747 |  |
|  ON Semiconductor Corp.\* | 112317 |  | 7005211 |  |

---

See Notes to Financial Statements.

539

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Onto Innovation, Inc.\* | 21075 | $| 1434997 |  |
|  PDF Solutions, Inc.\* | 11600 |  | 330832 |  |
|  Photronics, Inc.\* | 18400 |  | 309672 |  |
|  Power Integrations, Inc. | 24200 |  | 1735624 |  |
|  Rambus, Inc.\* | 40648 |  | 1456011 |  |
|  Rigetti Computing, Inc. (x)\* | 17800 |  | 12980 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 8000 |  | 1121 |  |
|  Semtech Corp.\* | 26900 |  | 771761 |  |
|  Silicon Laboratories, Inc.\* | 13264 |  | 1799527 |  |
|  SiTime Corp.\* | 6100 |  | 619882 |  |
|  SkyWater Technology, Inc. (x)\* | 2500 |  | 17775 |  |
|  SMART Global Holdings, Inc.\* | 31100 |  | 462768 |  |
|  Synaptics, Inc.\* | 14902 |  | 1418074 |  |
|  Transphorm, Inc. (x)\* | 600 |  | 3264 |  |
|  Ultra Clean Holdings, Inc.\* | 18200 |  | 603330 |  |
|  Universal Display Corp. | 102750 |  | 11101110 |  |
|  Veeco Instruments, Inc.\* | 17049 |  | 316770 |  |
|  |  |  | 77160820 |  |
|  ***Software (7.7%)*** | ***Software (7.7%)*** | ***Software (7.7%)*** | ***Software (7.7%)*** | **** |
|  8x8, Inc.\* | 49000 |  | 211680 |  |
|  A10 Networks, Inc. | 23000 |  | 382490 |  |
|  ACI Worldwide, Inc.\* | 49081 |  | 1128863 |  |
|  Adeia, Inc. | 39331 |  | 372858 |  |
|  Agilysys, Inc.\* | 10650 |  | 842841 |  |
|  Alarm.com Holdings, Inc.\* | 17719 |  | 876736 |  |
|  Alkami Technology, Inc. (x)\* | 10900 |  | 159031 |  |
|  Altair Engineering, Inc., Class A\* | 19500 |  | 886665 |  |
|  American Software, Inc., Class A | 12000 |  | 176160 |  |
|  Amplitude, Inc., Class A (x)\* | 20400 |  | 246432 |  |
|  Appfolio, Inc., Class A\* | 7900 |  | 832502 |  |
|  Appian Corp., Class A\* | 16800 |  | 547008 |  |
|  Applied Digital Corp. (x)\* | 5800 |  | 10672 |  |
|  Arteris, Inc.\* | 900 |  | 3870 |  |
|  Asana, Inc., Class A (x)\* | 29600 |  | 407592 |  |
|  Avaya Holdings Corp. (x)\* | 66600 |  | 13054 |  |
|  AvePoint, Inc. (x)\* | 22400 |  | 92064 |  |
|  Benefitfocus, Inc.\* | 18400 |  | 192464 |  |
|  Blackbaud, Inc.\* | 20300 |  | 1194858 |  |
|  Blackline, Inc.\* | 20900 |  | 1405943 |  |
|  Blend Labs, Inc., Class A\* | 54600 |  | 78624 |  |
|  Box, Inc., Class A\* | 54400 |  | 1693472 |  |
|  C3.ai, Inc., Class A (x)\* | 25100 |  | 280869 |  |
|  Cerence, Inc.\* | 15100 |  | 279803 |  |
|  Cipher Mining, Inc. (x)\* | 5300 |  | 2968 |  |
|  Cleanspark, Inc. (x)\* | 33600 |  | 68544 |  |
|  Clear Secure, Inc., Class A (x) | 22700 |  | 622661 |  |
|  CommVault Systems, Inc.\* | 16300 |  | 1024292 |  |
|  Consensus Cloud Solutions, Inc.\* | 5600 |  | 301056 |  |
|  Couchbase, Inc. (x)\* | 8400 |  | 111384 |  |
|  CS Disco, Inc.\* | 11300 |  | 71416 |  |
|  Cvent Holding Corp. (x)\* | 27700 |  | 149580 |  |
|  Digimarc Corp. (x)\* | 1600 |  | 29584 |  |
|  Digital Turbine, Inc.\* | 37600 |  | 573024 |  |
|  Domo, Inc., Class B\* | 17100 |  | 243504 |  |
|  Duck Creek Technologies, Inc.\* | 28100 |  | 338605 |  |
|  Dynatrace, Inc.\* | 400204 |  | 15327813 |  |
|  E2open Parent Holdings, Inc. (x)\* | 62700 |  | 368049 |  |
|  Ebix, Inc. (x) | 9900 |  | 197604 |  |
|  eGain Corp.\* | 700 |  | 6321 |  |
|  Enfusion, Inc., Class A\* | 12500 |  | 120875 |  |
|  EngageSmart, Inc.\* | 12700 |  | 223520 |  |
|  Envestnet, Inc.\* | 21900 |  | 1351230 |  |
|  Everbridge, Inc.\* | 14400 |  | 425952 |  |
|  EverCommerce, Inc. (x)\* | 15400 |  | 114576 |  |
|  Five9, Inc.\* | 178340 |  | 12102152 |  |
|  ForgeRock, Inc., Class A (x)\* | 19900 |  | 453123 |  |
|  Freshworks, Inc., Class A (x)\* | 581332 |  | 8551394 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 5200 |  | 1503 |  |
|  HubSpot, Inc.\* | 29160 |  | 8431031 |  |
|  Instructure Holdings, Inc. (x)\* | 8900 |  | 208616 |  |
|  Intapp, Inc.\* | 3900 |  | 97266 |  |
|  InterDigital, Inc. | 11900 |  | 588812 |  |
|  IronNet, Inc. (x)\* | 5600 |  | 1288 |  |
|  Kaleyra, Inc. (x)\* | 6100 |  | 4606 |  |
|  KnowBe4, Inc., Class A\* | 26500 |  | 656670 |  |
|  Latch, Inc. (x)\* | 4500 |  | 3195 |  |
|  LivePerson, Inc.\* | 25500 |  | 258570 |  |
|  LiveRamp Holdings, Inc.\* | 24757 |  | 580304 |  |
|  LiveVox Holdings, Inc.\* | 800 |  | 2376 |  |
|  Manhattan Associates, Inc.\* | 118403 |  | 14374124 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 38200 |  | 130644 |  |
|  Matterport, Inc. (x)\* | 79700 |  | 223160 |  |
|  MeridianLink, Inc. (x)\* | 6200 |  | 85126 |  |
|  MicroStrategy, Inc., Class A (x)\* | 3300 |  | 467181 |  |
|  Mitek Systems, Inc.\* | 16600 |  | 160854 |  |
|  Model N, Inc.\* | 15100 |  | 612456 |  |
|  Momentive Global, Inc.\* | 59400 |  | 415800 |  |
|  Monday.com Ltd. (x)\* | 64949 |  | 7923778 |  |
|  N-able, Inc.\* | 24800 |  | 254944 |  |
|  NextNav, Inc. (x)\* | 2400 |  | 7032 |  |
|  Olo, Inc., Class A\* | 32700 |  | 204375 |  |
|  ON24, Inc.\* | 7100 |  | 61273 |  |
|  OneSpan, Inc.\* | 11500 |  | 128685 |  |
|  PagerDuty, Inc.\* | 32300 |  | 857888 |  |
|  PowerSchool Holdings, Inc., Class A\* | 16600 |  | 383128 |  |
|  Progress Software Corp. (x) | 15950 |  | 804677 |  |
|  PROS Holdings, Inc.\* | 19550 |  | 474283 |  |
|  PTC, Inc.\* | 133500 |  | 16025340 |  |
|  Q2 Holdings, Inc.\* | 22500 |  | 604575 |  |
|  Qualys, Inc.\* | 15000 |  | 1683450 |  |
|  Rapid7, Inc.\* | 23800 |  | 808724 |  |
|  Rimini Street, Inc.\* | 10500 |  | 40005 |  |
|  Riot Blockchain, Inc. (x)\* | 85900 |  | 291201 |  |
|  Sapiens International Corp. NV | 8900 |  | 164472 |  |
|  SecureWorks Corp., Class A\* | 3300 |  | 21087 |  |
|  ShotSpotter, Inc.\* | 500 |  | 16915 |  |
|  Smartsheet, Inc., Class A\* | 299881 |  | 11803316 |  |
|  SolarWinds Corp.\* | 20200 |  | 189072 |  |
|  Sprout Social, Inc., Class A\* | 17700 |  | 999342 |  |
|  SPS Commerce, Inc.\* | 14300 |  | 1836549 |  |
|  Sumo Logic, Inc.\* | 32700 |  | 264870 |  |
|  Telos Corp.\* | 26300 |  | 133867 |  |
|  Tenable Holdings, Inc.\* | 47400 |  | 1808310 |  |
|  Terawulf, Inc. (x)\* | 2500 |  | 1664 |  |
|  Upland Software, Inc.\* | 13800 |  | 98394 |  |
|  UserTesting, Inc. (x)\* | 39100 |  | 293641 |  |
|  Varonis Systems, Inc.\* | 43200 |  | 1034208 |  |
|  Verint Systems, Inc.\* | 23121 |  | 838830 |  |
|  Veritone, Inc. (x)\* | 2600 |  | 13780 |  |
|  Viant Technology, Inc., Class A (x)\* | 700 |  | 2814 |  |
|  Weave Communications, Inc. (x)\* | 2200 |  | 10076 |  |

---

See Notes to Financial Statements.

540

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  WM Technology, Inc.\* | 12700 | $12827 |  |
|  Workiva, Inc.\* | 17700 | 1486269 |  |
|  Xperi, Inc.\* | 19632 | 169032 |  |
|  Yext, Inc.\* | 56900 | 371557 |  |
|  Zeta Global Holdings Corp., Class A\* | 59800 | 488566 |  |
|  Zuora, Inc., Class A\* | 42700 | 271572 |  |
|  |  | 135283748 |  |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | **** |
|  Avid Technology, Inc.\* | 13500 | $358965 |  |
|  CompoSecure, Inc. (x)\* | 700 | 3437 |  |
|  Corsair Gaming, Inc.\* | 14500 | 196765 |  |
|  Diebold Nixdorf, Inc.\* | 31800 | 45156 |  |
|  Eastman Kodak Co. (x)\* | 18600 | 56730 |  |
|  IonQ, Inc. (x)\* | 49500 | 170775 |  |
|  Super Micro Computer, Inc.\* | 16800 | 1379280 |  |
|  Turtle Beach Corp.\* | 3000 | 21510 |  |
|  Xerox Holdings Corp. | 41600 | 607360 |  |
|  |  | 2839978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 325090789 |  |
|  **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |  |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | **** |
|  AdvanSix, Inc. | 8300 | 315566 |  |
|  American Vanguard Corp. | 3600 | 78156 |  |
|  Amyris, Inc. (x)\* | 131500 | 201195 |  |
|  Aspen Aerogels, Inc.\* | 13400 | 157986 |  |
|  Avient Corp. | 36084 | 1218196 |  |
|  Balchem Corp. | 12083 | 1475455 |  |
|  Cabot Corp. | 22500 | 1503900 |  |
|  Chase Corp. | 2300 | 198398 |  |
|  Danimer Scientific, Inc. (x)\* | 40100 | 71779 |  |
|  Diversey Holdings Ltd.\* | 32500 | 138450 |  |
|  Ecovyst, Inc.\* | 29600 | 262256 |  |
|  FMC Corp. | 113070 | 14111136 |  |
|  FutureFuel Corp. | 1400 | 11382 |  |
|  Hawkins, Inc. | 7200 | 277920 |  |
|  HB Fuller Co. | 21800 | 1561316 |  |
|  Ingevity Corp.\* | 14891 | 1048922 |  |
|  Innospec, Inc. | 9192 | 945489 |  |
|  Intrepid Potash, Inc.\* | 3300 | 95271 |  |
|  Koppers Holdings, Inc. | 800 | 22560 |  |
|  Kronos Worldwide, Inc. | 13100 | 123140 |  |
|  Livent Corp.\* | 69100 | 1373017 |  |
|  LSB Industries, Inc.\* | 24400 | 324520 |  |
|  Mativ Holdings, Inc. | 25098 | 524549 |  |
|  Minerals Technologies, Inc. | 16000 | 971520 |  |
|  Origin Materials, Inc. (x)\* | 18000 | 82980 |  |
|  Orion Engineered Carbons SA | 27600 | 491556 |  |
|  Perimeter Solutions SA (x)\* | 44400 | 405816 |  |
|  PureCycle Technologies, Inc. (x)\* | 38700 | 261612 |  |
|  Quaker Chemical Corp. | 5500 | 917950 |  |
|  Rayonier Advanced Materials, Inc.\* | 4800 | 46080 |  |
|  Sensient Technologies Corp. | 17700 | 1290684 |  |
|  Stepan Co. | 8200 | 872972 |  |
|  Tredegar Corp. | 1100 | 11242 |  |
|  Trinseo plc | 16300 | 370173 |  |
|  Tronox Holdings plc | 41000 | 562110 |  |
|  Valhi, Inc. | 1800 | 39600 |  |
|  |  | 32364854 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Summit Materials, Inc., Class A\* | 53439 | 1517133 |  |
|  United States Lime & Minerals, Inc. | 100 | 14076 |  |
|  |  | 1531209 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  Cryptyde, Inc.\* | 3700 | 709 |  |
|  Greif, Inc., Class A | 11500 | 771190 |  |
|  Greif, Inc., Class B | 1700 | 132991 |  |
|  Myers Industries, Inc. | 20900 | 464607 |  |
|  O-I Glass, Inc.\* | 56700 | 939519 |  |
|  Pactiv Evergreen, Inc. | 11300 | 128368 |  |
|  Ranpak Holdings Corp.\* | 21200 | 122324 |  |
|  TriMas Corp. | 21100 | 585314 |  |
|  |  | 3145022 |  |
|  ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | ***Metals & Mining (0.8%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 1500 | 11820 |  |
|  Alpha Metallurgical Resources, Inc. | 6500 | 951535 |  |
|  Arconic Corp.\* | 38500 | 814660 |  |
|  ATI, Inc.\* | 45200 | 1349672 |  |
|  Carpenter Technology Corp. | 21800 | 805292 |  |
|  Century Aluminum Co.\* | 39700 | 324746 |  |
|  Coeur Mining, Inc.\* | 122870 | 412843 |  |
|  Commercial Metals Co. | 45005 | 2173742 |  |
|  Compass Minerals International, Inc. | 12817 | 525497 |  |
|  Constellium SE\* | 49200 | 582036 |  |
|  Dakota Gold Corp. (x)\* | 2000 | 6100 |  |
|  Haynes International, Inc. | 800 | 36552 |  |
|  Hecla Mining Co. | 219421 | 1219981 |  |
|  Hycroft Mining Holding Corp. (x)\* | 24800 | 13196 |  |
|  Ivanhoe Electric, Inc. (x)\* | 1000 | 12150 |  |
|  Kaiser Aluminum Corp. | 8100 | 615276 |  |
|  Materion Corp. | 7700 | 673827 |  |
|  Novagold Resources, Inc.\* | 125900 | 752882 |  |
|  Olympic Steel, Inc. | 400 | 13432 |  |
|  Piedmont Lithium, Inc.\* | 6300 | 277326 |  |
|  Ramaco Resources, Inc. | 5900 | 51861 |  |
|  Ryerson Holding Corp. | 5700 | 172482 |  |
|  Schnitzer Steel Industries, Inc., Class A | 12200 | 373930 |  |
|  SunCoke Energy, Inc. | 8300 | 71629 |  |
|  TimkenSteel Corp.\* | 17200 | 312524 |  |
|  Warrior Met Coal, Inc. | 19700 | 682408 |  |
|  Worthington Industries, Inc. | 11699 | 581557 |  |
|  |  | 13818956 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 1500 | 56715 |  |
|  Glatfelter Corp. | 12000 | 33360 |  |
|  Resolute Forest Products, Inc.\* | 26500 | 572135 |  |
|  Sylvamo Corp. | 12900 | 626811 |  |
|  |  | 1289021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 52149062 |  |
|  **Real Estate (3.2%)** | **Real Estate (3.2%)** | **Real Estate (3.2%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | **** |
|  Acadia Realty Trust (REIT) | 38586 | 553709 |  |
|  Agree Realty Corp. (REIT) | 30700 | 2177551 |  |
|  Alexander & Baldwin, Inc. (REIT) | 27154 | 508594 |  |
|  Alexander's, Inc. (REIT) | 600 | 132036 |  |

---

See Notes to Financial Statements.

541

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  American Assets Trust, Inc. (REIT) | 19996 | $| 529894 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 59600 |  | 424352 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 84100 |  | 1327098 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 23300 |  | 267950 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 4100 |  | 18327 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 1300 |  | 27703 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 4500 |  | 18495 |  |
|  Brandywine Realty Trust (REIT) | 68000 |  | 418200 |  |
|  Broadstone Net Lease, Inc. (REIT) | 73000 |  | 1183330 |  |
|  BRT Apartments Corp. (REIT) | 500 |  | 9820 |  |
|  CareTrust REIT, Inc. (REIT) | 44300 |  | 823094 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 9700 |  | 223876 |  |
|  Centerspace (REIT) | 5632 |  | 330429 |  |
|  Chatham Lodging Trust (REIT) | 2400 |  | 29448 |  |
|  City Office REIT, Inc. (REIT) | 5700 |  | 47766 |  |
|  Clipper Realty, Inc. (REIT) | 400 |  | 2560 |  |
|  Community Healthcare Trust, Inc. (REIT) | 8200 |  | 293560 |  |
|  Corporate Office Properties Trust (REIT) | 45200 |  | 1172488 |  |
|  CTO Realty Growth, Inc. (REIT) | 1100 |  | 20108 |  |
|  DiamondRock Hospitality Co. (REIT) | 94508 |  | 774021 |  |
|  Diversified Healthcare Trust (REIT) | 63200 |  | 40878 |  |
|  Easterly Government Properties, Inc. (REIT) | 36600 |  | 522282 |  |
|  Elme Communities (REIT) | 32300 |  | 574940 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 57300 |  | 386202 |  |
|  Equity Commonwealth (REIT) | 47000 |  | 1173590 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 54700 |  | 1283809 |  |
|  Farmland Partners, Inc. (REIT) | 16400 |  | 204344 |  |
|  Four Corners Property Trust, Inc. (REIT) | 31500 |  | 816795 |  |
|  Franklin Street Properties Corp. (REIT) | 7800 |  | 21294 |  |
|  Getty Realty Corp. (REIT) (x) | 22264 |  | 753636 |  |
|  Gladstone Commercial Corp. (REIT) | 26300 |  | 486550 |  |
|  Gladstone Land Corp. (REIT) (x) | 12100 |  | 222035 |  |
|  Global Medical REIT, Inc. (REIT) | 22500 |  | 213300 |  |
|  Global Net Lease, Inc. (REIT) | 39200 |  | 492744 |  |
|  Hersha Hospitality Trust (REIT), Class A | 3700 |  | 31524 |  |
|  Independence Realty Trust, Inc. (REIT) | 84588 |  | 1426154 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 800 |  | 50792 |  |
|  Industrial Logistics Properties Trust (REIT) | 43906 |  | 143573 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 10200 |  | 1033770 |  |
|  InvenTrust Properties Corp. (REIT) | 24700 |  | 584649 |  |
|  iStar, Inc. (REIT) | 32000 |  | 244160 |  |
|  Kite Realty Group Trust (REIT) | 94340 |  | 1985857 |  |
|  LTC Properties, Inc. (REIT) | 14589 |  | 518347 |  |
|  LXP Industrial Trust (REIT) | 113945 |  | 1141729 |  |
|  Macerich Co. (The) (REIT) | 82700 |  | 931202 |  |
|  National Health Investors, Inc. (REIT) | 20200 |  | 1054844 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 49600 |  | 294128 |  |
|  NETSTREIT Corp. (REIT) | 23700 |  | 434421 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 8700 |  | 378624 |  |
|  Office Properties Income Trust (REIT) | 26912 |  | 359275 |  |
|  One Liberty Properties, Inc. (REIT) | 1600 |  | 35552 |  |
|  Orion Office REIT, Inc. (REIT) | 9900 |  | 84546 |  |
|  Outfront Media, Inc. (REIT) | 58300 |  | 966614 |  |
|  Paramount Group, Inc. (REIT) (x) | 74800 |  | 444312 |  |
|  Pebblebrook Hotel Trust (REIT) | 52028 |  | 696655 |  |
|  Phillips Edison & Co., Inc. (REIT) | 43678 |  | 1390708 |  |
|  Physicians Realty Trust (REIT) | 89500 |  | 1295065 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 42500 |  | 389725 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 12000 |  | 230160 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 900 |  | 13077 |  |
|  PotlatchDeltic Corp. (REIT) | 30673 |  | 1349305 |  |
|  Retail Opportunity Investments Corp. (REIT) | 51500 |  | 774045 |  |
|  RLJ Lodging Trust (REIT) | 58587 |  | 620436 |  |
|  RPT Realty (REIT) | 35260 |  | 354010 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 23116 |  | 1890427 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 84943 |  | 1055842 |  |
|  Safehold, Inc. (REIT) (x) | 11049 |  | 316222 |  |
|  Saul Centers, Inc. (REIT) | 1400 |  | 56952 |  |
|  Service Properties Trust (REIT) | 81700 |  | 595593 |  |
|  SITE Centers Corp. (REIT) | 76300 |  | 1042258 |  |
|  STAG Industrial, Inc. (REIT) | 68000 |  | 2197080 |  |
|  Summit Hotel Properties, Inc. (REIT) | 34200 |  | 246924 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 81314 |  | 785493 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 43700 |  | 783978 |  |
|  Terreno Realty Corp. (REIT) | 28200 |  | 1603734 |  |
|  UMH Properties, Inc. (REIT) | 16100 |  | 259210 |  |
|  Uniti Group, Inc. (REIT) | 85300 |  | 471709 |  |
|  Universal Health Realty Income Trust (REIT) | 3050 |  | 145577 |  |
|  Urban Edge Properties (REIT) | 48300 |  | 680547 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 1200 |  | 22740 |  |
|  Veris Residential, Inc. (REIT)\* | 46100 |  | 734373 |  |
|  Whitestone REIT (REIT) | 6700 |  | 64588 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 42701 |  | 562799 |  |
|  |  |  | 51280113 |  |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | **** |
|  Anywhere Real Estate, Inc.\* | 52800 |  | 337392 |  |
|  Compass, Inc., Class A\* | 94900 |  | 221117 |  |
|  Cushman & Wakefield plc\* | 78400 |  | 976864 |  |
|  DigitalBridge Group, Inc. | 74725 |  | 817491 |  |
|  Doma Holdings, Inc. (x)\* | 6100 |  | 2763 |  |
|  Douglas Elliman, Inc. | 20697 |  | 84237 |  |
|  eXp World Holdings, Inc. (x) | 22000 |  | 243760 |  |
|  Forestar Group, Inc.\* | 3800 |  | 58558 |  |
|  FRP Holdings, Inc.\* | 300 |  | 16158 |  |
|  Kennedy-Wilson Holdings, Inc. | 44526 |  | 700394 |  |
|  Marcus & Millichap, Inc. | 10000 |  | 344500 |  |
|  Newmark Group, Inc., Class A | 72640 |  | 578941 |  |

---

See Notes to Financial Statements.

542

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Offerpad Solutions, Inc. (x)\* | 40100 | $| 18466 |  |
|  RE/MAX Holdings, Inc., Class A | 1700 |  | 31688 |  |
|  Redfin Corp. (x)\* | 106673 |  | 452293 |  |
|  RMR Group, Inc. (The), Class A | 2500 |  | 70625 |  |
|  St Joe Co. (The) | 16000 |  | 618400 |  |
|  Stratus Properties, Inc. | 300 |  | 5787 |  |
|  Tejon Ranch Co.\* | 400 |  | 7536 |  |
|  Transcontinental Realty Investors, Inc.\* | 100 |  | 4418 |  |
|  |  |  | 5591388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 56871501 |  |
|  **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** | **Utilities (1.8%)** |  |
|  ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | **** |
|  ALLETE, Inc. | 22200 |  | 1432122 |  |
|  MGE Energy, Inc. | 12900 |  | 908160 |  |
|  Otter Tail Corp. | 18200 |  | 1068522 |  |
|  PNM Resources, Inc. | 33200 |  | 1619828 |  |
|  Portland General Electric Co. | 38000 |  | 1862000 |  |
|  Via Renewables, Inc. | 1000 |  | 5110 |  |
|  |  |  | 6895742 |  |
|  ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | ***Gas Utilities (0.7%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 35734 |  | 1390053 |  |
|  Chesapeake Utilities Corp. | 8340 |  | 985621 |  |
|  New Jersey Resources Corp. | 41000 |  | 2034420 |  |
|  Northwest Natural Holding Co. | 12600 |  | 599634 |  |
|  ONE Gas, Inc. | 21500 |  | 1627980 |  |
|  South Jersey Industries, Inc. | 44700 |  | 1588191 |  |
|  Southwest Gas Holdings, Inc. | 28300 |  | 1751204 |  |
|  Spire, Inc. | 20300 |  | 1397858 |  |
|  |  |  | 11374961 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Altus Power, Inc. (x)\* | 15200 |  | 99104 |  |
|  Clearway Energy, Inc., Class A | 12700 |  | 379984 |  |
|  Clearway Energy, Inc., Class C | 36192 |  | 1153439 |  |
|  Montauk Renewables, Inc.\* | 23400 |  | 258102 |  |
|  Ormat Technologies, Inc. | 19200 |  | 1660416 |  |
|  Sunnova Energy International, Inc. (x)\* | 34500 |  | 621345 |  |
|  |  |  | 4172390 |  |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | **** |
|  Avista Corp. | 27300 |  | 1210482 |  |
|  Black Hills Corp. | 24800 |  | 1744432 |  |
|  NorthWestern Corp. | 24791 |  | 1471098 |  |
|  Unitil Corp. | 5800 |  | 297888 |  |
|  |  |  | 4723900 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  American States Water Co. | 13500 |  | 1249425 |  |
|  Artesian Resources Corp., Class A | 600 |  | 35148 |  |
|  California Water Service Group | 20300 |  | 1230992 |  |
|  Global Water Resources, Inc. | 300 |  | 3984 |  |
|  Middlesex Water Co. | 6000 |  | 472020 |  |
|  Pure Cycle Corp.\* | 1200 |  | 12576 |  |
|  SJW Group | 11900 |  | 966161 |  |
|  York Water Co. (The) | 800 |  | 35984 |  |
|  |  |  | 4006290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 31173283 |  |
|  **Total Common Stocks (99.0%)**<br> *(Cost $1,523,219,363)* |  |  | 1743669394 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  RIGHTS: |  |  |  |  |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |  |  |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring 1/17/23 (x)\* | 9800 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | **** |
|  Achillion Pharmaceuticals, Inc., CVR (r)\* | 65300 |  | 22528 |  |
|  Aduro Biotech, Inc., CVR (r) (x)\* | 10640 |  |  |  |
|  |  |  | 22528 |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Dova Pharmaceuticals, Inc., CVR (r) (x)\* | 16700 |  | 6764 |  |
|  Zogenix, Inc., CVR\* | 27700 |  | 27700 |  |
|  |  |  | 34464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 56992 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $49,543)* |  |  | 56992 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 |  | 2000000 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (3.6%)** | **Repurchase Agreements (3.6%)** |  |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 |  | 1000000 |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $8,495,116, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $8,660,977. (xx) | 8491154 |  | 8491154 |  |

---

See Notes to Financial Statements.

543

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | $10000000 | $10000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $16,414,191, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $17,856,788. (xx) | 16400000 | 16400000 |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $5,004,181, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $5,100,001. (xx) | 5000000 | 5000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $8,568,815, collateralized by various Common Stocks; total market value $9,531,110. (xx) | 8564618 | 8564618 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $7,003,430, collateralized by various Common Stocks; total market value $7,789,930. (xx) | 7000000 | 7000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $7,003,422, collateralized by various Common Stocks; total market value $7,774,527. (xx) | 7000000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 63455772 |
|  **Total Short-Term<br>Investments (3.7%)**<br> *(Cost $65,455,772)* |  | 65455772 |
|  **Total Investments in<br>Securities (102.7%)**<br> *(Cost $1,588,724,678)* |  | 1809182158 |
|  **Other Assets Less<br>Liabilities (-2.7%)** |  | (47925943) |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;1761256215 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $474,474 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $70,118,429. This was collateralized by $6,940,351 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $65,455,772 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *ADR* | | *—* | | *American Depositary Receipt* |
|  *CVR* | | *—* | | *Contingent Value Right* |
|  *USD* | | *—* | | *United States Dollar* |

---

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 31 | 3/2023 | USD | 2744895 | (97820) |
|  |  |  |  |  | (97820) |

---

See Notes to Financial Statements.

544

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**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $22979460 | $— | $— | $22979460 |
|  Consumer Discretionary | 206146562 |  |  | 206146562 |
|  Consumer Staples | 45214304 |  |  | 45214304 |
|  Energy | 130432595 |  |  | 130432595 |
|  Financials | 222193710 |  |  | 222193710 |
|  Health Care | 299972403 |  | 28350 | 300000753 |
|  Industrials | 351417375 |  |  | 351417375 |
|  Information Technology | 325090789 |  |  | 325090789 |
|  Materials | 52149062 |  |  | 52149062 |
|  Real Estate | 56871501 |  |  | 56871501 |
|  Utilities | 31173283 |  |  | 31173283 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 27700 | 29292 | 56992 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 63455772 |  | 63455772 |
|  **Total Assets** | $**1745641044** | $**63483472** | $**57642** | $**1809182158** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(97820) | $— | $— | $(97820) |
|  **Total Liabilities** | $**(97820)** | $**—** | $**—** | $**(97820)** |
|  **Total** | $**1745543224** | $**63483472** | $**57642** | $**1809084338** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | $(97820) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97820 |

---

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

See Notes to Financial Statements.

545

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**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1796115) | $(1796115) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1796115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1796115) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(188485) | $(188485) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188485) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188485) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $7,681,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877405038 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $784828336 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $479385012 |
|  Aggregate gross unrealized depreciation | (271852275) |
|  Net unrealized appreciation | $207532737 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601551601 |

---

See Notes to Financial Statements.

546

------

**EQ ADVISORS TRUST** 

EQ/AB SMALL CAP GROWTH PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,525,268,906) | $1745726386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $63,455,772) | 63455772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 16434346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1286000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1328094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1298146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 245231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 111894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1829893095 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 65455772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1299437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 789852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 571404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 198701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 161527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 108942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 9604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 40076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 68636880 |
|  **NET ASSETS** | $1761256215 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1575735442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 185520773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1761256215 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $502,316,408 / 35,320,227 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.22 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $745,412,905 / 60,477,772 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.33 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $513,526,902 / 35,940,416 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.29 |

---

*(x)* *Includes value of securities on loan of $70,118,429.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $48,487 foreign withholding tax) | $15585135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 318332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2615239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18518706 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9540274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2282272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1948083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1314332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 143200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 101728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 72467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 61437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 47680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15511473 |
|  **NET INVESTMENT INCOME (LOSS)** | 3007233 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (4736825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1796115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6532942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (662190302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (188485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (662378787) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (668911729) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(665904496) |

---

See Notes to Financial Statements.

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***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3007233 | $(4450041) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6532942) | 382327125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (662378787) | (82010678) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (665904496) | 295866406 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (20172383) | (111072681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (34423309) | (183582856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (23248963) | (105080719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (77844655) | (399736256) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,775,713 and 1,568,255 shares, respectively ] | 58891308 | 37346399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,375,531 and 5,346,409 shares, respectively ] | 20172383 | 111072681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2904264) and (3525368) shares, respectively ] | (46512527) | (83743815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 32551164 | 64675265 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,142,197 and 3,365,822 shares, respectively ] | 111070811 | 71072723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,705,062 and 10,099,650 shares, respectively ] | 34423309 | 183582856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6215453) and (7636814) shares, respectively ] | (86478269) | (161334226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 59015851 | 93321353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,328,113 and 377,968 shares, respectively ] | 113314082 | 8900676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,575,674 and 5,033,720 shares, respectively ] | 23248963 | 105080719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4051526) and (6835685) shares, respectively ] | (64927384) | (163570675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 71635661 | (49589280) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 163202676 | 108407338 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (580546475) | 4537488 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2341802690 | 2337265202 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1761256215 | $2341802690 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.72 | $21.87 | $18.25 | $15.68 | $20.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | (0.06)(aa) | (0.04) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.89) | 2.79 | 6.50 | 4.31 | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.88) | 2.73 | 6.46 | 4.32 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  | (0.02) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) | (3.88) | (2.82) | (1.73) | (3.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.62) | (3.88) | (2.84) | (1.75) | (3.29) |
|  Net asset value, end of year | $14.22 | $20.72 | $21.87 | $18.25 | $15.68 |
|  Total return | (28.45)% | 12.88% | 36.11% | 27.79% | (7.91)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $502316 | $685390 | $649099 | $522416 | $442831 |
|  Ratio of expenses to average net assets (f) | 0.91% | 0.90% | 0.92% | 0.92% | 0.92% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.09% | (0.25)%(bb) | (0.19)% | 0.05% | 0.07% |
|  Portfolio turnover rate^ | 42% | 44% | 56% | 42% | 46% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.07 | $19.52 | $16.53 | $14.33 | $18.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | (0.05)(aa) | (0.03) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.13) | 2.48 | 5.86 | 3.94 | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.12) | 2.43 | 5.83 | 3.95 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  | (0.02) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) | (3.88) | (2.82) | (1.73) | (3.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.62) | (3.88) | (2.84) | (1.75) | (3.29) |
|  Net asset value, end of year | $12.33 | $18.07 | $19.52 | $16.53 | $14.33 |
|  Total return | (28.42)% | 12.90% | 36.05% | 27.84% | (7.89)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657055 |
|  Ratio of expenses to average net assets (f) | 0.91% | 0.90% | 0.92% | 0.92% | 0.92% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.09% | (0.25)%(bb) | (0.19)% | 0.05% | 0.07% |
|  Portfolio turnover rate^ | 42% | 44% | 56% | 42% | 46% |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $20.82 | $21.89 | $18.26 | $15.69 | $20.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | — (aa) | 0.01 | 0.05 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.93) | 2.81 | 6.50 | 4.31 | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.87) | 2.81 | 6.51 | 4.36 | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) |  | (0.06) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) | (3.88) | (2.82) | (1.73) | (3.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.66) | (3.88) | (2.88) | (1.79) | (3.34) |
|  Net asset value, end of year | $14.29 | $20.82 | $21.89 | $18.26 | $15.69 |
|  Total return | (28.28)% | 13.25% | 36.39% | 28.07% | (7.60)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633203 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632384 |
|  Ratio of expenses to average net assets (f) | 0.66% | 0.65% | 0.67% | 0.67% | 0.67% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.35% | (0.01)%(bb) | 0.05% | 0.30% | 0.32% |
|  Portfolio turnover rate^ | 42% | 44% | 56% | 42% | 46% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.07), $(0.06) and $(0.01) for Class IA, Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.05% lower.* 

See Notes to Financial Statements.

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**EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g74n03.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** | |
|  | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (14.20) |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (14.02) |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (12.85) |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/15/22.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/15/22.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.20)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (12.85)% over the same period.

**Portfolio Highlights** 

***What helped performance since inception through year end?***

• Sector allocation contributed to relative returns, including overweighting the Health Care and Industrials sectors and
underweighting the Consumer Discretionary and Communications sectors.

• Stock selection was positive in the Information Technology, Real Estate and Consumer Staples sectors.

• Individual stocks that helped performance included relative underweights to Amazon.com, Inc. and Tesla Inc. and relative
overweights to Flex Ltd., Aflac, Inc., and Deere & Co.

***What hurt performance since inception through year end?***

• Stock selection within Health Care detracted the most from performance.

• An underweight to the Energy sector also detracted from performance.

• Individual stocks that detracted from performance included relative overweighted in SVB Financial Group, Lumentum Holdings,
Inc. and Trex Co., Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 32.8% |
| &nbsp;&nbsp;&nbsp; Health Care | 21.6 |
| &nbsp;&nbsp;&nbsp; Industrials | 13.8 |
| &nbsp;&nbsp;&nbsp; Financials | 8.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.7 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2.4 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.0 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you

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paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled ''Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1046.30 | $5.16 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1047.30 | 3.87 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.42 | 3.82 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

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PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** | **Consumer Discretionary (4.5%)** |  |
|  ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | ***Auto Components (1.2%)*** | **** |
|  Aptiv plc\* | 1183 | $110173 |  |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | **** |
|  TopBuild Corp.\* | 734 | 114864 |  |
|  ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | **** |
|  Home Depot, Inc. (The) | 562 | 177513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 402550 |  |
|  **Consumer Staples (6.7%)** | **Consumer Staples (6.7%)** | **Consumer Staples (6.7%)** |  |
|  ***Household Products (2.8%)*** | ***Household Products (2.8%)*** | ***Household Products (2.8%)*** | **** |
|  Procter & Gamble Co. (The) | 1691 | 256288 |  |
|  ***Personal Products (3.9%)*** | ***Personal Products (3.9%)*** | ***Personal Products (3.9%)*** | **** |
|  Haleon plc (ADR)\* | 11745 | 93960 |  |
|  Unilever plc (ADR) | 5027 | 253109 |  |
|  |  | 347069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 603357 |  |
|  **Financials (8.8%)** | **Financials (8.8%)** | **Financials (8.8%)** |  |
|  ***Banks (1.0%)*** | ***Banks (1.0%)*** | ***Banks (1.0%)*** | **** |
|  SVB Financial Group\* | 383 | 88144 |  |
|  Capital Markets (4.7%) | Capital Markets (4.7%) | Capital Markets (4.7%) |  |
|  Intercontinental Exchange, Inc. | 1890 | 193895 |  |
|  MSCI, Inc. | 497 | 231190 |  |
|  |  | 425085 |  |
|  ***Insurance (3.1%)*** | ***Insurance (3.1%)*** | ***Insurance (3.1%)*** | **** |
|  Aflac, Inc. | 3876 | 278839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 792068 |  |
|  **Health Care (21.6%)** | **Health Care (21.6%)** | **Health Care (21.6%)** |  |
|  ***Health Care Equipment & Supplies (6.6%)*** | ***Health Care Equipment & Supplies (6.6%)*** | ***Health Care Equipment & Supplies (6.6%)*** | **** |
|  Alcon, Inc. | 2509 | 171992 |  |
|  Becton Dickinson and Co. | 881 | 224039 |  |
|  STERIS plc | 1083 | 200019 |  |
|  |  | 596050 |  |
|  ***Health Care Providers & Services (3.7%)*** | ***Health Care Providers & Services (3.7%)*** | ***Health Care Providers & Services (3.7%)*** | **** |
|  Laboratory Corp. of America Holdings | 645 | 151884 |  |
|  UnitedHealth Group, Inc. | 344 | 182382 |  |
|  |  | 334266 |  |
|  ***Life Sciences Tools & Services (9.8%)*** | ***Life Sciences Tools & Services (9.8%)*** | ***Life Sciences Tools & Services (9.8%)*** | **** |
|  Bio-Rad Laboratories, Inc., Class A\* | 365 | 153479 |  |
|  Bruker Corp. | 2474 | 169098 |  |
|  Danaher Corp. | 1031 | 273648 |  |
|  ICON plc\* | 758 | 147241 |  |
|  West Pharmaceutical Services, Inc. | 585 | 137680 |  |
|  |  | 881146 |  |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | **** |
|  Johnson & Johnson | 766 | 135314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 1946776 |  |
|  **Industrials (13.8%)** | **Industrials (13.8%)** | **Industrials (13.8%)** |  |
|  ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | ***Aerospace & Defense (1.7%)*** | **** |
|  Hexcel Corp. | 2552 | 150185 |  |
|  ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | **** |
|  Owens Corning | 1460 | 124538 |  |
|  ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | ***Commercial Services & Supplies (4.8%)*** | **** |
|  Tetra Tech, Inc. | 1255 | 182214 |  |
|  Waste Management, Inc. | 1624 | 254773 |  |
|  |  | 436987 |  |
|  ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** | ***Electrical Equipment (1.5%)*** | **** |
|  Rockwell Automation, Inc. | 524 | 134967 |  |
|  ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | **** |
|  Deere & Co. | 657 | 281695 |  |
|  Xylem, Inc. | 1030 | 113887 |  |
|  |  | 395582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 1242259 |  |
|  **Information Technology (32.8%)** | **Information Technology (32.8%)** | **Information Technology (32.8%)** |  |
|  ***Communications Equipment (3.4%)*** | ***Communications Equipment (3.4%)*** | ***Communications Equipment (3.4%)*** | **** |
|  Ciena Corp.\* | 3141 | 160128 |  |
|  Lumentum Holdings, Inc.\* | 2739 | 142894 |  |
|  |  | 303022 |  |
|  ***Electronic Equipment, Instruments & Components (7.9%)*** | ***Electronic Equipment, Instruments & Components (7.9%)*** | ***Electronic Equipment, Instruments & Components (7.9%)*** | **** |
|  Flex Ltd.\* | 12565 | 269645 |  |
|  Keysight Technologies, Inc.\* | 1412 | 241551 |  |
|  TE Connectivity Ltd. | 1759 | 201933 |  |
|  |  | 713129 |  |
|  ***IT Services (6.6%)*** | ***IT Services (6.6%)*** | ***IT Services (6.6%)*** | **** |
|  Accenture plc, Class A | 698 | 186254 |  |
|  Maximus, Inc. | 1818 | 133314 |  |
|  Visa, Inc., Class A | 1310 | 272166 |  |
|  |  | 591734 |  |
|  ***Semiconductors & Semiconductor Equipment (7.1%)*** | ***Semiconductors & Semiconductor Equipment (7.1%)*** | ***Semiconductors & Semiconductor Equipment (7.1%)*** | **** |
|  Monolithic Power Systems, Inc. | 523 | 184938 |  |
|  NVIDIA Corp. | 707 | 103321 |  |
|  NXP Semiconductors NV | 1134 | 179206 |  |
|  ON Semiconductor Corp.\* | 2818 | 175759 |  |
|  |  | 643224 |  |
|  ***Software (6.1%)*** | ***Software (6.1%)*** | ***Software (6.1%)*** | **** |
|  Adobe, Inc.\* | 403 | 135622 |  |
|  Intuit, Inc. | 375 | 145957 |  |
|  Microsoft Corp. | 1119 | 268358 |  |
|  |  | 549937 |  |
|  ***Technology Hardware, Storage & Peripherals (1.7%)*** | ***Technology Hardware, Storage & Peripherals (1.7%)*** | ***Technology Hardware, Storage & Peripherals (1.7%)*** | **** |
|  Dell Technologies, Inc., Class C | 3742 | 150503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 2951549 |  |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | **** |
|  SBA Communications Corp. (REIT) | 560 | 156973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 156973 |  |
|  **Utilities (4.7%)** | **Utilities (4.7%)** | **Utilities (4.7%)** |  |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | **** |
|  NextEra Energy, Inc. | 3067 | 256401 |  |

---

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Water Utilities (1.9%)*** | ***Water Utilities (1.9%)*** | ***Water Utilities (1.9%)*** | **** |
|  American Water Works Co., Inc. | 1120 | $170711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 427112 |  |
|  **Total Common Stocks (94.6%)**<br> *(Cost $9,557,903)* |  | 8522644 |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (2.4%)** | **Investment Company (2.4%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 217308 | 217417 |  |
|  **Total Short-Term Investment (2.4%)**<br> *(Cost $217,367)* |  | 217417 |  |
|  **Total Investments in Securities (97.0%)**<br> *(Cost $9,775,270)* | **Total Investments in Securities (97.0%)**<br> *(Cost $9,775,270)* | 8740061 |  |
|  **Other Assets Less Liabilities (3.0%)** | **Other Assets Less Liabilities (3.0%)** | 270076 |  |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;9010137 |  |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $402550 | $— | $— | $402550 |
|  Consumer Staples | 603357 |  |  | 603357 |
|  Financials | 792068 |  |  | 792068 |
|  Health Care | 1946776 |  |  | 1946776 |
|  Industrials | 1242259 |  |  | 1242259 |
|  Information Technology | 2951549 |  |  | 2951549 |
|  Real Estate | 156973 |  |  | 156973 |
|  Utilities | 427112 |  |  | 427112 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 217417 |  |  | 217417 |
|  **Total Assets** | $**8740061** | $**—** | $**—** | $**8740061** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**8740061** | $**—** | $**—** | $**8740061** |

---

The Portfolio held no derivatives contracts during the period ended December 31, 2022.

Investment security transactions for the period ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11657990 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1710298 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $225015 |
|  Aggregate gross unrealized depreciation | (1260415) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1035400) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $9775461 |

---

See Notes to Financial Statements.

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $9,775,270) | $8740061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred offering cost | 8447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment manager | 3872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 9056199 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 45955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 46062 |
|  **NET ASSETS** | $9010137 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $10428932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1418795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9010137 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $495,029 / 57,811 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.56 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $8,515,108 / 994,413 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.56 |

---

***STATEMENT OF OPERATIONS***

***For the Period Ended December 31, 2022\****

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,454 foreign withholding tax) | $78296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 81832 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 57307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 50975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 224552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (77663) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment manager | (87654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 59235 |
|  **NET INVESTMENT INCOME (LOSS)** | 22597 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (389782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1035209) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1424991) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1402394) |

---

*\** *The Portfolio commenced operations on February 15, 2022.* 

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/AB SUSTAINABLE U.S. THEMATIC PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | |
|:---|:---|
|  | **February 15, 2022\* to<br>December 31, 2022** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (389782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1035209) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1402394) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (39234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (40198) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 59,372 shares ] | 527252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 108 shares ] | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1669) shares ] | (14721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 513495 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 990,000 shares ] | 9900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 4,413 shares ] | 39234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 9939234 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 10452729 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 9010137 |
|  **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $9010137 |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Commencement of operations. |  |

---

See Notes to Financial Statements.

557

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**EQ ADVISORS TRUST** 

EQ/AB SUSTAINABLE U.S.THEMATIC PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | |
|:---|:---|
| **Class IB** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |
|  Net asset value, end of period | $8.56 |
|  Total return (b) | (14.20)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $495 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 3.36% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.09 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (2.27)%(l) |
|  Portfolio turnover rate^ | 22 %(z) |
| **Class K** | **February 15, 2022\* to<br>December 31, 2022** |
|  Net asset value, beginning of period | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) |
|  Net asset value, end of period | $8.56 |
|  Total return (b) | (14.02)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.76% |
|  Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.29 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (1.72)%(l) |
|  Portfolio turnover rate^ | 22 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

558

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**EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> American Century Investment Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g73i26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (1.47)% | 8.62 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\*\* | (1.24) | 13.42 |  |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | (12.03) | 7.36 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>*\*\* Date of inception 6/8/20.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>*\*\* Date of inception 6/8/20.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>*\*\* Date of inception 6/8/20.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (1.47)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Midcap<sup>®</sup> Value Index, which returned (12.03)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Health Care providers and services investments were notable contributors.

• Security selection in the Information Technology services industry boosted results. Not owning several benchmark names in
the semiconductors and semiconductor equipment industry also contributed to relative performance.

• Reinsurance Group of America, Inc., a global life and health reinsurance company, reported strong financial results
as the impact from COVID-19 losses declined. We continue to own the stock as earnings expectations for the next several years have risen.

• The Portfolio buys forward foreign currency contracts for hedging purposes to offset the inherent currency risks of holding
foreign securities. Due to the strength of the U.S. dollar, the Portfolio benefitted from the foreign currency hedges.

***What hurt performance during the year:***

• Stock selection and an underweight in the Energy sector hindered relative performance. The Portfolio did not own a number
of oil and gas exploration stocks that were strong contributors to the benchmark.

• In the Materials sector, the Portfolio's lack of exposure to several outperforming chemicals and metals and
mining stocks weighed on relative performance.

• Advance Auto Parts, an automotive replacement parts retailer, underperformed analyst earnings expectations and lowered
guidance. We held on to the stock given its longer-term prospects.

**Portfolio Positioning and Outlook — American Century Investment Management, Inc.** 

Our process is based on individual security selection, but broad themes have emerged.

Our research has led us to several health care stocks that we think offer compelling risk/reward profiles. We consider health care noncyclical because demand is less impacted by the economy's performance. Therefore, in a slowing economy, we think patients seeking elective procedures after the COVID-19 disruption could provide support to medical device companies and service providers that are working through patient backlogs.

We hold select companies in the consumer staples sector that we believe are trading at a discount to their intrinsic value. While input costs have risen in this inflationary environment, many consumer staples companies have been able to improve efficiencies and pass along rising costs through pricing without significantly impacting demand. We think these steps may lead to a positive inflection for select companies in 2023.

We have identified many companies in the financials sector that meet our investment criteria, particularly in the capital markets, banking and insurance industries. We expect the Federal Reserve to maintain higher interest rates as it continues its inflation fight in 2023, which could act as a tailwind for interest rate-sensitive financials that underearned when rates were unusually low. We remain focused on companies that, in our view,

559

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**EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO (Unaudited)** 

offer higher relative returns on assets, stronger capital levels, lower credit risk and management teams focused on returns and building competitive advantages.

At period end, our portfolio was underweight in the consumer discretionary sector because it has been difficult for us to find higher-quality consumer discretionary companies with durable business models. We were also underweight in the information technology sector relative to the benchmark, largely due to valuations that we view as stretched.

As we enter 2023, we continue to face challenging macroeconomic and geopolitical conditions. In the event of a recession, we believe companies with low debt and steady revenues may be better positioned to grow and maintain their competitive edge despite economic headwinds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 19.4% |
| &nbsp;&nbsp;&nbsp; Industrials | 14.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 13.8 |
| &nbsp;&nbsp;&nbsp; Utilities | 8.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 8.3 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 7.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.2 |
| &nbsp;&nbsp;&nbsp; Information Technology | 6.2 |
| &nbsp;&nbsp;&nbsp; Materials | 5.2 |
| &nbsp;&nbsp;&nbsp; Energy | 4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.5 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund | 1.2 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.9 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1071.90 | $5.21 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.18 | 5.08 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1073.60 | 3.90 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.44 | 3.80 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

560

------

**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.5%)** | **Communication Services (2.5%)** | **Communication Services (2.5%)** |  |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | **** |
|  Electronic Arts, Inc. | 24773 | $3026765 |  |
|  ***Media (2.0%)*** | ***Media (2.0%)*** | ***Media (2.0%)*** | **** |
|  Fox Corp., Class B | 230763 | 6565207 |  |
|  Omnicom Group, Inc. | 60873 | 4965411 |  |
|  |  | 11530618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 14557383 |  |
|  **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** | **Consumer Discretionary (6.2%)** |  |
|  ***Auto Components (2.5%)*** | ***Auto Components (2.5%)*** | ***Auto Components (2.5%)*** | **** |
|  Aptiv plc\* | 27102 | 2524009 |  |
|  BorgWarner, Inc. | 223821 | 9008795 |  |
|  Cie Generale des Etablissements Michelin SCA | 119027 | 3310813 |  |
|  |  | 14843617 |  |
|  ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | ***Hotels, Restaurants & Leisure (0.9%)*** | **** |
|  Sodexo SA | 57366 | 5494737 |  |
|  ***Multiline Retail (1.6%)*** | ***Multiline Retail (1.6%)*** | ***Multiline Retail (1.6%)*** | **** |
|  Dollar Tree, Inc.\* | 66178 | 9360216 |  |
|  ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | ***Specialty Retail (1.2%)*** | **** |
|  Advance Auto Parts, Inc. | 48823 | 7178446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 36877016 |  |
|  **Consumer Staples (7.2%)** | **Consumer Staples (7.2%)** | **Consumer Staples (7.2%)** |  |
|  ***Food & Staples Retailing (1.8%)*** | ***Food & Staples Retailing (1.8%)*** | ***Food & Staples Retailing (1.8%)*** | **** |
|  Koninklijke Ahold Delhaize NV | 382506 | 10989733 |  |
|  ***Food Products (2.9%)*** | ***Food Products (2.9%)*** | ***Food Products (2.9%)*** | **** |
|  Conagra Brands, Inc. | 280389 | 10851054 |  |
|  J M Smucker Co. (The) | 39388 | 6241423 |  |
|  |  | 17092477 |  |
|  ***Household Products (2.5%)*** | ***Household Products (2.5%)*** | ***Household Products (2.5%)*** | **** |
|  Henkel AG & Co. KGaA (Preference) (q) | 86057 | 5989624 |  |
|  Kimberly-Clark Corp. | 64292 | 8727639 |  |
|  |  | 14717263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 42799473 |  |
|  **Energy (2.8%)** | **Energy (2.8%)** | **Energy (2.8%)** |  |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | **** |
|  Baker Hughes Co. | 195578 | 5775418 |  |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | **** |
|  Devon Energy Corp. | 34042 | 2093923 |  |
|  Diamondback Energy, Inc. | 27976 | 3826557 |  |
|  EQT Corp. | 87032 | 2944293 |  |
|  Phillips 66 | 21460 | 2233557 |  |
|  |  | 11098330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 16873748 |  |
|  **Financials (19.4%)** | **Financials (19.4%)** | **Financials (19.4%)** |  |
|  ***Banks (6.0%)*** | ***Banks (6.0%)*** | ***Banks (6.0%)*** | **** |
|  First Hawaiian, Inc. | 349023 | 9088559 |  |
|  Prosperity Bancshares, Inc. | 105877 | 7695140 |  |
|  Truist Financial Corp. | 231701 | 9970094 |  |
|  US Bancorp | 141194 | 6157470 |  |
|  Westamerica Bancorp | 43974 | 2594906 |  |
|  |  | 35506169 |  |
|  ***Capital Markets (7.1%)*** | ***Capital Markets (7.1%)*** | ***Capital Markets (7.1%)*** | **** |
|  Ameriprise Financial, Inc. | 7362 | 2292306 |  |
|  Bank of New York Mellon Corp. (The) | 326467 | 14860778 |  |
|  Northern Trust Corp. | 182661 | 16163672 |  |
| T. Rowe Price Group, Inc. | 79046 | 8620757 |  |
|  |  | 41937513 |  |
|  ***Insurance (5.9%)*** | ***Insurance (5.9%)*** | ***Insurance (5.9%)*** | **** |
|  Aflac, Inc. | 55012 | 3957563 |  |
|  Allstate Corp. (The) | 93079 | 12621513 |  |
|  Chubb Ltd. | 7333 | 1617660 |  |
|  Hanover Insurance Group, Inc. (The) | 34479 | 4659147 |  |
|  Reinsurance Group of America, Inc. | 47111 | 6694002 |  |
|  Willis Towers Watson plc | 22390 | 5476146 |  |
|  |  | 35026031 |  |
|  ***Thrifts & Mortgage Finance (0.4%)*** | ***Thrifts & Mortgage Finance (0.4%)*** | ***Thrifts & Mortgage Finance (0.4%)*** | **** |
|  Capitol Federal Financial, Inc. | 265462 | 2296246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 114765959 |  |
|  **Health Care (13.8%)** | **Health Care (13.8%)** | **Health Care (13.8%)** |  |
|  ***Health Care Equipment & Supplies (6.3%)*** | ***Health Care Equipment & Supplies (6.3%)*** | ***Health Care Equipment & Supplies (6.3%)*** | **** |
|  Baxter International, Inc. | 56957 | 2903098 |  |
|  Becton Dickinson and Co. | 10038 | 2552664 |  |
|  Dentsply Sirona, Inc. | 125420 | 3993373 |  |
|  Embecta Corp. | 163425 | 4133018 |  |
|  Envista Holdings Corp.\* | 82358 | 2772994 |  |
|  Hologic, Inc.\* | 40898 | 3059579 |  |
|  Zimmer Biomet Holdings, Inc. | 140636 | 17931090 |  |
|  |  | 37345816 |  |
|  ***Health Care Providers & Services (7.5%)*** | ***Health Care Providers & Services (7.5%)*** | ***Health Care Providers & Services (7.5%)*** | **** |
|  AmerisourceBergen Corp. | 45408 | 7524560 |  |
|  Cardinal Health, Inc. | 35890 | 2758864 |  |
|  HCA Healthcare, Inc. | 6768 | 1624049 |  |
|  Henry Schein, Inc.\* | 119770 | 9566030 |  |
|  Laboratory Corp. of America Holdings | 27787 | 6543283 |  |
|  Quest Diagnostics, Inc. | 47131 | 7373174 |  |
|  Universal Health Services, Inc., Class B | 63728 | 8978638 |  |
|  |  | 44368598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 81714414 |  |
|  **Industrials (14.9%)** | **Industrials (14.9%)** | **Industrials (14.9%)** |  |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | **** |
|  Huntington Ingalls Industries, Inc. | 31673 | 7306328 |  |
|  ***Airlines (1.7%)*** | ***Airlines (1.7%)*** | ***Airlines (1.7%)*** | **** |
|  Southwest Airlines Co.\* | 293607 | 9885748 |  |
|  ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | **** |
|  Cie de Saint-Gobain | 124429 | 6080353 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Republic Services, Inc. | 20174 | 2602244 |  |
|  ***Construction & Engineering (1.1%)*** | ***Construction & Engineering (1.1%)*** | ***Construction & Engineering (1.1%)*** | **** |
|  Vinci SA | 62704 | 6261764 |  |

---

See Notes to Financial Statements.

561

------

**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Electrical Equipment (3.8%)*** | ***Electrical Equipment (3.8%)*** | ***Electrical Equipment (3.8%)*** | **** |
|  Atkore, Inc.\* | 22792 | $2585069 |  |
|  Emerson Electric Co. | 89027 | 8551934 |  |
|  Legrand SA | 58829 | 4711677 |  |
|  nVent Electric plc | 176142 | 6776183 |  |
|  |  | 22624863 |  |
|  ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | **** |
|  Cummins, Inc. | 13742 | 3329549 |  |
|  IMI plc | 284538 | 4430620 |  |
|  Oshkosh Corp. | 124675 | 10995088 |  |
|  |  | 18755257 |  |
|  ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | **** |
|  Heartland Express, Inc. | 231945 | 3558036 |  |
|  ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** | ***Trading Companies & Distributors (1.9%)*** | **** |
|  Beacon Roofing Supply, Inc.\* | 60579 | 3197965 |  |
|  MSC Industrial Direct Co., Inc., Class A | 99188 | 8103660 |  |
|  |  | 11301625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 88376218 |  |
|  **Information Technology (6.2%)** | **Information Technology (6.2%)** | **Information Technology (6.2%)** |  |
|  ***Communications Equipment (1.9%)*** | ***Communications Equipment (1.9%)*** | ***Communications Equipment (1.9%)*** | **** |
|  F5, Inc.\* | 45422 | 6518511 |  |
|  Juniper Networks, Inc. | 150620 | 4813815 |  |
|  |  | 11332326 |  |
|  ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | **** |
|  Corning, Inc. | 69145 | 2208492 |  |
|  TE Connectivity Ltd. | 54509 | 6257633 |  |
|  |  | 8466125 |  |
|  ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | ***IT Services (1.1%)*** | **** |
|  Amdocs Ltd. | 71141 | 6466717 |  |
|  ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | **** |
|  Applied Materials, Inc. | 27165 | 2645328 |  |
|  Teradyne, Inc. | 33517 | 2927710 |  |
|  |  | 5573038 |  |
|  ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | **** |
|  HP, Inc. | 178506 | 4796456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 36634662 |  |
|  **Materials (5.2%)** | **Materials (5.2%)** | **Materials (5.2%)** |  |
|  ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | **** |
|  Akzo Nobel NV | 93501 | 6261514 |  |
|  Axalta Coating Systems Ltd.\* | 214663 | 5467467 |  |
|  |  | 11728981 |  |
|  ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** | ***Containers & Packaging (3.1%)*** | **** |
|  Amcor plc | 462367 | 5506791 |  |
|  Packaging Corp. of America | 72986 | 9335639 |  |
|  Sonoco Products Co. | 53151 | 3226797 |  |
|  |  | 18069227 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Mondi plc | 40766 | 694659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 30492867 |  |
|  **Real Estate (8.3%)** | **Real Estate (8.3%)** | **Real Estate (8.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (8.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (8.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (8.3%)*** | **** |
|  Equinix, Inc. (REIT) | 10786 | 7065154 |  |
|  Essex Property Trust, Inc. (REIT) | 29583 | 6269229 |  |
|  Healthpeak Properties, Inc. (REIT) | 340719 | 8541825 |  |
|  Public Storage (REIT) | 17897 | 5014561 |  |
|  Realty Income Corp. (REIT) | 128870 | 8174224 |  |
|  Regency Centers Corp. (REIT) | 117571 | 7348188 |  |
|  VICI Properties, Inc. (REIT) | 52196 | 1691150 |  |
|  Weyerhaeuser Co. (REIT) | 51176 | 1586456 |  |
|  WP Carey, Inc. (REIT) | 41876 | 3272609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 48963396 |  |
|  **Utilities (8.8%)** | **Utilities (8.8%)** | **Utilities (8.8%)** |  |
|  ***Electric Utilities (5.0%)*** | ***Electric Utilities (5.0%)*** | ***Electric Utilities (5.0%)*** | **** |
|  Duke Energy Corp. | 62533 | 6440274 |  |
|  Edison International | 199200 | 12673104 |  |
|  Evergy, Inc. | 44004 | 2769172 |  |
|  Eversource Energy | 34148 | 2862968 |  |
|  Pinnacle West Capital Corp. | 63394 | 4820480 |  |
|  |  | 29565998 |  |
|  ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** | ***Gas Utilities (2.2%)*** | **** |
|  Atmos Energy Corp. | 13558 | 1519445 |  |
|  Spire, Inc. | 169540 | 11674524 |  |
|  |  | 13193969 |  |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | **** |
|  NorthWestern Corp. | 157731 | 9359758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 52119725 |  |
|  **Total Common Stocks (95.3%)**<br> *(Cost $538,222,077)* |  | 564174861 |  |
|  EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): |  |
|  ***Equity (1.2%)*** | ***Equity (1.2%)*** | ***Equity (1.2%)*** | **** |
|  iShares Russell Mid-Cap Value ETF (x) | 66042 | 6956865 |  |
|  **Total Exchange Traded Fund (1.2%)**<br> *(Cost $6,715,118)*  |  | 6956865 |  |
|  MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: | MASTER LIMITED PARTNERSHIP: |  |
|  **Energy (1.2%)** | **Energy (1.2%)** | **Energy (1.2%)** |  |
|  ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** | ***Oil, Gas & Consumable Fuels (1.2%)*** | **** |
|  Enterprise Products Partners LP<br>(*Cost $7,437,309*) | 302444 | 7294949 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.4%)** | **Investment Company (0.4%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 1899823 | 1900773 |  |

---

See Notes to Financial Statements.

562

------

**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | $1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,000,947, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,020,490. (xx) | 1000480 | 1000480 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $4,001,911, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $4,082,120. (xx) | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 6000480 |
|  **Total Short-Term Investments (1.4%)**<br> *(Cost $7,900,493)* |  | 7901253 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $560,274,997)* |  | 586327928 |
|  **Other Assets Less Liabilities (0.9%)** |  | 5595184 |
|  **Net Assets (100%)** |  | $591923112 |

---

*\** *Non-income producing.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $5,852,690. This was collateralized by cash of $6,000,480 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*NOK* *— Norwegian Krone* 

*USD* *— United States Dollar* 

------

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  GBP | 389700 | USD | 470851 | Bank of America | 3/31/2023 | 1283 |
|  NOK | 3349669 | USD | 341135 | UBS AG | 3/31/2023 | 2084 |
|  USD | 5116768 | GBP | 4197082 | Bank of America | 3/31/2023 | 31871 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 35238 |
|  GBP | 123479 | USD | 150450 | Bank of America | 3/31/2023 | (852) |
|  USD | 42204635 | EUR | 39419514 | JPMorgan Chase Bank | 3/31/2023 | (244106) |
|  USD | 339519 | NOK | 3349669 | UBS AG | 3/31/2023 | (3701) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (248659) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (213421) |

---

See Notes to Financial Statements.

563

------

**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $14557383 | $— | $— | $14557383 |
|  Consumer Discretionary | 28071466 | 8805550 |  | 36877016 |
|  Consumer Staples | 25820116 | 16979357 |  | 42799473 |
|  Energy | 16873748 |  |  | 16873748 |
|  Financials | 114765959 |  |  | 114765959 |
|  Health Care | 81714414 |  |  | 81714414 |
|  Industrials | 66891804 | 21484414 |  | 88376218 |
|  Information Technology | 36634662 |  |  | 36634662 |
|  Materials | 23536694 | 6956173 |  | 30492867 |
|  Real Estate | 48963396 |  |  | 48963396 |
|  Utilities | 52119725 |  |  | 52119725 |
|  **Exchange Traded Fund** | 6956865 |  |  | 6956865 |
|  **Forward Currency Contracts** |  | 35238 |  | 35238 |
|  **Master Limited Partnership** |  |  |  |  |
|  Energy | 7294949 |  |  | 7294949 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1900773 |  |  | 1900773 |
|  Repurchase Agreements |  | 6000480 |  | 6000480 |
|  **Total Assets** | $**526101954** | $**60261212** | $**—** | $**586363166** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(248659) | $— | $(248659) |
|  **Total Liabilities** | $**—** | $**(248659)** | $**—** | $**(248659)** |
|  **Total** | $**526101954** | $**60012553** | $**—** | $**586114507** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $35238 |
|  **Total** |  | $35238 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(248659) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248659) |

---

See Notes to Financial Statements.

564

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $2723076 | $2723076 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723076 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $217070 | $217070 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217070 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $45,746,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $33154 | $(852) | $— | $32302 |
|  UBS AG | 2084 | (2084) |  |  |
|  **Total** | $35238 | $(2936) | $— | $32302 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $852 | $(852) | $— | $— |
|  JPMorgan Chase Bank | 244106 |  |  | 244106 |
|  UBS AG | 3701 | (2084) |  | 1617 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2936) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245723 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

See Notes to Financial Statements.

565

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $442134790 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429902772 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $51474657 |
|  Aggregate gross unrealized depreciation | (26182487) |
|  Net unrealized appreciation | $25292170 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560822337 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $19,930 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $554,274,517) | $580327448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $6,000,480) | 6000480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $95) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2499053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1391402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 607905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 35238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 599564647 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6000480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 564394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 311120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 281375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 248659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 109478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 48223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 77172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7641535 |
|  **NET ASSETS** | $591923112 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $564064578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 27858534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $591923112 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $510,934,631 / 23,765,510 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.50 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $80,988,481 / 3,769,109 shares outstanding (unlimited amount authorized: $0.01 par value) | $21.49 |

---

*(x)* *Includes value of securities on loan of $5,852,690.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $185,063 foreign withholding tax) | $15834285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 107665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 21795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15963745 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5303090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1268892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 546714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 73939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 59200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 18565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7322073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1653559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5668514 |
|  **NET INVESTMENT INCOME (LOSS)** | 10295231 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 57680135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2723076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (19951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60383260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (79499742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 217070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79283464) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (18900204) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(8604973) |

---

See Notes to Financial Statements.

567

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10295231 | $7651491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 60383260 | 79486583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79283464) | 32410976 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (8604973) | 119549050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (66428915) | (61651191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (10780595) | (9530993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (77209510) | (71182184) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,848,854 and 1,526,769 shares, respectively ] | 44474871 | 40213094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,024,819 and 2,535,714 shares, respectively ] | 66428915 | 61651191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2135694) and (2046942) shares, respectively ] | (51599852) | (53793333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 59303934 | 48070952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 482,846 and 81,783 shares, respectively ] | 11763217 | 2152498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 491,055 and 392,260 shares, respectively ] | 10780595 | 9530993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (391150) and (1661208) shares, respectively ] | (9412979) | (43216416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 13130833 | (31532925) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 72434767 | 16538027 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (13379716) | 64904893 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 605302828 | 540397935 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $591923112 | $605302828 |

---

See Notes to Financial Statements.

568

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $25.00 | $23.11 | $23.11 | $18.26 | $20.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.41 | 0.34 | 0.30 | 0.33 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.76) | 4.88 |  | 4.92 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.35) | 5.22 | 0.30 | 5.25 | (2.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.70) | (0.30) | (0.25) | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.45) | (3.03) | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.15) | (3.33) | (0.30) | (0.40) | (0.11) |
|  Net asset value, end of period | $21.50 | $25.00 | $23.11 | $23.11 | $18.26 |
|  Total return (b) | (1.47) | 23.02% | 1.32 | 28.77% | (10.50)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261736 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.00 | 1.00 %(j) | 0.99 | 0.99 %(k) | 1.00 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.28 | 1.28% | 1.30 | 1.32% | 1.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.71 | 1.28% | 1.45 | 1.54% | 2.29 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.43 | 1.00% | 1.14 | 1.21% | 1.95 %(l) |
|  Portfolio turnover rate^ | 75 | 51% | 101 | 42% | 11 %(z) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **June 8, 2020\* to<br>December 31, 2020** |
| <br>**Class K** | **2022** | **2021** | **June 8, 2020\* to<br>December 31, 2020** |
|  Net asset value, beginning of period | $24.99 | $23.09 | $20.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.48 | 0.39 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.77) | 4.91 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.29) | 5.30 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.37) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.45) | (3.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.21) | (3.40) | (0.35) |
|  Net asset value, end of period | $21.49 | $24.99 | $23.09 |
|  Total return (b) | (1.24) | 23.35% | 13.33% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101002 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.75 | 0.75 %(j) | 0.75 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.03 | 1.03% | 1.06% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.98 | 1.48% | 1.57 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.70 | 1.20% | 1.25 %(l) |
|  Portfolio turnover rate^ | 75 | 51% | 101% |

---

See Notes to Financial Statements.

569

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.37 and $0.44 for Class IB and Class K, respectively.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB and 0.75% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.17% lower.* 

See Notes to Financial Statements.

570

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**EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> American Century Investment Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g77p67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (17.28)% | 2.00 | % |
| &nbsp;&nbsp;&nbsp; EQ/American Century Moderate Growth Allocation Index | (15.42) | 5.87 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 11.27 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. 5-10 Year Corporate Bond Index | (13.89) | 0.92 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (17.28)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/American Century Moderate Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. 5-10 Year Corporate Bond Index, which returned (15.42)%, (18.11)% and (13.89)%, respectively.

**Asset Class Overview** 

**Portfolio Highlights** 

***What helped performance during the year:***

• Cash was the only asset class to deliver positive returns during the period. While bonds fell overall, the Portfolio's
out-of-index position in cash and three- to 10-year Treasuries helped mitigate downside volatility.

• The investment-grade bond and non-U.S. equity allocations declined in absolute terms but held up better than the benchmark.

***What hurt performance during the year:***

• For the full year, the Portfolio declined and trailed its benchmark in a highly volatile environment that featured the
worst years for stocks and bonds in decades.

• Positioning in both large- and small-cap U.S. equities detracted from absolute and relative performance.

**Portfolio Positioning and Outlook — American Century Investment Management, Inc.** 

We think recession is the most likely outcome as higher interest rates meant to address inflation take a toll on the global economy, consumers and investors. With that in mind, we see more volatility ahead and continue to urge a cautious approach.

In addition, bonds are attractive after enduring a difficult 2022, because 10-year Treasury yields are as high as they've been since 2010. Similarly, cash yields haven't been this high since January 2008. Meanwhile, corporate earnings growth slowed to a pandemic pace. As a result, bond yields are much more attractive relative to stock earnings yields than they've been in some time.

Add to that the fact that we see slower growth and a potentially challenging environment for equities ahead, at period end we were underweight equities in favor of bonds. Specifically, we were managing the Portfolio's risk exposures by underweighting U.S. large-cap equities in favor of an allocation to cash and U.S. Treasury bonds on the margin.

571

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**EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 6.20 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | BBB | + |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.*  | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.*  | <br>|

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $82518301 | 99.7% |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 19546367 | 23.6 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2018544 | 2.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (21293167) | (25.7) |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.10 | $5.66 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.55 | 5.71 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.12%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.12%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.12%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.12%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (46.0%)** | **Equity (46.0%)** | **Equity (46.0%)** |
|  iShares Core MSCI EAFE ETF | 240600 | $14830584 |
|  iShares Core S&P 500 ETF | 16100 | 6185781 |
|  iShares Core S&P Mid-Cap ETF | 8200 | 1983498 |
|  iShares Russell 2000 ETF (x) | 16000 | 2789760 |
|  SPDR Portfolio S&P 500 ETF (x) | 136700 | 6148766 |
|  Vanguard S&P 500 ETF | 17500 | 6148450 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 38086839 |
|  **Fixed Income (53.7%)** | **Fixed Income (53.7%)** | **Fixed Income (53.7%)** |
|  SPDR Bloomberg 1-3 Month T-Bill ETF (x) | 34300 | 3137421 |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 426300 | 33042513 |
|  Vanguard Intermediate-Term Treasury ETF (x) | 141100 | 8251528 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 44431462 |
|  **Total Exchange Traded Funds (99.7%)<br>(***Cost $87,171,465***)** |  | 82518301 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (2.4%)** | **Investment Companies (2.4%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 18534 | 18544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2018544 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (23.6%)** | **Repurchase Agreements (23.6%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,548,022, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,617,294. (xx) | $3546367 | 3546367 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $15,007,167, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $15,307,951. (xx) | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | 15000000 |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $1,000,836, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $1,020,000. (xx) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 19546367 |
|  **Total Short-Term Investments (26.0%)**<br> *(Cost $21,564,910)* |  | 21564911 |
|  **Total Investments in Securities (125.7%)**<br> *(Cost $108,736,375)* |  | &nbsp;&nbsp;&nbsp;&nbsp;104083212 |
|  **Other Assets Less Liabilities (-25.7%)** | **Other Assets Less Liabilities (-25.7%)** | (21293167) |
|  **Net Assets (100%)** |  | $82790045 |

---

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $21,121,942. This was collateralized by $84,352 of various U.S. Government Treasury Securities, ranging from 0.125% - 5.250%, maturing 2/28/23 - 11/15/51 and by cash of $21,546,367 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

573

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $82518301 | $— | $— | $82518301 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2018544 |  |  | 2018544 |
|  Repurchase Agreements |  | 19546367 |  | 19546367 |
|  **Total Assets** | $**84536845** | $**19546367** | $**—** | $**104083212** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**84536845** | $**19546367** | $**—** | $**104083212** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $210817780 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193774382 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2110919 |
|  Aggregate gross unrealized depreciation | (8345612) |
|  Net unrealized depreciation | $(6234693) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110317905 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $2,780 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

574

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $89,190,008) | $84536845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $19,546,367) | 19546367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 271108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 208648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 104871991 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 21546367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 417047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 43096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 48557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 22081946 |
|  **NET ASSETS** | $82790045 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $89414295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (6624250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $82790045 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $82,790,045 / 8,221,613 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.07 |

---

*(x)* *Includes value of securities on loan of $21,121,942.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1790385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 58770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1851787 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 621084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 194089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 95947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 993497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (113487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 880010 |
|  **NET INVESTMENT INCOME (LOSS)** | 971777 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (576369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (14986575) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (15562944) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14591167) |

---

See Notes to Financial Statements.

575

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EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $971777 | $626738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (576369) | 1356310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14986575) | 3852521 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (14591167) | 5835569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2786464) | (1151554) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,808,646 and 1,917,237 shares, respectively ] | 19473878 | 23679196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 272,395 and 92,220 shares, respectively ] | 2786464 | 1151554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (302211) and (133164) shares, respectively ] | (3290068) | (1621522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 18970274 | 23209228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1016374) shares, respectively ] |  | (11987647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | (11987647) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 18970274 | 11221581 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1592643 | 15905596 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 81197402 | 65291806 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $82790045 | $81197402 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

576

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**EQ ADVISORS TRUST** 

EQ/AMERICAN CENTURY MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 1, 2019\*<br>to December 31,<br>2019** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **February 1, 2019\*<br>to December 31,<br>2019** |
|  Net asset value, beginning of period | $12.60 | $11.69 | $11.37 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.12 | 0.10 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.32) | 0.98 | 0.32 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.18) | 1.10 | 0.42 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.09) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.20) | (0.10) | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.19) | (0.10) | (0.15) |
|  Net asset value, end of period | $10.07 | $12.60 | $11.69 | $11.37 |
|  Total return (b) | (17.28)% | 9.36% | 3.71% | 15.21% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25730 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.13 %(j) | 1.14 %(k) | 1.13 %(k) | 1.14 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.28% | 1.29% | 1.35% | 1.66% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.25% | 0.96% | 0.92% | 2.03 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.11% | 0.81% | 0.70% | 1.52 %(l) |
|  Portfolio turnover rate^ | 248% | 87% | 134% | 56 %(z) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **January 1, 2021 to<br>March 22, 2021‡** | **Year Ended<br>December 31, 2020** | **February 1, 2019\* to<br>December 31, 2019** |
|  Net asset value, beginning of period | $11.70 | $11.37 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) |  | 0.12 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.09 | 0.34 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.09 | 0.46 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.13) | (0.17) |
|  Net asset value, end of period | $11.79 | $11.70 | $11.37 |
|  Total return (b) | 0.77 | 4.04% | 15.45% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11427 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.88 %(k) | 0.88 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.07 | 1.11% | 1.60% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.02 | 1.06% | 2.05 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.14) | 0.84% | 1.34 %(l) |
|  Portfolio turnover rate^ | 87 | 134% | 56 %(z) |

---

See Notes to Financial Statements.

577

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**EQ ADVISORS TRUST** 

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FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*‡* *After the close of business on March 22, 2021 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

578

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**EQ/CAPITAL GROUP RESEARCH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Capital International, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g61m41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (18.97)% | 9.23% | 12.11 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (18.97) | 9.23 | 12.11 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (18.97)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The selection of investments in the Consumer Discretionary sector contributed to relative returns.

• Security selection and an above-benchmark exposure in the Utilities and Materials sectors helped relative results.

• Shares of steel maker ATI (rebranded from Allegheny Technologies, Inc.) ended higher after reporting strong revenue growth
in the aerospace and defense markets.

• Avoidance of Tesla, Inc. was helpful to relative results. The electric carmaker's stock fell on concerns that Twitter
was a distraction for CEO Elon Musk.

• ConocoPhillips Co. benefitted from rising oil prices. The oil producer reported strong quarterly earnings, raised its
dividend and expanded its share repurchase program.

***What hurt performance during the year:***

• Stock choices and an overweight in the Communication Services sector hindered results relative to the benchmark.

• Investment decisions in the Financials sector detracted from relative returns.

• Lack of exposure to Exxon Mobil Corp. hampered relative results as the oil and gas giant's shares rallied on record
profits and soaring natural gas prices.

• Shares of Meta Platforms, Inc., the parent company of Facebook, sold off in late October after the social media giant
missed on earnings and ad revenues declined.

• SVB Financial Group's stock declined. Although the bank beat earnings expectations, it lowered its outlook for
deposits and net interest income.

**Portfolio Positioning and Outlook — Capital International, Inc.** 

Market volatility may continue amid uncertainty over inflation and the depth of an expected recession. Managers are seeking attractively valued companies with durable competitive advantages and strong pricing power. In the IT sector, managers have targeted select semiconductor-equipment manufacturers. Several utilities and energy companies feature prominently in the Portfolio, along with companies that supply materials for the aerospace and defense industries. At period end, the Portfolio was overweight the industrials, materials and utilities sectors, while holding underweight stances in IT, health care and consumer staples.

579

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**EQ/CAPITAL GROUP RESEARCH PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 21.0% |
| &nbsp;&nbsp;&nbsp; Health Care | 12.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 11.7 |
| &nbsp;&nbsp;&nbsp; Financials | 11.4 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 11 |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.7 |
| &nbsp;&nbsp;&nbsp; Materials | 5.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 5.4 |
| &nbsp;&nbsp;&nbsp; Energy | 3.2 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 1.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.8 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1054.20 | $5.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.32 | 4.94 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1054.10 | 5.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.32 | 4.94 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.97% and 0.97%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.97% and 0.97%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.97% and 0.97%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.97% and 0.97%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

580

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**EQ ADVISORS TRUST** 

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.8%)** | **Communication Services (7.8%)** | **Communication Services (7.8%)** |  |
|  ***Entertainment (2.0%)*** | ***Entertainment (2.0%)*** | ***Entertainment (2.0%)*** | **** |
|  Netflix, Inc.\* | 16833 | $4963715 |  |
|  Take-Two Interactive Software, Inc.\* | 45695 | 4758220 |  |
|  |  | 9721935 |  |
|  ***Interactive Media & Services (3.7%)*** | ***Interactive Media & Services (3.7%)*** | ***Interactive Media & Services (3.7%)*** | **** |
|  Alphabet, Inc., Class C\* | 104787 | 9297749 |  |
|  Meta Platforms, Inc., Class A\* | 57036 | 6863712 |  |
|  Pinterest, Inc., Class A\* | 68732 | 1668813 |  |
|  Snap, Inc., Class A\* | 106439 | 952629 |  |
|  |  | 18782903 |  |
|  ***Media (2.1%)*** | ***Media (2.1%)*** | ***Media (2.1%)*** | **** |
|  Charter Communications, Inc., Class A\* | 17354 | 5884742 |  |
|  Comcast Corp., Class A | 133122 | 4655276 |  |
|  |  | 10540018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 39044856 |  |
|  **Consumer Discretionary (11.0%)** | **Consumer Discretionary (11.0%)** | **Consumer Discretionary (11.0%)** |  |
|  ***Auto Components (0.7%)*** | ***Auto Components (0.7%)*** | ***Auto Components (0.7%)*** | **** |
|  Aptiv plc\* | 37944 | 3533725 |  |
|  ***Hotels, Restaurants & Leisure (5.8%)*** | ***Hotels, Restaurants & Leisure (5.8%)*** | ***Hotels, Restaurants & Leisure (5.8%)*** | **** |
|  Aramark | 213532 | 8827413 |  |
|  Chipotle Mexican Grill, Inc.\* | 6006 | 8333265 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 419390 | 5133333 |  |
|  Royal Caribbean Cruises Ltd.\* | 43076 | 2129247 |  |
|  Yum! Brands, Inc. | 37240 | 4769699 |  |
|  |  | 29192957 |  |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | **** |
|  DR Horton, Inc. | 32025 | 2854708 |  |
|  ***Multiline Retail (2.1%)*** | ***Multiline Retail (2.1%)*** | ***Multiline Retail (2.1%)*** | **** |
|  Dollar General Corp. | 25161 | 6195896 |  |
|  Dollar Tree, Inc.\* | 30517 | 4316325 |  |
|  |  | 10512221 |  |
|  ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | **** |
|  Burlington Stores, Inc.\* | 21992 | 4459098 |  |
|  ***Textiles, Apparel & Luxury Goods (1.0%)*** | ***Textiles, Apparel & Luxury Goods (1.0%)*** | ***Textiles, Apparel & Luxury Goods (1.0%)*** | **** |
|  NIKE, Inc., Class B | 41662 | 4874871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 55427580 |  |
|  **Consumer Staples (5.7%)** | **Consumer Staples (5.7%)** | **Consumer Staples (5.7%)** |  |
|  ***Beverages (2.3%)*** | ***Beverages (2.3%)*** | ***Beverages (2.3%)*** | **** |
|  Constellation Brands, Inc., Class A | 29533 | 6844273 |  |
|  Molson Coors Beverage Co., Class B | 91969 | 4738243 |  |
|  |  | 11582516 |  |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | **** |
|  Kraft Heinz Co. (The) | 171923 | 6998985 |  |
|  ***Personal Products (0.8%)*** | ***Personal Products (0.8%)*** | ***Personal Products (0.8%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 16394 | 4067515 |  |
|  ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | **** |
|  Philip Morris International, Inc. | 62026 | 6277652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 28926668 |  |
|  **Energy (3.2%)** | **Energy (3.2%)** | **Energy (3.2%)** |  |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | **** |
|  Chevron Corp. | 20974 | 3764623 |  |
|  ConocoPhillips | 83073 | 9802614 |  |
|  Equitrans Midstream Corp. | 411779 | 2758920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 16326157 |  |
|  **Financials (11.4%)** | **Financials (11.4%)** | **Financials (11.4%)** |  |
|  ***Banks (3.5%)*** | ***Banks (3.5%)*** | ***Banks (3.5%)*** | **** |
|  JPMorgan Chase & Co. | 73920 | 9912672 |  |
|  Western Alliance Bancorp | 131857 | 7853403 |  |
|  |  | 17766075 |  |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | **** |
|  Brookfield Asset Management Ltd., Class A (x)\* | 22755 | 652386 |  |
|  Brookfield Corp. (x) | 91021 | 2863521 |  |
|  MSCI, Inc. | 15900 | 7396203 |  |
|  Nasdaq, Inc. | 81552 | 5003215 |  |
|  |  | 15915325 |  |
|  ***Insurance (4.7%)*** | ***Insurance (4.7%)*** | ***Insurance (4.7%)*** | **** |
|  Aon plc, Class A | 12070 | 3622690 |  |
|  Chubb Ltd. | 31378 | 6921987 |  |
|  Marsh & McLennan Cos., Inc. | 47015 | 7780042 |  |
|  Progressive Corp. (The) | 41236 | 5348721 |  |
|  |  | 23673440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 57354840 |  |
|  **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |  |
|  ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | ***Biotechnology (2.2%)*** | **** |
|  Regeneron Pharmaceuticals, Inc.\* | 7162 | 5167311 |  |
|  Seagen, Inc.\* | 46714 | 6003216 |  |
|  |  | 11170527 |  |
|  ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | ***Health Care Equipment & Supplies (1.7%)*** | **** |
|  Abbott Laboratories | 38843 | 4264573 |  |
|  Edwards Lifesciences Corp.\* | 60289 | 4498162 |  |
|  |  | 8762735 |  |
|  ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** | ***Health Care Providers & Services (3.9%)*** | **** |
|  Centene Corp.\* | 72015 | 5905950 |  |
|  Elevance Health, Inc. | 10669 | 5472877 |  |
|  UnitedHealth Group, Inc. | 15670 | 8307921 |  |
|  |  | 19686748 |  |
|  ***Life Sciences Tools & Services (2.3%)*** | ***Life Sciences Tools & Services (2.3%)*** | ***Life Sciences Tools & Services (2.3%)*** | **** |
|  Danaher Corp. | 23741 | 6301336 |  |
|  Mettler-Toledo International, Inc.\* | 3772 | 5452238 |  |
|  |  | 11753574 |  |
|  ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | **** |
|  Bristol-Myers Squibb Co. | 76661 | 5515759 |  |
|  Pfizer, Inc. | 93930 | 4812973 |  |
|  |  | 10328732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 61702316 |  |
|  **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |  |
|  ***Aerospace & Defense (3.8%)*** | ***Aerospace & Defense (3.8%)*** | ***Aerospace & Defense (3.8%)*** | **** |
|  Axon Enterprise, Inc.\* | 34246 | 5682439 |  |

---

See Notes to Financial Statements.

581

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**EQ ADVISORS TRUST** 

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  Raytheon Technologies Corp. | 55956 | $5647079 |  |
|  TransDigm Group, Inc. | 12635 | 7955628 |  |
|  |  | 19285146 |  |
|  ***Airlines (0.6%)*** | ***Airlines (0.6%)*** | ***Airlines (0.6%)*** | **** |
|  United Airlines Holdings, Inc.\* | 80814 | 3046688 |  |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | **** |
|  Armstrong World Industries, Inc. | 77503 | 5315931 |  |
|  Carrier Global Corp. | 116990 | 4825837 |  |
|  |  | 10141768 |  |
|  ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | ***Commercial Services & Supplies (0.9%)*** | **** |
|  Waste Connections, Inc. | 34291 | 4545615 |  |
|  ***Construction & Engineering (1.0%)*** | ***Construction & Engineering (1.0%)*** | ***Construction & Engineering (1.0%)*** | **** |
|  Arcosa, Inc. | 87103 | 4733177 |  |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | **** |
|  AMETEK, Inc. | 36469 | 5095449 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  Dun & Bradstreet Holdings, Inc. | 189738 | 2326188 |  |
|  ***Road & Rail (1.9%)*** | ***Road & Rail (1.9%)*** | ***Road & Rail (1.9%)*** | **** |
|  Saia, Inc.\* | 21191 | 4443329 |  |
|  Union Pacific Corp. | 25427 | 5265169 |  |
|  |  | 9708498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 58882529 |  |
|  **Information Technology (21.0%)** | **Information Technology (21.0%)** | **Information Technology (21.0%)** |  |
|  ***Electronic Equipment, Instruments & Components (1.0%)*** | ***Electronic Equipment, Instruments & Components (1.0%)*** | ***Electronic Equipment, Instruments & Components (1.0%)*** | **** |
|  Trimble, Inc.\* | 100011 | 5056556 |  |
|  ***IT Services (5.0%)*** | ***IT Services (5.0%)*** | ***IT Services (5.0%)*** | **** |
|  Block, Inc., Class A\* | 36120 | 2269781 |  |
|  GoDaddy, Inc., Class A\* | 39172 | 2930849 |  |
|  Mastercard, Inc., Class A | 28762 | 10001410 |  |
|  Toast, Inc., Class A (x)\* | 156170 | 2815745 |  |
|  Visa, Inc., Class A | 34765 | 7222777 |  |
|  |  | 25240562 |  |
|  ***Semiconductors & Semiconductor Equipment (7.4%)*** | ***Semiconductors & Semiconductor Equipment (7.4%)*** | ***Semiconductors & Semiconductor Equipment (7.4%)*** | **** |
|  ASML Holding NV (Registered) (NYRS) | 22118 | 12085275 |  |
|  Broadcom, Inc. | 17140 | 9583488 |  |
|  Enphase Energy, Inc.\* | 8765 | 2322375 |  |
|  KLA Corp. | 15460 | 5828884 |  |
|  Micron Technology, Inc. | 94196 | 4707916 |  |
|  Wolfspeed, Inc.\* | 39848 | 2751106 |  |
|  |  | 37279044 |  |
|  ***Software (6.4%)*** | ***Software (6.4%)*** | ***Software (6.4%)*** | **** |
|  Adobe, Inc.\* | 7836 | 2637049 |  |
|  Ceridian HCM Holding, Inc.\* | 79381 | 5092291 |  |
|  DocuSign, Inc.\* | 34556 | 1915093 |  |
|  Microsoft Corp. | 75543 | 18116722 |  |
|  ServiceNow, Inc.\* | 11228 | 4359496 |  |
|  |  | 32120651 |  |
|  ***Technology Hardware, Storage & Peripherals (1.2%)*** | ***Technology Hardware, Storage & Peripherals (1.2%)*** | ***Technology Hardware, Storage & Peripherals (1.2%)*** | **** |
|  Apple, Inc. | 47096 | 6119183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 105815996 |  |
|  **Materials (5.6%)** | **Materials (5.6%)** | **Materials (5.6%)** |  |
|  ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | **** |
|  Albemarle Corp. | 19223 | 4168700 |  |
|  Corteva, Inc. | 61895 | 3638188 |  |
|  Linde plc | 22679 | 7397436 |  |
|  |  | 15204324 |  |
|  ***Metals & Mining (2.6%)*** | ***Metals & Mining (2.6%)*** | ***Metals & Mining (2.6%)*** | **** |
|  ATI, Inc.\* | 428262 | 12787903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 27992227 |  |
|  **Real Estate (1.4%)** | **Real Estate (1.4%)** | **Real Estate (1.4%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.4%)*** | **** |
|  Crown Castle, Inc. (REIT) | 20932 | 2839216 |  |
|  Equinix, Inc. (REIT) | 6652 | 4357260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 7196476 |  |
|  **Utilities (5.4%)** | **Utilities (5.4%)** | **Utilities (5.4%)** |  |
|  ***Electric Utilities (2.1%)*** | ***Electric Utilities (2.1%)*** | ***Electric Utilities (2.1%)*** | **** |
|  PG&E Corp.\* | 656466 | 10674137 |  |
|  ***Independent Power and Renewable Electricity Producers (1.7%)*** | ***Independent Power and Renewable Electricity Producers (1.7%)*** | ***Independent Power and Renewable Electricity Producers (1.7%)*** | **** |
|  AES Corp. (The) | 298933 | 8597315 |  |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | **** |
|  CenterPoint Energy, Inc. | 260987 | 7827000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 27098452 |  |
|  **Total Common Stocks (96.4%)**<br> *(Cost $346,844,267)* |  | 485768097 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.8%)** | **Investment Companies (1.8%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 6879074 | 6882513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 8882513 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreement (1.0%)** | **Repurchase Agreement (1.0%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $5,197,725, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $5,299,206. (xx) | $&nbsp;&nbsp;&nbsp;&nbsp;5195300 | 5195300 |  |
|  **Total Short-Term Investments (2.8%)**<br> *(Cost $14,076,480)* |  | 14077813 |  |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $360,920,747)* |  | 499845910 |  |
|  **Other Assets Less Liabilities (0.8%)** |  | 3959664 |  |
|  **Net Assets (100%)** |  | $503805574 |  |

---

See Notes to Financial Statements.

582

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**EQ ADVISORS TRUST** 

EQ/CAPITAL GROUP RESEARCH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $9,187,489. This was collateralized by $2,316,984 of various U.S. Government Treasury Securities, ranging from 0.000% - 3.875%, maturing 2/9/23 - 5/15/47 and by cash of $7,195,300 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*NYRS* *— New York Registry Shares* 

 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $39044856 | $— | $— | $39044856 |
|  Consumer Discretionary | 55427580 |  |  | 55427580 |
|  Consumer Staples | 28926668 |  |  | 28926668 |
|  Energy | 16326157 |  |  | 16326157 |
|  Financials | 57354840 |  |  | 57354840 |
|  Health Care | 61702316 |  |  | 61702316 |
|  Industrials | 58882529 |  |  | 58882529 |
|  Information Technology | 105815996 |  |  | 105815996 |
|  Materials | 27992227 |  |  | 27992227 |
|  Real Estate | 7196476 |  |  | 7196476 |
|  Utilities | 27098452 |  |  | 27098452 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 8882513 |  |  | 8882513 |
|  Repurchase Agreement |  | 5195300 |  | 5195300 |
|  **Total Assets** | $**494650610** | $**5195300** | $**—** | $**499845910** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**494650610** | $**5195300** | $**—** | $**499845910** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $134904221 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172111872 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $173591487 |
|  Aggregate gross unrealized depreciation | (34666914) |
|  Net unrealized appreciation | $138924573 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360921337 |

---

See Notes to Financial Statements.

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $355,725,447) | $494650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,195,300) | 5195300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11312000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 245679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 202996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 60212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 511670229 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 7195300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 258826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 169905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 92855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 41538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 16410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 88110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7864655 |
|  **NET ASSETS** | $503805574 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $357956609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 145848965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $503805574 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $75,545,642 / 2,971,735 shares outstanding (unlimited amount authorized: $0.01 par value) | $25.42 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $428,259,932 / 16,815,737 shares outstanding (unlimited amount authorized: $0.01 par value) | $25.47 |

---

*(x)* *Includes value of securities on loan of $9,187,489.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $36,440 foreign withholding tax) | $6016094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 134147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 22650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6172891 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3530509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1156174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 503605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 201713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 34800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 29171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5550910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (287319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5263591 |
|  **NET INVESTMENT INCOME (LOSS)** | 909300 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 47290131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (172286031) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (124995900) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(124086600) |

---

See Notes to Financial Statements.

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***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $909300 | $(679653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 47290131 | 52702642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (172286031) | 77189086 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (124086600) | 129212075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (9758866) | (4617169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (55073680) | (26449238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (64832546) | (31066407) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 143,391 and 209,688 shares, respectively ] | 4280728 | 6822758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 366,880 and 131,793 shares, respectively ] | 9758866 | 4617169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (279543) and (435898) shares, respectively ] | (8312154) | (15030672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 5727440 | (3590745) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 471,516 and 518,407 shares, respectively ] | 14081956 | 17589919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,066,827 and 753,770 shares, respectively ] | 55073680 | 26449238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1441247) and (1695186) shares, respectively ] | (42812916) | (57504174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 26342720 | (13465017) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 32070160 | (17055762) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (156848986) | 81089906 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 660654560 | 579564654 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $503805574 | $660654560 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $35.74 | $30.50 | $26.18 | $22.27 | $26.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | (0.04) | 0.01 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.78) | 7.03 | 6.03 | 7.06 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.73) | 6.99 | 6.04 | 7.23 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) |  | (0.03) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.54) | (1.75) | (1.69) | (3.17) | (3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.59) | (1.75) | (1.72) | (3.32) | (3.36) |
|  Net asset value, end of year | $25.42 | $35.74 | $30.50 | $26.18 | $22.27 |
|  Total return | (18.97)% | 23.07% | 23.26 | 32.89 | (4.81)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $75546 | $97965 | $86482 | $41519 | $37013 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.97% | 0.97% | 0.97 | 0.97 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.02% | 1.02% | 1.03 | 1.03 | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.17% | (0.11)% | 0.05 | 0.66 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.12% | (0.15)% | (0.01) | 0.59 | 0.45% |
|  Portfolio turnover rate^ | 25% | 20% | 42 | 32 | 31% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $35.80 | $30.55 | $26.22 | $22.30 | $26.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | (0.04) | 0.02 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (6.79) | 7.04 | 6.03 | 7.07 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.74) | 7.00 | 6.05 | 7.24 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) |  | (0.03) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.54) | (1.75) | (1.69) | (3.17) | (3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.59) | (1.75) | (1.72) | (3.32) | (3.36) |
|  Net asset value, end of year | $25.47 | $35.80 | $30.55 | $26.22 | $22.30 |
|  Total return | (18.97)% | 23.06% | 23.26 | 32.89 | (4.81)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316075 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.97% | 0.97% | 0.97 | 0.97 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.02% | 1.02% | 1.03 | 1.03 | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.17% | (0.11)% | 0.06 | 0.66 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.11% | (0.15)% |  | 0.59 | 0.45% |
|  Portfolio turnover rate^ | 25% | 20% | 42 | 32 | 31% |

---

See Notes to Financial Statements.

586

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**EQ ADVISORS TRUST** 

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | |
|:---|:---|:---|:---|
| | **January 1, 2020 to<br>June 7, 2020‡** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **January 1, 2020 to<br>June 7, 2020‡** | **2019** | **2018** |
|  Net asset value, beginning of period | $26.11 | $22.21 | $26.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | 7.05 | (1.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.00 | 7.29 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (3.17) | (3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (3.39) | (3.43) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.21 |
|  Total return (b) | 3.79% | 33.24 | (4.61)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $— | $6424 | $4285 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.72% | 0.72 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.79% | 0.79 | 0.79% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.44% | 0.91 | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.37% | 0.84 | 0.71% |
|  Portfolio turnover rate^ | 42% | 32 | 31% |

---

*‡* *After the close of business on June 7, 2020 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

---

| | |
|:---|:---|
| *‡‡* | *Amount is less than 0.005%.*  |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.12, $0.12 and $0.19 for Class IA, IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.19% lower.* 

See Notes to Financial Statements.

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**EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> ClearBridge Investments, LLC

PERFORMANCE RESULTS

![LOGO](g401674g17d30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (32.15)% | 7.29% | 10.17 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (32.13) | 7.29 | 10.17 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (31.92) | 7.58 | 10.46 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | (29.14) | 10.96 | 14.10 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (32.13)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Growth Index, which returned (29.14)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Overall sector allocation contributed to performance.

• The Portfolio's overweight exposure to Health Care was the primary driver of performance for the year. Here success
was found outside the traditional biopharmaceutical segment with solid contributions from managed care provider UnitedHealth Group, Inc., as well as relatively strong results compared to the overall growth market from medical device makers DexCom,
Inc. and Stryker Corp.

• Stock selection in the Consumer Staples sector was a solid contributor, led by energy drink maker Monster Beverage Corp.,
which has benefitted from robust sales growth and pricing power as well as tempering of aluminum costs, and The Estee Lauder Cos., Inc., an addition late in the period that is seeing a recovery in cosmetics spending after demand pressures from
previous COVID lockdowns in key Asian markets.

• Among individual stocks, aerospace and defense contractor Raytheon Technologies Corp. benefitted from a normalization of
air travel and positive defense spending trends while Honeywell International, Inc. also participated in a solid recovery in air travel as well as a greater focus on energy efficiency.

***What hurt performance during the year:***

• Overall stock selection detracted from performance.

• Stock selection in the Information Technology sector was the primary detractor from performance, due to drawdowns of
graphics chip maker Nvidia Corp. and software makers Salesforce, Inc., Microsoft Corp. and Atlassian Corp. plc, all of which lapped tough comparisons and were most directly impacted by rising rates as well as a surging U.S. dollar that caused
foreign exchange losses. Nvidia surrendered much of its gains during a surge in demand for its gaming graphics chips during the pandemic as gaming and crypto mining demand fell sharply. The decade-long trend of digital transformation enabled by
software and related technology companies is clearly secular but we could see a short-term softening as corporate IT budgets tighten due to recession fears and the consideration of cyclical factors.

• Stock selection in Communication Services was also a significant detractor, mostly due to weakness in Meta Platforms, Inc.
(formerly known as Facebook), which saw its shares derate late in the period on disappointing results and guidance caused by tough comparables to a strong e-commerce environment in early 2021, negative impacts from Apple's privacy changes and
rising expenses. Weakness in Netflix, Inc., which is experiencing subscriber losses as streaming demand falls in a reopening economy, also weighed on performance while Asian e-commerce and gaming provider Sea Limited was hurt by slowing gaming
revenues.

• A poor showing from Amazon.com, Inc., in the Consumer Discretionary sector, also impacted results as the Portfolio's
largest holding was negatively impacted by a weaker than expected revenue forecast for the fourth quarter that indicated slowing demand in Amazon's retail and cloud businesses. The company has also been negatively impacted by multiple waves of
cost pressure since the pandemic

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**EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (Unaudited)** 

began. However, we do not believe Amazon is losing market share and the company is focused on reducing costs to protect profitability.

**Portfolio Positioning and Outlook — ClearBridge Investments, LLC** 

We have been cautious on the economy and markets for some time, positioning the Portfolio accordingly for the current environment and what will likely be another unsettled year ahead. Despite negative absolute performance for the year, we are encouraged that our efforts to establish more Portfolio balance through a focus on durable businesses and risk management appear to be beginning to show results.

Corporate earnings expectations retreated during the fourth quarter, declining 2.8%, the first year-over-year earnings decline since the third quarter of 2020, according to FactSet. As of mid-December, 63 S&P 500 companies had issued negative forward guidance compared to 34 reporting positive projections. We think these trends underestimate the downward earnings revisions still to come and will be closely monitoring the guidance provided by Portfolio companies during the upcoming quarterly reporting period.

We see the economic environment as weak and getting weaker, with pain still to be felt on both the corporate and consumer side as the hammer of monetary policy, which acts with a lag, begins to be felt. Led by IT and shadow tech, companies are looking for any way to cut costs, with layoffs increasing among the largest growth companies, including Meta Platforms and Salesforce. The pandemic savings accumulated by households are eroding, with retail sales likely to struggle in the year ahead. While the consumer remains in good fiscal shape, credit is starting to worsen and it's totally normal to expect a credit cycle to take hold at this stage of an economic contraction. Paradoxically, a slowdown in inflation could also create headwinds: retailers no longer able to lean on price as a revenue driver may see margins contract.

Mega cap growth companies are struggling as much as other businesses due to downstream weakness of their clients. Cloud spending is being hurt by budget constraints of buyers, the advertising business is slowing and management confidence is being challenged by increasingly negative data prints. In short, all signs point to a challenging earnings year. Despite so much uncertainty, we maintain confidence in our Portfolio as we beleive the active positioning we have put in place is enabling leadership franchises to flex their advantages.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 35.6% |
| &nbsp;&nbsp;&nbsp; Health Care | 20.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 12.0 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.1 |
| &nbsp;&nbsp;&nbsp; Financials | 4.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.8 |
| &nbsp;&nbsp;&nbsp; Materials | 1.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.5 |
| &nbsp;&nbsp;&nbsp; Utilities | 1.3 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.6) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses

589

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**EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO (Unaudited)** 

may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1000.30 | $5.04 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 999.50 | 5.04 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1002.00 | 3.78 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.42 | 3.82 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

590

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.1%)** | **Communication Services (6.1%)** | **Communication Services (6.1%)** |  |
|  ***Entertainment (3.7%)*** | ***Entertainment (3.7%)*** | ***Entertainment (3.7%)*** | **** |
|  Netflix, Inc.\* | 30400 | $8964352 |  |
|  Sea Ltd. (ADR)\* | 41970 | 2183699 |  |
|  |  | 11148051 |  |
|  ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | **** |
|  Meta Platforms, Inc., Class A\* | 61103 | 7353135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 18501186 |  |
|  **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** | **Consumer Discretionary (12.0%)** |  |
|  ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | **** |
|  Aptiv plc\* | 45099 | 4200070 |  |
|  ***Internet & Direct Marketing Retail (5.9%)*** | ***Internet & Direct Marketing Retail (5.9%)*** | ***Internet & Direct Marketing Retail (5.9%)*** | **** |
|  Amazon.com, Inc.\* | 214320 | 18002880 |  |
|  ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | **** |
|  Advance Auto Parts, Inc. | 25590 | 3762498 |  |
|  Tractor Supply Co. | 10920 | 2456672 |  |
|  |  | 6219170 |  |
|  ***Textiles, Apparel & Luxury Goods (2.7%)*** | ***Textiles, Apparel & Luxury Goods (2.7%)*** | ***Textiles, Apparel & Luxury Goods (2.7%)*** | **** |
|  NIKE, Inc., Class B | 69800 | 8167298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 36589418 |  |
|  **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |  |
|  ***Beverages (3.0%)*** | ***Beverages (3.0%)*** | ***Beverages (3.0%)*** | **** |
|  Monster Beverage Corp.\* | 88760 | 9011803 |  |
|  ***Personal Products (1.8%)*** | ***Personal Products (1.8%)*** | ***Personal Products (1.8%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 21900 | 5433609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 14445412 |  |
|  **Financials (4.8%)** | **Financials (4.8%)** | **Financials (4.8%)** |  |
|  ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | ***Capital Markets (2.8%)*** | **** |
|  S&P Global, Inc. | 25632 | 8585182 |  |
|  ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | **** |
|  Marsh & McLennan Cos., Inc. | 37196 | 6155194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 14740376 |  |
|  **Health Care (20.2%)** | **Health Care (20.2%)** | **Health Care (20.2%)** |  |
|  ***Health Care Equipment & Supplies (8.5%)*** | ***Health Care Equipment & Supplies (8.5%)*** | ***Health Care Equipment & Supplies (8.5%)*** | **** |
|  Alcon, Inc. (x) | 92530 | 6342932 |  |
|  Dexcom, Inc.\* | 56700 | 6420708 |  |
|  Intuitive Surgical, Inc.\* | 22800 | 6049980 |  |
|  Stryker Corp. | 29600 | 7236904 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26050524 |  |
|  ***Health Care Providers & Services (5.5%)*** | ***Health Care Providers & Services (5.5%)*** | ***Health Care Providers & Services (5.5%)*** | **** |
|  UnitedHealth Group, Inc. | 31645 | 16777546 |  |
|  ***Life Sciences Tools & Services (3.3%)*** | ***Life Sciences Tools & Services (3.3%)*** | ***Life Sciences Tools & Services (3.3%)*** | **** |
|  Thermo Fisher Scientific, Inc. | 18297 | 10075975 |  |
|  ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | ***Pharmaceuticals (2.9%)*** | **** |
|  Zoetis, Inc. | 59500 | 8719725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 61623770 |  |
|  **Industrials (10.1%)** | **Industrials (10.1%)** | **Industrials (10.1%)** |  |
|  ***Air Freight & Logistics (2.2%)*** | ***Air Freight & Logistics (2.2%)*** | ***Air Freight & Logistics (2.2%)*** | **** |
|  United Parcel Service, Inc., Class B | 38448 | 6683800 |  |
|  ***Electrical Equipment (2.6%)*** | ***Electrical Equipment (2.6%)*** | ***Electrical Equipment (2.6%)*** | **** |
|  Eaton Corp. plc | 49960 | 7841222 |  |
|  ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | **** |
|  Honeywell International, Inc. | 20500 | 4393150 |  |
|  ***Road & Rail (1.3%)*** | ***Road & Rail (1.3%)*** | ***Road & Rail (1.3%)*** | **** |
|  Uber Technologies, Inc.\* | 165780 | 4099740 |  |
|  ***Trading Companies & Distributors (2.6%)*** | ***Trading Companies & Distributors (2.6%)*** | ***Trading Companies & Distributors (2.6%)*** | **** |
|  WW Grainger, Inc. | 14140 | 7865375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 30883287 |  |
|  **Information Technology (35.6%)** | **Information Technology (35.6%)** | **Information Technology (35.6%)** |  |
|  ***IT Services (7.4%)*** | ***IT Services (7.4%)*** | ***IT Services (7.4%)*** | **** |
|  PayPal Holdings, Inc.\* | 71800 | 5113596 |  |
|  Visa, Inc., Class A | 84061 | 17464513 |  |
|  |  | 22578109 |  |
|  ***Semiconductors & Semiconductor Equipment (6.1%)*** | ***Semiconductors & Semiconductor Equipment (6.1%)*** | ***Semiconductors & Semiconductor Equipment (6.1%)*** | **** |
|  ASML Holding NV (Registered) (NYRS) | 11440 | 6250816 |  |
|  Intel Corp. | 80300 | 2122329 |  |
|  NVIDIA Corp. | 70440 | 10294101 |  |
|  |  | 18667246 |  |
|  ***Software (17.7%)*** | ***Software (17.7%)*** | ***Software (17.7%)*** | **** |
|  Adobe, Inc.\* | 14829 | 4990403 |  |
|  Atlassian Corp., Class A\* | 25570 | 3290348 |  |
|  Microsoft Corp. | 100427 | 24084403 |  |
|  Palo Alto Networks, Inc.\* | 50650 | 7067701 |  |
|  Salesforce, Inc.\* | 43460 | 5762361 |  |
|  Splunk, Inc.\* | 48295 | 4157717 |  |
|  Unity Software, Inc. (x)\* | 34400 | 983496 |  |
|  Workday, Inc., Class A\* | 22290 | 3729786 |  |
|  |  | 54066215 |  |
|  ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | ***Technology Hardware, Storage & Peripherals (4.4%)*** | **** |
|  Apple, Inc. | 103134 | 13400201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 108711771 |  |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |  |
|  ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | ***Chemicals (1.7%)*** | **** |
|  Sherwin-Williams Co. (The) | 21600 | 5126328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 5126328 |  |
|  **Real Estate (1.8%)** | **Real Estate (1.8%)** | **Real Estate (1.8%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.8%)*** | **** |
|  Equinix, Inc. (REIT) | 8500 | 5567755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5567755 |  |
|  **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** |  |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | **** |
|  NextEra Energy, Inc. | 47100 | 3937560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 3937560 |  |
|  **Total Common Stocks (98.4%)**<br> *(Cost $216,472,995)* |  | &nbsp;&nbsp;&nbsp;&nbsp;300126863 |  |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.7%)** | **Investment Company (0.7%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | $2000000 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,707,371, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,760,231. (xx) | $2706109 | &nbsp;&nbsp;&nbsp;&nbsp;2706109 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $1,000,489, collateralized by various Common Stocks; total market value $1,110,647. (xx) | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 4706109 |
|  **Total Short-Term Investments (2.2%)**<br> *(Cost $6,706,109)* |  | 6706109 |
|  **Total Investments in Securities (100.6%)**<br> *(Cost $223,179,104)* |  | 306832972 |
|  **Other Assets Less Liabilities (-0.6%)** |  | (1708985) |
|  **Net Assets (100%)** |  | $&nbsp;&nbsp;&nbsp;&nbsp;305123987 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $6,525,235. This was collateralized by cash of $6,706,109 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $18501186 | $— | $— | $18501186 |
|  Consumer Discretionary | 36589418 |  |  | 36589418 |
|  Consumer Staples | 14445412 |  |  | 14445412 |
|  Financials | 14740376 |  |  | 14740376 |
|  Health Care | 61623770 |  |  | 61623770 |
|  Industrials | 30883287 |  |  | 30883287 |
|  Information Technology | 108711771 |  |  | 108711771 |
|  Materials | 5126328 |  |  | 5126328 |
|  Real Estate | 5567755 |  |  | 5567755 |
|  Utilities | 3937560 |  |  | 3937560 |

---

See Notes to Financial Statements.

592

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | $2000000 | $— | $— | $2000000 |
|  Repurchase Agreements |  | 4706109 |  | 4706109 |
|  **Total Assets** | $**302126863** | $**4706109** | $**—** | $**306832972** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**302126863** | $**4706109** | $**—** | $**306832972** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $98268910 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121782786 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $118892276 |
|  Aggregate gross unrealized depreciation | (35265447) |
|  Net unrealized appreciation | $83626829 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223206143 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $2,257 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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EQ/CLEARBRIDGE LARGE CAP GROWTH ESG PORTFOLIO

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $218,472,995) | $302126863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,706,109) | 4706109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5358928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 82132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 39216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 312315504 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6706109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 196305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 160970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 63123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 25310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 37145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7191517 |
|  **NET ASSETS** | $305123987 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $218472183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 86651804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $305123987 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $11,757,888 / 1,074,455 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.94 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $289,321,168 / 27,806,275 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.40 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $4,044,931 / 359,352 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.26 |

---

*(x)* *Includes value of securities on loan of $6,525,235.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $13,788 foreign withholding tax) | $2415112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 64669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2487272 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2299556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 836961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 327803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 33713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 31456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 11962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3641603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (122994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3518609 |
|  **NET INVESTMENT INCOME (LOSS)** | (1031337) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 34597795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (185298513) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (150700718) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(151732055) |

---

See Notes to Financial Statements.

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------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1031337) | $(1796238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 34597795 | 43128079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (185298513) | 47961468 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (151732055) | 89293309 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (1708632) | (1103083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (43981573) | (28820421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (607444) | (482900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (46297649) | (30406404) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 98,919 and 43,578 shares, respectively ] | 1329840 | 764332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 145,066 and 59,772 shares, respectively ] | 1708632 | 1103083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (148541) and (78252) shares, respectively ] | (2013062) | (1364647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 1025410 | 502768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,523,353 and 1,260,865 shares, respectively ] | 20363677 | 21429256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 3,922,512 and 1,630,616 shares, respectively ] | 43981573 | 28820421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3171611) and (3524997) shares, respectively ] | (42681894) | (60013756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 21663356 | (9764079) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 44,215 and 50,396 shares, respectively ] | 644542 | 885207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 50,135 and 25,606 shares, respectively ] | 607444 | 482900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (164809) and (97723) shares, respectively ] | (2273373) | (1684602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1021387) | (316495) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 21667379 | (9577806) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (176362325) | 49309099 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 481486312 | 432177213 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $305123987 | $481486312 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.62 | $16.29 | $13.51 | $10.89 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.04) | (0.07) | (0.03) |  | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.87) | 3.59 | 4.17 | 3.45 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.91) | 3.52 | 4.14 | 3.45 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (1.19) | (1.36) | (0.83) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.77) | (1.19) | (1.36) | (0.83) | (1.09) |
|  Net asset value, end of year | $10.94 | $18.62 | $16.29 | $13.51 | $10.89 |
|  Total return | (32.15)% | 21.73% | 30.91 | 31.99 | (0.38) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $11758 | $18226 | $15538 | $13833 | $11286 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.03 | 1.04 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.03% | 1.02% | 1.04 | 1.04 | 1.04 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.29)% | (0.40)% | (0.18) | 0.02 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.33)% | (0.42)% | (0.19) | 0.02 | 0.18 |
|  Portfolio turnover rate^ | 28% | 16% | 20 | 20 | 18 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.82 | $15.64 | $13.02 | $10.52 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.04) | (0.07) | (0.03) |  | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.61) | 3.44 | 4.01 | 3.33 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.65) | 3.37 | 3.98 | 3.33 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (1.19) | (1.36) | (0.83) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.77) | (1.19) | (1.36) | (0.83) | (1.09) |
|  Net asset value, end of year | $10.40 | $17.82 | $15.64 | $13.02 | $10.52 |
|  Total return | (32.13)% | 21.67% | 30.85 | 31.98 | (0.30) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455081 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304627 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.03 | 1.04 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.03% | 1.02% | 1.03 | 1.04 | 1.04 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.30)% | (0.40)% | (0.19) | 0.02 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.33)% | (0.42)% | (0.19) | 0.02 | 0.17 |
|  Portfolio turnover rate^ | 28% | 16% | 20 | 20 | 18 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.03 | $16.59 | $13.71 | $11.04 | $12.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.01) | (0.03) | 0.01 | 0.04 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.99) | 3.66 | 4.23 | 3.49 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.00) | 3.63 | 4.24 | 3.53 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.77) | (1.19) | (1.36) | (0.83) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.77) | (1.19) | (1.36) | (0.86) | (1.12) |
|  Net asset value, end of year | $11.26 | $19.03 | $16.59 | $13.71 | $11.04 |
|  Total return | (31.92)% | 22.00% | 31.19 | 32.30% | (0.03) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $4045 | $8180 | $7490 | $9641 | $7588 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75% | 0.78 | 0.79% | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.78% | 0.77% | 0.78 | 0.79% | 0.79 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.05)% | (0.15)% | 0.07 | 0.27% | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.09)% | (0.17)% | 0.07 | 0.27% | 0.44 |
|  Portfolio turnover rate^ | 28% | 16% | 20 | 20% | 18 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.03), $(0.03) and $0.00# for Class IA, Class IB and Class K, respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.01, $0.01 and $0.04 for Class IA, Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.12% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.05% lower.* 

See Notes to Financial Statements.

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**EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> ClearBridge Investments, LLC

PERFORMANCE RESULTS

![LOGO](g401674g50y19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |
|  | **1<br>Year** | **5<br>Years** | **10 Years/**<br> **Since**<br> **Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (27.12)% | 8.32% | 10.30 |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (27.06) | 8.32 | 10.31 |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (26.83) | N/A | (22.11) |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/26/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/26/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/26/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/26/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (27.06)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Overall sector allocation contributed to results. In particular, an underweight to the Communication Services sector and
overweights to the Industrials and Consumer Staples sector proved beneficial. The Portfolio's cash position in a sharp drawdown also helped.

• Stock selection in the Consumer Staples sector supported results, with solid contributions from energy drink maker Monster
Beverage Corp., restaurant supplier Performance Food Group Co. and Midwest convenience store operator Casey's General Stores, Inc.

• Among individual holdings, more cyclical sectors of Financials, Industrials and Materials showed resilience and reflected
the Portfolio's increasing exposure to steady compounders like Pioneer Natural Resources Co. and Chesapeake Energy Corp. as well as evolving opportunities such as WillScot Mobile Mini Holdings Corp.

***What hurt performance during the year:***

• Overall stock selection detracted from performance, primarily in the Information Technology, Health Care and Industrials
sectors.

• Stock selection in the IT sector was dragged down by e-commerce and digital transformation companies that faced a
combination of tough comps from the year ago period when the reopening of the economy was less advanced as well as a meaningful rotation out of higher valued, higher growth companies that accelerated through the second half of the period as the
Federal Reserve continued its rate hike cycle. The main detractors included e-signature platform DocuSign, Inc. and e-commerce enablement platform Shopify, Inc. as well as enterprise software makers ServiceNow, Inc., HubSpot, Inc. and Workday, Inc.
as well as iPhone maker Apple, Inc., which saw a rare period of demand weakness for its popular devices.

• Within Health Care, Syneos Health, Inc., Surgery Partners, Inc. and Charles River Laboratories International, Inc. (CRL)
were the main detractors, hurt by an aversion to leveraged balance sheets for Surgery and fears of slowing clinical research spending by biopharmaceutical companies for CRL and Syneos.

• Within Industrials, a decline in home improvement following a COVID-19 surge hurt sales for Trex Co., Inc., a maker of
residential decks while rideshare operator Lyft, Inc. suffered from driver shortages and a worsening competitive position compared to Uber.

• Among individual names, online dating platform Match Group, Inc. and online travel agency Expedia Group, Inc. also hurt
performance.

• During the year, the Portfolio reduced its equity exposure for 105 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

**Portfolio Positioning and Outlook — ClearBridge Investments, LLC** 

Growth companies operating at cash flow deficits, especially those with leverage and/or increasing investment plans, derated in the first quarter as the cost of capital increased. The Portfolio had seen strong

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**EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

performance from these higher-growth stocks we consider disruptors over the last handful of years as we leaned heavily into the IT, Internet and consumer sectors. We began tactically paring back our exposure to disruptors in the third quarter of 2020, right-sizing positions based on our assessment of their risk and reward after a rapid rise in valuations. We further reduced these exposures in the second and third quarters of 2021 but remained overweight the group as the selling pressure accelerated into 2022.

From the first quarter into the second quarter, we reduced the Portfolio's outsize exposure to hyper-growth stocks with low or no profits. We selectively added back to some of that exposure as valuations fell further in the summer but in different areas of the economy to diversify our composition of growth. Those actions repositioned the Portfolio for a transformed market and have supported better relative performance over the back half of the year.

In aggregate, we established 16 new common stock equity positions still held at the end of the reporting period, with a more recent focus on tactically pivoting the Portfolio to favor companies with less risk to near-term earnings and revenue numbers. Most of these companies reside among our steady compounders or evolving opportunities in the Consumer Staples, Health Care and Energy sectors. We also sold 20 common stock holdings, where valuations had become full, our thesis for owning the company had changed or due to an acquisition.

The improving chances of a soft landing for the economy have boosted the market recently, with strong employment trends occurring alongside stabilizing wages trends. We believe the froth is definitely coming out of the labor market with the Federal Reserve likely toward the end of its policy actions. There could still be more pain ahead, but commodities prices are cooling and the global economy is holding up relatively well, which could bode well for domestic growth. In the first half of the year discretionary spending may slow and we expect conservative guidance from companies focused on consumer end markets.

On the corporate side, earnings visibility remains cloudy, causing us to be more discriminating and diligent in managing the Portfolio. We plan to continue to lean into growth stocks but with less reliance on disruptors as we layer on steadier and more profitable companies with relatively more moderate growth rates. At this stage in the cycle, we want to own stocks with more organic growth levers. That said, we remain vigilant for opportunities that a bear market in disruptive growth stocks can provide.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 21.5% |
| &nbsp;&nbsp;&nbsp; Health Care | 13.4 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 12.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 8.3 |
| &nbsp;&nbsp;&nbsp; Financials | 7.5 |
| &nbsp;&nbsp;&nbsp; Energy | 4.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 4.1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.7 |
| &nbsp;&nbsp;&nbsp; Materials | 1.8 |
| &nbsp;&nbsp;&nbsp; Utilities | 1.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual

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**EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1014.40 | $5.33 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1014.50 | 5.33 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1015.90 | 4.06 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

600

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.7%)** | **Communication Services (3.7%)** | **Communication Services (3.7%)** |  |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | **** |
|  AT&T, Inc. | 53653 | $987752 |  |
|  Lumen Technologies, Inc. | 7550 | 39411 |  |
|  Verizon Communications, Inc. | 31617 | 1245710 |  |
|  |  | 2272873 |  |
|  ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | ***Entertainment (1.2%)*** | **** |
|  Activision Blizzard, Inc. | 5412 | 414289 |  |
|  Electronic Arts, Inc. | 1947 | 237884 |  |
|  Endeavor Group Holdings, Inc., Class A\* | 176890 | 3987101 |  |
|  Live Nation Entertainment, Inc.\* | 1080 | 75319 |  |
|  Netflix, Inc.\* | 3350 | 987848 |  |
|  Take-Two Interactive Software, Inc.\* | 1191 | 124019 |  |
|  Walt Disney Co. (The)\* | 13724 | 1192341 |  |
|  Warner Bros Discovery, Inc.\* | 16794 | 159207 |  |
|  |  | 7178008 |  |
|  ***Interactive Media & Services (1.7%)*** | ***Interactive Media & Services (1.7%)*** | ***Interactive Media & Services (1.7%)*** | **** |
|  Alphabet, Inc., Class A\* | 44966 | 3967350 |  |
|  Alphabet, Inc., Class C\* | 39860 | 3536778 |  |
|  Match Group, Inc.\* | 2065 | 85677 |  |
|  Meta Platforms, Inc., Class A\* | 16928 | 2037115 |  |
|  |  | 9626920 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  Charter Communications, Inc., Class A\* | 809 | 274332 |  |
|  Comcast Corp., Class A | 32476 | 1135686 |  |
|  DISH Network Corp., Class A (x)\* | 1923 | 26999 |  |
|  Fox Corp., Class A | 2265 | 68788 |  |
|  Fox Corp., Class B | 1130 | 32149 |  |
|  Interpublic Group of Cos., Inc. (The) | 2848 | 94867 |  |
|  News Corp., Class A | 2837 | 51633 |  |
|  News Corp., Class B | 775 | 14291 |  |
|  Omnicom Group, Inc. | 1557 | 127004 |  |
|  Paramount Global, Class B (x) | 3718 | 62760 |  |
|  Tribune Co. Litigation, Class 1C (r)\* | 24151 |  |  |
|  |  | 1888509 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  T-Mobile US, Inc.\* | 4496 | 629440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 21595750 |  |
|  **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** | **Consumer Discretionary (8.9%)** |  |
|  ***Auto Components (0.3%)*** | ***Auto Components (0.3%)*** | ***Auto Components (0.3%)*** | **** |
|  Aptiv plc\* | 2060 | 191848 |  |
|  BorgWarner, Inc. | 1800 | 72450 |  |
|  Fox Factory Holding Corp.\* | 17438 | 1590868 |  |
|  |  | 1855166 |  |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | **** |
|  Ford Motor Co. | 30024 | 349179 |  |
|  General Motors Co. | 10695 | 359780 |  |
|  Tesla, Inc.\* | 20200 | 2488236 |  |
|  |  | 3197195 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 1075 | 186523 |  |
|  LKQ Corp. | 1829 | 97687 |  |
|  Pool Corp. | 294 | 88885 |  |
|  |  | 373095 |  |
|  ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | **** |
|  Booking Holdings, Inc.\* | 292 | 588462 |  |
|  Caesars Entertainment, Inc.\* | 1551 | 64522 |  |
|  Carnival Corp. (x)\* | 7205 | 58072 |  |
|  Chipotle Mexican Grill, Inc.\* | 211 | 292760 |  |
|  Darden Restaurants, Inc. | 916 | 126710 |  |
|  Domino's Pizza, Inc. | 266 | 92142 |  |
|  Expedia Group, Inc.\* | 23212 | 2033371 |  |
|  Hilton Worldwide Holdings, Inc. | 2029 | 256385 |  |
|  Las Vegas Sands Corp.\* | 2479 | 119166 |  |
|  Marriott International, Inc., Class A | 2026 | 301651 |  |
|  McDonald's Corp. | 5514 | 1453105 |  |
|  MGM Resorts International | 2421 | 81176 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 3309 | 40502 |  |
|  Royal Caribbean Cruises Ltd.\* | 1635 | 80818 |  |
|  Starbucks Corp. | 8642 | 857286 |  |
|  Wynn Resorts Ltd.\* | 789 | 65069 |  |
|  Yum! Brands, Inc. | 2104 | 269480 |  |
|  |  | 6780677 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 2316 | 206448 |  |
|  Garmin Ltd. | 1114 | 102811 |  |
|  Lennar Corp., Class A | 1919 | 173670 |  |
|  Mohawk Industries, Inc.\* | 356 | 36390 |  |
|  Newell Brands, Inc. | 2808 | 36729 |  |
|  NVR, Inc.\* | 21 | 96864 |  |
|  PulteGroup, Inc. | 1760 | 80133 |  |
|  Whirlpool Corp. | 385 | 54462 |  |
|  |  | 787507 |  |
|  ***Internet & Direct Marketing Retail (2.7%)*** | ***Internet & Direct Marketing Retail (2.7%)*** | ***Internet & Direct Marketing Retail (2.7%)*** | **** |
|  Amazon.com, Inc.\* | 66816 | 5612544 |  |
|  eBay, Inc. | 3985 | 165258 |  |
|  Etsy, Inc.\* | 15050 | 1802689 |  |
|  Global-e Online Ltd.\* | 59717 | 1232559 |  |
|  Klaviyo, Inc. (r)\* | 20574 | 272379 |  |
|  MercadoLibre, Inc.\* | 8045 | 6808001 |  |
|  |  | 15893430 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 992 | 60522 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp. | 1694 | 417147 |  |
|  Dollar Tree, Inc.\* | 1605 | 227011 |  |
|  Target Corp. | 3465 | 516424 |  |
|  |  | 1160582 |  |
|  ***Specialty Retail (2.7%)*** | ***Specialty Retail (2.7%)*** | ***Specialty Retail (2.7%)*** | **** |
|  Advance Auto Parts, Inc. | 461 | 67781 |  |
|  AutoZone, Inc.\* | 143 | 352664 |  |
|  Bath & Body Works, Inc. | 1636 | 68941 |  |
|  Best Buy Co., Inc. | 1499 | 120235 |  |
|  Burlington Stores, Inc.\* | 21700 | 4399892 |  |
|  CarMax, Inc.\* | 1174 | 71485 |  |
|  Home Depot, Inc. (The) | 7707 | 2434333 |  |
|  Lowe's Cos., Inc. | 32113 | 6398194 |  |
|  O'Reilly Automotive, Inc.\* | 471 | 397538 |  |
|  Ross Stores, Inc. | 2595 | 301202 |  |
|  TJX Cos., Inc. (The) | 8741 | 695783 |  |

---

See Notes to Financial Statements.

601

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Tractor Supply Co. | 842 | $| 189425 |  |
|  Ulta Beauty, Inc.\* | 377 |  | 176839 |  |
|  |  |  | 15674312 |  |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | **** |
|  Crocs, Inc.\* | 52085 |  | 5647577 |  |
|  NIKE, Inc., Class B | 9483 |  | 1109606 |  |
|  Ralph Lauren Corp. | 333 |  | 35188 |  |
|  Tapestry, Inc. | 1874 |  | 71362 |  |
|  VF Corp. | 2497 |  | 68942 |  |
|  |  |  | 6932675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 52715161 |  |
|  **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** |  |
|  ***Beverages (3.5%)*** | ***Beverages (3.5%)*** | ***Beverages (3.5%)*** | ***Beverages (3.5%)*** | **** |
|  Brown-Forman Corp., Class B | 1390 |  | 91295 |  |
|  Coca-Cola Co. (The) | 29300 |  | 1863773 |  |
|  Constellation Brands, Inc., Class A | 29641 |  | 6869302 |  |
|  Keurig Dr Pepper, Inc. | 6459 |  | 230328 |  |
|  Molson Coors Beverage Co., Class B | 1431 |  | 73725 |  |
|  Monster Beverage Corp.\* | 95468 |  | 9692866 |  |
|  PepsiCo, Inc. | 10372 |  | 1873806 |  |
|  |  |  | 20695095 |  |
|  ***Food & Staples Retailing (3.0%)*** | ***Food & Staples Retailing (3.0%)*** | ***Food & Staples Retailing (3.0%)*** | ***Food & Staples Retailing (3.0%)*** | **** |
|  Casey's General Stores, Inc. | 22760 |  | 5106206 |  |
|  Costco Wholesale Corp. | 3332 |  | 1521058 |  |
|  Kroger Co. (The) | 4950 |  | 220671 |  |
|  Performance Food Group Co.\* | 156390 |  | 9131612 |  |
|  Sysco Corp. | 3780 |  | 288981 |  |
|  Walgreens Boots Alliance, Inc. | 5453 |  | 203724 |  |
|  Walmart, Inc. | 10625 |  | 1506519 |  |
|  |  |  | 17978771 |  |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | **** |
|  Archer-Daniels-Midland Co. | 4135 |  | 383935 |  |
|  Campbell Soup Co. | 1540 |  | 87395 |  |
|  Conagra Brands, Inc. | 3650 |  | 141255 |  |
|  General Mills, Inc. | 4441 |  | 372378 |  |
|  Hershey Co. (The) | 1117 |  | 258664 |  |
|  Hormel Foods Corp. | 2200 |  | 100210 |  |
|  J M Smucker Co. (The) | 805 |  | 127560 |  |
|  Kellogg Co. | 1906 |  | 135783 |  |
|  Kraft Heinz Co. (The) | 6055 |  | 246499 |  |
|  Lamb Weston Holdings, Inc. | 1052 |  | 94007 |  |
|  McCormick & Co., Inc. (Non-Voting) | 1878 |  | 155667 |  |
|  Mondelez International, Inc., Class A | 10281 |  | 685229 |  |
|  Tyson Foods, Inc., Class A | 2202 |  | 137074 |  |
|  |  |  | 2925656 |  |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | **** |
|  Church & Dwight Co., Inc. | 1847 |  | 148887 |  |
|  Clorox Co. (The) | 920 |  | 129104 |  |
|  Colgate-Palmolive Co. | 6341 |  | 499607 |  |
|  Kimberly-Clark Corp. | 2567 |  | 348470 |  |
|  Procter & Gamble Co. (The) | 17839 |  | 2703679 |  |
|  |  |  | 3829747 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  Coty, Inc., Class A\* | 139700 |  | 1195832 |  |
|  Estee Lauder Cos., Inc. (The), Class A | 1731 |  | 429478 |  |
|  |  |  | 1625310 |  |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | **** |
|  Altria Group, Inc. | 13492 |  | 616719 |  |
|  Philip Morris International, Inc. | 11670 |  | 1181121 |  |
|  |  |  | 1797840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 48852419 |  |
|  **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** | **Energy (4.8%)** |  |
|  ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | ***Energy Equipment & Services (0.8%)*** | **** |
|  Baker Hughes Co. | 127955 |  | 3778511 |  |
|  Halliburton Co. | 6895 |  | 271318 |  |
|  Schlumberger Ltd. | 10752 |  | 574802 |  |
|  |  |  | 4624631 |  |
|  ***Oil, Gas & Consumable Fuels (4.0%)*** | ***Oil, Gas & Consumable Fuels (4.0%)*** | ***Oil, Gas & Consumable Fuels (4.0%)*** | ***Oil, Gas & Consumable Fuels (4.0%)*** | **** |
|  APA Corp. | 2482 |  | 115860 |  |
|  Chesapeake Energy Corp. (x) | 32172 |  | 3036072 |  |
|  Chevron Corp. | 13392 |  | 2403730 |  |
|  ConocoPhillips | 9381 |  | 1106958 |  |
|  Coterra Energy, Inc. | 6048 |  | 148599 |  |
|  Devon Energy Corp. | 4978 |  | 306197 |  |
|  Diamondback Energy, Inc. | 1295 |  | 177130 |  |
|  EOG Resources, Inc. | 4455 |  | 577011 |  |
|  EQT Corp. | 2812 |  | 95130 |  |
|  Exxon Mobil Corp. | 31003 |  | 3419631 |  |
|  Hess Corp. | 2062 |  | 292433 |  |
|  Kinder Morgan, Inc. | 15072 |  | 272502 |  |
|  Marathon Oil Corp. | 4781 |  | 129422 |  |
|  Marathon Petroleum Corp. | 3528 |  | 410624 |  |
|  Occidental Petroleum Corp. | 5474 |  | 344807 |  |
|  ONEOK, Inc. | 3397 |  | 223183 |  |
|  Phillips 66 | 3558 |  | 370316 |  |
|  Pioneer Natural Resources Co. | 39890 |  | 9110477 |  |
|  Targa Resources Corp. | 1722 |  | 126567 |  |
|  Valero Energy Corp. | 2902 |  | 368148 |  |
|  Williams Cos., Inc. (The) | 9263 |  | 304753 |  |
|  |  |  | 23339550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 27964181 |  |
|  **Financials (7.5%)** | **Financials (7.5%)** | **Financials (7.5%)** | **Financials (7.5%)** |  |
|  ***Banks (2.1%)*** | ***Banks (2.1%)*** | ***Banks (2.1%)*** | ***Banks (2.1%)*** | **** |
|  Bank of America Corp. | 52543 |  | 1740224 |  |
|  Citigroup, Inc. | 14559 |  | 658504 |  |
|  Citizens Financial Group, Inc. | 3768 |  | 148346 |  |
|  Comerica, Inc. | 931 |  | 62237 |  |
|  Fifth Third Bancorp | 5217 |  | 171170 |  |
|  First Republic Bank | 26068 |  | 3177429 |  |
|  Huntington Bancshares, Inc. | 10964 |  | 154592 |  |
|  JPMorgan Chase & Co. | 22082 |  | 2961196 |  |
|  KeyCorp | 7090 |  | 123508 |  |
|  M&T Bank Corp. | 1283 |  | 186112 |  |
|  PNC Financial Services Group, Inc. (The)‡ | 3036 |  | 479506 |  |
|  Regions Financial Corp. | 7103 |  | 153141 |  |
|  Signature Bank | 494 |  | 56919 |  |
|  SVB Financial Group\* | 449 |  | 103333 |  |
|  Truist Financial Corp. | 10083 |  | 433871 |  |
|  US Bancorp | 10107 |  | 440766 |  |
|  Wells Fargo & Co. | 28656 |  | 1183206 |  |
|  Zions Bancorp NA | 1102 |  | 54174 |  |
|  |  |  | 12288234 |  |

---

See Notes to Financial Statements.

602

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | ***Capital Markets (2.9%)*** | **** |
|  Ameriprise Financial, Inc. | 798 | $248473 |  |
|  Bank of New York Mellon Corp. (The) | 5590 | 254457 |  |
|  BlackRock, Inc.‡ | 1131 | 801460 |  |
|  Cboe Global Markets, Inc. | 806 | 101129 |  |
|  Charles Schwab Corp. (The) | 11483 | 956075 |  |
|  CME Group, Inc. | 27589 | 4639366 |  |
|  FactSet Research Systems, Inc. | 289 | 115950 |  |
|  Franklin Resources, Inc. | 2102 | 55451 |  |
|  Goldman Sachs Group, Inc. (The) | 2549 | 875276 |  |
|  Intercontinental Exchange, Inc. | 4173 | 428108 |  |
|  Invesco Ltd. | 3309 | 59529 |  |
|  KKR & Co., Inc. | 111190 | 5161440 |  |
|  MarketAxess Holdings, Inc. | 292 | 81436 |  |
|  Moody's Corp. | 1174 | 327100 |  |
|  Morgan Stanley | 9924 | 843738 |  |
|  MSCI, Inc. | 597 | 277706 |  |
|  Nasdaq, Inc. | 2567 | 157485 |  |
|  Northern Trust Corp. | 1558 | 137867 |  |
|  Raymond James Financial, Inc. | 1477 | 157817 |  |
|  S&P Global, Inc. | 2507 | 839695 |  |
|  State Street Corp. | 2795 | 216808 |  |
| T. Rowe Price Group, Inc. | 1654 | 180385 |  |
|  |  | 16916751 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 4500 | 664875 |  |
|  Capital One Financial Corp. | 2841 | 264099 |  |
|  Discover Financial Services | 2077 | 203193 |  |
|  Synchrony Financial | 3387 | 111297 |  |
|  |  | 1243464 |  |
|  ***Diversified Financial Services (0.7%)*** | ***Diversified Financial Services (0.7%)*** | ***Diversified Financial Services (0.7%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 13564 | 4189920 |  |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | **** |
|  Aflac, Inc. | 4260 | 306464 |  |
|  Allstate Corp. (The) | 1996 | 270658 |  |
|  American Equity Investment Life Holding Co. | 79840 | 3642301 |  |
|  American International Group, Inc. | 5593 | 353701 |  |
|  Aon plc, Class A | 1557 | 467318 |  |
|  Arch Capital Group Ltd.\* | 2806 | 176161 |  |
|  Arthur J Gallagher & Co. | 1599 | 301475 |  |
|  Assurant, Inc. | 391 | 48898 |  |
|  Brown & Brown, Inc. | 1782 | 101521 |  |
|  Chubb Ltd. | 3125 | 689375 |  |
|  Cincinnati Financial Corp. | 1210 | 123892 |  |
|  Everest Re Group Ltd. | 300 | 99381 |  |
|  Globe Life, Inc. | 660 | 79563 |  |
|  Hartford Financial Services Group, Inc. (The) | 2355 | 178580 |  |
|  Lincoln National Corp. | 1185 | 36403 |  |
|  Loews Corp. | 1520 | 88662 |  |
|  Marsh & McLennan Cos., Inc. | 3734 | 617902 |  |
|  MetLife, Inc. | 4962 | 359100 |  |
|  Principal Financial Group, Inc. | 1677 | 140734 |  |
|  Progressive Corp. (The) | 4387 | 569038 |  |
|  Prudential Financial, Inc. | 2755 | 274012 |  |
|  Travelers Cos., Inc. (The) | 1763 | 330545 |  |
|  W R Berkley Corp. | 1529 | 110959 |  |
|  Willis Towers Watson plc | 805 | 196887 |  |
|  |  | 9563530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 44201899 |  |
|  **Health Care (13.4%)** | **Health Care (13.4%)** | **Health Care (13.4%)** |  |
|  ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | ***Biotechnology (2.6%)*** | **** |
|  AbbVie, Inc. | 13313 | 2151514 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 6095 | 1448477 |  |
|  Amgen, Inc. | 4017 | 1055025 |  |
|  Biogen, Inc.\* | 1076 | 297966 |  |
|  Caris Life Sciences, Inc. (r)\* | 69480 | 96768 |  |
|  Gilead Sciences, Inc. | 9441 | 810510 |  |
|  Horizon Therapeutics plc\* | 55500 | 6315900 |  |
|  Incyte Corp.\* | 1376 | 110520 |  |
|  Moderna, Inc.\* | 8237 | 1479530 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 804 | 580078 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 13470 | 624065 |  |
|  Vertex Pharmaceuticals, Inc.\* | 1925 | 555901 |  |
|  |  | 15526254 |  |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | **** |
|  Abbott Laboratories | 13126 | 1441104 |  |
|  Align Technology, Inc.\* | 551 | 116206 |  |
|  Baxter International, Inc. | 3829 | 195164 |  |
|  Becton Dickinson and Co. | 2138 | 543693 |  |
|  Boston Scientific Corp.\* | 10722 | 496107 |  |
|  Cooper Cos., Inc. (The) | 368 | 121687 |  |
|  Dentsply Sirona, Inc. | 1638 | 52154 |  |
|  Dexcom, Inc.\* | 2908 | 329302 |  |
|  Edwards Lifesciences Corp.\* | 4612 | 344101 |  |
|  Hologic, Inc.\* | 1898 | 141989 |  |
|  IDEXX Laboratories, Inc.\* | 615 | 250895 |  |
|  Insulet Corp.\* | 29701 | 8743677 |  |
|  Intuitive Surgical, Inc.\* | 2660 | 705831 |  |
|  Medtronic plc | 10006 | 777666 |  |
|  ResMed, Inc. | 1113 | 231649 |  |
|  STERIS plc | 747 | 137964 |  |
|  Stryker Corp. | 2530 | 618560 |  |
|  Teleflex, Inc. | 364 | 90865 |  |
|  Zimmer Biomet Holdings, Inc. | 1595 | 203363 |  |
|  |  | 15541977 |  |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | **** |
|  AmerisourceBergen Corp. | 1182 | 195869 |  |
|  Cardinal Health, Inc. | 1973 | 151665 |  |
|  Centene Corp.\* | 4253 | 348789 |  |
|  Cigna Corp. | 2296 | 760757 |  |
|  CVS Health Corp. | 9892 | 921836 |  |
|  DaVita, Inc.\* | 354 | 26433 |  |
|  Elevance Health, Inc. | 1798 | 922320 |  |
|  HCA Healthcare, Inc. | 1596 | 382976 |  |
|  HealthEquity, Inc.\* | 53505 | 3298048 |  |
|  Henry Schein, Inc.\* | 991 | 79151 |  |
|  Humana, Inc. | 947 | 485044 |  |
|  Laboratory Corp. of America Holdings | 679 | 159891 |  |
|  McKesson Corp. | 1067 | 400253 |  |
|  Molina Healthcare, Inc.\* | 442 | 145957 |  |
|  Progyny, Inc.\* | 63200 | 1968680 |  |
|  Quest Diagnostics, Inc. | 835 | 130627 |  |
|  Surgery Partners, Inc.\* | 182122 | 5073919 |  |
|  UnitedHealth Group, Inc. | 7034 | 3729286 |  |
|  Universal Health Services, Inc., Class B | 500 | 70445 |  |
|  |  | 19251946 |  |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | **** |
|  Doximity, Inc., Class A (x)\* | 36700 | 1231652 |  |

---

See Notes to Financial Statements.

603

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Life Sciences Tools & Services (2.6%)*** | ***Life Sciences Tools & Services (2.6%)*** | ***Life Sciences Tools & Services (2.6%)*** | **** |
|  Agilent Technologies, Inc. | 2222 | $332522 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 158 | 66437 |  |
|  Bio-Techne Corp. | 1192 | 98793 |  |
|  Charles River Laboratories International, Inc.\* | 23812 | 5188635 |  |
|  Danaher Corp. | 4932 | 1309052 |  |
|  Illumina, Inc.\* | 1194 | 241427 |  |
|  IQVIA Holdings, Inc.\* | 1382 | 283158 |  |
|  Mettler-Toledo International, Inc.\* | 165 | 238499 |  |
|  PerkinElmer, Inc. | 10760 | 1508767 |  |
|  Syneos Health, Inc.\* | 118080 | 4331174 |  |
|  Thermo Fisher Scientific, Inc. | 2953 | 1626188 |  |
|  Waters Corp.\* | 455 | 155874 |  |
|  West Pharmaceutical Services, Inc. | 562 | 132267 |  |
|  |  | 15512793 |  |
|  ***Pharmaceuticals (2.0%)*** | ***Pharmaceuticals (2.0%)*** | ***Pharmaceuticals (2.0%)*** | **** |
|  Bristol-Myers Squibb Co. | 16006 | 1151632 |  |
|  Catalent, Inc.\* | 1274 | 57343 |  |
|  Eli Lilly and Co. | 5937 | 2171992 |  |
|  Johnson & Johnson | 19682 | 3476825 |  |
|  Merck & Co., Inc. | 19087 | 2117703 |  |
|  Organon & Co. | 1920 | 53625 |  |
|  Pfizer, Inc. | 42258 | 2165300 |  |
|  Viatris, Inc. | 9218 | 102596 |  |
|  Zoetis, Inc. | 3509 | 514244 |  |
|  |  | 11811260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 78875882 |  |
|  **Industrials (10.9%)** | **Industrials (10.9%)** | **Industrials (10.9%)** |  |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | **** |
|  Boeing Co. (The)\* | 4202 | 800439 |  |
|  General Dynamics Corp. | 1710 | 424268 |  |
|  Howmet Aerospace, Inc. | 2811 | 110781 |  |
|  Huntington Ingalls Industries, Inc. | 304 | 70127 |  |
|  L3Harris Technologies, Inc. | 23309 | 4853167 |  |
|  Lockheed Martin Corp. | 1756 | 854276 |  |
|  Northrop Grumman Corp. | 1089 | 594169 |  |
|  Raytheon Technologies Corp. | 11067 | 1116882 |  |
|  Textron, Inc. | 1529 | 108253 |  |
|  TransDigm Group, Inc. | 392 | 246823 |  |
|  |  | 9179185 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  CH Robinson Worldwide, Inc. | 862 | 78925 |  |
|  Expeditors International of Washington, Inc. | 1176 | 122210 |  |
|  FedEx Corp. | 1817 | 314704 |  |
|  GXO Logistics, Inc.\* | 46630 | 1990635 |  |
|  United Parcel Service, Inc., Class B | 5494 | 955077 |  |
|  |  | 3461551 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 957 | 41093 |  |
|  American Airlines Group, Inc.\* | 4940 | 62837 |  |
|  Delta Air Lines, Inc.\* | 4859 | 159667 |  |
|  Southwest Airlines Co.\* | 4511 | 151885 |  |
|  United Airlines Holdings, Inc.\* | 2484 | 93647 |  |
|  |  | 509129 |  |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | **** |
|  A O Smith Corp. | 980 | 56095 |  |
|  Allegion plc | 668 | 70314 |  |
|  Carrier Global Corp. | 6226 | 256822 |  |
|  Johnson Controls International plc | 5236 | 335104 |  |
|  Masco Corp. | 1770 | 82606 |  |
|  Trane Technologies plc | 1718 | 288779 |  |
|  Trex Co., Inc.\* | 55288 | 2340341 |  |
|  |  | 3430061 |  |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | **** |
|  Cintas Corp. | 654 | 295359 |  |
|  Copart, Inc.\* | 108710 | 6619352 |  |
|  Republic Services, Inc. | 1561 | 201353 |  |
|  Rollins, Inc. | 1759 | 64274 |  |
|  Waste Management, Inc. | 2812 | 441147 |  |
|  |  | 7621485 |  |
|  ***Construction & Engineering (1.7%)*** | ***Construction & Engineering (1.7%)*** | ***Construction & Engineering (1.7%)*** | **** |
|  Quanta Services, Inc. | 1087 | 154897 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 218200 | 9856094 |  |
|  |  | 10010991 |  |
|  ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | ***Electrical Equipment (1.6%)*** | **** |
|  AMETEK, Inc. | 1745 | 243811 |  |
|  Eaton Corp. plc | 2981 | 467868 |  |
|  Emerson Electric Co. | 4417 | 424297 |  |
|  Generac Holdings, Inc.\* | 497 | 50028 |  |
|  nVent Electric plc | 77150 | 2967961 |  |
|  Rockwell Automation, Inc. | 878 | 226147 |  |
|  Shoals Technologies Group, Inc., Class A\* | 114000 | 2812380 |  |
|  Vertiv Holdings Co. | 183690 | 2509205 |  |
|  |  | 9701697 |  |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | **** |
|  3M Co. | 4149 | 497548 |  |
|  General Electric Co. | 8226 | 689257 |  |
|  Honeywell International, Inc. | 5061 | 1084572 |  |
|  |  | 2271377 |  |
|  ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | **** |
|  Brain Corp. (r)\* | 52300 | 164369 |  |
|  Caterpillar, Inc. | 3918 | 938596 |  |
|  Cummins, Inc. | 1072 | 259735 |  |
|  Deere & Co. | 2068 | 886676 |  |
|  Dover Corp. | 1032 | 139743 |  |
|  Fortive Corp. | 2704 | 173732 |  |
|  IDEX Corp. | 574 | 131061 |  |
|  Illinois Tool Works, Inc. | 2104 | 463511 |  |
|  Ingersoll Rand, Inc. | 3065 | 160146 |  |
|  Nordson Corp. | 411 | 97703 |  |
|  Otis Worldwide Corp. | 3101 | 242839 |  |
|  PACCAR, Inc. | 2643 | 261578 |  |
|  Parker-Hannifin Corp. | 976 | 284016 |  |
|  Pentair plc | 1245 | 56000 |  |
|  Snap-on, Inc. | 405 | 92539 |  |
|  Stanley Black & Decker, Inc. | 1124 | 84435 |  |
|  Westinghouse Air Brake Technologies Corp. | 1383 | 138037 |  |
|  Xylem, Inc. | 1365 | 150928 |  |
|  |  | 4725644 |  |

---

See Notes to Financial Statements.

604

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  CoStar Group, Inc.\* | 3010 | $232613 |  |
|  Equifax, Inc. | 931 | 180949 |  |
|  Jacobs Solutions, Inc. | 970 | 116468 |  |
|  Leidos Holdings, Inc. | 1038 | 109187 |  |
|  Robert Half International, Inc. | 769 | 56775 |  |
|  Verisk Analytics, Inc. | 1193 | 210469 |  |
|  |  | 906461 |  |
|  ***Road & Rail (0.7%)*** | ***Road & Rail (0.7%)*** | ***Road & Rail (0.7%)*** | **** |
|  CSX Corp. | 15827 | 490321 |  |
|  JB Hunt Transport Services, Inc. | 626 | 109149 |  |
|  Lyft, Inc., Class A\* | 61000 | 672220 |  |
|  Norfolk Southern Corp. | 1743 | 429510 |  |
|  Old Dominion Freight Line, Inc. | 672 | 190700 |  |
|  RXO, Inc.\* | 16715 | 287498 |  |
|  Union Pacific Corp. | 4628 | 958320 |  |
|  XPO, Inc.\* | 28330 | 943106 |  |
|  |  | 4080824 |  |
|  ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | **** |
|  Fastenal Co. | 4369 | 206741 |  |
|  H&E Equipment Services, Inc. | 61730 | 2802542 |  |
|  MSC Industrial Direct Co., Inc., Class A | 58890 | 4811313 |  |
|  United Rentals, Inc.\* | 511 | 181620 |  |
|  WW Grainger, Inc. | 344 | 191350 |  |
|  |  | 8193566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 64091971 |  |
|  **Information Technology (21.5%)** | **Information Technology (21.5%)** | **Information Technology (21.5%)** |  |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | **** |
|  Arista Networks, Inc.\* | 1874 | 227410 |  |
|  Cisco Systems, Inc. | 30910 | 1472552 |  |
|  F5, Inc.\* | 453 | 65010 |  |
|  Juniper Networks, Inc. | 2507 | 80124 |  |
|  Motorola Solutions, Inc. | 1269 | 327034 |  |
|  |  | 2172130 |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | **** |
|  Amphenol Corp., Class A | 4522 | 344305 |  |
|  CDW Corp. | 1028 | 183580 |  |
|  Corning, Inc. | 5784 | 184741 |  |
|  Keysight Technologies, Inc.\* | 1326 | 226839 |  |
|  TE Connectivity Ltd. | 2370 | 272076 |  |
|  Teledyne Technologies, Inc.\* | 353 | 141168 |  |
|  Trimble, Inc.\* | 1868 | 94446 |  |
|  Zebra Technologies Corp., Class A\* | 392 | 100513 |  |
|  |  | 1547668 |  |
|  ***IT Services (2.6%)*** | ***IT Services (2.6%)*** | ***IT Services (2.6%)*** | **** |
|  Accenture plc, Class A | 4743 | 1265622 |  |
|  Akamai Technologies, Inc.\* | 1208 | 101834 |  |
|  Automatic Data Processing, Inc. | 3123 | 745960 |  |
|  Broadridge Financial Solutions, Inc. | 891 | 119510 |  |
|  Cognizant Technology Solutions Corp., Class A | 3807 | 217722 |  |
|  DXC Technology Co.\* | 1592 | 42188 |  |
|  EPAM Systems, Inc.\* | 436 | 142895 |  |
|  Fidelity National Information Services, Inc. | 4467 | 303086 |  |
|  Fiserv, Inc.\* | 4781 | 483216 |  |
|  FleetCor Technologies, Inc.\* | 570 | 104698 |  |
|  Gartner, Inc.\* | 601 | 202020 |  |
|  Global Payments, Inc. | 2030 | 201620 |  |
|  International Business Machines Corp. | 6806 | 958897 |  |
|  Jack Henry & Associates, Inc. | 554 | 97260 |  |
|  Mastercard, Inc., Class A | 6391 | 2222342 |  |
|  Paychex, Inc. | 2435 | 281389 |  |
|  Paymentus Holdings, Inc., Class A (x)\* | 67135 | 537751 |  |
|  PayPal Holdings, Inc.\* | 8582 | 611210 |  |
|  Shopify, Inc., Class A\* | 74560 | 2587978 |  |
|  Snowflake, Inc., Class A\* | 11000 | 1578940 |  |
|  VeriSign, Inc.\* | 694 | 142575 |  |
|  Visa, Inc., Class A | 12309 | 2557318 |  |
|  |  | 15506031 |  |
|  ***Semiconductors & Semiconductor Equipment (3.3%)*** | ***Semiconductors & Semiconductor Equipment (3.3%)*** | ***Semiconductors & Semiconductor Equipment (3.3%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 12138 | 786178 |  |
|  Analog Devices, Inc. | 3872 | 635124 |  |
|  Applied Materials, Inc. | 6477 | 630730 |  |
|  Broadcom, Inc. | 3049 | 1704787 |  |
|  Enphase Energy, Inc.\* | 1030 | 272909 |  |
|  First Solar, Inc.\* | 746 | 111743 |  |
|  Intel Corp. | 31214 | 824986 |  |
|  KLA Corp. | 1059 | 399275 |  |
|  Lam Research Corp. | 1025 | 430808 |  |
|  Marvell Technology, Inc. | 19674 | 728725 |  |
|  Microchip Technology, Inc. | 4101 | 288095 |  |
|  Micron Technology, Inc. | 8184 | 409036 |  |
|  Monolithic Power Systems, Inc. | 338 | 119520 |  |
|  NVIDIA Corp. | 39079 | 5711005 |  |
|  NXP Semiconductors NV | 1951 | 308317 |  |
|  ON Semiconductor Corp.\* | 60664 | 3783614 |  |
|  Qorvo, Inc.\* | 779 | 70609 |  |
|  QUALCOMM, Inc. | 8439 | 927784 |  |
|  Skyworks Solutions, Inc. | 1220 | 111179 |  |
|  SolarEdge Technologies, Inc.\* | 419 | 118690 |  |
|  Teradyne, Inc. | 1140 | 99579 |  |
|  Texas Instruments, Inc. | 6832 | 1128783 |  |
|  |  | 19601476 |  |
|  ***Software (10.7%)*** | ***Software (10.7%)*** | ***Software (10.7%)*** | **** |
|  Adobe, Inc.\* | 9860 | 3318186 |  |
|  ANSYS, Inc.\* | 662 | 159933 |  |
|  Autodesk, Inc.\* | 1614 | 301608 |  |
|  Avaya Holdings Corp. (x)\* | 131 | 26 |  |
|  Cadence Design Systems, Inc.\* | 2082 | 334452 |  |
|  Ceridian HCM Holding, Inc.\* | 1161 | 74478 |  |
|  Clear Secure, Inc., Class A | 20482 | 561821 |  |
|  Confluent, Inc., Class A\* | 20685 | 460034 |  |
|  Datadog, Inc., Class A\* | 7246 | 532581 |  |
|  DocuSign, Inc.\* | 45540 | 2523827 |  |
|  Everbridge, Inc.\* | 65500 | 1937490 |  |
|  Fortinet, Inc.\* | 157486 | 7699491 |  |
|  Gen Digital, Inc. | 4501 | 96456 |  |
|  Gitlab, Inc., Class A (x)\* | 55107 | 2504062 |  |
|  HubSpot, Inc.\* | 15000 | 4336950 |  |
|  Intuit, Inc. | 2122 | 825925 |  |
|  Microsoft Corp. | 56119 | 13458459 |  |
|  New Relic, Inc.\* | 35450 | 2001152 |  |
|  Oracle Corp. | 11548 | 943934 |  |
|  Paycom Software, Inc.\* | 370 | 114815 |  |
|  Paycor HCM, Inc.\* | 54812 | 1341250 |  |

---

See Notes to Financial Statements.

605

------

**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  PTC, Inc.\* | 804 | $| 96512 |  |
|  Roper Technologies, Inc. | 806 |  | 348265 |  |
|  Salesforce, Inc.\* | 7507 |  | 995353 |  |
|  SentinelOne, Inc., Class A\* | 103050 |  | 1503499 |  |
|  ServiceNow, Inc.\* | 26047 |  | 10113269 |  |
|  Sprout Social, Inc., Class A\* | 37548 |  | 2119960 |  |
|  Synopsys, Inc.\* | 1163 |  | 371334 |  |
|  Tyler Technologies, Inc.\* | 305 |  | 98335 |  |
|  Varonis Systems, Inc.\* | 50300 |  | 1204182 |  |
|  Workday, Inc., Class A\* | 15540 |  | 2600308 |  |
|  |  |  | 62977947 |  |
|  ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | ***Technology Hardware, Storage & Peripherals (4.3%)*** | **** |
|  Apple, Inc. | 189523 |  | 24624724 |  |
|  Hewlett Packard Enterprise Co. | 9866 |  | 157461 |  |
|  HP, Inc. | 6654 |  | 178793 |  |
|  NetApp, Inc. | 1670 |  | 100300 |  |
|  Seagate Technology Holdings plc (x) | 1429 |  | 75180 |  |
|  Western Digital Corp.\* | 2381 |  | 75121 |  |
|  |  |  | 25211579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 127016831 |  |
|  **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** | **Materials (1.8%)** |  |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | **** |
|  Air Products and Chemicals, Inc. | 1662 |  | 512328 |  |
|  Albemarle Corp. | 890 |  | 193005 |  |
|  Celanese Corp. | 727 |  | 74329 |  |
|  CF Industries Holdings, Inc. | 1437 |  | 122432 |  |
|  Corteva, Inc. | 5341 |  | 313944 |  |
|  Dow, Inc. | 5298 |  | 266966 |  |
|  DuPont de Nemours, Inc. | 3700 |  | 253931 |  |
|  Eastman Chemical Co. | 876 |  | 71341 |  |
|  Ecolab, Inc. | 1885 |  | 274381 |  |
|  FMC Corp. | 955 |  | 119184 |  |
|  International Flavors & Fragrances, Inc. | 1938 |  | 203180 |  |
|  Linde plc | 3722 |  | 1214042 |  |
|  LyondellBasell Industries NV, Class A | 1934 |  | 160580 |  |
|  Mosaic Co. (The) | 2625 |  | 115159 |  |
|  PPG Industries, Inc. | 1786 |  | 224572 |  |
|  Sherwin-Williams Co. (The) | 1763 |  | 418413 |  |
|  |  |  | 4537787 |  |
|  ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | ***Construction Materials (0.7%)*** | **** |
|  Martin Marietta Materials, Inc. | 474 |  | 160198 |  |
|  Summit Materials, Inc., Class A\* | 146631 |  | 4162854 |  |
|  Vulcan Materials Co. | 1010 |  | 176861 |  |
|  |  |  | 4499913 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 11424 |  | 136060 |  |
|  Avery Dennison Corp. | 610 |  | 110410 |  |
|  Ball Corp. | 2332 |  | 119258 |  |
|  International Paper Co. | 2698 |  | 93432 |  |
|  Packaging Corp. of America | 682 |  | 87235 |  |
|  Sealed Air Corp. | 1006 |  | 50179 |  |
|  Westrock Co. | 1859 |  | 65362 |  |
|  |  |  | 661936 |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | **** |
|  Freeport-McMoRan, Inc. | 10677 |  | 405726 |  |
|  Newmont Corp. | 6034 |  | 284805 |  |
|  Nucor Corp. | 1931 |  | 254525 |  |
|  Steel Dynamics, Inc. | 1256 |  | 122711 |  |
|  |  |  | 1067767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 10767403 |  |
|  **Real Estate (4.1%)** | **Real Estate (4.1%)** | **Real Estate (4.1%)** | **Real Estate (4.1%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.4%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1123 |  | 163587 |  |
|  American Tower Corp. (REIT) | 3504 |  | 742357 |  |
|  AvalonBay Communities, Inc. (REIT) | 1063 |  | 171696 |  |
|  Boston Properties, Inc. (REIT) | 1115 |  | 75352 |  |
|  Camden Property Trust (REIT) | 810 |  | 90623 |  |
|  Crown Castle, Inc. (REIT) | 3239 |  | 439338 |  |
|  Digital Realty Trust, Inc. (REIT) | 2185 |  | 219090 |  |
|  Equinix, Inc. (REIT) | 692 |  | 453281 |  |
|  Equity Residential (REIT) | 2573 |  | 151807 |  |
|  Essex Property Trust, Inc. (REIT) | 495 |  | 104900 |  |
|  Extra Space Storage, Inc. (REIT) | 1018 |  | 149829 |  |
|  Federal Realty Investment Trust (REIT) | 537 |  | 54258 |  |
|  Healthpeak Properties, Inc. (REIT) | 4102 |  | 102837 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 5435 |  | 87232 |  |
|  Invitation Homes, Inc. (REIT) | 4408 |  | 130653 |  |
|  Iron Mountain, Inc. (REIT) | 2210 |  | 110168 |  |
|  Kimco Realty Corp. (REIT) | 4447 |  | 94187 |  |
|  Lamar Advertising Co. (REIT), Class A | 59570 |  | 5623408 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 878 |  | 137837 |  |
|  Prologis, Inc. (REIT) | 6949 |  | 783361 |  |
|  Public Storage (REIT) | 1201 |  | 336508 |  |
|  Realty Income Corp. (REIT) | 4695 |  | 297804 |  |
|  Regency Centers Corp. (REIT) | 1171 |  | 73188 |  |
|  SBA Communications Corp. (REIT) | 29070 |  | 8148612 |  |
|  Simon Property Group, Inc. (REIT) | 2489 |  | 292408 |  |
|  UDR, Inc. (REIT) | 2188 |  | 84741 |  |
|  Ventas, Inc. (REIT) | 2975 |  | 134024 |  |
|  VICI Properties, Inc. (REIT) | 7322 |  | 237233 |  |
|  Vornado Realty Trust (REIT) | 1334 |  | 27761 |  |
|  Welltower, Inc. (REIT) | 3523 |  | 230933 |  |
|  Weyerhaeuser Co. (REIT) | 5397 |  | 167307 |  |
|  |  |  | 19916320 |  |
|  ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | **** |
|  CBRE Group, Inc., Class A\* | 57836 |  | 4451058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 24367378 |  |
|  **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** | **Utilities (1.3%)** |  |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | **** |
|  Alliant Energy Corp. | 1837 |  | 101421 |  |
|  American Electric Power Co., Inc. | 3905 |  | 370780 |  |
|  Constellation Energy Corp. | 2485 |  | 214232 |  |
|  Duke Energy Corp. | 5779 |  | 595179 |  |
|  Edison International | 2900 |  | 184498 |  |
|  Entergy Corp. | 1546 |  | 173925 |  |
|  Evergy, Inc. | 1686 |  | 106100 |  |
|  Eversource Energy | 2634 |  | 220835 |  |
|  Exelon Corp. | 7539 |  | 325911 |  |
|  FirstEnergy Corp. | 4127 |  | 173087 |  |
|  NextEra Energy, Inc. | 14937 |  | 1248733 |  |
|  NRG Energy, Inc. | 1750 |  | 55685 |  |

---

See Notes to Financial Statements.

606

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  PG&E Corp.\* | 12240 | $199023 |  |
|  Pinnacle West Capital Corp. | 859 | 65318 |  |
|  PPL Corp. | 5597 | 163544 |  |
|  Southern Co. (The) | 8196 | 585276 |  |
|  Xcel Energy, Inc. | 4158 | 291517 |  |
|  |  | 5075064 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 1063 | 119130 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 5060 | 145526 |  |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | **** |
|  Ameren Corp. | 1964 | 174639 |  |
|  CenterPoint Energy, Inc. | 4786 | 143532 |  |
|  CMS Energy Corp. | 2206 | 139706 |  |
|  Consolidated Edison, Inc. | 2696 | 256956 |  |
|  Dominion Energy, Inc. | 6329 | 388094 |  |
|  DTE Energy Co. | 1473 | 173122 |  |
|  NiSource, Inc. | 3042 | 83412 |  |
|  Public Service Enterprise Group, Inc. | 3792 | 232336 |  |
|  Sempra Energy | 2389 | 369196 |  |
|  WEC Energy Group, Inc. | 2398 | 224836 |  |
|  |  | 2185829 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Works Co., Inc. | 1382 | 210644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7736193 |  |
|  **Total Common Stocks (86.2%)**<br> *(Cost $526,745,476)* |  | 508185068 |  |
|  PREFERRED STOCK: | PREFERRED STOCK: | PREFERRED STOCK: |  |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |  |
|  ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** | **** |
|  DataRobot, Inc. <br>0.000% (r)\* | 22891 | 186672 |  |
|  **Total Preferred Stock (0.0%)†**<br> *(Cost $300,834)* |  | 186672 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (12.4%)** | **Investment Companies (12.4%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 200000 | 200000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 73162878 | 73199459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 73399459 |  |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |  |
|  **Repurchase Agreements (0.4%)** | **Repurchase Agreements (0.4%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,809,594, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,844,925. (xx) | $&nbsp;&nbsp;&nbsp;&nbsp;1808750 | 1808750 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $400,346, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $435,531. (xx) | 400000 | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 2208750 |  |
|  **Total Short-Term Investments (12.8%)**<br> *(Cost $75,594,733)* |  | 75608209 |  |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $602,641,043)* |  | 583979949 |  |
|  **Other Assets Less Liabilities (1.0%)** |  | 5665057 |  |
|  **Net Assets (100%)** |  | $589645006 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,837,332. This was collateralized by $2,563,552 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $2,408,750 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

607

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 3036 | 732098 |  | (108353) | 10105 | (154344) | 479506 | 19673 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1131 | 1124308 | 45752 | (120056) | 2246 | (250790) | 801460 | 22658 |  |
|  **Total** |  | **1856406** | **45752** | **(228409)** | **12351** | **(405134)** | **1280966** | **42331** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 306 | 3/2023 | USD | 59073300 | (1805179) |
|  |  |  |  |  | (1805179) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $21595750 | $— | $— (a) | $21595750 |
|  Consumer Discretionary | 52442782 |  | 272379 | 52715161 |
|  Consumer Staples | 48852419 |  |  | 48852419 |
|  Energy | 27964181 |  |  | 27964181 |
|  Financials | 44201899 |  |  | 44201899 |
|  Health Care | 78779114 |  | 96768 | 78875882 |
|  Industrials | 63927602 |  | 164369 | 64091971 |
|  Information Technology | 127016831 |  |  | 127016831 |
|  Materials | 10767403 |  |  | 10767403 |
|  Real Estate | 24367378 |  |  | 24367378 |
|  Utilities | 7736193 |  |  | 7736193 |
|  **Preferred Stock** |  |  |  |  |
|  Information Technology |  |  | 186672 | 186672 |

---

See Notes to Financial Statements.

608

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $73399459 | $— | $— | $73399459 |
|  Repurchase Agreements |  | 2208750 |  | 2208750 |
|  **Total Assets** | $**581051011** | $**2208750** | $**720188** | $**583979949** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(1805179) | $— | $— | $(1805179) |
|  **Total Liabilities** | $**(1805179)** | $**—** | $**—** | $**(1805179)** |
|  **Total** | $**579245832** | $**2208750** | $**720188** | $**582174770** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets -<br>Unrealized depreciation | $(1805179) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1805179 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Total** |
|  Equity contracts | $153063 | $(21223222) | $(21070159) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21223222) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21070159) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(3231071) | $(3231071) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3231071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3231071) |

---

^ The Portfolio held option contracts and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held option contracts with an average notional balance of approximately $153,000 for four months and futures contracts with an average notional balance of approximately $51,074,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

609

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 3%)\* | $89755904 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 3%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127433210 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $62653810 |
|  Aggregate gross unrealized depreciation | (81736425) |
|  Net unrealized depreciation | $(19082615) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601257385 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $2,219 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

610

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,269,875) | $1280966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $599,162,418) | 580490233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $2,208,750) | 2208750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5995855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $34,773) | 35079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 3604200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 609725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 18256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 594247650 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2408750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1327298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 311695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 172860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 164460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 66510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 44253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 103008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4602644 |
|  **NET ASSETS** | $589645006 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $688993411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (99348405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $589645006 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $13,225,544 / 1,621,878 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.15 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $203,846,782 / 25,103,022 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.12 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $372,572,680 / 45,959,572 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.11 |

---

*(x)* *Includes value of securities on loan of $4,837,332.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($42,331 of dividend income received from affiliates) | $9357430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 98714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 73088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9529232 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4647761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 818251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 596581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 80341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 35917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6339870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (399353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5940517 |
|  **NET INVESTMENT INCOME (LOSS)** | 3588715 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($12,351 realized gain (loss) from affiliates) | (30560530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (21223222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 263869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (51519122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(405134) of change in unrealized appreciation (depreciation) from affiliates) | (174304085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3231071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (177536021) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (229055143) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(225466428) |

---

See Notes to Financial Statements.

611

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3588715 | $(440635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (51519122) | 23035605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (177536021) | 49525945 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (225466428) | 72120915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (91499) | (632083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1464268) | (12300136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3683657) | (13576201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5239424) | (26508420) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 371,446 and 838,088 shares, respectively ] | 3376665 | 9086833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 11,009 and 57,630 shares, respectively ] | 91499 | 632083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (337619) and (202926) shares, respectively ] | (2970418) | (2195415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 497746 | 7523501 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,305,420 and 2,829,031 shares, respectively ] | 11984879 | 29204763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 177,002 and 1,127,687 shares, respectively ] | 1464268 | 12300136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4769779) and (4941826) shares, respectively ] | (42526403) | (52326850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (29077256) | (10821951) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,515,713 and 45,032,296 shares, respectively ] | 38572516 | 515793307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 443,412 and 1,232,378 shares, respectively ] | 3683657 | 13576201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4978028) and (286199) shares, respectively ] | (44054788) | (3186324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1798615) | 526183184 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (30378125) | 522884734 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (261083977) | 568497229 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 850728983 | 282231754 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $589645006 | $850728983 |

---

See Notes to Financial Statements.

612

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.26 | $9.36 | $7.34 | $5.59 | $14.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | (0.02) |  | 0.02 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.08) | 2.37 | 2.62 | 1.85 | (1.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.05) | 2.35 | 2.62 | 1.87 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.05) |  | (0.02) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.40) | (0.60) | (0.10) | (6.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.06) | (0.45) | (0.60) | (0.12) | (7.53) |
|  Net asset value, end of year | $8.15 | $11.26 | $9.36 | $7.34 | $5.59 |
|  Total return | (27.12)% | 25.19% | 35.99 | 33.66% | (10.10) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $13226 | $17754 | $8279 | $4700 | $3251 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05 | 1.05% | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.11% | 1.14 | 1.15% | 1.12 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.39% | (0.17)% | 0.03 | 0.34% | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.33% | (0.24)% | (0.07) | 0.24% | 0.90 |
|  Portfolio turnover rate^ | 15% | 17% | 30 | 19% | 44 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.21 | $9.33 | $7.31 | $5.57 | $14.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | (0.02) |  | 0.02 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.06) | 2.35 | 2.62 | 1.84 | (1.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.03) | 2.33 | 2.62 | 1.86 | (1.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.05) |  | (0.02) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.40) | (0.60) | (0.10) | (6.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.06) | (0.45) | (0.60) | (0.12) | (7.53) |
|  Net asset value, end of year | $8.12 | $11.21 | $9.33 | $7.31 | $5.57 |
|  Total return | (27.06)% | 25.06% | 36.15 | 33.60% | (10.11) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165307 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05 | 1.05% | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11% | 1.11% | 1.14 | 1.15% | 1.12 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.38% | (0.19)% | 0.03 | 0.34% | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.32% | (0.26)% | (0.06) | 0.24% | 0.90 |
|  Portfolio turnover rate^ | 15% | 17% | 30 | 19% | 44 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/CLEARBRIDGE SELECT EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **Year Ended**<br> **December 31, 2022** | **October 26, 2021\*\* to<br>December 31, 2021** | **January 1, 2018 to<br>October 2, 2018‡** |
|  Net asset value, beginning of year | $11.19 | $11.30 | $14.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.01 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.06) | 0.18 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.00) | 0.19 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) | (0.30) | (0.18) |
|  Net asset value, end of year | $8.11 | $11.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 |
|  Total return (b) | (26.83)% | 1.74 | 6.69 |
|  **Ratios/Supplemental Data:** |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514679 | $— |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.86% | 0.84 | 0.86 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.64% | 0.33 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.58% | 0.29 | 1.43 |
|  Portfolio turnover rate^ | 15% | 17 | 44 |

---

*\** *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 25%.* 

*\*\** *Resumed operations.* 

*‡* *After the close of business on October 2, 2018 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*#* *Per share amount is less than $0.005.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

614

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**EQ/COMMON STOCK INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g62y16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (19.46)% | 8.13% | 11.43 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (19.47) | 8.13 | 11.43 |  |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | (19.21) | 8.79 | 12.13 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (19.47)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 3000<sup>®</sup> Index, which returned (19.21)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sectors that contributed the most to performance were Energy and Utilities.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., Eli Lilly and Co., Merck & Co.,
Inc. and ConocoPhillips Co.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Communication Services,
Financials and Real Estate.

• The stocks that detracted most from performance were Amazon.com, Inc., Microsoft Corp., Tesla, Inc., Apple, Inc. and Meta
Platforms, Inc.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; Information Technology | 24.2 | % |
| &nbsp;&nbsp;&nbsp; Health Care | 15.4 |  |
| &nbsp;&nbsp;&nbsp; Financials | 12.2 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.9 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 9.7 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.8 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.6 |  |
| &nbsp;&nbsp;&nbsp; Energy | 5.3 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.3 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 3.1 |  |
| &nbsp;&nbsp;&nbsp; Materials | 3.0 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.4 |  |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.0 | # |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

615

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**EQ/COMMON STOCK INDEX PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $| 1000.00 | $| 1021.70 | $| 3.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1021.77 |  | 3.47 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual |  | 1000.00 |  | 1021.50 |  | 3.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1021.77 |  | 3.47 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.68% and 0.68%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

616

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**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.8%)** | **Communication Services (6.8%)** | **Communication Services (6.8%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | **** |
|  AT&T, Inc. | 1096478 | $20186160 |  |
|  Bandwidth, Inc., Class A\* | 3300 | 75735 |  |
|  Cogent Communications Holdings, Inc. | 4300 | 245444 |  |
|  EchoStar Corp., Class A\* | 2300 | 38364 |  |
|  Frontier Communications Parent, Inc.\* | 37900 | 965692 |  |
|  Iridium Communications, Inc.\* | 18800 | 966320 |  |
|  Liberty Latin America Ltd., Class C\* | 3934 | 29898 |  |
|  Lumen Technologies, Inc. | 161457 | 842805 |  |
|  Verizon Communications, Inc. | 651294 | 25660984 |  |
|  |  | 49011402 |  |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | **** |
|  Activision Blizzard, Inc. | 118900 | 9101795 |  |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 83300 | 339031 |  |
|  Electronic Arts, Inc. | 45200 | 5522536 |  |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 3795 | 202767 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 31379 | 1875837 |  |
|  Lions Gate Entertainment Corp., Class B\* | 3900 | 21177 |  |
|  Live Nation Entertainment, Inc.\* | 25200 | 1757448 |  |
|  Madison Square Garden Entertainment Corp.\* | 400 | 17988 |  |
|  Madison Square Garden Sports Corp., Class A | 2229 | 408643 |  |
|  Netflix, Inc.\* | 67000 | 19756960 |  |
|  Playtika Holding Corp.\* | 34142 | 290548 |  |
|  ROBLOX Corp., Class A (x)\* | 68100 | 1938126 |  |
|  Roku, Inc. (x)\* | 18500 | 752950 |  |
|  Spotify Technology SA\* | 21860 | 1725847 |  |
|  Take-Two Interactive Software, Inc.\* | 25011 | 2604414 |  |
|  Walt Disney Co. (The)\* | 282339 | 24529612 |  |
|  Warner Bros Discovery, Inc.\* | 362546 | 3436936 |  |
|  World Wrestling Entertainment, Inc., Class A | 6600 | 452232 |  |
|  |  | 74734847 |  |
|  ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** | **** |
|  Alphabet, Inc., Class A\* | 915640 | 80786917 |  |
|  Alphabet, Inc., Class C\* | 822300 | 72962679 |  |
|  Cargurus, Inc.\* | 15000 | 210150 |  |
|  IAC, Inc.\* | 14850 | 659340 |  |
|  Match Group, Inc.\* | 44698 | 1854520 |  |
|  MediaAlpha, Inc., Class A\* | 3000 | 29850 |  |
|  Meta Platforms, Inc., Class A\* | 351187 | 42261844 |  |
|  Pinterest, Inc., Class A\* | 90600 | 2199768 |  |
|  Shutterstock, Inc. (x) | 3680 | 194010 |  |
|  Vimeo, Inc.\* | 10308 | 35356 |  |
|  Yelp, Inc.\* | 8100 | 221454 |  |
|  Ziff Davis, Inc.\* | 9200 | 727720 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 42500 | 1279675 |  |
|  |  | 203423283 |  |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** | **** |
|  Advantage Solutions, Inc.\* | 4700 | 9776 |  |
|  Altice USA, Inc., Class A\* | 37700 | 173420 |  |
|  Cable One, Inc. | 900 | 640674 |  |
|  Cardlytics, Inc.\* | 200 | 1156 |  |
|  Charter Communications, Inc., Class A\* | 17879 | 6062769 |  |
|  Comcast Corp., Class A | 670648 | 23452561 |  |
|  DISH Network Corp., Class A (x)\* | 47529 | 667307 |  |
|  Fox Corp., Class A | 57308 | 1740444 |  |
|  Fox Corp., Class B | 23485 | 668148 |  |
|  iHeartMedia, Inc., Class A\* | 100 | 613 |  |
|  Integral Ad Science Holding Corp.\* | 2200 | 19338 |  |
|  Interpublic Group of Cos., Inc. (The) | 61700 | 2055227 |  |
|  John Wiley & Sons, Inc., Class A | 5500 | 220330 |  |
|  Liberty Broadband Corp., Class A\* | 2900 | 219965 |  |
|  Liberty Broadband Corp., Class C\* | 22328 | 1702957 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 5997 | 235742 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 34365 | 1344702 |  |
|  Loyalty Ventures, Inc. (x)\* | 3320 | 8001 |  |
|  Magnite, Inc.\* | 3100 | 32829 |  |
|  New York Times Co. (The), Class A | 31600 | 1025736 |  |
|  News Corp., Class A | 66861 | 1216870 |  |
|  News Corp., Class B | 13800 | 254472 |  |
|  Nexstar Media Group, Inc., Class A | 6272 | 1097788 |  |
|  Omnicom Group, Inc. | 33700 | 2748909 |  |
|  Paramount Global, Class B (x) | 95316 | 1608934 |  |
|  Sirius XM Holdings, Inc. (x) | 149340 | 872146 |  |
|  TechTarget, Inc.\* | 400 | 17624 |  |
|  TEGNA, Inc. | 38500 | 815815 |  |
|  Trade Desk, Inc. (The), Class A\* | 68760 | 3082511 |  |
|  |  | 51996764 |  |
|  ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | ***Wireless Telecommunication Services (0.2%)*** | **** |
|  Shenandoah Telecommunications Co. | 2000 | 31760 |  |
|  T-Mobile US, Inc.\* | 92803 | 12992420 |  |
|  United States Cellular Corp.\* | 6900 | 143865 |  |
|  |  | 13168045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 392334341 |  |
|  **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** | **Consumer Discretionary (9.9%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Adient plc\* | 15253 | 529127 |  |
|  Aptiv plc\* | 43900 | 4088407 |  |
|  BorgWarner, Inc. | 46560 | 1874040 |  |
|  Dana, Inc. | 19100 | 288983 |  |
|  Dorman Products, Inc.\* | 2600 | 210262 |  |
|  Fox Factory Holding Corp.\* | 6900 | 629487 |  |
|  Gentex Corp. | 38800 | 1058076 |  |
|  Gentherm, Inc.\* | 2600 | 169754 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 39400 | 399910 |  |
|  LCI Industries | 3100 | 286595 |  |
|  Lear Corp. | 10600 | 1314612 |  |
|  QuantumScape Corp. (x)\* | 33400 | 189378 |  |
|  Visteon Corp.\* | 4100 | 536403 |  |
|  |  | 11575034 |  |

---

See Notes to Financial Statements.

617

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | **** |
|  Ford Motor Co. | 606736 | $7056340 |  |
|  General Motors Co. | 228000 | 7669920 |  |
|  Harley-Davidson, Inc. | 20850 | 867360 |  |
|  Lucid Group, Inc. (x)\* | 82300 | 562109 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 79984 | 1474105 |  |
|  Tesla, Inc.\* | 389527 | 47981936 |  |
|  Thor Industries, Inc. (x) | 10700 | 807743 |  |
|  |  | 66419513 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 21500 | 3730465 |  |
|  LKQ Corp. | 46300 | 2472883 |  |
|  Pool Corp. | 6400 | 1934912 |  |
|  |  | 8138260 |  |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | **** |
|  2U, Inc.\* | 11900 | 74613 |  |
|  ADT, Inc. | 55314 | 501698 |  |
|  Bright Horizons Family Solutions, Inc.\* | 12000 | 757200 |  |
|  Chegg, Inc.\* | 20100 | 507927 |  |
|  Coursera, Inc.\* | 13100 | 154973 |  |
|  Duolingo, Inc.\* | 4800 | 341424 |  |
|  Frontdoor, Inc.\* | 15900 | 330720 |  |
|  Graham Holdings Co., Class B | 900 | 543789 |  |
|  Grand Canyon Education, Inc.\* | 4900 | 517734 |  |
|  H&R Block, Inc. | 25450 | 929179 |  |
|  Mister Car Wash, Inc. (x)\* | 16200 | 149526 |  |
|  Service Corp. International | 23900 | 1652446 |  |
|  Strategic Education, Inc. | 2600 | 203632 |  |
|  |  | 6664861 |  |
|  ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | ***Hotels, Restaurants & Leisure (2.1%)*** | **** |
|  Airbnb, Inc., Class A\* | 58000 | 4959000 |  |
|  Aramark | 46200 | 1909908 |  |
|  Booking Holdings, Inc.\* | 6080 | 12252902 |  |
|  Boyd Gaming Corp. | 15000 | 817950 |  |
|  Brinker International, Inc.\* | 7600 | 242516 |  |
|  Caesars Entertainment, Inc.\* | 33000 | 1372800 |  |
|  Carnival Corp. (x)\* | 141160 | 1137750 |  |
|  Chipotle Mexican Grill, Inc.\* | 4300 | 5966207 |  |
|  Choice Hotels International, Inc. | 7400 | 833536 |  |
|  Churchill Downs, Inc. | 6600 | 1395438 |  |
|  Cracker Barrel Old Country Store, Inc. | 3500 | 331590 |  |
|  Darden Restaurants, Inc. | 18750 | 2593687 |  |
|  Domino's Pizza, Inc. | 6400 | 2216960 |  |
|  DraftKings, Inc., Class A\* | 50300 | 572917 |  |
|  Expedia Group, Inc.\* | 23787 | 2083741 |  |
|  Hilton Grand Vacations, Inc.\* | 11340 | 437044 |  |
|  Hilton Worldwide Holdings, Inc. | 43387 | 5482381 |  |
|  Hyatt Hotels Corp., Class A\* | 7100 | 642195 |  |
|  International Game Technology plc | 11100 | 251748 |  |
|  Las Vegas Sands Corp.\* | 57000 | 2739990 |  |
|  Light & Wonder, Inc.\* | 15800 | 925880 |  |
|  Marriott International, Inc., Class A | 43605 | 6492348 |  |
|  Marriott Vacations Worldwide Corp. | 8171 | 1099735 |  |
|  McDonald's Corp. | 112521 | 29652659 |  |
|  MGM Resorts International | 50200 | 1683206 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 55300 | 676872 |  |
|  Papa John's International, Inc. | 5200 | 428012 |  |
|  Penn Entertainment, Inc.\* | 27000 | 801900 |  |
|  Planet Fitness, Inc., Class A\* | 18400 | 1449920 |  |
|  Red Rock Resorts, Inc., Class A | 10100 | 404101 |  |
|  Royal Caribbean Cruises Ltd.\* | 33350 | 1648491 |  |
|  Six Flags Entertainment Corp.\* | 2584 | 60078 |  |
|  Starbucks Corp. | 175600 | 17419520 |  |
|  Texas Roadhouse, Inc. | 11500 | 1045925 |  |
|  Travel + Leisure Co. | 10070 | 366548 |  |
|  Vail Resorts, Inc. | 6500 | 1549275 |  |
|  Wendy's Co. (The) | 25900 | 586117 |  |
|  Wingstop, Inc. | 5500 | 756910 |  |
|  Wyndham Hotels & Resorts, Inc. | 14570 | 1038987 |  |
|  Wynn Resorts Ltd.\* | 21200 | 1748364 |  |
|  Yum! Brands, Inc. | 45840 | 5871187 |  |
|  |  | 123946295 |  |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | **** |
|  DR Horton, Inc. | 52600 | 4688764 |  |
|  Garmin Ltd. | 26100 | 2408769 |  |
|  Helen of Troy Ltd.\* | 1700 | 188547 |  |
|  Installed Building Products, Inc. | 2700 | 231120 |  |
|  KB Home | 5300 | 168805 |  |
|  Leggett & Platt, Inc. | 22400 | 721952 |  |
|  Lennar Corp., Class A | 39089 | 3537555 |  |
|  LGI Homes, Inc.\* | 3900 | 361140 |  |
|  M.D.C. Holdings, Inc. | 3312 | 104659 |  |
|  Meritage Homes Corp.\* | 1700 | 156740 |  |
|  Mohawk Industries, Inc.\* | 11400 | 1165308 |  |
|  Newell Brands, Inc. | 66190 | 865765 |  |
|  NVR, Inc.\* | 500 | 2306290 |  |
|  PulteGroup, Inc. | 36600 | 1666398 |  |
|  Skyline Champion Corp.\* | 8400 | 432684 |  |
|  Sonos, Inc.\* | 13700 | 231530 |  |
|  Taylor Morrison Home Corp., Class A\* | 14900 | 452215 |  |
|  Tempur Sealy International, Inc. | 40400 | 1386932 |  |
|  Toll Brothers, Inc. | 20800 | 1038336 |  |
|  TopBuild Corp.\* | 7011 | 1097151 |  |
|  Whirlpool Corp. | 11020 | 1558889 |  |
|  |  | 24769549 |  |
|  ***Internet & Direct Marketing Retail (2.1%)*** | ***Internet & Direct Marketing Retail (2.1%)*** | ***Internet & Direct Marketing Retail (2.1%)*** | **** |
|  Amazon.com, Inc.\* | 1353060 | 113657040 |  |
|  DoorDash, Inc., Class A\* | 38698 | 1889237 |  |
|  eBay, Inc. | 86670 | 3594205 |  |
|  Etsy, Inc.\* | 20900 | 2503402 |  |
|  Overstock.com, Inc. (x)\* | 7200 | 139392 |  |
|  Qurate Retail, Inc.\* | 57283 | 93371 |  |
|  Wayfair, Inc., Class A (x)\* | 11600 | 381524 |  |
|  |  | 122258171 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Acushnet Holdings Corp. | 5600 | 237776 |  |
|  Brunswick Corp. | 14900 | 1073992 |  |
|  Hasbro, Inc. | 22600 | 1378826 |  |
|  Mattel, Inc.\* | 54800 | 977632 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 44903 | 356530 |  |
|  Polaris, Inc. | 12300 | 1242300 |  |
|  Topgolf Callaway Brands Corp.\* | 16300 | 321925 |  |
|  YETI Holdings, Inc.\* | 12900 | 532899 |  |
|  |  | 6121880 |  |

---

See Notes to Financial Statements.

618

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | **** |
|  Dollar General Corp. | 35400 | $8717250 |  |
|  Dollar Tree, Inc.\* | 32523 | 4600053 |  |
|  Kohl's Corp. | 26810 | 676953 |  |
|  Macy's, Inc. | 50700 | 1046955 |  |
|  Nordstrom, Inc. (x) | 19800 | 319572 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 10100 | 473084 |  |
|  Target Corp. | 71760 | 10695110 |  |
|  |  | 26528977 |  |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | **** |
|  Aaron's Co., Inc. (The) | 4500 | 53775 |  |
|  Academy Sports & Outdoors, Inc. | 12400 | 651496 |  |
|  Advance Auto Parts, Inc. | 11350 | 1668791 |  |
|  Asbury Automotive Group, Inc.\* | 3300 | 591525 |  |
|  AutoNation, Inc.\* | 6500 | 697450 |  |
|  AutoZone, Inc.\* | 3090 | 7620496 |  |
|  Bath & Body Works, Inc. | 41190 | 1735747 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 22400 | 56224 |  |
|  Best Buy Co., Inc. | 31110 | 2495333 |  |
|  Burlington Stores, Inc.\* | 12300 | 2493948 |  |
|  Camping World Holdings, Inc., Class A (x) | 3200 | 71424 |  |
|  CarMax, Inc.\* | 26850 | 1634897 |  |
|  Carvana Co. (x)\* | 12800 | 60672 |  |
|  Dick's Sporting Goods, Inc. | 8300 | 998407 |  |
|  Five Below, Inc.\* | 10700 | 1892509 |  |
|  Floor & Decor Holdings, Inc., Class A\* | 16700 | 1162821 |  |
|  Foot Locker, Inc. | 24200 | 914518 |  |
|  GameStop Corp., Class A (x)\* | 39200 | 723632 |  |
|  Gap, Inc. (The) | 32090 | 361975 |  |
|  Home Depot, Inc. (The) | 158240 | 49981686 |  |
|  Leslie's, Inc.\* | 19354 | 236312 |  |
|  Lithia Motors, Inc., Class A | 4300 | 880382 |  |
|  Lowe's Cos., Inc. | 97963 | 19518148 |  |
|  Monro, Inc. | 5300 | 239560 |  |
|  Murphy USA, Inc. | 3855 | 1077627 |  |
|  O'Reilly Automotive, Inc.\* | 9650 | 8144890 |  |
|  Penske Automotive Group, Inc. | 4900 | 563157 |  |
|  Petco Health & Wellness Co., Inc.\* | 35300 | 334644 |  |
|  Rent-A-Center, Inc. | 9600 | 216480 |  |
|  RH (x)\* | 2769 | 739849 |  |
|  Ross Stores, Inc. | 56120 | 6513848 |  |
|  Signet Jewelers Ltd. | 8600 | 584800 |  |
|  Sleep Number Corp.\* | 4600 | 119508 |  |
|  TJX Cos., Inc. (The) | 180800 | 14391680 |  |
|  Tractor Supply Co. | 19100 | 4296927 |  |
|  Ulta Beauty, Inc.\* | 8300 | 3893281 |  |
|  Urban Outfitters, Inc.\* | 14600 | 348210 |  |
|  Victoria's Secret & Co.\* | 13730 | 491259 |  |
|  Williams-Sonoma, Inc. | 13300 | 1528436 |  |
|  |  | 139986324 |  |
|  ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | **** |
|  Capri Holdings Ltd.\* | 25200 | 1444464 |  |
|  Carter's, Inc. | 4180 | 311870 |  |
|  Columbia Sportswear Co. | 5200 | 455416 |  |
|  Crocs, Inc.\* | 9300 | 1008399 |  |
|  Deckers Outdoor Corp.\* | 5000 | 1995800 |  |
|  Hanesbrands, Inc. | 13700 | 87132 |  |
|  Kontoor Brands, Inc. | 1642 | 65663 |  |
|  Lululemon Athletica, Inc.\* | 17200 | 5510536 |  |
|  NIKE, Inc., Class B | 189820 | 22210838 |  |
|  PVH Corp. | 11881 | 838680 |  |
|  Ralph Lauren Corp. | 6470 | 683685 |  |
|  Skechers USA, Inc., Class A\* | 30600 | 1283670 |  |
|  Steven Madden Ltd. | 103 | 3292 |  |
|  Tapestry, Inc. | 41827 | 1592772 |  |
|  Under Armour, Inc., Class A\* | 44900 | 456184 |  |
|  VF Corp. | 60000 | 1656600 |  |
|  |  | 39605001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 576013865 |  |
|  **Consumer Staples (6.6%)** | **Consumer Staples (6.6%)** | **Consumer Staples (6.6%)** |  |
|  ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | ***Beverages (1.7%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 1600 | 527232 |  |
|  Brown-Forman Corp., Class A | 12400 | 815424 |  |
|  Brown-Forman Corp., Class B | 33475 | 2198638 |  |
|  Celsius Holdings, Inc.\* | 8300 | 863532 |  |
|  Coca-Cola Co. (The) | 594340 | 37805967 |  |
|  Coca-Cola Consolidated, Inc. | 700 | 358652 |  |
|  Constellation Brands, Inc., Class A | 24000 | 5562000 |  |
|  Duckhorn Portfolio, Inc. (The)\* | 4000 | 66280 |  |
|  Keurig Dr Pepper, Inc. | 132810 | 4736005 |  |
|  Molson Coors Beverage Co., Class B | 30150 | 1553328 |  |
|  Monster Beverage Corp.\* | 59800 | 6071494 |  |
|  National Beverage Corp.\* | 5600 | 260568 |  |
|  PepsiCo, Inc. | 210490 | 38027123 |  |
|  Primo Water Corp. | 8800 | 136752 |  |
|  |  | 98982995 |  |
|  ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | **** |
|  Albertsons Cos., Inc., Class A | 25400 | 526796 |  |
|  BJ's Wholesale Club Holdings, Inc.\* | 20700 | 1369512 |  |
|  Casey's General Stores, Inc. | 7100 | 1592885 |  |
|  Costco Wholesale Corp. | 67350 | 30745275 |  |
|  Grocery Outlet Holding Corp.\* | 2200 | 64218 |  |
|  Kroger Co. (The) | 101520 | 4525762 |  |
|  Performance Food Group Co.\* | 23132 | 1350677 |  |
|  PriceSmart, Inc. | 1200 | 72936 |  |
|  Sprouts Farmers Market, Inc.\* | 16300 | 527631 |  |
|  Sysco Corp. | 78650 | 6012792 |  |
|  United Natural Foods, Inc.\* | 6500 | 251615 |  |
|  US Foods Holding Corp.\* | 43800 | 1490076 |  |
|  Walgreens Boots Alliance, Inc. | 114980 | 4295653 |  |
|  Walmart, Inc. | 219420 | 31111562 |  |
|  |  | 83937390 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Archer-Daniels-Midland Co. | 87660 | 8139231 |  |
|  Beyond Meat, Inc. (x)\* | 9000 | 110790 |  |
|  Bunge Ltd. | 22080 | 2202922 |  |
|  Cal-Maine Foods, Inc. | 4900 | 266805 |  |
|  Campbell Soup Co. | 31300 | 1776275 |  |
|  Conagra Brands, Inc. | 77592 | 3002810 |  |
|  Darling Ingredients, Inc.\* | 28800 | 1802592 |  |
|  Flowers Foods, Inc. | 28800 | 827712 |  |
|  Freshpet, Inc.\* | 6400 | 337728 |  |
|  General Mills, Inc. | 92700 | 7772895 |  |
|  Hain Celestial Group, Inc. (The)\* | 13600 | 220048 |  |
|  Hershey Co. (The) | 24150 | 5592416 |  |
|  Hormel Foods Corp. | 44500 | 2026975 |  |

---

See Notes to Financial Statements.

619

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Hostess Brands, Inc.\* | 13200 | $| 296208 |  |
|  Ingredion, Inc. | 12200 |  | 1194746 |  |
|  J & J Snack Foods Corp. | 1100 |  | 164681 |  |
|  J M Smucker Co. (The) | 16927 |  | 2682252 |  |
|  Kellogg Co. | 39100 |  | 2785484 |  |
|  Kraft Heinz Co. (The) | 109336 |  | 4451069 |  |
|  Lamb Weston Holdings, Inc. | 22050 |  | 1970388 |  |
|  Lancaster Colony Corp. | 2200 |  | 434060 |  |
|  McCormick & Co., Inc. (Non-Voting) | 39700 |  | 3290733 |  |
|  Mondelez International, Inc., Class A | 214110 |  | 14270431 |  |
|  Pilgrim's Pride Corp.\* | 6900 |  | 163737 |  |
|  Post Holdings, Inc.\* | 9400 |  | 848444 |  |
|  Simply Good Foods Co. (The)\* | 8000 |  | 304240 |  |
|  Tootsie Roll Industries, Inc. | 1400 |  | 59598 |  |
|  TreeHouse Foods, Inc.\* | 3700 |  | 182706 |  |
|  Tyson Foods, Inc., Class A | 48700 |  | 3031575 |  |
|  |  |  | 70209551 |  |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Church & Dwight Co., Inc. | 39100 |  | 3151851 |  |
|  Clorox Co. (The) | 19950 |  | 2799584 |  |
|  Colgate-Palmolive Co. | 128220 |  | 10102454 |  |
|  Kimberly-Clark Corp. | 53100 |  | 7208325 |  |
|  Procter & Gamble Co. (The) | 366045 |  | 55477780 |  |
|  Reynolds Consumer Products, Inc. | 10543 |  | 316079 |  |
|  WD-40 Co. | 1000 |  | 161210 |  |
|  |  |  | 79217283 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  BellRing Brands, Inc.\* | 11917 |  | 305552 |  |
|  Coty, Inc., Class A\* | 9900 |  | 84744 |  |
|  Estee Lauder Cos., Inc. (The), Class A | 36900 |  | 9155259 |  |
|  Herbalife Nutrition Ltd.\* | 14700 |  | 218736 |  |
|  Inter Parfums, Inc. | 1400 |  | 135128 |  |
|  Medifast, Inc. | 1900 |  | 219165 |  |
|  Nu Skin Enterprises, Inc., Class A | 4100 |  | 172856 |  |
|  Olaplex Holdings, Inc.\* | 19600 |  | 102116 |  |
|  |  |  | 10393556 |  |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | **** |
|  Altria Group, Inc. | 280690 |  | 12830340 |  |
|  Philip Morris International, Inc. | 240130 |  | 24303557 |  |
|  |  |  | 37133897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 379874672 |  |
|  **Energy (5.3%)** | **Energy (5.3%)** | **Energy (5.3%)** | **Energy (5.3%)** |  |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | **** |
|  Baker Hughes Co. | 143384 |  | 4234130 |  |
|  Cactus, Inc., Class A | 10400 |  | 522704 |  |
|  ChampionX Corp. | 31995 |  | 927535 |  |
|  Dril-Quip, Inc.\* | 3100 |  | 84227 |  |
|  Expro Group Holdings NV\* | 3683 |  | 66773 |  |
|  Halliburton Co. | 141130 |  | 5553465 |  |
|  Helmerich & Payne, Inc. | 16200 |  | 803034 |  |
|  Liberty Energy, Inc., Class A | 21863 |  | 350027 |  |
|  NexTier Oilfield Solutions, Inc.\* | 22224 |  | 205350 |  |
|  Noble Corp. plc\* | 13200 |  | 497772 |  |
|  NOV, Inc. | 59880 |  | 1250893 |  |
|  Oceaneering International, Inc.\* | 14000 |  | 244860 |  |
|  Oil States International, Inc.\* | 6700 |  | 49982 |  |
|  Patterson-UTI Energy, Inc. | 33000 |  | 555720 |  |
|  ProPetro Holding Corp.\* | 3000 |  | 31110 |  |
|  RPC, Inc. | 16700 |  | 148463 |  |
|  Schlumberger Ltd. | 224255 |  | 11988672 |  |
|  US Silica Holdings, Inc.\* | 7700 |  | 96250 |  |
|  Valaris Ltd.\* | 9900 |  | 669438 |  |
|  Weatherford International plc\* | 7900 |  | 402268 |  |
|  |  |  | 28682673 |  |
|  ***Oil, Gas & Consumable Fuels (4.8%)*** | ***Oil, Gas & Consumable Fuels (4.8%)*** | ***Oil, Gas & Consumable Fuels (4.8%)*** | ***Oil, Gas & Consumable Fuels (4.8%)*** | **** |
|  Antero Midstream Corp. | 54300 |  | 585897 |  |
|  Antero Resources Corp.\* | 51000 |  | 1580490 |  |
|  APA Corp. | 58080 |  | 2711174 |  |
|  Arch Resources, Inc. | 3000 |  | 428370 |  |
|  California Resources Corp. | 8300 |  | 361133 |  |
|  Callon Petroleum Co. (x)\* | 10300 |  | 382027 |  |
|  Cheniere Energy, Inc. | 39200 |  | 5878432 |  |
|  Chesapeake Energy Corp. (x) | 19700 |  | 1859089 |  |
|  Chevron Corp. | 300966 |  | 54020387 |  |
|  Chord Energy Corp. | 7345 |  | 1004869 |  |
|  Civitas Resources, Inc. | 12000 |  | 695160 |  |
|  Clean Energy Fuels Corp.\* | 52500 |  | 273000 |  |
|  CNX Resources Corp.\* | 26300 |  | 442892 |  |
|  Comstock Resources, Inc. | 7700 |  | 105567 |  |
|  ConocoPhillips | 195012 |  | 23011416 |  |
|  Coterra Energy, Inc. | 129335 |  | 3177761 |  |
|  Crescent Energy Co., Class A (x) | 3100 |  | 37169 |  |
|  CVR Energy, Inc. (x) | 10000 |  | 313400 |  |
|  Denbury, Inc.\* | 8100 |  | 704862 |  |
|  Devon Energy Corp. | 101194 |  | 6224443 |  |
|  Diamondback Energy, Inc. | 27041 |  | 3698668 |  |
|  DT Midstream, Inc. | 17200 |  | 950472 |  |
|  Enviva, Inc. | 5500 |  | 291335 |  |
|  EOG Resources, Inc. | 89600 |  | 11604992 |  |
|  EQT Corp. | 57000 |  | 1928310 |  |
|  Equitrans Midstream Corp. | 42801 |  | 286767 |  |
|  Excelerate Energy, Inc., Class A | 9300 |  | 232965 |  |
|  Exxon Mobil Corp.# | 638665 |  | 70444749 |  |
|  Frontline Ltd. (x) | 34400 |  | 417616 |  |
|  Golar LNG Ltd.\* | 20000 |  | 455800 |  |
|  Green Plains, Inc.\* | 600 |  | 18300 |  |
|  Hess Corp. | 44120 |  | 6257098 |  |
|  HF Sinclair Corp. | 23686 |  | 1229067 |  |
|  HighPeak Energy, Inc. (x) | 4100 |  | 93767 |  |
|  Kinder Morgan, Inc. | 308071 |  | 5569924 |  |
|  Kosmos Energy Ltd.\* | 91600 |  | 582576 |  |
|  Magnolia Oil & Gas Corp., Class A | 28400 |  | 665980 |  |
|  Marathon Oil Corp. | 109190 |  | 2955773 |  |
|  Marathon Petroleum Corp. | 76233 |  | 8872759 |  |
|  Matador Resources Co. | 18200 |  | 1041768 |  |
|  Murphy Oil Corp. | 24100 |  | 1036541 |  |
|  New Fortress Energy, Inc. (x) | 8293 |  | 351789 |  |
|  Occidental Petroleum Corp. | 125935 |  | 7932646 |  |
|  ONEOK, Inc. | 68413 |  | 4494734 |  |
|  Ovintiv, Inc. | 45700 |  | 2317447 |  |
|  PBF Energy, Inc., Class A | 14700 |  | 599466 |  |
|  PDC Energy, Inc. | 16979 |  | 1077827 |  |
|  Peabody Energy Corp.\* | 14200 |  | 375164 |  |
|  Permian Resources Corp. | 46900 |  | 440860 |  |
|  Phillips 66 | 74888 |  | 7794343 |  |
|  Pioneer Natural Resources Co. | 37322 |  | 8523972 |  |
|  Range Resources Corp. | 38900 |  | 973278 |  |

---

See Notes to Financial Statements.

620

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Scorpio Tankers, Inc. | 9700 | $| 521569 |  |
|  SFL Corp. Ltd. | 9800 |  | 90356 |  |
|  SM Energy Co. | 19000 |  | 661770 |  |
|  Southwestern Energy Co.\* | 159700 |  | 934245 |  |
|  Targa Resources Corp. | 35900 |  | 2638650 |  |
|  Tellurian, Inc. (x)\* | 20700 |  | 34776 |  |
|  Texas Pacific Land Corp. | 1000 |  | 2344230 |  |
|  Valero Energy Corp. | 60130 |  | 7628092 |  |
|  Williams Cos., Inc. (The) | 192379 |  | 6329269 |  |
|  World Fuel Services Corp. | 10700 |  | 292431 |  |
|  |  |  | 278789679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 307472352 |  |
|  **Financials (12.2%)** | **Financials (12.2%)** | **Financials (12.2%)** | **Financials (12.2%)** |  |
|  ***Banks (4.0%)*** | ***Banks (4.0%)*** | ***Banks (4.0%)*** | ***Banks (4.0%)*** | **** |
|  Ameris Bancorp | 6000 |  | 282840 |  |
|  Associated Banc-Corp. | 22706 |  | 524282 |  |
|  Atlantic Union Bankshares Corp. | 7400 |  | 260036 |  |
|  BancFirst Corp. | 1800 |  | 158724 |  |
|  Bank of America Corp. | 1069146 |  | 35410116 |  |
|  Bank of Hawaii Corp. | 7400 |  | 573944 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 3700 |  | 110297 |  |
|  Bank OZK | 17300 |  | 693038 |  |
|  BankUnited, Inc. | 15200 |  | 516344 |  |
|  Banner Corp. | 3600 |  | 227520 |  |
|  Berkshire Hills Bancorp, Inc. | 2400 |  | 71760 |  |
|  BOK Financial Corp. | 4050 |  | 420349 |  |
|  Brookline Bancorp, Inc. | 15400 |  | 217910 |  |
|  Cadence Bank | 29750 |  | 733635 |  |
|  Cathay General Bancorp | 14930 |  | 608995 |  |
|  Citigroup, Inc. | 294684 |  | 13328557 |  |
|  Citizens Financial Group, Inc. | 79178 |  | 3117238 |  |
|  City Holding Co. | 2130 |  | 198282 |  |
|  Columbia Banking System, Inc. | 16200 |  | 488106 |  |
|  Comerica, Inc. | 23900 |  | 1597715 |  |
|  Commerce Bancshares, Inc. | 17594 |  | 1197624 |  |
|  Community Bank System, Inc. | 8900 |  | 560255 |  |
|  Cullen/Frost Bankers, Inc. | 12200 |  | 1631140 |  |
|  CVB Financial Corp. | 20700 |  | 533025 |  |
|  Dime Community Bancshares, Inc. | 4197 |  | 133591 |  |
|  East West Bancorp, Inc. | 24200 |  | 1594780 |  |
|  Eastern Bankshares, Inc. | 32000 |  | 552000 |  |
|  Enterprise Financial Services Corp. | 1200 |  | 58752 |  |
|  FB Financial Corp. | 2000 |  | 72280 |  |
|  Fifth Third Bancorp | 109145 |  | 3581047 |  |
|  First Bancorp | 38100 |  | 484632 |  |
|  First Busey Corp. | 4733 |  | 117000 |  |
|  First Citizens BancShares, Inc., Class A | 1972 |  | 1495486 |  |
|  First Commonwealth Financial Corp. | 8100 |  | 113157 |  |
|  First Financial Bancorp | 11100 |  | 268953 |  |
|  First Financial Bankshares, Inc. | 22500 |  | 774000 |  |
|  First Financial Corp. | 7100 |  | 327168 |  |
|  First Hawaiian, Inc. | 21800 |  | 567672 |  |
|  First Horizon Corp. | 92350 |  | 2262575 |  |
|  First Interstate BancSystem, Inc., Class A | 10696 |  | 413400 |  |
|  First Merchants Corp. | 6900 |  | 283659 |  |
|  First Republic Bank | 30200 |  | 3681078 |  |
|  FNB Corp. | 46456 |  | 606251 |  |
|  Fulton Financial Corp. | 35900 |  | 604197 |  |
|  Glacier Bancorp, Inc. | 20100 |  | 993342 |  |
|  Hancock Whitney Corp. | 12024 |  | 581841 |  |
|  Heartland Financial USA, Inc. | 2500 |  | 116550 |  |
|  Hilltop Holdings, Inc. | 8700 |  | 261087 |  |
|  Home BancShares, Inc. | 27800 |  | 633562 |  |
|  HomeStreet, Inc. | 2000 |  | 55160 |  |
|  Hope Bancorp, Inc. | 9683 |  | 124039 |  |
|  Huntington Bancshares, Inc. | 238224 |  | 3358958 |  |
|  Independent Bank Corp. | 7200 |  | 607896 |  |
|  Independent Bank Group, Inc. | 4700 |  | 282376 |  |
|  International Bancshares Corp. | 5100 |  | 233376 |  |
|  JPMorgan Chase & Co. | 446725 |  | 59905823 |  |
|  KeyCorp | 147802 |  | 2574711 |  |
|  Lakeland Financial Corp. | 1000 |  | 72970 |  |
|  Live Oak Bancshares, Inc. | 5300 |  | 160060 |  |
|  M&T Bank Corp. | 27512 |  | 3990891 |  |
|  NBT Bancorp, Inc. | 4800 |  | 208416 |  |
|  OceanFirst Financial Corp. | 3200 |  | 68000 |  |
|  Old National Bancorp | 46300 |  | 832474 |  |
|  Pacific Premier Bancorp, Inc. | 14300 |  | 451308 |  |
|  PacWest Bancorp | 20196 |  | 463498 |  |
|  Park National Corp. | 900 |  | 126675 |  |
|  Pinnacle Financial Partners, Inc. | 16056 |  | 1178510 |  |
|  PNC Financial Services Group, Inc. (The) | 63918 |  | 10095209 |  |
|  Popular, Inc. | 14350 |  | 951692 |  |
|  Prosperity Bancshares, Inc. | 13412 |  | 974784 |  |
|  Regions Financial Corp. | 144700 |  | 3119732 |  |
|  Renasant Corp. | 2200 |  | 82698 |  |
|  S&T Bancorp, Inc. | 6200 |  | 211916 |  |
|  Sandy Spring Bancorp, Inc. | 1000 |  | 35230 |  |
|  Seacoast Banking Corp. of Florida | 2400 |  | 74856 |  |
|  ServisFirst Bancshares, Inc. | 5300 |  | 365223 |  |
|  Signature Bank | 9000 |  | 1036980 |  |
|  Simmons First National Corp., Class A | 14600 |  | 315068 |  |
|  SouthState Corp. | 12098 |  | 923803 |  |
|  Stock Yards Bancorp, Inc. | 700 |  | 45486 |  |
|  SVB Financial Group\* | 9475 |  | 2180576 |  |
|  Synovus Financial Corp. | 23113 |  | 867893 |  |
|  Texas Capital Bancshares, Inc.\* | 9000 |  | 542790 |  |
|  Tompkins Financial Corp. | 3539 |  | 274556 |  |
|  Towne Bank | 7079 |  | 218316 |  |
|  Triumph Financial, Inc.\* | 500 |  | 24435 |  |
|  Truist Financial Corp. | 210160 |  | 9043185 |  |
|  Trustmark Corp. | 6450 |  | 225169 |  |
|  UMB Financial Corp. | 7700 |  | 643104 |  |
|  Umpqua Holdings Corp. | 44690 |  | 797717 |  |
|  United Bankshares, Inc. | 20400 |  | 825996 |  |
|  United Community Banks, Inc. | 10000 |  | 338000 |  |
|  US Bancorp | 211390 |  | 9218718 |  |
|  Valley National Bancorp | 75029 |  | 848578 |  |
|  Washington Federal, Inc. | 7500 |  | 251625 |  |
|  Webster Financial Corp. | 34188 |  | 1618460 |  |
|  Wells Fargo & Co. | 587673 |  | 24265018 |  |
|  WesBanco, Inc. | 5000 |  | 184900 |  |
|  Westamerica Bancorp | 2700 |  | 159327 |  |
|  Western Alliance Bancorp | 20800 |  | 1238848 |  |
|  Wintrust Financial Corp. | 11500 |  | 971980 |  |
|  Zions Bancorp NA | 28300 |  | 1391228 |  |
|  |  |  | 233098029 |  |

---

See Notes to Financial Statements.

621

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | ***Capital Markets (3.2%)*** | **** |
|  Affiliated Managers Group, Inc. | 8140 | $1289620 |  |
|  Ameriprise Financial, Inc. | 16460 | 5125150 |  |
|  Ares Management Corp. | 22481 | 1538600 |  |
|  Artisan Partners Asset Management, Inc., Class A | 10705 | 317938 |  |
|  Associated Capital Group, Inc., Class A | 6600 | 277134 |  |
|  Bank of New York Mellon Corp. (The) | 116650 | 5309908 |  |
|  BGC Partners, Inc., Class A | 15400 | 58058 |  |
|  BlackRock, Inc. | 22963 | 16272271 |  |
|  Blackstone, Inc., Class A | 107800 | 7997682 |  |
|  Blue Owl Capital, Inc. (x) | 62400 | 661440 |  |
|  Brightsphere Investment Group, Inc. | 7200 | 148176 |  |
|  Carlyle Group, Inc. (The) | 32000 | 954880 |  |
|  Cboe Global Markets, Inc. | 17600 | 2208272 |  |
|  Charles Schwab Corp. (The) | 231375 | 19264283 |  |
|  CME Group, Inc. | 55165 | 9276546 |  |
|  Cohen & Steers, Inc. | 5200 | 335712 |  |
|  Coinbase Global, Inc., Class A (x)\* | 24000 | 849360 |  |
|  Evercore, Inc., Class A | 7000 | 763560 |  |
|  FactSet Research Systems, Inc. | 6200 | 2487502 |  |
|  Federated Hermes, Inc., Class B | 16800 | 610008 |  |
|  Focus Financial Partners, Inc., Class A\* | 7400 | 275798 |  |
|  Franklin Resources, Inc. | 54890 | 1447998 |  |
|  Goldman Sachs Group, Inc. (The) | 50900 | 17478042 |  |
|  Hamilton Lane, Inc., Class A | 4300 | 274684 |  |
|  Houlihan Lokey, Inc. | 6600 | 575256 |  |
|  Interactive Brokers Group, Inc., Class A | 14040 | 1015794 |  |
|  Intercontinental Exchange, Inc. | 88116 | 9039820 |  |
|  Invesco Ltd. | 66200 | 1190938 |  |
|  Janus Henderson Group plc | 28300 | 665616 |  |
|  Jefferies Financial Group, Inc. | 35588 | 1219957 |  |
|  KKR & Co., Inc. | 88091 | 4089184 |  |
|  Lazard Ltd., Class A | 25200 | 873684 |  |
|  LPL Financial Holdings, Inc. | 12900 | 2788593 |  |
|  MarketAxess Holdings, Inc. | 7160 | 1996852 |  |
|  Moelis & Co., Class A | 5900 | 226383 |  |
|  Moody's Corp. | 25650 | 7146603 |  |
|  Morgan Stanley | 191787 | 16305731 |  |
|  Morningstar, Inc. | 3200 | 693088 |  |
|  MSCI, Inc. | 12134 | 5644373 |  |
|  Nasdaq, Inc. | 52300 | 3208605 |  |
|  Northern Trust Corp. | 33350 | 2951141 |  |
|  Open Lending Corp., Class A\* | 7200 | 48600 |  |
|  Piper Sandler Cos. | 2600 | 338494 |  |
|  PJT Partners, Inc., Class A | 800 | 58952 |  |
|  Raymond James Financial, Inc. | 30000 | 3205500 |  |
|  Robinhood Markets, Inc., Class A (x)\* | 86000 | 700040 |  |
|  S&P Global, Inc. | 51034 | 17093328 |  |
|  SEI Investments Co. | 16150 | 941545 |  |
|  State Street Corp. | 56150 | 4355556 |  |
|  StepStone Group, Inc., Class A | 7000 | 176260 |  |
|  Stifel Financial Corp. | 23008 | 1342977 |  |
| T. Rowe Price Group, Inc. | 36280 | 3956697 |  |
|  Tradeweb Markets, Inc., Class A | 15000 | 973950 |  |
|  Victory Capital Holdings, Inc., Class A | 2400 | 64392 |  |
|  Virtu Financial, Inc., Class A | 15500 | 316355 |  |
|  Virtus Investment Partners, Inc. | 200 | 38288 |  |
|  WisdomTree, Inc. | 11200 | 61040 |  |
|  |  | 188526214 |  |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | **** |
|  Ally Financial, Inc. | 53469 | 1307317 |  |
|  American Express Co. | 93256 | 13778574 |  |
|  Bread Financial Holdings, Inc. | 1400 | 52724 |  |
|  Capital One Financial Corp. | 61270 | 5695659 |  |
|  Credit Acceptance Corp. (x)\* | 1900 | 901360 |  |
|  Discover Financial Services | 41770 | 4086359 |  |
|  FirstCash Holdings, Inc. | 7272 | 632010 |  |
|  LendingTree, Inc.\* | 1400 | 29862 |  |
|  Navient Corp. | 25584 | 420857 |  |
|  Nelnet, Inc., Class A | 4000 | 363000 |  |
|  OneMain Holdings, Inc. | 17900 | 596249 |  |
|  PROG Holdings, Inc.\* | 3290 | 55568 |  |
|  SLM Corp. | 66084 | 1096994 |  |
|  SoFi Technologies, Inc. (x)\* | 123000 | 567030 |  |
|  Synchrony Financial | 82352 | 2706087 |  |
|  Upstart Holdings, Inc. (x)\* | 19700 | 260434 |  |
|  |  | 32550084 |  |
|  ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | **** |
|  Apollo Global Management, Inc. | 71086 | 4534576 |  |
|  Berkshire Hathaway, Inc., Class B\* | 274636 | 84835060 |  |
|  Cannae Holdings, Inc.\* | 4760 | 98294 |  |
|  Jackson Financial, Inc., Class A | 7900 | 274841 |  |
|  Voya Financial, Inc. (x) | 14900 | 916201 |  |
|  |  | 90658972 |  |
|  ***Insurance (2.6%)*** | ***Insurance (2.6%)*** | ***Insurance (2.6%)*** | **** |
|  Aflac, Inc. | 102000 | 7337880 |  |
|  Allstate Corp. (The) | 44340 | 6012504 |  |
|  Ambac Financial Group, Inc.\* | 3600 | 62784 |  |
|  American Equity Investment Life Holding Co. | 12700 | 579374 |  |
|  American Financial Group, Inc. | 12030 | 1651478 |  |
|  American International Group, Inc. | 116436 | 7363413 |  |
|  Aon plc, Class A | 32619 | 9790267 |  |
|  Arch Capital Group Ltd.\* | 53900 | 3383842 |  |
|  Argo Group International Holdings Ltd. | 2875 | 74319 |  |
|  Arthur J Gallagher & Co. | 31800 | 5995572 |  |
|  Assurant, Inc. | 9000 | 1125540 |  |
|  Assured Guaranty Ltd. | 10000 | 622600 |  |
|  Axis Capital Holdings Ltd. | 17270 | 935516 |  |
|  Brighthouse Financial, Inc.\* | 16532 | 847596 |  |
|  Brown & Brown, Inc. | 39900 | 2273103 |  |
|  BRP Group, Inc., Class A\* | 7300 | 183522 |  |
|  Chubb Ltd. | 65351 | 14416430 |  |
|  Cincinnati Financial Corp. | 24720 | 2531081 |  |
|  CNA Financial Corp. | 6900 | 291732 |  |
|  CNO Financial Group, Inc. | 14100 | 322185 |  |
|  eHealth, Inc.\* | 4200 | 20328 |  |
|  Employers Holdings, Inc. | 1800 | 77634 |  |
|  Enstar Group Ltd.\* | 1400 | 323456 |  |
|  Erie Indemnity Co., Class A | 3800 | 945136 |  |
|  Everest Re Group Ltd. | 6100 | 2020747 |  |
|  F&G Annuities & Life, Inc.\* | 2936 | 58749 |  |
|  Fidelity National Financial, Inc. | 43180 | 1624432 |  |

---

See Notes to Financial Statements.

622

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  First American Financial Corp. | 17600 | $| 921184 |  |
|  Genworth Financial, Inc., Class A\* | 43900 |  | 232231 |  |
|  Globe Life, Inc. | 15905 |  | 1917348 |  |
|  Goosehead Insurance, Inc., Class A\* | 700 |  | 24038 |  |
|  Hanover Insurance Group, Inc. (The) | 6190 |  | 836455 |  |
|  Hartford Financial Services Group, Inc. (The) | 54110 |  | 4103161 |  |
|  Horace Mann Educators Corp. | 1300 |  | 48581 |  |
|  James River Group Holdings Ltd. | 1700 |  | 35547 |  |
|  Kemper Corp. | 9282 |  | 456674 |  |
|  Kinsale Capital Group, Inc. | 3800 |  | 993776 |  |
|  Lincoln National Corp. | 30350 |  | 932352 |  |
|  Loews Corp. | 33092 |  | 1930256 |  |
|  Markel Corp.\* | 2160 |  | 2845778 |  |
|  Marsh & McLennan Cos., Inc. | 76750 |  | 12700590 |  |
|  MBIA, Inc.\* | 7600 |  | 97660 |  |
|  Mercury General Corp. | 600 |  | 20520 |  |
|  MetLife, Inc. | 105560 |  | 7639377 |  |
|  Old Republic International Corp. | 47894 |  | 1156640 |  |
|  Palomar Holdings, Inc.\* | 1900 |  | 85804 |  |
|  Primerica, Inc. | 5900 |  | 836738 |  |
|  Principal Financial Group, Inc. | 37700 |  | 3163784 |  |
|  ProAssurance Corp. | 3100 |  | 54157 |  |
|  Progressive Corp. (The) | 92000 |  | 11933320 |  |
|  Prudential Financial, Inc. | 60231 |  | 5990575 |  |
|  Reinsurance Group of America, Inc. | 12610 |  | 1791755 |  |
|  RenaissanceRe Holdings Ltd. | 6560 |  | 1208549 |  |
|  RLI Corp. | 8880 |  | 1165678 |  |
|  Ryan Specialty Holdings, Inc., Class A\* | 12600 |  | 523026 |  |
|  Selective Insurance Group, Inc. | 13700 |  | 1213957 |  |
|  Selectquote, Inc.\* | 16700 |  | 11221 |  |
|  SiriusPoint Ltd.\* | 9100 |  | 53690 |  |
|  Travelers Cos., Inc. (The) | 36270 |  | 6800262 |  |
|  Trupanion, Inc.\* | 6900 |  | 327957 |  |
|  Unum Group | 32000 |  | 1312960 |  |
|  W R Berkley Corp. | 33600 |  | 2438352 |  |
|  White Mountains Insurance Group Ltd. | 500 |  | 707165 |  |
|  Willis Towers Watson plc | 17200 |  | 4206776 |  |
|  |  |  | 151589114 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | **** |
|  AGNC Investment Corp. (REIT) (x) | 103900 |  | 1075365 |  |
|  Annaly Capital Management, Inc. (REIT) (x) | 69288 |  | 1460591 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 8800 |  | 94688 |  |
|  Arbor Realty Trust, Inc. (REIT) | 24800 |  | 327112 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 21000 |  | 444570 |  |
|  Chimera Investment Corp. (REIT) (x) | 27440 |  | 150920 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 5000 |  | 73550 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 12700 |  | 368046 |  |
|  Rithm Capital Corp. (REIT) | 66550 |  | 543714 |  |
|  Starwood Property Trust, Inc. (REIT) (x) | 57200 |  | 1048476 |  |
|  |  |  | 5587032 |  |
|  ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | **** |
|  Axos Financial, Inc.\* | 8300 |  | 317226 |  |
|  Capitol Federal Financial, Inc. | 9386 |  | 81189 |  |
|  Columbia Financial, Inc.\* | 6500 |  | 140530 |  |
|  Enact Holdings, Inc. | 7100 |  | 171252 |  |
|  Essent Group Ltd. | 17600 |  | 684288 |  |
|  Kearny Financial Corp. | 16032 |  | 162725 |  |
|  MGIC Investment Corp. | 75800 |  | 985400 |  |
|  Mr Cooper Group, Inc.\* | 10400 |  | 417352 |  |
|  New York Community Bancorp, Inc. | 118186 |  | 1016400 |  |
|  PennyMac Financial Services, Inc. | 10833 |  | 613798 |  |
|  Provident Financial Services, Inc. | 100 |  | 2136 |  |
|  Radian Group, Inc. | 26500 |  | 505355 |  |
|  Rocket Cos., Inc., Class A (x) | 52000 |  | 364000 |  |
|  TFS Financial Corp. | 19700 |  | 283877 |  |
|  Walker & Dunlop, Inc. | 3700 |  | 290376 |  |
|  WSFS Financial Corp. | 5890 |  | 267052 |  |
|  |  |  | 6302956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 708312401 |  |
|  **Health Care (15.4%)** | **Health Care (15.4%)** | **Health Care (15.4%)** | **Health Care (15.4%)** |  |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | **** |
|  AbbVie, Inc. | 270630 |  | 43736514 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 20900 |  | 332728 |  |
|  Agios Pharmaceuticals, Inc.\* | 8400 |  | 235872 |  |
|  Alector, Inc.\* | 1800 |  | 16614 |  |
|  Alkermes plc\* | 25200 |  | 658476 |  |
|  Allogene Therapeutics, Inc. (x)\* | 24600 |  | 154734 |  |
|  Allovir, Inc. (x)\* | 1600 |  | 8208 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 20100 |  | 4776765 |  |
|  ALX Oncology Holdings, Inc.\* | 2700 |  | 30429 |  |
|  Amgen, Inc. | 82768 |  | 21738188 |  |
|  Amicus Therapeutics, Inc.\* | 26600 |  | 324786 |  |
|  AnaptysBio, Inc. (x)\* | 6600 |  | 204534 |  |
|  Anavex Life Sciences Corp. (x)\* | 23900 |  | 221314 |  |
|  Apellis Pharmaceuticals, Inc.\* | 14000 |  | 723940 |  |
|  Arcturus Therapeutics Holdings, Inc.\* | 400 |  | 6784 |  |
|  Arcus Biosciences, Inc.\* | 14800 |  | 306064 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 18200 |  | 738192 |  |
|  Beam Therapeutics, Inc. (x)\* | 6900 |  | 269859 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 35300 |  | 405244 |  |
|  Biogen, Inc.\* | 22560 |  | 6247315 |  |
|  Biohaven Ltd. (x)\* | 4800 |  | 66624 |  |
|  BioMarin Pharmaceutical, Inc.\* | 28200 |  | 2918418 |  |
|  Blueprint Medicines Corp.\* | 9200 |  | 403052 |  |
|  Bridgebio Pharma, Inc.\* | 16344 |  | 124541 |  |
|  C4 Therapeutics, Inc. (x)\* | 2900 |  | 17110 |  |
|  CareDx, Inc.\* | 4800 |  | 54768 |  |
|  Cerevel Therapeutics Holdings, Inc.\* | 12800 |  | 403712 |  |
|  Cytokinetics, Inc. (x)\* | 12600 |  | 577332 |  |
|  Denali Therapeutics, Inc.\* | 14300 |  | 397683 |  |
|  Editas Medicine, Inc.\* | 11500 |  | 102005 |  |
|  Emergent BioSolutions, Inc.\* | 8400 |  | 99204 |  |
|  EQRx, Inc.\* | 29000 |  | 71340 |  |
|  Exact Sciences Corp.\* | 26700 |  | 1321917 |  |
|  Exelixis, Inc.\* | 63800 |  | 1023352 |  |
|  Fate Therapeutics, Inc.\* | 12600 |  | 127134 |  |
|  FibroGen, Inc.\* | 7200 |  | 115344 |  |
|  Gilead Sciences, Inc. | 191091 |  | 16405162 |  |
|  Halozyme Therapeutics, Inc.\* | 17900 |  | 1018510 |  |

---

See Notes to Financial Statements.

623

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Heron Therapeutics, Inc. (x)\* | 24300 | $| 60750 |  |
|  Horizon Therapeutics plc\* | 35600 |  | 4051280 |  |
|  IGM Biosciences, Inc. (x)\* | 2700 |  | 45927 |  |
|  ImmunityBio, Inc. (x)\* | 29500 |  | 149565 |  |
|  ImmunoGen, Inc.\* | 32100 |  | 159216 |  |
|  Incyte Corp.\* | 33400 |  | 2682688 |  |
|  Inovio Pharmaceuticals, Inc. (x)\* | 47300 |  | 73788 |  |
|  Insmed, Inc.\* | 16100 |  | 321678 |  |
|  Instil Bio, Inc.\* | 1500 |  | 945 |  |
|  Intellia Therapeutics, Inc.\* | 10500 |  | 366345 |  |
|  Ionis Pharmaceuticals, Inc.\* | 24800 |  | 936696 |  |
|  Iovance Biotherapeutics, Inc.\* | 21800 |  | 139302 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 25500 |  | 315945 |  |
|  Karuna Therapeutics, Inc.\* | 4500 |  | 884250 |  |
|  Karyopharm Therapeutics, Inc. (x)\* | 32000 |  | 108800 |  |
|  Kodiak Sciences, Inc.\* | 3500 |  | 25060 |  |
|  Krystal Biotech, Inc.\* | 2100 |  | 166362 |  |
|  Kura Oncology, Inc.\* | 12500 |  | 155125 |  |
|  Kymera Therapeutics, Inc.\* | 6500 |  | 162240 |  |
|  MacroGenics, Inc.\* | 6700 |  | 44957 |  |
|  Madrigal Pharmaceuticals, Inc.\* | 3500 |  | 1015875 |  |
|  Mersana Therapeutics, Inc.\* | 20500 |  | 120130 |  |
|  Mirati Therapeutics, Inc.\* | 7300 |  | 330763 |  |
|  Moderna, Inc.\* | 53617 |  | 9630686 |  |
|  Myriad Genetics, Inc.\* | 11500 |  | 166865 |  |
|  Natera, Inc.\* | 13400 |  | 538278 |  |
|  Neurocrine Biosciences, Inc.\* | 14500 |  | 1731880 |  |
|  Nkarta, Inc.\* | 800 |  | 4792 |  |
|  Novavax, Inc. (x)\* | 12200 |  | 125416 |  |
|  Organogenesis Holdings, Inc.\* | 25100 |  | 67519 |  |
|  PDL BioPharma, Inc. (r)(x)\* | 46000 |  | 17647 |  |
|  Prothena Corp. plc\* | 7800 |  | 469950 |  |
|  PTC Therapeutics, Inc.\* | 8000 |  | 305360 |  |
|  Recursion Pharmaceuticals, Inc., Class A\* | 1000 |  | 7710 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 16200 |  | 11688138 |  |
|  REGENXBIO, Inc.\* | 7400 |  | 167832 |  |
|  Relay Therapeutics, Inc.\* | 22001 |  | 328695 |  |
|  Replimune Group, Inc.\* | 1100 |  | 29920 |  |
|  REVOLUTION Medicines, Inc. (x)\* | 9200 |  | 219144 |  |
|  Rocket Pharmaceuticals, Inc.\* | 8900 |  | 174173 |  |
|  Sage Therapeutics, Inc.\* | 8600 |  | 328004 |  |
|  Sana Biotechnology, Inc. (x)\* | 14595 |  | 57650 |  |
|  Sangamo Therapeutics, Inc.\* | 29200 |  | 91688 |  |
|  Sarepta Therapeutics, Inc.\* | 12700 |  | 1645666 |  |
|  Seagen, Inc.\* | 21374 |  | 2746773 |  |
|  SpringWorks Therapeutics, Inc.\* | 5000 |  | 130050 |  |
|  Stoke Therapeutics, Inc.\* | 500 |  | 4615 |  |
|  TG Therapeutics, Inc.\* | 20700 |  | 244881 |  |
|  Twist Bioscience Corp.\* | 6900 |  | 164289 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 10800 |  | 500364 |  |
|  United Therapeutics Corp.\* | 7100 |  | 1974439 |  |
|  Vaxcyte, Inc.\* | 1100 |  | 52745 |  |
|  Veracyte, Inc.\* | 7600 |  | 180348 |  |
|  Vericel Corp.\* | 3600 |  | 94824 |  |
|  Vertex Pharmaceuticals, Inc.\* | 39600 |  | 11435688 |  |
|  Vir Biotechnology, Inc.\* | 10700 |  | 270817 |  |
|  Xencor, Inc.\* | 8900 |  | 231756 |  |
|  Y-mAbs Therapeutics, Inc.\* | 200 |  | 976 |  |
|  Zentalis Pharmaceuticals, Inc. (x)\* | 6900 |  | 138966 |  |
|  |  |  | 164669999 |  |
|  ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | **** |
|  Abbott Laboratories | 261012 |  | 28656508 |  |
|  Align Technology, Inc.\* | 12900 |  | 2720610 |  |
|  AtriCure, Inc.\* | 6800 |  | 301784 |  |
|  Avanos Medical, Inc.\* | 7975 |  | 215804 |  |
|  Axonics, Inc.\* | 5200 |  | 325156 |  |
|  Baxter International, Inc. | 80080 |  | 4081678 |  |
|  Becton Dickinson and Co. | 44013 |  | 11192506 |  |
|  Boston Scientific Corp.\* | 218500 |  | 10109995 |  |
|  Butterfly Network, Inc. (x)\* | 35700 |  | 87822 |  |
|  CONMED Corp. | 4500 |  | 398880 |  |
|  Cooper Cos., Inc. (The) | 8400 |  | 2777628 |  |
|  Dentsply Sirona, Inc. | 34405 |  | 1095455 |  |
|  Dexcom, Inc.\* | 59600 |  | 6749104 |  |
|  Edwards Lifesciences Corp.\* | 95700 |  | 7140177 |  |
|  Embecta Corp. | 9202 |  | 232719 |  |
|  Enovis Corp.\* | 4333 |  | 231902 |  |
|  Envista Holdings Corp.\* | 21763 |  | 732760 |  |
|  Figs, Inc., Class A (x)\* | 12900 |  | 86817 |  |
|  Glaukos Corp.\* | 6800 |  | 297024 |  |
|  Globus Medical, Inc., Class A\* | 14100 |  | 1047207 |  |
|  Haemonetics Corp.\* | 8200 |  | 644930 |  |
|  Hologic, Inc.\* | 38100 |  | 2850261 |  |
|  ICU Medical, Inc.\* | 3200 |  | 503936 |  |
|  IDEXX Laboratories, Inc.\* | 13800 |  | 5629848 |  |
|  Inari Medical, Inc.\* | 7400 |  | 470344 |  |
|  Inogen, Inc.\* | 3600 |  | 70956 |  |
|  Inspire Medical Systems, Inc.\* | 4500 |  | 1133460 |  |
|  Insulet Corp.\* | 11300 |  | 3326607 |  |
|  Integer Holdings Corp.\* | 3500 |  | 239610 |  |
|  Integra LifeSciences Holdings Corp.\* | 14600 |  | 818622 |  |
|  Intuitive Surgical, Inc.\* | 54800 |  | 14541180 |  |
|  iRhythm Technologies, Inc.\* | 1100 |  | 103037 |  |
|  Lantheus Holdings, Inc. (x)\* | 8700 |  | 443352 |  |
|  LivaNova plc\* | 5100 |  | 283254 |  |
|  Masimo Corp.\* | 9200 |  | 1361140 |  |
|  Medtronic plc | 207085 |  | 16094646 |  |
|  Meridian Bioscience, Inc.\* | 5000 |  | 166050 |  |
|  Merit Medical Systems, Inc.\* | 7800 |  | 550836 |  |
|  Neogen Corp.\* | 16400 |  | 249772 |  |
|  Nevro Corp.\* | 1700 |  | 67320 |  |
|  Novocure Ltd.\* | 17900 |  | 1312965 |  |
|  NuVasive, Inc.\* | 7650 |  | 315486 |  |
|  Omnicell, Inc.\* | 7900 |  | 398318 |  |
|  Outset Medical, Inc.\* | 7368 |  | 190242 |  |
|  Penumbra, Inc.\* | 6300 |  | 1401498 |  |
|  QuidelOrtho Corp.\* | 7797 |  | 667969 |  |
|  ResMed, Inc. | 23800 |  | 4953494 |  |
|  Shockwave Medical, Inc.\* | 5400 |  | 1110294 |  |
|  Silk Road Medical, Inc.\* | 6800 |  | 359380 |  |
|  STAAR Surgical Co.\* | 8000 |  | 388320 |  |
|  STERIS plc | 15309 |  | 2827419 |  |
|  Stryker Corp. | 53470 |  | 13072880 |  |
|  Tandem Diabetes Care, Inc.\* | 10300 |  | 462985 |  |
|  Teleflex, Inc. | 7700 |  | 1922151 |  |
|  Treace Medical Concepts, Inc.\* | 1300 |  | 29887 |  |
|  Varex Imaging Corp.\* | 8924 |  | 181157 |  |
|  Zimmer Biomet Holdings, Inc. | 32100 |  | 4092750 |  |
|  Zimvie, Inc.\* | 1480 |  | 13823 |  |
|  |  |  | 161731715 |  |

---

See Notes to Financial Statements.

624

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | **** |
|  1Life Healthcare, Inc.\* | 19200 | $320832 |  |
|  Acadia Healthcare Co., Inc.\* | 14500 | 1193640 |  |
|  Accolade, Inc.\* | 9200 | 71668 |  |
|  AdaptHealth Corp.\* | 16900 | 324818 |  |
|  Addus HomeCare Corp.\* | 200 | 19898 |  |
|  Agiliti, Inc. (x)\* | 1900 | 30989 |  |
|  agilon health, Inc. (x)\* | 26700 | 430938 |  |
|  Amedisys, Inc.\* | 2100 | 175434 |  |
|  AmerisourceBergen Corp. | 23400 | 3877614 |  |
|  AMN Healthcare Services, Inc.\* | 5600 | 575792 |  |
|  Apollo Medical Holdings, Inc. (x)\* | 9200 | 272228 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 7400 | 5772 |  |
|  Brookdale Senior Living, Inc.\* | 36435 | 99468 |  |
|  Cardinal Health, Inc. | 45200 | 3474524 |  |
|  Castle Biosciences, Inc.\* | 200 | 4708 |  |
|  Centene Corp.\* | 91600 | 7512116 |  |
|  Chemed Corp. | 3000 | 1531290 |  |
|  Cigna Corp. | 45876 | 15200554 |  |
|  CorVel Corp.\* | 1700 | 247061 |  |
|  CVS Health Corp. | 203134 | 18930057 |  |
|  DaVita, Inc.\* | 13300 | 993111 |  |
|  Elevance Health, Inc. | 37380 | 19174819 |  |
|  Encompass Health Corp. | 18500 | 1106485 |  |
|  Enhabit, Inc.\* | 9250 | 121730 |  |
|  Ensign Group, Inc. (The) | 5800 | 548738 |  |
|  Fulgent Genetics, Inc. (x)\* | 300 | 8934 |  |
|  Guardant Health, Inc.\* | 13500 | 367200 |  |
|  HCA Healthcare, Inc. | 34900 | 8374604 |  |
|  HealthEquity, Inc.\* | 13100 | 807484 |  |
|  Henry Schein, Inc.\* | 25900 | 2068633 |  |
|  Humana, Inc. | 19600 | 10038924 |  |
|  Innovage Holding Corp. (x)\* | 1200 | 8616 |  |
|  Invitae Corp. (x)\* | 33000 | 61380 |  |
|  Laboratory Corp. of America Holdings | 14335 | 3375606 |  |
|  LHC Group, Inc.\* | 6300 | 1018647 |  |
|  LifeStance Health Group, Inc. (x)\* | 18700 | 92378 |  |
|  McKesson Corp. | 22480 | 8432698 |  |
|  ModivCare, Inc.\* | 200 | 17946 |  |
|  Molina Healthcare, Inc.\* | 8900 | 2938958 |  |
|  National Research Corp. | 100 | 3730 |  |
|  Oak Street Health, Inc.\* | 16100 | 346311 |  |
|  OPKO Health, Inc.\* | 104600 | 130750 |  |
|  Option Care Health, Inc.\* | 23425 | 704858 |  |
|  Owens & Minor, Inc.\* | 12400 | 242172 |  |
|  Patterson Cos., Inc. | 12600 | 353178 |  |
|  Pediatrix Medical Group, Inc.\* | 10340 | 153652 |  |
|  Pennant Group, Inc. (The)\* | 2100 | 23058 |  |
|  Premier, Inc., Class A | 21200 | 741576 |  |
|  Privia Health Group, Inc.\* | 8900 | 202119 |  |
|  Progyny, Inc. (x)\* | 8900 | 277235 |  |
|  Quest Diagnostics, Inc. | 19830 | 3102205 |  |
|  R1 RCM, Inc.\* | 15700 | 171915 |  |
|  RadNet, Inc.\* | 1000 | 18830 |  |
|  Select Medical Holdings Corp. | 13600 | 337688 |  |
|  Surgery Partners, Inc.\* | 11598 | 323120 |  |
|  Tenet Healthcare Corp.\* | 19600 | 956284 |  |
|  UnitedHealth Group, Inc. | 143257 | 75951996 |  |
|  Universal Health Services, Inc., Class B | 11280 | 1589239 |  |
|  |  | 199486208 |  |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 22950 | 404838 |  |
|  American Well Corp., Class A\* | 33300 | 94239 |  |
|  Certara, Inc.\* | 16330 | 262423 |  |
|  Definitive Healthcare Corp.\* | 12000 | 131880 |  |
|  Doximity, Inc., Class A (x)\* | 14800 | 496688 |  |
|  Evolent Health, Inc., Class A\* | 14600 | 409968 |  |
|  Multiplan Corp. (x)\* | 65700 | 75555 |  |
|  NextGen Healthcare, Inc.\* | 11200 | 210336 |  |
|  Nutex Health, Inc. (x)\* | 19600 | 37240 |  |
|  Phreesia, Inc.\* | 6100 | 197396 |  |
|  Schrodinger, Inc.\* | 14100 | 263529 |  |
|  Teladoc Health, Inc.\* | 24260 | 573749 |  |
|  Veeva Systems, Inc., Class A\* | 22700 | 3663326 |  |
|  |  | 6821167 |  |
|  ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | **** |
|  10X Genomics, Inc., Class A\* | 13900 | 506516 |  |
|  AbCellera Biologics, Inc. (x)\* | 29100 | 294783 |  |
|  Adaptive Biotechnologies Corp.\* | 13507 | 103194 |  |
|  Agilent Technologies, Inc. | 45930 | 6873425 |  |
|  Avantor, Inc.\* | 96094 | 2026622 |  |
|  Azenta, Inc.\* | 11587 | 674595 |  |
|  Bionano Genomics, Inc. (x)\* | 80000 | 116800 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 4000 | 1681960 |  |
|  Bio-Techne Corp. | 25800 | 2138304 |  |
|  Bruker Corp. | 18000 | 1230300 |  |
|  Charles River Laboratories International, Inc.\* | 9050 | 1971995 |  |
|  Codexis, Inc.\* | 600 | 2796 |  |
|  CryoPort, Inc.\* | 3300 | 57255 |  |
|  Danaher Corp. | 99660 | 26451757 |  |
|  Illumina, Inc.\* | 24100 | 4873020 |  |
|  IQVIA Holdings, Inc.\* | 29180 | 5978690 |  |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 11581 | 165724 |  |
|  Medpace Holdings, Inc.\* | 4500 | 955845 |  |
|  Mettler-Toledo International, Inc.\* | 3700 | 5348165 |  |
|  NanoString Technologies, Inc.\* | 7600 | 60572 |  |
|  NeoGenomics, Inc.\* | 17900 | 165396 |  |
|  OmniAb, Inc. (x)\* | 11270 | 40572 |  |
|  Pacific Biosciences of California, Inc.\* | 30600 | 250308 |  |
|  PerkinElmer, Inc. | 18600 | 2608092 |  |
|  QIAGEN NV\* | 35932 | 1791929 |  |
|  Repligen Corp.\* | 9700 | 1642307 |  |
|  Seer, Inc.\* | 12500 | 72500 |  |
|  Sotera Health Co.\* | 15731 | 131039 |  |
|  Syneos Health, Inc.\* | 14000 | 513520 |  |
|  Thermo Fisher Scientific, Inc. | 59550 | 32793590 |  |
|  Waters Corp.\* | 9500 | 3254510 |  |
|  West Pharmaceutical Services, Inc. | 12200 | 2871270 |  |
|  |  | 107647351 |  |
|  ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | ***Pharmaceuticals (4.4%)*** | **** |
|  Amneal Pharmaceuticals, Inc.\* | 20200 | 40198 |  |
|  Arvinas, Inc.\* | 9500 | 324995 |  |
|  Atea Pharmaceuticals, Inc.\* | 12500 | 60125 |  |
|  Axsome Therapeutics, Inc.\* | 5400 | 416502 |  |
|  Bristol-Myers Squibb Co. | 330044 | 23746666 |  |
|  Catalent, Inc.\* | 27600 | 1242276 |  |
|  Corcept Therapeutics, Inc.\* | 16500 | 335115 |  |

---

See Notes to Financial Statements.

625

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Elanco Animal Health, Inc.\* | 74632 | $| 912003 |  |
|  Eli Lilly and Co. | 129010 |  | 47197018 |  |
|  Harmony Biosciences Holdings, Inc.\* | 4500 |  | 247950 |  |
|  Innoviva, Inc.\* | 6818 |  | 90338 |  |
|  Intra-Cellular Therapies, Inc.\* | 12000 |  | 635040 |  |
|  Jazz Pharmaceuticals plc\* | 12100 |  | 1927651 |  |
|  Johnson & Johnson | 403060 |  | 71200549 |  |
|  OmniAb, Inc. (r)\* | 1744 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 2300 |  | 153640 |  |
|  Merck & Co., Inc. | 385090 |  | 42725736 |  |
|  Nektar Therapeutics\* | 31600 |  | 71416 |  |
|  NGM Biopharmaceuticals, Inc.\* | 500 |  | 2510 |  |
|  Organon & Co. | 43109 |  | 1204034 |  |
|  Pacira BioSciences, Inc.\* | 7400 |  | 285714 |  |
|  Perrigo Co. plc | 28300 |  | 964747 |  |
|  Pfizer, Inc. | 865617 |  | 44354215 |  |
|  Phibro Animal Health Corp., Class A | 1200 |  | 16092 |  |
|  Prestige Consumer Healthcare, Inc.\* | 6000 |  | 375600 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 3800 |  | 144362 |  |
|  Revance Therapeutics, Inc.\* | 9300 |  | 171678 |  |
|  Royalty Pharma plc, Class A | 54600 |  | 2157792 |  |
|  Theravance Biopharma, Inc.\* | 13700 |  | 153714 |  |
|  Viatris, Inc. | 184274 |  | 2050970 |  |
|  Zoetis, Inc. | 73000 |  | 10698150 |  |
|  |  |  | 253906796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 894263236 |  |
|  **Industrials (9.7%)** | **Industrials (9.7%)** | **Industrials (9.7%)** | **Industrials (9.7%)** |  |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | **** |
|  Aerojet Rocketdyne Holdings, Inc.\* | 12200 |  | 682346 |  |
|  AeroVironment, Inc.\* | 2100 |  | 179886 |  |
|  Axon Enterprise, Inc.\* | 11900 |  | 1974567 |  |
|  Boeing Co. (The)\* | 83400 |  | 15886866 |  |
|  BWX Technologies, Inc. | 17800 |  | 1033824 |  |
|  Curtiss-Wright Corp. | 5900 |  | 985241 |  |
|  General Dynamics Corp. | 37270 |  | 9247060 |  |
|  HEICO Corp. | 6941 |  | 1066415 |  |
|  HEICO Corp., Class A | 14845 |  | 1779173 |  |
|  Hexcel Corp. | 12900 |  | 759165 |  |
|  Howmet Aerospace, Inc. | 60229 |  | 2373625 |  |
|  Huntington Ingalls Industries, Inc. | 6200 |  | 1430216 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 10200 |  | 105264 |  |
|  L3Harris Technologies, Inc. | 30991 |  | 6452636 |  |
|  Lockheed Martin Corp. | 36760 |  | 17883372 |  |
|  Mercury Systems, Inc.\* | 5400 |  | 241596 |  |
|  Moog, Inc., Class A | 5500 |  | 482680 |  |
|  Northrop Grumman Corp. | 23150 |  | 12630872 |  |
|  Parsons Corp.\* | 5739 |  | 265429 |  |
|  Raytheon Technologies Corp. | 230367 |  | 23248638 |  |
|  Textron, Inc. | 32300 |  | 2286840 |  |
|  TransDigm Group, Inc. | 8550 |  | 5383507 |  |
|  Woodward, Inc. | 10430 |  | 1007642 |  |
|  |  |  | 107386860 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  CH Robinson Worldwide, Inc. | 20430 |  | 1870571 |  |
|  Expeditors International of Washington, Inc. | 28800 |  | 2992896 |  |
|  FedEx Corp. | 39050 |  | 6763460 |  |
|  GXO Logistics, Inc.\* | 17800 |  | 759882 |  |
|  Hub Group, Inc., Class A\* | 3000 |  | 238470 |  |
|  United Parcel Service, Inc., Class B | 113950 |  | 19809068 |  |
|  |  |  | 32434347 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 26900 |  | 1155086 |  |
|  Allegiant Travel Co.\* | 2200 |  | 149578 |  |
|  American Airlines Group, Inc.\* | 105200 |  | 1338144 |  |
|  Delta Air Lines, Inc.\* | 100550 |  | 3304073 |  |
|  SkyWest, Inc.\* | 7700 |  | 127127 |  |
|  Southwest Airlines Co.\* | 94100 |  | 3168347 |  |
|  Spirit Airlines, Inc. | 13100 |  | 255188 |  |
|  United Airlines Holdings, Inc.\* | 52840 |  | 1992068 |  |
|  |  |  | 11489611 |  |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | **** |
|  A O Smith Corp. | 21900 |  | 1253556 |  |
|  AAON, Inc. | 5800 |  | 436856 |  |
|  Advanced Drainage Systems, Inc. | 9900 |  | 811503 |  |
|  Allegion plc | 14212 |  | 1495955 |  |
|  Armstrong World Industries, Inc. | 10400 |  | 713336 |  |
|  AZEK Co., Inc. (The)\* | 19900 |  | 404368 |  |
|  Builders FirstSource, Inc.\* | 29990 |  | 1945751 |  |
|  Carlisle Cos., Inc. | 9500 |  | 2238675 |  |
|  Carrier Global Corp. | 135571 |  | 5592304 |  |
|  Fortune Brands Innovations, Inc. | 23350 |  | 1333518 |  |
|  Johnson Controls International plc | 111171 |  | 7114944 |  |
|  Lennox International, Inc. | 4910 |  | 1174619 |  |
|  Masco Corp. | 40000 |  | 1866800 |  |
|  Masterbrand, Inc.\* | 23350 |  | 176293 |  |
|  Owens Corning | 19270 |  | 1643731 |  |
|  Resideo Technologies, Inc.\* | 17050 |  | 280473 |  |
|  Simpson Manufacturing Co., Inc. | 6100 |  | 540826 |  |
|  Trane Technologies plc | 36912 |  | 6204538 |  |
|  Trex Co., Inc.\* | 20500 |  | 867765 |  |
|  UFP Industries, Inc. | 11500 |  | 911375 |  |
|  Zurn Elkay Water Solutions Corp. | 14900 |  | 315135 |  |
|  |  |  | 37322321 |  |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | **** |
|  ABM Industries, Inc. | 2100 |  | 93282 |  |
|  Brady Corp., Class A | 7200 |  | 339120 |  |
|  Brink's Co. (The) | 7200 |  | 386712 |  |
|  Casella Waste Systems, Inc., Class A\* | 6200 |  | 491722 |  |
|  Cintas Corp. | 13700 |  | 6187194 |  |
|  Clean Harbors, Inc.\* | 10000 |  | 1141200 |  |
|  Copart, Inc.\* | 65200 |  | 3970028 |  |
|  CoreCivic, Inc. (REIT)\* | 18400 |  | 212704 |  |
|  Deluxe Corp. | 6100 |  | 103578 |  |
|  Driven Brands Holdings, Inc.\* | 9831 |  | 268484 |  |
|  Healthcare Services Group, Inc. | 10700 |  | 128400 |  |
|  HNI Corp. | 5200 |  | 147836 |  |
|  IAA, Inc.\* | 27700 |  | 1108000 |  |
|  KAR Auction Services, Inc.\* | 27700 |  | 361485 |  |
|  Matthews International Corp., Class A | 7100 |  | 216124 |  |
|  MSA Safety, Inc. | 5900 |  | 850721 |  |
|  Republic Services, Inc. | 31935 |  | 4119296 |  |
|  Rollins, Inc. | 35450 |  | 1295343 |  |

---

See Notes to Financial Statements.

626

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Stericycle, Inc.\* | 21800 | $| 1087602 |  |
|  Tetra Tech, Inc. | 9300 |  | 1350267 |  |
|  UniFirst Corp. | 2000 |  | 385980 |  |
|  Waste Management, Inc. | 63550 |  | 9969724 |  |
|  |  |  | 34214802 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  AECOM | 24002 |  | 2038490 |  |
|  Ameresco, Inc., Class A\* | 5000 |  | 285700 |  |
|  API Group Corp.\* | 29700 |  | 558657 |  |
|  Arcosa, Inc. | 4080 |  | 221707 |  |
|  Comfort Systems USA, Inc. | 5400 |  | 621432 |  |
|  Dycom Industries, Inc.\* | 4400 |  | 411840 |  |
|  EMCOR Group, Inc. | 9500 |  | 1407045 |  |
|  Fluor Corp.\* | 22300 |  | 772918 |  |
|  MasTec, Inc.\* | 11000 |  | 938630 |  |
|  MDU Resources Group, Inc. | 31050 |  | 942057 |  |
|  Quanta Services, Inc. | 24350 |  | 3469875 |  |
|  Valmont Industries, Inc. | 3100 |  | 1025077 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 28803 |  | 1301032 |  |
|  |  |  | 13994460 |  |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | **** |
|  Acuity Brands, Inc. | 6100 |  | 1010221 |  |
|  AMETEK, Inc. | 38175 |  | 5333811 |  |
|  Array Technologies, Inc.\* | 22800 |  | 440724 |  |
|  Atkore, Inc.\* | 8100 |  | 918702 |  |
|  Bloom Energy Corp., Class A\* | 26900 |  | 514328 |  |
|  ChargePoint Holdings, Inc. (x)\* | 36100 |  | 344033 |  |
|  Eaton Corp. plc | 61097 |  | 9589174 |  |
|  Emerson Electric Co. | 94510 |  | 9078631 |  |
|  EnerSys | 4900 |  | 361816 |  |
|  FuelCell Energy, Inc. (x)\* | 49900 |  | 138722 |  |
|  Generac Holdings, Inc.\* | 11100 |  | 1117326 |  |
|  Hubbell, Inc. | 8700 |  | 2041716 |  |
|  nVent Electric plc | 26353 |  | 1013800 |  |
|  Plug Power, Inc. (x)\* | 82900 |  | 1025473 |  |
|  Regal Rexnord Corp. | 11922 |  | 1430401 |  |
|  Rockwell Automation, Inc. | 17900 |  | 4610503 |  |
|  Sensata Technologies Holding plc | 27100 |  | 1094298 |  |
|  Shoals Technologies Group, Inc., Class A\* | 15322 |  | 377994 |  |
|  Stem, Inc.\* | 16300 |  | 145722 |  |
|  Sunrun, Inc.\* | 33000 |  | 792660 |  |
|  Vertiv Holdings Co. | 48500 |  | 662510 |  |
|  Vicor Corp.\* | 1800 |  | 96750 |  |
|  |  |  | 42139315 |  |
|  ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | ***Industrial Conglomerates (0.8%)*** | **** |
|  3M Co. | 90230 |  | 10820382 |  |
|  General Electric Co. | 167745 |  | 14055353 |  |
|  Honeywell International, Inc. | 102600 |  | 21987180 |  |
|  |  |  | 46862915 |  |
|  ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | **** |
|  AGCO Corp. | 12400 |  | 1719756 |  |
|  Albany International Corp., Class A | 4700 |  | 463373 |  |
|  Allison Transmission Holdings, Inc. | 10500 |  | 436800 |  |
|  Altra Industrial Motion Corp. | 9200 |  | 549700 |  |
|  Barnes Group, Inc. | 9800 |  | 400330 |  |
|  Caterpillar, Inc. | 80310 |  | 19239064 |  |
|  Chart Industries, Inc.\* | 6500 |  | 748995 |  |
|  Crane Holdings Co. | 7900 |  | 793555 |  |
|  Cummins, Inc. | 22560 |  | 5466062 |  |
|  Deere & Co. | 43140 |  | 18496706 |  |
|  Desktop Metal, Inc., Class A (x)\* | 10700 |  | 14552 |  |
|  Donaldson Co., Inc. | 26500 |  | 1560055 |  |
|  Dover Corp. | 25190 |  | 3410978 |  |
|  Esab Corp. | 6033 |  | 283068 |  |
|  Evoqua Water Technologies Corp.\* | 17300 |  | 685080 |  |
|  Flowserve Corp. | 26640 |  | 817315 |  |
|  Fortive Corp. | 55530 |  | 3567803 |  |
|  Franklin Electric Co., Inc. | 7500 |  | 598125 |  |
|  Gates Industrial Corp. plc\* | 24100 |  | 274981 |  |
|  Graco, Inc. | 29480 |  | 1982825 |  |
|  Hillenbrand, Inc. | 9000 |  | 384030 |  |
|  IDEX Corp. | 12240 |  | 2794759 |  |
|  Illinois Tool Works, Inc. | 47110 |  | 10378333 |  |
|  Ingersoll Rand, Inc. | 61666 |  | 3222049 |  |
|  ITT, Inc. | 12825 |  | 1040108 |  |
|  John Bean Technologies Corp. | 4400 |  | 401852 |  |
|  Lincoln Electric Holdings, Inc. | 9660 |  | 1395773 |  |
|  Middleby Corp. (The)\* | 9700 |  | 1298830 |  |
|  Mueller Industries, Inc. | 8500 |  | 501500 |  |
|  Mueller Water Products, Inc., Class A | 20800 |  | 223808 |  |
|  Nordson Corp. | 10660 |  | 2534095 |  |
|  Oshkosh Corp. | 11600 |  | 1023004 |  |
|  Otis Worldwide Corp. | 67374 |  | 5276058 |  |
|  PACCAR, Inc. | 52830 |  | 5228585 |  |
|  Parker-Hannifin Corp. | 20710 |  | 6026610 |  |
|  Pentair plc | 27287 |  | 1227369 |  |
|  RBC Bearings, Inc.\* | 3900 |  | 816465 |  |
|  Snap-on, Inc. | 9200 |  | 2102108 |  |
|  Stanley Black & Decker, Inc. | 27235 |  | 2045893 |  |
|  Timken Co. (The) | 12640 |  | 893269 |  |
|  Toro Co. (The) | 15880 |  | 1797616 |  |
|  Trinity Industries, Inc. | 13740 |  | 406292 |  |
|  Watts Water Technologies, Inc., Class A | 4000 |  | 584920 |  |
|  Westinghouse Air Brake Technologies Corp. | 28387 |  | 2833306 |  |
|  Xylem, Inc. | 27550 |  | 3046204 |  |
|  |  |  | 118991959 |  |
|  ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | **** |
|  Kirby Corp.\* | 7450 |  | 479407 |  |
|  Matson, Inc. | 6900 |  | 431319 |  |
|  |  |  | 910726 |  |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | **** |
|  ASGN, Inc.\* | 8400 |  | 684432 |  |
|  Booz Allen Hamilton Holding Corp. | 20300 |  | 2121756 |  |
|  CACI International, Inc., Class A\* | 3800 |  | 1142242 |  |
|  CBIZ, Inc.\* | 9120 |  | 427272 |  |
|  Clarivate plc\* | 68300 |  | 569622 |  |
|  CoStar Group, Inc.\* | 60150 |  | 4648392 |  |
|  Dun & Bradstreet Holdings, Inc. | 32600 |  | 399676 |  |
|  Equifax, Inc. | 20520 |  | 3988267 |  |
|  Exponent, Inc. | 10600 |  | 1050354 |  |
|  FTI Consulting, Inc.\* | 7200 |  | 1143360 |  |
|  Huron Consulting Group, Inc.\* | 2400 |  | 174240 |  |

---

See Notes to Financial Statements.

627

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Insperity, Inc. | 6400 | $| 727040 |  |
|  Jacobs Solutions, Inc. | 22800 |  | 2737596 |  |
|  KBR, Inc. | 27600 |  | 1457280 |  |
|  Korn Ferry | 5600 |  | 283472 |  |
|  Leidos Holdings, Inc. | 22348 |  | 2350786 |  |
|  ManpowerGroup, Inc. | 9780 |  | 813794 |  |
|  Resources Connection, Inc. | 16950 |  | 311541 |  |
|  Robert Half International, Inc. | 19260 |  | 1421966 |  |
|  Science Applications International Corp. | 9001 |  | 998481 |  |
|  TransUnion | 30305 |  | 1719809 |  |
|  TriNet Group, Inc.\* | 4100 |  | 277980 |  |
|  Upwork, Inc.\* | 16300 |  | 170172 |  |
|  Verisk Analytics, Inc. | 25800 |  | 4551636 |  |
|  |  |  | 34171166 |  |
|  ***Road & Rail (1.1%)*** | ***Road & Rail (1.1%)*** | ***Road & Rail (1.1%)*** | ***Road & Rail (1.1%)*** | **** |
|  Avis Budget Group, Inc.\* | 6500 |  | 1065545 |  |
|  CSX Corp. | 336550 |  | 10426319 |  |
|  Heartland Express, Inc. | 11700 |  | 179478 |  |
|  Hertz Global Holdings, Inc.\* | 36100 |  | 555579 |  |
|  JB Hunt Transport Services, Inc. | 15250 |  | 2658990 |  |
|  Knight-Swift Transportation Holdings, Inc. | 30935 |  | 1621303 |  |
|  Landstar System, Inc. | 6250 |  | 1018125 |  |
|  Lyft, Inc., Class A\* | 43400 |  | 478268 |  |
|  Norfolk Southern Corp. | 36870 |  | 9085506 |  |
|  Old Dominion Freight Line, Inc. | 16625 |  | 4717843 |  |
|  RXO, Inc.\* | 17800 |  | 306160 |  |
|  Ryder System, Inc. | 9200 |  | 768844 |  |
|  Saia, Inc.\* | 4800 |  | 1006464 |  |
|  Schneider National, Inc., Class B | 15595 |  | 364923 |  |
|  Uber Technologies, Inc.\* | 292789 |  | 7240672 |  |
|  U-Haul Holding Co. | 12600 |  | 692748 |  |
|  Union Pacific Corp. | 97320 |  | 20152052 |  |
|  Werner Enterprises, Inc. | 5700 |  | 229482 |  |
|  XPO, Inc.\* | 17800 |  | 592562 |  |
|  |  |  | 63160863 |  |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | **** |
|  Air Lease Corp. | 21000 |  | 806820 |  |
|  Applied Industrial Technologies, Inc. | 4300 |  | 541929 |  |
|  Beacon Roofing Supply, Inc.\* | 7600 |  | 401204 |  |
|  Boise Cascade Co. | 6200 |  | 425754 |  |
|  Core & Main, Inc., Class A\* | 8000 |  | 154480 |  |
|  Fastenal Co. | 87500 |  | 4140500 |  |
|  GATX Corp. | 5000 |  | 531700 |  |
|  Herc Holdings, Inc. | 3200 |  | 421024 |  |
|  MSC Industrial Direct Co., Inc., Class A | 7100 |  | 580070 |  |
|  SiteOne Landscape Supply, Inc.\* | 6700 |  | 786044 |  |
|  Triton International Ltd. | 7200 |  | 495216 |  |
|  United Rentals, Inc.\* | 10722 |  | 3810813 |  |
|  Univar Solutions, Inc.\* | 22900 |  | 728220 |  |
|  Watsco, Inc. | 5210 |  | 1299374 |  |
|  WESCO International, Inc.\* | 8586 |  | 1074967 |  |
|  WW Grainger, Inc. | 7050 |  | 3921563 |  |
|  |  |  | 20119678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 563199023 |  |
|  **Information Technology (24.2%)** | **Information Technology (24.2%)** | **Information Technology (24.2%)** | **Information Technology (24.2%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Arista Networks, Inc.\* | 39600 |  | 4805460 |  |
|  Calix, Inc.\* | 8800 |  | 602184 |  |
|  Ciena Corp.\* | 31400 |  | 1600772 |  |
|  Cisco Systems, Inc. | 632970 |  | 30154691 |  |
|  F5, Inc.\* | 10600 |  | 1521206 |  |
|  Juniper Networks, Inc. | 51600 |  | 1649136 |  |
|  Lumentum Holdings, Inc. (x)\* | 14146 |  | 737997 |  |
|  Motorola Solutions, Inc. | 25221 |  | 6499704 |  |
|  NetScout Systems, Inc.\* | 1300 |  | 42263 |  |
|  Ubiquiti, Inc. | 1017 |  | 278180 |  |
|  Viasat, Inc.\* | 4400 |  | 139260 |  |
|  Viavi Solutions, Inc.\* | 33650 |  | 353661 |  |
|  |  |  | 48384514 |  |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | **** |
|  Advanced Energy Industries, Inc. | 5400 |  | 463212 |  |
|  Aeva Technologies, Inc. (x)\* | 11100 |  | 15096 |  |
|  Amphenol Corp., Class A | 94880 |  | 7224163 |  |
|  Arrow Electronics, Inc.\* | 13600 |  | 1422152 |  |
|  Avnet, Inc. | 17920 |  | 745114 |  |
|  Badger Meter, Inc. | 4400 |  | 479732 |  |
|  Belden, Inc. | 6500 |  | 467350 |  |
|  CDW Corp. | 21451 |  | 3830719 |  |
|  Cognex Corp. | 30400 |  | 1432144 |  |
|  Coherent Corp.\* | 21857 |  | 767181 |  |
|  Corning, Inc. | 121190 |  | 3870809 |  |
|  Fabrinet\* | 5100 |  | 653922 |  |
|  Insight Enterprises, Inc.\* | 3300 |  | 330891 |  |
|  IPG Photonics Corp.\* | 4500 |  | 426015 |  |
|  Itron, Inc.\* | 7110 |  | 360121 |  |
|  Jabil, Inc. | 22000 |  | 1500400 |  |
|  Keysight Technologies, Inc.\* | 29715 |  | 5083345 |  |
|  Littelfuse, Inc. | 4200 |  | 924840 |  |
|  MicroVision, Inc. (x)\* | 33100 |  | 77785 |  |
|  National Instruments Corp. | 23000 |  | 848700 |  |
|  Novanta, Inc.\* | 4100 |  | 557067 |  |
|  Plexus Corp.\* | 1300 |  | 133809 |  |
|  Rogers Corp.\* | 3000 |  | 358020 |  |
|  Sanmina Corp.\* | 6800 |  | 389572 |  |
|  TD SYNNEX Corp. | 8766 |  | 830228 |  |
|  Teledyne Technologies, Inc.\* | 7746 |  | 3097703 |  |
|  Trimble, Inc.\* | 41500 |  | 2098240 |  |
|  Vontier Corp. | 23452 |  | 453327 |  |
|  Zebra Technologies Corp., Class A\* | 9000 |  | 2307690 |  |
|  |  |  | 41149347 |  |
|  ***IT Services (4.5%)*** | ***IT Services (4.5%)*** | ***IT Services (4.5%)*** | ***IT Services (4.5%)*** | **** |
|  Accenture plc, Class A | 96500 |  | 25750060 |  |
|  Affirm Holdings, Inc.\* | 27200 |  | 263024 |  |
|  Akamai Technologies, Inc.\* | 26600 |  | 2242380 |  |
|  Amdocs Ltd. | 22610 |  | 2055249 |  |
|  Automatic Data Processing, Inc. | 64250 |  | 15346755 |  |
|  Block, Inc., Class A\* | 80124 |  | 5034992 |  |
|  Broadridge Financial Solutions, Inc. | 18309 |  | 2455786 |  |
|  Cloudflare, Inc., Class A\* | 41600 |  | 1880736 |  |
|  Cognizant Technology Solutions Corp., Class A | 79600 |  | 4552324 |  |
|  Concentrix Corp. | 8766 |  | 1167280 |  |
|  Conduent, Inc.\* | 19786 |  | 80133 |  |

---

See Notes to Financial Statements.

628

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  DigitalOcean Holdings, Inc.\* | 8000 | $| 203760 |  |
|  DXC Technology Co.\* | 37896 |  | 1004244 |  |
|  EPAM Systems, Inc.\* | 8800 |  | 2884112 |  |
|  Euronet Worldwide, Inc.\* | 10000 |  | 943800 |  |
|  Evertec, Inc. | 2700 |  | 87426 |  |
|  Evo Payments, Inc., Class A\* | 2400 |  | 81216 |  |
|  ExlService Holdings, Inc.\* | 4500 |  | 762435 |  |
|  Fastly, Inc., Class A\* | 13300 |  | 108927 |  |
|  Fidelity National Information Services, Inc. | 96969 |  | 6579347 |  |
|  Fiserv, Inc.\* | 89602 |  | 9056074 |  |
|  FleetCor Technologies, Inc.\* | 12600 |  | 2314368 |  |
|  Gartner, Inc.\* | 11678 |  | 3925443 |  |
|  Genpact Ltd. | 30000 |  | 1389600 |  |
|  Global Payments, Inc. | 43276 |  | 4298172 |  |
|  Globant SA\* | 6398 |  | 1075888 |  |
|  GoDaddy, Inc., Class A\* | 26900 |  | 2012658 |  |
|  International Business Machines Corp. | 139431 |  | 19644434 |  |
|  Jack Henry & Associates, Inc. | 11430 |  | 2006651 |  |
|  Marqeta, Inc., Class A\* | 66800 |  | 408148 |  |
|  Mastercard, Inc., Class A | 131800 |  | 45830814 |  |
|  Maximus, Inc. | 10400 |  | 762632 |  |
|  MongoDB, Inc.\* | 10100 |  | 1988084 |  |
|  Okta, Inc.\* | 19900 |  | 1359767 |  |
|  Paychex, Inc. | 51910 |  | 5998720 |  |
|  PayPal Holdings, Inc.\* | 179353 |  | 12773521 |  |
|  Paysafe Ltd. (x)\* | 4317 |  | 59958 |  |
|  Perficient, Inc.\* | 5100 |  | 356133 |  |
|  Rackspace Technology, Inc. (x)\* | 9900 |  | 29205 |  |
|  Sabre Corp.\* | 48600 |  | 300348 |  |
|  Snowflake, Inc., Class A\* | 47222 |  | 6778246 |  |
|  SS&C Technologies Holdings, Inc. | 39200 |  | 2040752 |  |
|  Thoughtworks Holding, Inc. (x)\* | 13000 |  | 132470 |  |
|  Toast, Inc., Class A (x)\* | 35000 |  | 631050 |  |
|  TTEC Holdings, Inc. | 2907 |  | 128286 |  |
|  Twilio, Inc., Class A\* | 26800 |  | 1312128 |  |
|  VeriSign, Inc.\* | 16350 |  | 3358944 |  |
|  Verra Mobility Corp.\* | 6900 |  | 95427 |  |
|  Visa, Inc., Class A | 252112 |  | 52378789 |  |
|  Western Union Co. (The) | 59560 |  | 820141 |  |
|  WEX, Inc.\* | 7600 |  | 1243740 |  |
|  Wix.com Ltd.\* | 8800 |  | 676104 |  |
|  |  |  | 258670681 |  |
|  ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 250253 |  | 16208887 |  |
|  Allegro MicroSystems, Inc.\* | 7354 |  | 220767 |  |
|  Ambarella, Inc.\* | 5700 |  | 468711 |  |
|  Amkor Technology, Inc. | 18700 |  | 448426 |  |
|  Analog Devices, Inc. | 79434 |  | 13029559 |  |
|  Applied Materials, Inc. | 133020 |  | 12953488 |  |
|  Broadcom, Inc. | 60480 |  | 33816182 |  |
|  Cirrus Logic, Inc.\* | 12300 |  | 916104 |  |
|  Diodes, Inc.\* | 5900 |  | 449226 |  |
|  Enphase Energy, Inc.\* | 20100 |  | 5325696 |  |
|  Entegris, Inc. | 27373 |  | 1795395 |  |
|  First Solar, Inc.\* | 17400 |  | 2606346 |  |
|  FormFactor, Inc.\* | 10300 |  | 228969 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 10300 |  | 555067 |  |
|  Intel Corp. | 626690 |  | 16563417 |  |
|  KLA Corp. | 21580 |  | 8136307 |  |
|  Kulicke & Soffa Industries, Inc. | 7500 |  | 331950 |  |
|  Lam Research Corp. | 21475 |  | 9025943 |  |
|  Lattice Semiconductor Corp.\* | 23300 |  | 1511704 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 7600 |  | 478648 |  |
|  Marvell Technology, Inc. | 133561 |  | 4947099 |  |
|  Microchip Technology, Inc. | 87440 |  | 6142660 |  |
|  Micron Technology, Inc. | 171750 |  | 8584065 |  |
|  MKS Instruments, Inc. | 9500 |  | 804935 |  |
|  Monolithic Power Systems, Inc. | 7900 |  | 2793519 |  |
|  NVIDIA Corp. | 368840 |  | 53902278 |  |
|  ON Semiconductor Corp.\* | 71600 |  | 4465692 |  |
|  Onto Innovation, Inc.\* | 7900 |  | 537911 |  |
|  Power Integrations, Inc. | 11000 |  | 788920 |  |
|  Qorvo, Inc.\* | 17127 |  | 1552391 |  |
|  QUALCOMM, Inc. | 173605 |  | 19086134 |  |
|  Rambus, Inc.\* | 16700 |  | 598194 |  |
|  Semtech Corp.\* | 3800 |  | 109022 |  |
|  Silicon Laboratories, Inc.\* | 5140 |  | 697344 |  |
|  Skyworks Solutions, Inc. | 24900 |  | 2269137 |  |
|  Synaptics, Inc.\* | 6100 |  | 580476 |  |
|  Teradyne, Inc. | 26110 |  | 2280708 |  |
|  Texas Instruments, Inc. | 141990 |  | 23459588 |  |
|  Universal Display Corp. | 7600 |  | 821104 |  |
|  Wolfspeed, Inc.\* | 20400 |  | 1408416 |  |
|  |  |  | 260900385 |  |
|  ***Software (8.3%)*** | ***Software (8.3%)*** | ***Software (8.3%)*** | ***Software (8.3%)*** | **** |
|  8x8, Inc.\* | 18300 |  | 79056 |  |
|  ACI Worldwide, Inc.\* | 17400 |  | 400200 |  |
|  Adobe, Inc.\* | 73120 |  | 24607074 |  |
|  Alarm.com Holdings, Inc.\* | 5800 |  | 286984 |  |
|  Alkami Technology, Inc. (x)\* | 1500 |  | 21885 |  |
|  Altair Engineering, Inc., Class A\* | 5900 |  | 268273 |  |
|  Alteryx, Inc., Class A\* | 8900 |  | 450963 |  |
|  ANSYS, Inc.\* | 13200 |  | 3188988 |  |
|  Appfolio, Inc., Class A\* | 1000 |  | 105380 |  |
|  Appian Corp., Class A\* | 6600 |  | 214896 |  |
|  AppLovin Corp., Class A (x)\* | 34800 |  | 366444 |  |
|  Aspen Technology, Inc.\* | 4872 |  | 1000709 |  |
|  Atlassian Corp., Class A\* | 22400 |  | 2882432 |  |
|  Autodesk, Inc.\* | 33350 |  | 6232114 |  |
|  Bentley Systems, Inc., Class B | 22300 |  | 824208 |  |
|  Bill.com Holdings, Inc. (x)\* | 14700 |  | 1601712 |  |
|  Black Knight, Inc.\* | 27142 |  | 1676018 |  |
|  Blackbaud, Inc.\* | 1600 |  | 94176 |  |
|  Blackline, Inc.\* | 8500 |  | 571795 |  |
|  Box, Inc., Class A\* | 22100 |  | 687973 |  |
|  C3.ai, Inc., Class A\* | 9400 |  | 105186 |  |
|  Cadence Design Systems, Inc.\* | 44030 |  | 7072979 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 10800 |  | 93960 |  |
|  Cerence, Inc.\* | 6400 |  | 118592 |  |
|  Ceridian HCM Holding, Inc.\* | 20100 |  | 1289415 |  |
|  CommVault Systems, Inc.\* | 400 |  | 25136 |  |
|  Confluent, Inc., Class A\* | 21400 |  | 475936 |  |
|  Consensus Cloud Solutions, Inc.\* | 2166 |  | 116444 |  |
|  Coupa Software, Inc.\* | 12100 |  | 957957 |  |
|  Crowdstrike Holdings, Inc., Class A\* | 32000 |  | 3369280 |  |
|  Datadog, Inc., Class A\* | 40700 |  | 2991450 |  |
|  Digital Turbine, Inc.\* | 14600 |  | 222504 |  |
|  DocuSign, Inc.\* | 32100 |  | 1778982 |  |

---

See Notes to Financial Statements.

629

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Dolby Laboratories, Inc., Class A | 12700 | $| 895858 |  |
|  Domo, Inc., Class B\* | 800 |  | 11392 |  |
|  DoubleVerify Holdings, Inc.\* | 11900 |  | 261324 |  |
|  Dropbox, Inc., Class A\* | 41200 |  | 922056 |  |
|  Duck Creek Technologies, Inc.\* | 300 |  | 3615 |  |
|  Dynatrace, Inc.\* | 31400 |  | 1202620 |  |
|  Elastic NV\* | 10000 |  | 515000 |  |
|  Envestnet, Inc.\* | 8800 |  | 542960 |  |
|  Fair Isaac Corp.\* | 3700 |  | 2214746 |  |
|  Five9, Inc.\* | 11500 |  | 780390 |  |
|  Fortinet, Inc.\* | 100900 |  | 4933001 |  |
|  Gen Digital, Inc. | 87016 |  | 1864753 |  |
|  Guidewire Software, Inc.\* | 17000 |  | 1063520 |  |
|  HubSpot, Inc.\* | 7400 |  | 2139562 |  |
|  Informatica, Inc., Class A (x)\* | 13800 |  | 224802 |  |
|  InterDigital, Inc. | 1800 |  | 89064 |  |
|  Intuit, Inc. | 42550 |  | 16561311 |  |
|  Jamf Holding Corp.\* | 2000 |  | 42600 |  |
|  LivePerson, Inc.\* | 1000 |  | 10140 |  |
|  LiveRamp Holdings, Inc.\* | 1900 |  | 44536 |  |
|  Manhattan Associates, Inc.\* | 12400 |  | 1505360 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 15400 |  | 52668 |  |
|  Microsoft Corp. | 1139078 |  | 273173686 |  |
|  MicroStrategy, Inc., Class A (x)\* | 1500 |  | 212355 |  |
|  Momentive Global, Inc.\* | 2900 |  | 20300 |  |
|  N-able, Inc.\* | 9750 |  | 100230 |  |
|  nCino, Inc.\* | 12900 |  | 341076 |  |
|  NCR Corp.\* | 22700 |  | 531407 |  |
|  New Relic, Inc.\* | 9000 |  | 508050 |  |
|  Nutanix, Inc., Class A\* | 28000 |  | 729400 |  |
|  Oracle Corp. | 234421 |  | 19161573 |  |
|  PagerDuty, Inc.\* | 12100 |  | 321376 |  |
|  Palantir Technologies, Inc., Class A\* | 269200 |  | 1728264 |  |
|  Palo Alto Networks, Inc. (x)\* | 45000 |  | 6279300 |  |
|  Paycom Software, Inc.\* | 8700 |  | 2699697 |  |
|  Paycor HCM, Inc.\* | 9500 |  | 232465 |  |
|  Paylocity Holding Corp.\* | 5700 |  | 1107282 |  |
|  Pegasystems, Inc. | 1700 |  | 58208 |  |
|  Procore Technologies, Inc.\* | 9500 |  | 448210 |  |
|  PTC, Inc.\* | 16150 |  | 1938646 |  |
|  Q2 Holdings, Inc.\* | 1100 |  | 29557 |  |
|  Qualys, Inc.\* | 5500 |  | 617265 |  |
|  Rapid7, Inc.\* | 7100 |  | 241258 |  |
|  RingCentral, Inc., Class A\* | 14000 |  | 495600 |  |
|  Roper Technologies, Inc. | 16050 |  | 6935045 |  |
|  Salesforce, Inc.\* | 149151 |  | 19775931 |  |
|  SentinelOne, Inc., Class A\* | 26500 |  | 386635 |  |
|  ServiceNow, Inc.\* | 30500 |  | 11842235 |  |
|  Smartsheet, Inc., Class A\* | 16600 |  | 653376 |  |
|  SolarWinds Corp. (x)\* | 9750 |  | 91260 |  |
|  Splunk, Inc.\* | 29100 |  | 2505219 |  |
|  Sprout Social, Inc., Class A\* | 7100 |  | 400866 |  |
|  SPS Commerce, Inc.\* | 6400 |  | 821952 |  |
|  Synopsys, Inc.\* | 24620 |  | 7860920 |  |
|  Tenable Holdings, Inc.\* | 16900 |  | 644735 |  |
|  Teradata Corp.\* | 18660 |  | 628096 |  |
|  Tyler Technologies, Inc.\* | 7300 |  | 2353593 |  |
|  UiPath, Inc., Class A\* | 57700 |  | 733367 |  |
|  Unity Software, Inc. (x)\* | 32196 |  | 920484 |  |
|  Varonis Systems, Inc.\* | 16200 |  | 387828 |  |
|  Verint Systems, Inc.\* | 9300 |  | 337404 |  |
|  VMware, Inc., Class A\* | 33974 |  | 4170648 |  |
|  Workday, Inc., Class A\* | 30380 |  | 5083485 |  |
|  Workiva, Inc.\* | 7200 |  | 604584 |  |
|  Yext, Inc.\* | 7100 |  | 46363 |  |
|  Zoom Video Communications, Inc., Class A\* | 39100 |  | 2648634 |  |
|  Zscaler, Inc.\* | 12100 |  | 1353990 |  |
|  |  |  | 482222234 |  |
|  ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | **** |
|  Apple, Inc. | 2298425 |  | 298634360 |  |
|  Corsair Gaming, Inc.\* | 4303 |  | 58392 |  |
|  Dell Technologies, Inc., Class C | 44879 |  | 1805033 |  |
|  Diebold Nixdorf, Inc.\* | 550 |  | 781 |  |
|  Hewlett Packard Enterprise Co. | 221332 |  | 3532459 |  |
|  HP, Inc. | 171568 |  | 4610032 |  |
|  NetApp, Inc. | 37750 |  | 2267265 |  |
|  Pure Storage, Inc., Class A\* | 43200 |  | 1156032 |  |
|  Super Micro Computer, Inc.\* | 6900 |  | 566490 |  |
|  Western Digital Corp.\* | 52478 |  | 1655681 |  |
|  |  |  | 314286525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 1405613686 |  |
|  **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |  |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | **** |
|  Air Products and Chemicals, Inc. | 34980 |  | 10782935 |  |
|  Albemarle Corp. | 18276 |  | 3963333 |  |
|  Amyris, Inc. (x)\* | 31900 |  | 48807 |  |
|  Ashland, Inc. | 10264 |  | 1103688 |  |
|  Avient Corp. | 16100 |  | 543536 |  |
|  Axalta Coating Systems Ltd.\* | 32258 |  | 821611 |  |
|  Balchem Corp. | 5700 |  | 696027 |  |
|  Cabot Corp. | 8900 |  | 594876 |  |
|  Celanese Corp. | 17400 |  | 1778976 |  |
|  CF Industries Holdings, Inc. | 30410 |  | 2590932 |  |
|  Chemours Co. (The) | 31328 |  | 959264 |  |
|  Corteva, Inc. | 115590 |  | 6794380 |  |
|  Dow, Inc. | 116656 |  | 5878296 |  |
|  DuPont de Nemours, Inc. | 76732 |  | 5266117 |  |
|  Eastman Chemical Co. | 23228 |  | 1891688 |  |
|  Ecolab, Inc. | 39388 |  | 5733317 |  |
|  Element Solutions, Inc. | 38300 |  | 696677 |  |
|  FMC Corp. | 20200 |  | 2520960 |  |
|  HB Fuller Co. | 6400 |  | 458368 |  |
|  Huntsman Corp. | 40900 |  | 1123932 |  |
|  Ingevity Corp.\* | 3000 |  | 211320 |  |
|  International Flavors & Fragrances, Inc. | 39447 |  | 4135624 |  |
|  Linde plc | 77800 |  | 25376804 |  |
|  Livent Corp.\* | 26200 |  | 520594 |  |
|  LyondellBasell Industries NV, Class A | 39300 |  | 3263079 |  |
|  Mosaic Co. (The) | 56130 |  | 2462423 |  |
|  NewMarket Corp. | 300 |  | 93333 |  |
|  Olin Corp. | 25200 |  | 1334088 |  |
|  PPG Industries, Inc. | 37900 |  | 4765546 |  |
|  Quaker Chemical Corp. | 600 |  | 100140 |  |
|  RPM International, Inc. | 23050 |  | 2246223 |  |
|  Sensient Technologies Corp. | 4300 |  | 313556 |  |
|  Sherwin-Williams Co. (The) | 36400 |  | 8638812 |  |
|  Valvoline, Inc. | 29388 |  | 959518 |  |
|  Westlake Corp. | 5200 |  | 533208 |  |
|  |  |  | 109201988 |  |

---

See Notes to Financial Statements.

630

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Eagle Materials, Inc. | 6100 | $810385 |  |
|  Martin Marietta Materials, Inc. | 10630 | 3592621 |  |
|  Summit Materials, Inc., Class A\* | 12509 | 355131 |  |
|  Vulcan Materials Co. | 22400 | 3922464 |  |
|  |  | 8680601 |  |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | **** |
|  Amcor plc | 239529 | 2852790 |  |
|  AptarGroup, Inc. | 10000 | 1099800 |  |
|  Avery Dennison Corp. | 14050 | 2543050 |  |
|  Ball Corp. | 54400 | 2782016 |  |
|  Berry Global Group, Inc. | 19000 | 1148170 |  |
|  Crown Holdings, Inc. | 23050 | 1894940 |  |
|  Graphic Packaging Holding Co. | 56100 | 1248225 |  |
|  International Paper Co. | 66950 | 2318479 |  |
|  Packaging Corp. of America | 16700 | 2136097 |  |
|  Sealed Air Corp. | 25160 | 1254981 |  |
|  Silgan Holdings, Inc. | 9500 | 492480 |  |
|  Sonoco Products Co. | 15460 | 938577 |  |
|  Westrock Co. | 44132 | 1551681 |  |
|  |  | 22261286 |  |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | **** |
|  Alcoa Corp. | 32900 | 1495963 |  |
|  Arconic Corp.\* | 16800 | 355488 |  |
|  ATI, Inc.\* | 19000 | 567340 |  |
|  Carpenter Technology Corp. | 1900 | 70186 |  |
|  Cleveland-Cliffs, Inc.\* | 72400 | 1166364 |  |
|  Commercial Metals Co. | 21300 | 1028790 |  |
|  Freeport-McMoRan, Inc. | 223894 | 8507972 |  |
|  Newmont Corp. | 126911 | 5990199 |  |
|  Novagold Resources, Inc.\* | 17500 | 104650 |  |
|  Nucor Corp. | 39820 | 5248674 |  |
|  Reliance Steel & Aluminum Co. | 9500 | 1923180 |  |
|  Royal Gold, Inc. | 12900 | 1454088 |  |
|  Southern Copper Corp. | 19344 | 1168184 |  |
|  SSR Mining, Inc. | 32200 | 504574 |  |
|  Steel Dynamics, Inc. | 30200 | 2950540 |  |
|  United States Steel Corp. (x) | 38200 | 956910 |  |
|  |  | 33493102 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 15300 | 905760 |  |
|  Sylvamo Corp. | 2186 | 106218 |  |
|  |  | 1011978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 174648955 |  |
|  **Real Estate (3.3%)** | **Real Estate (3.3%)** | **Real Estate (3.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (3.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.1%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.1%)*** | **** |
|  Acadia Realty Trust (REIT) | 9000 | 129150 |  |
|  Agree Realty Corp. (REIT) | 9600 | 680928 |  |
|  Alexandria Real Estate Equities, Inc. (REIT) | 25080 | 3653404 |  |
|  American Assets Trust, Inc. (REIT) | 1000 | 26500 |  |
|  American Homes 4 Rent (REIT), Class A | 47500 | 1431650 |  |
|  American Tower Corp. (REIT) | 72700 | 15402222 |  |
|  Americold Realty Trust, Inc. (REIT) | 37100 | 1050301 |  |
|  Apartment Income REIT Corp. (REIT) | 31828 | 1092019 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 26500 | 418170 |  |
|  AvalonBay Communities, Inc. (REIT) | 23149 | 3739026 |  |
|  Boston Properties, Inc. (REIT) | 28870 | 1951035 |  |
|  Brandywine Realty Trust (REIT) | 11500 | 70725 |  |
|  Brixmor Property Group, Inc. (REIT) | 45300 | 1026951 |  |
|  Broadstone Net Lease, Inc. (REIT) | 17900 | 290159 |  |
|  Camden Property Trust (REIT) | 15680 | 1754278 |  |
|  CareTrust REIT, Inc. (REIT) | 12100 | 224818 |  |
|  Corporate Office Properties Trust (REIT) | 14809 | 384145 |  |
|  Cousins Properties, Inc. (REIT) | 23461 | 593329 |  |
|  Crown Castle, Inc. (REIT) | 67850 | 9203174 |  |
|  CubeSmart (REIT) | 39700 | 1597925 |  |
|  Digital Realty Trust, Inc. (REIT) | 44972 | 4509342 |  |
|  Diversified Healthcare Trust (REIT) | 22690 | 14676 |  |
|  Douglas Emmett, Inc. (REIT) | 18500 | 290080 |  |
|  EastGroup Properties, Inc. (REIT) | 6800 | 1006808 |  |
|  Elme Communities (REIT) | 7570 | 134746 |  |
|  EPR Properties (REIT) | 7800 | 294216 |  |
|  Equinix, Inc. (REIT) | 14161 | 9275880 |  |
|  Equity Commonwealth (REIT) | 17700 | 441969 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 27500 | 1776500 |  |
|  Equity Residential (REIT) | 58287 | 3438933 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 12300 | 288681 |  |
|  Essex Property Trust, Inc. (REIT) | 10777 | 2283862 |  |
|  Extra Space Storage, Inc. (REIT) | 21000 | 3090780 |  |
|  Federal Realty Investment Trust (REIT) | 12380 | 1250875 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 29500 | 1423670 |  |
|  Four Corners Property Trust, Inc. (REIT) | 5000 | 129650 |  |
|  Gaming and Leisure Properties, Inc. (REIT) | 36886 | 1921392 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 58041 | 1118450 |  |
|  Healthpeak Properties, Inc. (REIT) | 96297 | 2414166 |  |
|  Highwoods Properties, Inc. (REIT) | 19530 | 546449 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 115813 | 1858799 |  |
|  Hudson Pacific Properties, Inc. (REIT) | 24500 | 238385 |  |
|  Independence Realty Trust, Inc. (REIT) | 34700 | 585042 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 3700 | 374995 |  |
|  Invitation Homes, Inc. (REIT) | 94496 | 2800861 |  |
|  Iron Mountain, Inc. (REIT) | 45355 | 2260947 |  |
|  Kilroy Realty Corp. (REIT) | 21800 | 843006 |  |
|  Kimco Realty Corp. (REIT) | 99485 | 2107092 |  |
|  Kite Realty Group Trust (REIT) | 34998 | 736708 |  |
|  Lamar Advertising Co. (REIT), Class A | 13639 | 1287522 |  |
|  Life Storage, Inc. (REIT) | 12896 | 1270256 |  |
|  LXP Industrial Trust (REIT) | 34200 | 342684 |  |
|  Macerich Co. (The) (REIT) | 36322 | 408986 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 96900 | 1079466 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 18738 | 2941679 |  |
|  National Health Investors, Inc. (REIT) | 6600 | 344652 |  |
|  National Retail Properties, Inc. (REIT) | 27190 | 1244214 |  |

---

See Notes to Financial Statements.

631

------

**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  National Storage Affiliates Trust (REIT) | 11600 | $| 418992 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 44440 |  | 1242098 |  |
|  Orion Office REIT, Inc. (REIT) | 5069 |  | 43289 |  |
|  Outfront Media, Inc. (REIT) | 24670 |  | 409029 |  |
|  Paramount Group, Inc. (REIT) (x) | 22800 |  | 135432 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 41635 |  | 490877 |  |
|  Pebblebrook Hotel Trust (REIT) | 15800 |  | 211562 |  |
|  Phillips Edison & Co., Inc. (REIT) | 17900 |  | 569936 |  |
|  Physicians Realty Trust (REIT) | 38100 |  | 551307 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 25100 |  | 230167 |  |
|  PotlatchDeltic Corp. (REIT) | 10151 |  | 446543 |  |
|  Prologis, Inc. (REIT) | 144263 |  | 16262768 |  |
|  Public Storage (REIT) | 23902 |  | 6697101 |  |
|  Rayonier, Inc. (REIT) | 27025 |  | 890744 |  |
|  Realty Income Corp. (REIT) | 93191 |  | 5911105 |  |
|  Regency Centers Corp. (REIT) | 33306 |  | 2081625 |  |
|  Retail Opportunity Investments Corp. (REIT) | 700 |  | 10521 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 24300 |  | 1327752 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 10751 |  | 879217 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 34657 |  | 430787 |  |
|  Safehold, Inc. (REIT) (x) | 8600 |  | 246132 |  |
|  SBA Communications Corp. (REIT) | 17400 |  | 4877394 |  |
|  Service Properties Trust (REIT) | 25000 |  | 182250 |  |
|  Simon Property Group, Inc. (REIT) | 49659 |  | 5833939 |  |
|  SITE Centers Corp. (REIT) | 42300 |  | 577818 |  |
|  SL Green Realty Corp. (REIT) (x) | 11563 |  | 389904 |  |
|  Spirit Realty Capital, Inc. (REIT) | 20933 |  | 835855 |  |
|  STAG Industrial, Inc. (REIT) | 27800 |  | 898218 |  |
|  STORE Capital Corp. (REIT) | 35400 |  | 1134924 |  |
|  Sun Communities, Inc. (REIT) | 18600 |  | 2659800 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 28700 |  | 277242 |  |
|  Terreno Realty Corp. (REIT) | 11600 |  | 659692 |  |
|  UDR, Inc. (REIT) | 52936 |  | 2050211 |  |
|  Uniti Group, Inc. (REIT) | 33900 |  | 187467 |  |
|  Urban Edge Properties (REIT) | 18210 |  | 256579 |  |
|  Ventas, Inc. (REIT) | 61779 |  | 2783144 |  |
|  VICI Properties, Inc. (REIT) | 148900 |  | 4824360 |  |
|  Vornado Realty Trust (REIT) | 33847 |  | 704356 |  |
|  Welltower, Inc. (REIT) | 71217 |  | 4668274 |  |
|  Weyerhaeuser Co. (REIT) | 128135 |  | 3972185 |  |
|  WP Carey, Inc. (REIT) | 29921 |  | 2338326 |  |
|  |  |  | 180695250 |  |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | **** |
|  CBRE Group, Inc., Class A\* | 50750 |  | 3905720 |  |
|  Cushman & Wakefield plc\* | 23700 |  | 295302 |  |
|  DigitalBridge Group, Inc. | 19675 |  | 215244 |  |
|  eXp World Holdings, Inc. (x) | 20570 |  | 227916 |  |
|  Howard Hughes Corp. (The)\* | 4700 |  | 359174 |  |
|  Jones Lang LaSalle, Inc.\* | 9500 |  | 1514015 |  |
|  Kennedy-Wilson Holdings, Inc. | 25100 |  | 394823 |  |
|  Newmark Group, Inc., Class A | 27319 |  | 217732 |  |
|  Opendoor Technologies, Inc. (x)\* | 73000 |  | 84680 |  |
|  Redfin Corp. (x)\* | 16700 |  | 70808 |  |
|  RMR Group, Inc. (The), Class A | 271 |  | 7656 |  |
|  St Joe Co. (The) | 5200 |  | 200980 |  |
|  WeWork, Inc. (x)\* | 17200 |  | 24596 |  |
|  Zillow Group, Inc., Class A\* | 10600 |  | 330826 |  |
|  Zillow Group, Inc., Class C\* | 27124 |  | 873664 |  |
|  |  |  | 8723136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 189418386 |  |
|  **Utilities (3.1%)** | **Utilities (3.1%)** | **Utilities (3.1%)** | **Utilities (3.1%)** |  |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | **** |
|  ALLETE, Inc. | 8200 |  | 528982 |  |
|  Alliant Energy Corp. | 43900 |  | 2423719 |  |
|  American Electric Power Co., Inc. | 78770 |  | 7479211 |  |
|  Constellation Energy Corp. | 53352 |  | 4599476 |  |
|  Duke Energy Corp. | 116785 |  | 12027687 |  |
|  Edison International | 58760 |  | 3738311 |  |
|  Entergy Corp. | 33200 |  | 3735000 |  |
|  Evergy, Inc. | 36209 |  | 2278632 |  |
|  Eversource Energy | 54358 |  | 4557375 |  |
|  Exelon Corp. | 148556 |  | 6422076 |  |
|  FirstEnergy Corp. | 86104 |  | 3611202 |  |
|  Hawaiian Electric Industries, Inc. | 20500 |  | 857925 |  |
|  IDACORP, Inc. | 6850 |  | 738773 |  |
|  NextEra Energy, Inc. | 302300 |  | 25272280 |  |
|  NRG Energy, Inc. | 40921 |  | 1302106 |  |
|  OGE Energy Corp. | 36900 |  | 1459395 |  |
|  PG&E Corp.\* | 240100 |  | 3904026 |  |
|  Pinnacle West Capital Corp. | 21300 |  | 1619652 |  |
|  PNM Resources, Inc. | 15200 |  | 741608 |  |
|  Portland General Electric Co. | 11100 |  | 543900 |  |
|  PPL Corp. | 120450 |  | 3519549 |  |
|  Southern Co. (The) | 163150 |  | 11650542 |  |
|  Xcel Energy, Inc. | 85780 |  | 6014036 |  |
|  |  |  | 109025463 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  Atmos Energy Corp. | 21100 |  | 2364677 |  |
|  Brookfield Infrastructure Corp., Class A | 14700 |  | 571830 |  |
|  National Fuel Gas Co. | 13700 |  | 867210 |  |
|  New Jersey Resources Corp. | 11900 |  | 590478 |  |
|  ONE Gas, Inc. | 6725 |  | 509217 |  |
|  South Jersey Industries, Inc. | 16100 |  | 572033 |  |
|  Southwest Gas Holdings, Inc. | 9900 |  | 612612 |  |
|  Spire, Inc. | 7900 |  | 543994 |  |
|  UGI Corp. | 39575 |  | 1467045 |  |
|  |  |  | 8099096 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 103695 |  | 2982268 |  |
|  Brookfield Renewable Corp. | 18450 |  | 508113 |  |
|  Ormat Technologies, Inc. | 7100 |  | 614008 |  |
|  Vistra Corp. | 75815 |  | 1758908 |  |
|  |  |  | 5863297 |  |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | **** |
|  Ameren Corp. | 40500 |  | 3601260 |  |
|  Black Hills Corp. | 8900 |  | 626026 |  |
|  CenterPoint Energy, Inc. | 99950 |  | 2997501 |  |
|  CMS Energy Corp. | 45600 |  | 2887848 |  |
|  Consolidated Edison, Inc. | 55700 |  | 5308767 |  |
|  Dominion Energy, Inc. | 126854 |  | 7778687 |  |
|  DTE Energy Co. | 30400 |  | 3572912 |  |
|  NiSource, Inc. | 61600 |  | 1689072 |  |
|  NorthWestern Corp. | 8500 |  | 504390 |  |

---

See Notes to Financial Statements.

632

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  Public Service Enterprise Group, Inc. | 75900 | $4650393 |  |
|  Sempra Energy | 48690 | 7524553 |  |
|  WEC Energy Group, Inc. | 46898 | 4397156 |  |
|  |  | 45538565 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American States Water Co. | 5600 | 518280 |  |
|  American Water Works Co., Inc. | 27900 | 4252518 |  |
|  California Water Service Group | 8300 | 503312 |  |
|  Essential Utilities, Inc. | 42062 | 2007619 |  |
|  |  | 7281729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 175808150 |  |
|  **Total Common Stocks (99.5%)**<br> *(Cost $1,970,394,512)* |  | 5766959067 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | **** |
|  Achillion Pharmaceuticals, Inc.,<br>CVR (r)\* | 23600 | 8142 |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Zogenix, Inc., CVR\* | 14700 | 14700 |  |
|  **Total Rights (0.0%)†**<br>(*Cost $8,142*) |  | 22842 |  |
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 5000000 | 5000000 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (0.4%)** | **Repurchase Agreements (0.4%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $6,524,805, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $6,652,197. (xx) | $6521762 | 6521762 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 | 10000000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $8,307,182, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $9,037,277. (xx) | 8300000 | 8300000 |  |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $908,691, collateralized by various Common Stocks; total market value $1,010,739. (xx) | 908246 | 908246 |  |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $1,000,489, collateralized by various Common Stocks; total market value $1,110,647. (xx) | 1000000 | 1000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 26730008 |  |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $31,730,008)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $31,730,008)* | 31730008 |  |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $2,002,132,662)* | **Total Investments in Securities (100.0%)**<br> *(Cost $2,002,132,662)* | 5798711917 |  |
|  **Other Assets Less Liabilities (0.0%)†** | **Other Assets Less Liabilities (0.0%)†** | 2687802 |  |
|  **Net Assets (100%)** |  | $5801399719 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $33,751,800.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $39,643,324. This was collateralized by $8,894,286 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $31,730,008 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

633

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Russell 2000 E-Mini Index | 44 | 3/2023 | USD | 3895980 | (138841) |
|  S&P 500 E-Mini Index | 139 | 3/2023 | USD | 26833950 | (950031) |
|  |  |  |  |  | (1088872) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $392334341 | $— | $— | $392334341 |
|  Consumer Discretionary | 576013865 |  |  | 576013865 |
|  Consumer Staples | 379874672 |  |  | 379874672 |
|  Energy | 307472352 |  |  | 307472352 |
|  Financials | 708312401 |  |  | 708312401 |
|  Health Care | 894245589 |  | 17647 | 894263236 |
|  Industrials | 563199023 |  |  | 563199023 |
|  Information Technology | 1405613686 |  |  | 1405613686 |
|  Materials | 174648955 |  |  | 174648955 |
|  Real Estate | 189418386 |  |  | 189418386 |
|  Utilities | 175808150 |  |  | 175808150 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 14700 | 8142 | 22842 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 5000000 |  |  | 5000000 |
|  Repurchase Agreements |  | 26730008 |  | 26730008 |
|  **Total Assets** | $**5771941420** | $**26744708** | $**25789** | $**5798711917** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(1088872) | $— | $— | $(1088872) |
|  **Total Liabilities** | $**(1088872)** | $**—** | $**—** | $**(1088872)** |
|  **Total** | $**5770852548** | $**26744708** | $**25789** | $**5797623045** |

---

See Notes to Financial Statements.

634

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(1088872) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1088872 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(11206966) | $(11206966) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11206966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11206966) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1356701) | $(1356701) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1356701) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1356701) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $41,391,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $166719866 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589534689 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4134438659 |
|  Aggregate gross unrealized depreciation | (354286366) |
|  Net unrealized appreciation | $3780152293 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017470752 |

---

See Notes to Financial Statements.

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,975,402,654) | $5771981909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $26,730,008) | 26730008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 32754401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5298539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 276604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 60248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 294129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5837395838 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 31730008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1630097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 917322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 668133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 479281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 343427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 88353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 13801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 125697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 35996119 |
|  **NET ASSETS** | $5801399719 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1986272276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3815127443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5801399719 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $4,220,653,463 / 116,413,993 shares outstanding (unlimited amount authorized: $0.01 par value) | $36.26 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,580,746,256 / 43,941,798 shares outstanding (unlimited amount authorized: $0.01 par value) | $35.97 |

---

*(x)* *Includes value of securities on loan of $39,643,324.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $21,950 foreign withholding tax) | $98160561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 493473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 644802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 99298836 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 20148839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 11712807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5954370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4343925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 240620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 217164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 210593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 158700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 44157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 702868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 43734043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (94369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 43639674 |
|  **NET INVESTMENT INCOME (LOSS)** | 55659162 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 325567063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11206966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 314360097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1848361715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1356701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1849718416) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1535358319) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1479699157) |

---

See Notes to Financial Statements.

636

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------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55659162 | $47526066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 314360097 | 458714288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1849718416) | 1108866423 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1479699157) | 1615106777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (282798363) | (386593105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (106648938) | (143611223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (389447301) | (530204328) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,189,795 and 720,518 shares, respectively ] | 48897587 | 33463614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,496,674 and 8,154,948 shares, respectively ] | 282798363 | 386593105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9850788) and (10281354) shares, respectively ] | (403986606) | (480480909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (72290656) | (60424190) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,888,505 and 1,858,869 shares, respectively ] | 77034838 | 85908604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 118,063 and 0 shares, respectively ] | 4680495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,849,134 and 3,051,373 shares, respectively ] | 106648938 | 143611223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4657538) and (4748817) shares, respectively ] | (190223906) | (219745322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (1859635) | 9774505 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (74150291) | (50649685) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1943296749) | 1034252764 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7744696468 | 6710443704 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5801399719 | $7744696468 |

---

See Notes to Financial Statements.

637

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**EQ ADVISORS TRUST** 

EQ/COMMON STOCK INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $48.10 | $41.35 | $36.67 | $29.85 | $33.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.36 | 0.30 | 0.40 | 0.47 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.64) | 9.93 | 6.73 | 8.49 | (2.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.28) | 10.23 | 7.13 | 8.96 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.33) | (0.42) | (0.51) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.24) | (3.15) | (2.03) | (1.63) | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.56) | (3.48) | (2.45) | (2.14) | (2.18) |
|  Net asset value, end of year | $36.26 | $48.10 | $41.35 | $36.67 | $29.85 |
|  Total return | (19.46)% | 24.93% | 19.77% | 30.24% | (5.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $4220653 | $5655827 | $4920389 | $4482210 | $3776306 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.68% | 0.68% | 0.69% | 0.69% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.68% | 0.69% | 0.69% | 0.70% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.87% | 0.65% | 1.10% | 1.35% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.87% | 0.65% | 1.10% | 1.35% | 1.25% |
|  Portfolio turnover rate^ | 3% | 3% | 4% | 3% | 3% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $47.75 | $41.07 | $36.44 | $29.67 | $33.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.35 | 0.30 | 0.40 | 0.47 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.57) | 9.86 | 6.68 | 8.44 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.22) | 10.16 | 7.08 | 8.91 | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.33) | (0.42) | (0.51) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.24) | (3.15) | (2.03) | (1.63) | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.56) | (3.48) | (2.45) | (2.14) | (2.18) |
|  Net asset value, end of year | $35.97 | $47.75 | $41.07 | $36.44 | $29.67 |
|  Total return | (19.47)% | 24.93% | 19.76% | 30.26% | (5.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337315 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.68% | 0.68% | 0.69% | 0.69% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.68% | 0.69% | 0.69% | 0.70% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.87% | 0.65% | 1.10% | 1.35% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.87% | 0.65% | 1.10% | 1.35% | 1.25% |
|  Portfolio turnover rate^ | 3% | 3% | 4% | 3% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

638

------

**EQ/CORE BOND INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> SSGA Funds Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g22r40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (8.78)% | 0.18% | 0.50 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (8.76) | 0.20 | 0.50 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (8.55) | 0.44 | 0.75 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government/Credit Bond Index | (8.23) | 0.73 | 1.12 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (8.76)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Intermediate Government/Credit Bond Index, which returned (8.23)% over the same period.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics** <br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 4.32 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.32 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.90 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA3 |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

**Asset Class Overview** 

**Portfolio Highlights** 

As we look back on 2022, there were some things no one could predict, like the war in Ukraine, whose impact on fixed income markets was mostly limited to emerging markets and global indices. Throughout 2022 the Federal Reserve (Fed) hiked rates by a total of 4.25%, and another two hikes are still expected for 2023! The Fed made good on their claims that they would stop at nothing to curb inflation. To their credit, inflation has come down to 7.1% in November, but this is still well away from their 2% target, hence the anticipation of more hikes going forward.

The fixed income markets responded violently to the Fed's aggressive hiking cycle. U.S. Treasury yields surged, albeit unevenly, resulting in a curve inversion in June that deepened throughout the second half of the year – a telltale sign of impending recession. Bonds had one of their worst years in history, with all major U.S. indices posting negative returns for the majority of the twelve months.

As this is an indexed Portfolio, any small deviations in performance can be attributed to misweights due to our sampling process as well as effects from trading. The primary factors that affected markets also affected the Portfolio's performance. The main macroeconomic factor that contributed to Portfolio performance was the Fed's aggressive rate hiking cycle as a response to elevated inflation. All major U.S. bond indices experienced negative returns during the year, however those that contained Treasuries were hit hardest due to persistent volatility within the sector. Investment grade corporate bonds, though supported by strong technicals and consistent issuance, also experienced volatility amid inflationary concerns. Intermediate and longer dated bonds performed more poorly than shorter dated bonds due to the added duration risk.

639

------

**EQ/CORE BOND INDEX PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 46.3% |
| &nbsp;&nbsp;&nbsp; Financials | 14.7 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 8.5 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 3.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 3.2 |
| &nbsp;&nbsp;&nbsp; Information Technology | 3.1 |
| &nbsp;&nbsp;&nbsp; Supranational | 3.0 |
| &nbsp;&nbsp;&nbsp; Health Care | 2.7 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 2.5 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 2.1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.0 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.9 |
| &nbsp;&nbsp;&nbsp; Energy | 1.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 1.7 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |
| &nbsp;&nbsp;&nbsp; Materials | 0.9 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.3 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 0.1 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (2.5) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $980.50 | $3.23 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.94 | 3.30 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 980.60 | 3.23 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.94 | 3.30 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 981.90 | 1.99 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.20 | 2.03 |  |
| &nbsp;&nbsp;&nbsp; *\* Expensesare equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expensesare equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expensesare equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expensesare equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

640

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (0.1%)** | **Asset-Backed Securities (0.1%)** | **Asset-Backed Securities (0.1%)** |  |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2 AA<br>3.350%, 10/15/29 | $264757 | $224931 |  |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>3.204%, 4/25/24 | 150000 | 145026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br>2.000%, 6/10/28 | 425258 | 366027 |  |
|  Evergy Metro, Inc.,<br>3.650%, 8/15/25 | 500000 | 484820 |  |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 | 3789888 | 3733419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B<br>4.875%, 1/15/26 | 91440 | 86062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 5040285 |  |
|  **Corporate Bonds (35.1%)** | **Corporate Bonds (35.1%)** | **Corporate Bonds (35.1%)** |  |
|  **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | **** |
|  AT&T, Inc. | AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 | 1000000 | 956657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/27 | 500000 | 446306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/28 | 185000 | 156721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 | 453000 | 432478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 1665000 | 1588850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 8159000 | 7704757 |  |
|  Bell Canada (The)<br>Series US-3 | Bell Canada (The)<br>Series US-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/17/24 | 750000 | 710671 |  |
|  British Telecommunications plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/4/28 | 500000 | 484561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/15/30 (e) | 2000000 | 2397500 |  |
|  Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 6/15/30(e) | 2500000 | 2954530 |  |
|  Telefonica Emisiones SA | Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.103%, 3/8/27 (x) | 440000 | 417982 |  |
|  TELUS Corp. | TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/16/27 | 400000 | 369337 |  |
|  Verizon Communications, Inc. | Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/22/24 | 490000 | 465219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 3/20/26 | 790000 | 709752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/22/27 (x) | 375000 | 348853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 | 750000 | 653164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 | 9238000 | 8916123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/8/29 (x) | 140000 | 131829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 12/3/29 | 1500000 | 1404289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/22/30 (x) | 375000 | 332189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 | 600000 | 469136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 10/30/30 | 1957000 | 1529981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 1220000 | 1006987 |  |
|  |  | 34587872 |  |
|  ***Entertainment (0.3%)*** |  |  |  |
|  Activision Blizzard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/15/26 | 600000 | 571880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 | 310000 | 293429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 | 180000 | 141054 |  |
|  Electronic Arts, Inc. | Electronic Arts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 3/1/26 | 600000 | 598053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 | 295000 | 233005 |  |
|  Tencent Music Entertainment Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/3/25 | 200000 | 177424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/3/30 | 215000 | 161022 |  |
|  TWDC Enterprises 18 Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/17/25 | 500000 | 479786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 7/30/26 | 465000 | 420208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 | 1000000 | 934034 |  |
|  Walt Disney Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/30/24 (x) | 750000 | 713454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/25 | 1040000 | 1010758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/13/26 | 1070000 | 980615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/26 | 300000 | 284596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/13/28 (x) | 700000 | 624596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/29 (x) | 500000 | 419296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/13/31 (x) | 2500000 | 2142909 |  |
|  Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.428%, 3/15/24§ | 800000 | 777439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638%, 3/15/25§ | 800000 | 761114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.755%, 3/15/27§ | 1840000 | 1660859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.054%, 3/15/29§ | 555000 | 480302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 3/15/32§ | 1145000 | 940348 |  |
|  |  | 14806181 |  |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | **** |
|  Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/25/24 | 500000 | 492715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 8/15/25 | 435000 | 392307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.998%, 8/15/26 | 2000000 | 1838751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 8/15/27 | 1000000 | 857315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/15/30 | 650000 | 512595 |  |
|  Baidu, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/30/25 | 695000 | 667999 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.720%, 4/9/26 | 200000 | 176614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/23/27 | 290000 | 246555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/29/28 | 290000 | 271567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/28 | 315000 | 300687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/9/30 | 200000 | 158446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/23/31 | 500000 | 387050 |  |
|  Weibo Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/8/30 | 500000 | 381031 |  |
|  |  | 6683632 |  |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 7/23/25 | 4850000 | 4749751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 585000 | 469462 |  |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/15/24 | 1110000 | 1092965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 10/15/25 | 1750000 | 1715616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/1/26 | 2000000 | 1905947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 5025000 | 4827900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/30 | 2500000 | 2285452 |  |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/15/24 | 800000 | 774872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/15/25 | 500000 | 477085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/11/26 | 500000 | 484403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 455000 | 395345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 (x) | 1310000 | 1086366 |  |
|  Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 1/25/24 | 575000 | 568218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | 730000 | 706144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/8/30 (x) | 2000000 | 1772224 |  |
|  Interpublic Group of Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/28 (x) | 250000 | 239318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/1/31 | 1750000 | 1386497 |  |

---

See Notes to Financial Statements.

641

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Omnicom Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 11/1/24 | $| 750000 | $| 734271 |  |
|  Paramount Global |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/15/28 (x) |  | 570000 |  | 505444 |  |
|  |  |  |  | 26177280 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  America Movil SAB de CV |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/22/29 |  | 500000 |  | 453219 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/7/30 |  | 1450000 |  | 1233678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/21/32 |  | 405000 |  | 387787 |  |
|  Rogers Communications, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/25§ |  | 215000 |  | 205031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/15/25 |  | 500000 |  | 480439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/26 |  | 500000 |  | 456795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 (x)§ |  | 500000 |  | 462575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/32§ |  | 625000 |  | 539570 |  |
|  T-Mobile USA, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/25 |  | 2500000 |  | 2404157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/26 |  | 1000000 |  | 896544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 |  | 2500000 |  | 2358934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/28 |  | 700000 |  | 600828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/29 |  | 340000 |  | 287397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 |  | 3000000 |  | 2731279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 1/15/33 (x) |  | 2610000 |  | 2580601 |  |
|  Vodafone Group plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/30/25 (x) |  | 500000 |  | 492669 |  |
|  |  |  |  | 16571503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 98826468 |  |
|  **Consumer Discretionary (1.7%)** | **Consumer Discretionary (1.7%)** | **Consumer Discretionary (1.7%)** | **Consumer Discretionary (1.7%)** | **Consumer Discretionary (1.7%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.396%, 2/18/25 |  | 375000 |  | 353399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 |  | 105000 |  | 97331 |  |
|  BorgWarner, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/25 |  | 800000 |  | 767610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/1/27 |  | 300000 |  | 267403 |  |
|  Lear Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/29 |  | 125000 |  | 113025 |  |
|  Magna International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/15/24 |  | 1200000 |  | 1171235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/1/25 |  | 250000 |  | 244352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/15/30 (x) |  | 300000 |  | 249309 |  |
|  |  |  |  | 3263664 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  General Motors Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/1/27 |  | 405000 |  | 420612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28 |  | 750000 |  | 720030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/29 |  | 500000 |  | 478158 |  |
|  Harley-Davidson, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/28/25 |  | 400000 |  | 380255 |  |
|  Honda Motor Co. Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.271%, 3/10/25 |  | 165000 |  | 156181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.534%, 3/10/27 |  | 165000 |  | 150381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.967%, 3/10/32 |  | 200000 |  | 172192 |  |
|  Toyota Motor Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.681%, 3/25/24 (x) |  | 600000 |  | 569386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.358%, 7/2/24 |  | 250000 |  | 240785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.669%, 7/20/28 |  | 355000 |  | 335204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760%, 7/2/29 |  | 250000 |  | 221998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.362%, 3/25/31 |  | 600000 |  | 504202 |  |
|  |  |  |  | 4349384 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Genuine Parts Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/1/25 |  | 130000 |  | 121550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/1/30 |  | 285000 |  | 220210 |  |
|  |  |  |  | 341760 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) | Leland Stanford Junior University (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.289%, 6/1/27 |  | 35000 |  | 30351 |  |
|  Yale University |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>0.873%, 4/15/25 |  | 500000 |  | 459675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.482%, 4/15/30 |  | 500000 |  | 401016 |  |
|  |  |  |  | 891042 |  |
|  ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | **** |
|  Booking Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/25 |  | 600000 |  | 584645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/1/26 |  | 500000 |  | 479549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/13/30 |  | 1500000 |  | 1456416 |  |
|  Expedia Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/27 |  | 840000 |  | 810032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 |  | 1500000 |  | 1277427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/31 (x) |  | 185000 |  | 149532 |  |
|  Hyatt Hotels Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/1/24 |  | 235000 |  | 220416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 3/15/26 |  | 250000 |  | 244868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 9/15/28 |  | 950000 |  | 873035 |  |
|  Marriott International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/24 |  | 350000 |  | 342381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 |  | 165000 |  | 163408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>4.650%, 12/1/28 |  | 500000 |  | 480562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF<br>4.625%, 6/15/30 |  | 725000 |  | 680016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br>3.125%, 6/15/26 |  | 500000 |  | 465433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>4.000%, 4/15/28 |  | 500000 |  | 467368 |  |
|  McDonald's Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/10/24 (x) |  | 1000000 |  | 977849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/26/25 |  | 750000 |  | 725248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/1/25 |  | 200000 |  | 183554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/26 |  | 1500000 |  | 1459307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/27 |  | 775000 |  | 737476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 |  | 1100000 |  | 1054563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 |  | 290000 |  | 254905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/1/30 |  | 220000 |  | 184493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 9/9/32 |  | 350000 |  | 343891 |  |
|  Starbucks Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/15/25 |  | 700000 |  | 686328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/15/26 |  | 500000 |  | 463873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/12/27 |  | 350000 |  | 312499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/28 |  | 750000 |  | 704016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/28 (x) |  | 800000 |  | 763766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/12/30 |  | 350000 |  | 291387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 |  | 220000 |  | 189026 |  |
|  |  |  |  | 18027269 |  |

---

See Notes to Financial Statements.

642

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/15/24 | $1250000 | $1192297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/15/25 | 350000 | 326106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 10/15/26 | 275000 | 236755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 10/15/27 (x) | 750000 | 624576 |  |
|  Leggett & Platt, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/24 | 300000 | 291493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 | 500000 | 458867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/29 | 350000 | 329338 |  |
|  Mohawk Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 (x) | 350000 | 302652 |  |
|  NVR, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/30 | 1320000 | 1112513 |  |
|  PulteGroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/27 | 1000000 | 988616 |  |
|  Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/1/25 | 500000 | 485872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/26/29 (x) | 150000 | 146271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/14/32 | 285000 | 269731 |  |
|  |  | 6765087 |  |
|  ***Internet & Direct Marketing Retail (0.4%)*** | ***Internet & Direct Marketing Retail (0.4%)*** | ***Internet & Direct Marketing Retail (0.4%)*** | **** |
|  Alibaba Group Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/6/27 | 1780000 | 1636256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/9/31 (x) | 490000 | 386492 |  |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.730%, 4/13/24 | 500000 | 488307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 5/12/24 | 580000 | 547430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/22/24 | 375000 | 363699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/13/25 | 750000 | 724483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 6/3/25 | 500000 | 457160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/1/25 (x) | 1000000 | 998772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 12/3/25 | 500000 | 508330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 5/12/26 | 1300000 | 1154237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 | 1300000 | 1234202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 6/3/27 | 340000 | 294452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 | 4000000 | 3767160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 12/1/27 | 1000000 | 996270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 (x) | 1650000 | 1519767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/1/32 | 1000000 | 990975 |  |
|  eBay, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/11/25 | 525000 | 491881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 5/10/26 | 1000000 | 887408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/5/27 | 750000 | 710904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/11/30 | 700000 | 595125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/10/31 (x) | 1000000 | 823441 |  |
|  JD.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/29/26 | 500000 | 475690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/14/30 | 320000 | 280342 |  |
|  |  | 20332783 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/19/24 | 350000 | 336176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 11/19/26 | 250000 | 234535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 | 290000 | 269133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/19/29 | 500000 | 444723 |  |
|  |  | 1284567 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Dollar General Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/20/24 | 175000 | 172701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/1/25 | 125000 | 122483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/27 | 500000 | 477477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/1/27 | 400000 | 393462 |  |
|  Dollar Tree, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/25 | 2000000 | 1954089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/1/31 (x) | 500000 | 405402 |  |
|  Target Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/15/26 | 2000000 | 1874716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/15/27 | 400000 | 363649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 | 750000 | 698124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 | 500000 | 488222 |  |
|  |  | 6950325 |  |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | **** |
|  Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/1/27 | 75000 | 63322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/32 (x) | 205000 | 168690 |  |
|  AutoNation, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/24 | 400000 | 384073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/25 | 215000 | 208837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/27 (x) | 500000 | 452841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/1/28 | 225000 | 179696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/1/31 | 150000 | 108782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/1/32 | 300000 | 240430 |  |
|  AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/18/24 | 500000 | 486837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/25 | 333000 | 319670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/21/26 | 125000 | 118216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/18/29 | 500000 | 463864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/32 (x) | 330000 | 321152 |  |
|  Best Buy Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/1/28 | 1000000 | 963734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/1/30 | 375000 | 297151 |  |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/24 | 1000000 | 986822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/15/25 | 270000 | 258890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/15/25 | 490000 | 475440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/25 | 145000 | 143351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/26 | 750000 | 713131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/26 | 625000 | 572996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/15/27 | 335000 | 312925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/14/27 (x) | 750000 | 698154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 (x) | 700000 | 582131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 12/6/28 | 290000 | 279616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 (x) | 455000 | 412874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 | 435000 | 388372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 | 440000 | 429345 |  |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/15/24 | 500000 | 485004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/8/25 | 140000 | 137922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/25 | 510000 | 490049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/15/26 | 750000 | 698051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/1/27 | 180000 | 169244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/3/27 | 750000 | 700451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 4/15/28 (x) | 655000 | 545703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 9/15/28 | 250000 | 210340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 | 680000 | 630597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/15/30 (x) | 655000 | 514985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/31 | 1750000 | 1451283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 | 500000 | 446724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 | 415000 | 405420 |  |
|  O'Reilly Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/15/26 | 500000 | 480264 |  |

---

See Notes to Financial Statements.

643

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 | $| 800000 | $| 777177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/15/32 |  | 250000 |  | 242989 |  |
|  Ross Stores, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 4/15/26 |  | 1400000 |  | 1228122 |  |
|  TJX Cos., Inc. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/26 |  | 500000 |  | 456982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/15/28 |  | 300000 |  | 250691 |  |
|  Tractor Supply Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 |  | 280000 |  | 215817 |  |
|  |  |  |  | 21569157 |  |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** |  |  |  |  |  |
|  NIKE, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/1/26 (x) |  | 1000000 |  | 923170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/27/30 |  | 1000000 |  | 896379 |  |
|  PVH Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/10/25 |  | 145000 |  | 139988 |  |
|  Ralph Lauren Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/15/25 |  | 350000 |  | 340098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 |  | 130000 |  | 112733 |  |
|  VF Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/23/30 (x) |  | 2000000 |  | 1671134 |  |
|  |  |  |  | 4083502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 87858540 |  |
|  **Consumer Staples (2.0%)** |  |  |  |  |  |
|  ***Beverages (0.6%)*** |  |  |  |  |  |
|  Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/13/28 |  | 1345000 |  | 1285208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 |  | 3470000 |  | 3436309 |  |
|  Brown-Forman Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/25 |  | 210000 |  | 204423 |  |
|  Coca-Cola Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/6/24 |  | 750000 |  | 715990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 |  | 500000 |  | 471343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/27 (x) |  | 300000 |  | 264694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/5/28 (x) |  | 730000 |  | 629760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/15/28 |  | 440000 |  | 369385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 (x) |  | 750000 |  | 644872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/1/30 |  | 2010000 |  | 1649425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 (x) |  | 835000 |  | 692723 |  |
|  Coca-Cola Consolidated, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/25/25 |  | 250000 |  | 242725 |  |
|  Coca-Cola Femsa SAB de CV |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/22/30 |  | 1295000 |  | 1115966 |  |
|  Constellation Brands, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/9/24 |  | 250000 |  | 244319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/15/25 |  | 335000 |  | 329155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/6/26 (x) |  | 750000 |  | 713151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/9/27 |  | 300000 |  | 281180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 |  | 500000 |  | 486519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/15/28 |  | 310000 |  | 300591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/1/29 |  | 750000 |  | 660022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/1/31 |  | 475000 |  | 376994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/9/32 (x) |  | 500000 |  | 482508 |  |
|  Diageo Capital plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/24/24 |  | 500000 |  | 474493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/29/25 |  | 245000 |  | 224355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/18/28 |  | 400000 |  | 381968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 |  | 410000 |  | 351394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/29/30 |  | 245000 |  | 202039 |  |
|  Keurig Dr Pepper, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/15/24 |  | 250000 |  | 237338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.417%, 5/25/25 (x) |  | 1100000 |  | 1089561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/26 |  | 200000 |  | 183147 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.597%, 5/25/28 (x) |  | 1000000 |  | 981712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 |  | 500000 |  | 465648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/31 (x) |  | 210000 |  | 168481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/32 (x) |  | 335000 |  | 306043 |  |
|  Molson Coors Beverage Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/26 |  | 680000 |  | 632365 |  |
|  PepsiCo, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/1/24 |  | 1000000 |  | 986511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/19/25 |  | 350000 |  | 332770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/17/25 |  | 750000 |  | 732378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/24/26 (x) |  | 300000 |  | 284860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/6/26 (x) |  | 670000 |  | 623987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/19/27 |  | 350000 |  | 325757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/27 (x) |  | 750000 |  | 704618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/18/28 |  | 500000 |  | 479388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/29/29 (x) |  | 375000 |  | 332094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 |  | 350000 |  | 311299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/1/30 |  | 190000 |  | 155421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 10/21/31 |  | 3130000 |  | 2522521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/18/32 |  | 200000 |  | 189626 |  |
|  |  |  |  | 29277036 |  |
|  ***Food & Staples Retailing (0.3%)*** |  |  |  |  |  |
|  Costco Wholesale Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/18/27 (x) |  | 2500000 |  | 2353812 |  |
|  Kroger Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/24 |  | 190000 |  | 187762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/15/26 |  | 600000 |  | 550258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 |  | 350000 |  | 338030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/15/31 (x) |  | 625000 |  | 483682 |  |
|  Sysco Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/15/30 |  | 115000 |  | 96009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/30 |  | 2000000 |  | 2076610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/14/31 |  | 180000 |  | 145095 |  |
|  Walgreens Boots Alliance, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 |  | 1500000 |  | 1426697 |  |
|  Walmart, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/22/24 |  | 2000000 |  | 1960638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 7/8/24 |  | 585000 |  | 567728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/15/24 |  | 975000 |  | 936334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/26/25 |  | 1200000 |  | 1173816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 9/9/25 |  | 450000 |  | 442758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 7/8/26 (x) |  | 415000 |  | 399871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 9/17/26 (x) |  | 500000 |  | 443695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/9/27 (x) |  | 440000 |  | 433477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/22/28 (x) |  | 475000 |  | 407842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 |  | 19000 |  | 16693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 (x) |  | 210000 |  | 171800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/9/32 (x) |  | 470000 |  | 457686 |  |
|  |  |  |  | 15070293 |  |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | **** |
|  Archer-Daniels-Midland Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/11/26 |  | 500000 |  | 463652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32 (x) |  | 340000 |  | 294243 |  |

---

See Notes to Financial Statements.

644

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.630%, 8/17/25 | $500000 | $455884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/26 | 215000 | 200621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/25/27 | 225000 | 211141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 | 750000 | 618235 |
|  Campbell Soup Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/25 | 750000 | 731178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 3/19/25 (x) | 450000 | 432445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/15/28 | 1000000 | 953659 |
|  Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/1/24 | 300000 | 295939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/1/25 | 535000 | 527043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 | 885000 | 863599 |
|  Flowers Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/26 (x) | 535000 | 502377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 | 160000 | 129214 |
|  General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/17/25 | 500000 | 489188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 | 375000 | 363441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/14/31 | 875000 | 703676 |
|  Hershey Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 11/15/24 | 200000 | 190549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 6/1/25 | 215000 | 196644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/21/25 | 300000 | 288832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 8/15/26 (x) | 500000 | 460105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 | 200000 | 172604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/1/30 | 390000 | 313089 |
|  Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 6/3/24 | 260000 | 245191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 | 535000 | 464262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 6/11/30 (x) | 415000 | 339577 |
|  Ingredion, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/1/26 | 200000 | 187343 |
|  J M Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/25 (x) | 720000 | 696590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 (x) | 850000 | 785751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 | 185000 | 153286 |
|  JBS USA LUX SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28 (x)§ | 2500000 | 2376278 |
|  Kellogg Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 11/15/27 | 650000 | 606171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/15/28 (x) | 500000 | 485125 |
|  McCormick & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/24 | 500000 | 483883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 2/15/26 (x) | 235000 | 206061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/27 (x) | 750000 | 698810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 | 165000 | 127505 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/25 | 610000 | 597002 |
|  Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/17/24 | 135000 | 130296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/4/25 | 290000 | 268622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/17/27 (x) | 400000 | 363280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 | 2835000 | 2450306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/17/32 (x) | 400000 | 343499 |
|  Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/26 | 250000 | 242574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/2/27 | 975000 | 916785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 325000 | 311126 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/7/24 | 585000 | 574884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/5/24 | 930000 | 902557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.626%, 8/12/24 | 240000 | 224881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/22/25 | 500000 | 486285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 7/30/25 | 300000 | 288701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/28/26 | 250000 | 228476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/22/28 | 1000000 | 944691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 | 500000 | 423954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/14/30 | 210000 | 164328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/12/31 (x) | 345000 | 273064 |
|  |  | 27848502 |
|  ***Household Products (0.2%)*** |  |  |
|  Church & Dwight Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/15/31 | 210000 | 168609 |
|  Clorox Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/1/27 | 500000 | 461965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/28 | 500000 | 478757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/29 | 500000 | 480803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 (x) | 140000 | 111726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/1/32 | 500000 | 483145 |
|  Colgate-Palmolive Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/24 | 500000 | 491365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/25 | 125000 | 120965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/27 (x) | 250000 | 236653 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 8/15/25 | 300000 | 288233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/26 | 250000 | 236321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 9/15/27 | 250000 | 213583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 | 375000 | 362333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 (x) | 750000 | 684280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 (x) | 750000 | 605176 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/29/25 | 500000 | 448982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 4/23/26 | 350000 | 313514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/3/26 (x) | 500000 | 463836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/1/27 | 600000 | 546331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/11/27 | 1000000 | 936541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 | 500000 | 393749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 4/23/31 (x) | 1000000 | 838154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/32 | 600000 | 506267 |
|  |  | 9871288 |
|  ***Personal Products (0.1%)*** |  |  |
|  Estee Lauder Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/24 (x) | 150000 | 142328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/15/27 | 500000 | 473383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 | 585000 | 474938 |
|  GSK Consumer Healthcare Capital UK plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/24/25 | 750000 | 714528 |
|  GSK Consumer Healthcare Capital US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.024%, 3/24/24 | 250000 | 242489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 | 550000 | 512613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/29 | 500000 | 452066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 | 610000 | 537943 |
|  |  | 3550288 |
|  ***Tobacco (0.3%)*** |  |  |
|  Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 5/6/25 | 385000 | 362243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 2/14/26 | 195000 | 191510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/16/26 (x) | 430000 | 393323 |

---

See Notes to Financial Statements.

645

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/30 | $| 2240000 | $| 1920187 |  |
|  BAT Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.789%, 9/6/24 |  | 525000 |  | 502637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.215%, 9/6/26 |  | 750000 |  | 693039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 8/15/27 |  | 1250000 |  | 1138471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 (x) |  | 350000 |  | 291459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.462%, 9/6/29 |  | 750000 |  | 646289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 4/2/30 |  | 1500000 |  | 1372517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742%, 3/16/32 |  | 500000 |  | 444355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 |  | 110000 |  | 119112 |  |
|  BAT International Finance plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.668%, 3/25/26 |  | 350000 |  | 310493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448%, 3/16/28 |  | 500000 |  | 463054 |  |
|  Philip Morris International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/1/24 (x) |  | 500000 |  | 485421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/10/24 |  | 500000 |  | 483162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 5/1/25 |  | 205000 |  | 189726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/11/25 |  | 250000 |  | 240368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 5/1/26 |  | 300000 |  | 263524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/17/27 (x) |  | 1000000 |  | 928279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/1/30 |  | 120000 |  | 97466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/30 (x) |  | 300000 |  | 235694 |  |
|  Reynolds American, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/12/25 |  | 2035000 |  | 1991308 |  |
|  |  |  |  | 13763637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 99381044 |  |
|  **Energy (1.9%)** |  |  |  |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Baker Hughes Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061%, 12/15/26 |  | 500000 |  | 449155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 (x) |  | 1250000 |  | 1152579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.138%, 11/7/29 (x) |  | 215000 |  | 190117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%, 5/1/30 (x) |  | 145000 |  | 138606 |  |
|  Halliburton Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/25 |  | 38000 |  | 36953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.920%, 3/1/30 (x) |  | 2000000 |  | 1719731 |  |
|  Helmerich & Payne, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/29/31 |  | 105000 |  | 85382 |  |
|  Schlumberger Finance Canada Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/17/25 |  | 125000 |  | 114671 |  |
|  Schlumberger Investment SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/26/30 |  | 1350000 |  | 1158118 |  |
|  |  |  |  | 5045312 |  |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | **** |
|  Boardwalk Pipelines LP |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/15/24 |  | 500000 |  | 494365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 6/1/26 |  | 250000 |  | 253177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 |  | 415000 |  | 390367 |  |
|  BP Capital Markets America, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 2/11/26 |  | 750000 |  | 719548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.119%, 5/4/26 |  | 500000 |  | 474563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 |  | 1250000 |  | 1208257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.749%, 8/10/30 |  | 3300000 |  | 2639954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 1/12/32 |  | 625000 |  | 522372 |  |
|  BP Capital Markets plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 (x) |  | 1250000 |  | 1176350 |  |
|  Canadian Natural Resources Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/15/24 |  | 64000 |  | 62732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 7/15/25 (x) |  | 350000 |  | 325188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/27 (x) |  | 1300000 |  | 1227340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 7/15/30 |  | 350000 |  | 295626 |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 |  | 2500000 |  | 2471909 |  |
|  Chevron Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 5/16/26 |  | 1500000 |  | 1425234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.995%, 5/11/27 |  | 250000 |  | 224687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.236%, 5/11/30 (x) |  | 1325000 |  | 1136901 |  |
|  Chevron USA, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.687%, 8/12/25 |  | 665000 |  | 601022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.018%, 8/12/27 |  | 310000 |  | 265813 |  |
|  CNOOC Finance 2013 Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/29 |  | 600000 |  | 532425 |  |
|  CNOOC Finance 2014 ULC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/30/24 |  | 1100000 |  | 1085081 |  |
|  CNOOC Finance 2015 USA LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/5/25 |  | 1600000 |  | 1537300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/2/28 |  | 200000 |  | 194704 |  |
|  Columbia Pipeline Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/25 |  | 400000 |  | 394164 |  |
|  ConocoPhillips Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/8/24 (x) |  | 1800000 |  | 1741523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/7/25 |  | 1800000 |  | 1712077 |  |
|  Coterra Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 |  | 350000 |  | 328805 |  |
|  Devon Energy Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/15/25 |  | 500000 |  | 509614 |  |
|  Diamondback Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 |  | 765000 |  | 711620 |  |
|  Enbridge, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/16/24 (x) |  | 220000 |  | 212032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/10/24 |  | 1000000 |  | 973741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/25 |  | 350000 |  | 331299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/14/25 (x) |  | 205000 |  | 193671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 10/4/26 |  | 270000 |  | 236528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26 |  | 500000 |  | 481033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/15/27 (x) |  | 1250000 |  | 1172899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/29 |  | 750000 |  | 655268 |  |
|  Energy Transfer LP |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/24 |  | 250000 |  | 246667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/24 (e) |  | 750000 |  | 731270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/25 |  | 770000 |  | 725504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 12/1/25 |  | 250000 |  | 252939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/26 |  | 1250000 |  | 1219819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/26 |  | 500000 |  | 472842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 5/15/28 |  | 300000 |  | 287874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/15/28 |  | 375000 |  | 361856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/29 |  | 1000000 |  | 970456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/15/29 (x) |  | 750000 |  | 679469 |  |
|  Enterprise Products Operating LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/25 |  | 1415000 |  | 1375739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/16/28 |  | 600000 |  | 568926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/31/29 |  | 750000 |  | 661990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 |  | 755000 |  | 643274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.57%), 5.375%, 2/15/78 (k) |  | 500000 |  | 384653 |  |

---

See Notes to Financial Statements.

646

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.03%), 5.250%, 8/16/77 (k)(x) | $750000 | $611874 |
|  EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 4/1/25 | 2000000 | 1930557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 1/15/26 | 500000 | 490969 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%, 10/1/25 | 240000 | 238152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 375000 | 373875 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/24 | 500000 | 487962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/24 | 1000000 | 987071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/10/24 | 600000 | 585592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/22/26 | 415000 | 379842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 (x) | 600000 | 569074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/22/30 (x) | 375000 | 319921 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.709%, 3/6/25 | 1000000 | 956041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.043%, 3/1/26 | 2025000 | 1932243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275%, 8/16/26 (x) | 500000 | 462652 |
|  HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 4/1/26 | 250000 | 250115 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/1/24 | 750000 | 736481 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/26 | 1715000 | 1515932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/1/28 (x) | 1250000 | 1198120 |
|  Magellan Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/26 | 250000 | 248780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 250000 | 217849 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/15/27 | 750000 | 717674 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/1/25 | 1000000 | 985681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26 | 2000000 | 1989232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 300000 | 277324 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/1/24 | 1000000 | 986520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/25 | 300000 | 291004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/25 | 1500000 | 1479378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/1/26 | 350000 | 312025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/1/27 | 2085000 | 1973432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 8/15/30 | 455000 | 370547 |
|  ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/1/24 | 350000 | 334465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/25 | 350000 | 321316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 1/15/26 | 160000 | 162028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/13/27 | 225000 | 211407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 500000 | 462988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/29 | 500000 | 433288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/30 | 350000 | 293602 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 2/15/24 | 250000 | 238800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/9/25 | 500000 | 487285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 2/15/26 | 140000 | 125242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/28 (x) | 500000 | 472944 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/26§ | 300000 | 281434 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/26 | 350000 | 312230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 (x) | 1000000 | 788304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/31 | 260000 | 206891 |
|  Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/26 | 500000 | 480286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 12/15/29 | 2500000 | 2173303 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 3/1/25 | 1215000 | 1222082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27 | 3000000 | 2952249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 1225000 | 1140522 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/25 | 1000000 | 962870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/26 | 315000 | 294177 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/27 | 1040000 | 1020566 |
|  TC PipeLines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/25/27 | 200000 | 189021 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/10/24 | 2000000 | 1973486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.434%, 1/10/25 | 500000 | 477885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 (x) | 750000 | 698989 |
|  TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.883%, 10/11/28 | 250000 | 242015 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/12/24 (x) | 455000 | 421390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/15/26 | 550000 | 544326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | 1750000 | 1662180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/12/31 | 625000 | 497868 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 500000 | 470406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/30 | 250000 | 217172 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/15/27 (x) | 750000 | 660113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 (x) | 240000 | 232048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 (x) | 765000 | 721347 |
|  Valero Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 | 500000 | 487154 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 6/24/24 | 1270000 | 1256536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/27 | 500000 | 470371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 1165000 | 948669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 750000 | 701334 |
|  |  | 90628975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 95674287 |
|  **Financials (14.7%)** |  |  |
|  ***Banks (8.8%)*** |  |  |
|  Australia & New Zealand Banking Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/16/25 | 1000000 | 968877 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/18/25 | 800000 | 715703 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.862%, 9/14/26 (k) | 600000 | 599969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.70%), 6.138%, 9/14/28 (k) | 600000 | 601168 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%, 5/24/24 | 600000 | 587483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.706%, 6/27/24 | 800000 | 769155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.496%, 3/24/25 | 600000 | 577440 |

---

See Notes to Financial Statements.

647

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%, 5/28/25 | $200000 | $187203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147%, 8/18/25 | 460000 | 455724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.849%, 3/25/26 | 600000 | 531123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/11/27 | 1000000 | 953776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 8/18/27 (x) | 435000 | 424971 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.722%, 9/14/27 (k) | 485000 | 414720 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28 (k) | 200000 | 185582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 4/12/28 | 1200000 | 1117120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.306%, 6/27/29 | 800000 | 702242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/28/30 | 200000 | 168886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 1745000 | 1327022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.958%, 3/25/31 | 480000 | 383535 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.225%, 11/22/32 (k) | 600000 | 451769 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/26/24 | 625000 | 615235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/22/25 | 1000000 | 977635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%),<br>1.843%, 2/4/25 (k) | 800000 | 767073 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.97%), 3.458%, 3/15/25 (k) | 1500000 | 1462694 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>0.976%, 4/22/25 (k) | 1500000 | 1407678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br>3.841%, 4/25/25 (k) | 1000000 | 976754 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>0.981%, 9/25/25 (k) | 750000 | 692119 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.09%), 3.093%, 10/1/25 (k) | 1150000 | 1102228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.87%), 2.456%, 10/22/25 (k) | 1000000 | 946389 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.65%),<br>1.530%, 12/6/25 (k) | 2500000 | 2308532 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.81%), 3.366%, 1/23/26 (k) | 4750000 | 4541487 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.64%), 2.015%, 2/13/26 (k) | 1000000 | 927922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/3/26 | 655000 | 641187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>3.384%, 4/2/26 (k) | 750000 | 716454 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%),<br>4.827%, 7/22/26 (k) | 1000000 | 987842 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>1.197%, 10/24/26 (k) | 1500000 | 1336780 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.559%, 4/23/27 (k) | 1500000 | 1406829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%),<br>1.734%, 7/22/27 (k) | 2410000 | 2109953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.58%), 3.824%, 1/20/28 (k) | 1000000 | 933835 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.05%),<br>2.551%, 2/4/28 (k) | 800000 | 711310 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.705%, 4/24/28 (k) | 1500000 | 1386934 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 1250000 | 1194338 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.04%), 3.419%, 12/20/28 (k) | 4450000 | 4037625 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.07%), 3.970%, 3/5/29 (k) | 2000000 | 1852270 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br>2.087%, 6/14/29 (k) | 2150000 | 1808033 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.31%), 4.271%, 7/23/29 (k) | 2250000 | 2104110 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.18%), 3.194%, 7/23/30 (k) | 1300000 | 1118932 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 2.496%, 2/13/31 (k) | 3500000 | 2839668 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.898%, 7/23/31(k) | 1000000 | 770998 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>1.922%, 10/24/31 (k) | 1500000 | 1145524 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) | 2000000 | 1603942 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.299%, 7/21/32 (k) | 1500000 | 1160653 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>2.572%, 10/20/32 (k) | 1350000 | 1060493 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br>2.972%, 2/4/33 (k) | 490000 | 396608 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.571%, 4/27/33 (k) | 1000000 | 914428 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k)(x) | 1000000 | 948924 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.482%, 9/21/36 (k) | 1750000 | 1289725 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 3.846%, 3/8/37 (k) | 1400000 | 1161726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/21/25 | 2450000 | 2385341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br>1.658%, 3/11/27 (k) | 750000 | 663000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.651%, 3/11/32 (k) | 500000 | 403222 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 3/8/24 | 400000 | 387138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/28/24 | 500000 | 482280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/9/24 | 535000 | 501208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/10/25 (x) | 435000 | 405303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/7/25 | 405000 | 393230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/15/26 (x) | 500000 | 438223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%),<br>0.949%, 1/22/27 (k) | 1200000 | 1061954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/8/27 | 265000 | 242227 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.40%), 3.088%, 1/10/37 (k) | 750000 | 568949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/5/24 (x) | 1000000 | 981511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/14/24 | 500000 | 492979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/14/27 (x) | 500000 | 494705 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/11/24 | 750000 | 736596 |

---

See Notes to Financial Statements.

648

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 3/11/24 | $500000 | $484920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 4/15/24 | 500000 | 473059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 7/31/24 (x) | 340000 | 316415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 1/10/25 | 185000 | 172110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/3/25 | 750000 | 707333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/11/25 | 300000 | 289632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 6/11/25 | 750000 | 686215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 3/2/26 | 750000 | 664954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 6/24/26 | 500000 | 442878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/3/26 (x) | 750000 | 694502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/26 | 500000 | 438593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/2/27 | 175000 | 155634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951%, 3/11/27 | 500000 | 462064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/1/31 (x) | 500000 | 396752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/2/32 (x) | 250000 | 201147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.625%, 10/27/81 (k) | 2250000 | 1642500 |
|  BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/11/30 | 750000 | 697144 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/16/25 | 1750000 | 1680747 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.932%, 5/7/25 (k) | 750000 | 728444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/12/26 | 1500000 | 1453767 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.304%, 8/9/26 (k) | 925000 | 918413 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.279%, 11/24/27 (k) | 735000 | 637030 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 5.501%, 8/9/28 (k) | 690000 | 671276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.90%), 4.972%, 5/16/29 (k) | 1000000 | 937358 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.05%), 5.088%, 6/20/30 (k) | 2000000 | 1840517 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 2.667%, 3/10/32 (k) | 1000000 | 765190 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.894%, 11/24/32 (k) | 675000 | 515381 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/24 | 1000000 | 977884 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 4/2/24 | 750000 | 731902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/18/24 (x) | 570000 | 531186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/28/25 | 750000 | 708694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/7/25 | 175000 | 168455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945%, 8/4/25 (x) | 500000 | 488765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/23/25 | 130000 | 116955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/22/26 | 750000 | 660959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/7/27 (x) | 225000 | 211413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/7/32 (x) | 225000 | 198503 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/16/24 | 500000 | 492784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/5/24 (x) | 2500000 | 2465341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/26/25 | 500000 | 486189 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.90%), 3.352%, 4/24/25 (k) | 1500000 | 1454700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/27/25 | 1000000 | 967286 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.67%),<br> 0.981%, 5/1/25 (k) | 750000 | 703030 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>4.140%, 5/24/25 (k) | 645000 | 634415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/10/25 | 650000 | 637890 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%),<br>1.281%, 11/3/25 (k)(x) | 375000 | 346310 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>2.014%, 1/25/26 (k) | 855000 | 791693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/9/26 | 595000 | 584654 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>3.290%, 3/17/26 (k) | 1500000 | 1426957 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.84%),<br>3.106%, 4/8/26 (k) | 2500000 | 2368648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/26 | 2500000 | 2371087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%),<br>5.610%, 9/29/26 (k) | 750000 | 751433 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.122%, 1/28/27 (k) | 1250000 | 1090693 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.462%, 6/9/27 (k) | 1375000 | 1193761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 1250000 | 1194475 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 1000000 | 903939 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>4.658%, 5/24/28 (k)(x) | 715000 | 691911 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 3.668%, 7/24/28 (k) | 3000000 | 2762090 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.15%), 3.520%, 10/27/28 (k) | 2500000 | 2278671 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%), 4.075%, 4/23/29 (k) | 2000000 | 1824072 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.34%), 3.980%, 3/20/30 (k) | 1750000 | 1577170 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br>2.976%, 11/5/30 (k) | 1250000 | 1050011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br>2.666%, 1/29/31 (k) | 1500000 | 1233706 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) | 2000000 | 1619812 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.561%, 5/1/32 (k) | 835000 | 659171 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.520%, 11/3/32 (k) | 895000 | 697154 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>3.057%, 1/25/33 (k) | 800000 | 649654 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) | 1500000 | 1289122 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>4.910%, 5/24/33 (k) | 500000 | 468083 |
|  Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/28/25 | 400000 | 372901 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>4.119%, 5/23/25 (k) | 500000 | 489980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.45%),<br>6.064%, 10/24/25 (k) | 500000 | 507735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/18/26 | 500000 | 477063 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.00%),<br>4.575%, 8/9/28 (k) | 500000 | 481881 |

---

See Notes to Financial Statements.

649

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 7/27/26 | $500000 | $463249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/6/30 | 150000 | 122116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 470000 | 407741 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 5.641%, 5/21/37 (k) | 500000 | 465924 |
|  Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/23/24 | 300000 | 288072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/27/25 | 250000 | 242064 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%),<br>5.332%, 8/25/33 (k) | 250000 | 241307 |
|  Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 450000 | 422469 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/12/24 | 405000 | 385796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/22/24 | 500000 | 491465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/10/25 | 500000 | 466990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/21/25 | 1000000 | 968813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/4/25 | 500000 | 487775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/21/26 | 815000 | 768405 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/12/24 | 750000 | 712650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/27/26 | 840000 | 774006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/13/28 | 625000 | 585094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/6/30 | 250000 | 200090 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 1/16/24 | 700000 | 694302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/25/24 | 750000 | 739142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/28/25 | 250000 | 236743 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.69%),<br>1.707%, 11/1/27 (k) | 310000 | 273985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/14/28 | 750000 | 715409 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>4.055%, 4/25/28 (k)(x) | 290000 | 278482 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 4.772%, 7/28/30 (k) | 500000 | 477947 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%),<br>4.337%, 4/25/33 (k) | 250000 | 228395 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 7/28/25 | 645000 | 631936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/15/26 | 600000 | 573207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 | 300000 | 271020 |
|  First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/26/25 | 500000 | 487070 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/14/24 | 1700000 | 1672637 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 3.803%, 3/11/25 (k) | 875000 | 853628 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.71%),<br>0.976%, 5/24/25 (k) | 335000 | 310723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/18/25 | 1600000 | 1540002 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br>2.633%, 11/7/25 (k) | 830000 | 782105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>4.180%, 12/9/25 (k) | 1000000 | 971182 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%),<br>2.999%, 3/10/26 (k) | 875000 | 821621 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.54%),<br>1.645%, 4/18/26 (k) | 2125000 | 1920043 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.93%),<br>2.099%, 6/4/26 (k) | 825000 | 752686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/23/26 | 1815000 | 1749539 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>1.589%, 5/24/27 (k) | 820000 | 705816 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.10%),<br>2.251%, 11/22/27 (k) | 780000 | 678357 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.55%), 4.041%, 3/13/28 (k) | 1250000 | 1153202 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br> 4.755%, 6/9/28 (k) | 1000000 | 945188 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.61%),<br>5.210%, 8/11/28 (k) | 495000 | 478345 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.53%), 4.583%, 6/19/29 (k) | 1120000 | 1034378 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.206%, 8/17/29 (k) | 450000 | 363980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.973%, 5/22/30 (k) | 1165000 | 1022760 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.39%),<br>2.848%, 6/4/31 (k) | 5715000 | 4575627 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br>2.804%, 5/24/32 (k) | 595000 | 461128 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>2.871%, 11/22/32 (k) | 790000 | 606128 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%),<br>4.762%, 3/29/33 (k) | 420000 | 363862 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%),<br>5.402%, 8/11/33 (k) | 490000 | 453334 |
|  HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/23/24 | 900000 | 881287 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 8/6/24 | 500000 | 480249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/25 | 350000 | 341144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.97%),<br>4.443%, 8/4/28 (k) | 250000 | 237856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/4/30 | 500000 | 412184 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br>5.023%, 5/17/33 (k) | 420000 | 398533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%), 2.487%, 8/15/36 (k) | 500000 | 361468 |
|  Huntington National Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>4.008%, 5/16/25 (k) | 250000 | 244984 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.65%), 4.552%, 5/17/28 (k)(x) | 250000 | 241162 |
|  Industrial & Commercial Bank of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.538%, 11/8/27 | 500000 | 475550 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 4/9/24 | 750000 | 733443 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%),<br>3.869%, 3/28/26 (k) | 500000 | 480515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/29/27 | 1250000 | 1183713 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br>1.726%, 4/1/27 (k) | 375000 | 330456 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br>4.017%, 3/28/28 (k) | 500000 | 466441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/9/29 | 560000 | 515391 |

---

See Notes to Financial Statements.

650

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.727%, 4/1/32 (k) | $265000 | $211070 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.42%),<br>0.563%, 2/16/25 (k) | 975000 | 919610 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.16%), 3.220%, 3/1/25 (k) | 2365000 | 2303482 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.54%),<br>0.824%, 6/1/25 (k) | 1345000 | 1256296 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br>3.845%, 6/14/25 (k) | 800000 | 781996 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.58%), 0.969%, 6/23/25 (k) | 1750000 | 1633094 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.49%),<br>0.768%, 8/9/25 (k) | 2665000 | 2461668 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%),<br>2.301%, 10/15/25 (k) | 1500000 | 1416078 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.61%),<br>1.561%, 12/10/25 (k) | 2000000 | 1854682 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>5.546%, 12/15/25 (k) | 1250000 | 1248163 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.92%),<br>2.595%, 2/24/26 (k) | 500000 | 470644 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.59%), 2.005%, 3/13/26 (k) | 555000 | 514585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/26 | 2000000 | 1902192 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>4.080%, 4/26/26 (k) | 1000000 | 971948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/26 | 1750000 | 1654188 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br>1.045%, 11/19/26 (k) | 1250000 | 1102413 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.70%), 1.040%, 2/4/27 (k) | 1250000 | 1090706 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.89%),<br>1.578%, 4/22/27 (k) | 1185000 | 1041895 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br>1.470%, 9/22/27 (k) | 925000 | 800953 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br>2.947%, 2/24/28 (k) | 300000 | 271906 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>4.323%, 4/26/28 (k) | 1000000 | 951651 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.38%), 3.540%, 5/1/28 (k) | 2750000 | 2542453 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>2.182%, 6/1/28 (k) | 1750000 | 1528129 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.95%), 3.509%, 1/23/29 (k) | 7000000 | 6370187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.12%), 4.005%, 4/23/29 (k) | 1500000 | 1386535 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.069%, 6/1/29 (k) | 1110000 | 929292 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.26%), 4.203%, 7/23/29 (k) | 1500000 | 1400585 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.33%), 4.452%, 12/5/29 (k) | 1000000 | 941461 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.16%), 3.702%, 5/6/30 (k) | 625000 | 562515 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%),<br>4.565%, 6/14/30 (k) | 555000 | 522426 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>2.739%, 10/15/30 (k) | 1735000 | 1454834 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%),<br>2.956%, 5/13/31 (k) | 815000 | 673185 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.11%), 1.764%, 11/19/31 (k) | 1250000 | 950783 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>1.953%, 2/4/32 (k) | 750000 | 575822 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.580%, 4/22/32 (k) | 1155000 | 928869 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.545%, 11/8/32 (k) | 2750000 | 2168321 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br>2.963%, 1/25/33 (k) | 700000 | 572534 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br>4.586%, 4/26/33 (k) | 835000 | 773194 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>5.717%, 9/14/33 (k) | 960000 | 944221 |
|  KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/1/25 | 250000 | 239914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/8/25 | 535000 | 522003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/20/26 | 1000000 | 941101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 12/14/27 | 100000 | 96372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 8/8/32 | 500000 | 464534 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>3.878%, 5/23/25 (k) | 215000 | 210317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/29/25 | 310000 | 302614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/6/27 (x) | 750000 | 667214 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/22/24 | 500000 | 493375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/19/24 | 350000 | 343066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 3/9/24 | 220000 | 208655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 6/19/24 (x) | 425000 | 397889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/1/24 | 390000 | 371631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/25/25 | 500000 | 457281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/18/25 | 250000 | 233580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/24/25 | 850000 | 798396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/8/25 | 465000 | 452882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 4/27/26 | 300000 | 263751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 7/19/26 | 500000 | 435655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/9/26 | 400000 | 349240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/24/27 | 700000 | 632191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/25/27 | 500000 | 431656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/19/31 | 500000 | 393075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/25/31 | 500000 | 396344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/8/32 | 500000 | 474240 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/28/24 (x) | 2125000 | 2072728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 3/8/24 | 1635000 | 1549948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/5/24 | 2250000 | 2137331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/23/24 | 625000 | 612243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 9/20/24 | 2000000 | 1865063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/24 (x) | 5000000 | 4815027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/31/25 | 3500000 | 3278862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/10/25 | 1500000 | 1456965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/18/25 | 920000 | 832574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/22/26 (x) | 3600000 | 3226347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 | 1575000 | 1505134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 (x) | 1750000 | 1648690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/14/29 | 525000 | 455168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 400000 | 313775 |

---

See Notes to Financial Statements.

651

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/13/25 | $3000000 | $2859219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/30/26 (x) | 600000 | 537451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/27/26 | 500000 | 458793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 | 750000 | 592420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/27/25 (x) | 730000 | 666012 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/12/24 | 400000 | 392618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/8/25 | 575000 | 563331 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 3.870%, 7/9/25 (k) | 1000000 | 971159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.582%, 12/10/25 | 1000000 | 967015 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.511%, 3/18/26 (k) | 500000 | 474699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/24/26 | 1750000 | 1676772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/27 | 1385000 | 1288377 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.80%), 3.750%, 3/18/28 (k) | 400000 | 367701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/22/28 | 1350000 | 1276990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/16/28 | 850000 | 800215 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 3.574%, 11/7/28 (k) | 1750000 | 1577548 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%), 4.553%, 8/16/28 (k) | 335000 | 325566 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 2/6/25 | 1000000 | 956819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/21/25 | 250000 | 251733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/17/27 | 330000 | 302723 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.407%, 3/7/24 | 750000 | 733973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.801%, 7/18/24 | 1000000 | 962474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193%, 2/25/25 | 1000000 | 935273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.777%, 3/2/25 (x) | 1000000 | 973396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.412%, 7/17/25 | 430000 | 390937 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 4.788%, 7/18/25 (k) | 400000 | 395857 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.953%, 7/19/25 (k) | 500000 | 465153 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.063%, 9/12/25 (k) | 400000 | 397712 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.962%, 10/11/25 (k) | 760000 | 700658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/1/26 | 216000 | 207291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.757%, 9/13/26 (x) | 1250000 | 1143562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.677%, 2/22/27 | 1000000 | 948736 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.538%, 7/20/27 (k) | 500000 | 435101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.287%, 7/25/27 | 1000000 | 924867 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.640%, 10/13/27 (k) | 1500000 | 1298562 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.341%, 1/19/28 (k) | 600000 | 528999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961%, 3/2/28 (x) | 1500000 | 1417784 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.017%, 7/20/28 (k) | 400000 | 391264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 9/11/28 (x) | 1000000 | 949922 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.354%, 9/13/28 (k) | 400000 | 396815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 750000 | 694126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195%, 7/18/29 | 1000000 | 882006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559%, 2/25/30 | 1000000 | 827974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048%, 7/17/30 | 460000 | 364276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.852%, 1/19/33 (k) | 500000 | 399940 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.133%, 7/20/33 (k) | 400000 | 383553 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.472%, 9/13/33 (k) | 600000 | 591458 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.24%),<br>2.839%, 7/16/25 (k) | 750000 | 715653 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br>2.555%, 9/13/25 (k) | 500000 | 472766 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.651%, 5/22/26 (k)(x) | 500000 | 465175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.83%), 2.226%, 5/25/26 (k) | 300000 | 276300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.839%, 9/13/26 | 850000 | 773263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663%, 2/28/27 | 1000000 | 932126 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.234%, 5/22/27 (k) | 500000 | 433292 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.554%, 7/9/27 (k) | 750000 | 654475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.170%, 9/11/27 (x) | 1250000 | 1133367 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.27%), 4.254%, 9/11/29 (k) | 1000000 | 925245 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 3.261%, 5/22/30 (k) | 500000 | 434036 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.13%), 3.153%, 7/16/30 (k) | 750000 | 643387 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%),<br>2.201%, 7/10/31 (k) | 500000 | 391672 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.979%, 9/8/31 (k) | 300000 | 229660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.564%, 9/13/31 | 310000 | 237997 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.260%, 7/9/32 (k) | 750000 | 574133 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/9/25 | 250000 | 242032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/14/26 | 750000 | 717654 |

---

See Notes to Financial Statements.

652

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/12/26 | $1500000 | $1383067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 6/9/27 | 500000 | 477849 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/6/24 | 300000 | 279336 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.76%), 4.269%, 3/22/25 (k) | 1000000 | 976062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 4/5/26 | 1750000 | 1710926 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.642%, 6/14/27 (k) | 1050000 | 911305 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity 1<br>Year + 2.55%), 3.073%,<br>5/22/28 (k) | 295000 | 263122 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity 1<br>Year + 2.27%), 5.516%,<br>9/30/28 (k) | 200000 | 198006 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 1.75%),<br>4.892%, 5/18/29 (k) | 3050000 | 2875719 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 1.87%),<br>4.445%, 5/8/30 (k) | 750000 | 682285 |
|  Oesterreichische<br>Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/12/25 | 375000 | 352419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/23/25 | 1000000 | 964250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/17/25 | 910000 | 817398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/2/26 | 935000 | 831171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/9/27 | 409000 | 399389 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/27/24 | 500000 | 480170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/23/25 | 250000 | 240531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/10/25 | 1000000 | 973403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/25 | 500000 | 483217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 10/25/27 | 500000 | 468427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 10/22/29 | 395000 | 334408 |
|  PNC Financial Services Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/23/24 | 175000 | 172296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/29/24 | 500000 | 493678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/1/24 | 500000 | 478644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 7/23/26 | 350000 | 324093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/26 (x) | 500000 | 438851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/19/27 (x) | 750000 | 700547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/23/29 (x) | 750000 | 686615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 1/22/30 | 750000 | 635645 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br>2.307%, 4/23/32 (k) | 1000000 | 811281 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index +<br>1.85%), 4.626%,<br>6/6/33 (k) | 500000 | 462113 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/18/25 | 300000 | 280489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/12/28 (x) | 500000 | 424476 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.425%, 1/19/24 (x) | 645000 | 615833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 7/16/24 | 750000 | 724010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970%, 7/26/24 (x) | 375000 | 369660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 7/29/24 | 500000 | 468096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/7/24 (x) | 500000 | 465228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/1/24 | 750000 | 715359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 1/21/25 | 500000 | 466888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/14/25 (x) | 500000 | 483760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/10/25 (x) | 530000 | 484993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/20/26 | 750000 | 666494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1/27/26 (x) | 2000000 | 1972570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 4/27/26 (x) | 750000 | 667075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 7/14/26 (x) | 750000 | 661518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/2/26 (x) | 500000 | 440670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/21/27 | 500000 | 449164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/4/27 | 500000 | 475283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 500000 | 485694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/3/31 (x) | 500000 | 402921 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/7/24 | 350000 | 340302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/2/25 | 500000 | 475962 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index +<br>1.38%), 4.260%,<br>6/9/25 (k) | 370000 | 359348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/17/25 | 1500000 | 1466292 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.33%),<br>5.807%, 9/9/26 (k) | 295000 | 293333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/13/27 | 485000 | 463492 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.490%, 1/6/28 (k) | 260000 | 223825 |
|  Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%),<br>1.089%, 3/15/25 (k) | 500000 | 467104 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity 1<br>Year + 1.25%), 1.532%,<br>8/21/26 (k) | 1000000 | 879786 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.99%),<br>1.673%, 6/14/27 (k) | 1000000 | 849905 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.469%, 1/11/28 (k) | 500000 | 427176 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 1.40%),<br>3.823%, 11/3/28 (k) | 750000 | 666575 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br>2.896%, 3/15/32 (k) | 500000 | 386657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/13/24 | 1000000 | 986619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank<br>(AMERIBOR<br>Unsecured Rate 3 Month<br>+ 3.89%), 4.000%,<br>10/15/30 (k) | 250000 | 230816 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/11/24 | 1000000 | 971054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 7/23/25 | 750000 | 720123 |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.508%, 1/12/24 | 200000 | 190420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.696%, 7/16/24 | 1000000 | 959502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.448%, 9/27/24 | 350000 | 332895 |

---

See Notes to Financial Statements.

653

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.348%, 1/15/25 | $400000 | $377765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.474%, 7/8/25 | 925000 | 841801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.948%, 1/12/26 | 500000 | 440662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402%, 9/17/26 | 1000000 | 870895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.010%, 10/19/26 | 1000000 | 922682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.174%, 1/14/27 | 220000 | 195503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 (x) | 750000 | 689747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 (x) | 750000 | 692760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902%, 9/17/28 | 1000000 | 823630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.306%, 10/16/28 | 750000 | 712447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.472%, 1/14/29 | 500000 | 420933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 7/16/29 | 1000000 | 868207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202%, 9/17/29 | 350000 | 301888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 9/27/29 | 350000 | 295168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/30 | 400000 | 336631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130%, 7/8/30 | 750000 | 595661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.710%, 1/12/31 | 500000 | 379033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.222%, 9/17/31 (x) | 1000000 | 774690 |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/28/26 | 400000 | 349317 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index +<br>1.71%), 4.345%,<br>4/29/28 (k) | 500000 | 478776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/15/28 (x) | 590000 | 487997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/5/30 (x) | 300000 | 247093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 2/2/31 | 565000 | 407493 |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR<br>Compounded Index +<br>1.97%), 4.570%,<br>4/29/33 (k)(x) | 500000 | 448434 |
|  Toronto-Dominion Bank<br>(The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 3/4/24 (x) | 750000 | 712821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 3/8/24 | 500000 | 485106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/11/24 (x) | 750000 | 735204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/12/24 | 750000 | 725871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 9/10/24 | 750000 | 698450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.285%, 9/13/24 | 400000 | 395360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/13/24 (x) | 195000 | 181398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 1/10/25 | 500000 | 466158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766%, 6/6/25 | 500000 | 486006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/12/25 (x) | 750000 | 684401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/11/25 (x) | 1000000 | 894576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/6/26 | 1000000 | 883324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 6/3/26 (x) | 1025000 | 904426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/10/26 | 750000 | 656700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/12/27 (x) | 500000 | 445239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 3/10/27 (x) | 500000 | 459248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.108%, 6/8/27 (x) | 500000 | 482999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.693%, 9/15/27 | 400000 | 395224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/10/31 (x) | 500000 | 392451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year<br>+ 2.21%), 3.625%,<br>9/15/31 (k) | 1000000 | 925374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/12/32 (x) | 500000 | 405878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/10/32 (x) | 500000 | 431618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.456%, 6/8/32 (x) | 265000 | 252645 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/1/24 | 750000 | 731999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/6/24 | 600000 | 570541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/10/25 | 750000 | 696122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/3/25 | 185000 | 181689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/30/26 | 300000 | 284328 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br>Constant Maturity 5<br>Year + 1.15%), 2.636%,<br>9/17/29 (k) | 350000 | 327888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/11/30 | 535000 | 434386 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/24 | 750000 | 721080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/26/24 | 500000 | 482529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/25 | 600000 | 588236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/5/25 | 750000 | 728679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 8/5/25 | 500000 | 457128 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%),<br>4.260%, 7/28/26 (k) | 500000 | 490563 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.61%),<br>1.267%, 3/2/27 (k) | 955000 | 849429 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>4.123%, 6/6/28 (k) | 315000 | 301007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/19/29 | 750000 | 692276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.887%, 6/7/29 (k) | 375000 | 316012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/5/30 | 335000 | 270016 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br>4.916%, 7/28/33 (k) | 500000 | 469874 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/24 | 500000 | 493085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/30/24 | 750000 | 722136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/11/24 | 1000000 | 981257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 5/12/25 | 600000 | 556347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/17/25 | 500000 | 491035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 4/27/26 | 1415000 | 1338434 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br>2.215%, 1/27/28 (k) | 400000 | 359500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/26/28 (x) | 650000 | 622802 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.66%),<br>4.548%, 7/22/28 (k) | 500000 | 486667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 (x) | 600000 | 465519 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br>2.677%, 1/27/33 (k) | 400000 | 328874 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br> 4.967%, 7/22/33 (k) | 350000 | 333288 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br>Curve Rate T Note<br> Constant Maturity 5<br>Year + 0.95%), 2.491%,<br>11/3/36 (k) | 1000000 | 765101 |
|  US Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/21/25 | 1000000 | 943541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/27/25 | 1000000 | 964163 |
|  Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/29 | 500000 | 452254 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.51%),<br>0.805%, 5/19/25 (k) | 180000 | 168804 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br>2.406%, 10/30/25 (k) | 1105000 | 1047461 |

---

See Notes to Financial Statements.

654

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 0.75%),<br>2.164%, 2/11/26 (k) | $1250000 | $1166325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/22/26 | 4000000 | 3739104 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>3.908%, 4/25/26 (k) | 1470000 | 1429408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>4.540%, 8/15/26 (k) | 375000 | 366960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 1500000 | 1388634 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 1.17%),<br>3.196%, 6/17/27 (k) | 1110000 | 1031922 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>3.526%, 3/24/28 (k) | 710000 | 660178 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br>Month + 1.31%),<br>3.584%, 5/22/28 (k) | 8035000 | 7449505 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>2.393%, 6/2/28 (k) | 1010000 | 893408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.98%),<br> 4.808%, 7/25/28 (k) | 665000 | 647584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 1/24/29 | 1350000 | 1272640 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3<br> Month + 1.43%),<br> 2.879%, 10/30/30 (k) | 1250000 | 1066451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.572%, 2/11/31 (k) | 2625000 | 2174128 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br> 3.350%, 3/2/33 (k) | 2135000 | 1805759 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br> 4.897%, 7/25/33 (k) | 625000 | 593373 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.019%, 11/18/24 (x) | 335000 | 311947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%, 8/26/25 | 1500000 | 1457426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/13/26 | 750000 | 703182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/3/26 | 500000 | 441851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/8/27 | 1250000 | 1178833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.043%, 8/26/27 | 1500000 | 1453644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%, 11/20/28 | 500000 | 427136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/16/30 | 350000 | 304810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/3/31 (x) | 500000 | 414849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield<br> Curve Rate T Note Constant Maturity 5 Year + 1.75%),<br> 2.668%, 11/15/35 (k) | 2000000 | 1489841 |
|  Wintrust Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 6/6/29 | 250000 | 226663 |
|  Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/29/29 | 500000 | 409725 |
|  |  | 444221751 |
|  ***Capital Markets (3.1%)*** |  |  |
|  Affiliated Managers Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/24 | 350000 | 346403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/30 | 210000 | 176600 |
|  Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/15/24 | 750000 | 733573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/26 | 500000 | 465199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/13/32 | 90000 | 87540 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 6/10/24 | 560000 | 541534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/25 | 500000 | 474189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/25 | 500000 | 461864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/26 | 1000000 | 918334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/15/26 | 285000 | 241798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 | 500000 | 426144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/28 | 500000 | 402443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/15/31 | 500000 | 368775 |
|  Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/10/26 | 400000 | 346643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 10/13/26 | 500000 | 411567 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/24/24 | 675000 | 644135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/25/25 | 500000 | 484728 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.57%),<br> 3.430%, 6/13/25 (k) | 500000 | 488640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/28/26 | 500000 | 442745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/4/26 | 750000 | 703408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br> 4.414%, 7/24/26 (k) | 240000 | 236290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 10/15/26 (x) | 1000000 | 869272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/26/27 (x) | 400000 | 359098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/16/27 | 700000 | 659610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/28/28 | 850000 | 813968 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br> 3.992%, 6/13/28 (k) | 500000 | 483841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/26/29 (x) | 500000 | 468612 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.76%),<br> 4.596%, 7/26/30 (k) | 145000 | 140935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/28/31 (x) | 500000 | 390320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/28/31 (x) | 750000 | 583485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/26/32 | 200000 | 163212 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br> 4.289%, 6/13/33 (k) | 500000 | 467944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br> 0.850%, 10/25/24 (x) | 500000 | 466425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 1/25/29 | 500000 | 419214 |
|  BGC Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/24 | 200000 | 191452 |
|  BlackRock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/18/24 | 1400000 | 1377371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 347000 | 328264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 | 445000 | 411156 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/22/24 (x) | 500000 | 459311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 1/15/25 | 190000 | 174780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 3/24/25 (x) | 250000 | 240953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 | 1000000 | 827502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/27 | 500000 | 420846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/29 | 250000 | 206044 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/15/26 | 250000 | 230658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/16/26 (x) | 1000000 | 879652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/27 | 500000 | 413301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/30/28 (x) | 500000 | 388631 |
|  Brookfield Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/25 | 600000 | 586660 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/24 | 750000 | 737528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 (x) | 500000 | 460383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/15/30 | 2000000 | 1820701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 (x) | 230000 | 184551 |

---

See Notes to Financial Statements.

655

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Cboe Global Markets, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/12/27 | $650000 | $620953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/16/32 | 500000 | 419466 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 2/1/24 | 650000 | 639817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/24 | 750000 | 739096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/10/25 | 150000 | 144353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/25 | 1000000 | 974981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/21/25 | 750000 | 734120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/11/26 | 1335000 | 1184771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/13/26 | 375000 | 333896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/2/27 | 500000 | 470961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/3/27 | 210000 | 191920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 (x) | 455000 | 429827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/20/28 (x) | 1200000 | 1055469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/22/29 | 500000 | 453933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 | 750000 | 615867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/3/32 | 280000 | 238628 |
|  CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 12/17/30 | 565000 | 431755 |
|  CME Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/25 (x) | 1000000 | 967288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/28 | 350000 | 337649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 3/15/32 | 355000 | 298604 |
|  Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.495%, 2/2/24 | 1115000 | 1030228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/9/24 | 500000 | 478288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 2/21/25 | 375000 | 345597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/9/25 (x) | 1000000 | 901223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/7/26 | 600000 | 489629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/9/27 (x) | 500000 | 456135 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/26/25 | 750000 | 676361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/17/26 | 2000000 | 1768711 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.898%, 5/28/24 | 375000 | 351010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/30/24 | 1500000 | 1458025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.162%, 5/13/25 | 315000 | 308290 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%), 3.961%, 11/26/25 (k) | 750000 | 717092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 1/13/26 | 1000000 | 954579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.686%, 3/19/26 | 180000 | 160899 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.19%),<br> 6.119%, 7/14/26 (k) | 335000 | 333518 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br> 2.129%, 11/24/26 (k) | 1055000 | 930924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371%, 9/9/27 | 500000 | 504051 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br> 2.311%, 11/16/27 (k) | 510000 | 432163 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br> 2.552%, 1/7/28 (k) | 1000000 | 851637 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.04%),<br> 3.547%, 9/18/31 (k) | 2355000 | 1896804 |
|  Eaton Vance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/6/27 | 250000 | 233249 |
|  Franklin Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/30/25 | 1250000 | 1190744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 10/30/30 | 600000 | 461720 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/24 | 250000 | 242611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/12/24 | 300000 | 270508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 2/1/25 | 500000 | 470552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 1/15/26 | 500000 | 443627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/15/27 | 500000 | 416894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 500000 | 419166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 300000 | 240887 |
|  Goldman Sachs BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/10/25 | 250000 | 240754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/26 | 250000 | 229763 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/8/24 | 2000000 | 1963118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/23/25 | 3250000 | 3144119 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.73%),<br> 1.757%, 1/24/25 (k) | 555000 | 531646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/22/25 | 2400000 | 2320832 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.20%),<br> 3.272%, 9/29/25 (k) | 1830000 | 1763173 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.61%),<br> 0.855%, 2/12/26 (k) | 915000 | 827456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/25/26 | 580000 | 558134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/26 | 1815000 | 1701854 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%),<br> 1.093%, 12/9/26 (k) | 1000000 | 882199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 1/26/27 | 2240000 | 2132316 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br> 1.431%, 3/9/27 (k) | 1000000 | 877143 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%),<br> 1.542%, 9/10/27 (k) | 1250000 | 1078369 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br> 1.948%, 10/21/27 (k) | 1060000 | 927340 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br> 2.640%, 2/24/28 (k) | 455000 | 404954 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br> 3.615%, 3/15/28 (k) | 1000000 | 930757 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.51%),<br> 3.691%, 6/5/28 (k) | 1000000 | 928478 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.30%),<br> 4.223%, 5/1/29 (k) | 2000000 | 1859258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 2/7/30 | 6515000 | 5456718 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.09%),<br> 1.992%, 1/27/32 (k) | 570000 | 433595 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br> 2.615%, 4/22/32 (k) | 1070000 | 853018 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 2.383%, 7/21/32 (k) | 2140000 | 1665359 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.650%, 10/21/32 (k) | 720000 | 569830 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br> 3.102%, 2/24/33 (k) | 1000000 | 813038 |
|  Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/24 | 250000 | 240864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/24/26 | 910000 | 777584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 2/15/27 | 500000 | 407866 |
|  Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/20/27 | 335000 | 287046 |
|  Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/23/25 | 290000 | 283894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/1/25 | 610000 | 593269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/27 | 600000 | 579336 |

---

See Notes to Financial Statements.

656

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/21/28 | $535000 | $505392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/15/29 | 250000 | 242350 |
|  Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 1/15/27 | 665000 | 648450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 | 1500000 | 1153748 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/19/28 | 350000 | 326402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/11/29 | 500000 | 462773 |
|  Legg Mason, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/26 | 250000 | 250888 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/14/26 | 1125000 | 974452 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/15/24 | 500000 | 498946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 | 1250000 | 993104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/8/32 (x) | 250000 | 234259 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.16%),<br> 3.620%, 4/17/25 (k) | 750000 | 731565 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%),<br> 0.790%, 5/30/25 (k) | 1500000 | 1398737 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br> 2.720%, 7/22/25 (k) | 500000 | 478488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/23/25 (x) | 505000 | 493043 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%),<br> 1.164%, 10/21/25 (k) | 930000 | 857605 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.94%),<br> 2.630%, 2/18/26 (k) | 750000 | 705092 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.67%),<br> 4.679%, 7/17/26 (k) | 460000 | 452079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/27/26 | 3000000 | 2799133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.77%),<br> 6.138%, 10/16/26 (k) | 1000000 | 1021454 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%),<br> 0.985%, 12/10/26 (k) | 2750000 | 2408430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 1/20/27 | 4000000 | 3777448 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br> 1.593%, 5/4/27 (k) | 1700000 | 1492303 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br> 1.512%, 7/20/27 (k) | 2000000 | 1738833 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%),<br> 2.475%, 1/21/28 (k) | 1035000 | 919039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br> 4.210%, 4/20/28 (k) | 870000 | 827811 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br> 6.296%, 10/18/28 (k) | 1000000 | 1029023 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.14%),<br> 3.772%, 1/24/29 (k) | 1800000 | 1659320 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.63%),<br> 4.431%, 1/23/30 (k) | 950000 | 889118 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br> 2.699%, 1/22/31 (k) | 6640000 | 5503492 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%),<br> 3.622%, 4/1/31 (k) | 2000000 | 1746495 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br> 2.239%, 7/21/32 (k) | 2000000 | 1529137 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br> 2.511%, 10/20/32 (k) | 925000 | 721387 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br> 2.943%, 1/21/33 (k) | 820000 | 663667 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br> 4.889%, 7/20/33 (k) | 750000 | 706612 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br> 6.342%, 10/18/33 (k) | 925000 | 967577 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br> 2.484%, 9/16/36 (k) | 1250000 | 906520 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.62%),<br> 5.297%, 4/20/37 (k) | 785000 | 718021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%),<br> 0.864%, 10/21/25 (k) | 345000 | 316479 |
|  Morgan Stanley Domestic Holdings, Inc. | Morgan Stanley Domestic Holdings, Inc. | Morgan Stanley Domestic Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/24/27 (x) | 250000 | 237336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/20/28 | 350000 | 341442 |
|  Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/30/26 | 145000 | 140139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/31 (x) | 750000 | 573789 |
|  Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.648%, 1/16/25 | 380000 | 359158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099%, 7/3/25 | 750000 | 742383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.851%, 7/16/25 | 1500000 | 1365464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.653%, 7/14/26 | 1250000 | 1086451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.329%, 1/22/27 | 500000 | 439541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.386%, 7/6/27 | 500000 | 492224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.172%, 7/14/28 | 670000 | 552317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710%, 1/22/29 | 500000 | 417401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 1/16/30 | 750000 | 628048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 7/16/30 | 1000000 | 798318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%, 7/14/31 | 685000 | 530023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%, 1/22/32 | 500000 | 395603 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 | 335000 | 327121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/3/28 | 500000 | 473873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 (x) | 500000 | 455102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/1/30 | 560000 | 461210 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3<br> Month + 1.13%),<br> 3.375%, 5/8/32 (k) | 468000 | 425678 |
|  Oaktree Specialty Lending Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/25/25 | 80000 | 75986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 1/15/27 (x) | 500000 | 425813 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/24 | 300000 | 295694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/30/25 | 250000 | 234588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/22/25 | 350000 | 323994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/26 | 250000 | 231081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/15/26 | 500000 | 438594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/15/27 (x) | 500000 | 413067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 | 750000 | 589199 |
|  OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/25 | 250000 | 242402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/8/27 | 300000 | 269399 |
|  Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.706%, 1/22/26 | 250000 | 219278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 11/15/26 | 270000 | 224816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/15/28 | 500000 | 385011 |
|  S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/1/27§ | 235000 | 214672 |

---

See Notes to Financial Statements.

657

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/1/29§ | $500000 | $440961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 | 975000 | 753369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32§ | 350000 | 298975 |
|  Sixth Street Specialty Lending, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/24 (x) | 500000 | 479392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/26 | 310000 | 270303 |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/18/24 | 700000 | 686265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 500000 | 433652 |
|  |  | 155947592 |
|  ***Consumer Finance (1.6%)*** |  |  |
|  AerCap Ireland Capital<br>DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/16/24 | 445000 | 440626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 2/15/24 | 700000 | 676988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/14/24 | 350000 | 331804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/29/24 | 1300000 | 1200552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/25 | 600000 | 572811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/15/25 | 1290000 | 1300735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 10/1/25 | 350000 | 334658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/30/26 | 655000 | 577479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 4/3/26 | 500000 | 478717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 | 795000 | 695758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 7/21/27 | 1000000 | 906281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/27 | 500000 | 466489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/23/28 | 500000 | 447464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 390000 | 327429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/29/24 | 645000 | 593535 |
|  Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 5/1/25 | 1000000 | 996477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/9/27 | 500000 | 466897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 250000 | 195606 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/22/24 | 750000 | 737640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/3/24 | 275000 | 269555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/30/24 | 500000 | 482272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/24 | 750000 | 725671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/4/25 | 200000 | 188988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/1/25 | 750000 | 734860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 11/6/25 | 1075000 | 1061683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/20/26 | 500000 | 473003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 11/4/26 (x) | 1460000 | 1297796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/4/27 | 335000 | 304590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 (x) | 1150000 | 1078337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 5/3/29 | 335000 | 319661 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.26%),<br>4.989%, 5/26/33 (k) | 265000 | 255281 |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/12/24 | 500000 | 493235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 2/16/24 | 500000 | 488819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/27/24 | 500000 | 481930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 7/12/24 | 350000 | 327653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/10/24 | 350000 | 334357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/13/25 | 500000 | 468150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 7/8/25 | 750000 | 686015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/10/25 | 500000 | 451632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/9/26 | 415000 | 365895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/9/26 | 720000 | 658800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/27 | 500000 | 454417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 1/13/31 (x) | 350000 | 278777 |
|  Andrew W Mellon Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.947%, 8/1/27 | 300000 | 255167 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/29/24 | 750000 | 740588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/24/24 | 1000000 | 980672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 10/30/24 | 350000 | 338536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/30/25 | 850000 | 834495 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br>4.166%, 5/9/25 (k) | 500000 | 487659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 | 750000 | 725943 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.636%, 3/3/26 (k) | 435000 | 407486 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>4.985%, 7/24/26 (k) | 500000 | 489539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/9/27 | 1150000 | 1090843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/11/27 (x) | 500000 | 471405 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.878%, 11/2/27 (k) | 1000000 | 876561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 1000000 | 937391 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.06%),<br>4.927%, 5/10/28 (k) | 500000 | 483255 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>3.273%, 3/1/30 (k) | 500000 | 430884 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.60%),<br>5.247%, 7/26/30 (k) | 500000 | 480617 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%),<br>2.359%, 7/29/32 (k) | 1000000 | 720566 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.27%),<br>2.618%, 11/2/32 (k)(x) | 1000000 | 769272 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.37%),<br>5.268%, 5/10/33 (k) | 500000 | 463944 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 1/10/24 | 400000 | 384282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 5/17/24 | 350000 | 329711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/17/24 | 350000 | 340654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 9/13/24 (x) | 400000 | 372783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/24 | 500000 | 486216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/13/25 | 500000 | 486142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 5/15/25 (x) | 750000 | 696367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/12/25 | 500000 | 487486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 11/13/25 (x) | 350000 | 314232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/9/26 | 250000 | 231410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 9/14/26 (x) | 400000 | 352882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/8/27 (x) | 355000 | 319047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/12/27 | 500000 | 478101 |
|  Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/6/24 | 250000 | 243690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/4/25 | 350000 | 336389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/30/26 | 500000 | 481831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 565000 | 533004 |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 1/17/24 | 500000 | 498092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 3/8/24 | 285000 | 270650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/15/24 | 235000 | 217711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/7/25 | 185000 | 178011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/9/25 | 575000 | 559384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/20/25 | 1250000 | 1168651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/13/25 | 1250000 | 1211491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 10/10/25 | 500000 | 508568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/8/26 | 750000 | 660606 |

---

See Notes to Financial Statements.

658

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/26 | $| 700000 |  | $690952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/10/26 |  | 750000 |  | 651374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/6/26 |  | 750000 |  | 704962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/17/27 |  | 835000 |  | 790883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 2/26/27 (x) |  | 500000 |  | 437286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/9/27 |  | 450000 |  | 436911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 1/5/28 |  | 500000 |  | 457232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/10/28 |  | 600000 |  | 507130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/28 |  | 500000 |  | 415046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/17/29 |  | 350000 |  | 344088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 |  | 500000 |  | 449462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/21/30 |  | 2000000 |  | 1687958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/31 |  | 500000 |  | 378374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/10/31 |  | 750000 |  | 575540 |
|  John Deere Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 1/10/24 |  | 295000 |  | 283235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 1/17/24 |  | 750000 |  | 716193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/7/24 |  | 335000 |  | 326210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 6/7/24 |  | 490000 |  | 460802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 6/12/24 |  | 650000 |  | 636970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/24/24 |  | 660000 |  | 639489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/10/24 |  | 140000 |  | 130703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/11/24 |  | 280000 |  | 278728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/9/25 |  | 350000 |  | 332502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/10/25 |  | 295000 |  | 275795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/7/25 |  | 125000 |  | 118291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/6/25 |  | 280000 |  | 272000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 9/8/25 (x) |  | 400000 |  | 394594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/11/25 |  | 350000 |  | 338798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 1/15/26 (x) |  | 500000 |  | 445627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/10/26 |  | 500000 |  | 465928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 3/8/27 |  | 250000 |  | 227967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/9/27 |  | 175000 |  | 156180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 9/8/27 |  | 400000 |  | 369084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/6/28 |  | 500000 |  | 467678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/7/29 (x) |  | 270000 |  | 251433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 7/18/29 |  | 325000 |  | 289780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 10/11/29 |  | 500000 |  | 504935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/9/30 (x) |  | 290000 |  | 250809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 9/15/32 |  | 375000 |  | 366646 |
|  PACCAR Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350%, 2/2/24 |  | 200000 |  | 190125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/9/24 |  | 140000 |  | 130651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/24 |  | 250000 |  | 239461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 11/8/24 |  | 250000 |  | 232577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 2/6/25 |  | 175000 |  | 164879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 4/7/25 (x) |  | 500000 |  | 480584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 8/11/25 |  | 250000 |  | 242489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/3/25 (x) |  | 250000 |  | 251447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 5/11/26 |  | 350000 |  | 312465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/4/27 |  | 350000 |  | 315774 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/24 |  | 165000 |  | 162059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/24 |  | 750000 |  | 731129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/13/25 |  | 325000 |  | 317129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/23/25 |  | 500000 |  | 480311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/4/26 |  | 500000 |  | 459606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 |  | 1500000 |  | 1338050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 3/19/29 |  | 250000 |  | 238551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 |  | 250000 |  | 187827 |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 1/8/24 |  | 500000 |  | 491812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 1/11/24 |  | 750000 |  | 716653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/22/24 |  | 280000 |  | 271835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 4/17/24 |  | 500000 |  | 487121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/18/24 |  | 500000 |  | 469272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/13/24 |  | 375000 |  | 349289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 9/20/24 |  | 500000 |  | 496178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/7/24 |  | 500000 |  | 475704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 1/13/25 |  | 500000 |  | 468131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/14/25 |  | 750000 |  | 726823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/25 |  | 435000 |  | 426321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/18/25 |  | 145000 |  | 140792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 1/9/26 |  | 500000 |  | 446611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 8/13/27 (x) |  | 590000 |  | 500995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/11/28 (x) |  | 500000 |  | 459757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 (x) |  | 600000 |  | 522114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 1/8/29 |  | 500000 |  | 469845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/29/29 |  | 500000 |  | 491363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/13/30 |  | 500000 |  | 419714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/10/31 (x) |  | 550000 |  | 434338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 1/13/32 |  | 500000 |  | 411412 |
|  |  |  |  | 82240306 |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |  |
|  Berkshire Hathaway, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/26 |  | 1395000 |  | 1338190 |
|  Block Financial LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/1/25 |  | 500000 |  | 497817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 |  | 350000 |  | 297397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/30 |  | 230000 |  | 202177 |
|  Jackson Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 6/8/27 (x) |  | 280000 |  | 276325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670%, 6/8/32 |  | 250000 |  | 236421 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/7/24 |  | 210000 |  | 204940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350%, 2/8/24 |  | 360000 |  | 341629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/7/25 |  | 250000 |  | 234520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/25 |  | 285000 |  | 276071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/25 |  | 250000 |  | 238341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 6/15/26 (x) |  | 500000 |  | 440624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 4/25/27 |  | 350000 |  | 325018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/7/28 (x) |  | 500000 |  | 464475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/1/28 |  | 250000 |  | 235308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/18/24 |  | 310000 |  | 287991 |
|  ORIX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 1/16/24 |  | 500000 |  | 493605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/4/24 |  | 750000 |  | 722739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/18/27 |  | 400000 |  | 374979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/13/27 (x) |  | 200000 |  | 198856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/9/31 (x) |  | 350000 |  | 277112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/13/32 |  | 250000 |  | 221900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/13/32 |  | 200000 |  | 194909 |
|  Private Export Funding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KK |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/15/24 |  | 729000 |  | 718111 |
|  Shell International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/7/24 |  | 750000 |  | 714436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/11/25 |  | 2500000 |  | 2423288 |

---

See Notes to Financial Statements.

659

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/10/26 | $1250000 | $1178633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/12/26 | 1000000 | 927625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/6/30 | 415000 | 366022 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/22/25 | 315000 | 312753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/23/27 | 250000 | 241847 |
|  Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/15/26 | 625000 | 591254 |
|  |  | 15855313 |
|  ***Insurance (0.9%)*** |  |  |
|  Aflac, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 3/15/26 | 205000 | 181649 |
|  Alleghany Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 | 500000 | 463104 |
|  Allied World Assurance Co. Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 10/29/25 | 250000 | 239738 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 12/15/25 | 185000 | 164268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.280%, 12/15/26 | 500000 | 475405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 12/15/30 | 300000 | 228855 |
|  American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/30/25 (x) | 500000 | 471267 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/28/27 | 180000 | 165577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 650000 | 626414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/2/29 | 350000 | 325030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 | 500000 | 427412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 (x) | 750000 | 590570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/2/31 | 355000 | 290790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/12/32 | 500000 | 496291 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/14/24 | 350000 | 342418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/25 | 600000 | 584609 |
|  Arch Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.011%, 12/15/26 | 500000 | 477525 |
|  Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/27/28 | 250000 | 239815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 500000 | 366497 |
|  Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/24 (x) | 484000 | 482030 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/12/28 | 750000 | 691099 |
|  AXIS Specialty Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/29 | 250000 | 222632 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%),<br>4.900%, 1/15/40 (k) | 200000 | 164000 |
|  AXIS Specialty Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/6/27 | 500000 | 464612 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 (x) | 500000 | 461790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 3/12/30 (x) | 165000 | 138458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 (x) | 395000 | 316079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/15/32 | 500000 | 435161 |
|  Brighthouse Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 (x) | 2000000 | 1860073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/15/30 | 145000 | 138168 |
|  Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/15/24 | 350000 | 343989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/29 | 300000 | 278335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 325000 | 282872 |
|  Chubb INA Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/24 | 600000 | 587370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/15/25 | 1000000 | 965861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/3/26 | 410000 | 392974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 9/15/30 | 1665000 | 1300005 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/26 | 500000 | 493032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/15/27 | 500000 | 463134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/29 | 210000 | 191804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 (x) | 170000 | 133572 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/1/29 | 350000 | 319550 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 4/17/28 | 250000 | 236131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 (x) | 750000 | 680086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/3/31 | 355000 | 289550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/32§ | 250000 | 233023 |
|  Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/28 | 475000 | 453468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/30 | 300000 | 253260 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 11/15/24 | 500000 | 493687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 | 180000 | 154486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/31 | 315000 | 230870 |
|  Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/28 | 500000 | 486191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 500000 | 396934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/32 | 150000 | 142196 |
|  Hanover Insurance Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/26 | 750000 | 733058 |
|  Hartford Financial Services Group, Inc. (The) | Hartford Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/19/29 | 535000 | 456833 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 2/15/25 | 355000 | 345767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 | 500000 | 387736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/23/32 | 500000 | 420110 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/12/26 | 500000 | 468963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 (x) | 750000 | 608220 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/26 (x) | 300000 | 290545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/30 | 60000 | 53184 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/4/26 | 1000000 | 974219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%, 5/19/27 | 350000 | 315152 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 1.65%),<br>4.061%, 2/24/32 (k) | 750000 | 681712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.703%, 3/16/32 | 500000 | 445071 |
|  Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 350000 | 321425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/17/29 | 90000 | 78191 |
|  Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/24 | 500000 | 493131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/3/24 | 1000000 | 979776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 700000 | 677827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 12/15/31 | 340000 | 274762 |
|  Mercury General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/27 | 300000 | 281160 |

---

See Notes to Financial Statements.

660

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/25 | $| 500000 |  | $481537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/13/25 |  | 1300000 |  | 1265157 |
|  Old Republic International Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/1/24 |  | 400000 |  | 396410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/26/26 |  | 500000 |  | 473674 |
|  PartnerRe Finance B LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/2/29 |  | 350000 |  | 316035 |
|  Principal Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 11/15/26 |  | 350000 |  | 327509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 (x) |  | 375000 |  | 349329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/15/30 (x) |  | 750000 |  | 615343 |
|  Progressive Corp. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/27 |  | 290000 |  | 265952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/32 (x) |  | 350000 |  | 305459 |
|  Prudential Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/10/26 |  | 250000 |  | 225310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.878%, 3/27/28 |  | 650000 |  | 621879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/10/30 |  | 235000 |  | 192819 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.38%),<br>4.500%, 9/15/47 (k) |  | 1075000 |  | 978250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.67%),<br>5.700%, 9/15/48 (k) |  | 2500000 |  | 2371934 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%),<br>5.125%, 3/1/52 (k) |  | 175000 |  | 157938 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%),<br>6.000%, 9/1/52 (k)(x) |  | 350000 |  | 339937 |
|  Prudential plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/14/30 |  | 1500000 |  | 1302000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/24/32 |  | 500000 |  | 441344 |
|  Reinsurance Group of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 |  | 175000 |  | 160208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 |  | 175000 |  | 148747 |
|  RenaissanceRe Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/25 |  | 250000 |  | 242540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/27 |  | 195000 |  | 182189 |
|  RenaissanceRe Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 |  | 500000 |  | 450165 |
|  Trinity Acquisition plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/26 |  | 250000 |  | 242549 |
|  Unum Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 |  | 180000 |  | 163432 |
|  Willis North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/15/24 |  | 550000 |  | 534712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/15/27 |  | 200000 |  | 193139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/28 |  | 500000 |  | 471039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 540000 |  | 452763 |
|  |  |  |  | 46289857 |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |  |
|  BPCE SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/24 |  | 1250000 |  | 1229312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/2/26 |  | 500000 |  | 467867 |
|  |  |  |  | 1697179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 746251998 |
|  **Health Care (2.7%)** |  |  |  |  |
|  ***Biotechnology (0.5%)*** |  |  |  |  |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/15/24 |  | 1250000 |  | 1230193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/21/24 |  | 2790000 |  | 2672734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/25 |  | 1125000 |  | 1098085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/14/26 |  | 1500000 |  | 1419704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 |  | 1430000 |  | 1333114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/21/29 |  | 1790000 |  | 1617229 |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/22/24 (x) |  | 750000 |  | 735402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/21/25 |  | 265000 |  | 248738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/1/25 (x) |  | 250000 |  | 239978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/19/26 |  | 1150000 |  | 1062474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/21/27 |  | 705000 |  | 634897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/2/27 |  | 1250000 |  | 1159207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 8/15/28 |  | 600000 |  | 500087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/22/29 |  | 290000 |  | 258300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/18/29 |  | 500000 |  | 469524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 |  | 950000 |  | 798580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/22/32 |  | 290000 |  | 253552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/33 |  | 500000 |  | 462857 |
|  Baxalta, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/23/25 |  | 239000 |  | 232699 |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 9/15/25 |  | 570000 |  | 554920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/1/30 |  | 735000 |  | 598106 |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/24 |  | 1000000 |  | 983220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/1/27 (x) |  | 235000 |  | 199793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/1/30 |  | 2790000 |  | 2221405 |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 2350000 |  | 1827326 |
|  |  |  |  | 22812124 |
|  ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | **** |  |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/25 |  | 1000000 |  | 966051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/15/25 |  | 490000 |  | 480059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/26 |  | 978000 |  | 954686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 1/30/28 |  | 170000 |  | 144849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 6/30/30 |  | 160000 |  | 127457 |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.322%, 11/29/24 (x) |  | 500000 |  | 464464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/15/26 |  | 500000 |  | 462209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 |  | 500000 |  | 443808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272%, 12/1/28 (x) |  | 500000 |  | 427090 |
|  Becton Dickinson and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.363%, 6/6/24 |  | 454000 |  | 443500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734%, 12/15/24 |  | 508000 |  | 495123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 |  | 1467000 |  | 1389505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 |  | 355000 |  | 306059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.957%, 2/11/31 |  | 665000 |  | 528552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 8/22/32 |  | 105000 |  | 98976 |
|  Boston Scientific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/1/24 (x) |  | 274000 |  | 268886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/1/25 |  | 310000 |  | 289709 |
|  DH Europe Finance II Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/15/24 |  | 500000 |  | 476413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/15/29 |  | 315000 |  | 276274 |

---

See Notes to Financial Statements.

661

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
|  Edwards Lifesciences Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/28 | $| 750000 |  | $718761 |
|  Smith & Nephew plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/30 (x) |  | 500000 |  | 392072 |
|  STERIS Irish FinCo. UnLtd. Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 (x) |  | 430000 |  | 349471 |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/15/25 |  | 500000 |  | 457570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/1/25 |  | 2000000 |  | 1924778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/26 |  | 375000 |  | 361276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/7/28 (x) |  | 600000 |  | 570876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 (x) |  | 500000 |  | 407588 |
|  Zimmer Biomet Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 11/22/24 |  | 355000 |  | 330518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/24/31 |  | 500000 |  | 405362 |
|  |  |  |  | 14961942 |
|  ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | **** |  |
|  Adventist Health System |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.952%, 3/1/29 |  | 250000 |  | 215705 |
|  Advocate Health & Hospitals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829%, 8/15/28 |  | 100000 |  | 93686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.211%, 6/15/30 |  | 150000 |  | 123779 |
|  Aetna, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/24 |  | 500000 |  | 486468 |
|  AmerisourceBergen Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/15/24 (x) |  | 600000 |  | 586337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 (x) |  | 400000 |  | 372498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 5/15/30 |  | 750000 |  | 636587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/15/31 |  | 600000 |  | 499218 |
|  Banner Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.338%, 1/1/30 |  | 190000 |  | 159290 |
|  Baylor Scott & White Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/30 |  | 50000 |  | 39158 |
|  Bon Secours Mercy Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.302%, 7/1/28 |  | 125000 |  | 118911 |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.079%, 6/15/24 |  | 500000 |  | 485071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 |  | 1250000 |  | 1165919 |
|  Cigna Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.613%, 3/15/24 |  | 300000 |  | 284597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/25 |  | 525000 |  | 513474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/26 |  | 1000000 |  | 985060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/15/26 |  | 500000 |  | 446352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 |  | 1340000 |  | 1295585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/30 |  | 4350000 |  | 3655067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/31 |  | 450000 |  | 369809 |
|  CommonSpirit Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.760%, 10/1/24 |  | 150000 |  | 144197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.547%, 10/1/25 |  | 330000 |  | 298536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073%, 11/1/27 |  | 390000 |  | 401187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/1/29 |  | 185000 |  | 161026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782%, 10/1/30 |  | 340000 |  | 280704 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 8/15/24 |  | 235000 |  | 225996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/25/25 |  | 961000 |  | 947502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/1/26 |  | 1500000 |  | 1400715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/26 |  | 250000 |  | 233513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 |  | 1500000 |  | 1274918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 |  | 2587000 |  | 2500646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 |  | 335000 |  | 300790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/21/30 |  | 2000000 |  | 1577848 |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 12/1/24 (x) |  | 500000 |  | 485701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/15/25 |  | 555000 |  | 526886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/15/26 |  | 750000 |  | 673775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 |  | 715000 |  | 674402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/29 |  | 200000 |  | 176296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/30 |  | 165000 |  | 137446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 750000 |  | 630930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/15/32 |  | 1000000 |  | 933517 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/24 |  | 1360000 |  | 1348467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/25 |  | 945000 |  | 940530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/26 |  | 1000000 |  | 988390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 |  | 820000 |  | 791275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/27§ |  | 235000 |  | 213934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29§ |  | 335000 |  | 295161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 |  | 525000 |  | 476858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 750000 |  | 581250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32§ |  | 500000 |  | 422664 |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 |  | 540000 |  | 467739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/27 |  | 375000 |  | 359181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/28 |  | 200000 |  | 204125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 |  | 625000 |  | 573904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/29 |  | 625000 |  | 550060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/1/33 |  | 200000 |  | 206613 |
|  Kaiser Foundation Hospitals |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 |  | 375000 |  | 351815 |
|  Laboratory Corp. of America Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/1/24 |  | 750000 |  | 724975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 12/1/24 |  | 250000 |  | 236693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 6/1/26 |  | 1070000 |  | 948289 |
|  McKesson Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 12/3/25 |  | 295000 |  | 262650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/15/26 |  | 1665000 |  | 1464242 |
|  PeaceHealth Obligated Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/25 |  | 125000 |  | 112581 |
|  Providence St Joseph Health Obligated Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%, 10/1/26 |  | 400000 |  | 375584 |
|  Quest Diagnostics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/30/25 |  | 400000 |  | 386051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 |  | 775000 |  | 737826 |
|  Sutter Health |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.321%, 8/15/25 (x) |  | 350000 |  | 316732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294%, 8/15/30 |  | 415000 |  | 335907 |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/24 |  | 200000 |  | 197169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 5/15/24 |  | 665000 |  | 628135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 |  | 250000 |  | 240697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/15/25 |  | 1000000 |  | 977789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/15/25 |  | 200000 |  | 195150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/15/26 |  | 265000 |  | 240192 |

---

See Notes to Financial Statements.

662

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/26 | $| 500000 |  | $476242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/15/26 (x) |  | 750000 |  | 670260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 |  | 750000 |  | 715462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/27 (x) |  | 350000 |  | 338774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 |  | 1000000 |  | 923837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 |  | 715000 |  | 734169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/28 |  | 250000 |  | 238814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/29 |  | 390000 |  | 373727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/29 |  | 770000 |  | 688161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 |  | 395000 |  | 327344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 (x) |  | 750000 |  | 626350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 |  | 315000 |  | 300703 |
|  Universal Health Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 9/1/26 |  | 625000 |  | 536388 |
|  |  |  |  | 50621961 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | **** |  |
|  Agilent Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/29 (x) |  | 175000 |  | 151392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/4/30 (x) |  | 290000 |  | 235455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/12/31 |  | 750000 |  | 607671 |
|  Danaher Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/15/25 |  | 310000 |  | 298739 |
|  Illumina, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/23/31 |  | 225000 |  | 179927 |
|  PerkinElmer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 9/15/24 |  | 295000 |  | 273556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 |  | 625000 |  | 546332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 |  | 415000 |  | 336340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 (x) |  | 355000 |  | 277826 |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.215%, 10/18/24 (x) |  | 1500000 |  | 1408360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 |  | 890000 |  | 756102 |
|  |  |  |  | 5071700 |
|  ***Pharmaceuticals (0.8%)*** |  |  |  |  |
|  Astrazeneca Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 5/28/24 |  | 400000 |  | 377135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 5/28/26 |  | 250000 |  | 222821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 5/28/28 |  | 400000 |  | 343822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/28/31 |  | 325000 |  | 270718 |
|  AstraZeneca plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/16/25 |  | 1500000 |  | 1448196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 4/8/26 |  | 1000000 |  | 882054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/12/27 (x) |  | 1150000 |  | 1081819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/6/30 |  | 1000000 |  | 792741 |
|  Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 7/26/24 |  | 708000 |  | 688119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/13/25 (x) |  | 600000 |  | 539645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/26 |  | 600000 |  | 572627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 11/13/27 (x) |  | 600000 |  | 513996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 2/20/28 |  | 2750000 |  | 2646619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 |  | 773000 |  | 719836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 11/13/30 |  | 355000 |  | 280582 |
|  Eli Lilly and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/25 |  | 707000 |  | 675468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 |  | 258000 |  | 242083 |
|  GlaxoSmithKline Capital plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/24 |  | 875000 |  | 852882 |
|  GlaxoSmithKline Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/25 |  | 280000 |  | 273756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/28 |  | 500000 |  | 480688 |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/15/25 |  | 750000 |  | 722712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 9/1/25 |  | 500000 |  | 451146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/1/26 |  | 750000 |  | 704321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/3/27 |  | 2000000 |  | 1889042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 9/1/27 (x) |  | 625000 |  | 538486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/1/30 |  | 705000 |  | 568207 |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/7/24 |  | 340000 |  | 332335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/10/25 |  | 1000000 |  | 958328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/24/26 |  | 440000 |  | 390211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/10/27 |  | 600000 |  | 532994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/10/28 (x) |  | 300000 |  | 258394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 |  | 750000 |  | 699110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/24/30 |  | 895000 |  | 717084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/10/31 |  | 570000 |  | 465535 |
|  Mylan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/15/28 |  | 500000 |  | 463005 |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/14/25 |  | 750000 |  | 706729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/14/27 |  | 750000 |  | 683307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/17/27 |  | 1000000 |  | 948915 |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/24 |  | 750000 |  | 733187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/15/24 |  | 1500000 |  | 1473558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 5/28/25 |  | 315000 |  | 288291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/3/26 |  | 1000000 |  | 941931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 |  | 1350000 |  | 1292288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 |  | 1000000 |  | 943664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/28/30 (x) |  | 250000 |  | 206253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/18/31 (x) |  | 490000 |  | 395276 |
|  Royalty Pharma plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 9/2/25 |  | 715000 |  | 640978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/2/27 |  | 455000 |  | 386896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/2/30 |  | 415000 |  | 324791 |
|  Sanofi |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 |  | 750000 |  | 715845 |
|  Shire Acquisitions Investments Ireland DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/23/26 (x) |  | 2450000 |  | 2301325 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/26/28 |  | 1000000 |  | 990896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 |  | 470000 |  | 384641 |
|  Utah Acquisition Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/15/26 |  | 1750000 |  | 1634710 |
|  Viatris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/22/25 |  | 535000 |  | 484369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/22/27 |  | 375000 |  | 321767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 |  | 885000 |  | 691590 |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/13/25 |  | 750000 |  | 743819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 |  | 500000 |  | 461261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/20/28 |  | 350000 |  | 333000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 (x) |  | 500000 |  | 407520 |
|  |  |  |  | 43033324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 136501051 |

---

See Notes to Financial Statements.

663

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
|  **Industrials (2.1%)** |  |  |  |  |
|  ***Aerospace & Defense (0.6%)*** |  |  |  |  |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/1/24 | $| 330000 |  | $317473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 2/4/24 |  | 835000 |  | 798677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 3/1/24 (x) |  | 500000 |  | 484719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/30/24 |  | 300000 |  | 285715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/25 |  | 1430000 |  | 1415537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/30/25 (x) |  | 650000 |  | 606303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/1/26 |  | 600000 |  | 557625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 |  | 1250000 |  | 1135864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/1/26 |  | 500000 |  | 467900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/26 |  | 300000 |  | 269612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 |  | 365000 |  | 326737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 (x) |  | 1500000 |  | 1485729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/1/28 |  | 600000 |  | 542505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 |  | 300000 |  | 268699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/1/29 |  | 500000 |  | 440418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/1/30 |  | 750000 |  | 638855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 |  | 3000000 |  | 2924412 |
|  General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/24 |  | 500000 |  | 477953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/25 (x) |  | 750000 |  | 731362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/1/26 |  | 415000 |  | 371068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 8/15/26 (x) |  | 750000 |  | 689374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 |  | 805000 |  | 768084 |
|  Huntington Ingalls Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 |  | 1000000 |  | 825999 |
|  L3Harris Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/28/24 |  | 206000 |  | 202593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.832%, 4/27/25 |  | 200000 |  | 194519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/15/26 (x) |  | 245000 |  | 233437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 (x) |  | 1750000 |  | 1689199 |
|  Leidos, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/25 (x) |  | 120000 |  | 115506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/30 |  | 95000 |  | 86351 |
|  Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/15/26 |  | 624000 |  | 605926 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 1/15/25 |  | 1000000 |  | 958933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/28 |  | 1500000 |  | 1392902 |
|  Precision Castparts Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/25 |  | 750000 |  | 727141 |
|  Raytheon Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/24 |  | 1000000 |  | 980179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/16/25 |  | 375000 |  | 366364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/27 (x) |  | 715000 |  | 680033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 |  | 1250000 |  | 1168725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/1/31 (x) |  | 1520000 |  | 1199750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/32 |  | 750000 |  | 610554 |
|  Textron, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/1/25 |  | 285000 |  | 277425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/26 |  | 175000 |  | 168592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 |  | 250000 |  | 233330 |
|  |  |  |  | 28722079 |
|  ***Air Freight & Logistics (0.1%)*** |  |  |  |  |
|  CH Robinson Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/28 |  | 500000 |  | 472562 |
|  FedEx Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/26 |  | 500000 |  | 475710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/15/28 (x) |  | 500000 |  | 462629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/17/28 |  | 500000 |  | 475810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/5/29 (x) |  | 750000 |  | 662433 |
|  United Parcel Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/1/24 |  | 150000 |  | 144075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 11/15/24 (x) |  | 500000 |  | 483417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 11/15/27 |  | 750000 |  | 704286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/15/29 |  | 310000 |  | 288266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/29 |  | 150000 |  | 130789 |
|  |  |  |  | 4299977 |
|  ***Airlines (0.0%)†*** |  |  |  |  |
|  Southwest Airlines Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/4/25 |  | 765000 |  | 769619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/26 |  | 250000 |  | 230692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 |  | 850000 |  | 843485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/16/27 |  | 250000 |  | 230541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/10/30 (x) |  | 350000 |  | 293152 |
|  |  |  |  | 2367489 |
|  ***Building Products (0.1%)*** |  |  |  |  |
|  Carlisle Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/24 |  | 530000 |  | 512444 |
|  Carrier Global Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.242%, 2/15/25 |  | 750000 |  | 706965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493%, 2/15/27 |  | 830000 |  | 748377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 |  | 1570000 |  | 1326220 |
|  Fortune Brands Innovations, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/25 |  | 350000 |  | 340612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 |  | 350000 |  | 302668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/25/32 |  | 500000 |  | 432961 |
|  Johnson Controls International plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 7/2/24 (e) |  | 200000 |  | 195535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 |  | 265000 |  | 212193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 |  | 585000 |  | 463572 |
|  Lennox International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 8/1/25 |  | 135000 |  | 122077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 8/1/27 |  | 100000 |  | 85958 |
|  Masco Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/28 |  | 375000 |  | 310316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 |  | 500000 |  | 389582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/31 |  | 500000 |  | 387322 |
|  Owens Corning |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 12/1/24 |  | 300000 |  | 293982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/26 (x) |  | 285000 |  | 264932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 |  | 250000 |  | 227099 |
|  |  |  |  | 7322815 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |  |
|  Cintas Corp. No. 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 5/1/25 |  | 115000 |  | 111274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 |  | 600000 |  | 577873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/32 (x) |  | 500000 |  | 470653 |
|  RELX Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/29 |  | 750000 |  | 696442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/22/30 |  | 250000 |  | 213893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 |  | 105000 |  | 101168 |
|  Republic Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/15/24 |  | 235000 |  | 225442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/25 (x) |  | 200000 |  | 178779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 |  | 275000 |  | 256615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/28 |  | 750000 |  | 715111 |

---

See Notes to Financial Statements.

664

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** |
|  Waste Connections, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/29 (x) | $| 750000 |  | $688183 |
|  Waste Management, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/15/25 |  | 135000 |  | 120916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 |  | 750000 |  | 702840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 3/15/28 |  | 195000 |  | 162944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/29 (x) |  | 250000 |  | 212056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 (x) |  | 1000000 |  | 954099 |
|  |  |  |  | 6388288 |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |  |
|  Quanta Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/1/24 |  | 160000 |  | 147101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/1/30 |  | 1000000 |  | 827918 |
|  |  |  |  | 975019 |
|  ***Electrical Equipment (0.1%)*** |  |  |  |  |
|  Eaton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.103%, 9/15/27 (x) |  | 500000 |  | 465730 |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/1/25 |  | 350000 |  | 338004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 10/15/26 |  | 665000 |  | 576204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 |  | 235000 |  | 205591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/21/28 |  | 600000 |  | 511311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/21/31 |  | 600000 |  | 487546 |
|  Hubbell, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/1/26 |  | 750000 |  | 713235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 |  | 150000 |  | 137021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/28 |  | 500000 |  | 460397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 |  | 290000 |  | 231960 |
|  Rockwell Automation, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/1/25 |  | 500000 |  | 480172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 |  | 300000 |  | 279907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/31 |  | 200000 |  | 158634 |
|  |  |  |  | 5045712 |
|  ***Industrial Conglomerates (0.2%)*** |  |  |  |  |
|  3M Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/14/24 (x) |  | 850000 |  | 836537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/14/25 (x) |  | 500000 |  | 473253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/7/25 |  | 750000 |  | 719738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/19/26 (x) |  | 500000 |  | 462163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 |  | 500000 |  | 462184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/14/28 (x) |  | 500000 |  | 473704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/26/29 (x) |  | 750000 |  | 638798 |
|  Honeywell International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 8/15/24 |  | 500000 |  | 480744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 6/1/25 |  | 500000 |  | 462593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/26 |  | 1000000 |  | 923530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 3/1/27 |  | 1200000 |  | 1045689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/15/29 |  | 295000 |  | 263075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/1/30 |  | 1000000 |  | 824489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/31 |  | 960000 |  | 762387 |
|  Pentair Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/29 |  | 250000 |  | 231347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 7/15/32 |  | 500000 |  | 497937 |
|  Trane Technologies Luxembourg Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/21/26 |  | 500000 |  | 471394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/21/29 |  | 500000 |  | 461524 |
|  |  |  |  | 10491086 |
|  ***Machinery (0.4%)*** |  |  |  |  |
|  Caterpillar, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/15/24 |  | 715000 |  | 701105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 9/19/29 |  | 350000 |  | 308727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/12/31 |  | 350000 |  | 284704 |
|  CNH Industrial Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/15/24 |  | 700000 |  | 691012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/23/25 |  | 120000 |  | 116486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/14/25 |  | 85000 |  | 85383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/15/26 |  | 875000 |  | 793537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 7/15/26 |  | 500000 |  | 441159 |
|  CNH Industrial NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/15/27 |  | 655000 |  | 613990 |
|  Cummins, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/1/25 (x) |  | 165000 |  | 148659 |
|  Dover Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/25 |  | 250000 |  | 238368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/4/29 |  | 105000 |  | 91680 |
|  Fortive Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/26 (x) |  | 1500000 |  | 1404196 |
|  IDEX Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 |  | 250000 |  | 216742 |
|  Illinois Tool Works, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/24 |  | 1000000 |  | 984848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/26 |  | 950000 |  | 883573 |
|  Kennametal, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/28 |  | 250000 |  | 235248 |
|  nVent Finance Sarl |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/31 |  | 500000 |  | 384068 |
|  Oshkosh Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/15/28 |  | 250000 |  | 237542 |
|  Otis Worldwide Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.056%, 4/5/25 |  | 1030000 |  | 964448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.293%, 4/5/27 (x) |  | 800000 |  | 717724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.565%, 2/15/30 |  | 925000 |  | 779746 |
|  Parker-Hannifin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/14/24 |  | 165000 |  | 159246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/15/24 |  | 715000 |  | 700530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 11/21/24 |  | 600000 |  | 580770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 |  | 355000 |  | 344352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 (x) |  | 270000 |  | 241791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/29 |  | 250000 |  | 241576 |
|  Stanley Black & Decker, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/24/25 |  | 265000 |  | 250662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/26 |  | 355000 |  | 338807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/28 (x) |  | 350000 |  | 335460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/32 (x) |  | 285000 |  | 241497 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/60 (k) |  | 310000 |  | 266375 |
|  Westinghouse Air Brake Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/24 (e) |  | 750000 |  | 738303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/25 |  | 180000 |  | 169675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/15/26 |  | 500000 |  | 466009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/15/28 (e) |  | 750000 |  | 722025 |
|  Xylem, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/26 |  | 570000 |  | 534746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/28 (x) |  | 350000 |  | 301547 |
|  |  |  |  | 17956316 |

---

See Notes to Financial Statements.

665

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  ***Professional Services (0.0%)†*** |  |  |  |  |  |  |
|  Equifax, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/1/24 | $| 250000 |  | $| 238734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 12/15/27 |  | 565000 |  |  | 557493 |  |
|  Thomson Reuters Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/26 |  | 570000 |  |  | 540391 |  |
|  Verisk Analytics, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/25 |  | 400000 |  |  | 389629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 |  | 500000 |  |  | 468848 |  |
|  |  |  |  |  | 2195095 |  |
|  ***Road & Rail (0.3%)*** |  |  |  |  |  |  |
|  Burlington Northern Santa Fe LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/24 |  | 250000 |  |  | 246572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/24 |  | 500000 |  |  | 488892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/25 |  | 750000 |  |  | 721597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/25 |  | 500000 |  |  | 485785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 |  | 400000 |  |  | 379116 |  |
|  Canadian National Railway Co. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/24 |  | 250000 |  |  | 240793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/5/32 (x) |  | 500000 |  |  | 465314 |  |
|  Canadian Pacific Railway Co. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 12/2/24 (x) |  | 570000 |  |  | 531958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 2/1/25 |  | 1000000 |  |  | 956417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/2/26 (x) |  | 290000 |  |  | 258919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 |  | 180000 |  |  | 147435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/2/31 |  | 335000 |  |  | 277902 |  |
|  CSX Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/1/25 |  | 500000 |  |  | 479976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/1/26 (x) |  | 750000 |  |  | 690540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/27 |  | 550000 |  |  | 515494 |  |
|  JB Hunt Transport Services, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/1/26 |  | 500000 |  |  | 484904 |  |
|  Kansas City Southern |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 310000 |  |  | 267736 |  |
|  Norfolk Southern Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 6/15/26 |  | 500000 |  |  | 468830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/1/27 |  | 365000 |  |  | 339980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/1/29 |  | 500000 |  |  | 430222 |  |
|  Ryder System, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/18/24 |  | 350000 |  |  | 343133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/24 |  | 385000 |  |  | 366583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/1/25 (x) |  | 500000 |  |  | 473015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/26 |  | 310000 |  |  | 271217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 12/1/26 |  | 220000 |  |  | 200071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/1/27 |  | 145000 |  |  | 128466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/27 |  | 250000 |  |  | 239468 |  |
|  Union Pacific Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.646%, 2/15/24 |  | 500000 |  |  | 491638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/1/24 |  | 200000 |  |  | 196037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/15/25 |  | 625000 |  |  | 607935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/25 |  | 250000 |  |  | 239749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/1/26 |  | 250000 |  |  | 236326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/5/27 |  | 500000 |  |  | 450977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/29 |  | 530000 |  |  | 501185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 2/5/30 |  | 430000 |  |  | 368947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 (x) |  | 470000 |  |  | 397167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 (x) |  | 350000 |  |  | 302651 |  |
|  |  |  |  |  | 14692947 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |  |  |  |
|  Air Lease Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 8/18/24 |  | 415000 |  |  | 382663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/24 |  | 1000000 |  |  | 978457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/1/25 |  | 350000 |  |  | 326753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/1/25 |  | 235000 |  |  | 221746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/26 |  | 790000 |  |  | 731014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/1/26 |  | 375000 |  |  | 351770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 8/15/26 |  | 375000 |  |  | 326761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 1/15/27 (x) |  | 750000 |  |  | 655977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 12/15/27 (x) |  | 500000 |  |  | 500023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 9/1/28 |  | 455000 |  |  | 372110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 (x) |  | 250000 |  |  | 208330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 12/1/30 |  | 350000 |  |  | 289561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/15/32 (x) |  | 750000 |  |  | 596049 |  |
|  Aircastle Ltd. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/1/24 |  | 465000 |  |  | 451005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 |  | 235000 |  |  | 221401 |  |
|  GATX Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 2/15/24 |  | 1000000 |  |  | 989836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/30/25 |  | 400000 |  |  | 379992 |  |
|  WW Grainger, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/25 |  | 350000 |  |  | 328668 |  |
|  |  |  |  |  | 8312116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  |  | 108768939 |  |
|  **Information Technology (3.1%)** |  |  |  |  |  |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | **** |  |  |  |
|  Cisco Systems, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/25 |  | 425000 |  |  | 413618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 2/28/26 |  | 750000 |  |  | 716885 |  |
|  Juniper Networks, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 12/10/25 |  | 210000 |  |  | 187416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/29 |  | 500000 |  |  | 445676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 |  | 320000 |  |  | 243939 |  |
|  Motorola Solutions, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 |  | 550000 |  |  | 531965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/23/29 |  | 350000 |  |  | 333807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/24/31 |  | 1500000 |  |  | 1203154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/32 |  | 500000 |  |  | 489011 |  |
|  |  |  |  |  | 4565471 |  |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | **** |
|  Allegion US Holding Co., Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/1/24 |  | 500000 |  |  | 481223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 |  | 500000 |  |  | 453193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 7/1/32 |  | 200000 |  |  | 194282 |  |
|  Amphenol Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/1/24 |  | 250000 |  |  | 244497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/1/25 |  | 1000000 |  |  | 938536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 |  | 440000 |  |  | 349451 |  |
|  Arrow Electronics, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/8/24 |  | 300000 |  |  | 288857 |  |
|  Avnet, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/15/26 |  | 500000 |  |  | 481237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/31 |  | 500000 |  |  | 386042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/32 |  | 100000 |  |  | 92526 |  |

---

See Notes to Financial Statements.

666

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CDW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 12/1/26 | $715000 | $633449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%, 12/1/28 | 535000 | 455820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/1/31 (x) | 750000 | 621563 |
|  Flex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/25 | 800000 | 782250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/1/26 (x) | 500000 | 470406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/15/29 | 350000 | 329547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/12/30 | 665000 | 617619 |
|  Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 4/15/26 | 185000 | 163862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/27 | 375000 | 355519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28 (x) | 270000 | 251320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 1/15/30 | 150000 | 132223 |
|  Keysight Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/30/24 | 600000 | 592066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 | 465000 | 454661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/29 (x) | 250000 | 215905 |
|  Teledyne Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 4/1/24 | 500000 | 473174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/1/26 (x) | 500000 | 446548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 | 500000 | 433125 |
|  Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/1/24 | 350000 | 346490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 6/15/28 | 450000 | 432576 |
|  Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/1/24 | 335000 | 327234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 2/15/26 | 250000 | 240607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/27 | 365000 | 335158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/4/32 | 85000 | 70037 |
|  Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 4/1/26 | 310000 | 261731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 4/1/28 | 500000 | 394066 |
|  |  | 13746800 |
|  ***IT Services (0.8%)*** |  |  |
|  Amdocs Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 6/15/30 | 500000 | 401772 |
|  Automatic Data Processing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/15/25 | 500000 | 484729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 | 485000 | 422030 |
|  Broadridge Financial Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/27/26 | 350000 | 328614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 12/1/29 | 500000 | 424884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 (x) | 1000000 | 817913 |
|  DXC Technology Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/15/26 | 750000 | 651944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/15/28 | 750000 | 630194 |
|  Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 3/1/24 | 200000 | 189193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/15/25 | 280000 | 274884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 3/1/26 | 325000 | 285115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/15/27 | 500000 | 488696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 3/1/28 (x) | 215000 | 179572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/1/31 | 600000 | 473613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 7/15/32 | 500000 | 483977 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/25 | 1500000 | 1455315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/1/26 | 250000 | 234623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/27 (x) | 1000000 | 893588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/1/28 | 465000 | 441321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 890000 | 803558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/1/30 | 1500000 | 1260903 |
|  Genpact Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/1/24 | 250000 | 239070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/10/26 | 200000 | 178193 |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/15/24 | 275000 | 255542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/15/25 | 750000 | 705729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 3/1/26 | 560000 | 489013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 4/1/26 | 1000000 | 975432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 1/15/27 | 500000 | 437580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/27 | 315000 | 306671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/1/28 | 500000 | 465569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/29 | 750000 | 641617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 8/15/29 | 300000 | 292047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/30 (x) | 235000 | 193531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/15/31 | 500000 | 396782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/32 | 500000 | 479454 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/12/24 | 1000000 | 984576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/24 | 2750000 | 2675770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/27/25 | 500000 | 491862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 2/19/26 | 1000000 | 959899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/15/26 | 1500000 | 1429152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/27/27 | 1095000 | 1031623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 2/9/27 | 185000 | 166803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/27 (x) | 405000 | 355691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 7/27/27 | 500000 | 488668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 5/15/30 | 220000 | 179834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720%, 2/9/32 (x) | 380000 | 318844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/27/32 (x) | 500000 | 478242 |
|  Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/1/24 | 1000000 | 982181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/3/25 | 500000 | 473011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 | 1150000 | 1086548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/26/28 | 140000 | 132967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/29 | 700000 | 633597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/15/31 | 1200000 | 977028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 | 500000 | 404205 |
|  PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/1/24 | 535000 | 512592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/1/25 | 1000000 | 927853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/1/26 | 335000 | 309859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 (x) | 180000 | 173646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 | 1000000 | 825351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/32 (x) | 500000 | 473472 |
|  Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/14/25 | 3450000 | 3330665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 (x) | 465000 | 396980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/27 | 300000 | 277612 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/10/25 | 125000 | 119260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 3/15/26 (x) | 350000 | 306836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/31 | 350000 | 266143 |
|  |  | 39853438 |

---

See Notes to Financial Statements.

667

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | ***Semiconductors & Semiconductor Equipment (0.7%)*** | **** |
|  Advanced Micro Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.924%, 6/1/32 | $65000 | $60695 |  |
|  Analog Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/5/26 | 500000 | 477580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 (x)§ | 500000 | 470817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/1/28 | 340000 | 288610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/1/31 | 435000 | 352834 |  |
|  Applied Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 | 585000 | 477847 |  |
|  Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 9/15/26 | 260000 | 244546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 2/15/28§ | 515000 | 435126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 | 2692000 | 2501312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/29§ | 250000 | 227227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/30 | 4500000 | 4268206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ | 1250000 | 988473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32§ | 200000 | 175808 |  |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/29/25 | 1795000 | 1753253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/19/26 | 500000 | 467463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/11/27 (x) | 2000000 | 1885419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 (x) | 500000 | 481650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 | 1605000 | 1380881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/25/30 | 1000000 | 940464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/12/31 | 750000 | 597973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 (x) | 500000 | 465580 |  |
|  KLA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/29 (x) | 625000 | 603525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 7/15/32 | 440000 | 432779 |  |
|  Lam Research Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/25 | 350000 | 342622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/26 | 750000 | 726507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 (x) | 530000 | 505639 |  |
|  Marvell Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 4/15/26 | 335000 | 296044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 4/15/28 | 335000 | 283373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/22/28 (x) | 350000 | 332855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/31 (x) | 290000 | 233796 |  |
|  Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, 2/6/26 | 350000 | 344855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.185%, 2/15/27 | 375000 | 355762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.327%, 2/6/29 | 350000 | 336957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%, 4/15/32 | 220000 | 165052 |  |
|  NVIDIA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.584%, 6/14/24 | 760000 | 716737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/16/26 | 850000 | 809424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 6/15/28 (x) | 1000000 | 856377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 | 1000000 | 806376 |  |
|  NXP BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/1/24 | 500000 | 495563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 5/1/25 | 100000 | 93925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 3/1/26 | 500000 | 498438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 | 500000 | 476719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/27 | 165000 | 149923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 (x) | 115000 | 109954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 12/1/28 | 335000 | 336361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/18/29 (x) | 750000 | 694922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/30 | 1215000 | 1044368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 | 500000 | 393687 |  |
|  Qorvo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/15/24§ | 220000 | 201025 |  |
|  QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/20/24 | 1000000 | 975355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 (x) | 1500000 | 1429236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 | 500000 | 423319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/20/32 | 260000 | 250680 |  |
|  Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 5/15/24 | 216000 | 210040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/12/25 | 105000 | 97878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/15/26 | 335000 | 296489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/3/27 | 355000 | 330909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 | 320000 | 277956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 9/15/31 | 600000 | 487321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 8/16/32 (x) | 140000 | 130404 |  |
|  TSMC Arizona Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/22/27 | 460000 | 439674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/22/29 | 500000 | 475880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/22/32 | 345000 | 332217 |  |
|  Xilinx, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/24 | 650000 | 632017 |  |
|  |  | 38374704 |  |
|  ***Software (0.5%)*** | ***Software (0.5%)*** | ***Software (0.5%)*** | **** |
|  Adobe, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/1/25 | 470000 | 444440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 2/1/27 | 465000 | 424280 |  |
|  Autodesk, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/15/25 | 600000 | 593347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/27 | 1000000 | 933362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/15/30 | 195000 | 168330 |  |
|  Cadence Design Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/24 | 175000 | 173097 |  |
|  Fortinet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/15/26 | 185000 | 161549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 3/15/31 | 125000 | 96751 |  |
|  Intuit, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 7/15/25 | 250000 | 227653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 7/15/27 | 165000 | 142696 |  |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 2/6/24 | 335000 | 329803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/12/25 (x) | 1500000 | 1441855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/8/26 | 3260000 | 3045651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 | 1000000 | 964041 |  |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/15/24 | 750000 | 722197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 11/10/25 | 145000 | 148145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 3/25/26 | 680000 | 609394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/26 | 2805000 | 2584880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/27 | 1000000 | 919244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 | 295000 | 306243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/1/30 | 5000000 | 4277041 |  |
|  Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 9/15/24 | 165000 | 157489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/15/25 | 310000 | 278053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 12/15/25 | 125000 | 121003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/15/26 | 285000 | 272701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/15/27 | 375000 | 317723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 | 210000 | 182396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/30/30 | 440000 | 352537 |  |
|  Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/24 | 415000 | 389914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/11/28 | 375000 | 359532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 | 650000 | 556121 |  |

---

See Notes to Financial Statements.

668

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 | $| 1200000 | $| 962374 |  |
|  ServiceNow, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/1/30 |  | 2000000 |  | 1531637 |  |
|  VMware, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/15/24 |  | 470000 |  | 437228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/15/26 |  | 310000 |  | 270637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 |  | 2050000 |  | 1917643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 |  | 405000 |  | 331777 |  |
|  |  |  |  | 27152764 |  |
|  ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | ***Technology Hardware, Storage & Peripherals (0.7%)*** | **** |
|  Apple, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/9/24 |  | 495000 |  | 485381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 5/6/24 |  | 1500000 |  | 1474792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/11/24 |  | 750000 |  | 730589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/11/24 |  | 750000 |  | 714685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/13/25 (x) |  | 750000 |  | 722056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/9/25 |  | 1000000 |  | 956332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/11/25 |  | 500000 |  | 459882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 8/20/25 (x) |  | 1000000 |  | 901279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 2/8/26 |  | 1000000 |  | 889039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/4/26 |  | 1675000 |  | 1554250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 9/11/26 |  | 750000 |  | 684450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 |  | 1500000 |  | 1438395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/11/27 |  | 923000 |  | 876817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/27 |  | 2060000 |  | 1941351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/13/27 |  | 2250000 |  | 2106256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 2/8/28 |  | 1000000 |  | 849714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/5/28 (x) |  | 1000000 |  | 848945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/8/29 |  | 750000 |  | 697117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/11/29 |  | 750000 |  | 651048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 |  | 440000 |  | 361566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 8/8/32 (x) |  | 750000 |  | 681595 |  |
|  Dell International LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/24 |  | 500000 |  | 490578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 7/15/25 |  | 1000000 |  | 1012494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 6/15/26 |  | 2445000 |  | 2500804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/1/26 |  | 1300000 |  | 1281527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 10/1/29 |  | 1500000 |  | 1464452 |  |
|  Hewlett Packard Enterprise Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 4/1/24 |  | 600000 |  | 572873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/15/25 (e) |  | 1500000 |  | 1486845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/1/26 |  | 600000 |  | 539672 |  |
|  HP, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/17/25 |  | 750000 |  | 700928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/17/26 |  | 750000 |  | 658083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/17/27 (x) |  | 750000 |  | 686912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/15/28 |  | 500000 |  | 485901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/29 |  | 500000 |  | 458915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/17/30 |  | 750000 |  | 638347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/17/31 |  | 750000 |  | 586703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 500000 |  | 430924 |  |
|  NetApp, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/29/24 |  | 500000 |  | 484488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 6/22/25 |  | 215000 |  | 198179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/22/27 (x) |  | 300000 |  | 266855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 (x) |  | 300000 |  | 247221 |  |
|  Teledyne FLIR LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 250000 |  | 202856 |  |
|  Western Digital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 |  | 500000 |  | 391164 |  |
|  |  |  |  | 35812260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 159505437 |  |
|  **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** | **Materials (0.9%)** |  |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | **** |
|  Air Products and Chemicals, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 7/31/24 |  | 750000 |  | 733303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/15/25 |  | 130000 |  | 119303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/15/27 |  | 195000 |  | 173747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 5/15/30 |  | 125000 |  | 104948 |  |
|  Albemarle Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 6/1/27 (x) |  | 250000 |  | 244278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/1/32 |  | 250000 |  | 236243 |  |
|  Cabot Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/29 |  | 500000 |  | 447700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/30/32 |  | 200000 |  | 185865 |  |
|  Celanese US Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/8/24 |  | 300000 |  | 289940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 7/5/24 |  | 500000 |  | 498605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 3/15/25 |  | 500000 |  | 498729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/5/26 |  | 250000 |  | 209952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.165%, 7/15/27 |  | 500000 |  | 492949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.330%, 7/15/29 |  | 500000 |  | 485693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.379%, 7/15/32 |  | 500000 |  | 478752 |  |
|  Dow Chemical Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/30/28 |  | 500000 |  | 493669 |  |
|  DuPont de Nemours, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%, 11/15/25 |  | 1150000 |  | 1132453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725%, 11/15/28 (x) |  | 2000000 |  | 1979527 |  |
|  Ecolab, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 11/1/26 |  | 215000 |  | 199395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 |  | 1000000 |  | 886457 |  |
|  EI du Pont de Nemours & Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 7/15/25 |  | 145000 |  | 134016 |  |
|  FMC Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/1/24 |  | 1500000 |  | 1479278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 10/1/26 |  | 350000 |  | 326152 |  |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/26/28 |  | 385000 |  | 362683 |  |
|  Linde, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/5/25 |  | 500000 |  | 500787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/30/26 |  | 350000 |  | 336810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 8/10/30 |  | 500000 |  | 385331 |  |
|  LYB International Finance III LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/1/25 |  | 241000 |  | 215311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/1/30 (x) |  | 270000 |  | 215757 |  |
|  Mosaic Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/15/27 |  | 750000 |  | 708471 |  |
|  NewMarket Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/18/31 |  | 500000 |  | 396320 |  |
|  Nutrien Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/26 (x) |  | 500000 |  | 478876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/1/29 |  | 280000 |  | 263978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 5/13/30 |  | 500000 |  | 430320 |  |
|  PPG Industries, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/24 |  | 250000 |  | 239691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 3/15/26 |  | 510000 |  | 452586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 |  | 250000 |  | 216175 |  |
|  RPM International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/27 |  | 350000 |  | 325968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 |  | 500000 |  | 464381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/15/32 |  | 470000 |  | 372095 |  |
|  Sherwin-Williams Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/1/24 |  | 575000 |  | 558927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/8/24 (x) |  | 175000 |  | 172562 |  |

---

See Notes to Financial Statements.

669

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/8/25 | $| 175000 | $| 172045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/26 |  | 500000 |  | 486395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 |  | 750000 |  | 704010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 8/15/29 |  | 500000 |  | 438546 |  |
|  Westlake Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/15/24 (x) |  | 135000 |  | 125467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/15/26 |  | 500000 |  | 469271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 |  | 280000 |  | 241596 |  |
|  |  |  |  | 21565313 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Eagle Materials, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 |  | 375000 |  | 293433 |  |
|  Martin Marietta Materials, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/2/24 |  | 285000 |  | 281086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 |  | 321000 |  | 298547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/15/27 |  | 500000 |  | 464216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 |  | 250000 |  | 200653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/30 |  | 235000 |  | 194704 |  |
|  Vulcan Materials Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/25 |  | 1250000 |  | 1238639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/27 |  | 130000 |  | 123267 |  |
|  |  |  |  | 3094545 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor Flexibles North America, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/17/25 |  | 165000 |  | 160203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 9/15/26 |  | 500000 |  | 464162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 6/19/30 |  | 220000 |  | 178755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 (x) |  | 490000 |  | 399377 |  |
|  Avery Dennison Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 8/15/24 (x) |  | 290000 |  | 271315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/6/28 |  | 300000 |  | 293326 |  |
|  Berry Global, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 2/15/24 |  | 300000 |  | 284460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 |  | 1125000 |  | 1005300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 1/15/27 |  | 500000 |  | 425323 |  |
|  Packaging Corp. of America |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 |  | 360000 |  | 332384 |  |
|  Sonoco Products Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 2/1/25 |  | 395000 |  | 365971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/27 |  | 415000 |  | 369327 |  |
|  WRKCo., Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/15/24 |  | 500000 |  | 477288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/25 |  | 500000 |  | 483391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 3/15/26 |  | 550000 |  | 541203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 |  | 500000 |  | 465882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/28 |  | 175000 |  | 161144 |  |
|  |  |  |  | 6678811 |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | **** |
|  AngloGold Ashanti Holdings plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/1/28 |  | 385000 |  | 336707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/1/30 |  | 200000 |  | 173537 |  |
|  Freeport-McMoRan, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 11/14/24 |  | 1500000 |  | 1481341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 |  | 1500000 |  | 1390774 |  |
|  Nucor Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/23/25 |  | 140000 |  | 137033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/1/25 |  | 100000 |  | 93141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 |  | 500000 |  | 486402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/1/28 |  | 1350000 |  | 1277897 |  |
|  Reliance Steel & Aluminum Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/15/25 |  | 310000 |  | 280096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 |  | 275000 |  | 217318 |  |
|  Southern Copper Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/23/25 |  | 300000 |  | 289369 |  |
|  Steel Dynamics, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 12/15/24 |  | 500000 |  | 475232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/25 |  | 465000 |  | 436042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/15/27 |  | 190000 |  | 159772 |  |
|  Vale Overseas Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 |  | 1190000 |  | 1039614 |  |
|  |  |  |  | 8274275 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Fibria Overseas Finance Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/27 (x) |  | 625000 |  | 625703 |  |
|  Suzano Austria GmbH |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/15/28 |  | 210000 |  | 176138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/29 |  | 1000000 |  | 993625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/30 |  | 2000000 |  | 1871000 |  |
|  |  |  |  | 3666466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 43279410 |  |
|  **Real Estate (1.7%)** |  |  |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | **** |
|  Agree LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 |  | 320000 |  | 262085 |  |
|  Alexandria Real Estate Equities, Inc. (REIT) | Alexandria Real Estate Equities, Inc. (REIT) | Alexandria Real Estate Equities, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/30/25 |  | 750000 |  | 725250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/15/26 |  | 250000 |  | 241620 |  |
|  American Homes 4 Rent LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/28 |  | 500000 |  | 463026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 |  | 160000 |  | 123374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 |  | 350000 |  | 294432 |  |
|  American Tower Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 1/15/24 (x) |  | 280000 |  | 266362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/24 |  | 1000000 |  | 996770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/24 |  | 500000 |  | 487045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/15/25 |  | 750000 |  | 716065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/25 |  | 500000 |  | 469980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/25 |  | 350000 |  | 315724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/15/26 |  | 600000 |  | 534151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/26 |  | 500000 |  | 436778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/27 |  | 350000 |  | 317546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/27 |  | 400000 |  | 374185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/28 (x) |  | 350000 |  | 289992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 |  | 500000 |  | 461044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/30 |  | 240000 |  | 203551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/15/30 |  | 250000 |  | 198533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 |  | 2500000 |  | 1934259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/15/31 (x) |  | 600000 |  | 489530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 (x) |  | 355000 |  | 276931 |  |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/25 |  | 250000 |  | 239648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 5/11/26 |  | 1000000 |  | 929307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/15/26 (x) |  | 250000 |  | 229216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/27 |  | 175000 |  | 162516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 |  | 1250000 |  | 1044878 |  |
|  Boston Properties LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/25 |  | 1750000 |  | 1677513 |  |

---

See Notes to Financial Statements.

670

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/21/29 | $750000 | $646150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/30/31 | 1500000 | 1241861 |
|  Brandywine Operating Partnership LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/1/24 | 250000 | 238842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/27 | 300000 | 253128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/1/29 | 250000 | 212719 |
|  Brixmor Operating Partnership LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/15/24 | 300000 | 290891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 2/1/25 | 355000 | 340968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/26 | 275000 | 260072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/27 | 250000 | 230345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/28 | 175000 | 145939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/15/29 | 375000 | 335352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 7/1/30 | 375000 | 330828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/16/31 | 250000 | 192255 |
|  Camden Property Trust (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 | 215000 | 203031 |
|  Corporate Office Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 | 270000 | 237500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/29 | 425000 | 327276 |
|  Crown Castle, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/1/24 | 500000 | 483385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 7/15/25 | 100000 | 90914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 2/15/26 | 2165000 | 2117251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 | 165000 | 156945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 7/15/26 | 750000 | 649081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 | 970000 | 882789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | 750000 | 698381 |
|  CubeSmart LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26 | 250000 | 231045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/15/28 | 500000 | 412289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/15/29 | 150000 | 138705 |
|  Digital Realty Trust LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/27 | 1500000 | 1396023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 | 500000 | 502403 |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 11/18/24 | 635000 | 604202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 7/15/25 (x) | 265000 | 239276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/15/25 | 750000 | 667500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 5/15/26 | 350000 | 308209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 11/18/26 | 455000 | 418031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 | 215000 | 182750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 | 375000 | 310838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/28 | 350000 | 295837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 (x) | 455000 | 396988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/15/30 | 1000000 | 793700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 750000 | 604387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 500000 | 445885 |
|  ERP Operating LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/1/25 (x) | 1000000 | 962429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/1/27 | 355000 | 325806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/1/28 | 300000 | 282289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 8/1/31 (x) | 200000 | 156054 |
|  Essex Portfolio LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/25 | 650000 | 626998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/26 | 250000 | 235331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 3/1/28 | 625000 | 520892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 | 500000 | 455927 |
|  Extra Space Storage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/1/29 | 165000 | 149112 |
|  Federal Realty Investment Trust (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/24 | 250000 | 246686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/15/26 | 250000 | 220774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 500000 | 458298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/29 | 500000 | 433650 |
|  GLP Capital LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/1/24 | 570000 | 546368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/25 | 505000 | 494900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/26 | 750000 | 737182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 | 385000 | 375683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 | 250000 | 199630 |
|  Healthcare Realty Holdings LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/26 | 425000 | 395427 |
|  Healthpeak Properties, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/1/25 (x) | 31000 | 29733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/26 | 175000 | 165106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/1/27 | 1000000 | 866014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 (x) | 795000 | 668834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/29 | 200000 | 178329 |
|  Host Hotels & Resorts LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/1/24 | 1000000 | 974614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.000%, 6/15/25 | 310000 | 297497 |
|  Hudson Pacific Properties LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/15/28 | 600000 | 558248 |
|  Invitation Homes Operating Partnership LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 | 375000 | 310082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 (x) | 250000 | 220253 |
|  Kilroy Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/24 | 350000 | 334884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/25 | 400000 | 386102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/28 (x) | 350000 | 319251 |
|  Kimco Realty Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/1/24 | 250000 | 242110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/1/25 | 610000 | 585844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 | 200000 | 167660 |
|  Kite Realty Group LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/26 (x) | 250000 | 230239 |
|  Life Storage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 | 400000 | 371070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/29 | 500000 | 448976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/31 | 350000 | 269270 |
|  LifeStorage LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/26 | 500000 | 467910 |
|  Mid-America Apartments LP(REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/15/24 | 450000 | 441024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/25 | 350000 | 340116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 9/15/26 | 165000 | 142572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/1/27 (x) | 500000 | 474549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 | 750000 | 699053 |
|  National Health Investors, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/31 | 150000 | 108275 |
|  National Retail Properties, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/15/24 | 500000 | 489023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/25 | 200000 | 192959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 12/15/26 | 250000 | 233286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 10/15/28 (x) | 665000 | 617567 |
|  Omega Healthcare Investors, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/25 | 450000 | 437016 |
|  Physicians Realty LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/27 | 250000 | 236125 |

---

See Notes to Financial Statements.

671

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/15/24 | $| 500000 | $| 490870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 |  | 500000 |  | 379980 |  |
|  Prologis LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/26 (x) |  | 750000 |  | 711742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/1/26 |  | 300000 |  | 284656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/15/27 |  | 500000 |  | 447220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/27 |  | 680000 |  | 636993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/28 (x) |  | 300000 |  | 286607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/29 |  | 155000 |  | 148274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/29 |  | 185000 |  | 160945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/1/30 |  | 200000 |  | 158744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 (x) |  | 500000 |  | 399252 |  |
|  Public Storage (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/26 |  | 250000 |  | 221415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/9/26 |  | 250000 |  | 222406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 9/15/27 |  | 300000 |  | 280287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 5/1/28 |  | 280000 |  | 240663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 11/9/28 |  | 415000 |  | 353263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 |  | 320000 |  | 293120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/1/31 |  | 280000 |  | 229072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/9/31 |  | 310000 |  | 251057 |  |
|  Realty Income Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/6/24 |  | 400000 |  | 398028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/25 |  | 750000 |  | 734032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/1/25 |  | 500000 |  | 495473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/15/26 |  | 390000 |  | 338463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/26 |  | 485000 |  | 482995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/26 (x) |  | 725000 |  | 704877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/27 |  | 320000 |  | 306713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/28 |  | 500000 |  | 429475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/29 (x) |  | 350000 |  | 312176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 |  | 250000 |  | 254738 |  |
|  Regency Centers LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/1/27 |  | 360000 |  | 336855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 |  | 500000 |  | 463333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 (x) |  | 250000 |  | 210572 |  |
|  Rexford Industrial Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/30 |  | 250000 |  | 195411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/1/31 |  | 200000 |  | 153544 |  |
|  Sabra Health Care LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 |  | 750000 |  | 622500 |  |
|  Simon Property Group LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/13/24 (x) |  | 500000 |  | 475421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/25 (x) |  | 820000 |  | 786941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/30/26 |  | 500000 |  | 468766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 |  | 1750000 |  | 1632714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/1/27 (x) |  | 750000 |  | 696982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/1/28 |  | 500000 |  | 425780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/13/29 |  | 750000 |  | 629084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/30 (x) |  | 500000 |  | 417572 |  |
|  SITE Centers Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/1/25 |  | 216000 |  | 204117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 6/1/27 |  | 165000 |  | 154381 |  |
|  Spirit Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/27 |  | 500000 |  | 444472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 |  | 500000 |  | 407598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/29 |  | 225000 |  | 197669 |  |
|  STORE Capital Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/28 |  | 275000 |  | 248597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/29 |  | 250000 |  | 224405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/18/30 |  | 250000 |  | 193492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 |  | 500000 |  | 365858 |  |
|  Sun Communities Operating LP (REIT) | Sun Communities Operating LP (REIT) | Sun Communities Operating LP (REIT) | Sun Communities Operating LP (REIT) | Sun Communities Operating LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/1/28 |  | 310000 |  | 258540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 7/15/31 |  | 185000 |  | 146220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/15/32 |  | 250000 |  | 221469 |  |
|  Tanger Properties LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26 |  | 500000 |  | 455266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/1/31 |  | 200000 |  | 144884 |  |
|  UDR, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/26 |  | 125000 |  | 114378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/27 |  | 350000 |  | 326476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/30 |  | 1000000 |  | 869121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/31 |  | 150000 |  | 124201 |  |
|  Ventas Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/24 |  | 750000 |  | 730059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/1/24 |  | 50000 |  | 48883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/25 |  | 1000000 |  | 946666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 10/15/26 |  | 800000 |  | 739721 |  |
|  Vornado Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/25 |  | 550000 |  | 513349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/1/26 |  | 90000 |  | 76045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/1/31 |  | 135000 |  | 100117 |  |
|  Welltower, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/24 |  | 1000000 |  | 987675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/24 |  | 565000 |  | 553190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/15/27 |  | 250000 |  | 225498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/28 |  | 1225000 |  | 1148768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 |  | 1165000 |  | 953311 |  |
|  WP Carey, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/1/24 |  | 300000 |  | 297286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/25 |  | 300000 |  | 292478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/26 |  | 400000 |  | 385268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 |  | 250000 |  | 225107 |  |
|  |  |  |  | 85495885 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Services, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/1/26 |  | 1500000 |  | 1494616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 250000 |  | 198283 |  |
|  Celulosa Arauco y Constitucion SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/2/27 |  | 500000 |  | 467906 |  |
|  |  |  |  | 2160805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 87656690 |  |
|  **Utilities (2.4%)** |  |  |  |  |  |
|  ***Electric Utilities (1.7%)*** |  |  |  |  |  |
|  AEP Texas, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 |  | 250000 |  | 239969 |  |
|  AEP Transmission Co. LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/1/26 |  | 250000 |  | 233934 |  |
|  Alabama Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/27 |  | 500000 |  | 480161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/30 |  | 500000 |  | 390562 |  |
|  American Electric Power Co., Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 (x) |  | 400000 |  | 368664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 |  | 150000 |  | 123105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br> 4.300%, 12/1/28 |  | 500000 |  | 477902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N<br> 1.000%, 11/1/25 |  | 315000 |  | 281797 |  |
|  Appalachian Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/1/25 |  | 350000 |  | 338275 |  |

---

See Notes to Financial Statements.

672

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br> 2.700%, 4/1/31 | $500000 | $413276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br> 4.500%, 8/1/32 | 85000 | 79202 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/15/25 | 200000 | 190896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/27 | 350000 | 317032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 8/15/29 | 250000 | 209293 |
|  Atlantic City Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/28 | 350000 | 333660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 | 250000 | 203909 |
|  Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/1/24 | 500000 | 480042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 | 750000 | 682761 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/15/26 (x) | 700000 | 645789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/15/31 (x) | 500000 | 406588 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AE<br> 2.350%, 4/1/31 | 275000 | 229289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG<br> 3.000%, 3/1/32 | 200000 | 173606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br> 2.400%, 9/1/26 | 250000 | 228293 |
|  Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.743%, 5/1/26 (e) | 750000 | 706778 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/15/28 | 220000 | 207098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 8/15/27 | 500000 | 463733 |
|  Connecticut Light & Power Co. (The) | Connecticut Light & Power Co. (The) | Connecticut Light & Power Co. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 12/1/25 | 250000 | 223319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27 | 250000 | 235426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 7/1/31 | 500000 | 403894 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/15/24 | 245000 | 241197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/1/28 (x) | 320000 | 278558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/32 (x) | 250000 | 216165 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 12/1/26 (x) | 1000000 | 943377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/28 | 500000 | 480034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 | 300000 | 258018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 | 375000 | 313834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 3/15/32 | 220000 | 186376 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/24 | 350000 | 343995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 9/15/25 | 310000 | 277570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 | 750000 | 693810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 | 375000 | 360742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 | 310000 | 279488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/1/30 | 250000 | 206438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 750000 | 614736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 | 355000 | 335158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.250%, 1/15/82 (k) | 280000 | 204721 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/27 | 650000 | 615553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 7/15/28 | 750000 | 712642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 | 215000 | 171911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 12/15/31 | 390000 | 319126 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 9/1/28 | 1000000 | 941887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 350000 | 322662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/31 | 500000 | 396436 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 11/15/24 | 200000 | 193146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 8/15/25 | 500000 | 489561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/15/27 | 40000 | 40201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/28 | 500000 | 463545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 | 100000 | 104726 |
|  Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.833%, 6/15/24 (x) | 250000 | 233562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/15/26 | 665000 | 624030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639%, 6/15/31 | 335000 | 262428 |
|  Enel Americas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/25/26 (x) | 165000 | 156059 |
|  Enel Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/12/28 | 750000 | 727875 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/1/24 | 1000000 | 979885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/26 | 300000 | 288953 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 9/15/25 | 950000 | 847085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/26 | 300000 | 279021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 1165000 | 986274 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/1/24 (x) | 960000 | 891568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/1/26 | 500000 | 455046 |
|  Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 7/1/26 | 350000 | 322339 |
|  Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/15/24 | 335000 | 318556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/15/29 | 500000 | 433138 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 6/27/24 | 280000 | 276764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/27 | 200000 | 184136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 7/1/27 | 350000 | 345022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 | 500000 | 412842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/1/32 (x) | 200000 | 174368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H<br> 3.150%, 1/15/25 (x) | 150000 | 144284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L<br> 2.900%, 10/1/24 | 500000 | 482936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br> 3.300%, 1/15/28 | 500000 | 462030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br> 0.800%, 8/15/25 | 150000 | 133858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br> 1.650%, 8/15/30 | 250000 | 195089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U<br> 1.400%, 8/15/26 | 250000 | 219612 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/15/25 | 750000 | 732726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/15/26 | 500000 | 475216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/15/27§ | 500000 | 459694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/15/32 (x)§ | 500000 | 435466 |
|  Fortis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%, 10/4/26 | 750000 | 695136 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/26 | 350000 | 331189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/30/27 | 500000 | 462575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 250000 | 241404 |

---

See Notes to Financial Statements.

673

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 2.200%, 9/15/24 | $350000 | $332558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 2.650%, 9/15/29 | 350000 | 299389 |
|  Gulf Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.300%, 5/30/27 | 250000 | 235352 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 (x) | 1250000 | 1179267 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/24 | 500000 | 483128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 9/26/28 | 450000 | 428786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/29 | 500000 | 457618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/30 | 125000 | 102286 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/15/24 | 325000 | 316750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/26 | 300000 | 280669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 400000 | 367778 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/24 | 300000 | 293369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/1/27 | 1000000 | 938105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 850000 | 798943 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/30/28 | 250000 | 234609 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%, 3/21/24 | 400000 | 389767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 6/20/24 | 335000 | 331073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255%, 9/1/24 | 375000 | 369959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/20/25 | 295000 | 292842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/15/27 | 400000 | 355050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 1500000 | 1414202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 500000 | 492261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 750000 | 642030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/29 | 500000 | 455233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 2500000 | 2065319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.440%, 1/15/32 | 400000 | 322318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/32 | 150000 | 147973 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.16%),<br>5.650%, 5/1/79 (k) | 500000 | 455738 |
|  Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 4/1/31 (x) | 300000 | 248657 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/27 | 500000 | 469251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/29 | 500000 | 455417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 8/15/31 (x) | 500000 | 397746 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br> 1.625%, 1/15/31 | 235000 | 182440 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/15/28 | 350000 | 328552 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/24 | 500000 | 484430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/1/25 | 525000 | 465208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 1250000 | 1180574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/15/30 | 185000 | 161103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/32 (x)§ | 95000 | 89507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/32§ | 180000 | 176183 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/16/24 | 455000 | 442861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/25 | 500000 | 473763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 6/15/27 | 500000 | 491739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 8/1/27 (x) | 750000 | 639675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/28 | 520000 | 450888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/1/29 | 350000 | 312488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/1/30 | 5500000 | 5006687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 1085000 | 884081 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/24 | 600000 | 591481 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/15/25 | 700000 | 672170 |
|  Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 6/15/25 | 300000 | 273241 |
|  Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/24 | 300000 | 295138 |
|  PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/15/26 | 500000 | 464204 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/28 | 350000 | 334203 |
|  Public Service Co. of New Hampshire | Public Service Co. of New Hampshire | Public Service Co. of New Hampshire |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br> 2.200%, 6/15/31 | 290000 | 239264 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br> 2.200%, 8/15/31 | 250000 | 198645 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 3/15/26 | 350000 | 310617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/26 | 450000 | 409149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/1/28 | 500000 | 474693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/28 | 300000 | 281974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 250000 | 227417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/15/30 (x) | 165000 | 142028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/31 | 235000 | 187851 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 4/1/24 | 230000 | 218305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 660000 | 576321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 | 655000 | 540397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/1/32 (x) | 315000 | 260591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20C<br> 1.200%, 2/1/26 | 440000 | 390490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 4.200%, 3/1/29 | 500000 | 475504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.650%, 3/1/28 | 750000 | 701924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> 4.200%, 6/1/25 | 310000 | 304220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 4.700%, 6/1/27 | 500000 | 489383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br> 3.700%, 8/1/25 | 300000 | 289765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br> 2.500%, 6/1/31 | 500000 | 412689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K<br> 0.975%, 8/1/24 (x) | 125000 | 117027 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.475%, 8/1/24 (e) | 280000 | 276543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/6/25 | 195000 | 194551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 500000 | 498531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 10/15/32 | 310000 | 320935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A<br> 0.600%, 2/26/24 | 160000 | 151506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-B<br> 1.750%, 3/15/28 | 210000 | 176793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.700%, 4/30/30 | 2000000 | 1811506 |

---

See Notes to Financial Statements.

674

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Southwestern Electric Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K<br> 2.750%, 10/1/26 | $| 500000 | $| 459016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br> 4.100%, 9/15/28 |  | 750000 |  | 714094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N<br> 1.650%, 3/15/26 |  | 500000 |  | 448086 |  |
|  Southwestern Public Service Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/15/24 |  | 300000 |  | 293583 |  |
|  Tampa Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/12/24 |  | 125000 |  | 121918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/31 |  | 140000 |  | 113798 |  |
|  Tucson Electric Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/15/25 |  | 600000 |  | 574829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/30 |  | 225000 |  | 173575 |  |
|  Union Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/24 |  | 500000 |  | 489953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/27 |  | 500000 |  | 466062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/29 |  | 500000 |  | 462518 |  |
|  Virginia Electric and Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 2/15/24 |  | 1000000 |  | 982451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 |  | 500000 |  | 401860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/15/26 |  | 715000 |  | 680786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/27 |  | 750000 |  | 711735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 (x) |  | 500000 |  | 472669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 7/15/29 |  | 175000 |  | 154342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/15/26 |  | 500000 |  | 467091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/27 |  | 390000 |  | 371238 |  |
|  Wisconsin Electric Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 12/15/24 |  | 200000 |  | 189544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/15/28 |  | 310000 |  | 264048 |  |
|  Wisconsin Power & Light Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 |  | 350000 |  | 322585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/16/31 |  | 250000 |  | 197693 |  |
|  Xcel Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/1/25 |  | 500000 |  | 479501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 12/1/26 |  | 500000 |  | 470226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/27 |  | 415000 |  | 363957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/15/28 |  | 500000 |  | 479463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/1/29 |  | 350000 |  | 299449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 11/15/31 |  | 500000 |  | 398662 |  |
|  |  |  |  | 88601442 |  |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | **** |
|  Atmos Energy Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/15/27 |  | 310000 |  | 289456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/15/29 |  | 800000 |  | 695577 |  |
|  CenterPoint Energy Resources Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/28 |  | 500000 |  | 478118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 7/1/32 (x) |  | 100000 |  | 95823 |  |
|  National Fuel Gas Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/15/25 |  | 1000000 |  | 993447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 |  | 300000 |  | 277128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/28 (x) |  | 300000 |  | 282661 |  |
|  ONE Gas, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 3/11/24 |  | 506000 |  | 482107 |  |
|  Piedmont Natural Gas Co., Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/29 |  | 500000 |  | 459369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 |  | 380000 |  | 310938 |  |
|  Southern California Gas Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/15/24 |  | 550000 |  | 530872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 |  | 280000 |  | 258755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/15/26 (x) |  | 500000 |  | 464416 |  |
|  Southwest Gas Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/15/30 |  | 500000 |  | 390383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/32 |  | 150000 |  | 132296 |  |
|  |  |  |  | 6141346 |  |
|  ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | **** |
|  AES Corp. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/26 |  | 1540000 |  | 1367360 |  |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/25 |  | 205000 |  | 196143 |  |
|  Enel Generacion Chile SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/24 |  | 400000 |  | 391575 |  |
|  Southern Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 12/1/25 |  | 500000 |  | 489930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 1/15/26 (x) |  | 155000 |  | 136465 |  |
|  |  |  |  | 2581473 |  |
|  ***Multi-Utilities (0.4%)*** |  |  |  |  |  |
|  Ameren Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/15/24 |  | 160000 |  | 153069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/27 |  | 500000 |  | 439983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/28 |  | 375000 |  | 317388 |  |
|  Ameren Illinois Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 350000 |  | 333334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 11/15/30 |  | 210000 |  | 165644 |  |
|  Black Hills Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.037%, 8/23/24 |  | 270000 |  | 251397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/26 |  | 350000 |  | 335538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/29 |  | 250000 |  | 212815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/15/30 |  | 315000 |  | 254397 |  |
|  CenterPoint Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/24 |  | 250000 |  | 239562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/26 |  | 315000 |  | 279466 |  |
|  CMS Energy Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/26 |  | 210000 |  | 195612 |  |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 5/15/28 |  | 550000 |  | 520819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/31 |  | 750000 |  | 616187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.125%, 11/15/27 |  | 300000 |  | 276003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 4.000%, 12/1/28 |  | 500000 |  | 477459 |  |
|  Consumers Energy Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/28 |  | 750000 |  | 709199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 8/15/32 |  | 335000 |  | 305359 |  |
|  Dominion Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071%, 8/15/24 (e) |  | 180000 |  | 173658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/1/28 |  | 500000 |  | 477676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 1.450%, 4/15/26 |  | 305000 |  | 271777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 8/15/32 |  | 250000 |  | 232688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> 2.250%, 8/15/31 |  | 455000 |  | 361179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D<br> 2.850%, 8/15/26 |  | 450000 |  | 416152 |  |
|  DTE Energy Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220%, 11/1/24 (e) |  | 375000 |  | 368111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/1/26 |  | 750000 |  | 691526 |  |

---

See Notes to Financial Statements.

675

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/30 | $| 250000 | $| 213793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> 2.529%, 10/1/24 (e) |  | 375000 |  | 358229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 |  | 164000 |  | 146113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F<br> 1.050%, 6/1/25 |  | 525000 |  | 475610 |  |
|  NiSource, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 8/15/25 |  | 580000 |  | 523100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490%, 5/15/27 |  | 1250000 |  | 1176433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/1/29 |  | 350000 |  | 304755 |  |
|  Public Service Enterprise Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/24 |  | 700000 |  | 676946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 8/15/25 (x) |  | 500000 |  | 448452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 8/15/30 (x) |  | 500000 |  | 388621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/31 |  | 500000 |  | 402172 |  |
|  Puget Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.379%, 6/15/28 |  | 625000 |  | 533258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%, 3/15/32 (x) |  | 355000 |  | 313736 |  |
|  San Diego Gas & Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/26 (x) |  | 500000 |  | 464254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV<br> 1.700%, 10/1/30 |  | 235000 |  | 185885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX<br> 3.000%, 3/15/32 |  | 500000 |  | 426735 |  |
|  Sempra Energy |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/25 |  | 350000 |  | 336009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/27 |  | 500000 |  | 461962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/29 |  | 445000 |  | 408064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/1/52 (k) |  | 40000 |  | 31700 |  |
|  Southern Co. Gas Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/26 |  | 530000 |  | 495261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 9/15/32 |  | 250000 |  | 246660 |  |
|  WEC Energy Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 3/15/24 |  | 250000 |  | 237119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 10/1/27 |  | 355000 |  | 359273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 |  | 500000 |  | 424967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 |  | 500000 |  | 423708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/30 |  | 500000 |  | 392969 |  |
|  |  |  |  | 19931782 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 3/1/24 |  | 800000 |  | 786676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/25 |  | 400000 |  | 387834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/1/28 |  | 750000 |  | 708959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/29 |  | 500000 |  | 458270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 |  | 400000 |  | 328606 |  |
|  Essential Utilities, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.566%, 5/1/29 |  | 300000 |  | 270878 |  |
|  |  |  |  | 2941223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 120197266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1783901130 |  |
|  **Foreign Government Securities (2.5%)** | **Foreign Government Securities (2.5%)** | **Foreign Government Securities (2.5%)** | **Foreign Government Securities (2.5%)** | **Foreign Government Securities (2.5%)** |  |
|  Canada Government Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/22/25 (x) |  | 2000000 |  | 1890445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/28/25 |  | 2475000 |  | 2394221 |  |
|  Export Development Canada |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/21/24 |  | 1000000 |  | 976262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/26/25 |  | 905000 |  | 883360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/25/27 |  | 1000000 |  | 952805 |  |
|  Export-Import Bank of Korea |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/14/24 |  | 500000 |  | 494625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 2/9/24 (x) |  | 335000 |  | 318793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/25/24 |  | 350000 |  | 337127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 6/29/24 |  | 357000 |  | 334837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/15/24 |  | 238000 |  | 234006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/18/25 |  | 417000 |  | 386667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 1/21/25 |  | 1500000 |  | 1436955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/12/25 |  | 200000 |  | 187402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/10/25 |  | 1000000 |  | 950500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/9/26 |  | 355000 |  | 313114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 12/29/26 (x) |  | 550000 |  | 477207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/18/27 |  | 364000 |  | 321048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/21/27 |  | 1500000 |  | 1356450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/27 (x) |  | 323000 |  | 314638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/9/31 |  | 750000 |  | 573368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/18/32 |  | 356000 |  | 285444 |  |
|  FMS Wertmanagement AoeR |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/30/24 |  | 1000000 |  | 978324 |  |
|  Hungary Government Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 3/25/24 |  | 3000000 |  | 2993062 |  |
|  Italian Republic Government Bond |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 5/6/24 |  | 1485000 |  | 1390305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/17/24 |  | 1000000 |  | 942035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/17/26 |  | 2045000 |  | 1776702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/17/29 |  | 1000000 |  | 832932 |  |
|  Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 |  | 205000 |  | 193917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/23/24 |  | 780000 |  | 755299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/17/24 |  | 440000 |  | 417516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/10/25 |  | 1500000 |  | 1419570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/25 |  | 1130000 |  | 1021834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/25 |  | 536000 |  | 523713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/21/26 (x) |  | 1000000 |  | 942970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/20/26 |  | 2000000 |  | 1861442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/21/26 |  | 1500000 |  | 1364522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/4/26 |  | 1000000 |  | 915695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/16/27 |  | 475000 |  | 437702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/20/28 |  | 1500000 |  | 1402073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 |  | 2000000 |  | 1888944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/16/29 |  | 750000 |  | 653198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/17/29 |  | 430000 |  | 369256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/21/31 |  | 600000 |  | 466198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 4/15/31 |  | 1200000 |  | 982230 |  |
|  Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency | Japan International Cooperation Agency |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 (x) |  | 690000 |  | 639849 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/25/27 |  | 750000 |  | 711072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/12/28 |  | 500000 |  | 470650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 4/28/31 |  | 595000 |  | 481166 |  |
|  Oriental Republic of Uruguay |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/14/24 |  | 333333 |  | 332667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 |  | 2500000 |  | 2520000 |  |
|  Province of Alberta |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/23/24 |  | 1000000 |  | 980340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/13/24 |  | 1500000 |  | 1426752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 3/15/28 |  | 1250000 |  | 1186293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 |  | 1100000 |  | 889342 |  |
|  Province of British Columbia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/27/24 |  | 300000 |  | 285413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/2/26 (x) |  | 1000000 |  | 931454 |  |

---

See Notes to Financial Statements.

676

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 7/20/26 | $500000 | $440053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 1/29/31 (x) | 400000 | 320196 |
|  Province of Manitoba |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 4/16/24 | 500000 | 486876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 5/14/24 (x) | 1000000 | 978224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 6/22/26 | 1000000 | 928981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/25/28 (x) | 585000 | 499759 |
|  Province of New Brunswick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/24/28 | 600000 | 578609 |
|  Province of Ontario |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 1/29/24 | 1350000 | 1324724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/16/24 (x) | 2500000 | 2446408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/21/26 (x) | 3770000 | 3356620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 4/14/26 (x) | 1600000 | 1443619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/27/26 | 2000000 | 1875298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/15/26 | 1750000 | 1626872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/19/27 (x) | 400000 | 380155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/2/29 (x) | 1250000 | 1079385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/7/30 | 1000000 | 789714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 2/25/31 | 1000000 | 813915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 | 1500000 | 1222663 |
|  Province of Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/9/24 | 500000 | 485524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/16/24 (x) | 1000000 | 968970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/11/25 | 2000000 | 1878491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 7/23/25 | 1400000 | 1269731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/20/26 | 1000000 | 942080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 | 1750000 | 1642683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 5/28/30 | 1000000 | 813187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/21/31 (x) | 1250000 | 1041140 |
|  Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/21/26 | 3512000 | 3323888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/31/27 | 200000 | 183475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 1/31/31 | 325000 | 269100 |
|  Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 9/20/27 | 200000 | 196022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/11/28 | 1000000 | 946438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/24/28 | 800000 | 782900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/11/29 | 2500000 | 2500275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 7/28/31 | 1250000 | 1037637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/31/32 | 200000 | 181522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 9/20/32 | 200000 | 196022 |
|  Republic of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/19/24 | 350000 | 336143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/27 | 1750000 | 1641500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/28 | 1000000 | 951750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/19/29 (x) | 505000 | 453332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 | 210000 | 171938 |
|  Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/16/25 | 3000000 | 2897437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160%, 1/23/30 (x) | 1500000 | 1287938 |
|  Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/25/27 | 1000000 | 958313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.844%, 6/20/30 (x) | 1000000 | 845812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 | 2240000 | 1851920 |
|  Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/21/24 | 2400000 | 2376264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%, 10/13/27 | 200000 | 204522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/28 | 1150000 | 1069627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/14/29 | 975000 | 930013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 | 3360000 | 2915170 |
|  Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/6/26 | 1500000 | 1435125 |
|  State of Israel Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/16/26 | 1500000 | 1418719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/17/28 | 750000 | 707719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/30 (x) | 515000 | 457963 |
|  Svensk Exportkredit AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/30/24 | 2000000 | 1867870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/3/24 | 286000 | 280789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/7/24 | 584000 | 543840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/26/25 | 1000000 | 899920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/22/27 | 500000 | 460712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series USMT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/11/24 | 595000 | 564225 |
|  United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/21/26 | 1865000 | 1827700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/28/27 (x) | 2745000 | 2680493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 | 855000 | 805410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/22/29 | 455000 | 434525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 (x) | 5000000 | 4346250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign<br>Government<br>Securities** |  | 127677806 |
|  **Municipal Bonds (0.1%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Salt River Project,<br>Agricultural<br>Improvement & Power<br>District, Revenue Bonds,<br>Series 2010A<br> 4.839%, 1/1/41 | 2000 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound<br>Regional Transit<br>Authority<br> 5.491%, 11/1/39 | 4000 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago,<br>International Airport,<br>Revenue Bonds,<br>Series 2010B<br> 6.395%, 1/1/40 | 4000 | 4471 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York<br>Municipal Water<br>Finance Authority,<br>Water & Sewer System,<br>Revenue Bonds,<br>Series 2010EE<br> 6.011%, 6/15/42 | 4000 | 4439 |
|  City of New York Transitional Finance Authority, Future Tax Secured Bonds, Revenue Bonds,<br>Series 2011A<br>5.508%, 8/1/37 | 8000 | 8211 |
|  City of New York, General Obligation Bonds,<br>Series 2009-A1<br>Series A-2<br>5.206%, 10/1/31 | 4000 | 4044 |
|  City of New York, Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series 2010GG<br>5.724%, 6/15/42 | 2000 | 2152 |
|  Commonwealth of Massachusetts 4.110%, 7/15/31 | 235000 | 226885 |
|  County of Los Angeles Community College District, General Obligation Bonds,<br>Series 2008-E<br>6.750%, 8/1/49 | 4000 | 4973 |

---

See Notes to Financial Statements.

677

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  County of Nashville & Davidson Convention Center Authority, Revenue Bonds,<br>Series 2010B<br>6.731%, 7/1/43 | $204000 | $227886 |
|  Florida State Board of Administration Finance Corp. Revenue Bonds,<br>Series 2020A<br>1.258%, 7/1/25 | 500000 | 459076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154%, 7/1/30 | 500000 | 409406 |
|  Georgia Municipal Electric Authority, Revenue Bonds,<br>Series 2010A<br>7.055%, 4/1/57 | 3000 | 3039 |
|  Los Angeles Community<br>College District<br>1.606%, 8/1/28 | 200000 | 171645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.806%, 8/1/30 | 200000 | 163822 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities, Revenue Bonds,<br>Series B<br>4.053%, 7/1/26 | 1000000 | 964043 |
|  New Jersey Economic Development Authority, NATL-RE<br>7.425%, 2/15/29 | 1000000 | 1076502 |
|  Ohio State University (The)<br>4.910%, 6/1/40 | 4000 | 4011 |
|  Pennsylvania Turnpike Commission, Revenue Bonds,<br>Series 2010B<br>5.511%, 12/1/45 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.561%, 12/1/49 | 3000 | 3022 |
|  Regents of the University of California Medical Center Pooled Revenue,<br>Series 2022<br>4.132%, 5/15/32 | 250000 | 232891 |
|  San Diego County Water Authority 6.138%, 5/1/49 | 4000 | 4424 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1<br>6.793%, 4/1/30 | 4000 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043%, 4/1/50 | 4000 | 4917 |
|  State Board of Administration Finance Corp. 1.705%, 7/1/27 | 500000 | 435334 |
|  State of California Federally Taxable General Obligation Bonds Various Purpose<br>3.375%, 4/1/25 | 190000 | 185099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/28 | 250000 | 234632 |
|  State of New York Urban Development Corp., Personal Income Tax, Revenue Bonds,<br>Series 2009E<br>5.770%, 3/15/39 | 2000 | 2054 |
|  State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.154%, 5/1/27 | 1300000 | 1214646 |
|  University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.883%, 5/15/25 | 165000 | 151324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063%, 7/1/25 | 500000 | 480833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.316%, 5/15/27 | 250000 | 215612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.614%, 5/15/30 | 125000 | 99543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 7010265 |
|  **Supranational (3.0%)** |  |  |
|  African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/7/25 | 1350000 | 1316846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/23/26 (x) | 1300000 | 1164286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 7/22/26 (x) | 1159000 | 1018823 |
|  Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 3/15/24 | 1000000 | 963270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/11/24 | 1800000 | 1692217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/27/24 | 850000 | 843131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/8/24 | 1273000 | 1189399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/18/24 | 2000000 | 1894417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/22/25 | 3000000 | 2857473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/6/25 | 1350000 | 1304669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/3/25 | 2250000 | 2026774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/4/26 | 4000000 | 3596891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 4/14/26 | 1300000 | 1169863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/24/26 | 1000000 | 921746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/14/26 | 1000000 | 915309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 | 2500000 | 2359461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 | 2000000 | 1806111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/2/27 | 2500000 | 2319369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/19/28 | 1000000 | 937887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/9/28 | 500000 | 430616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/26/28 | 400000 | 379331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 3/15/29 | 1000000 | 879447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/19/29 | 500000 | 433641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 | 1000000 | 865030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/30 | 1000000 | 781688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/4/31 | 600000 | 494612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 4/27/32 | 500000 | 465592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 | 400000 | 395516 |
|  Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/16/24 | 1350000 | 1304655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/28/25 (x) | 2000000 | 1819482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/29/25 | 1750000 | 1700167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/27/26 | 2500000 | 2213649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 9/14/27 | 400000 | 389938 |
|  Corp. Andina de Fomento |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/26/24 | 511000 | 475554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 9/23/25 (x) | 750000 | 681703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/8/27 | 650000 | 584381 |
|  Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/27/24 | 825000 | 803707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/10/24 | 500000 | 470379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/27/25 | 750000 | 702670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/16/25 | 143000 | 138396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/22/26 | 750000 | 661506 |
|  European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 9/27/24 | 350000 | 333045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/13/25 | 290000 | 273071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/25/25 | 600000 | 537106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/28/26 | 750000 | 667122 |
|  European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/29/24 | 3100000 | 3048301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/15/24 | 1665000 | 1622593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/24/24 (x) | 2000000 | 1931972 |

---

See Notes to Financial Statements.

678

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/15/24 | $| 1000000 | $| 966324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/10/25 |  | 3000000 |  | 2848425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 3/14/25 (x) |  | 1300000 |  | 1226587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/15/25 |  | 2000000 |  | 1784860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/26/26 |  | 3375000 |  | 2981854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/13/26 |  | 2000000 |  | 1869708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/26/26 |  | 1111000 |  | 975963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/15/27 |  | 2500000 |  | 2240874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/24/27 |  | 1000000 |  | 931828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/21/27 (x) |  | 980000 |  | 833160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 (x) |  | 800000 |  | 699341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 |  | 410000 |  | 352628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 |  | 750000 |  | 590037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/14/31 (x) |  | 3475000 |  | 2838390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/13/31 |  | 750000 |  | 629422 |
|  Inter-American Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/16/24 |  | 2150000 |  | 2102601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/21/24 |  | 2000000 |  | 1959977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/1/24 |  | 500000 |  | 489762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 9/23/24 |  | 2000000 |  | 1864742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/25 |  | 2000000 |  | 1910279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/25 |  | 5000000 |  | 4557095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 4/20/26 (x) |  | 2000000 |  | 1792953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/2/26 |  | 1050000 |  | 973580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/23/26 |  | 1000000 |  | 924738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/13/27 |  | 1500000 |  | 1352539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/16/27 |  | 1000000 |  | 851372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 7/20/28 |  | 1250000 |  | 1065188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/18/28 |  | 750000 |  | 712113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 |  | 1000000 |  | 895510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/14/29 |  | 800000 |  | 772363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/13/31 |  | 3800000 |  | 3038751 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/28/24 |  | 477000 |  | 462491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/28/24 |  | 2000000 |  | 1901612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/25/24 |  | 3500000 |  | 3373901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/25 |  | 2500000 |  | 2363841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/3/25 |  | 450000 |  | 429970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/11/25 |  | 2000000 |  | 1848224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/28/25 |  | 3000000 |  | 2715360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/29/25 |  | 3000000 |  | 2867097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/28/25 |  | 1600000 |  | 1438732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/20/25 (x) |  | 350000 |  | 338417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/27/26 |  | 2000000 |  | 1830553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 |  | 1200000 |  | 1152054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 |  | 1855000 |  | 1580943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 4/20/28 |  | 2000000 |  | 1740585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 |  | 2400000 |  | 2040003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/23/29 |  | 1350000 |  | 1164972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 1685000 |  | 1319952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 2/10/31 |  | 8500000 |  | 6897750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 1667000 |  | 1374087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/29/32 |  | 2000000 |  | 1766318 |
|  International Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/16/24 |  | 1125000 |  | 1064694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/16/25 |  | 735000 |  | 665412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/15/25 |  | 533000 |  | 523639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/7/26 |  | 2000000 |  | 1866277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/26 |  | 1000000 |  | 872920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 750000 |  | 591750 |
|  Nordic Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/21/24 |  | 585000 |  | 565158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/20/24 |  | 415000 |  | 386931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/4/25 |  | 500000 |  | 481581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/11/25 |  | 1100000 |  | 985100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/21/26 |  | 1000000 |  | 891304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 9/8/27 |  | 643000 |  | 620574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 150937978 |
|  **U.S. Government Agency Securities (3.4%)** | **U.S. Government Agency Securities (3.4%)** | **U.S. Government Agency Securities (3.4%)** | **U.S. Government Agency Securities (3.4%)** | **U.S. Government Agency Securities (3.4%)** |
|  FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 10000000 |  | 8128596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 15000000 |  | 11597996 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/24 |  | 3785000 |  | 3603180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/13/24 |  | 2000000 |  | 1940961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/4/25 |  | 6000000 |  | 5402564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 (x) |  | 5000000 |  | 4816530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/36 |  | 3000 |  | 3295 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 |  | 9245000 |  | 8326373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 10/20/25 |  | 10000000 |  | 8948843 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/6/24 |  | 2500000 |  | 2426762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/22/25 |  | 17105000 |  | 15717022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/17/25 (x) |  | 10000000 |  | 9099768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 8/25/25 |  | 9500000 |  | 8563250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/24/26 |  | 8165000 |  | 7655023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 |  | 7000000 |  | 6461229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/18/26 |  | 10000000 |  | 8699084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 (x) |  | 40000000 |  | 34496568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 20000000 |  | 15961456 |
|  Hashemite Kingdom of Jordan AID Bonds | Hashemite Kingdom of Jordan AID Bonds | Hashemite Kingdom of Jordan AID Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/25 |  | 5000000 |  | 4813222 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/24 |  | 2400000 |  | 2327028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/15/25 |  | 5000000 |  | 4583265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 2/1/27 |  | 1000000 |  | 949130 |
|  **Total U.S. Government Agency Securities** |  |  |  | 174521145 |
|  **U.S. Treasury Obligations (46.3%)** | **U.S. Treasury Obligations (46.3%)** | **U.S. Treasury Obligations (46.3%)** |  |  |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/24 |  | 20000000 |  | 19069776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/31/24 |  | 10000000 |  | 9593218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/31/24 |  | 30000000 |  | 29212590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/31/24 |  | 17500000 |  | 17090608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/24 |  | 39500000 |  | 38648155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/30/24 |  | 30000000 |  | 28957233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/24 |  | 30000000 |  | 29125770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/31/24 |  | 23000000 |  | 22165328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/30/24 |  | 14000000 |  | 13421142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/31/24 |  | 20000000 |  | 19137090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 7/31/24 |  | 35000000 |  | 33678393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 8/15/24 |  | 30000000 |  | 28038486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 |  | 15000000 |  | 14479231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/31/24 |  | 17000000 |  | 16101749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 8/31/24 |  | 30000000 |  | 28706418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/30/24 |  | 10000000 |  | 9500292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/30/24 |  | 35000000 |  | 33596850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/31/24 |  | 16000000 |  | 15167362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/31/24 |  | 25000000 |  | 24023052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 |  | 6000000 |  | 5679329 |

---

See Notes to Financial Statements.

679

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/30/24 | $15000000 | $| 15009041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/24 | 15000000 |  | 14956935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 | 35000000 |  | 33321855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/28/25 | 16000000 |  | 14945909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 | 12000000 |  | 11414923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/25 | 10000000 |  | 9450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 | 35000000 |  | 31512344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 10/31/25 | 15000000 |  | 13429260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 115000000 |  | 108962201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 11/30/25 | 12000000 |  | 10745324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/25 | 15000000 |  | 14920876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 35000000 |  | 31302947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 | 150000000 |  | 138906120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 | 35000000 |  | 31226948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 | 50000000 |  | 44749700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/30/26 | 20000000 |  | 18912442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/26 | 64000000 |  | 58975066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 76000000 |  | 67864618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/31/26 | 10000000 |  | 9366471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 6/30/26 | 20000000 |  | 17901430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 | 50000000 |  | 44219475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 | 129000000 |  | 117768705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 35000000 |  | 31029502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 15000000 |  | 13337404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 48000000 |  | 44434934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 39000000 |  | 36333613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 25000000 |  | 23159753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/30/27 | 17000000 |  | 14358188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 14000000 |  | 12918814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 44000000 |  | 37419281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 10000000 |  | 9960055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 50000000 |  | 42437410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 23500000 |  | 22131485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 60000000 |  | 56736264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 | 81000000 |  | 70272392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 49000000 |  | 46222210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 10000000 |  | 8559743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 77500000 |  | 74051637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 74000000 |  | 68565980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 69000000 |  | 62870537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 17500000 |  | 14945817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 35000000 |  | 27625265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 15000000 |  | 12028344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 23000000 |  | 18802558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 55000000 |  | 46422882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 45000000 |  | 36639846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 106500000 |  | 86993865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 88000000 |  | 74874439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 22000000 |  | 20345081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 30000000 |  | 27398619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 17000000 |  | 17394084 |
|  **Total U.S. Treasury Obligations** |  |  | 2353524664 |
|  **Total Long-Term Debt Securities (90.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $5,031,574,557)* |  |  | 4602613273 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  PREFERRED STOCKS: |  |  |  |
|  **Financials (0.0%)†** |  |  |  |
|  ***Thrifts & Mortgage<br>Finance (0.0%)†*** |  |  |  |
|  FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%, 7.88% Floor),<br> 8.375% (k)(x)(y)\* | 17000 |  | 34510 |
|  FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.00%, 7.75% Floor),<br> 8.250% (k)(x)(y)\* | 22000 |  | 51480 |
|  **Total Preferred Stocks (0.0%)†** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $18,166)* |  |  | 85990 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Fixed Income (8.5%)** |  |  |  |
|  Schwab Intermediate-Term U.S. Treasury ETF (x) | 500000 |  | 24615000 |
|  Schwab Short-Term U.S. Treasury ETF (x) | 600000 |  | 28944000 |
|  Vanguard Intermediate-Term Treasury ETF (x) | 2900000 |  | 169592000 |
|  Vanguard Short-Term Treasury<br>ETF (x) | 3600000 |  | 208152000 |
|  **Total Exchange Traded Funds (8.5%)** | **Total Exchange Traded Funds (8.5%)** | **Total Exchange Traded Funds (8.5%)** | **Total Exchange Traded Funds (8.5%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $452,509,280)* |  |  | 431303000 |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (0.3%)** |  |  |  |
|  Dreyfus Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligations Cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fund (xx) | 15000000 |  | 15000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (3.2%)** | **Repurchase Agreements (3.2%)** | **Repurchase Agreements (3.2%)** | **Repurchase Agreements (3.2%)** |
|  Amherst Pierpont, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, dated 12/30/22, due 1/3/23, repurchase price $3,001,427, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $3,061,455. (xx) | $3000000 |  | 3000000 |
|  Deutsche Bank Securities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, dated 12/30/22, due 1/3/23, repurchase price $20,055,193, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $20,446,755. (xx) | 20045838 |  | 20045838 |
|  MetLife, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 |  | 10000000 |
|  National Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, dated 12/30/22, due 1/6/23, repurchase price $60,051,917, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value<br>$65,329,712. (xx) | 60000000 |  | 60000000 |

---

See Notes to Financial Statements.

680

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Societe Generale SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, dated 12/30/22, due 1/6/23, repurchase price $40,033,444, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $40,800,005. (xx) | $| 40000000 | $40000000 |
|  Societe Generale SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, dated 12/30/22, due 1/3/23, repurchase price $14,006,860, collateralized by various Common Stocks; total market value $15,579,859. (xx) |  | 14000000 | 14000000 |
|  Societe Generale SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, dated 12/30/22, due 1/3/23, repurchase price $15,007,350, collateralized by various Common Stocks; total market value $16,692,706. (xx) |  | 15000000 | 15000000 |
|  TD Prime Services LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,000,978, collateralized by various Common Stocks; total market value $2,221,293. (xx) |  | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 164045838 |
|  **Total Short-Term<br>Investments (3.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $179,045,838)* |  |  | 179045838 |
|  **Total Investments in<br>Securities (102.5%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $5,663,147,841)* |  |  | 5213048101 |
|  **Other Assets Less Liabilities (-2.5%)** | **Other Assets Less Liabilities (-2.5%)** | **Other Assets Less Liabilities (-2.5%)** | (126772854) |
|  **Net Assets (100%)** |  |  | $5086275247 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $14,263,666 or 0.3% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $177,230,292. This was collateralized by $2,333,156 of various U.S. Government Treasury Securities, ranging from 0.000% - 3.875%, maturing 1/12/23 - 11/15/50 and by cash of $179,045,838 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *AMERIBOR* | | *—* | | *American Interbank Offered Rate* |
|  *CME* | | *—* | | *Chicago Mercantile Exchange* |
|  *FFCB* | | *—* | | *Federal Farm Credit Bank* |
|  *FHLB* | | *—* | | *Federal Home Loan Bank* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *NATL-RE* | | *—* | | *Insured by National Public Finance Guarantee Corp.* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *USD* | | *—* | | *United States Dollar* |

---

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5040285 | $— | $5040285 |
|  Corporate Bonds |  |  |  |  |
|  Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98826468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98826468 |
|  Consumer Discretionary |  | 87858540 |  | 87858540 |

---

See Notes to Financial Statements.

681

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Consumer Staples | $— | $99381044 | $— | $99381044 |
|  Energy |  | 95674287 |  | 95674287 |
|  Financials |  | 746251998 |  | 746251998 |
|  Health Care |  | 136501051 |  | 136501051 |
|  Industrials |  | 108768939 |  | 108768939 |
|  Information Technology |  | 159505437 |  | 159505437 |
|  Materials |  | 43279410 |  | 43279410 |
|  Real Estate |  | 87656690 |  | 87656690 |
|  Utilities |  | 120197266 |  | 120197266 |
|  **Exchange Traded Funds** | 431303000 |  |  | 431303000 |
|  **Foreign Government Securities** |  | 127677806 |  | 127677806 |
|  **Municipal Bonds** |  | 7010265 |  | 7010265 |
|  **Preferred Stocks** |  |  |  |  |
|  Financials | 85990 |  |  | 85990 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 15000000 |  |  | 15000000 |
|  Repurchase Agreements |  | 164045838 |  | 164045838 |
|  **Supranational** |  | 150937978 |  | 150937978 |
|  **U.S. Government Agency Securities** |  | 174521145 |  | 174521145 |
|  **U.S. Treasury Obligations** |  | 2353524664 |  | 2353524664 |
|  **Total Assets** | $**446388990** | $**4766659111** | $**—** | $**5213048101** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**446388990** | $**4766659111** | $**—** | $**5213048101** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $290846451 |
|  Long-term U.S. government debt securities | 715751294 |
|  | $1006597745 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $543195486 |
|  Long-term U.S. government debt securities | 1430717038 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973912524 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $766962 |
|  Aggregate gross unrealized depreciation | (451297972) |
|  Net unrealized depreciation | $(450531010) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663579111 |

---

See Notes to Financial Statements.

682

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $5,499,102,003) | $5049002263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $164,045,838) | 164045838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 40009908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $471) | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 28853196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 859113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 478726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 99518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 24334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5283373272 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 179045838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 14949624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1219444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 840825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 414914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 319993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 9886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 87085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 210416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 197098025 |
|  **NET ASSETS** | $5086275247 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $5590096793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (503821546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5086275247 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $46,353,132 / 5,155,555 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.99 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,493,042,508 / 165,748,823 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.01 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $3,546,879,607 / 394,478,340 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.99 |

---

*(x)* *Includes value of securities on loan of $177,230,292.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $115187222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 6383083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 974021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 122544326 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 18130513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5301908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4088654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 218497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 205544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 191083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 139100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 122868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 282561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 28680728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1659837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 27020891 |
|  **NET INVESTMENT INCOME (LOSS)** | 95523435 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (53294039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53294040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (597257065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (597257088) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (650551128) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(555027693) |

---

See Notes to Financial Statements.

683

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $95523435 | $107571395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53294040) | 42779295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (597257088) | (303821249) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (555027693) | (153470559) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (906798) | (1090538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (29370845) | (36352281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (79124855) | (107345656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (109402498) | (144788475) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 347,737 and 598,371 shares, respectively ] | 3234459 | 6180816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 99,945 and 108,452 shares, respectively ] | 906798 | 1090538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (802152) and (817572) shares, respectively ] | (7551348) | (8456774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (3410091) | (1185420) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,026,911 and 17,250,242 shares, respectively ] | 94818234 | 178459435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,231,135 and 3,608,507 shares, respectively ] | 29370845 | 36352281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (31046415) and (19211850) shares, respectively ] | (291616809) | (198600523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (167427730) | 16211193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 30,430,482 and 82,422,829 shares, respectively ] | 282800324 | 855528003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 8,718,945 and 10,672,943 shares, respectively ] | 79124855 | 107345656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (123221261) and (184782989) shares, respectively ] | (1151506238) | (1903221250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (789581059) | (940347591) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (960418880) | (925321818) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1624849071) | (1223580852) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6711124318 | 7934705170 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5086275247 | $6711124318 |

---

See Notes to Financial Statements.

684

------

**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.05 | $10.47 | $10.08 | $9.67 | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.12 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.03) | (0.34) | 0.46 | 0.41 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.89) | (0.22) | 0.62 | 0.60 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.15) | (0.16) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (0.05) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.20) | (0.23) | (0.19) | (0.19) |
|  Net asset value, end of year | $8.99 | $10.05 | $10.47 | $10.08 | $9.67 |
|  Total return | (8.78)% | (2.09)% | 6.10% | 6.24% | 0.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $46353 | $55358 | $58836 | $58959 | $63477 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.65% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.66% | 0.67% | 0.67% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.50% | 1.18% | 1.52% | 1.88% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.47% | 1.17% | 1.51% | 1.88% | 1.83% |
|  Portfolio turnover rate^ | 18% | 24% | 39% | 29% | 36% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.07 | $10.49 | $10.10 | $9.69 | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.12 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.03) | (0.34) | 0.46 | 0.41 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.89) | (0.22) | 0.62 | 0.60 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.15) | (0.16) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (0.05) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.20) | (0.23) | (0.19) | (0.19) |
|  Net asset value, end of year | $9.01 | $10.07 | $10.49 | $10.10 | $9.69 |
|  Total return | (8.76)% | (2.08)% | 6.09% | 6.23% | 0.30% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876715 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.65% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.68% | 0.66% | 0.67% | 0.67% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.50% | 1.18% | 1.51% | 1.88% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.47% | 1.17% | 1.51% | 1.88% | 1.83% |
|  Portfolio turnover rate^ | 18% | 24% | 39% | 29% | 36% |

---

See Notes to Financial Statements.

685

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**EQ ADVISORS TRUST** 

EQ/CORE BOND INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.05 | $10.47 | $10.08 | $9.67 | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.15 | 0.19 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.02) | (0.35) | 0.45 | 0.42 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.86) | (0.20) | 0.64 | 0.63 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.17) | (0.18) | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (0.05) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (0.22) | (0.25) | (0.22) | (0.21) |
|  Net asset value, end of year | $8.99 | $10.05 | $10.47 | $10.08 | $9.67 |
|  Total return | (8.55)% | (1.86)% | 6.36% | 6.50% | 0.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696650 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.40% | 0.40% | 0.42% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.43% | 0.41% | 0.42% | 0.42% | 0.42% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.74% | 1.43% | 1.76% | 2.13% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.71% | 1.42% | 1.76% | 2.13% | 2.08% |
|  Portfolio turnover rate^ | 18% | 24% | 39% | 29% | 36% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

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**EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> EARNEST Partners, LLC

PERFORMANCE RESULTS

![LOGO](g401674g40a89.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (17.63)% | (1.32)% | 0.33 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (17.43) | (1.08) | 0.58 |  |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets (Gross Dividends) Index<sup>SM</sup> | (19.74) | (1.03) | 1.76 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (17.63)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI Emerging Markets (Gross Dividends) Index<sup>SM</sup>, which returned (19.74)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Strong stock selection in the Materials and Information Technology sectors contributed to relative performance during the
period.

• The Portfolio's Energy stock also contributed to relative performance, especially holdings PTT Exploration &
Production PCL and Petroleo Brasileiro SA.

• Sociedad Quimica y Minera de Chile SA was among the largest contributors to the Portfolio's overall performance.

***What hurt performance during the year:***

• Notable stocks that detracted the most from performance were XP Inc. and Sberbank of Russia PJSC in the Financials sector.

• The Portfolio's relative underweight to Utilities detracted from performance during the year.

**Portfolio Positioning and Outlook — EARNEST Partners, LLC** 

At period end, the Portfolio has relative overweight positions to Financials, Information Technology, Consumer Staples, Energy and Real Estate. The Portfolio had relative underweight positions to Consumer Discretionary, Communication Services, Materials, Industrials, Health Care and Utilities.

As a bottom-up, fundamental manager, market and economic forecasts are not an integral part of our investment process. We continue to focus on owning fundamentally sound companies that we believe well capitalized and well positioned to take market share from weaker competitors. These higher quality companies have outperformed historically, and we believe will outperform over the longer term.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $17183738 | 22.4% |
| &nbsp;&nbsp;&nbsp; Information Technology | 15689251 | 20.5 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9116154 | 11.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6812094 | 8.9 |
| &nbsp;&nbsp;&nbsp; Materials | 5700119 | 7.4 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5575828 | 7.3 |
| &nbsp;&nbsp;&nbsp; Industrials | 4533575 | 5.9 |
| &nbsp;&nbsp;&nbsp; Energy | 3874815 | 5.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 2639834 | 3.4 |
| &nbsp;&nbsp;&nbsp; Utilities | 1541024 | 2.0 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1491779 | 2.0 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 611112 | 0.8 |
| &nbsp;&nbsp;&nbsp; Investment Company | 551570 | 0.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1340026 | 1.7 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class IB shares of the Portfolio),

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**EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO (Unaudited)** 

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $982.90 | $6.00 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.16 | 6.11 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 983.10 | 4.75 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.42 | 4.84 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.20% and 0.95%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.20% and 0.95%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.20% and 0.95%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.20% and 0.95%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

688

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**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (0.1%)** | **Australia (0.1%)** | **Australia (0.1%)** |
|  AngloGold Ashanti Ltd. | 3373 | $65357 |
|  **Brazil (6.6%)** | **Brazil (6.6%)** | **Brazil (6.6%)** |
|  Ambev SA\* | 255591 | 702909 |
|  Americanas SA\* | 5106 | 9332 |
|  Atacadao SA | 6331 | 17723 |
|  B3 SA - Brasil Bolsa Balcao | 52265 | 130768 |
|  Banco Bradesco SA\* | 15196 | 38769 |
|  Banco Bradesco SA (Preference) (q)\* | 45704 | 131146 |
|  Banco Bradesco SA (ADR)\* | 149167 | 429601 |
|  Banco BTG Pactual SA\* | 11079 | 50236 |
|  Banco do Brasil SA | 7794 | 51269 |
|  Banco Santander Brasil SA | 3124 | 16680 |
|  BB Seguridade Participacoes SA | 5239 | 33450 |
|  Braskem SA (Preference), Class A (q) | 1644 | 7398 |
|  BRF SA\* | 4847 | 7601 |
|  CCR SA | 9110 | 18670 |
|  Centrais Eletricas Brasileiras SA | 10350 | 82569 |
|  Centrais Eletricas Brasileiras SA (Preference), Class B (q) | 2830 | 23172 |
|  Cia de Saneamento Basico do Estado de Sao Paulo\* | 2589 | 28029 |
|  Cia Energetica de Minas Gerais (Preference) (q) | 10489 | 22131 |
|  Cia Siderurgica Nacional SA | 5126 | 14126 |
|  Cosan SA | 9832 | 31881 |
|  CPFL Energia SA | 2283 | 14356 |
|  Energisa SA | 2213 | 18531 |
|  Engie Brasil Energia SA | 2350 | 16860 |
|  Equatorial Energia SA | 9398 | 48096 |
|  Gerdau SA (Preference) (q) | 10209 | 56790 |
|  Hapvida Participacoes e Investimentos SA (m)\* | 39784 | 38279 |
|  Hypera SA\* | 3296 | 28217 |
|  Itau Unibanco Holding SA (Preference) (q) | 41527 | 196633 |
|  Itau Unibanco Holding SA (ADR)\* | 74249 | 349713 |
|  Itausa SA (Preference) (q)\* | 43350 | 69872 |
|  Klabin SA | 8000 | 30259 |
|  Localiza Rent a Car SA | 5975 | 60206 |
|  Lojas Renner SA | 9515 | 36908 |
|  Magazine Luiza SA\* | 21875 | 11352 |
|  Natura & Co. Holding SA | 6494 | 14280 |
|  Petro Rio SA\* | 5854 | 41257 |
|  Petroleo Brasileiro SA | 31898 | 169406 |
|  Petroleo Brasileiro SA (Preference) (q) | 39535 | 183457 |
|  Petroleo Brasileiro SA (ADR) | 41906 | 446299 |
|  Raia Drogasil SA | 9202 | 41341 |
|  Rede D'Or Sao Luiz SA (m)\* | 2974 | 16662 |
|  Rumo SA | 12965 | 45699 |
|  Sendas Distribuidora SA | 6905 | 25463 |
|  Suzano SA | 5857 | 53514 |
|  Telefonica Brasil SA | 4815 | 34974 |
|  TIM SA\* | 6959 | 16344 |
|  TOTVS SA\* | 3956 | 20695 |
|  Ultrapar Participacoes SA | 6680 | 15954 |
|  Vale SA | 32629 | 549281 |
|  Vibra Energia SA | 8391 | 24713 |
|  WEG SA | 14388 | 104945 |
|  XP, Inc., Class A\* | 26592 | 407921 |
|  |  | 5035737 |
|  **Chile (1.5%)** | **Chile (1.5%)** | **Chile (1.5%)** |
|  Banco de Chile | 462284 | 47959 |
|  Banco de Credito e Inversiones SA | 506 | 14549 |
|  Banco Santander Chile | 707561 | 28319 |
|  Cencosud SA | 11427 | 18792 |
|  Cia Cervecerias Unidas SA | 160 | 1068 |
|  Empresas CMPC SA | 15051 | 25123 |
|  Empresas Copec SA | 4090 | 30516 |
|  Enel Americas SA | 173391 | 23201 |
|  Falabella SA | 6082 | 11831 |
|  Sociedad Quimica y Minera de Chile SA (Preference), Class B (q) | 1224 | 98988 |
|  Sociedad Quimica y Minera de Chile SA (ADR) | 10120 | 807981 |
|  |  | 1108327 |
|  **China (30.3%)** | **China (30.3%)** | **China (30.3%)** |
|  360 DigiTech, Inc. (ADR) | 726 | 14781 |
|  3SBio, Inc. (m) | 16774 | 17837 |
|  AAC Technologies Holdings, Inc.\* | 8075 | 18456 |
|  Advanced Micro-Fabrication Equipment, Inc. China, Class A\* | 803 | 11321 |
|  AECC Aviation Power Co. Ltd., Class A | 1700 | 10339 |
|  Agricultural Bank of China Ltd., Class H | 242452 | 83246 |
|  Agricultural Bank of China Ltd., Class A | 31100 | 13018 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 3247 | 14512 |
|  Air China Ltd., Class A\* | 9800 | 14943 |
|  Air China Ltd., Class H\* | 19469 | 17335 |
|  Airtac International Group | 1516 | 45921 |
|  Alibaba Group Holding Ltd.\* | 126536 | 1398219 |
|  Alibaba Health Information Technology Ltd.\* | 40386 | 34408 |
|  Aluminum Corp. of China Ltd., Class A | 13700 | 8809 |
|  Aluminum Corp. of China Ltd., Class H | 27304 | 11614 |
|  Anhui Conch Cement Co. Ltd., Class A | 2300 | 9059 |
|  Anhui Conch Cement Co. Ltd., Class H | 10537 | 36854 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 300 | 11518 |
|  ANTA Sports Products Ltd. | 9994 | 130984 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 280 | 5961 |
|  Autohome, Inc. (ADR) | 529 | 16187 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 2200 | 8684 |
|  AviChina Industry & Technology Co. Ltd., Class H | 20991 | 9439 |
|  Baidu, Inc., Class A\* | 18897 | 270426 |
|  Baidu, Inc. (ADR)\* | 3795 | 434072 |
|  Bank of Beijing Co. Ltd., Class A | 20300 | 12586 |
|  Bank of Chengdu Co. Ltd., Class A | 6200 | 13646 |
|  Bank of China Ltd., Class A | 29700 | 13500 |
|  Bank of China Ltd., Class H | 680772 | 247698 |
|  Bank of Communications Co. Ltd., Class A | 19500 | 13296 |
|  Bank of Communications Co. Ltd., Class H | 71634 | 41207 |
|  Bank of Hangzhou Co. Ltd., Class A | 5900 | 11101 |
|  Bank of Jiangsu Co. Ltd., Class A | 14100 | 14786 |
|  Bank of Nanjing Co. Ltd., Class A | 9600 | 14390 |
|  Bank of Ningbo Co. Ltd., Class A | 2700 | 12603 |
|  Bank of Shanghai Co. Ltd., Class A | 12700 | 10797 |
|  Baoshan Iron & Steel Co. Ltd., Class A | 12500 | 10052 |

---

See Notes to Financial Statements.

689

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**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  BeiGene Ltd.\* | 5273 | $90659 |
|  Beijing Capital International Airport Co. Ltd., Class H\* | 34249 | 25055 |
|  Beijing Enterprises Holdings Ltd. | 4062 | 13010 |
|  Beijing Enterprises Water Group Ltd. | 36959 | 9470 |
|  Beijing Kingsoft Office Software, Inc., Class A | 346 | 13164 |
|  Beijing Tongrentang Co. Ltd., Class A | 2200 | 14140 |
|  Beijing United Information Technology Co. Ltd., Class A | 700 | 8905 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 435 | 7928 |
|  Bilibili, Inc., Class Z\* | 1500 | 35898 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 643 | 12513 |
|  BOE Technology Group Co. Ltd., Class A | 18300 | 8898 |
|  Bosideng International Holdings Ltd. | 26968 | 12818 |
|  BYD Co. Ltd., Class H | 24557 | 605946 |
|  BYD Co. Ltd., Class A | 801 | 29609 |
|  BYD Electronic International Co. Ltd. | 4680 | 15049 |
|  CGN Power Co. Ltd., Class H (m) | 115031 | 27411 |
|  Changchun High & New Technology Industry Group, Inc., Class A | 900 | 21549 |
|  Chaozhou Three-Circle Group Co. Ltd., Class A | 3400 | 15020 |
|  China Cinda Asset Management Co. Ltd., Class H | 82280 | 11385 |
|  China CITIC Bank Corp. Ltd., Class H | 77354 | 34289 |
|  China Coal Energy Co. Ltd., Class H | 24399 | 19849 |
|  China Conch Venture Holdings Ltd. | 11048 | 24006 |
|  China Construction Bank Corp., Class H | 824104 | 516289 |
|  China CSSC Holdings Ltd., Class A | 3800 | 12179 |
|  China Eastern Airlines Corp. Ltd., Class A\* | 18500 | 14717 |
|  China Energy Engineering Corp. Ltd., Class A | 32000 | 10541 |
|  China Everbright Bank Co. Ltd., Class A | 27100 | 11968 |
|  China Everbright Bank Co. Ltd., Class H | 38342 | 11691 |
|  China Everbright Environment Group Ltd. | 42700 | 19092 |
|  China Evergrande Group\* | 69583 | 1434 |
|  China Feihe Ltd. (m) | 25661 | 21829 |
|  China Galaxy Securities Co. Ltd., Class A | 10500 | 14032 |
|  China Galaxy Securities Co. Ltd., Class H | 25162 | 12282 |
|  China Gas Holdings Ltd. | 20606 | 29990 |
|  China Hongqiao Group Ltd. | 15787 | 14906 |
|  China International Capital Corp. Ltd., Class A | 1900 | 10421 |
|  China International Capital Corp. Ltd., Class H (m) | 12618 | 24087 |
|  China Jinmao Holdings Group Ltd. | 42537 | 9155 |
|  China Jushi Co. Ltd., Class A | 7600 | 14989 |
|  China Lesso Group Holdings Ltd. | 7961 | 8312 |
|  China Life Insurance Co. Ltd., Class A | 3100 | 16553 |
|  China Life Insurance Co. Ltd., Class H | 60133 | 103233 |
|  China Literature Ltd. (m)\* | 2830 | 10986 |
|  China Longyuan Power Group Corp. Ltd., Class H | 27731 | 33893 |
|  China Medical System Holdings Ltd. | 9408 | 14801 |
|  China Meidong Auto Holdings Ltd. | 6782 | 13919 |
|  China Mengniu Dairy Co. Ltd.\* | 25429 | 115328 |
|  China Merchants Bank Co. Ltd., Class A | 10000 | 53599 |
|  China Merchants Bank Co. Ltd., Class H | 33441 | 187010 |
|  China Merchants Energy Shipping Co. Ltd., Class A | 13300 | 10695 |
|  China Merchants Port Holdings Co. Ltd. | 10365 | 15191 |
|  China Merchants Securities Co. Ltd., Class A | 5400 | 10331 |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 7000 | 12718 |
|  China Minsheng Banking Corp. Ltd., Class H | 40320 | 13947 |
|  China Minsheng Banking Corp. Ltd., Class A | 23300 | 11564 |
|  China National Building Material Co. Ltd., Class H | 28033 | 23021 |
|  China National Nuclear Power Co. Ltd., Class A | 12300 | 10616 |
|  China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 6300 | 22702 |
|  China Oilfield Services Ltd., Class H | 14287 | 17370 |
|  China Overseas Land & Investment Ltd. | 30956 | 81699 |
|  China Overseas Property Holdings Ltd. | 13420 | 13978 |
|  China Pacific Insurance Group Co. Ltd., Class A | 3300 | 11640 |
|  China Pacific Insurance Group Co. Ltd., Class H | 21306 | 47441 |
|  China Petroleum & Chemical Corp., Class H | 206177 | 99583 |
|  China Petroleum & Chemical Corp., Class A | 21700 | 13610 |
|  China Power International Development Ltd. | 56184 | 23754 |
|  China Railway Group Ltd., Class A | 15300 | 12237 |
|  China Railway Group Ltd., Class H | 27671 | 14606 |
|  China Resources Beer Holdings Co. Ltd. | 13811 | 96521 |
|  China Resources Cement Holdings Ltd. | 17641 | 9357 |
|  China Resources Gas Group Ltd. | 6220 | 23349 |
|  China Resources Land Ltd. | 25932 | 118772 |
|  China Resources Microelectronics Ltd., Class A | 1732 | 13118 |
|  China Resources Mixc Lifestyle Services Ltd. (m) | 5604 | 28467 |
|  China Resources Pharmaceutical Group Ltd. (m) | 1242 | 1006 |
|  China Resources Power Holdings Co. Ltd. | 12931 | 26440 |
|  China Ruyi Holdings Ltd.\* | 48798 | 12191 |
|  China Shenhua Energy Co. Ltd., Class H | 27294 | 78852 |
|  China Shenhua Energy Co. Ltd., Class A | 4100 | 16290 |
|  China Southern Airlines Co. Ltd., Class A\* | 12300 | 13447 |
|  China Southern Airlines Co. Ltd., Class H (x)\* | 22322 | 14528 |

---

See Notes to Financial Statements.

690

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  China State Construction Engineering Corp. Ltd., Class A | 18400 | $14372 |
|  China State Construction International Holdings Ltd. | 13950 | 15674 |
|  China Taiping Insurance Holdings Co. Ltd. | 11196 | 13942 |
|  China Three Gorges Renewables Group Co. Ltd., Class A | 12200 | 9916 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 800 | 24861 |
|  China Tower Corp. Ltd., Class H (m) | 362798 | 39043 |
|  China Traditional Chinese Medicine Holdings Co. Ltd. | 20201 | 9188 |
|  China United Network Communications Ltd., Class A | 23100 | 14887 |
|  China Vanke Co. Ltd., Class A | 4400 | 11519 |
|  China Vanke Co. Ltd., Class H | 14016 | 28372 |
|  China Yangtze Power Co. Ltd., Class A | 9400 | 28396 |
|  China Zhenhua Group Science & Technology Co. Ltd., Class A | 800 | 13146 |
|  Chinasoft International Ltd.\* | 28121 | 24463 |
|  Chongqing Changan Automobile Co. Ltd., Class A | 8450 | 14963 |
|  Chongqing Zhifei Biological Products Co. Ltd., Class A | 800 | 10107 |
|  Chow Tai Fook Jewellery Group Ltd. | 17069 | 34814 |
|  CITIC Ltd. | 47016 | 49633 |
|  CITIC Securities Co. Ltd., Class A | 5200 | 14893 |
|  CITIC Securities Co. Ltd., Class H | 17607 | 35595 |
|  CMOC Group Ltd., Class A | 16500 | 10800 |
|  CMOC Group Ltd., Class H | 27294 | 12588 |
|  CNGR Advanced Material Co. Ltd., Class A | 400 | 3775 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 1144 | 64743 |
|  COSCO SHIPPING Energy Transportation Co. Ltd., Class A\* | 6000 | 10400 |
|  COSCO SHIPPING Holdings Co. Ltd., Class A | 5200 | 7697 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 22544 | 22990 |
|  COSCO SHIPPING Ports Ltd. | 17157 | 13628 |
|  Country Garden Holdings Co. Ltd. | 88275 | 30196 |
|  Country Garden Services Holdings Co. Ltd. | 14333 | 35697 |
|  CRRC Corp. Ltd., Class H | 32579 | 13148 |
|  CRRC Corp. Ltd., Class A | 15200 | 11173 |
|  CSC Financial Co. Ltd., Class A | 3200 | 10933 |
|  CSPC Pharmaceutical Group Ltd. | 76349 | 80208 |
|  Dali Foods Group Co. Ltd. (m) | 25914 | 11819 |
|  Daqin Railway Co. Ltd., Class A | 12800 | 12300 |
|  Daqo New Energy Corp. (ADR)\* | 407 | 15714 |
|  Dongfang Electric Corp. Ltd., Class A | 4300 | 13002 |
|  Dongfeng Motor Group Co. Ltd., Class H | 18781 | 10780 |
|  Dongyue Group Ltd. | 10715 | 11792 |
|  East Money Information Co. Ltd., Class A | 5040 | 14065 |
|  ENN Energy Holdings Ltd. | 6393 | 89767 |
|  ENN Natural Gas Co. Ltd., Class A | 5100 | 11812 |
|  Eve Energy Co. Ltd., Class A | 800 | 10116 |
|  Everbright Securities Co. Ltd., Class A | 6500 | 13904 |
|  Far East Horizon Ltd. | 16103 | 12585 |
|  Flat Glass Group Co. Ltd., Class A | 1700 | 8146 |
|  Flat Glass Group Co. Ltd., Class H (x) | 3225 | 7800 |
|  Focus Media Information Technology Co. Ltd., Class A | 11600 | 11147 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1540 | 17634 |
|  Fosun International Ltd. | 17382 | 14163 |
|  Foxconn Industrial Internet Co. Ltd., Class A | 8000 | 10564 |
|  Fuyao Glass Industry Group Co. Ltd., Class H (m) | 4201 | 17626 |
|  Fuyao Glass Industry Group Co. Ltd., Class A | 1800 | 9081 |
|  Ganfeng Lithium Group Co. Ltd. (m)(x) | 3218 | 24036 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 980 | 9799 |
|  GCL Technology Holdings Ltd.\* | 173521 | 44017 |
|  GD Power Development Co. Ltd., Class A\* | 22100 | 13575 |
|  GDS Holdings Ltd., Class A\* | 6522 | 17129 |
|  Geely Automobile Holdings Ltd. | 48576 | 70946 |
|  Genscript Biotech Corp.\* | 8779 | 27949 |
|  GF Securities Co. Ltd., Class H | 8192 | 11776 |
|  GF Securities Co. Ltd., Class A | 4200 | 9358 |
|  GigaDevice Semiconductor, Inc., Class A | 1600 | 23584 |
|  Ginlong Technologies Co. Ltd., Class A\* | 400 | 10360 |
|  GoerTek, Inc., Class A | 5500 | 13315 |
|  Gotion High-tech Co. Ltd., Class A | 2900 | 12027 |
|  Great Wall Motor Co. Ltd., Class A | 2000 | 8522 |
|  Great Wall Motor Co. Ltd., Class H | 20829 | 27112 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 2300 | 10693 |
|  Greentown China Holdings Ltd. | 8932 | 13045 |
|  Greentown Service Group Co. Ltd. (m) | 16196 | 10748 |
|  Guangdong Haid Group Co. Ltd., Class A | 1300 | 11544 |
|  Guangdong Investment Ltd. | 27094 | 27735 |
|  Guanghui Energy Co. Ltd., Class A | 8100 | 10510 |
|  Guangzhou Automobile Group Co. Ltd., Class H | 20379 | 13733 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 5800 | 9203 |
|  Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1600 | 10095 |
|  Guosen Securities Co. Ltd., Class A | 8100 | 10347 |
|  Guotai Junan Securities Co. Ltd., Class A | 5300 | 10361 |
|  H World Group Ltd. (ADR) | 1648 | 69908 |
|  Haidilao International Holding Ltd. (m)\* | 7558 | 21690 |
|  Haier Smart Home Co. Ltd., Class A | 3200 | 11259 |
|  Haier Smart Home Co. Ltd., Class H | 19657 | 66989 |
|  Haitian International Holdings Ltd. | 5159 | 13814 |
|  Haitong Securities Co. Ltd., Class A | 7600 | 9501 |
|  Haitong Securities Co. Ltd., Class H | 18883 | 11612 |
|  Hangzhou First Applied Material Co. Ltd., Class A | 980 | 9366 |
|  Hangzhou Silan Microelectronics Co. Ltd., Class A | 1500 | 7075 |

---

See Notes to Financial Statements.

691

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Hangzhou Tigermed Consulting Co. Ltd., Class A | 1000 | $15076 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H (m) | 1229 | 14202 |
|  Hansoh Pharmaceutical Group Co. Ltd. (m) | 8200 | 15590 |
|  Henan Shuanghui Investment & Development Co. Ltd., Class A | 3000 | 11190 |
|  Hengan International Group Co. Ltd. | 6606 | 35080 |
|  Hengli Petrochemical Co. Ltd., Class A | 3800 | 8489 |
|  Hoshine Silicon Industry Co. Ltd., Class A | 700 | 8352 |
|  Hua Hong Semiconductor Ltd. (m)\* | 3601 | 12572 |
|  Huadian Power International Corp. Ltd., Class A | 13900 | 11757 |
|  Huadong Medicine Co. Ltd., Class A | 2300 | 15484 |
|  Huaneng Power International, Inc., Class H\* | 26775 | 12658 |
|  Huaneng Power International, Inc., Class A\* | 10000 | 10947 |
|  Huatai Securities Co. Ltd., Class H (m) | 10711 | 12254 |
|  Huatai Securities Co. Ltd., Class A | 5300 | 9713 |
|  Huaxia Bank Co. Ltd., Class A | 15400 | 11497 |
|  Huayu Automotive Systems Co. Ltd., Class A | 3900 | 9722 |
|  Huizhou Desay Sv Automotive Co. Ltd., Class A | 700 | 10607 |
|  Hundsun Technologies, Inc., Class A | 2800 | 16296 |
|  Hygeia Healthcare Holdings Co. Ltd. (m)(x)\* | 2409 | 17283 |
|  Iflytek Co. Ltd., Class A | 1900 | 8973 |
|  Imeik Technology Development Co. Ltd., Class A | 300 | 24441 |
|  Industrial & Commercial Bank of China Ltd., Class A | 26100 | 16294 |
|  Industrial & Commercial Bank of China Ltd., Class H | 901459 | 464274 |
|  Industrial Bank Co. Ltd., Class A | 8600 | 21761 |
|  Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 35900 | 9915 |
|  Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 2600 | 11594 |
|  Innovent Biologics, Inc. (m)\* | 7841 | 33653 |
|  iQIYI, Inc. (ADR) (x)\* | 2971 | 15746 |
|  JA Solar Technology Co. Ltd., Class A | 1400 | 12101 |
|  JD Health International, Inc. (m)\* | 9566 | 87443 |
|  JD.com, Inc., Class A | 18480 | 521340 |
|  Jiangsu Eastern Shenghong Co. Ltd., Class A | 4700 | 8816 |
|  Jiangsu Expressway Co. Ltd., Class H | 13780 | 12588 |
|  Jiangsu Hengli Hydraulic Co. Ltd., Class A | 1100 | 9993 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 2600 | 14411 |
|  Jiangsu King's Luck Brewery JSC Ltd., Class A | 2100 | 15376 |
|  Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 600 | 13853 |
|  Jiangsu Zhongtian Technology Co. Ltd., Class A | 4100 | 9525 |
|  Jiangxi Copper Co. Ltd., Class H | 312350 | 460995 |
|  Jiumaojiu International Holdings Ltd. (m) | 7515 | 20074 |
|  JOYY, Inc. (ADR) | 387 | 12225 |
|  Kanzhun Ltd. (ADR)\* | 1386 | 28233 |
|  KE Holdings, Inc. (ADR)\* | 5454 | 76138 |
|  Kingboard Holdings Ltd. | 7213 | 22964 |
|  Kingdee International Software Group Co. Ltd.\* | 22327 | 47884 |
|  Kingsoft Corp. Ltd. | 8075 | 27001 |
|  Koolearn Technology Holding Ltd. (m)(x)\* | 3428 | 23057 |
|  Kuaishou Technology (m)\* | 14142 | 128729 |
|  Kunlun Energy Co. Ltd. | 35918 | 25631 |
|  Kweichow Moutai Co. Ltd., Class A | 600 | 149057 |
|  Lenovo Group Ltd. | 58386 | 47948 |
|  Lens Technology Co. Ltd., Class A | 4400 | 6665 |
|  Li Auto, Inc., Class A (x)\* | 9790 | 96327 |
|  Li Ning Co. Ltd. | 20187 | 175220 |
|  Longfor Group Holdings Ltd.§ | 14732 | 45864 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 3080 | 18724 |
|  Lufax Holding Ltd. (ADR) | 6204 | 12036 |
|  Luxshare Precision Industry Co. Ltd., Class A | 2900 | 13245 |
|  Luzhou Laojiao Co. Ltd., Class A | 600 | 19358 |
|  Mango Excellent Media Co. Ltd., Class A | 2200 | 9500 |
|  Maxscend Microelectronics Co. Ltd., Class A | 480 | 7892 |
|  Meituan, Class B (m)\* | 37744 | 844779 |
|  Metallurgical Corp. of China Ltd., Class A | 31200 | 14272 |
|  Microport Scientific Corp. (x)\* | 4410 | 11611 |
|  Ming Yang Smart Energy Group Ltd., Class A | 3700 | 13444 |
|  Minth Group Ltd. | 8199 | 22216 |
|  Montage Technology Co. Ltd., Class A | 1153 | 10383 |
|  Muyuan Foods Co. Ltd., Class A | 2100 | 14727 |
|  NARI Technology Co. Ltd., Class A | 2880 | 10109 |
|  NAURA Technology Group Co. Ltd., Class A | 600 | 19446 |
|  NetEase, Inc. | 17765 | 260599 |
|  New China Life Insurance Co. Ltd., Class A | 3400 | 14712 |
|  New China Life Insurance Co. Ltd., Class H | 6085 | 14890 |
|  New Hope Liuhe Co. Ltd., Class A\* | 6100 | 11328 |
|  New Oriental Education & Technology Group, Inc.\* | 12047 | 43987 |
|  Ninestar Corp., Class A | 2200 | 16422 |
|  Ningbo Deye Technology Co. Ltd., Class A | 200 | 9529 |
|  Ningbo Tuopu Group Co. Ltd., Class A | 900 | 7584 |
|  Ningxia Baofeng Energy Group Co. Ltd., Class A | 5600 | 9723 |
|  NIO, Inc. (ADR) (x)\* | 11070 | 107933 |
|  Nongfu Spring Co. Ltd., Class H (m) | 14421 | 81477 |
|  Oppein Home Group, Inc., Class A | 700 | 12237 |
|  Orient Securities Co. Ltd., Class A | 9300 | 11960 |
|  People's Insurance Co. Group of China Ltd. (The), Class A | 19700 | 14793 |

---

See Notes to Financial Statements.

692

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  People's Insurance Co. Group of China Ltd. (The), Class H | 57390 | $19043 |
|  PetroChina Co. Ltd., Class A | 17200 | 12297 |
|  PetroChina Co. Ltd., Class H | 177786 | 81314 |
|  Pharmaron Beijing Co. Ltd., Class A | 900 | 8804 |
|  Pharmaron Beijing Co. Ltd., Class H (m) | 1488 | 10323 |
|  PICC Property & Casualty Co. Ltd., Class H | 55754 | 52929 |
|  Pinduoduo, Inc. (ADR)\* | 4334 | 353438 |
|  Ping An Bank Co. Ltd., Class A | 8000 | 15145 |
|  Ping An Healthcare and Technology Co. Ltd. (m)\* | 4122 | 11248 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 54249 | 358975 |
|  Ping An Insurance Group Co. of China Ltd., Class A | 4500 | 30424 |
|  Poly Developments and Holdings Group Co. Ltd., Class A | 5900 | 12841 |
|  Poly Property Services Co. Ltd., Class H (m)(x) | 104400 | 615931 |
|  Pop Mart International Group Ltd. (m)(x) | 4180 | 10614 |
|  Postal Savings Bank of China Co. Ltd., Class H (m)(x) | 68063 | 42292 |
|  Postal Savings Bank of China Co. Ltd., Class A | 16600 | 11032 |
|  Power Construction Corp. of China Ltd., Class A | 11500 | 11712 |
|  Pylon Technologies Co. Ltd., Class A | 244 | 11079 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A\* | 3700 | 12077 |
|  Rongsheng Petrochemical Co. Ltd., Class A | 4900 | 8670 |
|  SAIC Motor Corp. Ltd., Class A | 4500 | 9328 |
|  Sany Heavy Equipment International Holdings Co. Ltd. | 14678 | 15081 |
|  Sany Heavy Industry Co. Ltd., Class A | 3900 | 8864 |
|  Satellite Chemical Co. Ltd., Class A | 4505 | 10045 |
|  SF Holding Co. Ltd., Class A | 2000 | 16618 |
|  SG Micro Corp., Class A | 900 | 22346 |
|  Shaanxi Coal Industry Co. Ltd., Class A | 7400 | 19778 |
|  Shandong Gold Mining Co. Ltd., Class A | 4600 | 12679 |
|  Shandong Gold Mining Co. Ltd., Class H (m)(x) | 8605 | 15963 |
|  Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 3300 | 15736 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 27428 | 45049 |
|  Shanghai Baosight Software Co. Ltd., Class A | 2400 | 15467 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 71939 | 230413 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1800 | 9124 |
|  Shanghai International Airport Co. Ltd., Class A\* | 1900 | 15773 |
|  Shanghai International Port Group Co. Ltd., Class A | 15900 | 12214 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 7180 | 11940 |
|  Shanghai Pudong Development Bank Co. Ltd., Class A | 12100 | 12671 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1200 | 8957 |
|  Shanghai Rural Commercial Bank Co. Ltd., Class A | 18600 | 15733 |
|  Shanxi Coking Coal Energy Group Co. Ltd., Class A | 7000 | 11731 |
|  Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 500 | 20498 |
|  Shenwan Hongyuan Group Co. Ltd., Class A | 18200 | 10420 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 1400 | 13997 |
|  Shenzhen International Holdings Ltd. | 13340 | 13091 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 500 | 22726 |
|  Shenzhen Transsion Holdings Co. Ltd., Class A | 2079 | 23782 |
|  Shenzhou International Group Holdings Ltd. | 70985 | 798478 |
|  Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 2900 | 12498 |
|  Shimao Group Holdings Ltd. (r)(x)\* | 23338 | 5887 |
|  Sichuan Chuantou Energy Co. Ltd., Class A | 7500 | 13195 |
|  Sichuan Road and Bridge Group Co. Ltd., Class A | 9100 | 14556 |
|  Silergy Corp. | 2576 | 36584 |
|  Sinopharm Group Co. Ltd., Class H | 134176 | 341050 |
|  Smoore International Holdings Ltd. (m)(x) | 12083 | 18762 |
|  StarPower Semiconductor Ltd., Class A | 200 | 9474 |
|  Sunac China Holdings Ltd. (r)(x)\* | 24305 | 9555 |
|  Sungrow Power Supply Co. Ltd., Class A | 700 | 11258 |
|  Sunny Optical Technology Group Co. Ltd. | 6110 | 72682 |
|  Suzhou Maxwell Technologies Co. Ltd., Class A | 300 | 17773 |
|  TAL Education Group (ADR)\* | 4182 | 29483 |
|  TBEA Co. Ltd., Class A | 4000 | 11554 |
|  TCL Technology Group Corp., Class A | 23900 | 12789 |
|  TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 2200 | 11918 |
|  Tencent Holdings Ltd. | 77041 | 3296632 |
|  Tencent Music Entertainment Group (ADR)\* | 5401 | 44720 |
|  Tianqi Lithium Corp., Class A\* | 900 | 10226 |
|  Tingyi Cayman Islands Holding Corp. | 16474 | 29084 |
|  Tongcheng Travel Holdings Ltd. (m)\* | 7983 | 19207 |
|  Tongwei Co. Ltd., Class A | 2200 | 12209 |
|  Topsports International Holdings Ltd. (m) | 14871 | 11793 |
|  TravelSky Technology Ltd., Class H | 404983 | 856097 |
|  Trina Solar Co. Ltd., Class A | 1157 | 10612 |
|  Trip.com Group Ltd. (ADR)\* | 4408 | 151635 |
|  Tsingtao Brewery Co. Ltd., Class H | 4644 | 45872 |
|  Tsingtao Brewery Co. Ltd., Class A | 1000 | 15464 |
|  Unigroup Guoxin Microelectronics Co. Ltd., Class A | 559 | 10600 |

---

See Notes to Financial Statements.

693

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Uni-President China Holdings Ltd. | 15030 | $| 15039 |
|  Vipshop Holdings Ltd. (ADR)\* | 3107 |  | 42379 |
|  Walvax Biotechnology Co. Ltd., Class A | 1800 |  | 10406 |
|  Wanhua Chemical Group Co. Ltd., Class A | 1300 |  | 17326 |
|  Want Want China Holdings Ltd. | 36211 |  | 24217 |
|  Weibo Corp. (ADR)\* | 19752 |  | 377658 |
|  Weichai Power Co. Ltd., Class H | 291768 |  | 391743 |
|  Weichai Power Co. Ltd., Class A | 5400 |  | 7907 |
|  Wens Foodstuffs Group Co. Ltd., Class A | 4700 |  | 13272 |
|  Will Semiconductor Co. Ltd., Class A | 1505 |  | 16690 |
|  Wingtech Technology Co. Ltd., Class A | 2400 |  | 18153 |
|  Wuliangye Yibin Co. Ltd., Class A | 1900 |  | 49385 |
|  WuXi AppTec Co. Ltd., Class H (m) | 2353 |  | 24855 |
|  WuXi AppTec Co. Ltd., Class A | 1000 |  | 11652 |
|  Wuxi Biologics Cayman, Inc. (m)\* | 30728 |  | 235614 |
|  Wuxi Shangji Automation Co. Ltd., Class A | 600 |  | 9136 |
|  XCMG Construction Machinery Co. Ltd., Class A | 19500 |  | 14222 |
|  Xiaomi Corp., Class B (m)\* | 131042 |  | 183666 |
|  Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 8121 |  | 7231 |
|  Xinyi Solar Holdings Ltd. | 39532 |  | 43759 |
|  Xtep International Holdings Ltd. | 9813 |  | 10925 |
|  Yadea Group Holdings Ltd. (m) | 9032 |  | 15112 |
|  Yankuang Energy Group Co. Ltd., Class H | 10780 |  | 32870 |
|  Yankuang Energy Group Co. Ltd., Class A | 2600 |  | 12559 |
|  Yealink Network Technology Corp. Ltd., Class A | 1100 |  | 9587 |
|  Yihai International Holding Ltd. (x)\* | 3573 |  | 12634 |
|  Yihai Kerry Arawana Holdings Co. Ltd., Class A | 1400 |  | 8773 |
|  YongXing Special Materials Technology Co. Ltd., Class A | 600 |  | 7955 |
|  Yonyou Network Technology Co. Ltd., Class A | 7500 |  | 26076 |
|  YTO Express Group Co. Ltd., Class A | 4500 |  | 13005 |
|  Yuexiu Property Co. Ltd. | 15295 |  | 18518 |
|  Yum China Holdings, Inc. | 3611 |  | 197341 |
|  Yunnan Baiyao Group Co. Ltd., Class A | 1260 |  | 9853 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 500 |  | 10734 |
|  Yunnan Energy New Material Co. Ltd. | 900 |  | 16997 |
|  Zai Lab Ltd. (ADR)\* | 632 |  | 19402 |
|  Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 600 |  | 24897 |
|  Zhejiang Chint Electrics Co. Ltd., Class A | 5400 |  | 21517 |
|  Zhejiang Expressway Co. Ltd., Class H | 16432 |  | 12652 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 1040 |  | 8322 |
|  Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 1300 |  | 11886 |
|  Zhejiang NHU Co. Ltd., Class A | 3120 |  | 8415 |
|  ZhongAn Online P&C Insurance Co. Ltd., Class H (m)(x)\* | 3854 |  | 10616 |
|  Zhongsheng Group Holdings Ltd. | 4459 |  | 22936 |
|  Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3789 |  | 18810 |
|  Zijin Mining Group Co. Ltd., Class A | 9400 |  | 13522 |
|  Zijin Mining Group Co. Ltd., Class H | 46361 |  | 62841 |
|  ZTE Corp., Class H | 5230 |  | 11525 |
|  ZTE Corp., Class A | 2600 |  | 9672 |
|  ZTO Express Cayman, Inc. (ADR) | 3415 |  | 91761 |
|  |  |  | 23250439 |
|  **Colombia (1.1%)** | **Colombia (1.1%)** | **Colombia (1.1%)** | **Colombia (1.1%)** |
|  Bancolombia SA | 2059 |  | 18050 |
|  Bancolombia SA (Preference) (q) | 3654 |  | 25287 |
|  Bancolombia SA (ADR) (x) | 19075 |  | 544401 |
|  Ecopetrol SA | 540396 |  | 269752 |
|  Interconexion Electrica SA ESP | 3634 |  | 15741 |
|  |  |  | 873231 |
|  **Czech Republic (1.0%)** | **Czech Republic (1.0%)** | **Czech Republic (1.0%)** | **Czech Republic (1.0%)** |
|  CEZ A/S | 1304 |  | 44431 |
|  Komercni Banka A/S | 22873 |  | 662944 |
|  Moneta Money Bank A/S (m) | 4651 |  | 15641 |
|  |  |  | 723016 |
|  **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** | **Egypt (0.1%)** |
|  Commercial International Bank Egypt SAE | 20487 |  | 34329 |
|  Eastern Co. SAE | 27018 |  | 15618 |
|  |  |  | 49947 |
|  **Greece (0.2%)** | **Greece (0.2%)** | **Greece (0.2%)** | **Greece (0.2%)** |
|  Alpha Services and Holdings SA\* | 18515 |  | 19819 |
|  Eurobank Ergasias Services and Holdings SA\* | 20982 |  | 23696 |
|  Hellenic Telecommunications Organization SA | 1630 |  | 25457 |
|  JUMBO SA | 1066 |  | 18235 |
|  Mytilineos SA | 987 |  | 21448 |
|  National Bank of Greece SA\* | 4492 |  | 18017 |
|  OPAP SA | 1568 |  | 22206 |
|  Public Power Corp. SA\* | 3212 |  | 22538 |
|  |  |  | 171416 |
|  **Hong Kong (0.2%)** | **Hong Kong (0.2%)** | **Hong Kong (0.2%)** | **Hong Kong (0.2%)** |
|  Kingboard Laminates Holdings Ltd. | 8240 |  | 9058 |
|  Nine Dragons Paper Holdings Ltd. | 13664 |  | 12464 |
|  Orient Overseas International Ltd. (x) | 986 |  | 17811 |
|  Sino Biopharmaceutical Ltd. | 84712 |  | 49598 |
|  Super Hi International Holding Ltd. (x)\* | 755 |  | 962 |
|  Vinda International Holdings Ltd. | 6126 |  | 18051 |
|  |  |  | 107944 |
|  **Hungary (0.1%)** | **Hungary (0.1%)** | **Hungary (0.1%)** | **Hungary (0.1%)** |
|  MOL Hungarian Oil & Gas plc | 3311 |  | 23097 |
|  OTP Bank Nyrt. | 1810 |  | 49060 |
|  Richter Gedeon Nyrt. | 1130 |  | 25145 |
|  |  |  | 97302 |
|  **India (11.9%)** | **India (11.9%)** | **India (11.9%)** | **India (11.9%)** |
|  ABB India Ltd. | 452 |  | 14659 |
|  ACC Ltd. | 607 |  | 17914 |
|  Adani Enterprises Ltd. | 2593 |  | 120932 |
|  Adani Green Energy Ltd.\* | 2560 |  | 59778 |

---

See Notes to Financial Statements.

694

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Adani Ports & Special Economic Zone Ltd. | 4268 | $| 42205 |
|  Adani Power Ltd.\* | 6234 |  | 22572 |
|  Adani Total Gas Ltd. | 2528 |  | 112843 |
|  Adani Transmission Ltd.\* | 2607 |  | 81593 |
|  Ambuja Cements Ltd. | 4814 |  | 30497 |
|  Apollo Hospitals Enterprise Ltd. | 813 |  | 44002 |
|  Asian Paints Ltd. | 3435 |  | 128211 |
|  AU Small Finance Bank Ltd. (m) | 1720 |  | 13606 |
|  Aurobindo Pharma Ltd. | 2131 |  | 11290 |
|  Avenue Supermarts Ltd. (m)\* | 1309 |  | 64378 |
|  Axis Bank Ltd. | 19707 |  | 222427 |
|  Bajaj Auto Ltd. | 561 |  | 24521 |
|  Bajaj Finance Ltd. | 2352 |  | 186932 |
|  Bajaj Finserv Ltd. | 3086 |  | 57738 |
|  Bajaj Holdings & Investment Ltd. | 228 |  | 15824 |
|  Balkrishna Industries Ltd. | 625 |  | 16101 |
|  Bandhan Bank Ltd. (m)\* | 5207 |  | 14740 |
|  Berger Paints India Ltd. | 1962 |  | 13787 |
|  Bharat Electronics Ltd. | 29911 |  | 36119 |
|  Bharat Forge Ltd. | 2069 |  | 22004 |
|  Bharat Petroleum Corp. Ltd. | 7012 |  | 28012 |
|  Bharti Airtel Ltd. | 19152 |  | 186612 |
|  Biocon Ltd. | 3827 |  | 12113 |
|  Britannia Industries Ltd. | 876 |  | 45610 |
|  Cholamandalam Investment and Finance Co. Ltd. | 3318 |  | 28993 |
|  Cipla Ltd. | 3912 |  | 50878 |
|  Coal India Ltd. | 12450 |  | 33868 |
|  Colgate-Palmolive India Ltd. | 989 |  | 18366 |
|  Container Corp. of India Ltd. | 2216 |  | 19789 |
|  Dabur India Ltd. | 5000 |  | 33933 |
|  Divi's Laboratories Ltd. | 1073 |  | 44269 |
|  DLF Ltd. | 5001 |  | 22669 |
|  Dr Reddy's Laboratories Ltd. | 941 |  | 48199 |
|  Eicher Motors Ltd. | 1105 |  | 43112 |
|  GAIL India Ltd. | 18839 |  | 21872 |
|  Godrej Consumer Products Ltd.\* | 3305 |  | 34918 |
|  Godrej Properties Ltd.\* | 1011 |  | 14966 |
|  Grasim Industries Ltd. | 2123 |  | 44228 |
|  Havells India Ltd. | 2025 |  | 26924 |
|  HCL Technologies Ltd. | 9867 |  | 123955 |
|  HDFC Bank Ltd. (ADR) | 10560 |  | 722410 |
|  HDFC Life Insurance Co. Ltd. (m) | 7684 |  | 52594 |
|  Hero MotoCorp Ltd. | 888 |  | 29398 |
|  Hindalco Industries Ltd. | 10862 |  | 62148 |
|  Hindustan Petroleum Corp. Ltd. | 5159 |  | 14664 |
|  Hindustan Unilever Ltd. | 7065 |  | 218709 |
|  Housing Development Finance Corp. Ltd. | 14767 |  | 470802 |
|  ICICI Bank Ltd. | 44088 |  | 474747 |
|  ICICI Bank Ltd. (ADR) | 27637 |  | 604974 |
|  ICICI Lombard General Insurance Co. Ltd. (m) | 1944 |  | 29062 |
|  ICICI Prudential Life Insurance Co. Ltd. (m) | 2904 |  | 15842 |
|  Indian Hotels Co. Ltd. | 7274 |  | 28017 |
|  Indian Oil Corp. Ltd. | 22823 |  | 21104 |
|  Indian Railway Catering & Tourism Corp. Ltd. | 1939 |  | 14993 |
|  Indus Towers Ltd. | 5704 |  | 13131 |
|  Info Edge India Ltd. | 573 |  | 27234 |
|  Infosys Ltd. | 28845 |  | 525856 |
|  InterGlobe Aviation Ltd. (m)\* | 778 |  | 18881 |
|  ITC Ltd. | 27117 |  | 108674 |
|  Jindal Steel & Power Ltd. | 3297 |  | 23138 |
|  JSW Steel Ltd. | 5842 |  | 54236 |
|  Jubilant Foodworks Ltd. | 3199 |  | 19761 |
|  Kotak Mahindra Bank Ltd. | 5105 |  | 112754 |
|  Larsen & Toubro Ltd. | 6137 |  | 154727 |
|  LTIMindtree Ltd. (m) | 1097 |  | 57885 |
|  Lupin Ltd. | 1437 |  | 12744 |
|  Mahindra & Mahindra Ltd. | 7894 |  | 119197 |
|  Marico Ltd. | 4174 |  | 25724 |
|  Maruti Suzuki India Ltd. | 1101 |  | 111718 |
|  Mphasis Ltd. | 683 |  | 16287 |
|  MRF Ltd. | 15 |  | 16053 |
|  Muthoot Finance Ltd. | 1105 |  | 14199 |
|  Nestle India Ltd. | 273 |  | 64698 |
|  NTPC Ltd. | 31344 |  | 63063 |
|  Oil & Natural Gas Corp. Ltd. | 20333 |  | 36068 |
|  Page Industries Ltd. | 50 |  | 25889 |
|  Petronet LNG Ltd. | 6061 |  | 15784 |
|  PI Industries Ltd. | 613 |  | 25340 |
|  Pidilite Industries Ltd. | 1232 |  | 37976 |
|  Power Grid Corp. of India Ltd. | 25366 |  | 65523 |
|  Reliance Industries Ltd. | 26088 |  | 803232 |
|  Samvardhana Motherson International Ltd. | 31247 |  | 28006 |
|  SBI Cards & Payment Services Ltd. | 1906 |  | 18327 |
|  SBI Life Insurance Co. Ltd. (m) | 3638 |  | 54146 |
|  Shree Cement Ltd. | 87 |  | 24491 |
|  Shriram Finance Ltd. | 2076 |  | 34551 |
|  Siemens Ltd. | 576 |  | 19679 |
|  SRF Ltd. | 1198 |  | 33166 |
|  State Bank of India | 16309 |  | 120982 |
|  Sun Pharmaceutical Industries Ltd. | 8901 |  | 107742 |
|  Tata Consultancy Services Ltd. | 7754 |  | 305239 |
|  Tata Consumer Products Ltd. | 4468 |  | 41421 |
|  Tata Elxsi Ltd. | 277 |  | 21047 |
|  Tata Motors Ltd.\* | 16096 |  | 75480 |
|  Tata Power Co. Ltd. (The) | 11620 |  | 29173 |
|  Tata Steel Ltd. | 70152 |  | 95523 |
|  Tech Mahindra Ltd. | 4714 |  | 57915 |
|  Titan Co. Ltd. | 3297 |  | 103517 |
|  Torrent Pharmaceuticals Ltd. | 821 |  | 15388 |
|  Trent Ltd. | 1465 |  | 23930 |
|  Tube Investments of India Ltd. | 906 |  | 30396 |
|  TVS Motor Co. Ltd. | 1825 |  | 23944 |
|  UltraTech Cement Ltd. | 984 |  | 82772 |
|  United Spirits Ltd.\* | 2349 |  | 24917 |
|  UPL Ltd. | 3943 |  | 34132 |
|  Varun Beverages Ltd. | 1940 |  | 31013 |
|  Vedanta Ltd. | 6008 |  | 22397 |
|  Wipro Ltd. | 11040 |  | 52411 |
|  Yes Bank Ltd.\* | 91112 |  | 22687 |
|  Zomato Ltd.\* | 19088 |  | 13682 |
|  |  |  | 9135269 |
|  **Indonesia (2.9%)** | **Indonesia (2.9%)** | **Indonesia (2.9%)** | **Indonesia (2.9%)** |
|  Adaro Energy Indonesia Tbk. PT | 127572 |  | 31550 |
|  Aneka Tambang Tbk. | 117063 |  | 14927 |
|  Astra International Tbk. PT | 183159 |  | 67063 |
|  Bank Central Asia Tbk. PT | 475383 |  | 261090 |

---

See Notes to Financial Statements.

695

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Bank Jago Tbk. PT\* | 36955 | $| 8831 |
|  Bank Mandiri Persero Tbk. PT | 164048 |  | 104588 |
|  Bank Negara Indonesia Persero Tbk. PT | 60070 |  | 35596 |
|  Bank Rakyat Indonesia Persero Tbk. PT | 2715736 |  | 861778 |
|  Barito Pacific Tbk. PT | 278269 |  | 13496 |
|  Charoen Pokphand Indonesia Tbk. PT | 64683 |  | 23476 |
|  Indah Kiat Pulp & Paper Tbk. PT | 22387 |  | 12547 |
|  Indofood CBP Sukses Makmur Tbk. PT | 22879 |  | 14697 |
|  Indofood Sukses Makmur Tbk. PT | 1177888 |  | 508836 |
|  Kalbe Farma Tbk. PT | 184272 |  | 24739 |
|  Merdeka Copper Gold Tbk. PT\* | 99426 |  | 26314 |
|  Sarana Menara Nusantara Tbk. PT | 236208 |  | 16690 |
|  Sumber Alfaria Trijaya Tbk. PT | 177863 |  | 30277 |
|  Telkom Indonesia Persero Tbk. PT | 399471 |  | 96227 |
|  Unilever Indonesia Tbk. PT | 67686 |  | 20435 |
|  United Tractors Tbk. PT | 14428 |  | 24166 |
|  |  |  | 2197323 |
|  **Kuwait (0.7%)** | **Kuwait (0.7%)** | **Kuwait (0.7%)** | **Kuwait (0.7%)** |
|  Agility Public Warehousing Co. KSC | 11894 |  | 28168 |
|  Boubyan Bank KSCP | 10574 |  | 27639 |
|  Gulf Bank KSCP | 13396 |  | 13773 |
|  Kuwait Finance House KSCP | 66470 |  | 179690 |
|  Mabanee Co. KPSC | 5081 |  | 14113 |
|  Mobile Telecommunications Co. KSCP | 17706 |  | 32641 |
|  National Bank of Kuwait SAKP | 61484 |  | 217162 |
|  |  |  | 513186 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  Reinet Investments SCA | 1110 |  | 21386 |
|  **Malaysia (1.1%)** | **Malaysia (1.1%)** | **Malaysia (1.1%)** | **Malaysia (1.1%)** |
|  Axiata Group Bhd. | 25967 |  | 18215 |
|  CIMB Group Holdings Bhd. | 56596 |  | 74519 |
|  Dialog Group Bhd. | 30371 |  | 16892 |
|  DiGi.Com Bhd. | 39934 |  | 36262 |
|  Genting Bhd. | 16499 |  | 16780 |
|  Genting Malaysia Bhd. | 23476 |  | 14336 |
|  HAP Seng Consolidated Bhd. | 8729 |  | 12682 |
|  Hartalega Holdings Bhd. | 13294 |  | 5131 |
|  Hong Leong Bank Bhd. | 7591 |  | 35430 |
|  IHH Healthcare Bhd. | 21971 |  | 31024 |
|  Inari Amertron Bhd. | 22380 |  | 13260 |
|  IOI Corp. Bhd. | 19549 |  | 17974 |
|  Kuala Lumpur Kepong Bhd. | 3372 |  | 17117 |
|  Malayan Banking Bhd. | 39853 |  | 78711 |
|  Malaysia Airports Holdings Bhd.\* | 10965 |  | 16329 |
|  Maxis Bhd. | 18034 |  | 15721 |
|  MISC Bhd. | 10465 |  | 17818 |
|  MR DIY Group M Bhd. (m) | 33669 |  | 15287 |
|  Nestle Malaysia Bhd. | 550 |  | 17480 |
|  Petronas Chemicals Group Bhd. | 23324 |  | 45536 |
|  Petronas Gas Bhd. | 9344 |  | 36315 |
|  PPB Group Bhd. | 4905 |  | 19420 |
|  Press Metal Aluminium Holdings Bhd. | 30517 |  | 33808 |
|  Public Bank Bhd. | 124755 |  | 122348 |
|  RHB Bank Bhd. | 14181 |  | 18640 |
|  Sime Darby Bhd. | 29543 |  | 15425 |
|  Sime Darby Plantation Bhd. | 17851 |  | 18844 |
|  Tenaga Nasional Bhd. | 23207 |  | 50734 |
|  Top Glove Corp. Bhd.\* | 40036 |  | 8225 |
|  |  |  | 840263 |
|  **Mexico (2.4%)** | **Mexico (2.4%)** | **Mexico (2.4%)** | **Mexico (2.4%)** |
|  Alfa SAB de CV, Class A | 26520 |  | 16917 |
|  America Movil SAB de CV | 239220 |  | 216061 |
|  Arca Continental SAB de CV | 3727 |  | 30227 |
|  Banco del Bajio SA (m)(x) | 6601 |  | 20792 |
|  Cemex SAB de CV\* | 136177 |  | 55347 |
|  Coca-Cola Femsa SAB de CV | 4244 |  | 28725 |
|  Fibra Uno Administracion SA de CV (REIT) | 24588 |  | 29021 |
|  Fomento Economico Mexicano SAB de CV | 16668 |  | 130314 |
|  Gruma SAB de CV, Class B | 1820 |  | 24313 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B (x) | 3282 |  | 47058 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 1628 |  | 37930 |
|  Grupo Bimbo SAB de CV | 12149 |  | 51311 |
|  Grupo Carso SAB de CV | 2613 |  | 10998 |
|  Grupo Financiero Banorte SAB de CV, Class O | 101339 |  | 729314 |
|  Grupo Financiero Inbursa SAB de CV, Class O\* | 19184 |  | 32488 |
|  Grupo Mexico SAB de CV | 25161 |  | 88706 |
|  Grupo Televisa SAB | 25835 |  | 23466 |
|  Industrias Penoles SAB de CV (x)\* | 1546 |  | 18896 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 13414 |  | 22765 |
|  Orbia Advance Corp. SAB de CV | 8999 |  | 15955 |
|  Promotora y Operadora de Infraestructura SAB de CV | 1954 |  | 15899 |
|  Southern Copper Corp. | 687 |  | 41488 |
|  Wal-Mart de Mexico SAB de CV | 44891 |  | 158679 |
|  |  |  | 1846670 |
|  **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |
|  Cia de Minas Buenaventura SAA (ADR) | 2366 |  | 17627 |
|  Credicorp Ltd. | 578 |  | 78411 |
|  |  |  | 96038 |
|  **Philippines (0.5%)** | **Philippines (0.5%)** | **Philippines (0.5%)** | **Philippines (0.5%)** |
|  ACEN Corp. | 9291 |  | 1276 |
|  Ayala Corp. | 3097 |  | 38940 |
|  Ayala Land, Inc. | 63229 |  | 35240 |
|  Bank of the Philippine Islands | 15348 |  | 28113 |
|  BDO Unibank, Inc. | 25812 |  | 49153 |
|  Globe Telecom, Inc. | 22 |  | 863 |
|  International Container Terminal Services, Inc. | 11430 |  | 41164 |
|  JG Summit Holdings, Inc. | 38365 |  | 34811 |
|  Jollibee Foods Corp. | 4563 |  | 18883 |
|  Metropolitan Bank & Trust Co. | 15354 |  | 14878 |
|  PLDT, Inc. | 859 |  | 20376 |
|  SM Investments Corp. | 2687 |  | 43636 |
|  SM Prime Holdings, Inc. | 98339 |  | 62939 |
|  Universal Robina Corp. | 8243 |  | 20174 |
|  |  |  | 410446 |
|  **Poland (0.5%)** | **Poland (0.5%)** | **Poland (0.5%)** | **Poland (0.5%)** |
|  Allegro.eu SA (m)\* | 2532 |  | 14523 |
|  Bank Polska Kasa Opieki SA | 2082 |  | 41104 |
|  CD Projekt SA | 561 |  | 16599 |
|  Dino Polska SA (m)\* | 396 |  | 33921 |

---

See Notes to Financial Statements.

696

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  KGHM Polska Miedz SA | 1393 | $| 40298 |
|  LPP SA | 9 |  | 21877 |
|  Polski Koncern Naftowy ORLEN SA | 5334 |  | 78208 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 7831 |  | 54139 |
|  Powszechny Zaklad Ubezpieczen SA | 6965 |  | 56307 |
|  Santander Bank Polska SA | 306 |  | 18117 |
|  |  |  | 375093 |
|  **Qatar (0.7%)** | **Qatar (0.7%)** | **Qatar (0.7%)** | **Qatar (0.7%)** |
|  Barwa Real Estate Co. | 9728 |  | 7689 |
|  Commercial Bank PSQC (The) | 25888 |  | 35549 |
|  Industries Qatar QSC | 13744 |  | 48433 |
|  Masraf Al Rayan QSC | 50968 |  | 44473 |
|  Mesaieed Petrochemical Holding Co. | 46863 |  | 27429 |
|  Ooredoo QPSC | 4608 |  | 11642 |
|  Qatar Electricity & Water Co. QSC | 5127 |  | 24949 |
|  Qatar Fuel QSC | 5099 |  | 25195 |
|  Qatar Gas Transport Co. Ltd. | 27866 |  | 28041 |
|  Qatar International Islamic Bank QSC | 8410 |  | 24059 |
|  Qatar Islamic Bank SAQ | 13912 |  | 70975 |
|  Qatar National Bank QPSC | 39576 |  | 195598 |
|  |  |  | 544032 |
|  **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** | **Romania (0.0%)†** |
|  NEPI Rockcastle NV | 3393 |  | 20582 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Gazprom PJSC (r) | 80604 |  |  |
|  LUKOIL PJSC (r) | 2799 |  |  |
|  Magnit PJSC (r)\* | 1475 |  |  |
|  Magnit PJSC (GDR) (m)(r)\* | 3 |  |  |
|  MMC Norilsk Nickel PJSC (ADR) (r) | 4277 |  |  |
|  Mobile TeleSystems PJSC (r) | 26722 |  |  |
|  Novatek PJSC (GDR) (m)(r)\* | 780 |  |  |
|  Novolipetsk Steel PJSC (GDR) (m)(r)\* | 1309 |  |  |
|  PhosAgro PJSC (GDR) (m)(r)\* | 4890 |  |  |
|  Rosneft Oil Co. PJSC (r) | 8744 |  |  |
|  Sberbank of Russia PJSC (r)\* | 73260 |  |  |
|  Severstal PAO (GDR) (m)(r)\* | 1815 |  |  |
|  Surgutneftegas PJSC (ADR) (r)\* | 7330 |  |  |
|  Tatneft PJSC (ADR) (r) | 1723 |  |  |
|  VTB Bank PJSC (r)\* | 110628000 |  |  |
|  Yandex NV, Class A (r)\* | 2060 |  |  |
|  **Singapore (0.8%)** | **Singapore (0.8%)** | **Singapore (0.8%)** | **Singapore (0.8%)** |
|  BOC Aviation Ltd. (m) | 75716 |  | 631981 |
|  **South Africa (3.8%)** | **South Africa (3.8%)** | **South Africa (3.8%)** | **South Africa (3.8%)** |
|  Absa Group Ltd. | 7635 |  | 87129 |
|  African Rainbow Minerals Ltd. | 940 |  | 15933 |
|  Anglo American Platinum Ltd. | 507 |  | 42517 |
|  Aspen Pharmacare Holdings Ltd. | 4119 |  | 33049 |
|  Bid Corp. Ltd. | 3037 |  | 58957 |
|  Bidvest Group Ltd. (The) | 2243 |  | 28301 |
|  Capitec Bank Holdings Ltd. | 746 |  | 81600 |
|  Clicks Group Ltd. | 1829 |  | 29072 |
|  Discovery Ltd.\* | 3986 |  | 28937 |
|  Exxaro Resources Ltd. | 2006 |  | 25656 |
|  FirstRand Ltd. | 219866 |  | 803830 |
|  Foschini Group Ltd. (The) | 3038 |  | 18059 |
|  Gold Fields Ltd. | 7581 |  | 78593 |
|  Growthpoint Properties Ltd. (REIT) | 26720 |  | 22865 |
|  Harmony Gold Mining Co. Ltd. | 4617 |  | 15978 |
|  Impala Platinum Holdings Ltd. | 7991 |  | 100240 |
|  Kumba Iron Ore Ltd. | 596 |  | 17268 |
|  Mr Price Group Ltd. | 2007 |  | 18774 |
|  MTN Group Ltd. | 14080 |  | 105489 |
|  MultiChoice Group | 2988 |  | 20617 |
|  Naspers Ltd., Class N | 1866 |  | 310172 |
|  Nedbank Group Ltd. | 4331 |  | 54186 |
|  Ninety One Ltd. | 166868 |  | 371718 |
|  Northam Platinum Holdings Ltd.\* | 2662 |  | 29325 |
|  Old Mutual Ltd. | 35801 |  | 22039 |
|  Pepkor Holdings Ltd. (m) | 21971 |  | 25862 |
|  Remgro Ltd. | 3981 |  | 31169 |
|  Sanlam Ltd. | 13653 |  | 39148 |
|  Sasol Ltd. | 4588 |  | 72752 |
|  Shoprite Holdings Ltd. | 4620 |  | 61450 |
|  Sibanye Stillwater Ltd. | 22338 |  | 58792 |
|  SPAR Group Ltd. (The) | 1711 |  | 11429 |
|  Standard Bank Group Ltd. | 11505 |  | 113613 |
|  Vodacom Group Ltd. | 6142 |  | 44354 |
|  Woolworths Holdings Ltd. | 7787 |  | 30445 |
|  |  |  | 2909318 |
|  **South Korea (10.4%)** | **South Korea (10.4%)** | **South Korea (10.4%)** | **South Korea (10.4%)** |
|  Amorepacific Corp.\* | 217 |  | 23842 |
|  BGF retail Co. Ltd.\* | 118 |  | 19688 |
|  Celltrion Healthcare Co. Ltd. | 775 |  | 35909 |
|  Celltrion Pharm, Inc.\* | 359 |  | 19190 |
|  Celltrion, Inc. | 878 |  | 112502 |
|  Cheil Worldwide, Inc.\* | 727 |  | 13313 |
|  CJ CheilJedang Corp. | 56 |  | 16912 |
|  CJ Corp.\* | 3240 |  | 216657 |
|  Cosmax, Inc.\* | 11899 |  | 704055 |
|  Coway Co. Ltd.\* | 373 |  | 16570 |
|  DB Insurance Co. Ltd.\* | 311 |  | 16146 |
|  Doosan Bobcat, Inc. | 386 |  | 10662 |
|  Doosan Enerbility Co. Ltd.\* | 4199 |  | 51726 |
|  Ecopro BM Co. Ltd. | 452 |  | 33327 |
|  E-MART, Inc.\* | 132 |  | 10297 |
|  F&F Co. Ltd.\* | 115 |  | 13275 |
|  GS Holdings Corp.\* | 417 |  | 14525 |
|  Hana Financial Group, Inc. | 2361 |  | 79114 |
|  Hankook Tire & Technology Co. Ltd.\* | 502 |  | 12461 |
|  Hanmi Pharm Co. Ltd.\* | 62 |  | 14665 |
|  Hanon Systems | 3857 |  | 24879 |
|  Hanwha Solutions Corp.\* | 839 |  | 28736 |
|  HD Hyundai Co. Ltd. | 320 |  | 14530 |
|  HLB, Inc.\* | 1067 |  | 24239 |
|  HMM Co. Ltd.\* | 2351 |  | 36737 |
|  Hotel Shilla Co. Ltd.\* | 215 |  | 14241 |
|  HYBE Co. Ltd.\* | 112 |  | 15582 |
|  Hyundai Engineering & Construction Co. Ltd.\* | 526 |  | 14664 |
|  Hyundai Glovis Co. Ltd.\* | 127 |  | 16535 |
|  Hyundai Heavy Industries Co. Ltd.\* | 144 |  | 13340 |
|  Hyundai Mipo Dockyard Co. Ltd.\* | 237 |  | 15977 |
|  Hyundai Mobis Co. Ltd. | 515 |  | 82204 |
|  Hyundai Motor Co. | 1190 |  | 143240 |
|  Hyundai Motor Co. (Preference) (Korea Stock Exchange) (q) | 246 |  | 14455 |

---

See Notes to Financial Statements.

697

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Hyundai Motor Co. (Preference) (OTC US Exchange) (q) | 166 | $| 9758 |
|  Hyundai Steel Co.\* | 585 |  | 14309 |
|  Iljin Materials Co. Ltd.\* | 450 |  | 18659 |
|  Industrial Bank of Korea\* | 1761 |  | 13754 |
|  Kakao Corp.\* | 2876 |  | 122760 |
|  Kakao Games Corp.\* | 591 |  | 21256 |
|  KakaoBank Corp.\* | 899 |  | 17575 |
|  Kangwon Land, Inc.\* | 688 |  | 12700 |
|  KB Financial Group, Inc. | 3562 |  | 137791 |
|  Kia Corp.\* | 2129 |  | 100548 |
|  Korea Aerospace Industries Ltd.\* | 507 |  | 20573 |
|  Korea Electric Power Corp.\* | 2726 |  | 47236 |
|  Korea Investment Holdings Co. Ltd.\* | 282 |  | 12005 |
|  Korea Shipbuilding & Offshore Engineering Co. Ltd.\* | 263 |  | 14821 |
|  Korea Zinc Co. Ltd.\* | 73 |  | 32795 |
|  Korean Air Lines Co. Ltd.\* | 1982 |  | 36329 |
|  Krafton, Inc.\* | 251 |  | 33807 |
|  KT&G Corp.\* | 899 |  | 65110 |
|  Kumho Petrochemical Co. Ltd.\* | 123 |  | 12353 |
|  L&F Co. Ltd.\* | 200 |  | 27816 |
|  LG Chem Ltd.\* | 423 |  | 202732 |
|  LG Chem Ltd. (Preference) (q)\* | 55 |  | 12168 |
|  LG Corp.\* | 944 |  | 58702 |
|  LG Display Co. Ltd.\* | 1567 |  | 15591 |
|  LG Electronics, Inc.\* | 850 |  | 58793 |
|  LG Energy Solution Ltd.\* | 300 |  | 104092 |
|  LG H&H Co. Ltd.\* | 80 |  | 46115 |
|  LG Innotek Co. Ltd.\* | 96 |  | 19456 |
|  LG Uplus Corp. | 1446 |  | 12691 |
|  Lotte Chemical Corp.\* | 116 |  | 16483 |
|  Lotte Shopping Co. Ltd.\* | 189 |  | 13725 |
|  Meritz Fire & Marine Insurance Co. Ltd.\* | 416 |  | 16491 |
|  Meritz Securities Co. Ltd.\* | 3119 |  | 15590 |
|  Mirae Asset Securities Co. Ltd.\* | 1943 |  | 9410 |
|  NAVER Corp. | 1125 |  | 160216 |
|  NCSoft Corp.\* | 147 |  | 52676 |
|  Netmarble Corp. (m)\* | 467 |  | 22549 |
|  NH Investment & Securities Co. Ltd.\* | 1358 |  | 9470 |
|  Orion Corp.\* | 161 |  | 16358 |
|  Pan Ocean Co. Ltd.\* | 2941 |  | 13458 |
|  Pearl Abyss Corp.\* | 606 |  | 20367 |
|  POSCO Chemical Co. Ltd.\* | 209 |  | 30063 |
|  POSCO Holdings, Inc. | 651 |  | 143511 |
|  S-1 Corp.\* | 228 |  | 10728 |
|  Samsung Biologics Co. Ltd. (m)\* | 146 |  | 95560 |
|  Samsung C&T Corp.\* | 707 |  | 63946 |
|  Samsung Electro-Mechanics Co. Ltd.\* | 486 |  | 50758 |
|  Samsung Electronics Co. Ltd. | 61462 |  | 2715587 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 7052 |  | 284252 |
|  Samsung Engineering Co. Ltd.\* | 1058 |  | 18765 |
|  Samsung Fire & Marine Insurance Co. Ltd.\* | 264 |  | 41875 |
|  Samsung Heavy Industries Co. Ltd.\* | 4245 |  | 17282 |
|  Samsung Life Insurance Co. Ltd.\* | 603 |  | 33992 |
|  Samsung SDI Co. Ltd.\* | 471 |  | 222356 |
|  Samsung SDS Co. Ltd.\* | 235 |  | 23012 |
|  Samsung Securities Co. Ltd.\* | 423 |  | 10606 |
|  SD Biosensor, Inc. | 910 |  | 21883 |
|  Shinhan Financial Group Co. Ltd. | 3731 |  | 104522 |
|  SK Biopharmaceuticals Co. Ltd.\* | 185 |  | 10630 |
|  SK Bioscience Co. Ltd.\* | 155 |  | 9121 |
|  SK Hynix, Inc. | 4679 |  | 281809 |
|  SK IE Technology Co. Ltd. (m)\* | 254 |  | 10794 |
|  SK Innovation Co. Ltd.\* | 539 |  | 66431 |
|  SK Square Co. Ltd.\* | 912 |  | 24420 |
|  SK, Inc. | 283 |  | 42670 |
|  SKC Co. Ltd.\* | 141 |  | 9977 |
|  S-Oil Corp. | 304 |  | 20198 |
|  Woori Financial Group, Inc. | 4526 |  | 41632 |
|  Yuhan Corp.\* | 364 |  | 16538 |
|  |  |  | 7986201 |
|  **Taiwan (15.9%)** | **Taiwan (15.9%)** | **Taiwan (15.9%)** | **Taiwan (15.9%)** |
|  Accton Technology Corp. | 5128 |  | 39125 |
|  Acer, Inc. | 20895 |  | 16010 |
|  Advantech Co. Ltd. | 3316 |  | 35711 |
|  ASE Technology Holding Co. Ltd. | 292699 |  | 894224 |
|  Asia Cement Corp. | 15725 |  | 20977 |
|  Asustek Computer, Inc. | 6027 |  | 52651 |
|  AUO Corp. | 66949 |  | 32673 |
|  Catcher Technology Co. Ltd. | 4883 |  | 26849 |
|  Cathay Financial Holding Co. Ltd. | 70612 |  | 91896 |
|  Chailease Holding Co. Ltd. | 12159 |  | 85845 |
|  Chang Hwa Commercial Bank Ltd. | 31080 |  | 17342 |
|  Cheng Shin Rubber Industry Co. Ltd. | 13228 |  | 14590 |
|  China Airlines Ltd. | 22757 |  | 14068 |
|  China Development Financial Holding Corp. | 126364 |  | 51803 |
|  China Steel Corp. | 107475 |  | 104204 |
|  Chunghwa Telecom Co. Ltd. | 33116 |  | 121752 |
|  Compal Electronics, Inc. | 29953 |  | 22463 |
|  CTBC Financial Holding Co. Ltd. | 161946 |  | 116445 |
|  Delta Electronics, Inc. | 16695 |  | 155622 |
|  E Ink Holdings, Inc. | 6440 |  | 33734 |
|  E.Sun Financial Holding Co. Ltd. | 121132 |  | 94784 |
|  Eclat Textile Co. Ltd. | 1360 |  | 21925 |
|  eMemory Technology, Inc. | 457 |  | 19850 |
|  Eva Airways Corp. | 20580 |  | 18849 |
|  Evergreen Marine Corp. Taiwan Ltd. | 7982 |  | 42331 |
|  Far Eastern New Century Corp. | 34411 |  | 35715 |
|  Far EasTone Telecommunications Co. Ltd. | 11429 |  | 24505 |
|  Feng TAY Enterprise Co. Ltd. | 79152 |  | 531792 |
|  First Financial Holding Co. Ltd. | 96792 |  | 83454 |
|  Formosa Chemicals & Fibre Corp. | 33062 |  | 75836 |
|  Formosa Petrochemical Corp. | 8146 |  | 21282 |
|  Formosa Plastics Corp. | 33437 |  | 94429 |
|  Fubon Financial Holding Co. Ltd. | 63691 |  | 116666 |
|  Giant Manufacturing Co. Ltd. | 2145 |  | 13993 |
|  Globalwafers Co. Ltd. | 1520 |  | 21142 |
|  Hon Hai Precision Industry Co. Ltd. | 261719 |  | 850669 |
|  Hotai Motor Co. Ltd. | 2839 |  | 54313 |
|  Hua Nan Financial Holdings Co. Ltd. | 78642 |  | 57442 |
|  Innolux Corp. | 84159 |  | 30257 |
|  Inventec Corp. | 19884 |  | 16982 |
|  Largan Precision Co. Ltd. | 926 |  | 61461 |
|  Lite-On Technology Corp. | 14911 |  | 30952 |
|  MediaTek, Inc. | 45042 |  | 915920 |
|  Mega Financial Holding Co. Ltd. | 95566 |  | 94367 |

---

See Notes to Financial Statements.

698

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Micro-Star International Co. Ltd. | 156817 | $| 609706 |
|  momo.com, Inc. | 1075 |  | 22454 |
|  Nan Ya Plastics Corp. | 39721 |  | 91757 |
|  Nan Ya Printed Circuit Board Corp. | 1596 |  | 11787 |
|  Nanya Technology Corp. | 8913 |  | 14848 |
|  Nien Made Enterprise Co. Ltd. | 1191 |  | 11412 |
|  Novatek Microelectronics Corp. | 4946 |  | 50771 |
|  Pegatron Corp. | 21877 |  | 45198 |
|  PharmaEssentia Corp.\* | 1651 |  | 25623 |
|  Pou Chen Corp. | 17200 |  | 19139 |
|  Powerchip Semiconductor Manufacturing Corp. | 20672 |  | 21422 |
|  President Chain Store Corp. | 5487 |  | 48558 |
|  Quanta Computer, Inc. | 23573 |  | 55451 |
|  Realtek Semiconductor Corp. | 4073 |  | 37237 |
|  Ruentex Development Co. Ltd. | 19142 |  | 26936 |
|  Shanghai Commercial & Savings Bank Ltd. (The) | 34168 |  | 48969 |
|  Shin Kong Financial Holding Co. Ltd. | 136202 |  | 38864 |
|  SinoPac Financial Holdings Co. Ltd. | 96511 |  | 52596 |
|  Synnex Technology International Corp. | 9642 |  | 18572 |
|  Taishin Financial Holding Co. Ltd. | 90621 |  | 44521 |
|  Taiwan Business Bank | 51398 |  | 21656 |
|  Taiwan Cement Corp. | 60564 |  | 66307 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 81746 |  | 69151 |
|  Taiwan High Speed Rail Corp. | 14761 |  | 13807 |
|  Taiwan Mobile Co. Ltd. | 15213 |  | 46873 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 297100 |  | 4335357 |
|  Unimicron Technology Corp. | 9856 |  | 38481 |
|  Uni-President Enterprises Corp. | 258593 |  | 560339 |
|  United Microelectronics Corp.\* | 101617 |  | 134561 |
|  Vanguard International Semiconductor Corp. | 6358 |  | 16032 |
|  Voltronic Power Technology Corp. | 748 |  | 37600 |
|  Walsin Lihwa Corp. | 19184 |  | 29461 |
|  Wan Hai Lines Ltd. | 4982 |  | 12984 |
|  Win Semiconductors Corp. | 2395 |  | 10636 |
|  Winbond Electronics Corp. | 21485 |  | 13701 |
|  Wiwynn Corp. | 569 |  | 14755 |
|  WPG Holdings Ltd. | 11581 |  | 18124 |
|  Yageo Corp. | 3172 |  | 46545 |
|  Yang Ming Marine Transport Corp. | 15133 |  | 32250 |
|  Yuanta Financial Holding Co. Ltd. | 86023 |  | 60734 |
|  Zhen Ding Technology Holding Ltd. | 4897 |  | 16729 |
|  |  |  | 12168804 |
|  **Thailand (3.3%)** | **Thailand (3.3%)** | **Thailand (3.3%)** | **Thailand (3.3%)** |
|  Advanced Info Service PCL | 10194 |  | 57394 |
|  Airports of Thailand PCL\* | 35583 |  | 77053 |
|  Asset World Corp. PCL | 87255 |  | 15871 |
|  Bangkok Dusit Medical Services PCL, Class F | 85764 |  | 72429 |
|  Bangkok Expressway & Metro PCL | 63453 |  | 17954 |
|  Berli Jucker PCL | 15915 |  | 16198 |
|  BTS Group Holdings PCL | 65595 |  | 15909 |
|  Bumrungrad Hospital PCL | 4950 |  | 30299 |
|  Carabao Group PCL, Class F | 6029 |  | 16841 |
|  Central Pattana PCL | 16768 |  | 34374 |
|  Central Retail Corp. PCL | 15022 |  | 20060 |
|  Charoen Pokphand Foods PCL | 32173 |  | 23037 |
|  CP ALL PCL | 48479 |  | 95530 |
|  Delta Electronics Thailand PCL | 2589 |  | 62043 |
|  Electricity Generating PCL (x) | 3061 |  | 15245 |
|  Energy Absolute PCL | 13936 |  | 39030 |
|  Global Power Synergy PCL, Class F (x) | 8538 |  | 17995 |
|  Gulf Energy Development PCL | 24354 |  | 38850 |
|  Home Product Center PCL | 49135 |  | 21989 |
|  Indorama Ventures PCL | 13985 |  | 16454 |
|  Intouch Holdings PCL, Class F | 9318 |  | 20783 |
|  JMT Network Services PCL | 7741 |  | 15422 |
|  Kasikornbank PCL | 108418 |  | 461719 |
|  Krung Thai Bank PCL | 29782 |  | 15220 |
|  Krungthai Card PCL | 9002 |  | 15335 |
|  Land & Houses PCL | 69450 |  | 19851 |
|  Minor International PCL\* | 26190 |  | 24576 |
|  PTT Exploration & Production PCL | 153510 |  | 782287 |
|  PTT Global Chemical PCL | 189318 |  | 258273 |
|  PTT Oil & Retail Business PCL | 25709 |  | 17666 |
|  PTT PCL | 85670 |  | 82863 |
|  SCB X PCL | 6989 |  | 21591 |
|  SCG Packaging PCL | 10693 |  | 17598 |
|  Siam Cement PCL (The) | 6664 |  | 65803 |
|  Thai Oil PCL | 10107 |  | 16415 |
|  True Corp. PCL | 124272 |  | 17366 |
|  |  |  | 2557323 |
|  **Turkey (0.5%)** | **Turkey (0.5%)** | **Turkey (0.5%)** | **Turkey (0.5%)** |
|  Akbank TAS | 25213 |  | 26356 |
|  BIM Birlesik Magazalar A/S | 5030 |  | 36820 |
|  Eregli Demir ve Celik Fabrikalari TAS | 11314 |  | 24960 |
|  Ford Otomotiv Sanayi A/S | 709 |  | 19884 |
|  Haci Omer Sabanci Holding A/S | 8743 |  | 21074 |
|  Hektas Ticaret TAS\* | 9732 |  | 19576 |
|  KOC Holding A/S | 10285 |  | 46029 |
|  Sasa Polyester Sanayi A/S\* | 3828 |  | 22515 |
|  Turk Hava Yollari AO\* | 4461 |  | 33609 |
|  Turkcell Iletisim Hizmetleri A/S | 11528 |  | 23349 |
|  Turkiye Is Bankasi A/S, Class C | 28283 |  | 19312 |
|  Turkiye Petrol Rafinerileri A/S\* | 1025 |  | 29042 |
|  Turkiye Sise ve Cam Fabrikalari A/S | 11139 |  | 25563 |
|  Yapi ve Kredi Bankasi A/S | 25278 |  | 15962 |
|  |  |  | 364051 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  JBS SA | 6207 |  | 25852 |
|  Legend Biotech Corp. (ADR)\* | 349 |  | 17422 |
|  Parade Technologies Ltd. | 539 |  | 13556 |
|  |  |  | 56830 |
|  **Total Common Stocks (96.8%)** <br> *(Cost $84,627,823)* |  |  | 74157512 |
|  | **Number of**<br> **Rights** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |
|  **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** | **Brazil (0.0%)†** |
|  Localiza Rent a Car SA, expiring 1/31/23\* | 26 |  | 53 |
|  **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** | **South Korea (0.0%)†** |
|  Lotte Chemical Corp., expiring 1/20/23\* | 23 |  | 646 |

---

See Notes to Financial Statements.

699

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Rights** | **Value**<br> **(Note 1)** |
|  **Thailand (0.0%)** | **Thailand (0.0%)** | **Thailand (0.0%)** |
|  Thai Union Group PCL, expiring 12/31/22 (r)\* | 770 | $— |
|  **Total Rights (0.0%)†**<br> *(Cost $–)* |  | 699 |
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.7%)** | **Investment Company (0.7%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 551295 | 551570 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreement (0.8%)** | **Repurchase Agreement (0.8%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $611,397, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24 - 11/15/50; total market value $623,334. (xx) | $611112 | 611112 |
|  **Total Short-Term Investments (1.5%)**<br> *(Cost $1,162,593)* | **Total Short-Term Investments (1.5%)**<br> *(Cost $1,162,593)* | 1162682 |
|  **Total Investments in Securities (98.3%)**<br> *(Cost $85,790,416)* | **Total Investments in Securities (98.3%)**<br> *(Cost $85,790,416)* | 75320893 |
|  **Other Assets Less Liabilities (1.7%)** | **Other Assets Less Liabilities (1.7%)** | 1340026 |
|  **Net Assets (100%)** |  | $76660919 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $45,864 or 0.1% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $4,036,679 or 5.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,083,008. This was collateralized by $516,631 of various U.S. Government Treasury Securities, ranging from 0.000% - 4.497%, maturing 2/2/23 - 2/15/52 and by cash of $611,112 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CLP* *— Chilean Peso* 

*CNH* *— Chinese Yuan* 

*CNY* *— Chinese Renminbi* 

*COP* *— Colombian Peso* 

*CZK* *— Czech Koruna* 

*EUR* *— European Currency Unit* 

*GDR* *— Global Depositary Receipt* 

*HKD* *— Hong Kong Dollar* 

*HUF* *— Hungarian Forint* 

*KWD* *— Kuwait Dinar* 

*MXN* *— Mexican Peso* 

*MYR* *— Malaysian Ringgit* 

*PHP* *— Philippine Peso* 

*PLN* *— Polish Zloty* 

*REIT* *— Real Estate Investment Trust* 

*TRY* *— Turkish Lira* 

*TWD* *— New Taiwan Dollar* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI Emerging Markets E-Mini Index | 28 | 3/2023 | USD | 1343160 | (20113) |
|  |  |  |  |  | (20113) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) : CLP 24,256, CNH 89, CNY 46,942, COP (1), CZK 10,024, EUR 4,141, HKD 15,213, HUF 5,382, KWD 2,727, MXN 16,442, MYR 3, PHP 104, PLN 6,007, TRY 5,785, TWD 247,389 and ZAR 1,974.

See Notes to Financial Statements.

700

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $65357 | $— | $65357 |
|  Brazil | 1633534 | 3402203 |  | 5035737 |
|  Chile | 807981 | 300346 |  | 1108327 |
|  China | 2110790 | 21124207 | 15442 | 23250439 |
|  Colombia | 544401 | 328830 |  | 873231 |
|  Czech Republic |  | 723016 |  | 723016 |
|  Egypt |  | 49947 |  | 49947 |
|  Greece |  | 171416 |  | 171416 |
|  Hong Kong |  | 107944 |  | 107944 |
|  Hungary |  | 97302 |  | 97302 |
|  India | 1327384 | 7807885 |  | 9135269 |
|  Indonesia |  | 2197323 |  | 2197323 |
|  Kuwait |  | 513186 |  | 513186 |
|  Luxembourg |  | 21386 |  | 21386 |
|  Malaysia |  | 840263 |  | 840263 |
|  Mexico | 1846670 |  |  | 1846670 |
|  Peru | 96038 |  |  | 96038 |
|  Philippines |  | 410446 |  | 410446 |
|  Poland |  | 375093 |  | 375093 |
|  Qatar |  | 544032 |  | 544032 |
|  Romania |  | 20582 |  | 20582 |
|  Russia |  |  | — (a) | — (a) |
|  Singapore |  | 631981 |  | 631981 |
|  South Africa |  | 2909318 |  | 2909318 |
|  South Korea |  | 7986201 |  | 7986201 |
|  Taiwan |  | 12168804 |  | 12168804 |
|  Thailand |  | 2557323 |  | 2557323 |
|  Turkey |  | 364051 |  | 364051 |
|  United States | 17422 | 39408 |  | 56830 |
|  **Rights** |  |  |  |  |
|  Brazil |  | 53 |  | 53 |
|  South Korea |  | 646 |  | 646 |
|  Thailand |  |  | — (a) | — (a) |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 551570 |  |  | 551570 |
|  Repurchase Agreement |  | 611112 |  | 611112 |
|  **Total Assets** | $**8935790** | $**66369661** | $**15442** | $**75320893** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(20113) | $— | $— | $(20113) |
|  **Total Liabilities** | $**(20113)** | $**—** | $**—** | $**(20113)** |
|  **Total** | $**8915677** | $**66369661** | $**15442** | $**75300780** |

---

(a) Value is zero.

See Notes to Financial Statements.

701

------

**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(20113) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20113 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(987507) | $(987507) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987507) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987507) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $167163 | $167163 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167163 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $6,866,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $77494951 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48947971 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4396875 |
|  Aggregate gross unrealized depreciation | (15074049) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10677174) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $85977954 |

---

See Notes to Financial Statements.

702

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**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $85,179,304) | $74709781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $611,112) | 611112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1330448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $388,568) | 386477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 228503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 77374699 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 611112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 21422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 8215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 7636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 5908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 713780 |
|  **NET ASSETS** | $76660919 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $87493074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (10832155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $76660919 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $38,798,705 / 4,754,078 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.16 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $37,862,214 / 4,638,598 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.16 |

---

*(x)* *Includes value of securities on loan of $1,083,008.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $303,578 foreign withholding tax) | $2587450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 22160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2622585 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 524114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 214001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 96432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 92379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 66446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1019788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (212658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 807130 |
|  **NET INVESTMENT INCOME (LOSS)** | 1815455 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $213 on realized gain on investments) | 5038240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (987507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (50140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4000593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (20626917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 167163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20461174) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (16460581) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14645126) |

---

See Notes to Financial Statements.

703

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**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1815455 | $950132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4000593 | 521896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20461174) | (1994433) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (14645126) | (522405) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2822885) | (1568530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2854325) | (1505539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5677210) | (3074069) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,010,652 and 1,440,025 shares, respectively ] | 9366775 | 16706612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 341,474 and 145,678 shares, respectively ] | 2822885 | 1568530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (523933) and (562729) shares, respectively ] | (4833668) | (6419761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 7355992 | 11855381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,110,049 and 416,116 shares, respectively ] | 10425313 | 4785941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 345,232 and 139,814 shares, respectively ] | 2854325 | 1505539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (299995) and (860188) shares, respectively ] | (2762056) | (10107753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 10517582 | (3816273) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 17873574 | 8039108 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2448762) | 4442634 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 79109681 | 74667047 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $76660919 | $79109681 |

---

See Notes to Financial Statements.

704

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**EQ ADVISORS TRUST** 

EQ/EMERGING MARKETS EQUITY PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.68 | $11.16 | $10.02 | $8.62 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.13 | 0.08 (aa) | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | (0.19) | 1.30 | 1.38 | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.88) | (0.06) | 1.38 | 1.55 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.14) | (0.11) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.28) | (0.13) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.64) | (0.42) | (0.24) | (0.15) | (0.19) |
|  Net asset value, end of year | $8.16 | $10.68 | $11.16 | $10.02 | $8.62 |
|  Total return | (17.63)% | (0.55)% | 14.10% | 18.07% | (15.21)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $38799 | $41915 | $32396 | $26516 | $21221 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.48% | 1.26% | 1.39% | 1.34% | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.29% | 1.13% | 0.84 %(bb) | 1.84% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.01% | 1.07% | 0.65 %(bb) | 1.69% | 1.25% |
|  Portfolio turnover rate^ | 73% | 13% | 29% | 9% | 8% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.68 | $11.16 | $10.02 | $8.61 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.15 | 0.10 (aa) | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | (0.19) | 1.30 | 1.40 | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.85) | (0.04) | 1.40 | 1.59 | (1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.16) | (0.13) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.45) | (0.28) | (0.13) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.67) | (0.44) | (0.26) | (0.18) | (0.22) |
|  Net asset value, end of year | $8.16 | $10.68 | $11.16 | $10.02 | $8.61 |
|  Total return | (17.43)% | (0.31)% | 14.33% | 18.49% | (15.07)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33360 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.24% | 1.01% | 1.14% | 1.09% | 1.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.57% | 1.26% | 1.04 %(bb) | 2.08% | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.28% | 1.20% | 0.85 %(bb) | 1.93% | 1.46% |
|  Portfolio turnover rate^ | 73% | 13% | 29% | 9% | 8% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.07 and $0.09 for Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend the ratios for each class would have been 0.10% lower.* 

See Notes to Financial Statements.

705

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**EQ/EQUITY 500 INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g80i31.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (18.55)% | 8.81% | 11.89 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (18.55) | 8.81 | 11.89 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (18.33) | 9.08 | 12.16 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (18.55)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sectors contributed the most to performance were Energy and Utilities.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., Merck & Co. Inc., Eli Lilly and
Co. and ConocoPhillips Co.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Communication Services,
Financials and Real Estate.

• The stocks that detracted most from performance were Apple, Inc., Amazon.com, Inc., Microsoft Corp., Tesla, Inc. and Meta
Platforms, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 25.5% |
| &nbsp;&nbsp;&nbsp; Health Care | 15.6 |
| &nbsp;&nbsp;&nbsp; Financials | 11.5 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.7 |
| &nbsp;&nbsp;&nbsp; Industrials | 8.6 |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 7.1 |
| &nbsp;&nbsp;&nbsp; Energy | 5.2 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.1 |
| &nbsp;&nbsp;&nbsp; Materials | 2.7 |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

706

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**EQ/EQUITY 500 INDEX PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1020.10 | $2.78 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.46 | 2.78 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1020.30 | 2.78 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.46 | 2.78 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1021.50 | 1.50 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.72 | 1.51 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.55%, 0.55% and 0.30%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.55%, 0.55% and 0.30%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.55%, 0.55% and 0.30%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.55%, 0.55% and 0.30%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

707

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**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.2%)** | **Communication Services (7.2%)** | **Communication Services (7.2%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | **** |
|  AT&T, Inc. | 1587313 | $29222432 |  |
|  Lumen Technologies, Inc. | 211987 | 1106572 |  |
|  Verizon Communications, Inc. | 935376 | 36853815 |  |
|  |  | 67182819 |  |
|  ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | ***Entertainment (1.3%)*** | **** |
|  Activision Blizzard, Inc. | 158617 | 12142131 |  |
|  Electronic Arts, Inc. | 58414 | 7137022 |  |
|  Live Nation Entertainment, Inc.\* | 31813 | 2218639 |  |
|  Netflix, Inc.\* | 99114 | 29226736 |  |
|  Take-Two Interactive Software, Inc.\* | 35134 | 3658503 |  |
|  Walt Disney Co. (The)\* | 406028 | 35275713 |  |
|  Warner Bros Discovery, Inc.\* | 492172 | 4665791 |  |
|  |  | 94324535 |  |
|  ***Interactive Media & Services (3.9%)*** | ***Interactive Media & Services (3.9%)*** | ***Interactive Media & Services (3.9%)*** | **** |
|  Alphabet, Inc., Class A\* | 1330296 | 117372016 |  |
|  Alphabet, Inc., Class C\* | 1179253 | 104635119 |  |
|  Match Group, Inc.\* | 62207 | 2580968 |  |
|  Meta Platforms, Inc., Class A\* | 500820 | 60268679 |  |
|  |  | 284856782 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  Charter Communications, Inc., Class A\* | 23923 | 8112289 |  |
|  Comcast Corp., Class A | 960798 | 33599106 |  |
|  DISH Network Corp., Class A (x)\* | 55981 | 785973 |  |
|  Fox Corp., Class A | 67367 | 2045936 |  |
|  Fox Corp., Class B | 31031 | 882832 |  |
|  Interpublic Group of Cos., Inc. (The) | 86532 | 2882381 |  |
|  News Corp., Class A | 85157 | 1549857 |  |
|  News Corp., Class B | 26258 | 484198 |  |
|  Omnicom Group, Inc. | 45416 | 3704583 |  |
|  Paramount Global, Class B (x) | 112479 | 1898646 |  |
|  |  | 55945801 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  T-Mobile US, Inc.\* | 133006 | 18620840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 520930777 |  |
|  **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc\* | 60345 | 5619930 |  |
|  BorgWarner, Inc. | 52150 | 2099038 |  |
|  |  | 7718968 |  |
|  ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** | ***Automobiles (1.3%)*** | **** |
|  Ford Motor Co. | 879657 | 10230411 |  |
|  General Motors Co. | 316415 | 10644201 |  |
|  Tesla, Inc.\* | 597796 | 73636511 |  |
|  |  | 94511123 |  |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | **** |
|  Genuine Parts Co. | 31395 | 5447346 |  |
|  LKQ Corp. | 56529 | 3019214 |  |
|  Pool Corp. | 8697 | 2629364 |  |
|  |  | 11095924 |  |
|  ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | **** |
|  Booking Holdings, Inc.\* | 8639 | 17410004 |  |
|  Caesars Entertainment, Inc.\* | 47788 | 1987981 |  |
|  Carnival Corp. (x)\* | 223038 | 1797686 |  |
|  Chipotle Mexican Grill, Inc.\* | 6174 | 8566363 |  |
|  Darden Restaurants, Inc. | 27258 | 3770599 |  |
|  Domino's Pizza, Inc. | 7884 | 2731018 |  |
|  Expedia Group, Inc.\* | 33534 | 2937578 |  |
|  Hilton Worldwide Holdings, Inc. | 60235 | 7611294 |  |
|  Las Vegas Sands Corp.\* | 73183 | 3517907 |  |
|  Marriott International, Inc., Class A | 59924 | 8922084 |  |
|  McDonald's Corp. | 163124 | 42988068 |  |
|  MGM Resorts International | 70988 | 2380228 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 93853 | 1148761 |  |
|  Royal Caribbean Cruises Ltd.\* | 48877 | 2415990 |  |
|  Starbucks Corp. | 255658 | 25361274 |  |
|  Wynn Resorts Ltd.\* | 22966 | 1894006 |  |
|  Yum! Brands, Inc. | 62737 | 8035355 |  |
|  |  | 143476196 |  |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | **** |
|  DR Horton, Inc. | 69710 | 6213949 |  |
|  Garmin Ltd. | 34150 | 3151704 |  |
|  Lennar Corp., Class A | 56741 | 5135061 |  |
|  Mohawk Industries, Inc.\* | 11745 | 1200574 |  |
|  Newell Brands, Inc. | 83826 | 1096444 |  |
|  NVR, Inc.\* | 669 | 3085816 |  |
|  PulteGroup, Inc. | 50740 | 2310192 |  |
|  Whirlpool Corp. | 12133 | 1716334 |  |
|  |  | 23910074 |  |
|  ***Internet & Direct Marketing Retail (2.4%)*** | ***Internet & Direct Marketing Retail (2.4%)*** | ***Internet & Direct Marketing Retail (2.4%)*** | **** |
|  Amazon.com, Inc.\* | 1976722 | 166044648 |  |
|  eBay, Inc. | 120860 | 5012064 |  |
|  Etsy, Inc.\* | 27993 | 3353002 |  |
|  |  | 174409714 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 28915 | 1764104 |  |
|  ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | **** |
|  Dollar General Corp. | 50239 | 12371354 |  |
|  Dollar Tree, Inc.\* | 46882 | 6630990 |  |
|  Target Corp. | 102509 | 15277941 |  |
|  |  | 34280285 |  |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | **** |
|  Advance Auto Parts, Inc. | 13389 | 1968584 |  |
|  AutoZone, Inc.\* | 4227 | 10424543 |  |
|  Bath & Body Works, Inc. | 50863 | 2143367 |  |
|  Best Buy Co., Inc. | 44625 | 3579371 |  |
|  CarMax, Inc.\* | 35193 | 2142902 |  |
|  Home Depot, Inc. (The) | 228002 | 72016712 |  |
|  Lowe's Cos., Inc. | 138241 | 27543137 |  |
|  O'Reilly Automotive, Inc.\* | 13937 | 11763246 |  |
|  Ross Stores, Inc. | 77297 | 8971863 |  |
|  TJX Cos., Inc. (The) | 258588 | 20583605 |  |
|  Tractor Supply Co. | 24602 | 5534712 |  |
|  Ulta Beauty, Inc.\* | 11408 | 5351150 |  |
|  |  | 172023192 |  |

---

See Notes to Financial Statements.

708

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | **** |
|  NIKE, Inc., Class B | 280555 | $32827740 |  |
|  Ralph Lauren Corp. | 9152 | 967092 |  |
|  Tapestry, Inc. | 53666 | 2043601 |  |
|  VF Corp. | 73560 | 2030992 |  |
|  |  | 37869425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 701059005 |  |
|  **Consumer Staples (7.1%)** | **Consumer Staples (7.1%)** | **Consumer Staples (7.1%)** |  |
|  ***Beverages (1.9%)*** | ***Beverages (1.9%)*** | ***Beverages (1.9%)*** | **** |
|  Brown-Forman Corp., Class B | 40725 | 2674818 |  |
|  Coca-Cola Co. (The) | 866833 | 55139247 |  |
|  Constellation Brands, Inc., Class A | 36154 | 8378690 |  |
|  Keurig Dr Pepper, Inc. | 189255 | 6748833 |  |
|  Molson Coors Beverage Co., Class B | 41871 | 2157194 |  |
|  Monster Beverage Corp.\* | 84827 | 8612485 |  |
|  PepsiCo, Inc. | 306841 | 55433895 |  |
|  |  | 139145162 |  |
|  ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | **** |
|  Costco Wholesale Corp. | 98576 | 44999944 |  |
|  Kroger Co. (The) | 145075 | 6467443 |  |
|  Sysco Corp. | 112866 | 8628606 |  |
|  Walgreens Boots Alliance, Inc. | 159866 | 5972594 |  |
|  Walmart, Inc. | 314345 | 44570978 |  |
|  |  | 110639565 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Archer-Daniels-Midland Co. | 122347 | 11359919 |  |
|  Campbell Soup Co. | 44730 | 2538427 |  |
|  Conagra Brands, Inc. | 106739 | 4130799 |  |
|  General Mills, Inc. | 132191 | 11084215 |  |
|  Hershey Co. (The) | 32733 | 7579981 |  |
|  Hormel Foods Corp. | 64474 | 2936791 |  |
|  J M Smucker Co. (The) | 23732 | 3760573 |  |
|  Kellogg Co. | 57007 | 4061179 |  |
|  Kraft Heinz Co. (The) | 177329 | 7219064 |  |
|  Lamb Weston Holdings, Inc. | 32034 | 2862558 |  |
|  McCormick & Co., Inc. (Non-Voting) | 55813 | 4626339 |  |
|  Mondelez International, Inc., Class A | 304148 | 20271464 |  |
|  Tyson Foods, Inc., Class A | 64503 | 4015312 |  |
|  |  | 86446621 |  |
|  ***Household Products (1.6%)*** | ***Household Products (1.6%)*** | ***Household Products (1.6%)*** | **** |
|  Church & Dwight Co., Inc. | 54314 | 4378252 |  |
|  Clorox Co. (The) | 27480 | 3856268 |  |
|  Colgate-Palmolive Co. | 186017 | 14656279 |  |
|  Kimberly-Clark Corp. | 75166 | 10203785 |  |
|  Procter & Gamble Co. (The) | 527775 | 79989579 |  |
|  |  | 113084163 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 51508 | 12779650 |  |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | **** |
|  Altria Group, Inc. | 399150 | 18245147 |  |
|  Philip Morris International, Inc. | 345258 | 34943562 |  |
|  |  | 53188709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 515283870 |  |
|  **Energy (5.2%)** | **Energy (5.2%)** | **Energy (5.2%)** |  |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | **** |
|  Baker Hughes Co. | 223045 | 6586519 |  |
|  Halliburton Co. | 202239 | 7958105 |  |
|  Schlumberger Ltd. | 315814 | 16883416 |  |
|  |  | 31428040 |  |
|  ***Oil, Gas & Consumable Fuels (4.8%)*** | ***Oil, Gas & Consumable Fuels (4.8%)*** | ***Oil, Gas & Consumable Fuels (4.8%)*** | **** |
|  APA Corp. | 71607 | 3342615 |  |
|  Chevron Corp. | 396204 | 71114656 |  |
|  ConocoPhillips | 277523 | 32747714 |  |
|  Coterra Energy, Inc. | 175606 | 4314639 |  |
|  Devon Energy Corp. | 145591 | 8955302 |  |
|  Diamondback Energy, Inc. | 39198 | 5361502 |  |
|  EOG Resources, Inc. | 130822 | 16944065 |  |
|  EQT Corp. | 81748 | 2765535 |  |
|  Exxon Mobil Corp.# | 917219 | 101169256 |  |
|  Hess Corp. | 61799 | 8764334 |  |
|  Kinder Morgan, Inc. | 440539 | 7964945 |  |
|  Marathon Oil Corp. | 141441 | 3828808 |  |
|  Marathon Petroleum Corp. | 104379 | 12148672 |  |
|  Occidental Petroleum Corp. | 161945 | 10200916 |  |
|  ONEOK, Inc. | 99545 | 6540107 |  |
|  Phillips 66 | 105264 | 10955877 |  |
|  Pioneer Natural Resources Co. | 52918 | 12085942 |  |
|  Targa Resources Corp. | 50418 | 3705723 |  |
|  Valero Energy Corp. | 85863 | 10892580 |  |
|  Williams Cos., Inc. (The) | 271271 | 8924816 |  |
|  |  | 342728004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 374156044 |  |
|  **Financials (11.5%)** | **Financials (11.5%)** | **Financials (11.5%)** |  |
|  ***Banks (3.8%)*** | ***Banks (3.8%)*** | ***Banks (3.8%)*** | **** |
|  Bank of America Corp. | 1554466 | 51483914 |  |
|  Citigroup, Inc. | 431372 | 19510956 |  |
|  Citizens Financial Group, Inc. | 109687 | 4318377 |  |
|  Comerica, Inc. | 29165 | 1949680 |  |
|  Fifth Third Bancorp | 152873 | 5015763 |  |
|  First Republic Bank | 40741 | 4965921 |  |
|  Huntington Bancshares, Inc. | 321323 | 4530654 |  |
|  JPMorgan Chase & Co. | 653278 | 87604580 |  |
|  KeyCorp | 207789 | 3619684 |  |
|  M&T Bank Corp. | 38444 | 5576687 |  |
|  PNC Financial Services Group, Inc. (The) | 89826 | 14187118 |  |
|  Regions Financial Corp. | 208118 | 4487024 |  |
|  Signature Bank | 14015 | 1614808 |  |
|  SVB Financial Group\* | 13164 | 3029563 |  |
|  Truist Financial Corp. | 295495 | 12715150 |  |
|  US Bancorp | 301137 | 13132585 |  |
|  Wells Fargo & Co. | 848666 | 35041419 |  |
|  Zions Bancorp NA | 33323 | 1638159 |  |
|  |  | 274422042 |  |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | **** |
|  Ameriprise Financial, Inc. | 23701 | 7379780 |  |
|  Bank of New York Mellon Corp. (The) | 163817 | 7456950 |  |
|  BlackRock, Inc. | 33451 | 23704382 |  |
|  Cboe Global Markets, Inc. | 23626 | 2964354 |  |
|  Charles Schwab Corp. (The) | 339714 | 28284588 |  |

---

See Notes to Financial Statements.

709

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  CME Group, Inc. | 80117 | $| 13472475 |  |
|  FactSet Research Systems, Inc. | 8485 |  | 3404267 |  |
|  Franklin Resources, Inc. | 63266 |  | 1668957 |  |
|  Goldman Sachs Group, Inc. (The) | 75420 |  | 25897720 |  |
|  Intercontinental Exchange, Inc. | 124400 |  | 12762196 |  |
|  Invesco Ltd. | 101292 |  | 1822243 |  |
|  MarketAxess Holdings, Inc. | 8382 |  | 2337656 |  |
|  Moody's Corp. | 35090 |  | 9776776 |  |
|  Morgan Stanley | 293606 |  | 24962382 |  |
|  MSCI, Inc. | 17808 |  | 8283747 |  |
|  Nasdaq, Inc. | 75498 |  | 4631802 |  |
|  Northern Trust Corp. | 46418 |  | 4107529 |  |
|  Raymond James Financial, Inc. | 43116 |  | 4606945 |  |
|  S&P Global, Inc. | 74165 |  | 24840825 |  |
|  State Street Corp. | 81724 |  | 6339331 |  |
| T. Rowe Price Group, Inc. | 49770 |  | 5427916 |  |
|  |  |  | 224132821 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  American Express Co. | 133138 |  | 19671139 |  |
|  Capital One Financial Corp. | 85011 |  | 7902623 |  |
|  Discover Financial Services | 60852 |  | 5953151 |  |
|  Synchrony Financial | 100344 |  | 3297304 |  |
|  |  |  | 36824217 |  |
|  ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 401276 |  | 123954156 |  |
|  ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | **** |
|  Aflac, Inc. | 126020 |  | 9065879 |  |
|  Allstate Corp. (The) | 59067 |  | 8009485 |  |
|  American International Group, Inc. | 165475 |  | 10464639 |  |
|  Aon plc, Class A | 46070 |  | 13827450 |  |
|  Arch Capital Group Ltd.\* | 82377 |  | 5171628 |  |
|  Arthur J Gallagher & Co. | 46958 |  | 8853461 |  |
|  Assurant, Inc. | 11766 |  | 1471456 |  |
|  Brown & Brown, Inc. | 52355 |  | 2982664 |  |
|  Chubb Ltd. | 92439 |  | 20392044 |  |
|  Cincinnati Financial Corp. | 35008 |  | 3584469 |  |
|  Everest Re Group Ltd. | 8723 |  | 2889668 |  |
|  Globe Life, Inc. | 20147 |  | 2428721 |  |
|  Hartford Financial Services Group, Inc. (The) | 70846 |  | 5372252 |  |
|  Lincoln National Corp. | 34295 |  | 1053542 |  |
|  Loews Corp. | 43890 |  | 2560104 |  |
|  Marsh & McLennan Cos., Inc. | 110470 |  | 18280576 |  |
|  MetLife, Inc. | 146787 |  | 10622975 |  |
|  Principal Financial Group, Inc. | 50681 |  | 4253150 |  |
|  Progressive Corp. (The) | 130306 |  | 16901991 |  |
|  Prudential Financial, Inc. | 81960 |  | 8151742 |  |
|  Travelers Cos., Inc. (The) | 52194 |  | 9785853 |  |
|  W R Berkley Corp. | 45527 |  | 3303894 |  |
|  Willis Towers Watson plc | 24107 |  | 5896090 |  |
|  |  |  | 175323733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 834656969 |  |
|  **Health Care (15.6%)** | **Health Care (15.6%)** | **Health Care (15.6%)** | **Health Care (15.6%)** |  |
|  ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | ***Biotechnology (2.5%)*** | **** |
|  AbbVie, Inc. | 393873 |  | 63653816 |  |
|  Amgen, Inc. | 118838 |  | 31211612 |  |
|  Biogen, Inc.\* | 32072 |  | 8881378 |  |
|  Gilead Sciences, Inc. | 279343 |  | 23981597 |  |
|  Incyte Corp.\* | 41126 |  | 3303240 |  |
|  Moderna, Inc.\* | 73585 |  | 13217338 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 23850 |  | 17207536 |  |
|  Vertex Pharmaceuticals, Inc.\* | 57170 |  | 16509553 |  |
|  |  |  | 177966070 |  |
|  ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | **** |
|  Abbott Laboratories | 388326 |  | 42634311 |  |
|  Align Technology, Inc.\* | 16179 |  | 3412151 |  |
|  Baxter International, Inc. | 112277 |  | 5722759 |  |
|  Becton Dickinson and Co. | 63518 |  | 16152627 |  |
|  Boston Scientific Corp.\* | 319002 |  | 14760223 |  |
|  Cooper Cos., Inc. (The) | 10990 |  | 3634063 |  |
|  Dentsply Sirona, Inc. | 47865 |  | 1524022 |  |
|  Dexcom, Inc.\* | 86027 |  | 9741697 |  |
|  Edwards Lifesciences Corp.\* | 137698 |  | 10273648 |  |
|  Hologic, Inc.\* | 55602 |  | 4159586 |  |
|  IDEXX Laboratories, Inc.\* | 18445 |  | 7524822 |  |
|  Intuitive Surgical, Inc.\* | 78705 |  | 20884372 |  |
|  Medtronic plc | 296027 |  | 23007218 |  |
|  ResMed, Inc. | 32625 |  | 6790241 |  |
|  STERIS plc | 22232 |  | 4106028 |  |
|  Stryker Corp. | 75012 |  | 18339684 |  |
|  Teleflex, Inc. | 10447 |  | 2607885 |  |
|  Zimmer Biomet Holdings, Inc. | 46738 |  | 5959095 |  |
|  |  |  | 201234432 |  |
|  ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | **** |
|  AmerisourceBergen Corp. | 36070 |  | 5977160 |  |
|  Cardinal Health, Inc. | 58382 |  | 4487824 |  |
|  Centene Corp.\* | 126116 |  | 10342773 |  |
|  Cigna Corp. | 68094 |  | 22562266 |  |
|  CVS Health Corp. | 292644 |  | 27271494 |  |
|  DaVita, Inc.\* | 12241 |  | 914036 |  |
|  Elevance Health, Inc. | 53191 |  | 27285387 |  |
|  HCA Healthcare, Inc. | 47225 |  | 11332111 |  |
|  Henry Schein, Inc.\* | 30189 |  | 2411195 |  |
|  Humana, Inc. | 28196 |  | 14441709 |  |
|  Laboratory Corp. of America Holdings | 19733 |  | 4646727 |  |
|  McKesson Corp. | 31580 |  | 11846290 |  |
|  Molina Healthcare, Inc.\* | 13007 |  | 4295172 |  |
|  Quest Diagnostics, Inc. | 25365 |  | 3968101 |  |
|  UnitedHealth Group, Inc. | 208097 |  | 110328867 |  |
|  Universal Health Services, Inc., Class B | 14289 |  | 2013177 |  |
|  |  |  | 264124289 |  |
|  ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | ***Life Sciences Tools & Services (1.9%)*** | **** |
|  Agilent Technologies, Inc. | 65934 |  | 9867023 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 4795 |  | 2016249 |  |
|  Bio-Techne Corp. | 34960 |  | 2897485 |  |
|  Charles River Laboratories International, Inc.\* | 11332 |  | 2469243 |  |
|  Danaher Corp. | 145918 |  | 38729556 |  |
|  Illumina, Inc.\* | 35034 |  | 7083875 |  |
|  IQVIA Holdings, Inc.\* | 41368 |  | 8475889 |  |
|  Mettler-Toledo International, Inc.\* | 4965 |  | 7176659 |  |
|  PerkinElmer, Inc. | 28112 |  | 3941865 |  |
|  Thermo Fisher Scientific, Inc. | 87349 |  | 48102221 |  |

---

See Notes to Financial Statements.

710

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Waters Corp.\* | 13231 | $| 4532676 |  |
|  West Pharmaceutical Services, Inc. | 16488 |  | 3880451 |  |
|  |  |  | 139173192 |  |
|  ***Pharmaceuticals (4.8%)*** | ***Pharmaceuticals (4.8%)*** | ***Pharmaceuticals (4.8%)*** | ***Pharmaceuticals (4.8%)*** | **** |
|  Bristol-Myers Squibb Co. | 473535 |  | 34070843 |  |
|  Catalent, Inc.\* | 40081 |  | 1804046 |  |
|  Eli Lilly and Co. | 175646 |  | 64258333 |  |
|  Johnson & Johnson | 582293 |  | 102862059 |  |
|  Merck & Co., Inc. | 564679 |  | 62651135 |  |
|  Organon & Co. | 56651 |  | 1582262 |  |
|  Pfizer, Inc. | 1250188 |  | 64059633 |  |
|  Viatris, Inc. | 270087 |  | 3006068 |  |
|  Zoetis, Inc. | 103803 |  | 15212330 |  |
|  |  |  | 349506709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 1132004692 |  |
|  **Industrials (8.6%)** | **Industrials (8.6%)** | **Industrials (8.6%)** | **Industrials (8.6%)** |  |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | **** |
|  Boeing Co. (The)\* | 124772 |  | 23767818 |  |
|  General Dynamics Corp. | 50141 |  | 12440484 |  |
|  Howmet Aerospace, Inc. | 82006 |  | 3231857 |  |
|  Huntington Ingalls Industries, Inc. | 8887 |  | 2050053 |  |
|  L3Harris Technologies, Inc. | 42406 |  | 8829353 |  |
|  Lockheed Martin Corp. | 51948 |  | 25272183 |  |
|  Northrop Grumman Corp. | 32222 |  | 17580645 |  |
|  Raytheon Technologies Corp. | 327409 |  | 33042116 |  |
|  Textron, Inc. | 46497 |  | 3291988 |  |
|  TransDigm Group, Inc. | 11505 |  | 7244123 |  |
|  |  |  | 136750620 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  CH Robinson Worldwide, Inc. | 26216 |  | 2400337 |  |
|  Expeditors International of Washington, Inc. | 35442 |  | 3683132 |  |
|  FedEx Corp. | 53319 |  | 9234851 |  |
|  United Parcel Service, Inc., Class B | 162544 |  | 28256649 |  |
|  |  |  | 43574969 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 28249 |  | 1213012 |  |
|  American Airlines Group, Inc. (x)\* | 144745 |  | 1841156 |  |
|  Delta Air Lines, Inc.\* | 142804 |  | 4692540 |  |
|  Southwest Airlines Co.\* | 132239 |  | 4452487 |  |
|  United Airlines Holdings, Inc.\* | 72813 |  | 2745050 |  |
|  |  |  | 14944245 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 28256 |  | 1617373 |  |
|  Allegion plc | 19565 |  | 2059412 |  |
|  Carrier Global Corp. | 186251 |  | 7682854 |  |
|  Johnson Controls International plc | 153386 |  | 9816704 |  |
|  Masco Corp. | 50229 |  | 2344187 |  |
|  Trane Technologies plc | 51294 |  | 8622009 |  |
|  |  |  | 32142539 |  |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | **** |
|  Cintas Corp. | 19224 |  | 8681943 |  |
|  Copart, Inc.\* | 95440 |  | 5811342 |  |
|  Republic Services, Inc. | 45746 |  | 5900776 |  |
|  Rollins, Inc. | 51551 |  | 1883673 |  |
|  Waste Management, Inc. | 83193 |  | 13051318 |  |
|  |  |  | 35329052 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  Quanta Services, Inc. | 31827 |  | 4535348 |  |
|  ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | ***Electrical Equipment (0.6%)*** | **** |
|  AMETEK, Inc. | 51148 |  | 7146399 |  |
|  Eaton Corp. plc | 88575 |  | 13901846 |  |
|  Emerson Electric Co. | 131693 |  | 12650430 |  |
|  Generac Holdings, Inc.\* | 14111 |  | 1420413 |  |
|  Rockwell Automation, Inc. | 25578 |  | 6588125 |  |
|  |  |  | 41707213 |  |
|  ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | **** |
|  3M Co. | 123106 |  | 14762872 |  |
|  General Electric Co. | 243357 |  | 20390883 |  |
|  Honeywell International, Inc. | 149738 |  | 32088853 |  |
|  |  |  | 67242608 |  |
|  ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | **** |
|  Caterpillar, Inc. | 115905 |  | 27766202 |  |
|  Cummins, Inc. | 31408 |  | 7609844 |  |
|  Deere & Co. | 61171 |  | 26227678 |  |
|  Dover Corp. | 31259 |  | 4232781 |  |
|  Fortive Corp. | 78799 |  | 5062836 |  |
|  IDEX Corp. | 16798 |  | 3835487 |  |
|  Illinois Tool Works, Inc. | 62258 |  | 13715438 |  |
|  Ingersoll Rand, Inc. | 90184 |  | 4712114 |  |
|  Nordson Corp. | 11977 |  | 2847173 |  |
|  Otis Worldwide Corp. | 92781 |  | 7265680 |  |
|  PACCAR, Inc. | 77454 |  | 7665622 |  |
|  Parker-Hannifin Corp. | 28598 |  | 8322018 |  |
|  Pentair plc | 36637 |  | 1647932 |  |
|  Snap-on, Inc. | 11839 |  | 2705093 |  |
|  Stanley Black & Decker, Inc. | 32949 |  | 2475129 |  |
|  Westinghouse Air Brake Technologies Corp. | 40505 |  | 4042804 |  |
|  Xylem, Inc. | 40139 |  | 4438169 |  |
|  |  |  | 134572000 |  |
|  ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | ***Professional Services (0.4%)*** | **** |
|  CoStar Group, Inc.\* | 90577 |  | 6999791 |  |
|  Equifax, Inc. | 27270 |  | 5300197 |  |
|  Jacobs Solutions, Inc. | 28420 |  | 3412389 |  |
|  Leidos Holdings, Inc. | 30443 |  | 3202299 |  |
|  Robert Half International, Inc. | 24165 |  | 1784102 |  |
|  Verisk Analytics, Inc. | 34830 |  | 6144709 |  |
|  |  |  | 26843487 |  |
|  ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | **** |
|  CSX Corp. | 468245 |  | 14506230 |  |
|  JB Hunt Transport Services, Inc. | 18448 |  | 3216593 |  |
|  Norfolk Southern Corp. | 51562 |  | 12705908 |  |
|  Old Dominion Freight Line, Inc. | 20177 |  | 5725829 |  |
|  Union Pacific Corp. | 136927 |  | 28353474 |  |
|  |  |  | 64508034 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Fastenal Co. | 127564 |  | 6036329 |  |
|  United Rentals, Inc.\* | 15436 |  | 5486263 |  |

---

See Notes to Financial Statements.

711

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  WW Grainger, Inc. | 10016 | $| 5571400 |  |
|  |  |  | 17093992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 619244107 |  |
|  **Information Technology (25.5%)** | **Information Technology (25.5%)** | **Information Technology (25.5%)** | **Information Technology (25.5%)** |  |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | **** |
|  Arista Networks, Inc.\* | 55126 |  | 6689540 |  |
|  Cisco Systems, Inc. | 914474 |  | 43565541 |  |
|  F5, Inc.\* | 13332 |  | 1913275 |  |
|  Juniper Networks, Inc. | 72285 |  | 2310229 |  |
|  Motorola Solutions, Inc. | 37239 |  | 9596863 |  |
|  |  |  | 64075448 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 132538 |  | 10091443 |  |
|  CDW Corp. | 30154 |  | 5384901 |  |
|  Corning, Inc. | 169540 |  | 5415108 |  |
|  Keysight Technologies, Inc.\* | 39821 |  | 6812178 |  |
|  TE Connectivity Ltd. | 70842 |  | 8132662 |  |
|  Teledyne Technologies, Inc.\* | 10439 |  | 4174660 |  |
|  Trimble, Inc.\* | 54928 |  | 2777160 |  |
|  Zebra Technologies Corp., Class A\* | 11499 |  | 2948459 |  |
|  |  |  | 45736571 |  |
|  ***IT Services (4.4%)*** | ***IT Services (4.4%)*** | ***IT Services (4.4%)*** | ***IT Services (4.4%)*** | **** |
|  Accenture plc, Class A | 140330 |  | 37445657 |  |
|  Akamai Technologies, Inc.\* | 35021 |  | 2952270 |  |
|  Automatic Data Processing, Inc. | 92390 |  | 22068275 |  |
|  Broadridge Financial Solutions, Inc. | 26204 |  | 3514743 |  |
|  Cognizant Technology Solutions Corp., Class A | 114460 |  | 6545967 |  |
|  DXC Technology Co.\* | 51240 |  | 1357860 |  |
|  EPAM Systems, Inc.\* | 12809 |  | 4198022 |  |
|  Fidelity National Information Services, Inc. | 132156 |  | 8966785 |  |
|  Fiserv, Inc.\* | 141432 |  | 14294532 |  |
|  FleetCor Technologies, Inc.\* | 16426 |  | 3017128 |  |
|  Gartner, Inc.\* | 17600 |  | 5916064 |  |
|  Global Payments, Inc. | 60223 |  | 5981348 |  |
|  International Business Machines Corp. | 201365 |  | 28370315 |  |
|  Jack Henry & Associates, Inc. | 16247 |  | 2852323 |  |
|  Mastercard, Inc., Class A | 189062 |  | 65742529 |  |
|  Paychex, Inc. | 71438 |  | 8255375 |  |
|  PayPal Holdings, Inc.\* | 253905 |  | 18083114 |  |
|  VeriSign, Inc.\* | 20542 |  | 4220149 |  |
|  Visa, Inc., Class A | 364148 |  | 75655389 |  |
|  |  |  | 319437845 |  |
|  ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 359101 |  | 23258972 |  |
|  Analog Devices, Inc. | 114553 |  | 18790129 |  |
|  Applied Materials, Inc. | 191606 |  | 18658592 |  |
|  Broadcom, Inc. | 90203 |  | 50435203 |  |
|  Enphase Energy, Inc.\* | 30273 |  | 8021134 |  |
|  First Solar, Inc.\* | 22081 |  | 3307513 |  |
|  Intel Corp. | 919158 |  | 24293346 |  |
|  KLA Corp. | 31563 |  | 11900198 |  |
|  Lam Research Corp. | 30374 |  | 12766192 |  |
|  Microchip Technology, Inc. | 122497 |  | 8605414 |  |
|  Micron Technology, Inc. | 242132 |  | 12101757 |  |
|  Monolithic Power Systems, Inc. | 9932 |  | 3512055 |  |
|  NVIDIA Corp. | 554568 |  | 81044568 |  |
|  NXP Semiconductors NV | 57714 |  | 9120544 |  |
|  ON Semiconductor Corp.\* | 96309 |  | 6006792 |  |
|  Qorvo, Inc.\* | 22581 |  | 2046742 |  |
|  QUALCOMM, Inc. | 249667 |  | 27448390 |  |
|  Skyworks Solutions, Inc. | 35734 |  | 3256439 |  |
|  SolarEdge Technologies, Inc.\* | 12449 |  | 3526428 |  |
|  Teradyne, Inc. | 34690 |  | 3030172 |  |
|  Texas Instruments, Inc. | 202133 |  | 33396414 |  |
|  |  |  | 364526994 |  |
|  ***Software (8.3%)*** | ***Software (8.3%)*** | ***Software (8.3%)*** | ***Software (8.3%)*** | **** |
|  Adobe, Inc.\* | 103542 |  | 34844989 |  |
|  ANSYS, Inc.\* | 19401 |  | 4687088 |  |
|  Autodesk, Inc.\* | 48076 |  | 8983962 |  |
|  Cadence Design Systems, Inc.\* | 61095 |  | 9814301 |  |
|  Ceridian HCM Holding, Inc.\* | 34208 |  | 2194443 |  |
|  Fortinet, Inc.\* | 144416 |  | 7060498 |  |
|  Gen Digital, Inc. | 129112 |  | 2766870 |  |
|  Intuit, Inc. | 62778 |  | 24434453 |  |
|  Microsoft Corp. | 1660247 |  | 398160436 |  |
|  Oracle Corp. | 342277 |  | 27977722 |  |
|  Paycom Software, Inc.\* | 10826 |  | 3359416 |  |
|  PTC, Inc.\* | 23546 |  | 2826462 |  |
|  Roper Technologies, Inc. | 23620 |  | 10205966 |  |
|  Salesforce, Inc.\* | 222718 |  | 29530180 |  |
|  ServiceNow, Inc.\* | 44989 |  | 17467879 |  |
|  Synopsys, Inc.\* | 34056 |  | 10873740 |  |
|  Tyler Technologies, Inc.\* | 9274 |  | 2990030 |  |
|  |  |  | 598178435 |  |
|  ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** | ***Technology Hardware, Storage & Peripherals (6.2%)*** | **** |
|  Apple, Inc. | 3330447 |  | 432724979 |  |
|  Hewlett Packard Enterprise Co. | 286572 |  | 4573689 |  |
|  HP, Inc. | 197156 |  | 5297582 |  |
|  NetApp, Inc. | 48411 |  | 2907564 |  |
|  Seagate Technology Holdings plc | 42762 |  | 2249709 |  |
|  Western Digital Corp.\* | 70746 |  | 2232036 |  |
|  |  |  | 449985559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 1841940852 |  |
|  **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |  |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | **** |
|  Air Products and Chemicals, Inc. | 49399 |  | 15227736 |  |
|  Albemarle Corp. | 26092 |  | 5658311 |  |
|  Celanese Corp. | 22217 |  | 2271466 |  |
|  CF Industries Holdings, Inc. | 43695 |  | 3722814 |  |
|  Corteva, Inc. | 159130 |  | 9353661 |  |
|  Dow, Inc. | 156740 |  | 7898129 |  |
|  DuPont de Nemours, Inc. | 110644 |  | 7593498 |  |
|  Eastman Chemical Co. | 26724 |  | 2176403 |  |
|  Ecolab, Inc. | 55190 |  | 8033456 |  |
|  FMC Corp. | 28055 |  | 3501264 |  |
|  International Flavors & Fragrances, Inc. | 56785 |  | 5953339 |  |
|  Linde plc | 110107 |  | 35914701 |  |
|  LyondellBasell Industries NV, Class A | 56567 |  | 4696758 |  |
|  Mosaic Co. (The) | 75831 |  | 3326706 |  |
|  PPG Industries, Inc. | 52345 |  | 6581860 |  |
|  Sherwin-Williams Co. (The) | 52521 |  | 12464809 |  |
|  |  |  | 134374911 |  |

---

See Notes to Financial Statements.

712

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Martin Marietta Materials, Inc. | 13829 | $4673787 |  |
|  Vulcan Materials Co. | 29601 | 5183431 |  |
|  |  | 9857218 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Amcor plc | 331632 | 3949737 |  |
|  Avery Dennison Corp. | 18033 | 3263973 |  |
|  Ball Corp. | 69916 | 3575504 |  |
|  International Paper Co. | 79214 | 2743181 |  |
|  Packaging Corp. of America | 20609 | 2636097 |  |
|  Sealed Air Corp. | 32218 | 1607034 |  |
|  Westrock Co. | 56637 | 1991357 |  |
|  |  | 19766883 |  |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | **** |
|  Freeport-McMoRan, Inc. | 318337 | 12096806 |  |
|  Newmont Corp. | 176780 | 8344016 |  |
|  Nucor Corp. | 57137 | 7531228 |  |
|  Steel Dynamics, Inc. | 37148 | 3629360 |  |
|  |  | 31601410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 195600422 |  |
|  **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.6%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 33256 | 4844402 |  |
|  American Tower Corp. (REIT) | 103699 | 21969670 |  |
|  AvalonBay Communities, Inc. (REIT) | 31158 | 5032640 |  |
|  Boston Properties, Inc. (REIT) | 31770 | 2147017 |  |
|  Camden Property Trust (REIT) | 23726 | 2654465 |  |
|  Crown Castle, Inc. (REIT) | 96448 | 13082207 |  |
|  Digital Realty Trust, Inc. (REIT) | 64036 | 6420890 |  |
|  Equinix, Inc. (REIT) | 20610 | 13500168 |  |
|  Equity Residential (REIT) | 75752 | 4469368 |  |
|  Essex Property Trust, Inc. (REIT) | 14422 | 3056310 |  |
|  Extra Space Storage, Inc. (REIT) | 29827 | 4389938 |  |
|  Federal Realty Investment Trust (REIT) | 16278 | 1644729 |  |
|  Healthpeak Properties, Inc. (REIT) | 119720 | 3001380 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 159250 | 2555962 |  |
|  Invitation Homes, Inc. (REIT) | 129364 | 3834349 |  |
|  Iron Mountain, Inc. (REIT) | 64747 | 3227638 |  |
|  Kimco Realty Corp. (REIT) | 137742 | 2917376 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 25719 | 4037626 |  |
|  Prologis, Inc. (REIT) | 205586 | 23175710 |  |
|  Public Storage (REIT) | 35206 | 9864369 |  |
|  Realty Income Corp. (REIT) | 139679 | 8859839 |  |
|  Regency Centers Corp. (REIT) | 34301 | 2143813 |  |
|  SBA Communications Corp. (REIT) | 24046 | 6740334 |  |
|  Simon Property Group, Inc. (REIT) | 72817 | 8554541 |  |
|  UDR, Inc. (REIT) | 68154 | 2639604 |  |
|  Ventas, Inc. (REIT) | 89024 | 4010531 |  |
|  VICI Properties, Inc. (REIT) | 214499 | 6949768 |  |
|  Vornado Realty Trust (REIT) | 35878 | 746621 |  |
|  Welltower, Inc. (REIT) | 105239 | 6898416 |  |
|  Weyerhaeuser Co. (REIT) | 163902 | 5080962 |  |
|  |  | 188450643 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 70368 | 5415521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 193866164 |  |
|  **Utilities (3.1%)** | **Utilities (3.1%)** | **Utilities (3.1%)** |  |
|  ***Electric Utilities (2.1%)*** | ***Electric Utilities (2.1%)*** | ***Electric Utilities (2.1%)*** | **** |
|  Alliant Energy Corp. | 55907 | 3086625 |  |
|  American Electric Power Co., Inc. | 114447 | 10866743 |  |
|  Constellation Energy Corp. | 72833 | 6278933 |  |
|  Duke Energy Corp. | 171507 | 17663506 |  |
|  Edison International | 85051 | 5410945 |  |
|  Entergy Corp. | 45320 | 5098500 |  |
|  Evergy, Inc. | 51122 | 3217107 |  |
|  Eversource Energy | 77574 | 6503804 |  |
|  Exelon Corp. | 221324 | 9567837 |  |
|  FirstEnergy Corp. | 120973 | 5073608 |  |
|  NextEra Energy, Inc. | 442578 | 36999521 |  |
|  NRG Energy, Inc. | 51311 | 1632716 |  |
|  PG&E Corp.\* | 358584 | 5830576 |  |
|  Pinnacle West Capital Corp. | 25198 | 1916056 |  |
|  PPL Corp. | 163991 | 4791817 |  |
|  Southern Co. (The) | 242467 | 17314568 |  |
|  Xcel Energy, Inc. | 121882 | 8545147 |  |
|  |  | 149798009 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 31156 | 3491653 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 148765 | 4278482 |  |
|  ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | **** |
|  Ameren Corp. | 57578 | 5119836 |  |
|  CenterPoint Energy, Inc. | 140209 | 4204868 |  |
|  CMS Energy Corp. | 64644 | 4093905 |  |
|  Consolidated Edison, Inc. | 79034 | 7532731 |  |
|  Dominion Energy, Inc. | 185586 | 11380133 |  |
|  DTE Energy Co. | 43150 | 5071419 |  |
|  NiSource, Inc. | 90453 | 2480221 |  |
|  Public Service Enterprise Group, Inc. | 111125 | 6808629 |  |
|  Sempra Energy | 70008 | 10819036 |  |
|  WEC Energy Group, Inc. | 70253 | 6586921 |  |
|  |  | 64097699 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 40496 | 6172400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 227838243 |  |
|  **Total Common Stocks (98.9%)**<br> *(Cost $2,541,184,848)* |  | 7156581145 |  |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |  |

---

See Notes to Financial Statements.

713

------

**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,651,421, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,703,188. (xx) | $| 2650184 | $2650184 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $100,048, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $102,053. (xx) |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 3750184 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $3,750,184)* |  |  | 3750184 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $2,544,935,032)* |  |  | 7160331329 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 69795388 |
|  **Net Assets (100%)** |  |  | $7230126717 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $28,347,100.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $5,139,869. This was collateralized by $1,552,497 of various U.S. Government Treasury Securities, ranging from 0.000% - 4.375%, maturing 1/19/23 - 11/15/51 and by cash of $3,750,184 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 354 | 3/2023 | USD | 68339700 | (2419502) |
|  |  |  |  |  | (2419502) |

---

See Notes to Financial Statements.

714

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $520930777 | $— | $— | $520930777 |
|  Consumer Discretionary | 701059005 |  |  | 701059005 |
|  Consumer Staples | 515283870 |  |  | 515283870 |
|  Energy | 374156044 |  |  | 374156044 |
|  Financials | 834656969 |  |  | 834656969 |
|  Health Care | 1132004692 |  |  | 1132004692 |
|  Industrials | 619244107 |  |  | 619244107 |
|  Information Technology | 1841940852 |  |  | 1841940852 |
|  Materials | 195600422 |  |  | 195600422 |
|  Real Estate | 193866164 |  |  | 193866164 |
|  Utilities | 227838243 |  |  | 227838243 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 3750184 |  | 3750184 |
|  **Total Assets** | $**7156581145** | $**3750184** | $**—** | $**7160331329** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(2419502) | $— | $— | $(2419502) |
|  **Total Liabilities** | $**(2419502)** | $**—** | $**—** | $**(2419502)** |
|  **Total** | $**7154161643** | $**3750184** | $**—** | $**7157911827** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(2419502) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2419502 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996020) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996020) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996020) |

---

See Notes to Financial Statements.

715

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(5487648) | $(5487648) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5487648) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5487648) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $67,195,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $161812143 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177463661 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916778436 |
|  Aggregate gross unrealized depreciation | (309193382) |
|  Net unrealized appreciation | $4607585054 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550326773 |

---

See Notes to Financial Statements.

716

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,541,184,848) | $7156581145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $3,750,184) | 3750184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 76889338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6230020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1426498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 106971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7244985526 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 7683266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3750184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1069431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 963460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 595976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 529491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 190275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 72891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 14858809 |
|  **NET ASSETS** | $7230126717 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2615876400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4614250317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7230126717 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $2,436,104,555 / 42,796,131 shares outstanding (unlimited amount authorized: $0.01 par value) | $56.92 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $4,448,212,810 / 78,629,970 shares outstanding (unlimited amount authorized: $0.01 par value) | $56.57 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $345,809,352 / 6,074,130 shares outstanding (unlimited amount authorized: $0.01 par value) | $56.93 |

---

*(x)* *Includes value of securities on loan of $5,139,869.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $29,544 foreign withholding tax) | $121480217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1020603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 111190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 122612010 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 15963766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 11750873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 7151158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 6604487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 324671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 249516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 231859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 163000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 179573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 42618903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1337997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 41280906 |
|  **NET INVESTMENT INCOME (LOSS)** | 81331104 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 90263807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6996020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 83267786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1811291275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5487648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1816778923) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1733511137) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1652180033) |

---

See Notes to Financial Statements.

717

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------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $81331104 | $68581759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 83267786 | 217913311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1816778923) | 1712390150 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1652180033) | 1998885220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (65840005) | (109282476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (120204261) | (191406577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (10199198) | (16277119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (196243464) | (316966172) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,877,818 and 7,120,998 shares, respectively ] | 115554899 | 469519685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,121,668 and 1,562,328 shares, respectively ] | 65840005 | 109282476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3575173) and (9464172) shares, respectively ] | (221786045) | (623416206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (40391141) | (44614045) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,146,071 and 7,444,908 shares, respectively ] | 498707402 | 486282948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,060,361 and 2,752,833 shares, respectively ] | 120204261 | 191406577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7780178) and (8691910) shares, respectively ] | (480883039) | (570765184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 138028624 | 106924341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 629,682 and 544,577 shares, respectively ] | 38795405 | 35582232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 173,544 and 232,434 shares, respectively ] | 10199198 | 16277119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (852841) and (952115) shares, respectively ] | (53907634) | (62358872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (4913031) | (10499521) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 92724452 | 51810775 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1755699045) | 1733729823 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8985825762 | 7252095939 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $7230126717 | $8985825762 |

---

See Notes to Financial Statements.

718

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $71.75 | $58.15 | $51.03 | $40.40 | $44.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.65 | 0.55 | 0.66 | 0.73 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (13.91) | 15.63 | 8.34 | 11.62 | (2.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (13.26) | 16.18 | 9.00 | 12.35 | (2.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.66) | (0.57) | (0.67) | (0.76) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.91) | (2.01) | (1.21) | (0.96) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.57) | (2.58) | (1.88) | (1.72) | (1.69) |
|  Net asset value, end of year | $56.92 | $71.75 | $58.15 | $51.03 | $40.40 |
|  Total return | (18.55)% | 27.98% | 17.78% | 30.69% | (4.93)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $2436105 | $3111842 | $2567471 | $2304967 | $1842197 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.55% | 0.55% | 0.57% | 0.58% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.56% | 0.56% | 0.58% | 0.58% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.04% | 0.83% | 1.30% | 1.55% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.02% | 0.82% | 1.29% | 1.55% | 1.42% |
|  Portfolio turnover rate^ | 2% | 6% | 4% | 4% | 3% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $71.32 | $57.81 | $50.75 | $40.19 | $43.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.64 | 0.55 | 0.66 | 0.73 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (13.82) | 15.54 | 8.28 | 11.55 | (2.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (13.18) | 16.09 | 8.94 | 12.28 | (2.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.66) | (0.57) | (0.67) | (0.76) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.91) | (2.01) | (1.21) | (0.96) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.57) | (2.58) | (1.88) | (1.72) | (1.69) |
|  Net asset value, end of year | $56.57 | $71.32 | $57.81 | $50.75 | $40.19 |
|  Total return | (18.55)% | 27.98% | 17.76% | 30.68% | (4.91)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $4448213 | $5434534 | $4318446 | $3777876 | $2970740 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.55% | 0.55% | 0.57% | 0.58% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.57% | 0.56% | 0.58% | 0.58% | 0.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.04% | 0.83% | 1.30% | 1.55% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.03% | 0.82% | 1.29% | 1.55% | 1.42% |
|  Portfolio turnover rate^ | 2% | 6% | 4% | 4% | 3% |

---

See Notes to Financial Statements.

719

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**EQ ADVISORS TRUST** 

EQ/EQUITY 500 INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $71.76 | $58.13 | $51.00 | $40.37 | $44.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.80 | 0.71 | 0.79 | 0.85 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (13.91) | 15.65 | 8.34 | 11.62 | (2.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (13.11) | 16.36 | 9.13 | 12.47 | (1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.81) | (0.72) | (0.79) | (0.88) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.91) | (2.01) | (1.21) | (0.96) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.72) | (2.73) | (2.00) | (1.84) | (1.80) |
|  Net asset value, end of year | $56.93 | $71.76 | $58.13 | $51.00 | $40.37 |
|  Total return | (18.33)% | 28.30% | 18.06% | 31.01% | (4.69)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298994 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.30% | 0.30% | 0.32% | 0.33% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.31% | 0.31% | 0.33% | 0.33% | 0.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.29% | 1.08% | 1.55% | 1.80% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.28% | 1.07% | 1.55% | 1.80% | 1.67% |
|  Portfolio turnover rate^ | 2% | 6% | 4% | 4% | 3% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

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**EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> FIAM LLC

PERFORMANCE RESULTS

![LOGO](g401674g04j62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (21.06)% | 9.28 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (20.87) | 9.55 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 10.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (21.06)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Four of eleven sectors added value during the period. Contributors to relative performance included the Industrials,
Energy, and Utilities sectors.

• Select individual names were among the top contributors to relative performance during the period. The overweight position
in integrated oil company Exxon Mobil Corp. was the largest individual contributor. Exxon shares rose as the company posted solid quarterly results during the period, driven by higher oil prices and growth in refining revenue. Exxon also raised its
dividend and continued to buy back shares during the period. An overweight position in media measurement and television ratings company Nielsen Holdings plc was also among the top individual contributors. Nielsen shares rose sharply after reports
that a consortium of private-equity firms had agreed to acquire the company. The deal, valued at $16 billion, closed in September.

• An overweight position in global energy major Hess Corp. was also among the top contributors. Hess shares rose as the
company reported better-than-expected quarterly financial results during the period, citing solid production growth from its operations in Guyana and the Bakken basin in the Midwestern U.S. Some investors believed new discoveries in Guyana improved
the growth outlook for Hess.

• An underweight position in digital payments company PayPal Holdings, Inc. also lifted relative performance. PayPal shares
declined as the company reported mixed quarterly results during the period and also cut its outlook for the full year.

***What hurt performance during the year:***

• Negative security selection in the Information Technology, Health Care, and Communication Services sectors detracted from
relative performance during the reporting period.

• An overweight position in social media company Meta Platforms, Inc. (formerly Facebook) was among the top detractors from
relative performance. Meta shares declined as the company announced disappointing quarterly results during the period. The lackluster results reflected a continued pullback in ad spending and challenging business conditions. Meta's revenue
forecast was also notably lower than the consensus expectation during the period. An underweight position in drug maker Merck & Co., Inc. was also among the largest detractors from relative performance. Merck shares rose as the company reported
strong quarterly results during the period amid growing demand for its oncology treatments and vaccines. Pivotal drivers included revenue increases for Keytruda<sup>®</sup>, the company's cancer
treatment, and its Gardasil<sup>®</sup> and Gardasil<sup>®</sup> 9 vaccines. In turn, management raised its full-year sales guidance to reflect a 21%
increase versus 2021.

• Not owning integrated oil & gas company Chevron Corp. detracted from relative performance. Chevron shares rose as the
company reported better-than-expected quarterly results, driven largely by strong results in its international upstream division. Chevron's management also announced that it would be continuing with its ongoing share buyback.

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**EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO (Unaudited)** 

**Portfolio Positioning and Outlook — FIAM LLC** 

The Portfolio takes a sector-neutral approach with active positions at the security and industry level to drive tracking error and have the risk and return profile driven primarily by stock selection. In line with our sector-neutral approach, there were no large deviations from the benchmark's sector weightings at year end. As of December 31, 2022, the Portfolio's average price-to-earnings ratio (IBES 1-Year Forecast) remained roughly in line with the benchmark, while the average expected earnings per share growth (IBES 1-Year Forecast) of our holdings was higher and, in our view, more sustainable than that of the benchmark.

Many major economies face maturing business-cycle trends due to persistent inflationary pressures, slowing industrial activity, and tightening monetary and financial conditions. The U.S. is in the late-cycle expansion phase, with a rising likelihood that a recession may be on the horizon in 2023. Europe has likely tipped into a recession, but China's lifting of COVID restrictions and policy stimulus offer hope for a 2023 upturn. Global earnings growth continued to slow in 2022, coming back to earth after a decade-high spike during the 2021 profit recovery associated with economic reopening. Earnings growth expectations for the next 12 months are relatively muted in the U.S. and across the entire world. A silver lining to 2022's sell-off is a more attractive entry point for long-term stock returns. Equity valuations improved across all regions. Slower liquidity growth, persistent inflation risk, slowing growth momentum, and greater monetary policy uncertainty raise the odds that market volatility will remain elevated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; Information Technology | 24.8 | % |
| &nbsp;&nbsp;&nbsp; Health Care | 15.2 |  |
| &nbsp;&nbsp;&nbsp; Financials | 11.1 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.1 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 9.0 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.8 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.8 |  |
| &nbsp;&nbsp;&nbsp; Energy | 5.3 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 3.1 |  |
| &nbsp;&nbsp;&nbsp; Materials | 2.7 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.6 |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Fund | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.1 |  |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.8 |  |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

722

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**EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1011.30 | $4.41 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.82 | 4.43 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.60 | 3.14 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.08 | 3.16 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.87% and 0.62%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.87% and 0.62%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.87% and 0.62%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 0.87% and 0.62%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

723

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.8%)** | **Communication Services (7.8%)** | **Communication Services (7.8%)** |  |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | **** |
|  AT&T, Inc. | 3100 | $57071 |  |
|  Liberty Global plc, Class C\* | 59693 | 1159835 |  |
|  |  | 1216906 |  |
|  ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | **** |
|  Activision Blizzard, Inc. | 45371 | 3473150 |  |
|  Cinemark Holdings, Inc.\* | 31442 | 272288 |  |
|  Netflix, Inc.\* | 23702 | 6989246 |  |
|  Sea Ltd. (ADR)\* | 18305 | 952409 |  |
|  Take-Two Interactive Software, Inc.\* | 10448 | 1087950 |  |
|  Walt Disney Co. (The)\* | 29245 | 2540806 |  |
|  Warner Bros Discovery, Inc.\* | 2248 | 21311 |  |
|  |  | 15337160 |  |
|  ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** | **** |
|  Alphabet, Inc., Class A\* | 159400 | 14063862 |  |
|  Alphabet, Inc., Class C\* | 160720 | 14260686 |  |
|  Meta Platforms, Inc., Class A\* | 102429 | 12326306 |  |
|  Snap, Inc., Class A\* | 207994 | 1861546 |  |
|  Tongdao Liepin Group (m)\* | 349 | 410 |  |
|  |  | 42512810 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  Altice USA, Inc., Class A\* | 42939 | 197519 |  |
|  Charter Communications, Inc., Class A\* | 4300 | 1458130 |  |
|  Comcast Corp., Class A | 96832 | 3386215 |  |
|  Liberty Broadband Corp., Class A\* | 14900 | 1130165 |  |
|  Liberty Broadband Corp., Class C\* | 13300 | 1014391 |  |
|  |  | 7186420 |  |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | **** |
|  T-Mobile US, Inc.\* | 24239 | 3393460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 69646756 |  |
|  **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** | **Consumer Discretionary (10.1%)** |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc\* | 8800 | 819544 |  |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | **** |
|  Tesla, Inc.\* | 62000 | 7637160 |  |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | **** |
|  Aramark | 5200 | 214968 |  |
|  Booking Holdings, Inc.\* | 3000 | 6045840 |  |
|  Caesars Entertainment, Inc.\* | 27800 | 1156480 |  |
|  Chipotle Mexican Grill, Inc.\* | 1400 | 1942486 |  |
|  Domino's Pizza, Inc. | 3400 | 1177760 |  |
|  Marriott International, Inc., Class A | 19300 | 2873577 |  |
|  McDonald's Corp. | 10100 | 2661653 |  |
|  Planet Fitness, Inc., Class A\* | 11300 | 890440 |  |
|  Starbucks Corp. | 40900 | 4057280 |  |
|  Sweetgreen, Inc., Class A (x)\* | 5900 | 50563 |  |
|  Wingstop, Inc. | 6700 | 922054 |  |
|  |  | 21993101 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  DR Horton, Inc. | 20200 | 1800628 |  |
|  Lennar Corp., Class A | 4157 | 376209 |  |
|  |  | 2176837 |  |
|  ***Internet & Direct Marketing Retail (2.4%)*** | ***Internet & Direct Marketing Retail (2.4%)*** | ***Internet & Direct Marketing Retail (2.4%)*** | **** |
|  Amazon.com, Inc.\* | 251400 | 21117600 |  |
|  ***Multiline Retail (0.8%)*** | ***Multiline Retail (0.8%)*** | ***Multiline Retail (0.8%)*** | **** |
|  Dollar General Corp. | 22049 | 5429566 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 4000 | 187360 |  |
|  Target Corp. | 8600 | 1281744 |  |
|  |  | 6898670 |  |
|  ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | ***Specialty Retail (2.0%)*** | **** |
|  Aritzia, Inc.\* | 14400 | 503575 |  |
|  Home Depot, Inc. (The) | 14800 | 4674728 |  |
|  O'Reilly Automotive, Inc.\* | 2300 | 1941269 |  |
|  RH (x)\* | 2200 | 587818 |  |
|  Signet Jewelers Ltd. | 13700 | 931600 |  |
|  TJX Cos., Inc. (The) | 97000 | 7721200 |  |
|  Ulta Beauty, Inc.\* | 3100 | 1454117 |  |
|  Warby Parker, Inc., Class A (x)\* | 25700 | 346693 |  |
|  |  | 18161000 |  |
|  ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | **** |
|  Capri Holdings Ltd.\* | 7453 | 427206 |  |
|  Crocs, Inc.\* | 13000 | 1409590 |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 3828 | 2786014 |  |
|  NIKE, Inc., Class B | 31000 | 3627310 |  |
|  Ralph Lauren Corp. | 17900 | 1891493 |  |
|  Tapestry, Inc. | 28700 | 1092896 |  |
|  |  | 11234509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 90038421 |  |
|  **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** | **Consumer Staples (6.8%)** |  |
|  ***Beverages (2.7%)*** | ***Beverages (2.7%)*** | ***Beverages (2.7%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 1190 | 392129 |  |
|  Celsius Holdings, Inc.\* | 3800 | 395352 |  |
|  Coca-Cola Co. (The) | 132931 | 8455741 |  |
|  Constellation Brands, Inc., Class A | 14344 | 3324222 |  |
|  Duckhorn Portfolio, Inc. (The)\* | 11550 | 191383 |  |
|  Keurig Dr Pepper, Inc. | 12251 | 436871 |  |
|  Monster Beverage Corp.\* | 27961 | 2838880 |  |
|  PepsiCo, Inc. | 38807 | 7010873 |  |
|  Pernod Ricard SA | 3249 | 639063 |  |
|  |  | 23684514 |  |
|  ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | **** |
|  Albertsons Cos., Inc., Class A | 26400 | 547536 |  |
|  Cake Box Holdings plc (m) | 1581 | 2198 |  |
|  Costco Wholesale Corp. | 12657 | 5777920 |  |
|  Sysco Corp. | 17196 | 1314634 |  |
|  US Foods Holding Corp.\* | 9337 | 317645 |  |
|  Walmart, Inc. | 37721 | 5348461 |  |
|  |  | 13308394 |  |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | **** |
|  Bunge Ltd. | 3833 | 382418 |  |
|  Freshpet, Inc.\* | 11601 | 612185 |  |
|  Hershey Co. (The) | 6777 | 1569350 |  |
|  Hotel Chocolat Group plc (x)\* | 5600 | 10528 |  |
|  Lamb Weston Holdings, Inc. | 8800 | 786368 |  |
|  Local Bounti Corp. (x)\* | 6900 | 9591 |  |
|  McCormick & Co., Inc. (Non-Voting) | 14465 | 1199004 |  |
|  Mondelez International, Inc., Class A | 54499 | 3632358 |  |

---

See Notes to Financial Statements.

724

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Sovos Brands, Inc.\* | 18759 | $| 269567 |  |
|  TreeHouse Foods, Inc.\* | 8400 |  | 414792 |  |
|  |  |  | 8886161 |  |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Procter & Gamble Co. (The) | 82022 |  | 12431254 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 7837 |  | 1944438 |  |
|  Olaplex Holdings, Inc.\* | 36200 |  | 188602 |  |
|  |  |  | 2133040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 60443363 |  |
|  **Energy (5.3%)** | **Energy (5.3%)** | **Energy (5.3%)** | **Energy (5.3%)** |  |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | **** |
|  Expro Group Holdings NV\* | 63000 |  | 1142190 |  |
|  Schlumberger Ltd. | 70700 |  | 3779622 |  |
|  Weatherford International plc\* | 18600 |  | 947112 |  |
|  |  |  | 5868924 |  |
|  ***Oil, Gas & Consumable Fuels (4.6%)*** | ***Oil, Gas & Consumable Fuels (4.6%)*** | ***Oil, Gas & Consumable Fuels (4.6%)*** | ***Oil, Gas & Consumable Fuels (4.6%)*** | **** |
|  Canadian Natural Resources Ltd. | 61100 |  | 3392990 |  |
|  Eco Atlantic Oil & Gas Ltd. (x)\* | 193500 |  | 42873 |  |
|  Exxon Mobil Corp. | 169100 |  | 18651730 |  |
|  Hess Corp. | 36000 |  | 5105520 |  |
|  Imperial Oil Ltd. | 63000 |  | 3068575 |  |
|  Kosmos Energy Ltd.\* | 206800 |  | 1315248 |  |
|  MEG Energy Corp.\* | 234000 |  | 3257681 |  |
|  Phillips 66 | 25255 |  | 2628540 |  |
|  Tourmaline Oil Corp. | 26400 |  | 1332089 |  |
|  Valero Energy Corp. | 20900 |  | 2651374 |  |
|  |  |  | 41446620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 47315544 |  |
|  **Financials (11.1%)** | **Financials (11.1%)** | **Financials (11.1%)** | **Financials (11.1%)** |  |
|  ***Banks (5.6%)*** | ***Banks (5.6%)*** | ***Banks (5.6%)*** | ***Banks (5.6%)*** | **** |
|  AIB Group plc | 73700 |  | 285274 |  |
|  Bank of America Corp. | 462205 |  | 15308230 |  |
|  BankUnited, Inc. | 5400 |  | 183438 |  |
|  BNP Paribas SA | 15986 |  | 911225 |  |
|  Citizens Financial Group, Inc. | 23218 |  | 914093 |  |
|  Comerica, Inc. | 20796 |  | 1390213 |  |
|  DNB Bank ASA | 11800 |  | 234210 |  |
|  Eurobank Ergasias Services and Holdings SA\* | 818000 |  | 923788 |  |
|  JPMorgan Chase & Co. | 46156 |  | 6189520 |  |
|  KBC Group NV | 11800 |  | 758889 |  |
|  M&T Bank Corp. | 11629 |  | 1686903 |  |
|  NatWest Group plc | 107000 |  | 343056 |  |
|  Piraeus Financial Holdings SA\* | 157695 |  | 242741 |  |
|  PNC Financial Services Group, Inc. (The) | 8947 |  | 1413089 |  |
|  Signature Bank | 7045 |  | 811725 |  |
|  Societe Generale SA | 39983 |  | 1004939 |  |
|  Sumitomo Mitsui Financial Group, Inc. | 20400 |  | 823212 |  |
|  Sunrise Mezz plc\* | 22527 |  | 2732 |  |
|  UniCredit SpA | 80584 |  | 1144858 |  |
|  US Bancorp | 76598 |  | 3340439 |  |
|  Wells Fargo & Co. | 287089 |  | 11853905 |  |
|  |  |  | 49766479 |  |
|  ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | ***Capital Markets (1.8%)*** | **** |
|  Bank of New York Mellon Corp. (The) | 92879 |  | 4227852 |  |
|  BlackRock, Inc. | 3702 |  | 2623348 |  |
|  Cboe Global Markets, Inc. | 4387 |  | 550437 |  |
|  Goldman Sachs Group, Inc. (The) | 3634 |  | 1247843 |  |
|  Intercontinental Exchange, Inc. | 18844 |  | 1933206 |  |
|  State Street Corp. | 52112 |  | 4042328 |  |
|  StepStone Group, Inc., Class A | 18514 |  | 466183 |  |
|  Virtu Financial, Inc., Class A | 35927 |  | 733270 |  |
|  |  |  | 15824467 |  |
|  ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | ***Consumer Finance (0.5%)*** | **** |
|  American Express Co. | 11539 |  | 1704887 |  |
|  Capital One Financial Corp. | 20965 |  | 1948906 |  |
|  OneMain Holdings, Inc. | 30092 |  | 1002365 |  |
|  |  |  | 4656158 |  |
|  ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | **** |
|  Apollo Global Management, Inc. | 16700 |  | 1065293 |  |
|  Berkshire Hathaway, Inc., Class A\* | 4 |  | 1874844 |  |
|  Berkshire Hathaway, Inc., Class B\* | 7487 |  | 2312734 |  |
|  |  |  | 5252871 |  |
|  ***Insurance (2.6%)*** | ***Insurance (2.6%)*** | ***Insurance (2.6%)*** | ***Insurance (2.6%)*** | **** |
|  Arthur J Gallagher & Co. | 12925 |  | 2436880 |  |
|  Assurant, Inc. | 2815 |  | 352044 |  |
|  Chubb Ltd. | 5500 |  | 1213300 |  |
|  Direct Line Insurance Group plc | 55900 |  | 149555 |  |
|  Globe Life, Inc. | 16066 |  | 1936756 |  |
|  Hartford Financial Services Group, Inc. (The) | 37706 |  | 2859246 |  |
|  Marsh & McLennan Cos., Inc. | 22582 |  | 3736869 |  |
|  Prudential plc | 13990 |  | 190696 |  |
|  Travelers Cos., Inc. (The) | 56140 |  | 10525689 |  |
|  |  |  | 23401035 |  |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  UWM Holdings Corp. (x) | 26600 |  | 88046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 98989056 |  |
|  **Health Care (15.2%)** | **Health Care (15.2%)** | **Health Care (15.2%)** | **Health Care (15.2%)** |  |
|  ***Biotechnology (3.0%)*** | ***Biotechnology (3.0%)*** | ***Biotechnology (3.0%)*** | ***Biotechnology (3.0%)*** | **** |
|  Amgen, Inc. | 9561 |  | 2511101 |  |
|  BeiGene Ltd. (ADR) (x)\* | 5303 |  | 1166342 |  |
|  Gilead Sciences, Inc. | 101005 |  | 8671279 |  |
|  Legend Biotech Corp. (ADR)\* | 30941 |  | 1544575 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 6651 |  | 4798630 |  |
|  Vertex Pharmaceuticals, Inc.\* | 26847 |  | 7752877 |  |
|  |  |  | 26444804 |  |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | **** |
|  Abbott Laboratories | 47522 |  | 5217441 |  |
|  Boston Scientific Corp.\* | 213141 |  | 9862034 |  |
|  Intuitive Surgical, Inc.\* | 9555 |  | 2535419 |  |
|  Masimo Corp.\* | 9400 |  | 1390730 |  |
|  ResMed, Inc. | 14340 |  | 2984584 |  |
|  Stryker Corp. | 9600 |  | 2347104 |  |
|  |  |  | 24337312 |  |
|  ***Health Care Providers & Services (4.4%)*** | ***Health Care Providers & Services (4.4%)*** | ***Health Care Providers & Services (4.4%)*** | ***Health Care Providers & Services (4.4%)*** | **** |
|  agilon health, Inc.\* | 89478 |  | 1444175 |  |
|  AmerisourceBergen Corp. | 43810 |  | 7259755 |  |

---

See Notes to Financial Statements.

725

------

**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Humana, Inc. | 9654 | $| 4944682 |  |
|  Option Care Health, Inc.\* | 114292 |  | 3439046 |  |
|  Surgery Partners, Inc.\* | 107980 |  | 3008323 |  |
|  UnitedHealth Group, Inc. | 36989 |  | 19610828 |  |
|  |  |  | 39706809 |  |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | **** |
|  IQVIA Holdings, Inc.\* | 11783 |  | 2414219 |  |
|  Thermo Fisher Scientific, Inc. | 19654 |  | 10823261 |  |
|  |  |  | 13237480 |  |
|  ***Pharmaceuticals (3.6%)*** | ***Pharmaceuticals (3.6%)*** | ***Pharmaceuticals (3.6%)*** | ***Pharmaceuticals (3.6%)*** | **** |
|  AstraZeneca plc (ADR) | 81445 |  | 5521971 |  |
|  Bristol-Myers Squibb Co. | 34598 |  | 2489326 |  |
|  Eli Lilly and Co. | 39709 |  | 14527140 |  |
|  Merck & Co., Inc. | 17700 |  | 1963815 |  |
|  Roche Holding AG | 7868 |  | 2471913 |  |
|  Royalty Pharma plc, Class A | 140083 |  | 5536080 |  |
|  |  |  | 32510245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 136236650 |  |
|  **Industrials (9.0%)** | **Industrials (9.0%)** | **Industrials (9.0%)** | **Industrials (9.0%)** |  |
|  ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | ***Aerospace & Defense (1.9%)*** | **** |
|  Boeing Co. (The)\* | 26995 |  | 5142277 |  |
|  Howmet Aerospace, Inc. | 40690 |  | 1603593 |  |
|  Lockheed Martin Corp. | 12355 |  | 6010584 |  |
|  Northrop Grumman Corp. | 4759 |  | 2596558 |  |
|  Raytheon Technologies Corp. | 16189 |  | 1633794 |  |
|  |  |  | 16986806 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  United Parcel Service, Inc., Class B | 7690 |  | 1336830 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Delta Air Lines, Inc.\* | 45030 |  | 1479686 |  |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | **** |
|  Trane Technologies plc | 33549 |  | 5639251 |  |
|  ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | **** |
|  AMETEK, Inc. | 40907 |  | 5715526 |  |
|  Emerson Electric Co. | 41740 |  | 4009545 |  |
|  |  |  | 9725071 |  |
|  ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | ***Industrial Conglomerates (0.9%)*** | **** |
|  General Electric Co. | 60223 |  | 5046085 |  |
|  Honeywell International, Inc. | 15627 |  | 3348866 |  |
|  |  |  | 8394951 |  |
|  ***Machinery (2.6%)*** | ***Machinery (2.6%)*** | ***Machinery (2.6%)*** | ***Machinery (2.6%)*** | **** |
|  Caterpillar, Inc. | 16196 |  | 3879914 |  |
|  Deere & Co. | 4390 |  | 1882256 |  |
|  Dover Corp. | 33950 |  | 4597170 |  |
|  Fortive Corp. | 90602 |  | 5821178 |  |
|  Ingersoll Rand, Inc. | 60440 |  | 3157990 |  |
|  Parker-Hannifin Corp. | 14944 |  | 4348704 |  |
|  |  |  | 23687212 |  |
|  ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | **** |
|  Dun & Bradstreet Holdings, Inc. | 20209 |  | 247762 |  |
|  ***Road & Rail (1.5%)*** | ***Road & Rail (1.5%)*** | ***Road & Rail (1.5%)*** | ***Road & Rail (1.5%)*** | **** |
|  CSX Corp. | 160130 |  | 4960827 |  |
|  Norfolk Southern Corp. | 11980 |  | 2952112 |  |
|  Old Dominion Freight Line, Inc. | 10040 |  | 2849151 |  |
|  Uber Technologies, Inc.\* | 95515 |  | 2362086 |  |
|  |  |  | 13124176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 80621745 |  |
|  **Information Technology (24.8%)** | **Information Technology (24.8%)** | **Information Technology (24.8%)** | **Information Technology (24.8%)** |  |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | **** |
|  Amphenol Corp., Class A | 39400 |  | 2999916 |  |
|  ***IT Services (3.8%)*** | ***IT Services (3.8%)*** | ***IT Services (3.8%)*** | ***IT Services (3.8%)*** | **** |
|  Accenture plc, Class A | 6400 |  | 1707776 |  |
|  Affirm Holdings, Inc. (x)\* | 13300 |  | 128611 |  |
|  Block, Inc., Class A\* | 38900 |  | 2444476 |  |
|  Capgemini SE | 11000 |  | 1836303 |  |
|  Cognizant Technology Solutions Corp., Class A | 46200 |  | 2642178 |  |
|  Dlocal Ltd.\* | 53700 |  | 836109 |  |
|  EPAM Systems, Inc.\* | 5100 |  | 1671474 |  |
|  Fiserv, Inc.\* | 2000 |  | 202140 |  |
|  Mastercard, Inc., Class A | 7400 |  | 2573202 |  |
|  MongoDB, Inc.\* | 9200 |  | 1810928 |  |
|  Snowflake, Inc., Class A\* | 6200 |  | 889948 |  |
|  Twilio, Inc., Class A (x)\* | 11900 |  | 582624 |  |
|  Visa, Inc., Class A | 72800 |  | 15124928 |  |
|  Wix.com Ltd.\* | 12900 |  | 991107 |  |
|  Worldline SA (m)\* | 22900 |  | 895471 |  |
|  |  |  | 34337275 |  |
|  ***Semiconductors & Semiconductor Equipment (4.8%)*** | ***Semiconductors & Semiconductor Equipment (4.8%)*** | ***Semiconductors & Semiconductor Equipment (4.8%)*** | ***Semiconductors & Semiconductor Equipment (4.8%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 15500 |  | 1003935 |  |
|  ASML Holding NV | 3400 |  | 1833595 |  |
|  Lam Research Corp. | 9124 |  | 3834817 |  |
|  Marvell Technology, Inc. | 43500 |  | 1611240 |  |
|  MediaTek, Inc. | 51000 |  | 1037074 |  |
|  Microchip Technology, Inc. | 56700 |  | 3983175 |  |
|  Micron Technology, Inc. | 87000 |  | 4348260 |  |
|  NVIDIA Corp. | 92400 |  | 13503336 |  |
|  NXP Semiconductors NV | 17300 |  | 2733919 |  |
|  Renesas Electronics Corp.\* | 267000 |  | 2407761 |  |
|  Silergy Corp. | 36000 |  | 511266 |  |
|  SolarEdge Technologies, Inc.\* | 8000 |  | 2266160 |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 266000 |  | 3881538 |  |
|  |  |  | 42956076 |  |
|  ***Software (10.3%)*** | ***Software (10.3%)*** | ***Software (10.3%)*** | ***Software (10.3%)*** | **** |
|  Adobe, Inc.\* | 22900 |  | 7706537 |  |
|  Autodesk, Inc.\* | 16600 |  | 3102042 |  |
|  Black Knight, Inc.\* | 4142 |  | 255768 |  |
|  Coupa Software, Inc.\* | 13000 |  | 1029210 |  |
|  Elastic NV\* | 11000 |  | 566500 |  |
|  Five9, Inc.\* | 14100 |  | 956826 |  |
|  HubSpot, Inc.\* | 7100 |  | 2052823 |  |
|  Intuit, Inc. | 13500 |  | 5254470 |  |
|  Microsoft Corp. | 251500 |  | 60314730 |  |
|  Salesforce, Inc.\* | 44700 |  | 5926773 |  |
|  Synopsys, Inc.\* | 9800 |  | 3129042 |  |
|  Workday, Inc., Class A\* | 10600 |  | 1773698 |  |
|  |  |  | 92068419 |  |

---

See Notes to Financial Statements.

726

------

**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | ***Technology Hardware, Storage & Peripherals (5.6%)*** | **** |
|  Apple, Inc. | 382700 | $49724211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 222085897 |  |
|  **Materials (2.7%)** | **Materials (2.7%)** | **Materials (2.7%)** |  |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | **** |
|  Air Products and Chemicals, Inc. | 8652 | 2667065 |  |
|  Cabot Corp. | 4720 | 315485 |  |
|  Celanese Corp. | 6230 | 636955 |  |
|  CF Industries Holdings, Inc. | 3800 | 323760 |  |
|  Chemours Co. (The) | 11890 | 364072 |  |
|  Chemtrade Logistics Income Fund (x) | 39360 | 260753 |  |
|  Corteva, Inc. | 28530 | 1676993 |  |
|  DuPont de Nemours, Inc. | 15500 | 1063765 |  |
|  Ecolab, Inc. | 4651 | 677000 |  |
|  Linde plc | 16768 | 5469386 |  |
|  LyondellBasell Industries NV, Class A | 10690 | 887591 |  |
|  Olin Corp. | 10150 | 537341 |  |
|  Sherwin-Williams Co. (The) | 1651 | 391832 |  |
|  Tronox Holdings plc | 38900 | 533319 |  |
|  Westlake Corp. | 2580 | 264553 |  |
|  |  | 16069870 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Martin Marietta Materials, Inc. | 2003 | 676954 |  |
|  Vulcan Materials Co. | 4180 | 731960 |  |
|  |  | 1408914 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  AptarGroup, Inc. | 3750 | 412425 |  |
|  Crown Holdings, Inc. | 2119 | 174203 |  |
|  Greif, Inc., Class A | 6060 | 406384 |  |
|  Sealed Air Corp. | 10800 | 538704 |  |
|  |  | 1531716 |  |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | **** |
|  Alcoa Corp. | 7500 | 341025 |  |
|  First Quantum Minerals Ltd. | 61260 | 1279945 |  |
|  Freeport-McMoRan, Inc. | 60254 | 2289652 |  |
|  Glencore plc | 83690 | 558902 |  |
|  Reliance Steel & Aluminum Co. | 4220 | 854296 |  |
|  |  | 5323820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 24334320 |  |
|  **Real Estate (2.6%)** | **Real Estate (2.6%)** | **Real Estate (2.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.4%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 325 | 47343 |  |
|  American Tower Corp. (REIT) | 13745 | 2912016 |  |
|  Corporate Office Properties Trust (REIT) | 21720 | 563417 |  |
|  Crown Castle, Inc. (REIT) | 15652 | 2123037 |  |
|  CubeSmart (REIT) | 7298 | 293744 |  |
|  Elme Communities (REIT) | 13068 | 232610 |  |
|  Equinix, Inc. (REIT) | 4100 | 2685623 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 24884 | 1607506 |  |
|  Essex Property Trust, Inc. (REIT) | 4216 | 893455 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 95575 | 1533979 |  |
|  Invitation Homes, Inc. (REIT) | 55331 | 1640011 |  |
|  Kilroy Realty Corp. (REIT) | 1419 | 54873 |  |
|  Life Storage, Inc. (REIT) | 1122 | 110517 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 5843 | 917293 |  |
|  Prologis, Inc. (REIT) | 24965 | 2814304 |  |
|  Simon Property Group, Inc. (REIT) | 1586 | 186323 |  |
|  Ventas, Inc. (REIT) | 25864 | 1165173 |  |
|  Welltower, Inc. (REIT) | 24187 | 1585458 |  |
|  |  | 21366682 |  |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | **** |
|  Cushman & Wakefield plc\* | 105596 | 1315726 |  |
|  WeWork, Inc. (x)\* | 62547 | 89443 |  |
|  |  | 1405169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 22771851 |  |
|  **Utilities (3.1%)** | **Utilities (3.1%)** | **Utilities (3.1%)** |  |
|  ***Electric Utilities (2.2%)*** | ***Electric Utilities (2.2%)*** | ***Electric Utilities (2.2%)*** | **** |
|  Constellation Energy Corp. | 25766 | 2221287 |  |
|  Edison International | 16300 | 1037006 |  |
|  Exelon Corp. | 43200 | 1867536 |  |
|  FirstEnergy Corp. | 47500 | 1992150 |  |
|  NextEra Energy, Inc. | 60900 | 5091240 |  |
|  PG&E Corp.\* | 147600 | 2399976 |  |
|  PPL Corp. | 40200 | 1174644 |  |
|  Southern Co. (The) | 50900 | 3634769 |  |
|  |  | 19418608 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 50900 | 1463884 |  |
|  ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | ***Multi-Utilities (0.8%)*** | **** |
|  CenterPoint Energy, Inc. | 26200 | 785738 |  |
|  Dominion Energy, Inc. | 32160 | 1972051 |  |
|  NiSource, Inc. | 32500 | 891150 |  |
|  Public Service Enterprise Group, Inc. | 14400 | 882288 |  |
|  Sempra Energy | 16000 | 2472640 |  |
|  |  | 7003867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 27886359 |  |
|  **Total Common Stocks (98.5%)**<br> *(Cost $786,902,031)* |  | 880369962 |  |
|  EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): | EXCHANGE TRADED FUND (ETF): |  |
|  **Equity (0.6%)** | **Equity (0.6%)** | **Equity (0.6%)** |  |
|  iShares Core S&P 500 ETF | 14000 | 5378940 |  |
|  **Total Exchange Traded Fund (0.6%)**<br> *(Cost $5,593,577)* | **Total Exchange Traded Fund (0.6%)**<br> *(Cost $5,593,577)* | 5378940 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.0%)†** | **Investment Company (0.0%)†** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 100000 | 100000 |  |

---

See Notes to Financial Statements.

727

------

**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $733,060, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $747,372. (xx) | $732718 | $732718 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $200,096, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $204,106. (xx) | 200000 | 200000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $300,147, collateralized by various Common Stocks; total market value $333,194. (xx) | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 1232718 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $1,332,718)* |  | 1332718 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $793,828,326)* | **Total Investments in Securities (99.2%)**<br> *(Cost $793,828,326)* | 887081620 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 7061110 |
|  **Net Assets (100%)** |  | $894142730 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $898,079 or 0.1% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,330,417. This was collateralized by $43,419 of various U.S. Government Treasury Securities, ranging from 0.125% - 4.497%, maturing 6/30/23 - 7/15/32 and by cash of $1,332,718 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $69646346 | $410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $69646756 |
|  Consumer Discretionary | 87252407 | 2786014 |  | 90038421 |
|  Consumer Staples | 59791574 | 651789 |  | 60443363 |
|  Energy | 47315544 |  |  | 47315544 |
|  Financials | 91973881 | 7015175 |  | 98989056 |
|  Health Care | 133764737 | 2471913 |  | 136236650 |
|  Industrials | 80621745 |  |  | 80621745 |
|  Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209682889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12403008 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222085897 |
|  Materials | 23775418 | 558902 |  | 24334320 |
|  Real Estate | 22771851 |  |  | 22771851 |
|  Utilities | 27886359 |  |  | 27886359 |
|  **Exchange Traded Fund** | 5378940 |  |  | 5378940 |

---

See Notes to Financial Statements.

728

------

**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | $100000 | $— | $— | $100000 |
|  Repurchase Agreements |  | 1232718 |  | 1232718 |
|  **Total Assets** | $**859961691** | $**27119929** | $**—** | $**887081620** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**859961691** | $**27119929** | $**—** | $**887081620** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $16964 | $16964 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16964 |

---

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| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $4 | $4 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $56,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

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| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 9%)\* | $515040999 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 8%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515457882 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $173820211 |
|  Aggregate gross unrealized depreciation | (82358791) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91461420 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795620200 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $54,280 as brokerage commissions with National Financial Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM® LARGE CAP PORTFOLIO

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $792,595,608) | $885848902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $1,232,718) | 1232718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6981651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $167,122) | 167252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1711832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 881443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 41154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 12565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 896880167 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1332718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 440068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 383105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 249679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 193792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 73797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 64278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2737437 |
|  **NET ASSETS** | $894142730 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801742265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 92400465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $894142730 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $892,616,002 / 22,294,493 shares outstanding (unlimited amount authorized: $0.01 par value) | $40.04 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $1,526,728 / 36,770 shares outstanding (unlimited amount authorized: $0.01 par value) | $41.52 |

---

*(x)* *Includes value of securities on loan of $1,330,417.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $184,701 foreign withholding tax) | $12470414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 157576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 77002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12704992 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5066568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2377640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 883914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 115300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 88382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 44149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 31036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 20015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 8627004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (347520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8279484 |
|  **NET INVESTMENT INCOME (LOSS)** | 4425508 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 37283342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 16964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (45313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37254993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (279670088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (279670604) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (242415611) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(237990103) |

---

See Notes to Financial Statements.

730

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

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***STATEMENT OF CHANGES IN NET ASSETS***

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4425508 | $3540297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37254993 | 108534129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (279670604) | 124270907 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (237990103) | 236345333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (57204806) | (117063521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (110755) | (284902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (57315561) | (117348423) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,509,550 and 677,685 shares, respectively ] | 67294628 | 36591261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,376,237 and 2,187,694 shares, respectively ] | 57204806 | 117063521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1557726) and (1816589) shares, respectively ] | (71054180) | (98547209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 53445254 | 55107573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,569 and 5,148 shares, respectively ] | 110755 | 284902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15873) and (1040) shares, respectively ] | (690906) | (58004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (580151) | 226898 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 52865103 | 55334471 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (242440561) | 174331381 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1136583291 | 962251910 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $894142730 | $1136583291 |

---

See Notes to Financial Statements.

731

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

FINANCIAL HIGHLIGHTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $54.08 | $48.20 | $39.87 | $30.69 | $34.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.18 (bb) | 0.28 | 0.32 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (11.54) | 11.80 | 10.14 | 9.21 | (3.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (11.33) | 11.98 | 10.42 | 9.53 | (3.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.21) | (0.30) | (0.35) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.48) | (5.89) | (1.79) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.71) | (6.10) | (2.09) | (0.35) | (0.08) |
|  Net asset value, end of period | $40.04 | $54.08 | $48.20 | $39.87 | $30.69 |
|  Total return (b) | (21.06)% | 25.22% | 26.32 | 31.09% | (11.31)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $892616 | $1133781 | $959968 | $810059 | $655008 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.87 %(j) | 0.87 %(j) | 0.87 | 0.87 %(j) | 0.87 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.91% | 0.90% | 0.92 | 0.94% | 0.95% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.46% | 0.33 %(cc) | 0.68 | 0.90% | 1.12 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.43% | 0.30 %(cc) | 0.63 | 0.84% | 1.03 %(l) |
|  Portfolio turnover rate^ | 54% | 53% | 88 | 72% | 88 %(z) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $55.96 | $49.68 | $41.02 | $31.56 | $35.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.33 | 0.33 (bb) | 0.39 | 0.41 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (11.94) | 12.18 | 10.46 | 9.49 | (4.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (11.61) | 12.51 | 10.85 | 9.90 | (4.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.34) | (0.40) | (0.44) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.48) | (5.89) | (1.79) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.83) | (6.23) | (2.19) | (0.44) | (0.10) |
|  Net asset value, end of period | $41.52 | $55.96 | $49.68 | $41.02 | $31.56 |
|  Total return (b) | (20.87)% | 25.53% | 26.64 | 31.41% | (11.26)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1527 | $2802 | $2283 | $1958 | $4373 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.62 %(j) | 0.62 %(j) | 0.62 | 0.62 %(j) | 0.62 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.66% | 0.65% | 0.67 | 0.69% | 0.70% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.70% | 0.58 %(cc) | 0.93 | 1.13% | 1.37 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.66% | 0.55 %(cc) | 0.88 | 1.06% | 1.28 %(l) |
|  Portfolio turnover rate^ | 54% | 53% | 88 | 72% | 88 %(z) |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

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*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.23 and $0.34 for Class IB and Class K, respectively.* 

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB and 0.62% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.13% lower.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.13 and $0.28 for Class IB and Class K respectively.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.09% lower.* 

See Notes to Financial Statements.

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**EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Franklin Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g55x01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (14.22)% | 0.65% | 2.97 | % |
| &nbsp;&nbsp;&nbsp; EQ/Franklin Moderate Allocation Index | (12.57) | 3.31 | 5.44 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.70 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.35 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/22/16.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/22/16.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/22/16.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/22/16.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.22)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Franklin Moderate Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (12.57)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• 2022 was a difficult year for asset allocation Portfolios, as broadly both equities and fixed income declined.

***What hurt performance during the year:***

• On an absolute basis, all equity and fixed income ETF holdings had negative returns over the period as rising inflation,
interest rates, geopolitical, and recession risks impacted global markets.

• Relatively, the overweight position to U.S. large cap equities was the largest equity detractor.

• The Portfolio's intermediate bond holdings underperformed the benchmark, detracting from the Portfolio's overall
relative return.

**Portfolio Positioning and Outlook — Franklin Advisers, Inc.** 

Global growth is slowing to below trend, and risks remain skewed to the downside, accentuated by the impact of monetary policy tightening. This complicates continuing supply pressures, including the ongoing war in Ukraine, in boosting inflation. In broad terms, global equities require sustained earnings growth to offset any further decrease in valuations. Earnings expectations remain elevated and vulnerable to downgrades. Tightening monetary policy has led to a rise in volatility, which offsets longer-term equity fundamentals that are still relatively supportive.

Generally healthy U.S. consumer and corporate balance sheets may help the U.S. equity market better weather a global slowdown. The outlook is more balanced, in our analysis, as profit margins may remain under pressure in the coming quarters. The stock market's attention will likely focus on whether valuations decline further as anticipated interest-rate hikes are delivered and fears of recession mount.

The Federal Reserve continues to emphasize a more hawkish response to inflation and may prompt further periods of volatility in U.S. Treasuries (UST). However, UST yields have repriced significantly to reflect policy rates moving to what we view as restrictive levels and, as growth slows, we anticipate lower yields in about a year's time.

China's economy has slowed, compounded by property market weakness, but this has led to an easier policy environment. Trade disputes remain unresolved in the longer term and are a symptom of broader tensions as heightened geopolitical stresses persist. As residual COVID-19 concerns ease, the growth outlook could improve, but regulatory concerns that dominated market sentiment are slow to fade.

In emerging markets outside of China, stronger long-term growth is being offset by emerging markets' idiosyncratic risks and exposure to slowing demand from developed market consumers. Local inflation pressures, especially for food-importing nations, may see central

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**EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO (Unaudited)** 

banks continue to increase interest rates. In our analysis, prospects for currency recovery across emerging markets are insufficient to fully offset these other factors.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 4.73 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.91 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 4.42 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 43.2% |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 32.2 |
| &nbsp;&nbsp;&nbsp; Information Technology | 5.5 |
| &nbsp;&nbsp;&nbsp; Health Care | 3.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2.6 |
| &nbsp;&nbsp;&nbsp; Financials | 2.5 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 2.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 1.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 1.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 1.4 |
| &nbsp;&nbsp;&nbsp; Energy | 1.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.7 |
| &nbsp;&nbsp;&nbsp; Materials | 0.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.6 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.9) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

735

------

**EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $999.20 | $5.79 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.42 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

736

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.6%)** | **Communication Services (1.6%)** | **Communication Services (1.6%)** |  |
|  ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | ***Diversified Telecommunication Services (0.2%)*** | **** |
|  AT&T, Inc. | 10132 | $186530 |  |
|  Lumen Technologies, Inc. | 1333 | 6959 |  |
|  Verizon Communications, Inc. | 5970 | 235218 |  |
|  |  | 428707 |  |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | **** |
|  Activision Blizzard, Inc. | 1002 | 76703 |  |
|  Electronic Arts, Inc. | 372 | 45451 |  |
|  Live Nation Entertainment, Inc.\* | 202 | 14087 |  |
|  Netflix, Inc.\* | 634 | 186954 |  |
|  Take-Two Interactive Software, Inc.\* | 220 | 22909 |  |
|  Walt Disney Co. (The)\* | 2592 | 225193 |  |
|  Warner Bros Discovery, Inc.\* | 3109 | 29473 |  |
|  |  | 600770 |  |
|  ***Interactive Media & Services (0.8%)*** | ***Interactive Media & Services (0.8%)*** | ***Interactive Media & Services (0.8%)*** | **** |
|  Alphabet, Inc., Class A\* | 8474 | 747661 |  |
|  Alphabet, Inc., Class C\* | 7512 | 666540 |  |
|  Match Group, Inc.\* | 401 | 16637 |  |
|  Meta Platforms, Inc., Class A\* | 3188 | 383644 |  |
|  |  | 1814482 |  |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** | **** |
|  Charter Communications, Inc., Class A\* | 156 | 52900 |  |
|  Comcast Corp., Class A | 6127 | 214261 |  |
|  DISH Network Corp., Class A (x)\* | 337 | 4731 |  |
|  Fox Corp., Class A | 431 | 13090 |  |
|  Fox Corp., Class B | 201 | 5718 |  |
|  Interpublic Group of Cos., Inc. (The) | 564 | 18787 |  |
|  News Corp., Class A | 547 | 9955 |  |
|  News Corp., Class B | 172 | 3172 |  |
|  Omnicom Group, Inc. | 288 | 23492 |  |
|  Paramount Global, Class B (x) | 711 | 12002 |  |
|  |  | 358108 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  T-Mobile US, Inc.\* | 847 | 118580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3320647 |  |
|  **Consumer Discretionary (2.1%)** | **Consumer Discretionary (2.1%)** | **Consumer Discretionary (2.1%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 383 | 35669 |  |
|  BorgWarner, Inc. | 345 | 13886 |  |
|  |  | 49555 |  |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | **** |
|  Ford Motor Co. | 5526 | 64267 |  |
|  General Motors Co. | 2041 | 68659 |  |
|  Tesla, Inc.\* | 3808 | 469070 |  |
|  |  | 601996 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 199 | 34528 |  |
|  LKQ Corp. | 377 | 20136 |  |
|  Pool Corp. | 55 | 16628 |  |
|  |  | 71292 |  |
|  ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | ***Hotels, Restaurants & Leisure (0.4%)*** | **** |
|  Booking Holdings, Inc.\* | 55 | 110841 |  |
|  Caesars Entertainment, Inc.\* | 297 | 12355 |  |
|  Carnival Corp. (x)\* | 1389 | 11195 |  |
|  Chipotle Mexican Grill, Inc.\* | 39 | 54112 |  |
|  Darden Restaurants, Inc. | 173 | 23931 |  |
|  Domino's Pizza, Inc. | 50 | 17320 |  |
|  Expedia Group, Inc.\* | 211 | 18484 |  |
|  Hilton Worldwide Holdings, Inc. | 382 | 48270 |  |
|  Las Vegas Sands Corp.\* | 462 | 22208 |  |
|  Marriott International, Inc., Class A | 388 | 57769 |  |
|  McDonald's Corp. | 1042 | 274598 |  |
|  MGM Resorts International | 461 | 15457 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 593 | 7258 |  |
|  Royal Caribbean Cruises Ltd.\* | 311 | 15373 |  |
|  Starbucks Corp. | 1638 | 162490 |  |
|  Wynn Resorts Ltd.\* | 146 | 12041 |  |
|  Yum! Brands, Inc. | 400 | 51232 |  |
|  |  | 914934 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 445 | 39667 |  |
|  Garmin Ltd. | 217 | 20027 |  |
|  Lennar Corp., Class A | 365 | 33033 |  |
|  Mohawk Industries, Inc.\* | 74 | 7564 |  |
|  Newell Brands, Inc. | 535 | 6998 |  |
|  NVR, Inc.\* | 4 | 18450 |  |
|  PulteGroup, Inc. | 326 | 14843 |  |
|  Whirlpool Corp. | 80 | 11317 |  |
|  |  | 151899 |  |
|  ***Internet & Direct Marketing Retail (0.5%)*** | ***Internet & Direct Marketing Retail (0.5%)*** | ***Internet & Direct Marketing Retail (0.5%)*** | **** |
|  Amazon.com, Inc.\* | 12590 | 1057560 |  |
|  eBay, Inc. | 774 | 32098 |  |
|  Etsy, Inc.\* | 176 | 21081 |  |
|  |  | 1110739 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 188 | 11470 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Dollar General Corp. | 321 | 79046 |  |
|  Dollar Tree, Inc.\* | 297 | 42008 |  |
|  Target Corp. | 654 | 97472 |  |
|  |  | 218526 |  |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | **** |
|  Advance Auto Parts, Inc. | 84 | 12351 |  |
|  AutoZone, Inc.\* | 27 | 66587 |  |
|  Bath & Body Works, Inc. | 330 | 13906 |  |
|  Best Buy Co., Inc. | 282 | 22619 |  |
|  CarMax, Inc.\* | 227 | 13822 |  |
|  Home Depot, Inc. (The) | 1453 | 458945 |  |
|  Lowe's Cos., Inc. | 876 | 174534 |  |
|  O'Reilly Automotive, Inc.\* | 90 | 75963 |  |
|  Ross Stores, Inc. | 490 | 56874 |  |
|  TJX Cos., Inc. (The) | 1652 | 131499 |  |
|  Tractor Supply Co. | 155 | 34870 |  |
|  Ulta Beauty, Inc.\* | 73 | 34242 |  |
|  |  | 1096212 |  |

---

See Notes to Financial Statements.

737

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | **** |
|  NIKE, Inc., Class B | 1778 | $208044 |  |
|  Ralph Lauren Corp. | 58 | 6129 |  |
|  Tapestry, Inc. | 348 | 13252 |  |
|  VF Corp. | 478 | 13197 |  |
|  |  | 240622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 4467245 |  |
|  **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** |  |
|  ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | ***Beverages (0.4%)*** | **** |
|  Brown-Forman Corp., Class B | 261 | 17142 |  |
|  Coca-Cola Co. (The) | 5531 | 351827 |  |
|  Constellation Brands, Inc., Class A | 233 | 53998 |  |
|  Keurig Dr Pepper, Inc. | 1197 | 42685 |  |
|  Molson Coors Beverage Co., Class B | 271 | 13962 |  |
|  Monster Beverage Corp.\* | 541 | 54928 |  |
|  PepsiCo, Inc. | 1957 | 353551 |  |
|  |  | 888093 |  |
|  ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | **** |
|  Costco Wholesale Corp. | 628 | 286682 |  |
|  Kroger Co. (The) | 911 | 40612 |  |
|  Sysco Corp. | 712 | 54433 |  |
|  Walgreens Boots Alliance, Inc. | 1007 | 37622 |  |
|  Walmart, Inc. | 2003 | 284005 |  |
|  |  | 703354 |  |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | **** |
|  Archer-Daniels-Midland Co. | 786 | 72980 |  |
|  Campbell Soup Co. | 282 | 16003 |  |
|  Conagra Brands, Inc. | 665 | 25736 |  |
|  General Mills, Inc. | 833 | 69847 |  |
|  Hershey Co. (The) | 206 | 47703 |  |
|  Hormel Foods Corp. | 410 | 18676 |  |
|  J M Smucker Co. (The) | 150 | 23769 |  |
|  Kellogg Co. | 354 | 25219 |  |
|  Kraft Heinz Co. (The) | 1120 | 45595 |  |
|  Lamb Weston Holdings, Inc. | 203 | 18140 |  |
|  McCormick & Co., Inc. (Non-Voting) | 353 | 29260 |  |
|  Mondelez International, Inc., Class A | 1932 | 128768 |  |
|  Tyson Foods, Inc., Class A | 408 | 25398 |  |
|  |  | 547094 |  |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | **** |
|  Church & Dwight Co., Inc. | 342 | 27569 |  |
|  Clorox Co. (The) | 173 | 24277 |  |
|  Colgate-Palmolive Co. | 1173 | 92421 |  |
|  Kimberly-Clark Corp. | 479 | 65024 |  |
|  Procter & Gamble Co. (The) | 3361 | 509393 |  |
|  |  | 718684 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 325 | 80636 |  |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | **** |
|  Altria Group, Inc. | 2529 | 115601 |  |
|  Philip Morris International, Inc. | 2206 | 223269 |  |
|  |  | 338870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 3276731 |  |
|  **Energy (1.1%)** | **Energy (1.1%)** | **Energy (1.1%)** |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Baker Hughes Co. | 1427 | 42139 |  |
|  Halliburton Co. | 1262 | 49660 |  |
|  Schlumberger Ltd. | 1997 | 106759 |  |
|  |  | 198558 |  |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | **** |
|  APA Corp. | 452 | 21099 |  |
|  Chevron Corp. | 2519 | 452135 |  |
|  ConocoPhillips | 1769 | 208742 |  |
|  Coterra Energy, Inc. | 1127 | 27690 |  |
|  Devon Energy Corp. | 921 | 56651 |  |
|  Diamondback Energy, Inc. | 250 | 34195 |  |
|  EOG Resources, Inc. | 828 | 107243 |  |
|  EQT Corp. | 523 | 17693 |  |
|  Exxon Mobil Corp. | 5853 | 645586 |  |
|  Hess Corp. | 394 | 55877 |  |
|  Kinder Morgan, Inc. | 2774 | 50154 |  |
|  Marathon Oil Corp. | 867 | 23470 |  |
|  Marathon Petroleum Corp. | 668 | 77748 |  |
|  Occidental Petroleum Corp. | 1048 | 66014 |  |
|  ONEOK, Inc. | 631 | 41457 |  |
|  Phillips 66 | 673 | 70046 |  |
|  Pioneer Natural Resources Co. | 335 | 76511 |  |
|  Targa Resources Corp. | 321 | 23593 |  |
|  Valero Energy Corp. | 555 | 70407 |  |
|  Williams Cos., Inc. (The) | 1704 | 56062 |  |
|  |  | 2182373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2380931 |  |
|  **Financials (2.5%)** | **Financials (2.5%)** | **Financials (2.5%)** |  |
|  ***Banks (0.8%)*** | ***Banks (0.8%)*** | ***Banks (0.8%)*** | **** |
|  Bank of America Corp. | 9923 | 328650 |  |
|  Citigroup, Inc. | 2774 | 125468 |  |
|  Citizens Financial Group, Inc. | 690 | 27165 |  |
|  Comerica, Inc. | 187 | 12501 |  |
|  Fifth Third Bancorp | 974 | 31957 |  |
|  First Republic Bank | 257 | 31326 |  |
|  Huntington Bancshares, Inc. | 2035 | 28693 |  |
|  JPMorgan Chase & Co. | 4165 | 558526 |  |
|  KeyCorp | 1309 | 22803 |  |
|  M&T Bank Corp. | 247 | 35830 |  |
|  PNC Financial Services Group, Inc. (The) | 575 | 90815 |  |
|  Regions Financial Corp. | 1316 | 28373 |  |
|  Signature Bank | 89 | 10255 |  |
|  SVB Financial Group\* | 84 | 19332 |  |
|  Truist Financial Corp. | 1874 | 80638 |  |
|  US Bancorp | 1906 | 83121 |  |
|  Wells Fargo & Co. | 5437 | 224494 |  |
|  Zions Bancorp NA | 213 | 10471 |  |
|  |  | 1750418 |  |
|  ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | **** |
|  Ameriprise Financial, Inc. | 152 | 47328 |  |
|  Bank of New York Mellon Corp. (The) | 1044 | 47523 |  |
|  BlackRock, Inc. | 213 | 150938 |  |
|  Cboe Global Markets, Inc. | 151 | 18946 |  |
|  Charles Schwab Corp. (The) | 2182 | 181673 |  |
|  CME Group, Inc. | 507 | 85257 |  |

---

See Notes to Financial Statements.

738

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  FactSet Research Systems, Inc. | 54 | $| 21665 |  |
|  Goldman Sachs Group, Inc. (The) | 482 |  | 165509 |  |
|  Intercontinental Exchange, Inc. | 789 |  | 80944 |  |
|  Invesco Ltd. | 653 |  | 11748 |  |
|  MarketAxess Holdings, Inc. | 53 |  | 14781 |  |
|  Moody's Corp. | 222 |  | 61854 |  |
|  Morgan Stanley | 1889 |  | 160603 |  |
|  MSCI, Inc. | 113 |  | 52564 |  |
|  Nasdaq, Inc. | 480 |  | 29448 |  |
|  Northern Trust Corp. | 299 |  | 26459 |  |
|  Raymond James Financial, Inc. | 274 |  | 29277 |  |
|  S&P Global, Inc. | 472 |  | 158092 |  |
|  State Street Corp. | 518 |  | 40181 |  |
| T. Rowe Price Group, Inc. | 320 |  | 34899 |  |
|  |  |  | 1419689 |  |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | **** |
|  American Express Co. | 844 |  | 124701 |  |
|  Capital One Financial Corp. | 540 |  | 50198 |  |
|  Discover Financial Services | 384 |  | 37567 |  |
|  Synchrony Financial | 678 |  | 22279 |  |
|  |  |  | 234745 |  |
|  ***Diversified Financial Services (0.4%)*** | ***Diversified Financial Services (0.4%)*** | ***Diversified Financial Services (0.4%)*** | ***Diversified Financial Services (0.4%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 2555 |  | 789239 |  |
|  ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | ***Insurance (0.5%)*** | **** |
|  Aflac, Inc. | 809 |  | 58199 |  |
|  Allstate Corp. (The) | 380 |  | 51528 |  |
|  American International Group, Inc. | 1069 |  | 67604 |  |
|  Aon plc, Class A | 296 |  | 88841 |  |
|  Arch Capital Group Ltd.\* | 523 |  | 32834 |  |
|  Arthur J Gallagher & Co. | 297 |  | 55996 |  |
|  Assurant, Inc. | 72 |  | 9004 |  |
|  Brown & Brown, Inc. | 334 |  | 19028 |  |
|  Chubb Ltd. | 589 |  | 129933 |  |
|  Cincinnati Financial Corp. | 227 |  | 23242 |  |
|  Everest Re Group Ltd. | 55 |  | 18220 |  |
|  Globe Life, Inc. | 134 |  | 16154 |  |
|  Hartford Financial Services Group, Inc. (The) | 454 |  | 34427 |  |
|  Lincoln National Corp. | 229 |  | 7035 |  |
|  Loews Corp. | 282 |  | 16449 |  |
|  Marsh & McLennan Cos., Inc. | 700 |  | 115836 |  |
|  MetLife, Inc. | 942 |  | 68172 |  |
|  Principal Financial Group, Inc. | 330 |  | 27694 |  |
|  Progressive Corp. (The) | 822 |  | 106622 |  |
|  Prudential Financial, Inc. | 523 |  | 52018 |  |
|  Travelers Cos., Inc. (The) | 337 |  | 63184 |  |
|  W R Berkley Corp. | 287 |  | 20828 |  |
|  Willis Towers Watson plc | 153 |  | 37421 |  |
|  |  |  | 1120269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 5314360 |  |
|  **Health Care (3.4%)** | **Health Care (3.4%)** | **Health Care (3.4%)** | **Health Care (3.4%)** |  |
|  ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | ***Biotechnology (0.5%)*** | **** |
|  AbbVie, Inc. | 2503 |  | 404510 |  |
|  Amgen, Inc. | 760 |  | 199606 |  |
|  Biogen, Inc.\* | 205 |  | 56769 |  |
|  Gilead Sciences, Inc. | 1768 |  | 151783 |  |
|  Incyte Corp.\* | 265 |  | 21285 |  |
|  Moderna, Inc.\* | 473 |  | 84960 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 151 |  | 108945 |  |
|  Vertex Pharmaceuticals, Inc.\* | 368 |  | 106271 |  |
|  |  |  | 1134129 |  |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | **** |
|  Abbott Laboratories | 2463 |  | 270413 |  |
|  Align Technology, Inc.\* | 104 |  | 21934 |  |
|  Baxter International, Inc. | 701 |  | 35730 |  |
|  Becton Dickinson and Co. | 402 |  | 102229 |  |
|  Boston Scientific Corp.\* | 2018 |  | 93373 |  |
|  Cooper Cos., Inc. (The) | 70 |  | 23147 |  |
|  Dentsply Sirona, Inc. | 308 |  | 9807 |  |
|  Dexcom, Inc.\* | 551 |  | 62395 |  |
|  Edwards Lifesciences Corp.\* | 869 |  | 64836 |  |
|  Hologic, Inc.\* | 351 |  | 26258 |  |
|  IDEXX Laboratories, Inc.\* | 117 |  | 47731 |  |
|  Intuitive Surgical, Inc.\* | 502 |  | 133206 |  |
|  Medtronic plc | 1904 |  | 147979 |  |
|  ResMed, Inc. | 204 |  | 42458 |  |
|  STERIS plc | 141 |  | 26041 |  |
|  Stryker Corp. | 474 |  | 115888 |  |
|  Teleflex, Inc. | 65 |  | 16226 |  |
|  Zimmer Biomet Holdings, Inc. | 296 |  | 37740 |  |
|  |  |  | 1277391 |  |
|  ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | ***Health Care Providers & Services (0.8%)*** | **** |
|  AmerisourceBergen Corp. | 232 |  | 38445 |  |
|  Cardinal Health, Inc. | 382 |  | 29364 |  |
|  Centene Corp.\* | 805 |  | 66018 |  |
|  Cigna Corp. | 436 |  | 144464 |  |
|  CVS Health Corp. | 1870 |  | 174265 |  |
|  DaVita, Inc.\* | 74 |  | 5526 |  |
|  Elevance Health, Inc. | 337 |  | 172871 |  |
|  HCA Healthcare, Inc. | 303 |  | 72708 |  |
|  Henry Schein, Inc.\* | 190 |  | 15175 |  |
|  Humana, Inc. | 182 |  | 93219 |  |
|  Laboratory Corp. of America Holdings | 128 |  | 30142 |  |
|  McKesson Corp. | 203 |  | 76149 |  |
|  Molina Healthcare, Inc.\* | 82 |  | 27078 |  |
|  Quest Diagnostics, Inc. | 166 |  | 25969 |  |
|  UnitedHealth Group, Inc. | 1323 |  | 701428 |  |
|  Universal Health Services, Inc., Class B | 93 |  | 13103 |  |
|  |  |  | 1685924 |  |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | **** |
|  Agilent Technologies, Inc. | 420 |  | 62853 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 30 |  | 12615 |  |
|  Bio-Techne Corp. | 216 |  | 17902 |  |
|  Charles River Laboratories International, Inc.\* | 71 |  | 15471 |  |
|  Danaher Corp. | 931 |  | 247106 |  |
|  Illumina, Inc.\* | 220 |  | 44484 |  |
|  IQVIA Holdings, Inc.\* | 264 |  | 54091 |  |
|  Mettler-Toledo International, Inc.\* | 32 |  | 46254 |  |
|  PerkinElmer, Inc. | 180 |  | 25239 |  |
|  Thermo Fisher Scientific, Inc. | 556 |  | 306184 |  |
|  Waters Corp.\* | 84 |  | 28777 |  |
|  West Pharmaceutical Services, Inc. | 103 |  | 24241 |  |
|  |  |  | 885217 |  |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | **** |
|  Bristol-Myers Squibb Co. | 3003 |  | 216066 |  |
|  Catalent, Inc.\* | 247 |  | 11117 |  |

---

See Notes to Financial Statements.

739

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Eli Lilly and Co. | 1117 | $| 408643 |  |
|  Johnson & Johnson | 3710 |  | 655372 |  |
|  Merck & Co., Inc. | 3594 |  | 398754 |  |
|  Organon & Co. | 374 |  | 10446 |  |
|  Pfizer, Inc. | 7969 |  | 408332 |  |
|  Viatris, Inc. | 1750 |  | 19477 |  |
|  Zoetis, Inc. | 657 |  | 96283 |  |
|  |  |  | 2224490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 7207151 |  |
|  **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** | **Industrials (1.9%)** |  |
|  ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | **** |
|  Boeing Co. (The)\* | 797 |  | 151821 |  |
|  General Dynamics Corp. | 316 |  | 78403 |  |
|  Howmet Aerospace, Inc. | 530 |  | 20887 |  |
|  Huntington Ingalls Industries, Inc. | 56 |  | 12918 |  |
|  L3Harris Technologies, Inc. | 271 |  | 56425 |  |
|  Lockheed Martin Corp. | 332 |  | 161515 |  |
|  Northrop Grumman Corp. | 204 |  | 111304 |  |
|  Raytheon Technologies Corp. | 2080 |  | 209914 |  |
|  Textron, Inc. | 301 |  | 21311 |  |
|  TransDigm Group, Inc. | 73 |  | 45964 |  |
|  |  |  | 870462 |  |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | **** |
|  CH Robinson Worldwide, Inc. | 177 |  | 16206 |  |
|  Expeditors International of Washington, Inc. | 228 |  | 23694 |  |
|  FedEx Corp. | 339 |  | 58715 |  |
|  United Parcel Service, Inc., Class B | 1028 |  | 178707 |  |
|  |  |  | 277322 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 177 |  | 7600 |  |
|  American Airlines Group, Inc.\* | 942 |  | 11982 |  |
|  Delta Air Lines, Inc.\* | 898 |  | 29508 |  |
|  Southwest Airlines Co.\* | 832 |  | 28014 |  |
|  United Airlines Holdings, Inc.\* | 458 |  | 17267 |  |
|  |  |  | 94371 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  A O Smith Corp. | 181 |  | 10360 |  |
|  Allegion plc | 125 |  | 13158 |  |
|  Carrier Global Corp. | 1183 |  | 48799 |  |
|  Johnson Controls International plc | 965 |  | 61760 |  |
|  Masco Corp. | 309 |  | 14421 |  |
|  Trane Technologies plc | 324 |  | 54461 |  |
|  |  |  | 202959 |  |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |
|  Cintas Corp. | 121 |  | 54646 |  |
|  Copart, Inc.\* | 600 |  | 36534 |  |
|  Republic Services, Inc. | 289 |  | 37278 |  |
|  Rollins, Inc. | 319 |  | 11656 |  |
|  Waste Management, Inc. | 527 |  | 82676 |  |
|  |  |  | 222790 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  Quanta Services, Inc. | 199 |  | 28357 |  |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | **** |
|  AMETEK, Inc. | 325 |  | 45409 |  |
|  Eaton Corp. plc | 564 |  | 88520 |  |
|  Emerson Electric Co. | 853 |  | 81939 |  |
|  Generac Holdings, Inc.\* | 90 |  | 9059 |  |
|  Rockwell Automation, Inc. | 163 |  | 41984 |  |
|  |  |  | 266911 |  |
|  ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | ***Industrial Conglomerates (0.2%)*** | **** |
|  3M Co. | 779 |  | 93418 |  |
|  General Electric Co. | 1538 |  | 128869 |  |
|  Honeywell International, Inc. | 960 |  | 205728 |  |
|  |  |  | 428015 |  |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | **** |
|  Caterpillar, Inc. | 735 |  | 176077 |  |
|  Cummins, Inc. | 197 |  | 47731 |  |
|  Deere & Co. | 390 |  | 167216 |  |
|  Dover Corp. | 201 |  | 27218 |  |
|  Fortive Corp. | 501 |  | 32189 |  |
|  IDEX Corp. | 106 |  | 24203 |  |
|  Illinois Tool Works, Inc. | 395 |  | 87019 |  |
|  Ingersoll Rand, Inc. | 568 |  | 29678 |  |
|  Nordson Corp. | 75 |  | 17829 |  |
|  Otis Worldwide Corp. | 590 |  | 46203 |  |
|  PACCAR, Inc. | 490 |  | 48495 |  |
|  Parker-Hannifin Corp. | 181 |  | 52671 |  |
|  Pentair plc | 231 |  | 10390 |  |
|  Snap-on, Inc. | 74 |  | 16908 |  |
|  Stanley Black & Decker, Inc. | 208 |  | 15625 |  |
|  Westinghouse Air Brake Technologies Corp. | 262 |  | 26150 |  |
|  Xylem, Inc. | 250 |  | 27643 |  |
|  |  |  | 853245 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  CoStar Group, Inc.\* | 586 |  | 45286 |  |
|  Equifax, Inc. | 174 |  | 33819 |  |
|  Jacobs Solutions, Inc. | 178 |  | 21372 |  |
|  Leidos Holdings, Inc. | 192 |  | 20197 |  |
|  Robert Half International, Inc. | 160 |  | 11813 |  |
|  Verisk Analytics, Inc. | 220 |  | 38812 |  |
|  |  |  | 171299 |  |
|  ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | **** |
|  CSX Corp. | 3011 |  | 93281 |  |
|  JB Hunt Transport Services, Inc. | 116 |  | 20226 |  |
|  Norfolk Southern Corp. | 329 |  | 81072 |  |
|  Old Dominion Freight Line, Inc. | 129 |  | 36607 |  |
|  Union Pacific Corp. | 866 |  | 179323 |  |
|  |  |  | 410509 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Fastenal Co. | 804 |  | 38045 |  |
|  United Rentals, Inc.\* | 99 |  | 35187 |  |
|  WW Grainger, Inc. | 64 |  | 35600 |  |
|  |  |  | 108832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 3935072 |  |
|  **Information Technology (5.5%)** | **Information Technology (5.5%)** | **Information Technology (5.5%)** | **Information Technology (5.5%)** |  |
|  ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | **** |
|  Arista Networks, Inc.\* | 347 |  | 42109 |  |
|  Cisco Systems, Inc. | 5827 |  | 277598 |  |
|  F5, Inc.\* | 86 |  | 12342 |  |
|  Juniper Networks, Inc. | 468 |  | 14957 |  |

---

See Notes to Financial Statements.

740

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Motorola Solutions, Inc. | 235 | $| 60562 |  |
|  |  |  | 407568 |  |
|  ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | ***Electronic Equipment, Instruments & Components (0.1%)*** | **** |
|  Amphenol Corp., Class A | 862 |  | 65633 |  |
|  CDW Corp. | 189 |  | 33751 |  |
|  Corning, Inc. | 1072 |  | 34240 |  |
|  Keysight Technologies, Inc.\* | 254 |  | 43452 |  |
|  TE Connectivity Ltd. | 450 |  | 51660 |  |
|  Teledyne Technologies, Inc.\* | 65 |  | 25994 |  |
|  Trimble, Inc.\* | 349 |  | 17645 |  |
|  Zebra Technologies Corp., Class A\* | 73 |  | 18718 |  |
|  |  |  | 291093 |  |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | **** |
|  Accenture plc, Class A | 898 |  | 239622 |  |
|  Akamai Technologies, Inc.\* | 220 |  | 18546 |  |
|  Automatic Data Processing, Inc. | 592 |  | 141405 |  |
|  Broadridge Financial Solutions, Inc. | 162 |  | 21729 |  |
|  Cognizant Technology Solutions Corp., Class A | 734 |  | 41977 |  |
|  DXC Technology Co.\* | 334 |  | 8851 |  |
|  EPAM Systems, Inc.\* | 81 |  | 26547 |  |
|  Fidelity National Information Services, Inc. | 854 |  | 57944 |  |
|  Fiserv, Inc.\* | 900 |  | 90963 |  |
|  FleetCor Technologies, Inc.\* | 106 |  | 19470 |  |
|  Gartner, Inc.\* | 112 |  | 37648 |  |
|  Global Payments, Inc. | 389 |  | 38635 |  |
|  International Business Machines Corp. | 1286 |  | 181185 |  |
|  Jack Henry & Associates, Inc. | 101 |  | 17732 |  |
|  Mastercard, Inc., Class A | 1207 |  | 419710 |  |
|  Paychex, Inc. | 452 |  | 52233 |  |
|  PayPal Holdings, Inc.\* | 1630 |  | 116089 |  |
|  VeriSign, Inc.\* | 131 |  | 26913 |  |
|  Visa, Inc., Class A | 2319 |  | 481795 |  |
|  |  |  | 2038994 |  |
|  ***Semiconductors & Semiconductor Equipment (1.1%)*** | ***Semiconductors & Semiconductor Equipment (1.1%)*** | ***Semiconductors & Semiconductor Equipment (1.1%)*** | ***Semiconductors & Semiconductor Equipment (1.1%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 2276 |  | 147417 |  |
|  Analog Devices, Inc. | 729 |  | 119578 |  |
|  Applied Materials, Inc. | 1222 |  | 118998 |  |
|  Broadcom, Inc. | 573 |  | 320382 |  |
|  Enphase Energy, Inc.\* | 197 |  | 52197 |  |
|  First Solar, Inc.\* | 146 |  | 21869 |  |
|  Intel Corp. | 5861 |  | 154906 |  |
|  KLA Corp. | 199 |  | 75029 |  |
|  Lam Research Corp. | 192 |  | 80698 |  |
|  Microchip Technology, Inc. | 776 |  | 54514 |  |
|  Micron Technology, Inc. | 1560 |  | 77969 |  |
|  Monolithic Power Systems, Inc. | 63 |  | 22278 |  |
|  NVIDIA Corp. | 3535 |  | 516605 |  |
|  NXP Semiconductors NV | 368 |  | 58155 |  |
|  ON Semiconductor Corp.\* | 616 |  | 38420 |  |
|  Qorvo, Inc.\* | 149 |  | 13505 |  |
|  QUALCOMM, Inc. | 1599 |  | 175794 |  |
|  Skyworks Solutions, Inc. | 224 |  | 20413 |  |
|  SolarEdge Technologies, Inc.\* | 79 |  | 22378 |  |
|  Teradyne, Inc. | 221 |  | 19304 |  |
|  Texas Instruments, Inc. | 1286 |  | 212473 |  |
|  |  |  | 2322882 |  |
|  ***Software (1.8%)*** | ***Software (1.8%)*** | ***Software (1.8%)*** | ***Software (1.8%)*** | **** |
|  Adobe, Inc.\* | 657 |  | 221100 |  |
|  ANSYS, Inc.\* | 122 |  | 29474 |  |
|  Autodesk, Inc.\* | 304 |  | 56808 |  |
|  Cadence Design Systems, Inc.\* | 384 |  | 61686 |  |
|  Ceridian HCM Holding, Inc.\* | 218 |  | 13985 |  |
|  Fortinet, Inc.\* | 912 |  | 44588 |  |
|  Gen Digital, Inc. | 850 |  | 18215 |  |
|  Intuit, Inc. | 402 |  | 156466 |  |
|  Microsoft Corp. | 10571 |  | 2535137 |  |
|  Oracle Corp. | 2182 |  | 178357 |  |
|  Paycom Software, Inc.\* | 68 |  | 21101 |  |
|  PTC, Inc.\* | 146 |  | 17526 |  |
|  Roper Technologies, Inc. | 153 |  | 66110 |  |
|  Salesforce, Inc.\* | 1422 |  | 188543 |  |
|  ServiceNow, Inc.\* | 284 |  | 110269 |  |
|  Synopsys, Inc.\* | 216 |  | 68967 |  |
|  Tyler Technologies, Inc.\* | 59 |  | 19022 |  |
|  |  |  | 3807354 |  |
|  ***Technology Hardware, Storage & Peripherals (1.3%)*** | ***Technology Hardware, Storage & Peripherals (1.3%)*** | ***Technology Hardware, Storage & Peripherals (1.3%)*** | ***Technology Hardware, Storage & Peripherals (1.3%)*** | **** |
|  Apple, Inc. | 21203 |  | 2754906 |  |
|  Hewlett Packard Enterprise Co. | 1834 |  | 29271 |  |
|  HP, Inc. | 1281 |  | 34420 |  |
|  NetApp, Inc. | 305 |  | 18318 |  |
|  Seagate Technology Holdings plc | 275 |  | 14468 |  |
|  Western Digital Corp.\* | 435 |  | 13724 |  |
|  |  |  | 2865107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 11732998 |  |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |  |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | **** |
|  Air Products and Chemicals, Inc. | 313 |  | 96485 |  |
|  Albemarle Corp. | 164 |  | 35565 |  |
|  Celanese Corp. | 140 |  | 14314 |  |
|  CF Industries Holdings, Inc. | 281 |  | 23941 |  |
|  Corteva, Inc. | 1007 |  | 59192 |  |
|  Dow, Inc. | 1019 |  | 51347 |  |
|  DuPont de Nemours, Inc. | 705 |  | 48384 |  |
|  Eastman Chemical Co. | 173 |  | 14089 |  |
|  Ecolab, Inc. | 348 |  | 50655 |  |
|  FMC Corp. | 173 |  | 21590 |  |
|  International Flavors & Fragrances, Inc. | 358 |  | 37533 |  |
|  Linde plc | 702 |  | 228978 |  |
|  LyondellBasell Industries NV, Class A | 353 |  | 29310 |  |
|  Mosaic Co. (The) | 495 |  | 21716 |  |
|  PPG Industries, Inc. | 331 |  | 41620 |  |
|  Sherwin-Williams Co. (The) | 340 |  | 80692 |  |
|  |  |  | 855411 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc. | 88 |  | 29741 |  |
|  Vulcan Materials Co. | 187 |  | 32746 |  |
|  |  |  | 62487 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 2140 |  | 25488 |  |
|  Avery Dennison Corp. | 115 |  | 20815 |  |
|  Ball Corp. | 435 |  | 22246 |  |
|  International Paper Co. | 518 |  | 17938 |  |

---

See Notes to Financial Statements.

741

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Packaging Corp. of America | 132 | $| 16884 |  |
|  Sealed Air Corp. | 206 |  | 10275 |  |
|  Westrock Co. | 349 |  | 12271 |  |
|  |  |  | 125917 |  |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | **** |
|  Freeport-McMoRan, Inc. | 2003 |  | 76114 |  |
|  Newmont Corp. | 1105 |  | 52156 |  |
|  Nucor Corp. | 365 |  | 48110 |  |
|  Steel Dynamics, Inc. | 240 |  | 23448 |  |
|  |  |  | 199828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 1243643 |  |
|  **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 208 |  | 30299 |  |
|  American Tower Corp. (REIT) | 665 |  | 140887 |  |
|  AvalonBay Communities, Inc. (REIT) | 195 |  | 31496 |  |
|  Boston Properties, Inc. (REIT) | 198 |  | 13381 |  |
|  Camden Property Trust (REIT) | 153 |  | 17118 |  |
|  Crown Castle, Inc. (REIT) | 609 |  | 82605 |  |
|  Digital Realty Trust, Inc. (REIT) | 403 |  | 40409 |  |
|  Equinix, Inc. (REIT) | 133 |  | 87119 |  |
|  Equity Residential (REIT) | 479 |  | 28261 |  |
|  Essex Property Trust, Inc. (REIT) | 92 |  | 19497 |  |
|  Extra Space Storage, Inc. (REIT) | 189 |  | 27817 |  |
|  Federal Realty Investment Trust (REIT) | 99 |  | 10003 |  |
|  Healthpeak Properties, Inc. (REIT) | 764 |  | 19153 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 1004 |  | 16114 |  |
|  Invitation Homes, Inc. (REIT) | 814 |  | 24127 |  |
|  Iron Mountain, Inc. (REIT) | 416 |  | 20737 |  |
|  Kimco Realty Corp. (REIT) | 885 |  | 18744 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 162 |  | 25432 |  |
|  Prologis, Inc. (REIT) | 1320 |  | 148804 |  |
|  Public Storage (REIT) | 222 |  | 62202 |  |
|  Realty Income Corp. (REIT) (x) | 904 |  | 57341 |  |
|  Regency Centers Corp. (REIT) | 217 |  | 13562 |  |
|  SBA Communications Corp. (REIT) | 152 |  | 42607 |  |
|  Simon Property Group, Inc. (REIT) | 460 |  | 54041 |  |
|  UDR, Inc. (REIT) | 431 |  | 16693 |  |
|  Ventas, Inc. (REIT) | 556 |  | 25048 |  |
|  VICI Properties, Inc. (REIT) | 1357 |  | 43967 |  |
|  Vornado Realty Trust (REIT) | 216 |  | 4495 |  |
|  Welltower, Inc. (REIT) | 692 |  | 45361 |  |
|  Weyerhaeuser Co. (REIT) | 1052 |  | 32612 |  |
|  |  |  | 1199932 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 452 |  | 34786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1234718 |  |
|  **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |  |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | **** |
|  Alliant Energy Corp. | 353 |  | 19489 |  |
|  American Electric Power Co., Inc. | 725 |  | 68839 |  |
|  Constellation Energy Corp. | 463 |  | 39915 |  |
|  Duke Energy Corp. | 1106 |  | 113907 |  |
|  Edison International | 537 |  | 34164 |  |
|  Entergy Corp. | 287 |  | 32288 |  |
|  Evergy, Inc. | 323 |  | 20326 |  |
|  Eversource Energy | 486 |  | 40746 |  |
|  Exelon Corp. | 1395 |  | 60306 |  |
|  FirstEnergy Corp. | 763 |  | 32000 |  |
|  NextEra Energy, Inc. | 2834 |  | 236922 |  |
|  NRG Energy, Inc. | 329 |  | 10469 |  |
|  PG&E Corp.\* | 2275 |  | 36991 |  |
|  Pinnacle West Capital Corp. | 165 |  | 12547 |  |
|  PPL Corp. | 1036 |  | 30272 |  |
|  Southern Co. (The) | 1566 |  | 111828 |  |
|  Xcel Energy, Inc. | 771 |  | 54055 |  |
|  |  |  | 955064 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 198 |  | 22190 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 932 |  | 26804 |  |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | **** |
|  Ameren Corp. | 368 |  | 32723 |  |
|  CenterPoint Energy, Inc. | 880 |  | 26391 |  |
|  CMS Energy Corp. | 405 |  | 25649 |  |
|  Consolidated Edison, Inc. | 501 |  | 47750 |  |
|  Dominion Energy, Inc. | 1170 |  | 71745 |  |
|  DTE Energy Co. | 272 |  | 31968 |  |
|  NiSource, Inc. | 586 |  | 16068 |  |
|  Public Service Enterprise Group, Inc. | 734 |  | 44972 |  |
|  Sempra Energy | 443 |  | 68461 |  |
|  WEC Energy Group, Inc. | 442 |  | 41442 |  |
|  |  |  | 407169 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Works Co., Inc. | 270 |  | 41154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 1452381 |  |
|  **Total Common Stocks (21.5%)**<br> *(Cost $36,991,204)* |  |  | 45565877 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (32.2%)** | **Equity (32.2%)** | **Equity (32.2%)** | **Equity (32.2%)** |  |
|  iShares Core MSCI EAFE ETF | 854356 |  | 52662504 |  |
|  iShares Core S&P Mid-Cap ETF | 32576 |  | 7879808 |  |
|  iShares Russell 2000 ETF (x) | 44247 |  | 7714907 |  |
|  **Total Exchange Traded Funds (32.2%)<br>(***Cost $64,769,043***)** |  |  | 68257219 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Treasury Obligations (43.2%)** | **U.S. Treasury Obligations (43.2%)** | **U.S. Treasury Obligations (43.2%)** | **U.S. Treasury Obligations (43.2%)** |  |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | $10337000 |  | 9794281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/30/25 | 3902000 |  | 3758775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 8063000 |  | 7148311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 13724500 |  | 12786171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 8651000 |  | 8075900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 5/31/27 | 2574000 |  | 2429218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 5080500 |  | 4312065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 9566500 |  | 8333126 |  |

---

See Notes to Financial Statements.

742

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | $14661500 | $13830345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 | 7955000 | 6809276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 | 8242000 | 7093408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 8050000 | 7334896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 91705772 |
|  **Total Long-Term Debt Securities (43.2%)**<br> *(Cost $97,722,069)* |  | 91705772 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.4%)** | **Investment Companies (1.4%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 | 1000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 2018137 | 2019147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3019147 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (2.6%)** | **Repurchase Agreements (2.6%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,962,338, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $4,039,700. (xx) | $3960490 | 3960490 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,601,384, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,742,126. (xx) | 1600000 | 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 5560490 |
|  **Total Short-Term Investments (4.0%)**<br> *(Cost $8,579,586)* | **Total Short-Term Investments (4.0%)**<br> *(Cost $8,579,586)* | 8579637 |
|  **Total Investments in Securities (100.9%)**<br> *(Cost $208,061,902)* |  | 214108505 |
|  **Other Assets Less Liabilities (-0.9%)** | **Other Assets Less Liabilities (-0.9%)** | (1846251) |
|  **Net Assets (100%)** |  | $212262254 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $6,411,568. This was collateralized by $3,830 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.250%, maturing 5/31/23 – 5/15/51 and by cash of $6,560,490 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Short Contracts** |  |  |  |  |  |
|  MSCI EAFE E-Mini Index | (43) | 3/2023 | USD | (4191210) | 67995 |
|  Russell 2000 E-Mini Index | (7) | 3/2023 | USD | (619815) | 14274 |
|  S&P 500 E-Mini Index | (18) | 3/2023 | USD | (3474900) | 96958 |
|  S&P Midcap 400 E-Mini Index | (3) | 3/2023 | USD | (732780) | 13130 |
|  |  |  |  |  | 192357 |

---

See Notes to Financial Statements.

743

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other**<br> **Observable Inputs**<br> **(including quoted prices**<br> **for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Portfolio's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3320647 | $— | $— | $3320647 |
|  Consumer Discretionary | 4467245 |  |  | 4467245 |
|  Consumer Staples | 3276731 |  |  | 3276731 |
|  Energy | 2380931 |  |  | 2380931 |
|  Financials | 5314360 |  |  | 5314360 |
|  Health Care | 7207151 |  |  | 7207151 |
|  Industrials | 3935072 |  |  | 3935072 |
|  Information Technology | 11732998 |  |  | 11732998 |
|  Materials | 1243643 |  |  | 1243643 |
|  Real Estate | 1234718 |  |  | 1234718 |
|  Utilities | 1452381 |  |  | 1452381 |
|  **Exchange Traded Funds** | 68257219 |  |  | 68257219 |
|  **Futures** | 192357 |  |  | 192357 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3019147 |  |  | 3019147 |
|  Repurchase Agreements |  | 5560490 |  | 5560490 |
|  **U.S. Treasury Obligations** |  | 91705772 |  | 91705772 |
|  **Total Assets** | $**117034600** | $**97266262** | $**—** | $**214300862** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**117034600** | $**97266262** | $**—** | $**214300862** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Receivables, Net assets – Unrealized appreciation | $192357 \* |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192357 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $11790 | $11790 |
|  Equity contracts | (1303890) | (1303890) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1292100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1292100) |

---

See Notes to Financial Statements.

744

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $189566 | $189566 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189566 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $13,488,000 for eleven months during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $18201777 |
|  Long-term U.S. government debt securities | 118523243 |
|  | $136725020 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $11758810 |
|  Long-term U.S. government debt securities | 121118404 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132877214 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $16720284 |
|  Aggregate gross unrealized depreciation | (10711923) |
|  Net unrealized appreciation | $6008361 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208292501 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $3 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

745

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $202,501,412) | $208548015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,560,490) | 5560490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3722877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 350683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 526213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 188287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 166382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 219066235 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 6560490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 123895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 45462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 23636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6803981 |
|  **NET ASSETS** | $212262254 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $235813972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (23551718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $212262254 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $212,262,254 / 21,078,280 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.07 |

---

*(x)* *Includes value of securities on loan of $6,411,568.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $379 foreign withholding tax) | $2491271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1557493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 36574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4085338 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1759428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 549820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 271326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2690426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (138534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2551892 |
|  **NET INVESTMENT INCOME (LOSS)** | 1533446 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (6600947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1292100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7893047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (29282568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 189566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (29093002) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (36986049) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(35452603) |

---

See Notes to Financial Statements.

746

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1533446 | $942098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7893047) | 7377741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (29093002) | 9874165 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (35452603) | 18194004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2367057) | (17975929) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,503,713 and 1,161,981 shares, respectively ] | 26510973 | 14307630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 231,799 and 1,513,401 shares, respectively ] | 2367057 | 17975929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2098770) and (734049) shares, respectively ] | (21390016) | (9059266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 7488014 | 23224293 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 7488014 | 23224293 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (30331646) | 23442368 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 242593900 | 219151532 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $212262254 | $242593900 |

---

See Notes to Financial Statements.

747

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.87 | $11.85 | $11.63 | $10.83 | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.05 | 0.04 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.75) | 0.92 | 0.29 | 1.49 | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.68) | 0.97 | 0.33 | 1.62 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.11) | (0.03) | (0.05) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.92) | (0.06) | (0.70) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.95) | (0.11) | (0.82) | (0.15) |
|  Net asset value, end of year | $10.07 | $11.87 | $11.85 | $11.63 | $10.83 |
|  Total return | (14.22)% | 8.27% | 2.85% | 14.98% | (5.96)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162945 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.16 %(j) | 1.17 %(k) | 1.17 %(k) | 1.14 %(k) | 1.09 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.21% | 1.24% | 1.23% | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.70% | 0.41% | 0.39% | 1.12% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63% | 0.36% | 0.33% | 1.03% | 1.24% |
|  Portfolio turnover rate^ | 61% | 69% | 77% | 305% | 506% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

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**EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Franklin Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g77b63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (10.60)% | 11.59 | % |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 10.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (10.60)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection and underweightings in the Information Technology and Consumer Discretionary sectors contributed to
relative performance during the period. A lack of exposure to the Communication Services sector also enhanced relative results.

• The Portfolio's relative contributors included Raytheon Technologies Corp., Becton Dickinson and Company, and
Honeywell International, Inc.

• Shares of defense contractor Raytheon Technologies Corp. rallied during the period, buoyed by growing U.S. Department of
Defense budgets, as well as additional demand for U.S.-made defense systems to assist Ukraine in its war with Russia. We believe demand for Raytheon's missile defense systems will continue, though there could be some pressure on its commercial
air division if a recessionary environment were to emerge.

• Medical device manufacturer Becton Dickinson and Company was also a top contributor as the company reported third-quarter
2022 earnings that surpassed consensus expectations. Performance was especially strong in its BD medical division (which accounts for nearly half of the company's overall revenue). Medication management solutions sales grew year-over-year as
hospital census increases in the United States and Europe outweighed flat sales of Alaris infusion pumps under medical necessity allowances in the United States.

• In the Industrials sector, shares of diversified technology and manufacturing company Honeywell surged late in the
reporting period after the company reported upbeat third-quarter earnings and full-year 2022 guidance. Year-over-year sales increases were particularly pronounced in its building technologies and performance materials lines of business.

***What hurt performance during the year:***

• In contrast, security selection in the Health Care sector hampered relative returns, as did an underweighting in the Energy
sector and a lack of exposure to the Utilities sector.

• Notable detractors for the period included West Pharmaceutical Services, Inc., Accenture plc and NIKE Inc.

• Shares of drug packaging and delivery company West Pharmaceutical Services declined during the period as sales in its
contract manufacturing business were softer in 2021. The company lowered its full-year 2022 guidance during the year as management noted decreasing demand for COVID-19 related products. We remain constructive on the company, however, given its
potential to drive customers to higher-margin services and build out its international presence as emerging markets move toward more stringent pharmaceutical standards.

• Global information technology services giant Accenture detracted during the period after its shares posted a record high in
late 2021. Technology stocks were pressured by concerns over rising interest rates during 2022, and later in the year, foreign exchange headwinds lowered earnings despite strong revenue

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**EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO (Unaudited)** 

growth and stable margins. While the market has been concerned with a possible peak in demand for digital transformation consulting as the pandemic ebbs, we are constructive on Accenture's growth prospects, sales pipeline and cost-control efforts.

• Sportswear manufacturer NIKE weighed on performance, pressured by supply-chain disruptions and production shortfalls, as
well as softer market conditions in China. In June, NIKE lowered its guidance amid margin pressures and uncertainty surrounding China. More recently, the company felt the combined impact of supply-chain issues and sharply rising inflation as
inventories surged, driving markdowns that lowered earnings. We continue to believe that NIKE's strong brand and direct-to-consumer digital strategy will likely help it maintain market share and pricing advantages over an increasingly
competitive field.

**Portfolio Positioning and Outlook — Franklin Advisers, Inc.** 

At period end, the Portfolio's largest sector concentration was Information Technology, followed by Industrials and Health Care.

We continue to believe that a balanced portfolio is best positioned to take advantage of market opportunities going forward. Risks to future economic growth have increased, and we expect that elevated risk levels will likely remain through 2023. We continue to believe that a more cautious stance is warranted as we monitor some key uncertainties and vulnerabilities. While economic trends have remained stable, persistent and broad-based inflation remains a key global issue moving forward. The Federal Reserve faces the difficult challenge of reining in inflation without pushing the economy into a recession. The war in Ukraine, which exacerbated inflationary pressures and added to supply-chain disruptions, continues with no end in sight. There are increasing signs that inflation is weighing on consumers in the United States and elsewhere. While we are keeping a close eye on the impact of these developments — including the possibility of slowing corporate profit growth — and incorporating these risks into our thinking, our primary focus remains the same: We seek quality companies that we believe have attractive positions in their respective markets and can perform well over the long term.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 22.4% |
| &nbsp;&nbsp;&nbsp; Industrials | 20.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 19.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.8 |
| &nbsp;&nbsp;&nbsp; Materials | 9.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 8.7 |
| &nbsp;&nbsp;&nbsp; Financials | 3.6 |
| &nbsp;&nbsp;&nbsp; Energy | 3.5 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.3 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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**EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO (Unaudited)** 

compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1084.40 | $4.56 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.83 | 4.42 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.87%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.87%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.87%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.87%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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**EQ ADVISORS TRUST** 

EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Consumer Discretionary (9.8%)** | **Consumer Discretionary (9.8%)** | **Consumer Discretionary (9.8%)** |  |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | **** |
|  McDonald's Corp. | 22659 | $5971326 |  |
|  Starbucks Corp. | 15781 | 1565475 |  |
|  |  | 7536801 |  |
|  ***Multiline Retail (1.8%)*** | ***Multiline Retail (1.8%)*** | ***Multiline Retail (1.8%)*** | **** |
|  Target Corp. | 37204 | 5544884 |  |
|  ***Specialty Retail (3.6%)*** | ***Specialty Retail (3.6%)*** | ***Specialty Retail (3.6%)*** | **** |
|  Lowe's Cos., Inc. | 29831 | 5943529 |  |
|  Ross Stores, Inc. | 42319 | 4911966 |  |
|  |  | 10855495 |  |
|  ***Textiles, Apparel & Luxury Goods (1.9%)*** | ***Textiles, Apparel & Luxury Goods (1.9%)*** | ***Textiles, Apparel & Luxury Goods (1.9%)*** | **** |
|  NIKE, Inc., Class B | 49348 | 5774210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 29711390 |  |
|  **Consumer Staples (8.7%)** | **Consumer Staples (8.7%)** | **Consumer Staples (8.7%)** |  |
|  ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | **** |
|  PepsiCo, Inc. | 33312 | 6018146 |  |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  Walmart, Inc. | 30559 | 4332961 |  |
|  ***Food Products (2.4%)*** | ***Food Products (2.4%)*** | ***Food Products (2.4%)*** | **** |
|  McCormick & Co., Inc. (Non-Voting) | 51765 | 4290801 |  |
|  Mondelez International, Inc., Class A | 41785 | 2784970 |  |
|  |  | 7075771 |  |
|  ***Household Products (2.9%)*** | ***Household Products (2.9%)*** | ***Household Products (2.9%)*** | **** |
|  Colgate-Palmolive Co. | 43476 | 3425474 |  |
|  Procter & Gamble Co. (The) | 35773 | 5421756 |  |
|  |  | 8847230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 26274108 |  |
|  **Energy (3.5%)** | **Energy (3.5%)** | **Energy (3.5%)** |  |
|  ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | **** |
|  Chevron Corp. | 26945 | 4836358 |  |
|  EOG Resources, Inc. | 25412 | 3291362 |  |
|  Exxon Mobil Corp. | 23332 | 2573520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 10701240 |  |
|  **Financials (3.6%)** | **Financials (3.6%)** | **Financials (3.6%)** |  |
|  ***Banks (1.4%)*** | ***Banks (1.4%)*** | ***Banks (1.4%)*** | **** |
|  JPMorgan Chase & Co. | 30544 | 4095950 |  |
|  ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | ***Capital Markets (1.3%)*** | **** |
|  Nasdaq, Inc. | 65591 | 4024008 |  |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | **** |
|  Erie Indemnity Co., Class A | 11229 | 2792877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 10912835 |  |
|  **Health Care (19.2%)** | **Health Care (19.2%)** | **Health Care (19.2%)** |  |
|  ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | ***Biotechnology (1.7%)*** | **** |
|  AbbVie, Inc. | 31737 | 5129017 |  |
|  ***Health Care Equipment & Supplies (9.3%)*** | ***Health Care Equipment & Supplies (9.3%)*** | ***Health Care Equipment & Supplies (9.3%)*** | **** |
|  Abbott Laboratories | 55066 | 6045696 |  |
|  Becton Dickinson and Co. | 28914 | 7352830 |  |
|  Medtronic plc | 62439 | 4852759 |  |
|  Stryker Corp. | 40808 | 9977148 |  |
|  |  | 28228433 |  |
|  ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | **** |
|  CVS Health Corp. | 15838 | 1475943 |  |
|  UnitedHealth Group, Inc. | 16606 | 8804169 |  |
|  |  | 10280112 |  |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | **** |
|  Danaher Corp. | 4092 | 1086098 |  |
|  West Pharmaceutical Services, Inc. | 18951 | 4460118 |  |
|  |  | 5546216 |  |
|  ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | ***Pharmaceuticals (3.0%)*** | **** |
|  Johnson & Johnson | 34163 | 6034894 |  |
|  Pfizer, Inc. | 59207 | 3033767 |  |
|  |  | 9068661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 58252439 |  |
|  **Industrials (20.1%)** | **Industrials (20.1%)** | **Industrials (20.1%)** |  |
|  ***Aerospace & Defense (4.4%)*** | ***Aerospace & Defense (4.4%)*** | ***Aerospace & Defense (4.4%)*** | **** |
|  General Dynamics Corp. | 19072 | 4731954 |  |
|  Raytheon Technologies Corp. | 84999 | 8578099 |  |
|  |  | 13310053 |  |
|  ***Air Freight & Logistics (2.0%)*** | ***Air Freight & Logistics (2.0%)*** | ***Air Freight & Logistics (2.0%)*** | **** |
|  United Parcel Service, Inc., Class B | 35340 | 6143505 |  |
|  ***Building Products (2.7%)*** | ***Building Products (2.7%)*** | ***Building Products (2.7%)*** | **** |
|  Carlisle Cos., Inc. | 13321 | 3139094 |  |
|  Johnson Controls International plc | 80201 | 5132864 |  |
|  |  | 8271958 |  |
|  ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | **** |
|  Cintas Corp. | 12440 | 5618153 |  |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | **** |
|  nVent Electric plc | 60087 | 2311547 |  |
|  ***Industrial Conglomerates (2.6%)*** | ***Industrial Conglomerates (2.6%)*** | ***Industrial Conglomerates (2.6%)*** | **** |
|  Honeywell International, Inc. | 36633 | 7850452 |  |
|  ***Machinery (2.3%)*** | ***Machinery (2.3%)*** | ***Machinery (2.3%)*** | **** |
|  Donaldson Co., Inc. | 29936 | 1762332 |  |
|  Dover Corp. | 30368 | 4112131 |  |
|  Pentair plc | 24050 | 1081769 |  |
|  |  | 6956232 |  |
|  ***Road & Rail (2.2%)*** | ***Road & Rail (2.2%)*** | ***Road & Rail (2.2%)*** | **** |
|  JB Hunt Transport Services, Inc. | 14255 | 2485502 |  |
|  Norfolk Southern Corp. | 16543 | 4076526 |  |
|  |  | 6562028 |  |
|  ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | **** |
|  WW Grainger, Inc. | 6842 | 3805862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 60829790 |  |
|  **Information Technology (22.4%)** | **Information Technology (22.4%)** | **Information Technology (22.4%)** |  |
|  ***IT Services (5.4%)*** | ***IT Services (5.4%)*** | ***IT Services (5.4%)*** | **** |
|  Accenture plc, Class A | 34205 | 9127262 |  |
|  Visa, Inc., Class A | 34935 | 7258096 |  |
|  |  | 16385358 |  |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Semiconductors & Semiconductor Equipment (5.4%)*** | ***Semiconductors & Semiconductor Equipment (5.4%)*** | ***Semiconductors & Semiconductor Equipment (5.4%)*** | **** |
|  Analog Devices, Inc. | 50914 | $8351423 |  |
|  Texas Instruments, Inc. | 48796 | 8062075 |  |
|  |  | 16413498 |  |
|  ***Software (11.4%)*** | ***Software (11.4%)*** | ***Software (11.4%)*** | **** |
|  Microsoft Corp. | 96789 | 23211938 |  |
|  Roper Technologies, Inc. | 26141 | 11295265 |  |
|  |  | 34507203 |  |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | **** |
|  Apple, Inc. | 5285 | 686680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 67992739 |  |
|  **Materials (9.6%)** | **Materials (9.6%)** | **Materials (9.6%)** |  |
|  ***Chemicals (9.6%)*** | ***Chemicals (9.6%)*** | ***Chemicals (9.6%)*** | **** |
|  Air Products and Chemicals, Inc. | 28582 | 8810687 |  |
|  Albemarle Corp. | 21524 | 4667695 |  |
|  Ecolab, Inc. | 22323 | 3249336 |  |
|  Linde plc | 32832 | 10709142 |  |
|  Sherwin-Williams Co. (The) | 7700 | 1827441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 29264301 |  |
|  **Total Common Stocks (96.9%)**<br> *(Cost $217,231,972)* |  | 293938842 |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (1.8%)** | **Investment Company (1.8%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 5261747 | 5264378 |  |
|  **Total Short-Term Investment (1.8%)**<br> *(Cost $5,263,058)* | **Total Short-Term Investment (1.8%)**<br> *(Cost $5,263,058)* | 5264378 |  |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $222,495,030)* |  | 299203220 |  |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 4048904 |  |
|  **Net Assets (100%)** |  | $303252124 |  |

---

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $29711390 | $— | $— | $29711390 |
|  Consumer Staples | 26274108 |  |  | 26274108 |
|  Energy | 10701240 |  |  | 10701240 |
|  Financials | 10912835 |  |  | 10912835 |
|  Health Care | 58252439 |  |  | 58252439 |
|  Industrials | 60829790 |  |  | 60829790 |
|  Information Technology | 67992739 |  |  | 67992739 |
|  Materials | 29264301 |  |  | 29264301 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 5264378 |  |  | 5264378 |
|  **Total Assets** | $**299203220** | $**—** | $**—** | $**299203220** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**299203220** | $**—** | $**—** | $**299203220** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

See Notes to Financial Statements.

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $76297056 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11353169 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $78582273 |
|  Aggregate gross unrealized depreciation | (1881103) |
|  Net unrealized appreciation | $76701170 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222502050 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $215 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $222,495,030) | $299203220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 278497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 56844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 22351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 303863514 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 342844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 128498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 65445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 24879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 611390 |
|  **NET ASSETS** | $303252124 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $226456234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 76795890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $303252124 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $303,252,124 / 7,455,564 shares outstanding (unlimited amount authorized: $0.01 par value) | $40.67 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4388810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 53115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4442281 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1460575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 608570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 226027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 61891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 13900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2399963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (284895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2115068 |
|  **NET INVESTMENT INCOME (LOSS)** | 2327213 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 3721523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (34676626) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (30955103) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(28627890) |

---

See Notes to Financial Statements.

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EQ/FRANKLIN RISING DIVIDENDS PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2327213 | $1586933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3721523 | 6414880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34676626) | 48503622 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (28627890) | 56505435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (6152666) | (1611063) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,341,374 and 548,516 shares, respectively ] | 97555114 | 22545899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 146,984 and 35,358 shares, respectively ] | 6152666 | 1611063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (717334) and (697908) shares, respectively ] | (29571896) | (28814775) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 74135884 | (4657813) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 39355328 | 50236559 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 263896796 | 213660237 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $303252124 | $263896796 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $46.42 | $36.85 | $31.99 | $24.99 | $27.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.39 | 0.28 | 0.31 | 0.32 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.30) | 9.58 | 4.86 | 7.11 | (2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.91) | 9.86 | 5.17 | 7.43 | (1.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.29) | (0.31) | (0.33) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.53) |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (0.29) | (0.31) | (0.43) | (0.08) |
|  Net asset value, end of period | $40.67 | $46.42 | $36.85 | $31.99 | $24.99 |
|  Total return (b) | (10.60)% | 26.76% | 16.19% | 29.77% | (7.24)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136618 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) | 0.87 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.99% | 0.99% | 1.01% | 1.03% | 1.09% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.96% | 0.67% | 0.96% | 1.10% | 1.38 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.84% | 0.55% | 0.83% | 0.94% | 1.16 %(l) |
|  Portfolio turnover rate^ | 5% | 4% | 10% | 4% | 5 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.87% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

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**EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Franklin Mutual Advisers, LLC

PERFORMANCE RESULTS

![LOGO](g401674g95y46.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (17.08)% | 4.04% | 8.30 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (17.06) | 4.03 | 8.30 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (16.87) | 4.29 | 8.56 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | (14.48) | 4.13 | 8.48 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (17.06)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Value Index, which returned (14.48)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• TechnipFMC plc, an oilfield equipment and services company, contributed to relative performance, driven by
better-than-expected quarterly results, continued strength in offshore order inflow, and visibility on an improving industry order pipeline. Additionally, the board authorized a share buyback program and management reiterated its intention to start
quarterly dividends in the second half of 2023.

• Crescent Point Energy Corp., a Canada-based exploration and production company, boosted relative performance. Multiple
factors contributed to the strong performance including a surprise dividend boost, a share buyback announcement, a reduction in debt, a positive free cash flow outlook and an increase in oil prices.

• McGrath RentCorp, a provider of modular classrooms, offices, and storage containers, outperformed during the period. The
outperformance was driven by improving rental rates and the successful integration of recent acquisitions.

***What hurt performance during the year:***

• Shares of Knowles Corp., a provider of advanced micro-acoustic, audio processing, and precision device solutions, detracted
from results. Lower global demand for consumer electronics, COVID-19 related shutdowns in China, excess inventory in the supply chain, and the shift away from commoditized products led to a drop in capacity utilization. Furthermore, the company
recently initiated a restructuring program to decrease its exposure to the commodity MEMS microphone business.

• Shares of ACI Worldwide, Inc., a provider of software products and solutions that facilitate electronic payments, detracted
from results for the period. The company missed recent earnings estimates as it experienced margin pressure in a business segment due to inflation in the average payments made in certain industries. Further, the company recently announced a
transition at the chief executive officer role. We remain encouraged by the increased traction in real-time payments and the improved organic revenue growth profile.

• Great Lakes Dredge & Dock Corp., a U.S. focused dredging company, underperformed due to weaker-than-expected
second-quarter results. The company has faced operational challenges throughout 2022 due to COVID-19, supply chain issues, labor costs, weather and dry dock scheduling, leading to a shortfall in meeting full-year 2022 guidance.

• During the year, the Portfolio reduced its equity exposure for 79 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

**Portfolio Positioning and Outlook — Franklin Advisory Services, LLC** 

Despite some areas of the economy slowing, we continue to see resilience in areas such as banks and employment, which are important indicators of economic health. First, banks' profitability had suffered due to low rates, so rising rates may support earnings

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**EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

even as credit losses pick up. Banks are well capitalized, have responded well to stress tests and are actively lending to their customers. Second, hiring activity remains strong in several areas of the market, potentially reducing the employment effects that typically accompany a recession.

We believe the Federal Reserve (Fed) may continue to cite strength in the labor market and continued high inflation rates as a reason to cool the economy and think a policy reversal in the immediate future, absent a significant change to these factors, is unlikely. In addition to interest rate hikes, a prominent topic of conversation has been the value of many currencies versus the U.S. dollar. We think it is likely the U.S. dollar will slowly drift lower vs other currencies now that central banks such as the European Central Bank (ECB) and Bank of Japan (BOJ) have begun to tighten more aggressively.

The prospect of an impending recession has caused price dispersion in several areas of the market. The valuations of profitable companies are near 20-year lows relative to the valuations of large-cap value stocks as the market attempts to take this risk into account. In addition, this bifurcation exists within several sectors of the small-cap universe and we have used it to find opportunities in industrials and materials companies, for example. We think investing in companies that have seen high amounts of multiple compression versus peers may provide an amplified opportunity for stock price appreciation once sentiment improves.

In the near term, we expect market activity and volatility levels to be influenced by developments around geopolitical events, inflation concerns, supply chain constraints and central bank activity. Regardless of these factors, we remain focused on identifying opportunities to improve the quality of our positions at relatively attractive valuations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 17.7% |
| &nbsp;&nbsp;&nbsp; Industrials | 17.4 |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 9.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 8.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 6.5 |
| &nbsp;&nbsp;&nbsp; Energy | 6.3 |
| &nbsp;&nbsp;&nbsp; Materials | 6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 4.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.4 |
| &nbsp;&nbsp;&nbsp; Utilities | 2 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.8 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

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**EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1054.90 | $5.44 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1054.80 | 5.44 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1055.90 | 4.15 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.0%)** | **Communication Services (1.0%)** | **Communication Services (1.0%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  Anterix, Inc.\* | 796 | $25607 |  |
|  ATN International, Inc. | 479 | 21704 |  |
|  Bandwidth, Inc., Class A\* | 1015 | 23294 |  |
|  Charge Enterprises, Inc. (x)\* | 6352 | 7876 |  |
|  Cogent Communications Holdings, Inc. | 1981 | 113076 |  |
|  Consolidated Communications Holdings, Inc.\* | 3093 | 11073 |  |
|  EchoStar Corp., Class A\* | 1567 | 26138 |  |
|  Globalstar, Inc. (x)\* | 30846 | 41025 |  |
|  IDT Corp., Class B\* | 695 | 19578 |  |
|  Iridium Communications, Inc.\* | 5663 | 291078 |  |
|  Liberty Latin America Ltd., Class A\* | 1746 | 13147 |  |
|  Liberty Latin America Ltd., Class C\* | 6391 | 48572 |  |
|  Ooma, Inc.\* | 1003 | 13661 |  |
|  Radius Global Infrastructure, Inc.\* | 3448 | 40755 |  |
|  |  | 696584 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  Cinemark Holdings, Inc.\* | 4841 | 41923 |  |
|  IMAX Corp.\* | 2144 | 31431 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 480 | 15681 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 1647 | 53083 |  |
|  Lions Gate Entertainment Corp., Class A\* | 2552 | 14572 |  |
|  Lions Gate Entertainment Corp., Class B\* | 5844 | 31733 |  |
|  Madison Square Garden Entertainment Corp.\* | 1158 | 52075 |  |
|  Marcus Corp. (The) (x) | 1042 | 14994 |  |
|  Playstudios, Inc. (x)\* | 3467 | 13452 |  |
|  Reservoir Media, Inc. (x)\* | 816 | 4872 |  |
|  Skillz, Inc. (x)\* | 13621 | 6899 |  |
|  |  | 280715 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  Arena Group Holdings, Inc. (The) (x)\* | 475 | 5040 |  |
|  Bumble, Inc., Class A\* | 3994 | 84074 |  |
|  Cargurus, Inc.\* | 4830 | 67668 |  |
|  Cars.com, Inc.\* | 3204 | 44119 |  |
|  DHI Group, Inc.\* | 1792 | 9480 |  |
|  Eventbrite, Inc., Class A\* | 3272 | 19174 |  |
|  EverQuote, Inc., Class A\* | 983 | 14490 |  |
|  fuboTV, Inc. (x)\* | 8207 | 14280 |  |
|  Leafly Holdings, Inc. (x)\* | 196 | 128 |  |
|  MediaAlpha, Inc., Class A\* | 995 | 9900 |  |
|  Outbrain, Inc. (x)\* | 1596 | 5778 |  |
|  QuinStreet, Inc.\* | 2219 | 31843 |  |
|  Shutterstock, Inc. | 1174 | 61893 |  |
|  TrueCar, Inc.\* | 3824 | 9598 |  |
|  Vimeo, Inc.\* | 6380 | 21883 |  |
|  Vinco Ventures, Inc. (x)\* | 11074 | 5138 |  |
|  Wejo Group Ltd. (x)\* | 1032 | 496 |  |
|  Yelp, Inc.\* | 3144 | 85957 |  |
|  Ziff Davis, Inc.\* | 2072 | 163895 |  |
|  ZipRecruiter, Inc., Class A\* | 3192 | 52413 |  |
|  |  | 707247 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 722 | 1199 |  |
|  Advantage Solutions, Inc.\* | 3397 | 7066 |  |
|  AMC Networks, Inc., Class A (x)\* | 1313 | 20575 |  |
|  Audacy, Inc. (x)\* | 6135 | 1381 |  |
|  Boston Omaha Corp., Class A\* | 977 | 25890 |  |
|  Cardlytics, Inc.\* | 1525 | 8814 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 16289 | 17103 |  |
|  Cumulus Media, Inc., Class A\* | 808 | 5018 |  |
|  Daily Journal Corp.\* | 64 | 16033 |  |
|  Entravision Communications Corp., Class A | 2600 | 12480 |  |
|  EW Scripps Co. (The), Class A\* | 2891 | 38132 |  |
|  Gambling.com Group Ltd. (x)\* | 526 | 4813 |  |
|  Gannett Co., Inc. (x)\* | 6243 | 12673 |  |
|  Gray Television, Inc. | 3594 | 40217 |  |
|  iHeartMedia, Inc., Class A\* | 5367 | 32900 |  |
|  Innovid Corp. (x)\* | 3392 | 5800 |  |
|  Integral Ad Science Holding Corp.\* | 1544 | 13572 |  |
|  John Wiley & Sons, Inc., Class A | 2024 | 81081 |  |
|  Loyalty Ventures, Inc. (x)\* | 1050 | 2530 |  |
|  Magnite, Inc.\* | 6227 | 65944 |  |
|  PubMatic, Inc., Class A\* | 1859 | 23814 |  |
|  Scholastic Corp. | 1269 | 50075 |  |
|  Sinclair Broadcast Group, Inc., Class A | 1830 | 28383 |  |
|  Stagwell, Inc.\* | 3470 | 21549 |  |
|  TechTarget, Inc.\* | 1183 | 52123 |  |
|  TEGNA, Inc. | 10146 | 214994 |  |
|  Thryv Holdings, Inc.\* | 1101 | 20919 |  |
|  Urban One, Inc.\* | 540 | 2031 |  |
|  Urban One, Inc., Class A\* | 373 | 1697 |  |
|  WideOpenWest, Inc.\* | 2459 | 22401 |  |
|  |  | 851207 |  |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | **** |
|  Gogo, Inc.\* | 2166 | 31970 |  |
|  KORE Group Holdings, Inc. (x)\* | 1438 | 1812 |  |
|  Shenandoah Telecommunications Co. | 2416 | 38366 |  |
|  Telephone and Data Systems, Inc. | 4454 | 46723 |  |
|  United States Cellular Corp.\* | 792 | 16513 |  |
|  |  | 135384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2671137 |  |
|  **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** | **Consumer Discretionary (9.6%)** |  |
|  ***Auto Components (1.1%)*** | ***Auto Components (1.1%)*** | ***Auto Components (1.1%)*** | **** |
|  Adient plc\* | 48888 | 1695925 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 5006 | 39147 |  |
|  Dana, Inc. | 5990 | 90629 |  |
|  Dorman Products, Inc.\* | 1160 | 93809 |  |
|  Fox Factory Holding Corp.\* | 1924 | 175527 |  |
|  Gentherm, Inc.\* | 1463 | 95519 |  |
|  Goodyear Tire & Rubber Co. (The) (x)\* | 12796 | 129879 |  |
|  Holley, Inc. (x)\* | 2154 | 4566 |  |
|  LCI Industries | 2575 | 238059 |  |
|  Luminar Technologies, Inc. (x)\* | 11049 | 54693 |  |
|  Modine Manufacturing Co.\* | 2226 | 44208 |  |
|  Motorcar Parts of America, Inc.\* | 976 | 11575 |  |
|  Patrick Industries, Inc. | 1028 | 62297 |  |

---

See Notes to Financial Statements.

761

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Solid Power, Inc. (x)\* | 5834 | $| 14818 |  |
|  Standard Motor Products, Inc. | 821 |  | 28571 |  |
|  Stoneridge, Inc.\* | 1153 |  | 24859 |  |
|  Visteon Corp.\* | 1258 |  | 164584 |  |
|  XPEL, Inc. (m)\* | 1024 |  | 61501 |  |
|  |  |  | 3030166 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 6476 |  | 7965 |  |
|  Cenntro Electric Group Ltd. (x)\* | 7822 |  | 3442 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 18264 |  | 5302 |  |
|  Fisker, Inc. (x)\* | 8273 |  | 60145 |  |
|  Lordstown Motors Corp. (x)\* | 7468 |  | 8514 |  |
|  Mullen Automotive, Inc. (x)\* | 14043 |  | 4016 |  |
|  Winnebago Industries, Inc. | 1305 |  | 68774 |  |
|  Workhorse Group, Inc. (x)\* | 7389 |  | 11231 |  |
|  |  |  | 169389 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Funko, Inc., Class A (x)\* | 1386 |  | 15121 |  |
|  Weyco Group, Inc. | 214 |  | 4528 |  |
|  |  |  | 19649 |  |
|  ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | ***Diversified Consumer Services (0.4%)*** | **** |
|  2U, Inc.\* | 3555 |  | 22290 |  |
|  Adtalem Global Education, Inc.\* | 2103 |  | 74657 |  |
|  American Public Education, Inc.\* | 932 |  | 11454 |  |
|  Beachbody Co., Inc. (The) (x)\* | 4360 |  | 2293 |  |
|  Carriage Services, Inc. | 643 |  | 17708 |  |
|  Chegg, Inc.\* | 5626 |  | 142169 |  |
|  Coursera, Inc.\* | 5057 |  | 59824 |  |
|  Duolingo, Inc.\* | 1100 |  | 78243 |  |
|  European Wax Center, Inc., Class A (x) | 1085 |  | 13508 |  |
|  Frontdoor, Inc.\* | 3864 |  | 80371 |  |
|  Graham Holdings Co., Class B | 169 |  | 102112 |  |
|  Laureate Education, Inc., Class A | 5991 |  | 57633 |  |
|  Nerdy, Inc. (x)\* | 2299 |  | 5173 |  |
|  OneSpaWorld Holdings Ltd.\* | 2974 |  | 27748 |  |
|  Perdoceo Education Corp.\* | 2988 |  | 41533 |  |
|  Rover Group, Inc. (x)\* | 4040 |  | 14827 |  |
|  Strategic Education, Inc. | 994 |  | 77850 |  |
|  Stride, Inc.\* | 1777 |  | 55585 |  |
|  Udemy, Inc.\* | 3235 |  | 34129 |  |
|  Universal Technical Institute, Inc.\* | 1369 |  | 9200 |  |
|  Vivint Smart Home, Inc.\* | 4577 |  | 54466 |  |
|  WW International, Inc.\* | 2500 |  | 9650 |  |
|  |  |  | 992423 |  |
|  ***Hotels, Restaurants & Leisure (3.8%)*** | ***Hotels, Restaurants & Leisure (3.8%)*** | ***Hotels, Restaurants & Leisure (3.8%)*** | ***Hotels, Restaurants & Leisure (3.8%)*** | **** |
|  Accel Entertainment, Inc.\* | 2444 |  | 18819 |  |
|  Bally's Corp. (x)\* | 1637 |  | 31725 |  |
|  Biglari Holdings, Inc., Class B\* | 42 |  | 5830 |  |
|  BJ's Restaurants, Inc.\* | 1033 |  | 27251 |  |
|  Bloomin' Brands, Inc. | 4101 |  | 82512 |  |
|  Bluegreen Vacations Holding Corp. | 312 |  | 7788 |  |
|  Bowlero Corp. (x)\* | 1694 |  | 22835 |  |
|  Boyd Gaming Corp. | 9928 |  | 541374 |  |
|  Brinker International, Inc.\* | 88394 |  | 2820653 |  |
|  Century Casinos, Inc.\* | 1112 |  | 7817 |  |
|  Cheesecake Factory, Inc. (The) (x) | 2122 |  | 67289 |  |
|  Chuy's Holdings, Inc.\* | 784 |  | 22187 |  |
|  Cracker Barrel Old Country Store, Inc. | 1028 |  | 97393 |  |
|  Dalata Hotel Group plc\* | 232503 |  | 813847 |  |
|  Dave & Buster's Entertainment, Inc.\* | 1880 |  | 66627 |  |
|  Denny's Corp.\* | 90211 |  | 830843 |  |
|  Dine Brands Global, Inc. | 644 |  | 41602 |  |
|  El Pollo Loco Holdings, Inc. | 991 |  | 9870 |  |
|  Everi Holdings, Inc.\* | 3791 |  | 54401 |  |
|  F45 Training Holdings, Inc. (x)\* | 1521 |  | 4335 |  |
|  First Watch Restaurant Group, Inc.\* | 528 |  | 7144 |  |
|  Full House Resorts, Inc.\* | 1439 |  | 10821 |  |
|  Golden Entertainment, Inc.\* | 881 |  | 32949 |  |
|  Hilton Grand Vacations, Inc.\* | 22440 |  | 864838 |  |
|  Inspirato, Inc.\* | 462 |  | 550 |  |
|  Inspired Entertainment, Inc.\* | 947 |  | 11998 |  |
|  International Game Technology plc | 4513 |  | 102355 |  |
|  Jack in the Box, Inc. | 32255 |  | 2200759 |  |
|  Krispy Kreme, Inc. (x) | 3222 |  | 33251 |  |
|  Kura Sushi USA, Inc., Class A (x)\* | 202 |  | 9631 |  |
|  Life Time Group Holdings, Inc. (x)\* | 1872 |  | 22389 |  |
|  Light & Wonder, Inc.\* | 4299 |  | 251921 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 1458 |  | 11227 |  |
|  Monarch Casino & Resort, Inc.\* | 626 |  | 48133 |  |
|  NEOGAMES SA\* | 881 |  | 10739 |  |
|  Noodles & Co., Class A\* | 2115 |  | 11611 |  |
|  ONE Group Hospitality, Inc. (The)\* | 1016 |  | 6401 |  |
|  Papa John's International, Inc. | 1488 |  | 122477 |  |
|  Portillo's, Inc., Class A (x)\* | 1365 |  | 22277 |  |
|  RCI Hospitality Holdings, Inc. | 377 |  | 35133 |  |
|  Red Rock Resorts, Inc., Class A | 2340 |  | 93623 |  |
|  Rush Street Interactive, Inc.\* | 2295 |  | 8239 |  |
|  Ruth's Hospitality Group, Inc. | 1383 |  | 21409 |  |
|  SeaWorld Entertainment, Inc.\* | 1740 |  | 93107 |  |
|  Shake Shack, Inc., Class A\* | 1642 |  | 68192 |  |
|  Sonder Holdings, Inc. (x)\* | 8429 |  | 10452 |  |
|  Sweetgreen, Inc., Class A (x)\* | 3915 |  | 33552 |  |
|  Target Hospitality Corp.\* | 1297 |  | 19637 |  |
|  Texas Roadhouse, Inc. | 3024 |  | 275033 |  |
|  Vacasa, Inc., Class A (x)\* | 5071 |  | 6389 |  |
|  Wingstop, Inc. | 1357 |  | 186750 |  |
|  Xponential Fitness, Inc., Class A\* | 845 |  | 19376 |  |
|  |  |  | 10227361 |  |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | **** |
|  Aterian, Inc. (x)\* | 3000 |  | 2311 |  |
|  Beazer Homes USA, Inc.\* | 1535 |  | 19587 |  |
|  Cavco Industries, Inc.\* | 412 |  | 93215 |  |
|  Century Communities, Inc. (x) | 9320 |  | 466093 |  |
|  Dream Finders Homes, Inc., Class A (x)\* | 934 |  | 8088 |  |
|  Ethan Allen Interiors, Inc. | 991 |  | 26182 |  |
|  GoPro, Inc., Class A\* | 5715 |  | 28461 |  |
|  Green Brick Partners, Inc. (x)\* | 1143 |  | 27695 |  |
|  Helen of Troy Ltd.\* | 1100 |  | 122001 |  |
|  Hovnanian Enterprises, Inc., Class A\* | 283 |  | 11909 |  |
|  Installed Building Products, Inc. | 1096 |  | 93817 |  |
|  iRobot Corp. (x)\* | 1175 |  | 56553 |  |
|  KB Home | 3384 |  | 107780 |  |
|  Landsea Homes Corp.\* | 515 |  | 2683 |  |
|  La-Z-Boy, Inc. | 2185 |  | 49862 |  |
|  Legacy Housing Corp.\* | 382 |  | 7243 |  |
|  LGI Homes, Inc.\* | 898 |  | 83155 |  |

---

See Notes to Financial Statements.

762

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Lifetime Brands, Inc. | 653 | $| 4956 |  |
|  Lovesac Co. (The)\* | 610 |  | 13426 |  |
|  M.D.C. Holdings, Inc. | 2559 |  | 80864 |  |
|  M/I Homes, Inc.\* | 14728 |  | 680139 |  |
|  Meritage Homes Corp.\* | 7418 |  | 683940 |  |
|  Purple Innovation, Inc. (x)\* | 2560 |  | 12262 |  |
|  Skyline Champion Corp.\* | 2429 |  | 125118 |  |
|  Snap One Holdings Corp. (x)\* | 712 |  | 5276 |  |
|  Sonos, Inc.\* | 5872 |  | 99237 |  |
|  Taylor Morrison Home Corp., Class A\* | 17308 |  | 525298 |  |
|  Traeger, Inc.\* | 1512 |  | 4264 |  |
|  Tri Pointe Homes, Inc.\* | 4417 |  | 82112 |  |
|  Tupperware Brands Corp.\* | 1938 |  | 8023 |  |
|  Universal Electronics, Inc.\* | 578 |  | 12028 |  |
|  Vizio Holding Corp., Class A (x)\* | 2993 |  | 22178 |  |
|  Vuzix Corp. (x)\* | 2706 |  | 9850 |  |
|  Weber, Inc., Class A (x) | 1014 |  | 8163 |  |
|  |  |  | 3583769 |  |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 1217 |  | 11635 |  |
|  1stdibs.com, Inc.\* | 971 |  | 4933 |  |
|  aka Brands Holding Corp. (x)\* | 703 |  | 893 |  |
|  BARK, Inc. (x)\* | 5208 |  | 7760 |  |
|  Boxed, Inc. (x)\* | 520 |  | 101 |  |
|  CarParts.com, Inc.\* | 2390 |  | 14961 |  |
|  ContextLogic, Inc., Class A (x)\* | 25365 |  | 12371 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 496 |  | 3065 |  |
|  Groupon, Inc. (x)\* | 1130 |  | 9695 |  |
|  Lands' End, Inc.\* | 640 |  | 4858 |  |
|  Liquidity Services, Inc.\* | 1108 |  | 15578 |  |
|  Lulu's Fashion Lounge Holdings, Inc. (x)\* | 796 |  | 1998 |  |
|  Overstock.com, Inc.\* | 1915 |  | 37074 |  |
|  PetMed Express, Inc. (x) | 884 |  | 15647 |  |
|  Porch Group, Inc. (x)\* | 3710 |  | 6975 |  |
|  Poshmark, Inc., Class A\* | 2035 |  | 36386 |  |
|  Quotient Technology, Inc.\* | 3966 |  | 13603 |  |
|  Qurate Retail, Inc.\* | 15606 |  | 25438 |  |
|  RealReal, Inc. (The) (x)\* | 3788 |  | 4735 |  |
|  Rent the Runway, Inc., Class A (x)\* | 2344 |  | 7149 |  |
|  Revolve Group, Inc. (x)\* | 1788 |  | 39801 |  |
|  RumbleON, Inc., Class B (x)\* | 447 |  | 2892 |  |
|  Stitch Fix, Inc., Class A\* | 3918 |  | 12185 |  |
|  ThredUp, Inc., Class A (x)\* | 2599 |  | 3405 |  |
|  Vivid Seats, Inc., Class A (x)\* | 1085 |  | 7921 |  |
|  Xometry, Inc., Class A (x)\* | 1667 |  | 53727 |  |
|  |  |  | 354786 |  |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | **** |
|  Acushnet Holdings Corp. | 1458 |  | 61907 |  |
|  AMMO, Inc. (x)\* | 4554 |  | 7878 |  |
|  Brunswick Corp. | 9997 |  | 720584 |  |
|  Clarus Corp. | 1149 |  | 9008 |  |
|  Johnson Outdoors, Inc., Class A | 186 |  | 12298 |  |
|  Latham Group, Inc.\* | 2052 |  | 6608 |  |
|  Malibu Boats, Inc., Class A\* | 891 |  | 47490 |  |
|  Marine Products Corp. | 412 |  | 4849 |  |
|  MasterCraft Boat Holdings, Inc.\* | 770 |  | 19920 |  |
|  Smith & Wesson Brands, Inc. | 1902 |  | 16509 |  |
|  Solo Brands, Inc., Class A (x)\* | 564 |  | 2098 |  |
|  Sturm Ruger & Co., Inc. | 745 |  | 37712 |  |
|  Topgolf Callaway Brands Corp.\* | 6437 |  | 127131 |  |
|  Vista Outdoor, Inc.\* | 2673 |  | 65141 |  |
|  |  |  | 1139133 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Big Lots, Inc. | 1206 |  | 17728 |  |
|  Dillard's, Inc., Class A (x) | 174 |  | 56237 |  |
|  Franchise Group, Inc. (x) | 1141 |  | 27179 |  |
|  |  |  | 101144 |  |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | **** |
|  Aaron's Co., Inc. (The) | 1327 |  | 15858 |  |
|  Abercrombie & Fitch Co., Class A\* | 2361 |  | 54090 |  |
|  Academy Sports & Outdoors, Inc. | 3503 |  | 184048 |  |
|  American Eagle Outfitters, Inc. | 7093 |  | 99018 |  |
|  America's Car-Mart, Inc.\* | 252 |  | 18210 |  |
|  Arko Corp. (x) | 3652 |  | 31626 |  |
|  Asbury Automotive Group, Inc.\* | 1006 |  | 180325 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 3507 |  | 8803 |  |
|  Big 5 Sporting Goods Corp. (x) | 908 |  | 8018 |  |
|  Boot Barn Holdings, Inc.\* | 1292 |  | 80776 |  |
|  Buckle, Inc. (The) | 1322 |  | 59953 |  |
|  Build-A-Bear Workshop, Inc.\* | 608 |  | 14495 |  |
|  Caleres, Inc. | 1574 |  | 35069 |  |
|  Camping World Holdings, Inc., Class A (x) | 1716 |  | 38301 |  |
|  Cato Corp. (The), Class A | 881 |  | 8220 |  |
|  Chico's FAS, Inc.\* | 5361 |  | 26376 |  |
|  Children's Place, Inc. (The)\* | 31777 |  | 1157318 |  |
|  Citi Trends, Inc.\* | 374 |  | 9904 |  |
|  Conn's, Inc.\* | 516 |  | 3550 |  |
|  Container Store Group, Inc. (The)\* | 1421 |  | 6124 |  |
|  Designer Brands, Inc., Class A | 2215 |  | 21663 |  |
|  Destination XL Group, Inc.\* | 2531 |  | 17084 |  |
|  EVgo, Inc. (x)\* | 3012 |  | 13464 |  |
|  Express, Inc. (x)\* | 2752 |  | 2807 |  |
|  Foot Locker, Inc. | 3678 |  | 138992 |  |
|  Genesco, Inc.\* | 552 |  | 25403 |  |
|  Group 1 Automotive, Inc. | 1493 |  | 269292 |  |
|  GrowGeneration Corp. (x)\* | 2513 |  | 9851 |  |
|  Guess?, Inc. (x) | 1440 |  | 29794 |  |
|  Haverty Furniture Cos., Inc. | 665 |  | 19883 |  |
|  Hibbett, Inc. | 555 |  | 37862 |  |
|  JOANN, Inc. (x) | 603 |  | 1719 |  |
|  LL Flooring Holdings, Inc.\* | 1373 |  | 7716 |  |
|  MarineMax, Inc.\* | 926 |  | 28910 |  |
|  Monro, Inc. | 1481 |  | 66941 |  |
|  Murphy USA, Inc. | 946 |  | 264445 |  |
|  National Vision Holdings, Inc.\* | 3578 |  | 138683 |  |
|  ODP Corp. (The)\* | 1866 |  | 84978 |  |
|  OneWater Marine, Inc., Class A\* | 475 |  | 13585 |  |
|  Party City Holdco, Inc. (x)\* | 5024 |  | 1836 |  |
|  Rent-A-Center, Inc. | 2408 |  | 54300 |  |
|  Sally Beauty Holdings, Inc.\* | 5094 |  | 63777 |  |
|  Shoe Carnival, Inc. | 755 |  | 18052 |  |
|  Signet Jewelers Ltd. | 2084 |  | 141712 |  |
|  Sleep Number Corp.\* | 952 |  | 24733 |  |
|  Sonic Automotive, Inc., Class A | 787 |  | 38775 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 1686 |  | 15865 |  |
|  Tile Shop Holdings, Inc.\* | 1422 |  | 6228 |  |
|  Tilly's, Inc., Class A\* | 1147 |  | 10380 |  |

---

See Notes to Financial Statements.

763

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Torrid Holdings, Inc. (x)\* | 883 | $| 2614 |  |
|  TravelCenters of America, Inc.\* | 568 |  | 25435 |  |
|  Urban Outfitters, Inc.\* | 2800 |  | 66780 |  |
|  Volta, Inc. (x)\* | 5335 |  | 1896 |  |
|  Warby Parker, Inc., Class A (x)\* | 3654 |  | 49292 |  |
|  Winmark Corp. | 122 |  | 28771 |  |
|  Zumiez, Inc. (x)\* | 671 |  | 14588 |  |
|  |  |  | 3798188 |  |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 4145 |  | 10031 |  |
|  Carter's, Inc. | 20470 |  | 1527267 |  |
|  Crocs, Inc.\* | 2756 |  | 298833 |  |
|  Ermenegildo Zegna NV (x) | 2622 |  | 27452 |  |
|  Fossil Group, Inc.\* | 2371 |  | 10219 |  |
|  G-III Apparel Group Ltd.\* | 1882 |  | 25802 |  |
|  Kontoor Brands, Inc. | 2432 |  | 97256 |  |
|  Movado Group, Inc. | 676 |  | 21801 |  |
|  Oxford Industries, Inc. | 672 |  | 62617 |  |
|  PLBY Group, Inc. (x)\* | 2799 |  | 7697 |  |
|  Rocky Brands, Inc. | 317 |  | 7487 |  |
|  Steven Madden Ltd. | 3600 |  | 115056 |  |
|  Superior Group of Cos., Inc. | 360 |  | 3622 |  |
|  Unifi, Inc.\* | 649 |  | 5588 |  |
|  Wolverine World Wide, Inc. | 3548 |  | 38780 |  |
|  |  |  | 2259508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 25675516 |  |
|  **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** | **Consumer Staples (3.4%)** |  |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | **** |
|  Celsius Holdings, Inc.\* | 2510 |  | 261140 |  |
|  Coca-Cola Consolidated, Inc. | 216 |  | 110670 |  |
|  Duckhorn Portfolio, Inc. (The) (x)\* | 2025 |  | 33554 |  |
|  MGP Ingredients, Inc. | 621 |  | 66062 |  |
|  National Beverage Corp.\* | 1120 |  | 52114 |  |
|  Primo Water Corp. | 6998 |  | 108749 |  |
|  Vintage Wine Estates, Inc. (x)\* | 1396 |  | 4551 |  |
|  Vita Coco Co., Inc. (The)\* | 1221 |  | 16874 |  |
|  |  |  | 653714 |  |
|  ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | **** |
|  Andersons, Inc. (The) | 1402 |  | 49056 |  |
|  Chefs' Warehouse, Inc. (The)\* | 1493 |  | 49687 |  |
|  Fresh Market, Inc. (The) (r)\* | 2815 |  |  |  |
|  HF Foods Group, Inc.\* | 1470 |  | 5968 |  |
|  Ingles Markets, Inc., Class A | 675 |  | 65110 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 543 |  | 4963 |  |
|  PriceSmart, Inc. | 1086 |  | 66007 |  |
|  Rite Aid Corp.\* | 2508 |  | 8377 |  |
|  SpartanNash Co. | 1549 |  | 46842 |  |
|  Sprouts Farmers Market, Inc.\* | 4788 |  | 154988 |  |
|  United Natural Foods, Inc.\* | 2671 |  | 103394 |  |
|  Village Super Market, Inc., Class A | 443 |  | 10317 |  |
|  Weis Markets, Inc. | 782 |  | 64351 |  |
|  |  |  | 629060 |  |
|  ***Food Products (2.5%)*** | ***Food Products (2.5%)*** | ***Food Products (2.5%)*** | ***Food Products (2.5%)*** | **** |
|  Alico, Inc. | 217 |  | 5180 |  |
|  AppHarvest, Inc. (x)\* | 3533 |  | 2005 |  |
|  B&G Foods, Inc. (x) | 3445 |  | 38412 |  |
|  Benson Hill, Inc. (x)\* | 7647 |  | 19500 |  |
|  Beyond Meat, Inc. (x)\* | 2750 |  | 33852 |  |
|  BRC, Inc., Class A (x)\* | 1118 |  | 6831 |  |
|  Calavo Growers, Inc. | 802 |  | 23579 |  |
|  Cal-Maine Foods, Inc. | 1686 |  | 91803 |  |
|  Fresh Del Monte Produce, Inc. | 1336 |  | 34990 |  |
|  Glanbia plc (London Stock Exchange) | 31500 |  | 391985 |  |
|  Glanbia plc (Turquoise Stock Exchange) | 257020 |  | 3279515 |  |
|  Hain Celestial Group, Inc. (The)\* | 3922 |  | 63458 |  |
|  Hostess Brands, Inc.\* | 6061 |  | 136009 |  |
|  J & J Snack Foods Corp. | 695 |  | 104048 |  |
|  John B Sanfilippo & Son, Inc. | 363 |  | 29519 |  |
|  Lancaster Colony Corp. | 879 |  | 173427 |  |
|  Lifecore Biomedical, Inc.\* | 1144 |  | 7413 |  |
|  Local Bounti Corp. (x)\* | 4110 |  | 5713 |  |
|  Maple Leaf Foods, Inc. (x) | 91137 |  | 1645716 |  |
|  Mission Produce, Inc.\* | 1860 |  | 21613 |  |
|  Seneca Foods Corp., Class A\* | 231 |  | 14079 |  |
|  Simply Good Foods Co. (The)\* | 4022 |  | 152957 |  |
|  Sovos Brands, Inc.\* | 1675 |  | 24070 |  |
|  SunOpta, Inc.\* | 4326 |  | 36511 |  |
|  Tattooed Chef, Inc. (x)\* | 2432 |  | 2991 |  |
|  Tootsie Roll Industries, Inc. | 641 |  | 27287 |  |
|  TreeHouse Foods, Inc.\* | 2336 |  | 115352 |  |
|  Utz Brands, Inc. | 3145 |  | 49880 |  |
|  Vital Farms, Inc.\* | 1351 |  | 20157 |  |
|  Whole Earth Brands, Inc.\* | 1577 |  | 6418 |  |
|  |  |  | 6564270 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Central Garden & Pet Co.\* | 411 |  | 15392 |  |
|  Central Garden & Pet Co., Class A\* | 1950 |  | 69810 |  |
|  Energizer Holdings, Inc. | 2919 |  | 97932 |  |
|  WD-40 Co. | 607 |  | 97855 |  |
|  |  |  | 280989 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 4674 |  | 42533 |  |
|  BellRing Brands, Inc.\* | 5977 |  | 153250 |  |
|  e.l.f. Beauty, Inc.\* | 2158 |  | 119337 |  |
|  Edgewell Personal Care Co. | 2293 |  | 88372 |  |
|  Herbalife Nutrition Ltd.\* | 4644 |  | 69103 |  |
|  Honest Co., Inc. (The)\* | 2860 |  | 8609 |  |
|  Inter Parfums, Inc. | 798 |  | 77023 |  |
|  Medifast, Inc. | 519 |  | 59867 |  |
|  Nature's Sunshine Products, Inc.\* | 420 |  | 3494 |  |
|  Nu Skin Enterprises, Inc., Class A | 2281 |  | 96167 |  |
|  Thorne HealthTech, Inc.\* | 322 |  | 1169 |  |
|  USANA Health Sciences, Inc.\* | 499 |  | 26547 |  |
|  Veru, Inc. (x)\* | 2895 |  | 15286 |  |
|  |  |  | 760757 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 7852 |  | 7228 |  |
|  Turning Point Brands, Inc. | 637 |  | 13778 |  |
|  Universal Corp. | 1153 |  | 60890 |  |
|  Vector Group Ltd. | 6294 |  | 74647 |  |
|  |  |  | 156543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 9045333 |  |

---

See Notes to Financial Statements.

764

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Energy (6.3%)** | **Energy (6.3%)** | **Energy (6.3%)** |  |
|  ***Energy Equipment & Services (2.1%)*** | ***Energy Equipment & Services (2.1%)*** | ***Energy Equipment & Services (2.1%)*** | **** |
|  Archrock, Inc. | 5927 | $53224 |  |
|  Borr Drilling Ltd.\* | 8779 | 43632 |  |
|  Bristow Group, Inc.\* | 1023 | 27754 |  |
|  Cactus, Inc., Class A | 2696 | 135501 |  |
|  ChampionX Corp. | 9115 | 264244 |  |
|  Diamond Offshore Drilling, Inc.\* | 4527 | 47081 |  |
|  DMC Global, Inc.\* | 848 | 16485 |  |
|  Dril-Quip, Inc.\* | 1476 | 40103 |  |
|  Expro Group Holdings NV\* | 3394 | 61533 |  |
|  Helix Energy Solutions Group, Inc.\* | 7062 | 52118 |  |
|  Helmerich & Payne, Inc. | 4683 | 232136 |  |
|  Hunting plc | 274210 | 1103916 |  |
|  Liberty Energy, Inc., Class A | 6415 | 102704 |  |
|  Nabors Industries Ltd.\* | 397 | 61483 |  |
|  National Energy Services Reunited Corp.\* | 1670 | 11590 |  |
|  Newpark Resources, Inc.\* | 4586 | 19032 |  |
|  NexTier Oilfield Solutions, Inc.\* | 7780 | 71887 |  |
|  Noble Corp. plc\* | 3837 | 144693 |  |
|  Oceaneering International, Inc.\* | 4724 | 82623 |  |
|  Oil States International, Inc.\* | 2883 | 21507 |  |
|  Patterson-UTI Energy, Inc. | 9706 | 163449 |  |
|  ProFrac Holding Corp., Class A (x)\* | 1025 | 25830 |  |
|  ProPetro Holding Corp.\* | 4304 | 44632 |  |
|  RPC, Inc. | 3106 | 27612 |  |
|  Select Energy Services, Inc., Class A | 3057 | 28247 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 1417 | 14071 |  |
|  TechnipFMC plc\* | 184656 | 2250957 |  |
|  TETRA Technologies, Inc.\* | 5358 | 18539 |  |
|  Tidewater, Inc.\* | 2039 | 75137 |  |
|  US Silica Holdings, Inc.\* | 3245 | 40562 |  |
|  Valaris Ltd.\* | 2755 | 186293 |  |
|  Weatherford International plc\* | 3206 | 163250 |  |
|  |  | 5631825 |  |
|  ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | ***Oil, Gas & Consumable Fuels (4.2%)*** | **** |
|  Aemetis, Inc. (x)\* | 1207 | 4780 |  |
|  Alto Ingredients, Inc.\* | 3719 | 10711 |  |
|  Amplify Energy Corp.\* | 1561 | 13721 |  |
|  Arch Resources, Inc. | 685 | 97811 |  |
|  Ardmore Shipping Corp.\* | 1943 | 27999 |  |
|  Battalion Oil Corp.\* | 113 | 1097 |  |
|  Berry Corp. | 3335 | 26680 |  |
|  California Resources Corp. | 3358 | 146107 |  |
|  Callon Petroleum Co.\* | 2191 | 81264 |  |
|  Centrus Energy Corp., Class A\* | 491 | 15948 |  |
|  Chord Energy Corp. | 1878 | 256929 |  |
|  Civitas Resources, Inc. | 3351 | 194123 |  |
|  Clean Energy Fuels Corp.\* | 8292 | 43118 |  |
|  CNX Resources Corp.\* | 8114 | 136640 |  |
|  Comstock Resources, Inc. (x) | 4117 | 56444 |  |
|  CONSOL Energy, Inc. | 1575 | 102375 |  |
|  Crescent Energy Co., Class A (x) | 1618 | 19400 |  |
|  Crescent Point Energy Corp. | 529155 | 3775212 |  |
|  CVR Energy, Inc. | 1464 | 45882 |  |
|  Delek US Holdings, Inc. | 3250 | 87750 |  |
|  Denbury, Inc.\* | 2265 | 197100 |  |
|  DHT Holdings, Inc. | 6175 | 54834 |  |
|  Dorian LPG Ltd. | 1239 | 23479 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 1945 | 27677 |  |
|  Empire Petroleum Corp. (x)\* | 321 | 3948 |  |
|  Energy Fuels, Inc. (x)\* | 6894 | 42812 |  |
|  Equitrans Midstream Corp. | 18744 | 125585 |  |
|  Excelerate Energy, Inc., Class A | 977 | 24474 |  |
|  FLEX LNG Ltd. | 1248 | 40797 |  |
|  Frontline Ltd. (x) | 5754 | 69854 |  |
|  Gevo, Inc. (x)\* | 11105 | 21100 |  |
|  Golar LNG Ltd.\* | 4420 | 100732 |  |
|  Green Plains, Inc.\* | 92551 | 2822805 |  |
|  Gulfport Energy Corp.\* | 500 | 36820 |  |
|  HighPeak Energy, Inc. (x) | 251 | 5740 |  |
|  International Seaways, Inc. | 2269 | 83998 |  |
|  Kinetik Holdings, Inc. (x) | 761 | 25174 |  |
|  Kosmos Energy Ltd.\* | 20633 | 131226 |  |
|  Laredo Petroleum, Inc. (x)\* | 726 | 37331 |  |
|  Magnolia Oil & Gas Corp., Class A | 7924 | 185818 |  |
|  Matador Resources Co. | 5116 | 292840 |  |
|  Murphy Oil Corp. | 6698 | 288081 |  |
|  NACCO Industries, Inc., Class A | 181 | 6878 |  |
|  NextDecade Corp. (x)\* | 1444 | 7133 |  |
|  Nordic American Tankers Ltd. | 8979 | 27476 |  |
|  Northern Oil and Gas, Inc. (x) | 3050 | 94001 |  |
|  Par Pacific Holdings, Inc.\* | 2387 | 55498 |  |
|  PBF Energy, Inc., Class A | 4459 | 181838 |  |
|  Peabody Energy Corp.\* | 5330 | 140819 |  |
|  Permian Resources Corp. | 9667 | 90870 |  |
|  Ranger Oil Corp. | 840 | 33961 |  |
|  REX American Resources Corp.\* | 694 | 22111 |  |
|  Riley Exploration Permian, Inc. | 507 | 14921 |  |
|  Ring Energy, Inc. (x)\* | 3862 | 9501 |  |
|  SandRidge Energy, Inc.\* | 1082 | 18426 |  |
|  Scorpio Tankers, Inc. | 2148 | 115498 |  |
|  SFL Corp. Ltd. | 5116 | 47170 |  |
|  SilverBow Resources, Inc. (x)\* | 523 | 14790 |  |
|  Sitio Royalties Corp. (x) | 3290 | 94914 |  |
|  SM Energy Co. | 5525 | 192436 |  |
|  Talos Energy, Inc.\* | 2974 | 56149 |  |
|  Teekay Corp.\* | 3020 | 13711 |  |
|  Teekay Tankers Ltd., Class A\* | 1124 | 34630 |  |
|  Tellurian, Inc. (x)\* | 22991 | 38625 |  |
|  Uranium Energy Corp. (x)\* | 16166 | 62724 |  |
|  Ur-Energy, Inc.\* | 9410 | 10821 |  |
|  VAALCO Energy, Inc. (x) | 4734 | 21587 |  |
|  Vertex Energy, Inc. (x)\* | 2455 | 15221 |  |
|  W&T Offshore, Inc.\* | 5010 | 27956 |  |
|  World Fuel Services Corp. | 2685 | 73381 |  |
|  |  | 11309262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 16941087 |  |
|  **Financials (17.7%)** | **Financials (17.7%)** | **Financials (17.7%)** |  |
|  ***Banks (10.6%)*** | ***Banks (10.6%)*** | ***Banks (10.6%)*** | **** |
|  1st Source Corp. | 699 | 37110 |  |
|  ACNB Corp. | 300 | 11943 |  |
|  Amalgamated Financial Corp. | 717 | 16520 |  |
|  Amerant Bancorp, Inc. | 1412 | 37898 |  |
|  American National Bankshares, Inc. | 454 | 16766 |  |
|  Ameris Bancorp | 2898 | 136612 |  |
|  Arrow Financial Corp. | 620 | 21018 |  |
|  Associated Banc-Corp. | 6866 | 158536 |  |
|  Atlantic Union Bankshares Corp. | 76202 | 2677738 |  |

---

See Notes to Financial Statements.

765

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Banc of California, Inc. | 2360 | $37595 |
|  BancFirst Corp. | 858 | 75658 |
|  Bancorp, Inc. (The)\* | 2390 | 67828 |
|  Bank First Corp. (x) | 393 | 36478 |
|  Bank of Marin Bancorp | 847 | 27849 |
|  Bank of NT Butterfield & Son Ltd. (The) | 2165 | 64539 |
|  BankUnited, Inc. | 3408 | 115770 |
|  Bankwell Financial Group, Inc. | 361 | 10624 |
|  Banner Corp. | 1497 | 94610 |
|  Bar Harbor Bankshares | 647 | 20730 |
|  BayCom Corp. | 490 | 9300 |
|  BCB Bancorp, Inc. | 549 | 9876 |
|  Berkshire Hills Bancorp, Inc. | 1901 | 56840 |
|  Blue Ridge Bankshares, Inc. | 902 | 11266 |
|  Brookline Bancorp, Inc. | 3341 | 47275 |
|  Business First Bancshares, Inc. | 1374 | 30420 |
|  Byline Bancorp, Inc. | 1076 | 24716 |
|  Cadence Bank | 8023 | 197847 |
|  Cambridge Bancorp | 294 | 24420 |
|  Camden National Corp. | 24261 | 1011441 |
|  Capital Bancorp, Inc. | 398 | 9369 |
|  Capital City Bank Group, Inc. | 592 | 19240 |
|  Capstar Financial Holdings, Inc. | 1086 | 19179 |
|  Carter Bankshares, Inc.\* | 1137 | 18863 |
|  Cathay General Bancorp | 3355 | 136850 |
|  Central Pacific Financial Corp. | 1189 | 24113 |
|  Citizens & Northern Corp. | 660 | 15088 |
|  City Holding Co. | 589 | 54830 |
|  Civista Bancshares, Inc. | 703 | 15473 |
|  CNB Financial Corp. | 1166 | 27739 |
|  Coastal Financial Corp.\* | 492 | 23380 |
|  Colony Bankcorp, Inc. | 628 | 7969 |
|  Columbia Banking System, Inc. | 112355 | 3385256 |
|  Community Bank System, Inc. | 2360 | 148562 |
|  Community Trust Bancorp, Inc. | 799 | 36698 |
|  ConnectOne Bancorp, Inc. | 1641 | 39729 |
|  CrossFirst Bankshares, Inc.\* | 2286 | 28369 |
|  Customers Bancorp, Inc.\* | 1336 | 37862 |
|  CVB Financial Corp. | 5838 | 150328 |
|  Dime Community Bancshares, Inc. (x) | 1432 | 45581 |
|  Eagle Bancorp, Inc. | 1373 | 60508 |
|  Eastern Bankshares, Inc. | 7119 | 122803 |
|  Enterprise Bancorp, Inc. | 461 | 16273 |
|  Enterprise Financial Services Corp. | 1725 | 84456 |
|  Equity Bancshares, Inc., Class A | 651 | 21268 |
|  Esquire Financial Holdings, Inc. | 384 | 16612 |
|  Farmers & Merchants Bancorp, Inc. | 504 | 13699 |
|  Farmers National Banc Corp. | 1404 | 19824 |
|  FB Financial Corp. | 1791 | 64727 |
|  Financial Institutions, Inc. | 674 | 16419 |
|  First Bancorp (Nasdaq Stock Exchange) | 9533 | 408394 |
|  First Bancorp (Quotrix Stock Exchange) | 7977 | 101467 |
|  First Bancorp, Inc. (The) | 426 | 12754 |
|  First Bancshares, Inc. (The) | 971 | 31082 |
|  First Bank | 634 | 8724 |
|  First Busey Corp. | 2582 | 63827 |
|  First Business Financial Services, Inc. | 442 | 16155 |
|  First Commonwealth Financial Corp. | 4038 | 56411 |
|  First Community Bankshares, Inc. | 691 | 23425 |
|  First Financial Bancorp | 4087 | 99028 |
|  First Financial Bankshares, Inc. | 5894 | 202754 |
|  First Financial Corp. | 637 | 29353 |
|  First Foundation, Inc. | 2239 | 32085 |
|  First Guaranty Bancshares, Inc. (x) | 240 | 5628 |
|  First Internet Bancorp | 337 | 8182 |
|  First Interstate BancSystem, Inc., Class A | 80234 | 3101044 |
|  First Merchants Corp. | 2640 | 108530 |
|  First Mid Bancshares, Inc. | 826 | 26498 |
|  First of Long Island Corp. (The) | 24776 | 445968 |
|  First Western Financial, Inc.\* | 305 | 8586 |
|  Five Star Bancorp | 600 | 16344 |
|  Flushing Financial Corp. | 1245 | 24128 |
|  Fulton Financial Corp. | 7539 | 126881 |
|  FVCBankcorp, Inc.\* | 439 | 8372 |
|  German American Bancorp, Inc. | 26308 | 981288 |
|  Glacier Bancorp, Inc. | 5049 | 249522 |
|  Great Southern Bancorp, Inc. | 408 | 24272 |
|  Guaranty Bancshares, Inc. | 317 | 10981 |
|  Hancock Whitney Corp. | 3900 | 188721 |
|  Hanmi Financial Corp. | 1363 | 33734 |
|  HarborOne Bancorp, Inc. | 1916 | 26632 |
|  HBT Financial, Inc. | 612 | 11977 |
|  Heartland Financial USA, Inc. | 2019 | 94126 |
|  Heritage Commerce Corp. | 2572 | 33436 |
|  Heritage Financial Corp. | 1554 | 47615 |
|  Hilltop Holdings, Inc. | 2217 | 66532 |
|  Home BancShares, Inc. | 8626 | 196587 |
|  HomeStreet, Inc. | 815 | 22478 |
|  HomeTrust Bancshares, Inc. | 760 | 18369 |
|  Hope Bancorp, Inc. | 5214 | 66791 |
|  Horizon Bancorp, Inc. | 2075 | 31291 |
|  Independent Bank Corp. | 881 | 21074 |
|  Independent Bank Corp./MA | 2031 | 171477 |
|  Independent Bank Group, Inc. | 1567 | 94145 |
|  International Bancshares Corp. | 2476 | 113302 |
|  John Marshall Bancorp, Inc. | 449 | 12922 |
|  Lakeland Bancorp, Inc. | 3256 | 57338 |
|  Lakeland Financial Corp. | 1082 | 78954 |
|  Live Oak Bancshares, Inc. | 1609 | 48592 |
|  Macatawa Bank Corp. | 1333 | 14703 |
|  Mercantile Bank Corp. | 674 | 22566 |
|  Metrocity Bankshares, Inc. | 817 | 17672 |
|  Metropolitan Bank Holding Corp.\* | 475 | 27868 |
|  Mid Penn Bancorp, Inc. | 683 | 20470 |
|  Midland States Bancorp, Inc. | 927 | 24677 |
|  MidWestOne Financial Group, Inc. | 681 | 21622 |
|  MVB Financial Corp. | 435 | 9579 |
|  National Bank Holdings Corp., Class A | 1239 | 52125 |
|  NBT Bancorp, Inc. | 1869 | 81152 |
|  Nicolet Bankshares, Inc.\* | 531 | 42368 |
|  Northeast Bank | 264 | 11114 |
|  Northwest Bancshares, Inc. | 5320 | 74374 |
|  OceanFirst Financial Corp. | 2987 | 63474 |
|  OFG Bancorp | 2040 | 56222 |
|  Old National Bancorp | 13252 | 238271 |
|  Old Second Bancorp, Inc. | 1855 | 29754 |
|  Origin Bancorp, Inc. | 1210 | 44407 |
|  Orrstown Financial Services, Inc. | 498 | 11534 |

---

See Notes to Financial Statements.

766

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Pacific Premier Bancorp, Inc. | 4143 | $| 130753 |  |
|  Park National Corp. | 628 |  | 88391 |  |
|  Parke Bancorp, Inc. | 354 |  | 7342 |  |
|  Pathward Financial, Inc. | 1257 |  | 54114 |  |
|  PCB Bancorp | 419 |  | 7412 |  |
|  PCSB Financial Corp. | 442 |  | 8416 |  |
|  Peapack-Gladstone Financial Corp. | 773 |  | 28771 |  |
|  Peoples Bancorp, Inc. | 38897 |  | 1098840 |  |
|  Peoples Financial Services Corp. | 336 |  | 17418 |  |
|  Preferred Bank | 517 |  | 38579 |  |
|  Premier Financial Corp. | 1881 |  | 50731 |  |
|  Primis Financial Corp. | 828 |  | 9812 |  |
|  Professional Holding Corp., Class A\* | 687 |  | 19057 |  |
|  QCR Holdings, Inc. | 790 |  | 39216 |  |
|  RBB Bancorp | 640 |  | 13344 |  |
|  Red River Bancshares, Inc. | 191 |  | 9752 |  |
|  Renasant Corp. | 2317 |  | 87096 |  |
|  Republic Bancorp, Inc., Class A | 381 |  | 15591 |  |
|  Republic First Bancorp, Inc.\* | 2438 |  | 5242 |  |
|  S&T Bancorp, Inc. | 1700 |  | 58106 |  |
|  Sandy Spring Bancorp, Inc. | 2101 |  | 74018 |  |
|  Seacoast Banking Corp. of Florida | 2627 |  | 81936 |  |
|  ServisFirst Bancshares, Inc. | 2197 |  | 151395 |  |
|  Shore Bancshares, Inc. | 929 |  | 16192 |  |
|  Sierra Bancorp | 601 |  | 12765 |  |
|  Silvergate Capital Corp., Class A\* | 1425 |  | 24795 |  |
|  Simmons First National Corp., Class A | 5324 |  | 114892 |  |
|  SmartFinancial, Inc. | 712 |  | 19580 |  |
|  South Plains Financial, Inc. | 428 |  | 11783 |  |
|  Southern First Bancshares, Inc.\* | 332 |  | 15189 |  |
|  Southside Bancshares, Inc. | 1398 |  | 50314 |  |
|  SouthState Corp. | 45507 |  | 3474915 |  |
|  Stellar Bancorp, Inc. | 1962 |  | 57801 |  |
|  Stock Yards Bancorp, Inc. | 1316 |  | 85514 |  |
|  Summit Financial Group, Inc. | 487 |  | 12121 |  |
|  Texas Capital Bancshares, Inc.\* | 2291 |  | 138170 |  |
|  Third Coast Bancshares, Inc. (x)\* | 538 |  | 9915 |  |
|  Tompkins Financial Corp. | 610 |  | 47324 |  |
|  Towne Bank | 3147 |  | 97053 |  |
|  TriCo Bancshares | 28152 |  | 1435470 |  |
|  Triumph Financial, Inc.\* | 1023 |  | 49994 |  |
|  Trustmark Corp. | 2709 |  | 94571 |  |
|  UMB Financial Corp. | 2009 |  | 167792 |  |
|  United Bankshares, Inc. | 5908 |  | 239215 |  |
|  United Community Banks, Inc. | 4655 |  | 157339 |  |
|  Unity Bancorp, Inc. | 433 |  | 11834 |  |
|  Univest Financial Corp. | 1590 |  | 41547 |  |
|  USCB Financial Holdings, Inc.\* | 400 |  | 4880 |  |
|  Valley National Bancorp | 19825 |  | 224221 |  |
|  Veritex Holdings, Inc. | 2280 |  | 64022 |  |
|  Washington Federal, Inc. | 2990 |  | 100314 |  |
|  Washington Trust Bancorp, Inc. | 24106 |  | 1137321 |  |
|  WesBanco, Inc. | 2509 |  | 92783 |  |
|  West Bancorp, Inc. | 709 |  | 18115 |  |
|  Westamerica Bancorp | 1098 |  | 64793 |  |
|  |  |  | 28489884 |  |
|  ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | ***Capital Markets (0.6%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 2631 |  | 78141 |  |
|  AssetMark Financial Holdings, Inc.\* | 943 |  | 21689 |  |
|  Associated Capital Group, Inc., Class A | 81 |  | 3401 |  |
|  B Riley Financial, Inc. | 1040 |  | 35568 |  |
|  Bakkt Holdings, Inc. (x)\* | 2626 |  | 3125 |  |
|  BGC Partners, Inc., Class A | 13804 |  | 52041 |  |
|  Blucora, Inc.\* | 2085 |  | 53230 |  |
|  Brightsphere Investment Group, Inc. | 1415 |  | 29121 |  |
|  Cohen & Steers, Inc. | 1112 |  | 71791 |  |
|  Cowen, Inc., Class A | 1178 |  | 45494 |  |
|  Diamond Hill Investment Group, Inc. | 126 |  | 23312 |  |
|  Donnelley Financial Solutions, Inc.\* | 1155 |  | 44641 |  |
|  Federated Hermes, Inc., Class B | 3738 |  | 135727 |  |
|  Focus Financial Partners, Inc., Class A\* | 2740 |  | 102120 |  |
|  GCM Grosvenor, Inc., Class A (x) | 1800 |  | 13698 |  |
|  Hamilton Lane, Inc., Class A | 1655 |  | 105721 |  |
|  Houlihan Lokey, Inc. | 2273 |  | 198115 |  |
|  MarketWise, Inc. (x)\* | 766 |  | 1287 |  |
|  Moelis & Co., Class A | 2963 |  | 113690 |  |
|  Open Lending Corp., Class A\* | 4629 |  | 31246 |  |
|  Oppenheimer Holdings, Inc., Class A | 345 |  | 14604 |  |
|  Perella Weinberg Partners (x) | 1617 |  | 15846 |  |
|  Piper Sandler Cos. | 804 |  | 104673 |  |
|  PJT Partners, Inc., Class A | 1047 |  | 77153 |  |
|  Sculptor Capital Management, Inc. | 1211 |  | 10487 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 360 |  | 6757 |  |
|  StepStone Group, Inc., Class A | 2571 |  | 64738 |  |
|  StoneX Group, Inc.\* | 762 |  | 72618 |  |
|  Value Line, Inc. | 34 |  | 1730 |  |
|  Victory Capital Holdings, Inc., Class A | 708 |  | 18996 |  |
|  Virtus Investment Partners, Inc. | 334 |  | 63941 |  |
|  WisdomTree, Inc. | 5997 |  | 32684 |  |
|  |  |  | 1647385 |  |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | **** |
|  Atlanticus Holdings Corp.\* | 220 |  | 5764 |  |
|  Bread Financial Holdings, Inc. | 5711 |  | 215076 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 337 |  | 2983 |  |
|  Curo Group Holdings Corp. (x) | 1035 |  | 3674 |  |
|  Encore Capital Group, Inc.\* | 1014 |  | 48611 |  |
|  Enova International, Inc.\* | 1480 |  | 56788 |  |
|  EZCORP, Inc., Class A\* | 2172 |  | 17702 |  |
|  FirstCash Holdings, Inc. | 1705 |  | 148182 |  |
|  Green Dot Corp., Class A\* | 2059 |  | 32573 |  |
|  LendingClub Corp.\* | 4624 |  | 40691 |  |
|  LendingTree, Inc.\* | 474 |  | 10110 |  |
|  Moneylion, Inc. (x)\* | 6534 |  | 4051 |  |
|  Navient Corp. | 4663 |  | 76706 |  |
|  Nelnet, Inc., Class A | 631 |  | 57263 |  |
|  NerdWallet, Inc., Class A (x)\* | 1108 |  | 10637 |  |
|  Oportun Financial Corp.\* | 941 |  | 5185 |  |
|  OppFi, Inc. (x)\* | 606 |  | 1242 |  |
|  PRA Group, Inc.\* | 1687 |  | 56987 |  |
|  PROG Holdings, Inc.\* | 2220 |  | 37496 |  |
|  Regional Management Corp. | 354 |  | 9940 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 1467 |  | 1893 |  |
|  World Acceptance Corp.\* | 172 |  | 11342 |  |
|  |  |  | 854896 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Alerus Financial Corp. | 722 |  | 16859 |  |
|  A-Mark Precious Metals, Inc. | 898 |  | 31187 |  |

---

See Notes to Financial Statements.

767

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 1193 | $| 19327 |  |
|  Cannae Holdings, Inc.\* | 3334 |  | 68847 |  |
|  Compass Diversified Holdings | 2960 |  | 53961 |  |
|  Jackson Financial, Inc., Class A | 3423 |  | 119086 |  |
|  SWK Holdings Corp. (x)\* | 160 |  | 2822 |  |
|  |  |  | 312089 |  |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | **** |
|  Ambac Financial Group, Inc.\* | 1953 |  | 34060 |  |
|  American Equity Investment Life Holding Co. | 3228 |  | 147261 |  |
|  AMERISAFE, Inc. | 924 |  | 48020 |  |
|  Argo Group International Holdings Ltd. | 1444 |  | 37327 |  |
|  Bright Health Group, Inc. (x)\* | 8828 |  | 5737 |  |
|  BRP Group, Inc., Class A\* | 2808 |  | 70593 |  |
|  CNO Financial Group, Inc. | 72737 |  | 1662040 |  |
|  Crawford & Co., Class A | 1133 |  | 6299 |  |
|  Donegal Group, Inc., Class A | 520 |  | 7384 |  |
|  eHealth, Inc.\* | 1302 |  | 6302 |  |
|  Employers Holdings, Inc. | 1190 |  | 51325 |  |
|  Enstar Group Ltd.\* | 515 |  | 118986 |  |
|  Genworth Financial, Inc., Class A\* | 21668 |  | 114624 |  |
|  Goosehead Insurance, Inc., Class A\* | 846 |  | 29052 |  |
|  Greenlight Capital Re Ltd., Class A\* | 1144 |  | 9324 |  |
|  Hanover Insurance Group, Inc. (The) | 32178 |  | 4348213 |  |
|  HCI Group, Inc. (x) | 281 |  | 11125 |  |
|  Hippo Holdings, Inc. (x)\* | 701 |  | 9534 |  |
|  Horace Mann Educators Corp. | 60864 |  | 2274488 |  |
|  Investors Title Co. | 68 |  | 10033 |  |
|  James River Group Holdings Ltd. | 1688 |  | 35296 |  |
|  Kinsale Capital Group, Inc. | 976 |  | 255244 |  |
|  Lemonade, Inc. (x)\* | 2064 |  | 28236 |  |
|  MBIA, Inc.\* | 2199 |  | 28257 |  |
|  Mercury General Corp. | 1171 |  | 40048 |  |
|  National Western Life Group, Inc., Class A | 103 |  | 28943 |  |
|  NI Holdings, Inc.\* | 446 |  | 5918 |  |
|  Oscar Health, Inc., Class A\* | 5278 |  | 12984 |  |
|  Palomar Holdings, Inc.\* | 1063 |  | 48005 |  |
|  ProAssurance Corp. | 2407 |  | 42050 |  |
|  RLI Corp. | 1749 |  | 229591 |  |
|  Root, Inc., Class A (x)\* | 328 |  | 1473 |  |
|  Safety Insurance Group, Inc. | 623 |  | 52494 |  |
|  Selective Insurance Group, Inc. | 9009 |  | 798287 |  |
|  Selectquote, Inc.\* | 6174 |  | 4148 |  |
|  SiriusPoint Ltd.\* | 4242 |  | 25028 |  |
|  Stewart Information Services Corp. | 1176 |  | 50250 |  |
|  Tiptree, Inc. | 1181 |  | 16345 |  |
|  Trean Insurance Group, Inc.\* | 918 |  | 5508 |  |
|  Trupanion, Inc. (x)\* | 1807 |  | 85887 |  |
|  United Fire Group, Inc. | 1007 |  | 27552 |  |
|  Universal Insurance Holdings, Inc. | 1130 |  | 11967 |  |
|  |  |  | 10835238 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 711 |  | 11184 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 418 |  | 1977 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 6264 |  | 67401 |  |
|  Arbor Realty Trust, Inc. (REIT) | 7533 |  | 99360 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 2247 |  | 23122 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 6754 |  | 38025 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 7696 |  | 162924 |  |
|  BrightSpire Capital, Inc. (REIT) | 4102 |  | 25556 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 5700 |  | 20292 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 287 |  | 4325 |  |
|  Chimera Investment Corp. (REIT) (x) | 10437 |  | 57404 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 4116 |  | 60546 |  |
|  Dynex Capital, Inc. (REIT) | 1995 |  | 25376 |  |
|  Ellington Financial, Inc. (REIT) | 2591 |  | 32051 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 3632 |  | 46853 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 2040 |  | 10934 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 3994 |  | 115746 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 1504 |  | 19146 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 2348 |  | 32778 |  |
|  Ladder Capital Corp. (REIT) | 5592 |  | 56144 |  |
|  MFA Financial, Inc. (REIT) (x) | 4954 |  | 48797 |  |
|  New York Mortgage Trust, Inc. (REIT) | 16369 |  | 41905 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 352 |  | 5593 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 1470 |  | 15435 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x)‡ | 3895 |  | 48259 |  |
|  Ready Capital Corp. (REIT) (x) | 3224 |  | 35915 |  |
|  Redwood Trust, Inc. (REIT) | 4960 |  | 33530 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 3546 |  | 24077 |  |
|  Two Harbors Investment Corp. (REIT) | 3870 |  | 61030 |  |
|  |  |  | 1225685 |  |
|  ***Thrifts & Mortgage Finance (1.5%)*** | ***Thrifts & Mortgage Finance (1.5%)*** | ***Thrifts & Mortgage Finance (1.5%)*** | ***Thrifts & Mortgage Finance (1.5%)*** | **** |
|  Axos Financial, Inc.\* | 2510 |  | 95932 |  |
|  Blue Foundry Bancorp\* | 1112 |  | 14289 |  |
|  Bridgewater Bancshares, Inc.\* | 891 |  | 15806 |  |
|  Capitol Federal Financial, Inc. | 5715 |  | 49435 |  |
|  Columbia Financial, Inc.\* | 1777 |  | 38419 |  |
|  Enact Holdings, Inc. (x) | 1522 |  | 36711 |  |
|  Essent Group Ltd. | 4829 |  | 187752 |  |
|  Federal Agricultural Mortgage Corp., Class C | 399 |  | 44971 |  |
|  Finance of America Cos., Inc., Class A\* | 3952 |  | 5019 |  |
|  Greene County Bancorp, Inc. | 205 |  | 11771 |  |
|  Hingham Institution For Savings (The) | 69 |  | 19041 |  |
|  Home Bancorp, Inc. | 320 |  | 12810 |  |
|  Home Point Capital, Inc. (x) | 743 |  | 1018 |  |
|  Kearny Financial Corp. | 2604 |  | 26431 |  |
|  Luther Burbank Corp. | 812 |  | 9021 |  |
|  Merchants Bancorp | 742 |  | 18045 |  |
|  Mr Cooper Group, Inc.\* | 3158 |  | 126731 |  |
|  NMI Holdings, Inc., Class A\* | 3846 |  | 80381 |  |
|  Northfield Bancorp, Inc. | 1870 |  | 29415 |  |
|  PennyMac Financial Services, Inc.‡ | 1172 |  | 66406 |  |
|  Pioneer Bancorp, Inc. (x)\* | 663 |  | 7558 |  |
|  Provident Bancorp, Inc. | 1158 |  | 8430 |  |

---

See Notes to Financial Statements.

768

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Provident Financial Services, Inc. | 3201 | $| 68373 |  |
|  Radian Group, Inc. | 7219 |  | 137666 |  |
|  Southern Missouri Bancorp, Inc. | 384 |  | 17599 |  |
|  Sterling Bancorp, Inc.\* | 817 |  | 4976 |  |
|  TrustCo Bank Corp. | 821 |  | 30861 |  |
|  Velocity Financial, Inc.\* | 446 |  | 4304 |  |
|  Walker & Dunlop, Inc. | 1416 |  | 111128 |  |
|  Waterstone Financial, Inc. | 828 |  | 14275 |  |
|  WSFS Financial Corp. | 61856 |  | 2804551 |  |
|  |  |  | 4099125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 47464302 |  |
|  **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** | **Health Care (8.5%)** |  |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | **** |
|  2seventy bio, Inc.\* | 1675 |  | 15695 |  |
|  4D Molecular Therapeutics, Inc.\* | 1344 |  | 29850 |  |
|  Aadi Bioscience, Inc. (x)\* | 628 |  | 8057 |  |
|  Absci Corp.\* | 2664 |  | 5594 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 5588 |  | 88961 |  |
|  Adicet Bio, Inc. (x)\* | 1278 |  | 11425 |  |
|  ADMA Biologics, Inc.\* | 8172 |  | 31707 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 447 |  | 13097 |  |
|  Affimed NV\* | 5766 |  | 7150 |  |
|  Agenus, Inc.\* | 13356 |  | 32054 |  |
|  Agios Pharmaceuticals, Inc.\* | 2441 |  | 68543 |  |
|  Akero Therapeutics, Inc.\* | 1526 |  | 83625 |  |
|  Albireo Pharma, Inc. (x)\* | 808 |  | 17461 |  |
|  Alector, Inc.\* | 2785 |  | 25706 |  |
|  Alkermes plc\* | 7378 |  | 192787 |  |
|  Allogene Therapeutics, Inc. (x)\* | 3696 |  | 23248 |  |
|  Allovir, Inc. (x)\* | 1465 |  | 7515 |  |
|  Alpine Immune Sciences, Inc.\* | 1337 |  | 9827 |  |
|  ALX Oncology Holdings, Inc. (x)\* | 878 |  | 9895 |  |
|  Amicus Therapeutics, Inc.\* | 12485 |  | 152442 |  |
|  AnaptysBio, Inc.\* | 857 |  | 26558 |  |
|  Anavex Life Sciences Corp. (x)\* | 3227 |  | 29882 |  |
|  Anika Therapeutics, Inc.\* | 595 |  | 17612 |  |
|  Apellis Pharmaceuticals, Inc.\* | 4243 |  | 219406 |  |
|  Arbutus Biopharma Corp. (x)\* | 5907 |  | 13763 |  |
|  Arcellx, Inc. (x)\* | 1309 |  | 40553 |  |
|  Arcturus Therapeutics Holdings, Inc.\* | 957 |  | 16231 |  |
|  Arcus Biosciences, Inc.\* | 2410 |  | 49839 |  |
|  Arcutis Biotherapeutics, Inc.\* | 1802 |  | 26670 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 4705 |  | 190835 |  |
|  Atara Biotherapeutics, Inc.\* | 4399 |  | 14429 |  |
|  Aura Biosciences, Inc. (x)\* | 812 |  | 8526 |  |
|  Aurinia Pharmaceuticals, Inc.\* | 6020 |  | 26006 |  |
|  Avid Bioservices, Inc.\* | 2580 |  | 35527 |  |
|  Avidity Biosciences, Inc.\* | 2339 |  | 51902 |  |
|  Beam Therapeutics, Inc. (x)\* | 2900 |  | 113419 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 8577 |  | 98464 |  |
|  Biohaven Ltd. (x)\* | 2768 |  | 38420 |  |
|  Bioxcel Therapeutics, Inc. (x)\* | 988 |  | 21222 |  |
|  Bluebird Bio, Inc.\* | 4162 |  | 28801 |  |
|  Blueprint Medicines Corp.\* | 2727 |  | 119470 |  |
|  Bridgebio Pharma, Inc.\* | 4650 |  | 35433 |  |
|  C4 Therapeutics, Inc. (x)\* | 1943 |  | 11464 |  |
|  CareDx, Inc.\* | 2173 |  | 24794 |  |
|  Caribou Biosciences, Inc. (x)\* | 2437 |  | 15304 |  |
|  Catalyst Pharmaceuticals, Inc.\* | 4323 |  | 80408 |  |
|  Celldex Therapeutics, Inc.\* | 2006 |  | 89407 |  |
|  Celularity, Inc., Class A (x)\* | 2718 |  | 3506 |  |
|  Century Therapeutics, Inc. (x)\* | 830 |  | 4258 |  |
|  Cerevel Therapeutics Holdings, Inc. (x)\* | 2640 |  | 83266 |  |
|  Chimerix, Inc.\* | 3326 |  | 6186 |  |
|  Chinook Therapeutics, Inc.\* | 2220 |  | 58164 |  |
|  Cogent Biosciences, Inc. (x)\* | 2875 |  | 33235 |  |
|  Coherus Biosciences, Inc.\* | 3363 |  | 26635 |  |
|  Crinetics Pharmaceuticals, Inc.\* | 2376 |  | 43481 |  |
|  CTI BioPharma Corp. (x)\* | 4636 |  | 27862 |  |
|  Cullinan Oncology, Inc.\* | 1263 |  | 13325 |  |
|  Cytokinetics, Inc.\* | 3716 |  | 170267 |  |
|  Day One Biopharmaceuticals, Inc. (x)\* | 1231 |  | 26491 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 1955 |  | 32042 |  |
|  Denali Therapeutics, Inc.\* | 4957 |  | 137854 |  |
|  Design Therapeutics, Inc. (x)\* | 1620 |  | 16621 |  |
|  Dynavax Technologies Corp.\* | 5344 |  | 56860 |  |
|  Dyne Therapeutics, Inc.\* | 1387 |  | 16075 |  |
|  Eagle Pharmaceuticals, Inc.\* | 428 |  | 12510 |  |
|  Editas Medicine, Inc.\* | 3056 |  | 27107 |  |
|  Eiger BioPharmaceuticals, Inc.\* | 1700 |  | 2006 |  |
|  Emergent BioSolutions, Inc.\* | 2321 |  | 27411 |  |
|  Enanta Pharmaceuticals, Inc.\* | 867 |  | 40333 |  |
|  Enochian Biosciences, Inc. (x)\* | 889 |  | 916 |  |
|  EQRx, Inc.\* | 8924 |  | 21953 |  |
|  Erasca, Inc. (x)\* | 3063 |  | 13202 |  |
|  Fate Therapeutics, Inc.\* | 3704 |  | 37373 |  |
|  FibroGen, Inc.\* | 3828 |  | 61325 |  |
|  Foghorn Therapeutics, Inc. (x)\* | 1017 |  | 6488 |  |
|  Gelesis Holdings, Inc. (x)\* | 444 |  | 129 |  |
|  Generation Bio Co.\* | 2252 |  | 8850 |  |
|  Geron Corp.\* | 17874 |  | 43255 |  |
|  Gossamer Bio, Inc. (x)\* | 2844 |  | 6171 |  |
|  GreenLight Biosciences Holdings PBC (x)\* | 2696 |  | 3181 |  |
|  Halozyme Therapeutics, Inc.\* | 6013 |  | 342140 |  |
|  Heron Therapeutics, Inc. (x)\* | 4710 |  | 11775 |  |
|  HilleVax, Inc. (x)\* | 937 |  | 15676 |  |
|  Humacyte, Inc. (x)\* | 3426 |  | 7229 |  |
|  Icosavax, Inc. (x)\* | 1158 |  | 9195 |  |
|  Ideaya Biosciences, Inc.\* | 1939 |  | 35232 |  |
|  IGM Biosciences, Inc. (x)\* | 420 |  | 7144 |  |
|  Imago Biosciences, Inc.\* | 1162 |  | 41774 |  |
|  ImmunityBio, Inc. (x)\* | 3478 |  | 17633 |  |
|  ImmunoGen, Inc.\* | 10399 |  | 51579 |  |
|  Immunovant, Inc.\* | 2032 |  | 36068 |  |
|  Inhibrx, Inc. (x)\* | 1530 |  | 37699 |  |
|  Inovio Pharmaceuticals, Inc. (x)\* | 11220 |  | 17503 |  |
|  Insmed, Inc.\* | 6180 |  | 123476 |  |
|  Instil Bio, Inc.\* | 3153 |  | 1986 |  |
|  Intellia Therapeutics, Inc.\* | 3876 |  | 135234 |  |
|  Intercept Pharmaceuticals, Inc.\* | 1071 |  | 13248 |  |
|  Invivyd, Inc. (x)\* | 2821 |  | 4231 |  |
|  Iovance Biotherapeutics, Inc.\* | 6778 |  | 43311 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 6397 |  | 79259 |  |
|  iTeos Therapeutics, Inc.\* | 1003 |  | 19589 |  |
|  IVERIC bio, Inc.\* | 5916 |  | 126662 |  |
|  Janux Therapeutics, Inc.\* | 850 |  | 11194 |  |
|  Jounce Therapeutics, Inc.\* | 1321 |  | 1466 |  |
|  KalVista Pharmaceuticals, Inc.\* | 967 |  | 6537 |  |
|  Karuna Therapeutics, Inc.\* | 1369 |  | 269009 |  |

---

See Notes to Financial Statements.

769

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Karyopharm Therapeutics, Inc.\* | 3401 | $| 11563 |  |
|  Keros Therapeutics, Inc.\* | 886 |  | 42546 |  |
|  Kezar Life Sciences, Inc.\* | 2494 |  | 17558 |  |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 1312 |  | 19654 |  |
|  Kinnate Biopharma, Inc. (x)\* | 1155 |  | 7045 |  |
|  Kodiak Sciences, Inc.\* | 1618 |  | 11585 |  |
|  Kronos Bio, Inc.\* | 2019 |  | 3271 |  |
|  Krystal Biotech, Inc.\* | 956 |  | 75734 |  |
|  Kura Oncology, Inc.\* | 3135 |  | 38905 |  |
|  Kymera Therapeutics, Inc.\* | 1838 |  | 45876 |  |
|  Lexicon Pharmaceuticals, Inc.\* | 3530 |  | 6742 |  |
|  Lyell Immunopharma, Inc. (x)\* | 7999 |  | 27757 |  |
|  MacroGenics, Inc.\* | 2811 |  | 18862 |  |
|  Madrigal Pharmaceuticals, Inc.\* | 557 |  | 161669 |  |
|  MannKind Corp.\* | 11884 |  | 62629 |  |
|  MeiraGTx Holdings plc\* | 1213 |  | 7909 |  |
|  Mersana Therapeutics, Inc.\* | 4031 |  | 23622 |  |
|  MiMedx Group, Inc.\* | 5323 |  | 14798 |  |
|  Mirum Pharmaceuticals, Inc.\* | 854 |  | 16653 |  |
|  Monte Rosa Therapeutics, Inc. (x)\* | 1384 |  | 10532 |  |
|  Morphic Holding, Inc.\* | 1127 |  | 30147 |  |
|  Myriad Genetics, Inc.\* | 3555 |  | 51583 |  |
|  Nkarta, Inc.\* | 1445 |  | 8656 |  |
|  Nurix Therapeutics, Inc.\* | 1995 |  | 21905 |  |
|  Nuvalent, Inc., Class A (x)\* | 878 |  | 26147 |  |
|  Ocugen, Inc. (x)\* | 9173 |  | 11925 |  |
|  Organogenesis Holdings, Inc.\* | 3327 |  | 8950 |  |
|  Outlook Therapeutics, Inc. (x)\* | 4554 |  | 4918 |  |
|  Pardes Biosciences, Inc.\* | 1248 |  | 2109 |  |
|  PepGen, Inc. (x)\* | 784 |  | 10482 |  |
|  PMV Pharmaceuticals, Inc. (x)\* | 1661 |  | 14451 |  |
|  Point Biopharma Global, Inc. (x)\* | 4041 |  | 29459 |  |
|  Praxis Precision Medicines, Inc.\* | 1634 |  | 3889 |  |
|  Precigen, Inc. (x)\* | 4932 |  | 7497 |  |
|  Prime Medicine, Inc.\* | 454 |  | 8435 |  |
|  Prometheus Biosciences, Inc.\* | 1572 |  | 172920 |  |
|  Protagonist Therapeutics, Inc.\* | 2149 |  | 23446 |  |
|  Prothena Corp. plc\* | 1693 |  | 102003 |  |
|  PTC Therapeutics, Inc.\* | 3116 |  | 118938 |  |
|  Rallybio Corp. (x)\* | 710 |  | 4665 |  |
|  RAPT Therapeutics, Inc.\* | 1229 |  | 24334 |  |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 6575 |  | 50693 |  |
|  REGENXBIO, Inc.\* | 1819 |  | 41255 |  |
|  Relay Therapeutics, Inc.\* | 3906 |  | 58356 |  |
|  Replimune Group, Inc.\* | 1748 |  | 47546 |  |
|  REVOLUTION Medicines, Inc.\* | 3291 |  | 78392 |  |
|  Rigel Pharmaceuticals, Inc.\* | 8187 |  | 12281 |  |
|  Rocket Pharmaceuticals, Inc.\* | 2577 |  | 50432 |  |
|  Sage Therapeutics, Inc.\* | 2404 |  | 91689 |  |
|  Sana Biotechnology, Inc. (x)\* | 4177 |  | 16499 |  |
|  Sangamo Therapeutics, Inc.\* | 5898 |  | 18520 |  |
|  Seres Therapeutics, Inc.\* | 3335 |  | 18676 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 22161 |  | 19635 |  |
|  SpringWorks Therapeutics, Inc.\* | 1569 |  | 40810 |  |
|  Stoke Therapeutics, Inc.\* | 993 |  | 9165 |  |
|  Sutro Biopharma, Inc.\* | 2154 |  | 17404 |  |
|  Syndax Pharmaceuticals, Inc.\* | 2352 |  | 59858 |  |
|  Talaris Therapeutics, Inc. (x)\* | 1026 |  | 1047 |  |
|  Tango Therapeutics, Inc. (x)\* | 2052 |  | 14877 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 1370 |  | 2754 |  |
|  TG Therapeutics, Inc.\* | 6462 |  | 76445 |  |
|  Travere Therapeutics, Inc.\* | 2742 |  | 57664 |  |
|  Twist Bioscience Corp. (x)\* | 2462 |  | 58620 |  |
|  Tyra Biosciences, Inc.\* | 585 |  | 4446 |  |
|  Vanda Pharmaceuticals, Inc.\* | 2430 |  | 17958 |  |
|  Vaxart, Inc. (x)\* | 6212 |  | 5969 |  |
|  Vaxcyte, Inc.\* | 3248 |  | 155742 |  |
|  VBI Vaccines, Inc.\* | 9684 |  | 3787 |  |
|  Vera Therapeutics, Inc. (x)\* | 600 |  | 11610 |  |
|  Veracyte, Inc.\* | 3319 |  | 78760 |  |
|  Vericel Corp.\* | 2012 |  | 52996 |  |
|  Verve Therapeutics, Inc. (x)\* | 2044 |  | 39551 |  |
|  Vir Biotechnology, Inc.\* | 3174 |  | 80334 |  |
|  Viridian Therapeutics, Inc. (x)\* | 1656 |  | 48372 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 9949 |  | 1025 |  |
|  Xencor, Inc.\* | 2695 |  | 70178 |  |
|  Y-mAbs Therapeutics, Inc.\* | 1785 |  | 8711 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 2091 |  | 42113 |  |
|  |  |  | 7589110 |  |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | **** |
|  Alphatec Holdings, Inc.\* | 3181 |  | 39285 |  |
|  AngioDynamics, Inc.\* | 1726 |  | 23767 |  |
|  Artivion, Inc.\* | 1705 |  | 20665 |  |
|  AtriCure, Inc.\* | 2027 |  | 89958 |  |
|  Atrion Corp. | 59 |  | 33008 |  |
|  Avanos Medical, Inc.\* | 2219 |  | 60046 |  |
|  Axogen, Inc.\* | 1775 |  | 17714 |  |
|  Axonics, Inc.\* | 2146 |  | 134189 |  |
|  Bioventus, Inc., Class A\* | 1343 |  | 3505 |  |
|  Butterfly Network, Inc. (x)\* | 6008 |  | 14780 |  |
|  Cardiovascular Systems, Inc.\* | 1786 |  | 24325 |  |
|  Cerus Corp.\* | 7555 |  | 27576 |  |
|  CONMED Corp. | 1348 |  | 119487 |  |
|  Cue Health, Inc. (x)\* | 4778 |  | 9890 |  |
|  Cutera, Inc. (x)\* | 745 |  | 32944 |  |
|  Embecta Corp. | 2565 |  | 64869 |  |
|  Envista Holdings Corp.\* | 74762 |  | 2517237 |  |
|  Figs, Inc., Class A (x)\* | 5678 |  | 38213 |  |
|  Glaukos Corp.\* | 2139 |  | 93431 |  |
|  Haemonetics Corp.\* | 2299 |  | 180816 |  |
|  Heska Corp.\* | 414 |  | 25734 |  |
|  Inari Medical, Inc.\* | 2204 |  | 140086 |  |
|  Inogen, Inc.\* | 950 |  | 18724 |  |
|  Inspire Medical Systems, Inc.\* | 1278 |  | 321903 |  |
|  Integer Holdings Corp.\* | 43925 |  | 3007105 |  |
|  iRadimed Corp. | 315 |  | 8911 |  |
|  iRhythm Technologies, Inc.\* | 1374 |  | 128703 |  |
|  Lantheus Holdings, Inc.\* | 3097 |  | 157823 |  |
|  LeMaitre Vascular, Inc. | 853 |  | 39255 |  |
|  LivaNova plc\* | 2463 |  | 136795 |  |
|  Meridian Bioscience, Inc.\* | 2019 |  | 67051 |  |
|  Merit Medical Systems, Inc.\* | 2537 |  | 179163 |  |
|  Mesa Laboratories, Inc. | 223 |  | 37065 |  |
|  Nano-X Imaging Ltd. (x)\* | 2131 |  | 15727 |  |
|  Neogen Corp.\* | 9920 |  | 151082 |  |
|  Nevro Corp.\* | 1547 |  | 61261 |  |
|  NuVasive, Inc.\* | 2416 |  | 99636 |  |
|  Omnicell, Inc.\* | 1975 |  | 99579 |  |
|  OraSure Technologies, Inc.\* | 3262 |  | 15723 |  |
|  Orthofix Medical, Inc.\* | 907 |  | 18621 |  |

---

See Notes to Financial Statements.

770

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  OrthoPediatrics Corp.\* | 645 | $| 25626 |  |
|  Outset Medical, Inc.\* | 2319 |  | 59877 |  |
|  Owlet, Inc. (x)\* | 741 |  | 414 |  |
|  Paragon 28, Inc. (x)\* | 2054 |  | 39252 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 1146 |  | 47605 |  |
|  Pulmonx Corp.\* | 1522 |  | 12830 |  |
|  RxSight, Inc.\* | 841 |  | 10655 |  |
|  SeaSpine Holdings Corp.\* | 1651 |  | 13786 |  |
|  Senseonics Holdings, Inc. (x)\* | 21923 |  | 22581 |  |
|  Shockwave Medical, Inc.\* | 1613 |  | 331649 |  |
|  SI-BONE, Inc.\* | 1581 |  | 21502 |  |
|  Sight Sciences, Inc. (x)\* | 954 |  | 11648 |  |
|  Silk Road Medical, Inc.\* | 1736 |  | 91748 |  |
|  STAAR Surgical Co.\* | 2191 |  | 106351 |  |
|  Surmodics, Inc.\* | 597 |  | 20370 |  |
|  Tactile Systems Technology, Inc.\* | 997 |  | 11446 |  |
|  Tenon Medical, Inc. (x)\* | 145 |  | 229 |  |
|  TransMedics Group, Inc.\* | 1336 |  | 82458 |  |
|  Treace Medical Concepts, Inc.\* | 1447 |  | 33267 |  |
|  UFP Technologies, Inc.\* | 289 |  | 34070 |  |
|  Utah Medical Products, Inc. | 162 |  | 16286 |  |
|  Varex Imaging Corp.\* | 1648 |  | 33454 |  |
|  Vicarious Surgical, Inc. (x)\* | 2363 |  | 4773 |  |
|  ViewRay, Inc.\* | 6481 |  | 29035 |  |
|  Zimvie, Inc.\* | 926 |  | 8649 |  |
|  Zynex, Inc. (x) | 955 |  | 13284 |  |
|  |  |  | 9358497 |  |
|  ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | ***Health Care Providers & Services (1.0%)*** | **** |
|  1Life Healthcare, Inc.\* | 8190 |  | 136855 |  |
|  23andMe Holding Co. (x)\* | 11396 |  | 24615 |  |
|  Accolade, Inc.\* | 2882 |  | 22451 |  |
|  AdaptHealth Corp.\* | 3162 |  | 60774 |  |
|  Addus HomeCare Corp.\* | 677 |  | 67355 |  |
|  Agiliti, Inc.\* | 1233 |  | 20110 |  |
|  AirSculpt Technologies, Inc. (x) | 315 |  | 1166 |  |
|  Alignment Healthcare, Inc.\* | 4306 |  | 50639 |  |
|  AMN Healthcare Services, Inc.\* | 1963 |  | 201836 |  |
|  Apollo Medical Holdings, Inc. (x)\* | 1883 |  | 55718 |  |
|  ATI Physical Therapy, Inc. (x)\* | 2975 |  | 907 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 2007 |  | 1565 |  |
|  Brookdale Senior Living, Inc.\* | 8165 |  | 22290 |  |
|  Cano Health, Inc. (x)\* | 7185 |  | 9843 |  |
|  CareMax, Inc.\* | 2545 |  | 9289 |  |
|  Castle Biosciences, Inc.\* | 1126 |  | 26506 |  |
|  Clover Health Investments Corp.\* | 17036 |  | 15835 |  |
|  Community Health Systems, Inc.\* | 5954 |  | 25721 |  |
|  CorVel Corp.\* | 393 |  | 57115 |  |
|  Cross Country Healthcare, Inc.\* | 1564 |  | 41556 |  |
|  DocGo, Inc.\* | 3491 |  | 24681 |  |
|  Ensign Group, Inc. (The) | 2435 |  | 230375 |  |
|  Fulgent Genetics, Inc. (x)\* | 916 |  | 27278 |  |
|  HealthEquity, Inc.\* | 3761 |  | 231828 |  |
|  Hims & Hers Health, Inc.\* | 5326 |  | 34140 |  |
|  Innovage Holding Corp. (x)\* | 953 |  | 6843 |  |
|  Invitae Corp. (x)\* | 10535 |  | 19595 |  |
|  Joint Corp. (The)\* | 682 |  | 9534 |  |
|  LHC Group, Inc.\* | 1351 |  | 218443 |  |
|  LifeStance Health Group, Inc. (x)\* | 3444 |  | 17013 |  |
|  ModivCare, Inc.\* | 609 |  | 54646 |  |
|  National HealthCare Corp. | 629 |  | 37426 |  |
|  National Research Corp. | 621 |  | 23163 |  |
|  Oncology Institute, Inc. (The) (x)\* | 1468 |  | 2422 |  |
|  OPKO Health, Inc.\* | 17174 |  | 21468 |  |
|  Option Care Health, Inc.\* | 7085 |  | 213188 |  |
|  Owens & Minor, Inc.\* | 3263 |  | 63726 |  |
|  P3 Health Partners, Inc. (x)\* | 1257 |  | 2313 |  |
|  Patterson Cos., Inc. | 3816 |  | 106962 |  |
|  Pediatrix Medical Group, Inc.\* | 3581 |  | 53214 |  |
|  Pennant Group, Inc. (The)\* | 1228 |  | 13483 |  |
|  PetIQ, Inc.\* | 1280 |  | 11802 |  |
|  Privia Health Group, Inc.\* | 2009 |  | 45624 |  |
|  Progyny, Inc.\* | 3466 |  | 107966 |  |
|  R1 RCM, Inc.\* | 6579 |  | 72040 |  |
|  RadNet, Inc.\* | 2338 |  | 44025 |  |
|  Select Medical Holdings Corp. | 4785 |  | 118812 |  |
|  Sema4 Holdings Corp.\* | 6876 |  | 1814 |  |
|  Surgery Partners, Inc.\* | 2208 |  | 61515 |  |
|  US Physical Therapy, Inc. | 563 |  | 45620 |  |
|  |  |  | 2773105 |  |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 4717 |  | 83208 |  |
|  American Well Corp., Class A\* | 10204 |  | 28877 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 187 |  | 1264 |  |
|  Computer Programs and Systems, Inc.\* | 676 |  | 18401 |  |
|  Evolent Health, Inc., Class A\* | 3771 |  | 105889 |  |
|  Health Catalyst, Inc.\* | 2561 |  | 27223 |  |
|  HealthStream, Inc.\* | 1058 |  | 26281 |  |
|  Multiplan Corp. (x)\* | 17086 |  | 19649 |  |
|  NextGen Healthcare, Inc.\* | 2478 |  | 46537 |  |
|  Nutex Health, Inc. (x)\* | 10970 |  | 20843 |  |
|  OptimizeRx Corp.\* | 821 |  | 13793 |  |
|  Pear Therapeutics, Inc. (x)\* | 2661 |  | 3140 |  |
|  Phreesia, Inc.\* | 2200 |  | 71192 |  |
|  Schrodinger, Inc.\* | 2407 |  | 44987 |  |
|  Sharecare, Inc. (x)\* | 13168 |  | 21069 |  |
|  Simulations Plus, Inc. | 726 |  | 26550 |  |
|  |  |  | 558903 |  |
|  ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | ***Life Sciences Tools & Services (0.3%)*** | **** |
|  AbCellera Biologics, Inc. (x)\* | 9556 |  | 96802 |  |
|  Adaptive Biotechnologies Corp.\* | 4956 |  | 37864 |  |
|  Akoya Biosciences, Inc.\* | 657 |  | 6287 |  |
|  Alpha Teknova, Inc.\* | 306 |  | 1726 |  |
|  Berkeley Lights, Inc.\* | 2304 |  | 6175 |  |
|  BioLife Solutions, Inc.\* | 1491 |  | 27136 |  |
|  Bionano Genomics, Inc. (x)\* | 13098 |  | 19123 |  |
|  Codexis, Inc.\* | 2907 |  | 13547 |  |
|  CryoPort, Inc.\* | 1953 |  | 33884 |  |
|  Cytek Biosciences, Inc.\* | 4999 |  | 51040 |  |
|  Inotiv, Inc. (x)\* | 746 |  | 3685 |  |
|  MaxCyte, Inc. (x)\* | 3928 |  | 21447 |  |
|  Medpace Holdings, Inc.\* | 1151 |  | 244484 |  |
|  NanoString Technologies, Inc.\* | 2253 |  | 17956 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 2090 |  | 3762 |  |
|  NeoGenomics, Inc.\* | 5951 |  | 54987 |  |
|  OmniAb, Inc.\* | 3430 |  | 12348 |  |
|  Pacific Biosciences of California, Inc.\* | 10410 |  | 85154 |  |
|  Quanterix Corp.\* | 1502 |  | 20803 |  |
|  Quantum-Si, Inc. (x)\* | 3948 |  | 7225 |  |
|  Science 37 Holdings, Inc. (x)\* | 2652 |  | 1101 |  |
|  Seer, Inc.\* | 2289 |  | 13276 |  |

---

See Notes to Financial Statements.

771

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Singular Genomics Systems, Inc. (x)\* | 2257 | $| 4537 |  |
|  SomaLogic, Inc.\* | 6659 |  | 16714 |  |
|  |  |  | 801063 |  |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 2867 |  | 45155 |  |
|  Amneal Pharmaceuticals, Inc.\* | 4953 |  | 9856 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 1686 |  | 47242 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 2347 |  | 86722 |  |
|  AN2 Therapeutics, Inc. (x)\* | 720 |  | 6862 |  |
|  ANI Pharmaceuticals, Inc.\* | 556 |  | 22368 |  |
|  Arvinas, Inc.\* | 2133 |  | 72970 |  |
|  Atea Pharmaceuticals, Inc.\* | 3426 |  | 16479 |  |
|  Athira Pharma, Inc.\* | 1677 |  | 5316 |  |
|  Axsome Therapeutics, Inc.\* | 1467 |  | 113150 |  |
|  Cara Therapeutics, Inc.\* | 1961 |  | 21061 |  |
|  Cassava Sciences, Inc. (x)\* | 1697 |  | 50129 |  |
|  CinCor Pharma, Inc.\* | 1308 |  | 16075 |  |
|  Collegium Pharmaceutical, Inc.\* | 1472 |  | 34150 |  |
|  Corcept Therapeutics, Inc.\* | 4042 |  | 82093 |  |
|  DICE Therapeutics, Inc. (x)\* | 1549 |  | 48329 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 1849 |  | 16530 |  |
|  Esperion Therapeutics, Inc.\* | 3582 |  | 22316 |  |
|  Evolus, Inc.\* | 1674 |  | 12572 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 1099 |  | 3846 |  |
|  Fulcrum Therapeutics, Inc.\* | 2257 |  | 16431 |  |
|  Harmony Biosciences Holdings, Inc.\* | 1148 |  | 63255 |  |
|  Innoviva, Inc.\* | 2846 |  | 37709 |  |
|  Intra-Cellular Therapies, Inc.\* | 4147 |  | 219459 |  |
|  OmniAb, Inc. (r)\* | 530 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 662 |  | 44222 |  |
|  Liquidia Corp. (x)\* | 2099 |  | 13371 |  |
|  Nektar Therapeutics\* | 7950 |  | 17967 |  |
|  NGM Biopharmaceuticals, Inc.\* | 1734 |  | 8705 |  |
|  Nuvation Bio, Inc.\* | 5307 |  | 10189 |  |
|  Ocular Therapeutix, Inc.\* | 3589 |  | 10085 |  |
|  Pacira BioSciences, Inc.\* | 1967 |  | 75946 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 1053 |  | 11815 |  |
|  Phibro Animal Health Corp., Class A | 893 |  | 11975 |  |
|  Prestige Consumer Healthcare, Inc.\* | 2268 |  | 141977 |  |
|  Provention Bio, Inc. (x)\* | 3196 |  | 33782 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 1343 |  | 51021 |  |
|  Relmada Therapeutics, Inc. (x)\* | 1190 |  | 4153 |  |
|  Revance Therapeutics, Inc.\* | 3775 |  | 69686 |  |
|  SIGA Technologies, Inc. | 2069 |  | 15228 |  |
|  Supernus Pharmaceuticals, Inc.\* | 2150 |  | 76690 |  |
|  Tarsus Pharmaceuticals, Inc.\* | 803 |  | 11772 |  |
|  Theravance Biopharma, Inc.\* | 3228 |  | 36218 |  |
|  Theseus Pharmaceuticals, Inc. (x)\* | 601 |  | 2993 |  |
|  Third Harmonic Bio, Inc.\* | 553 |  | 2378 |  |
|  Tricida, Inc. (x)\* | 1480 |  | 226 |  |
|  Ventyx Biosciences, Inc.\* | 1153 |  | 37807 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 5890 |  | 7834 |  |
|  |  |  | 1766115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 22846793 |  |
|  **Industrials (17.4%)** | **Industrials (17.4%)** | **Industrials (17.4%)** | **Industrials (17.4%)** |  |
|  ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | ***Aerospace & Defense (0.8%)*** | **** |
|  AAR Corp.\* | 1491 |  | 66946 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 3566 |  | 199446 |  |
|  AeroVironment, Inc.\* | 1141 |  | 97738 |  |
|  AerSale Corp. (x)\* | 1097 |  | 17793 |  |
|  Archer Aviation, Inc., Class A (x)\* | 6510 |  | 12174 |  |
|  Astra Space, Inc. (x)\* | 6347 |  | 2753 |  |
|  Astronics Corp.\* | 1248 |  | 12854 |  |
|  Cadre Holdings, Inc. (x) | 862 |  | 17361 |  |
|  Ducommun, Inc.\* | 521 |  | 26029 |  |
|  Kaman Corp. | 1172 |  | 26136 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 5481 |  | 56564 |  |
|  Maxar Technologies, Inc. | 3366 |  | 174157 |  |
|  Momentus, Inc. (x)\* | 2392 |  | 1866 |  |
|  Moog, Inc., Class A | 1254 |  | 110051 |  |
|  National Presto Industries, Inc. | 214 |  | 14650 |  |
|  Park Aerospace Corp. | 971 |  | 13021 |  |
|  Parsons Corp.\* | 1580 |  | 73075 |  |
|  QinetiQ Group plc | 218408 |  | 942638 |  |
|  Redwire Corp. (x)\* | 1387 |  | 2746 |  |
|  Rocket Lab USA, Inc. (x)\* | 9570 |  | 36079 |  |
|  Terran Orbital Corp. (x)\* | 1006 |  | 1590 |  |
|  Triumph Group, Inc.\* | 2830 |  | 29772 |  |
|  V2X, Inc.\* | 552 |  | 22792 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 11453 |  | 39856 |  |
|  |  |  | 1998087 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  Air Transport Services Group, Inc.\* | 2530 |  | 65730 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 1276 |  | 128621 |  |
|  Forward Air Corp. | 1239 |  | 129959 |  |
|  Hub Group, Inc., Class A\* | 1413 |  | 112319 |  |
|  Radiant Logistics, Inc.\* | 1881 |  | 9574 |  |
|  |  |  | 446203 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Allegiant Travel Co.\* | 682 |  | 46369 |  |
|  Blade Air Mobility, Inc. (x)\* | 2500 |  | 8950 |  |
|  Frontier Group Holdings, Inc. (x)\* | 1633 |  | 16771 |  |
|  Hawaiian Holdings, Inc. (x)\* | 2280 |  | 23393 |  |
|  Joby Aviation, Inc. (x)\* | 11274 |  | 37768 |  |
|  SkyWest, Inc.\* | 2476 |  | 40879 |  |
|  Spirit Airlines, Inc. | 4864 |  | 94750 |  |
|  Sun Country Airlines Holdings, Inc.\* | 1616 |  | 25630 |  |
|  Wheels Up Experience, Inc.\* | 6663 |  | 6863 |  |
|  |  |  | 301373 |  |
|  ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | ***Building Products (2.3%)*** | **** |
|  AAON, Inc. | 1987 |  | 149661 |  |
|  American Woodmark Corp.\* | 712 |  | 34788 |  |
|  Apogee Enterprises, Inc. | 17005 |  | 756042 |  |
|  Caesarstone Ltd. | 1105 |  | 6310 |  |
|  CSW Industrials, Inc. | 640 |  | 74195 |  |
|  Gibraltar Industries, Inc.\* | 1362 |  | 62489 |  |
|  Griffon Corp. | 2160 |  | 77306 |  |
|  Insteel Industries, Inc. | 2237 |  | 61562 |  |
|  Janus International Group, Inc.\* | 3599 |  | 34263 |  |
|  JELD-WEN Holding, Inc.\* | 3656 |  | 35280 |  |
|  Masonite International Corp. (x)\* | 5756 |  | 463991 |  |
|  PGT Innovations, Inc.\* | 2577 |  | 46283 |  |
|  Quanex Building Products Corp. | 1573 |  | 37249 |  |
|  Resideo Technologies, Inc.\* | 6634 |  | 109129 |  |
|  Simpson Manufacturing Co., Inc. | 1938 |  | 171823 |  |
|  UFP Industries, Inc. | 48723 |  | 3861298 |  |

---

See Notes to Financial Statements.

772

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  View, Inc. (x)\* | 4701 | $| 4536 |  |
|  Zurn Elkay Water Solutions Corp. | 5666 |  | 119836 |  |
|  |  |  | 6106041 |  |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | **** |
|  ABM Industries, Inc. | 3024 |  | 134326 |  |
|  ACCO Brands Corp. | 4252 |  | 23769 |  |
|  ACV Auctions, Inc., Class A\* | 5619 |  | 46132 |  |
|  Aris Water Solution, Inc., Class A (x) | 936 |  | 13488 |  |
|  Brady Corp., Class A | 1998 |  | 94106 |  |
|  BrightView Holdings, Inc.\* | 1914 |  | 13187 |  |
|  Brink's Co. (The) | 1984 |  | 106561 |  |
|  Casella Waste Systems, Inc., Class A\* | 2247 |  | 178209 |  |
|  Cimpress plc (x)\* | 801 |  | 22116 |  |
|  CompX International, Inc. | 100 |  | 1848 |  |
|  CoreCivic, Inc. (REIT)\* | 4998 |  | 57777 |  |
|  Deluxe Corp. | 1895 |  | 32177 |  |
|  Ennis, Inc. | 1285 |  | 28476 |  |
|  GEO Group, Inc. (The) (x)\* | 5243 |  | 57411 |  |
|  Harsco Corp.\* | 4123 |  | 25934 |  |
|  Healthcare Services Group, Inc. | 3376 |  | 40512 |  |
|  Heritage-Crystal Clean, Inc.\* | 750 |  | 24360 |  |
|  HNI Corp. | 2111 |  | 60016 |  |
|  IAA, Inc.\* | 50395 |  | 2015800 |  |
|  Interface, Inc. | 2514 |  | 24813 |  |
|  KAR Auction Services, Inc.\* | 5104 |  | 66607 |  |
|  Kimball International, Inc., Class B | 1878 |  | 12207 |  |
|  Li-Cycle Holdings Corp. (x)\* | 6873 |  | 32715 |  |
|  Matthews International Corp., Class A | 1316 |  | 40059 |  |
|  MillerKnoll, Inc. | 3598 |  | 75594 |  |
|  Montrose Environmental Group, Inc.\* | 1202 |  | 53357 |  |
|  NL Industries, Inc. | 460 |  | 3133 |  |
|  Pitney Bowes, Inc. | 6870 |  | 26106 |  |
|  Quad/Graphics, Inc.\* | 1515 |  | 6181 |  |
|  SP Plus Corp.\* | 881 |  | 30588 |  |
|  Steelcase, Inc., Class A | 4036 |  | 28534 |  |
|  UniFirst Corp. | 685 |  | 132198 |  |
|  Viad Corp.\* | 890 |  | 21707 |  |
|  VSE Corp. | 476 |  | 22315 |  |
|  |  |  | 3552319 |  |
|  ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | ***Construction & Engineering (1.9%)*** | **** |
|  Ameresco, Inc., Class A\* | 1475 |  | 84281 |  |
|  API Group Corp.\* | 9388 |  | 176588 |  |
|  Arcosa, Inc. | 2213 |  | 120254 |  |
|  Argan, Inc. | 580 |  | 21390 |  |
|  Comfort Systems USA, Inc. | 1595 |  | 183553 |  |
|  Concrete Pumping Holdings, Inc.\* | 1282 |  | 7500 |  |
|  Construction Partners, Inc., Class A\* | 1746 |  | 46601 |  |
|  Dycom Industries, Inc.\* | 1321 |  | 123646 |  |
|  EMCOR Group, Inc. | 2135 |  | 316215 |  |
|  Fluor Corp.\* | 6447 |  | 223453 |  |
|  Granite Construction, Inc. | 1937 |  | 67931 |  |
|  Great Lakes Dredge & Dock Corp. (x)\* | 62320 |  | 370804 |  |
|  IES Holdings, Inc.\* | 430 |  | 15295 |  |
|  MYR Group, Inc.\* | 731 |  | 67303 |  |
|  Northwest Pipe Co.\* | 454 |  | 15300 |  |
|  NV5 Global, Inc.\* | 633 |  | 83759 |  |
|  Primoris Services Corp. | 41448 |  | 909369 |  |
|  Stantec, Inc. | 29284 |  | 1403210 |  |
|  Sterling Infrastructure, Inc.\* | 1290 |  | 42312 |  |
|  Tutor Perini Corp.\* | 1841 |  | 13899 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 19832 |  | 895811 |  |
|  |  |  | 5188474 |  |
|  ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | ***Electrical Equipment (1.2%)*** | **** |
|  Allied Motion Technologies, Inc. | 578 |  | 20120 |  |
|  Array Technologies, Inc.\* | 6831 |  | 132043 |  |
|  Atkore, Inc.\* | 1866 |  | 211642 |  |
|  AZZ, Inc. | 1245 |  | 50049 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 2660 |  | 15348 |  |
|  Blink Charging Co. (x)\* | 1602 |  | 17574 |  |
|  Bloom Energy Corp., Class A\* | 8157 |  | 155962 |  |
|  Encore Wire Corp. | 811 |  | 111561 |  |
|  Energy Vault Holdings, Inc. (x)\* | 4458 |  | 13909 |  |
|  EnerSys | 1862 |  | 137490 |  |
|  Enovix Corp. (x)\* | 4847 |  | 60297 |  |
|  ESS Tech, Inc. (x)\* | 3526 |  | 8568 |  |
|  Fluence Energy, Inc. (x)\* | 1574 |  | 26994 |  |
|  FTC Solar, Inc. (x)\* | 1961 |  | 5255 |  |
|  FuelCell Energy, Inc. (x)\* | 18853 |  | 52411 |  |
|  GrafTech International Ltd. | 8706 |  | 41441 |  |
|  Heliogen, Inc. (x)\* | 3875 |  | 2706 |  |
|  NuScale Power Corp. (x)\* | 1402 |  | 14385 |  |
|  Powell Industries, Inc. | 400 |  | 14072 |  |
|  Preformed Line Products Co. | 148 |  | 12327 |  |
|  Regal Rexnord Corp. | 15010 |  | 1800900 |  |
|  Shoals Technologies Group, Inc., Class A\* | 6250 |  | 154187 |  |
|  Stem, Inc. (x)\* | 6445 |  | 57618 |  |
|  SunPower Corp. (x)\* | 3818 |  | 68839 |  |
|  Thermon Group Holdings, Inc.\* | 1606 |  | 32248 |  |
|  TPI Composites, Inc.\* | 1651 |  | 16741 |  |
|  Vicor Corp.\* | 1058 |  | 56868 |  |
|  |  |  | 3291555 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A (x) | 1103 |  | 20725 |  |
|  ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | ***Machinery (3.2%)*** | **** |
|  3D Systems Corp.\* | 5547 |  | 41048 |  |
|  Alamo Group, Inc. | 477 |  | 67543 |  |
|  Albany International Corp., Class A | 1383 |  | 136350 |  |
|  Altra Industrial Motion Corp. | 2944 |  | 175904 |  |
|  Astec Industries, Inc. | 9878 |  | 401639 |  |
|  Barnes Group, Inc. | 2144 |  | 87582 |  |
|  Berkshire Grey, Inc. (x)\* | 2900 |  | 1751 |  |
|  Blue Bird Corp.\* | 823 |  | 8814 |  |
|  Chart Industries, Inc.\* | 1934 |  | 222855 |  |
|  CIRCOR International, Inc.\* | 809 |  | 19384 |  |
|  Columbus McKinnon Corp. | 20926 |  | 679467 |  |
|  Desktop Metal, Inc., Class A (x)\* | 11644 |  | 15836 |  |
|  Douglas Dynamics, Inc. | 1026 |  | 37100 |  |
|  Energy Recovery, Inc.\* | 2638 |  | 54053 |  |
|  Enerpac Tool Group Corp. | 2539 |  | 64618 |  |
|  EnPro Industries, Inc. | 926 |  | 100647 |  |
|  ESCO Technologies, Inc. | 1186 |  | 103822 |  |
|  Evoqua Water Technologies Corp.\* | 5321 |  | 210712 |  |
|  Fathom Digital Manufacturing C (x)\* | 454 |  | 599 |  |
|  Federal Signal Corp. | 2729 |  | 126817 |  |
|  Franklin Electric Co., Inc. | 2082 |  | 166039 |  |
|  Gorman-Rupp Co. (The) | 1032 |  | 26440 |  |
|  Greenbrier Cos., Inc. (The) | 58476 |  | 1960700 |  |

---

See Notes to Financial Statements.

773

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Helios Technologies, Inc. | 1425 | $| 77577 |  |
|  Hillenbrand, Inc. | 3056 |  | 130400 |  |
|  Hillman Solutions Corp.\* | 5960 |  | 42972 |  |
|  Hydrofarm Holdings Group, Inc.\* | 1814 |  | 2812 |  |
|  Hyliion Holdings Corp.\* | 5445 |  | 12741 |  |
|  Hyster-Yale Materials Handling, Inc. | 526 |  | 13313 |  |
|  Hyzon Motors, Inc. (x)\* | 3842 |  | 5955 |  |
|  John Bean Technologies Corp. | 1447 |  | 132155 |  |
|  Kadant, Inc. | 511 |  | 90769 |  |
|  Kennametal, Inc. | 3890 |  | 93593 |  |
|  Lightning eMotors, Inc. (x)\* | 1684 |  | 617 |  |
|  Lindsay Corp. | 510 |  | 83053 |  |
|  Luxfer Holdings plc | 1188 |  | 16299 |  |
|  Manitowoc Co., Inc. (The)\* | 1705 |  | 15618 |  |
|  Markforged Holding Corp. (x)\* | 4762 |  | 5524 |  |
|  Microvast Holdings, Inc. (x)\* | 7547 |  | 11547 |  |
|  Miller Industries, Inc. | 551 |  | 14690 |  |
|  Mueller Industries, Inc. | 2532 |  | 149388 |  |
|  Mueller Water Products, Inc., Class A | 6874 |  | 73964 |  |
|  Nikola Corp. (x)\* | 16053 |  | 34674 |  |
|  Omega Flex, Inc. (x) | 149 |  | 13905 |  |
|  Proterra, Inc. (x)\* | 10813 |  | 40765 |  |
|  Proto Labs, Inc.\* | 1376 |  | 35129 |  |
|  RBC Bearings, Inc.\* | 1293 |  | 270690 |  |
|  REV Group, Inc. | 39109 |  | 493556 |  |
|  Sarcos Technology and Robotics Corp. (x)\* | 4838 |  | 2716 |  |
|  Shyft Group, Inc. (The) | 1512 |  | 37588 |  |
|  SPX Technologies, Inc.\* | 1917 |  | 125851 |  |
|  Standex International Corp. | 599 |  | 61344 |  |
|  Tennant Co. | 913 |  | 56213 |  |
|  Terex Corp. | 3039 |  | 129826 |  |
|  Timken Co. (The) | 15392 |  | 1087753 |  |
|  Titan International, Inc.\* | 2240 |  | 34317 |  |
|  Trinity Industries, Inc. | 3597 |  | 106363 |  |
|  Velo3D, Inc. (x)\* | 2836 |  | 5076 |  |
|  Wabash National Corp. | 2298 |  | 51935 |  |
|  Watts Water Technologies, Inc., Class A | 1238 |  | 181033 |  |
|  Xos, Inc. (x)\* | 2210 |  | 979 |  |
|  |  |  | 8452420 |  |
|  ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | ***Marine (0.1%)*** | **** |
|  Costamare, Inc. | 2793 |  | 25919 |  |
|  Eagle Bulk Shipping, Inc. (x) | 601 |  | 30014 |  |
|  Eneti, Inc. | 966 |  | 9708 |  |
|  Genco Shipping & Trading Ltd. | 1539 |  | 23639 |  |
|  Golden Ocean Group Ltd. (x) | 5516 |  | 47934 |  |
|  Matson, Inc. | 1718 |  | 107392 |  |
|  Safe Bulkers, Inc. | 2881 |  | 8384 |  |
|  |  |  | 252990 |  |
|  ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | ***Professional Services (1.0%)*** | **** |
|  Alight, Inc., Class A\* | 15475 |  | 129371 |  |
|  ASGN, Inc.\* | 2245 |  | 182922 |  |
|  Atlas Technical Consultants, Inc.\* | 700 |  | 3605 |  |
|  Barrett Business Services, Inc. | 307 |  | 28637 |  |
|  CBIZ, Inc.\* | 2201 |  | 103117 |  |
|  CRA International, Inc. | 304 |  | 37219 |  |
|  Exponent, Inc. | 2297 |  | 227610 |  |
|  First Advantage Corp.\* | 2648 |  | 34424 |  |
|  Forrester Research, Inc.\* | 541 |  | 19346 |  |
|  Franklin Covey Co.\* | 533 |  | 24928 |  |
|  Heidrick & Struggles International, Inc. | 894 |  | 25005 |  |
|  HireRight Holdings Corp.\* | 928 |  | 11006 |  |
|  Huron Consulting Group, Inc.\* | 863 |  | 62654 |  |
|  ICF International, Inc. | 11813 |  | 1170078 |  |
|  Insperity, Inc. | 1648 |  | 187213 |  |
|  Kelly Services, Inc., Class A | 1454 |  | 24573 |  |
|  Kforce, Inc. | 866 |  | 47483 |  |
|  Korn Ferry | 2448 |  | 123918 |  |
|  Legalzoom.com, Inc.\* | 4200 |  | 32508 |  |
|  Planet Labs PBC (x)\* | 6940 |  | 30189 |  |
|  Red Violet, Inc. (x)\* | 592 |  | 13628 |  |
|  Resources Connection, Inc. | 1405 |  | 25824 |  |
|  Skillsoft Corp.\* | 3613 |  | 4697 |  |
|  Spire Global, Inc.\* | 5119 |  | 4914 |  |
|  Sterling Check Corp.\* | 1111 |  | 17187 |  |
|  TriNet Group, Inc.\* | 1722 |  | 116751 |  |
|  TrueBlue, Inc.\* | 1478 |  | 28939 |  |
|  Upwork, Inc.\* | 5388 |  | 56251 |  |
|  Willdan Group, Inc.\* | 459 |  | 8193 |  |
|  |  |  | 2782190 |  |
|  ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | **** |
|  ArcBest Corp. | 1089 |  | 76274 |  |
|  Bird Global, Inc., Class A (x)\* | 9596 |  | 1729 |  |
|  Covenant Logistics Group, Inc. | 445 |  | 15384 |  |
|  Daseke, Inc.\* | 1924 |  | 10948 |  |
|  Heartland Express, Inc. | 2071 |  | 31769 |  |
|  Marten Transport Ltd. | 2553 |  | 50498 |  |
|  PAM Transportation Services, Inc.\* | 340 |  | 8806 |  |
|  Saia, Inc.\* | 9421 |  | 1975395 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 6262 |  | 10270 |  |
|  Universal Logistics Holdings, Inc. | 314 |  | 10500 |  |
|  Werner Enterprises, Inc. | 2779 |  | 111882 |  |
|  |  |  | 2303455 |  |
|  ***Trading Companies & Distributors (4.4%)*** | ***Trading Companies & Distributors (4.4%)*** | ***Trading Companies & Distributors (4.4%)*** | ***Trading Companies & Distributors (4.4%)*** | **** |
|  Alta Equipment Group, Inc. | 939 |  | 12385 |  |
|  Applied Industrial Technologies, Inc. | 1732 |  | 218284 |  |
|  Beacon Roofing Supply, Inc.\* | 2249 |  | 118725 |  |
|  BlueLinx Holdings, Inc.\* | 402 |  | 28586 |  |
|  Boise Cascade Co. | 1730 |  | 118799 |  |
|  Custom Truck One Source, Inc. (x)\* | 2807 |  | 17740 |  |
|  Distribution Solutions Group, Inc.\* | 252 |  | 9289 |  |
|  DXP Enterprises, Inc.\* | 654 |  | 18018 |  |
|  GATX Corp. | 1585 |  | 168549 |  |
|  Global Industrial Co. | 569 |  | 13389 |  |
|  GMS, Inc.\* | 1961 |  | 97658 |  |
|  H&E Equipment Services, Inc. | 1414 |  | 64196 |  |
|  Herc Holdings, Inc. | 21703 |  | 2855464 |  |
|  Hudson Technologies, Inc.\* | 2392 |  | 24207 |  |
|  Karat Packaging, Inc. | 238 |  | 3420 |  |
|  McGrath RentCorp | 41142 |  | 4062361 |  |
|  MRC Global, Inc.\* | 4070 |  | 47131 |  |
|  NOW, Inc.\* | 4962 |  | 63017 |  |
|  Rush Enterprises, Inc., Class A | 1923 |  | 100534 |  |
|  Rush Enterprises, Inc., Class B | 287 |  | 16150 |  |
|  Textainer Group Holdings Ltd. | 1903 |  | 59012 |  |
|  Titan Machinery, Inc.\* | 928 |  | 36869 |  |
|  Transcat, Inc.\* | 312 |  | 22111 |  |
|  Triton International Ltd. | 2634 |  | 181166 |  |

---

See Notes to Financial Statements.

774

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Univar Solutions, Inc.\* | 109082 | $| 3468808 |  |
|  Veritiv Corp. | 609 |  | 74121 |  |
|  |  |  | 11899989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 46595821 |  |
|  **Information Technology (11.3%)** | **Information Technology (11.3%)** | **Information Technology (11.3%)** | **Information Technology (11.3%)** |  |
|  ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | **** |
|  ADTRAN Holdings, Inc. | 3543 |  | 66573 |  |
|  Aviat Networks, Inc.\* | 434 |  | 13536 |  |
|  Calix, Inc.\* | 2605 |  | 178260 |  |
|  Cambium Networks Corp.\* | 453 |  | 9817 |  |
|  Casa Systems, Inc.\* | 1818 |  | 4963 |  |
|  Clearfield, Inc.\* | 510 |  | 48011 |  |
|  CommScope Holding Co., Inc.\* | 9137 |  | 67157 |  |
|  Comtech Telecommunications Corp. | 1177 |  | 14289 |  |
|  Digi International, Inc.\* | 1496 |  | 54679 |  |
|  DZS, Inc.\* | 866 |  | 10981 |  |
|  Extreme Networks, Inc.\* | 5663 |  | 103690 |  |
|  Harmonic, Inc.\* | 4399 |  | 57627 |  |
|  Infinera Corp. (x)\* | 8896 |  | 59959 |  |
|  Inseego Corp. (x)\* | 4006 |  | 3375 |  |
|  NETGEAR, Inc.\* | 1246 |  | 22565 |  |
|  NetScout Systems, Inc.\* | 109471 |  | 3558902 |  |
|  Ondas Holdings, Inc. (x)\* | 1448 |  | 2302 |  |
|  Ribbon Communications, Inc.\* | 3750 |  | 10463 |  |
|  Viavi Solutions, Inc.\* | 10446 |  | 109787 |  |
|  |  |  | 4396936 |  |
|  ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | ***Electronic Equipment, Instruments & Components (3.4%)*** | **** |
|  908 Devices, Inc. (x)\* | 903 |  | 6881 |  |
|  Advanced Energy Industries, Inc. | 1701 |  | 145912 |  |
|  Aeva Technologies, Inc. (x)\* | 5085 |  | 6916 |  |
|  AEye, Inc. (x)\* | 1912 |  | 919 |  |
|  Akoustis Technologies, Inc. (x)\* | 2128 |  | 6001 |  |
|  Arlo Technologies, Inc.\* | 4223 |  | 14823 |  |
|  Badger Meter, Inc. | 1326 |  | 144574 |  |
|  Belden, Inc. | 1943 |  | 139702 |  |
|  Benchmark Electronics, Inc. | 77638 |  | 2072158 |  |
|  Cepton, Inc.\* | 2240 |  | 2845 |  |
|  Coherent Corp.\* | 42313 |  | 1485186 |  |
|  CTS Corp. | 14931 |  | 588580 |  |
|  ePlus, Inc.\* | 1177 |  | 52118 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 3586 |  | 9288 |  |
|  Fabrinet\* | 1673 |  | 214512 |  |
|  FARO Technologies, Inc.\* | 969 |  | 28498 |  |
|  Focus Universal, Inc. (x)\* | 756 |  | 4846 |  |
|  Identiv, Inc.\* | 1074 |  | 7776 |  |
|  Insight Enterprises, Inc.\* | 1448 |  | 145191 |  |
|  Itron, Inc.\* | 2084 |  | 105555 |  |
|  Kimball Electronics, Inc.\* | 1049 |  | 23697 |  |
|  Knowles Corp. (x)\* | 164251 |  | 2697001 |  |
|  Lightwave Logic, Inc. (x)\* | 4960 |  | 21378 |  |
|  Methode Electronics, Inc. | 1730 |  | 76760 |  |
|  MicroVision, Inc. (x)\* | 7381 |  | 17345 |  |
|  Mirion Technologies, Inc. (x)\* | 6011 |  | 39733 |  |
|  Napco Security Technologies, Inc.\* | 1326 |  | 36438 |  |
|  nLight, Inc.\* | 2029 |  | 20574 |  |
|  Novanta, Inc.\* | 1613 |  | 219158 |  |
|  OSI Systems, Inc.\* | 702 |  | 55823 |  |
|  Ouster, Inc.\* | 6113 |  | 5275 |  |
|  PAR Technology Corp. (x)\* | 1161 |  | 30267 |  |
|  PC Connection, Inc. | 493 |  | 23122 |  |
|  Plexus Corp.\* | 1250 |  | 128662 |  |
|  Rogers Corp.\* | 821 |  | 97978 |  |
|  Sanmina Corp.\* | 2586 |  | 148152 |  |
|  ScanSource, Inc.\* | 1105 |  | 32288 |  |
|  SmartRent, Inc. (x)\* | 5265 |  | 12794 |  |
|  TTM Technologies, Inc.\* | 4542 |  | 68493 |  |
|  Velodyne Lidar, Inc. (x)\* | 8261 |  | 6102 |  |
|  Vishay Intertechnology, Inc. | 5937 |  | 128061 |  |
|  Vishay Precision Group, Inc.\* | 544 |  | 21026 |  |
|  |  |  | 9092408 |  |
|  ***IT Services (0.8%)*** | ***IT Services (0.8%)*** | ***IT Services (0.8%)*** | ***IT Services (0.8%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 6537 |  | 64978 |  |
|  BigCommerce Holdings, Inc.\* | 2879 |  | 25162 |  |
|  Brightcove, Inc.\* | 2128 |  | 11129 |  |
|  Cantaloupe, Inc.\* | 2931 |  | 12750 |  |
|  Cass Information Systems, Inc. | 589 |  | 26988 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 2056 |  | 5243 |  |
|  Conduent, Inc.\* | 7297 |  | 29553 |  |
|  CSG Systems International, Inc. | 1362 |  | 77906 |  |
|  Cyxtera Technologies, Inc. (x)\* | 1989 |  | 3819 |  |
|  DigitalOcean Holdings, Inc.\* | 3231 |  | 82294 |  |
|  Edgio, Inc.\* | 5988 |  | 6766 |  |
|  Evertec, Inc. | 2703 |  | 87523 |  |
|  Evo Payments, Inc., Class A\* | 2070 |  | 70049 |  |
|  ExlService Holdings, Inc.\* | 1465 |  | 248215 |  |
|  Fastly, Inc., Class A\* | 5048 |  | 41343 |  |
|  Flywire Corp. (x)\* | 2516 |  | 61566 |  |
|  Grid Dynamics Holdings, Inc.\* | 2569 |  | 28824 |  |
|  Hackett Group, Inc. (The) | 1241 |  | 25279 |  |
|  I3 Verticals, Inc., Class A\* | 972 |  | 23658 |  |
|  IBEX Holdings Ltd.\* | 303 |  | 7530 |  |
|  Information Services Group, Inc. | 1713 |  | 7880 |  |
|  International Money Express, Inc.\* | 1371 |  | 33411 |  |
|  Marqeta, Inc., Class A\* | 19831 |  | 121167 |  |
|  Maximus, Inc. | 2732 |  | 200338 |  |
|  MoneyGram International, Inc.\* | 4514 |  | 49157 |  |
|  Paya Holdings, Inc.\* | 3831 |  | 30150 |  |
|  Payoneer Global, Inc.\* | 9831 |  | 53776 |  |
|  Paysafe Ltd. (x)\* | 1274 |  | 17696 |  |
|  Perficient, Inc.\* | 1567 |  | 109424 |  |
|  PFSweb, Inc. | 745 |  | 4582 |  |
|  Priority Technology Holdings, Inc. (x)\* | 1212 |  | 6375 |  |
|  Rackspace Technology, Inc. (x)\* | 2614 |  | 7711 |  |
|  Remitly Global, Inc.\* | 4413 |  | 50529 |  |
|  Repay Holdings Corp.\* | 3836 |  | 30880 |  |
|  Sabre Corp. (x)\* | 15110 |  | 93380 |  |
|  Squarespace, Inc., Class A\* | 1411 |  | 31282 |  |
|  StoneCo Ltd., Class A\* | 12690 |  | 119794 |  |
|  TTEC Holdings, Inc. | 825 |  | 36407 |  |
|  Tucows, Inc., Class A (x)\* | 375 |  | 12720 |  |
|  Unisys Corp.\* | 3195 |  | 16326 |  |
|  Verra Mobility Corp.\* | 6496 |  | 89840 |  |
|  |  |  | 2063400 |  |
|  ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** | ***Semiconductors & Semiconductor Equipment (1.9%)*** | **** |
|  ACM Research, Inc., Class A\* | 2122 |  | 16361 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 997 |  | 28484 |  |
|  Ambarella, Inc.\* | 1656 |  | 136173 |  |
|  Amkor Technology, Inc. | 4462 |  | 106999 |  |
|  Atomera, Inc. (x)\* | 1021 |  | 6351 |  |

---

See Notes to Financial Statements.

775

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Axcelis Technologies, Inc.\* | 1431 | $| 113564 |  |
|  AXT, Inc.\* | 1763 |  | 7722 |  |
|  CEVA, Inc.\* | 1063 |  | 27191 |  |
|  Cohu, Inc.\* | 48654 |  | 1559361 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 4311 |  | 57379 |  |
|  Diodes, Inc.\* | 2027 |  | 154336 |  |
|  FormFactor, Inc.\* | 3587 |  | 79739 |  |
|  Ichor Holdings Ltd.\* | 1228 |  | 32935 |  |
|  Impinj, Inc.\* | 973 |  | 106232 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 4375 |  | 25506 |  |
|  Kulicke & Soffa Industries, Inc. | 2536 |  | 112243 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 2315 |  | 145799 |  |
|  MaxLinear, Inc.\* | 3185 |  | 108131 |  |
|  Onto Innovation, Inc.\* | 18042 |  | 1228480 |  |
|  PDF Solutions, Inc.\* | 1397 |  | 39842 |  |
|  Photronics, Inc.\* | 2599 |  | 43741 |  |
|  Power Integrations, Inc. | 2580 |  | 185038 |  |
|  Rambus, Inc.\* | 4848 |  | 173655 |  |
|  Rigetti Computing, Inc. (x)\* | 1401 |  | 1022 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 4377 |  | 613 |  |
|  Semtech Corp.\* | 2833 |  | 81279 |  |
|  Silicon Laboratories, Inc.\* | 1503 |  | 203912 |  |
|  SiTime Corp. (x)\* | 759 |  | 77129 |  |
|  SkyWater Technology, Inc.\* | 409 |  | 2908 |  |
|  SMART Global Holdings, Inc.\* | 2101 |  | 31263 |  |
|  Synaptics, Inc.\* | 1819 |  | 173096 |  |
|  Transphorm, Inc. (x)\* | 915 |  | 4978 |  |
|  Ultra Clean Holdings, Inc.\* | 2119 |  | 70245 |  |
|  Veeco Instruments, Inc.\* | 2579 |  | 47918 |  |
|  |  |  | 5189625 |  |
|  ***Software (3.5%)*** | ***Software (3.5%)*** | ***Software (3.5%)*** | ***Software (3.5%)*** | **** |
|  8x8, Inc.\* | 4741 |  | 20481 |  |
|  A10 Networks, Inc. | 3095 |  | 51470 |  |
|  ACI Worldwide, Inc.\* | 171290 |  | 3939670 |  |
|  Adeia, Inc. | 4562 |  | 43248 |  |
|  Agilysys, Inc.\* | 862 |  | 68219 |  |
|  Alarm.com Holdings, Inc.\* | 2216 |  | 109648 |  |
|  Alkami Technology, Inc. (x)\* | 1588 |  | 23169 |  |
|  Altair Engineering, Inc., Class A\* | 2440 |  | 110947 |  |
|  American Software, Inc., Class A | 1376 |  | 20200 |  |
|  Amplitude, Inc., Class A (x)\* | 2498 |  | 30176 |  |
|  Appfolio, Inc., Class A\* | 896 |  | 94420 |  |
|  Appian Corp., Class A\* | 1894 |  | 61669 |  |
|  Applied Digital Corp. (x)\* | 3842 |  | 7069 |  |
|  Arteris, Inc.\* | 924 |  | 3973 |  |
|  Asana, Inc., Class A (x)\* | 3224 |  | 44394 |  |
|  Avaya Holdings Corp. (x)\* | 4100 |  | 804 |  |
|  AvePoint, Inc. (x)\* | 5585 |  | 22954 |  |
|  Benefitfocus, Inc.\* | 1197 |  | 12521 |  |
|  Blackbaud, Inc.\* | 2122 |  | 124901 |  |
|  Blackline, Inc.\* | 2511 |  | 168915 |  |
|  Blend Labs, Inc., Class A (x)\* | 8219 |  | 11835 |  |
|  Box, Inc., Class A\* | 6342 |  | 197426 |  |
|  C3.ai, Inc., Class A\* | 2564 |  | 28691 |  |
|  Cerence, Inc.\* | 1720 |  | 31872 |  |
|  Cipher Mining, Inc.\* | 3003 |  | 1682 |  |
|  Cleanspark, Inc. (x)\* | 1702 |  | 3472 |  |
|  Clear Secure, Inc., Class A (x) | 2724 |  | 74719 |  |
|  CommVault Systems, Inc.\* | 2038 |  | 128068 |  |
|  Consensus Cloud Solutions, Inc.\* | 918 |  | 49352 |  |
|  Couchbase, Inc. (x)\* | 1126 |  | 14931 |  |
|  CS Disco, Inc.\* | 1040 |  | 6573 |  |
|  Cvent Holding Corp. (x)\* | 2002 |  | 10811 |  |
|  Digimarc Corp. (x)\* | 505 |  | 9337 |  |
|  Digital Turbine, Inc.\* | 4132 |  | 62972 |  |
|  Domo, Inc., Class B\* | 1316 |  | 18740 |  |
|  Duck Creek Technologies, Inc.\* | 3447 |  | 41536 |  |
|  E2open Parent Holdings, Inc. (x)\* | 8722 |  | 51198 |  |
|  Ebix, Inc. (x) | 1154 |  | 23034 |  |
|  eGain Corp.\* | 1063 |  | 9599 |  |
|  Enfusion, Inc., Class A (x)\* | 1047 |  | 10124 |  |
|  EngageSmart, Inc.\* | 1556 |  | 27386 |  |
|  Envestnet, Inc.\* | 2407 |  | 148512 |  |
|  Everbridge, Inc.\* | 1776 |  | 52534 |  |
|  EverCommerce, Inc. (x)\* | 1085 |  | 8072 |  |
|  ForgeRock, Inc., Class A (x)\* | 1668 |  | 37980 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 522 |  | 151 |  |
|  Instructure Holdings, Inc. (x)\* | 767 |  | 17978 |  |
|  Intapp, Inc.\* | 663 |  | 16535 |  |
|  InterDigital, Inc. | 1306 |  | 64621 |  |
|  IronNet, Inc. (x)\* | 2763 |  | 635 |  |
|  Kaleyra, Inc. (x)\* | 2210 |  | 1669 |  |
|  KnowBe4, Inc., Class A\* | 3189 |  | 79023 |  |
|  Latch, Inc.\* | 3810 |  | 2705 |  |
|  LivePerson, Inc.\* | 3115 |  | 31586 |  |
|  LiveRamp Holdings, Inc.\* | 3113 |  | 72969 |  |
|  LiveVox Holdings, Inc. (x)\* | 1001 |  | 2973 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 6247 |  | 21365 |  |
|  Matterport, Inc. (x)\* | 9784 |  | 27395 |  |
|  MeridianLink, Inc. (x)\* | 1097 |  | 15062 |  |
|  MicroStrategy, Inc., Class A (x)\* | 412 |  | 58327 |  |
|  Mitek Systems, Inc.\* | 1848 |  | 17907 |  |
|  Model N, Inc.\* | 1597 |  | 64774 |  |
|  Momentive Global, Inc.\* | 6373 |  | 44611 |  |
|  N-able, Inc.\* | 2994 |  | 30778 |  |
|  NextNav, Inc. (x)\* | 3167 |  | 9279 |  |
|  Olo, Inc., Class A\* | 4008 |  | 25050 |  |
|  ON24, Inc.\* | 1827 |  | 15767 |  |
|  OneSpan, Inc.\* | 1741 |  | 19482 |  |
|  PagerDuty, Inc.\* | 3987 |  | 105895 |  |
|  PowerSchool Holdings, Inc., Class A\* | 1996 |  | 46068 |  |
|  Progress Software Corp. | 1992 |  | 100496 |  |
|  PROS Holdings, Inc.\* | 1789 |  | 43401 |  |
|  Q2 Holdings, Inc.\* | 2446 |  | 65724 |  |
|  Qualys, Inc.\* | 1756 |  | 197076 |  |
|  Rapid7, Inc.\* | 2726 |  | 92629 |  |
|  Rimini Street, Inc.\* | 2281 |  | 8691 |  |
|  Riot Blockchain, Inc. (x)\* | 7589 |  | 25727 |  |
|  Sapiens International Corp. NV | 1367 |  | 25262 |  |
|  SecureWorks Corp., Class A\* | 567 |  | 3623 |  |
|  ShotSpotter, Inc.\* | 440 |  | 14885 |  |
|  Software AG (x) | 25439 |  | 659539 |  |
|  SolarWinds Corp.\* | 2086 |  | 19525 |  |
|  Sprout Social, Inc., Class A\* | 2135 |  | 120542 |  |
|  SPS Commerce, Inc.\* | 1649 |  | 211781 |  |
|  Sumo Logic, Inc.\* | 5026 |  | 40711 |  |
|  Telos Corp.\* | 2599 |  | 13229 |  |
|  Tenable Holdings, Inc.\* | 5084 |  | 193955 |  |
|  Terawulf, Inc. (x)\* | 962 |  | 640 |  |
|  Upland Software, Inc.\* | 1436 |  | 10239 |  |

---

See Notes to Financial Statements.

776

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  UserTesting, Inc. (x)\* | 2036 | $| 15290 |  |
|  Varonis Systems, Inc.\* | 4979 |  | 119197 |  |
|  Verint Systems, Inc.\* | 2928 |  | 106228 |  |
|  Veritone, Inc. (x)\* | 1365 |  | 7234 |  |
|  Viant Technology, Inc., Class A (x)\* | 614 |  | 2468 |  |
|  Weave Communications, Inc. (x)\* | 1400 |  | 6412 |  |
|  WM Technology, Inc.\* | 3158 |  | 3190 |  |
|  Workiva, Inc.\* | 2173 |  | 182467 |  |
|  Xperi, Inc.\* | 1991 |  | 17143 |  |
|  Yext, Inc.\* | 5206 |  | 33995 |  |
|  Zeta Global Holdings Corp., Class A\* | 5475 |  | 44731 |  |
|  Zuora, Inc., Class A\* | 5457 |  | 34707 |  |
|  |  |  | 9232646 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  Avid Technology, Inc.\* | 1534 |  | 40789 |  |
|  CompoSecure, Inc. (x)\* | 350 |  | 1719 |  |
|  Corsair Gaming, Inc.\* | 1755 |  | 23815 |  |
|  Diebold Nixdorf, Inc.\* | 3448 |  | 4896 |  |
|  Eastman Kodak Co. (x)\* | 2333 |  | 7116 |  |
|  IonQ, Inc. (x)\* | 5271 |  | 18185 |  |
|  Super Micro Computer, Inc.\* | 2097 |  | 172164 |  |
|  Turtle Beach Corp.\* | 714 |  | 5119 |  |
|  Xerox Holdings Corp. | 5374 |  | 78460 |  |
|  |  |  | 352263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 30327278 |  |
|  **Materials (6.0%)** | **Materials (6.0%)** | **Materials (6.0%)** | **Materials (6.0%)** |  |
|  ***Chemicals (3.3%)*** | ***Chemicals (3.3%)*** | ***Chemicals (3.3%)*** | ***Chemicals (3.3%)*** | **** |
|  AdvanSix, Inc. | 1296 |  | 49274 |  |
|  American Vanguard Corp. | 1295 |  | 28114 |  |
|  Amyris, Inc. (x)\* | 8932 |  | 13666 |  |
|  Ashland, Inc. | 7111 |  | 764646 |  |
|  Aspen Aerogels, Inc. (x)\* | 1457 |  | 17178 |  |
|  Avient Corp. | 18322 |  | 618551 |  |
|  Balchem Corp. | 1442 |  | 176083 |  |
|  Cabot Corp. | 2517 |  | 168236 |  |
|  Chase Corp. | 320 |  | 27603 |  |
|  Danimer Scientific, Inc. (x)\* | 4358 |  | 7801 |  |
|  Diversey Holdings Ltd.\* | 3468 |  | 14774 |  |
|  Ecovyst, Inc.\* | 3264 |  | 28919 |  |
|  Elementis plc\* | 1342387 |  | 1953946 |  |
|  FutureFuel Corp. | 1238 |  | 10065 |  |
|  Hawkins, Inc. | 879 |  | 33929 |  |
|  HB Fuller Co. | 2390 |  | 171172 |  |
|  Ingevity Corp.\* | 1716 |  | 120875 |  |
|  Innospec, Inc. | 1133 |  | 116540 |  |
|  Intrepid Potash, Inc.\* | 495 |  | 14291 |  |
|  Koppers Holdings, Inc. | 889 |  | 25070 |  |
|  Kronos Worldwide, Inc. | 1106 |  | 10396 |  |
|  Livent Corp.\* | 7358 |  | 146203 |  |
|  LSB Industries, Inc.\* | 3235 |  | 43026 |  |
|  Mativ Holdings, Inc. | 2382 |  | 49784 |  |
|  Minerals Technologies, Inc. | 40592 |  | 2464746 |  |
|  Origin Materials, Inc. (x)\* | 4668 |  | 21520 |  |
|  Orion Engineered Carbons SA | 2648 |  | 47161 |  |
|  Perimeter Solutions SA (x)\* | 5139 |  | 46970 |  |
|  PureCycle Technologies, Inc. (x)\* | 4731 |  | 31982 |  |
|  Quaker Chemical Corp. | 623 |  | 103979 |  |
|  Rayonier Advanced Materials, Inc.\* | 2704 |  | 25958 |  |
|  Sensient Technologies Corp. | 1906 |  | 138986 |  |
|  Stepan Co. | 983 |  | 104650 |  |
|  Tredegar Corp. | 1302 |  | 13306 |  |
|  Trinseo plc | 1532 |  | 34792 |  |
|  Tronox Holdings plc | 92233 |  | 1264514 |  |
|  Valhi, Inc. | 115 |  | 2530 |  |
|  |  |  | 8911236 |  |
|  ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** | ***Construction Materials (0.9%)*** | **** |
|  Summit Materials, Inc., Class A\* | 86904 |  | 2467204 |  |
|  United States Lime & Minerals, Inc. | 93 |  | 13091 |  |
|  |  |  | 2480295 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Cryptyde, Inc. (x)\* | 809 |  | 155 |  |
|  Greif, Inc., Class A | 1164 |  | 78058 |  |
|  Greif, Inc., Class B | 236 |  | 18462 |  |
|  Myers Industries, Inc. | 1606 |  | 35702 |  |
|  O-I Glass, Inc.\* | 7125 |  | 118061 |  |
|  Pactiv Evergreen, Inc. | 2010 |  | 22834 |  |
|  Ranpak Holdings Corp.\* | 1818 |  | 10490 |  |
|  TriMas Corp. | 1834 |  | 50875 |  |
|  |  |  | 334637 |  |
|  ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 2027 |  | 15973 |  |
|  Alcoa Corp. | 25451 |  | 1157257 |  |
|  Alpha Metallurgical Resources, Inc. | 701 |  | 102619 |  |
|  Arconic Corp.\* | 34226 |  | 724222 |  |
|  ATI, Inc.\* | 5634 |  | 168231 |  |
|  Carpenter Technology Corp. | 2123 |  | 78424 |  |
|  Century Aluminum Co.\* | 2461 |  | 20131 |  |
|  Coeur Mining, Inc.\* | 12606 |  | 42356 |  |
|  Commercial Metals Co. | 21136 |  | 1020869 |  |
|  Compass Minerals International, Inc. | 1511 |  | 61951 |  |
|  Constellium SE\* | 5977 |  | 70708 |  |
|  Dakota Gold Corp. (x)\* | 2064 |  | 6295 |  |
|  Haynes International, Inc. | 536 |  | 24490 |  |
|  Hecla Mining Co. | 25163 |  | 139906 |  |
|  Hycroft Mining Holding Corp. (x)\* | 6513 |  | 3466 |  |
|  Ivanhoe Electric, Inc. (x)\* | 651 |  | 7910 |  |
|  Kaiser Aluminum Corp. | 693 |  | 52640 |  |
|  Materion Corp. | 954 |  | 83485 |  |
|  Novagold Resources, Inc.\* | 10449 |  | 62485 |  |
|  Olympic Steel, Inc. | 449 |  | 15077 |  |
|  Piedmont Lithium, Inc.\* | 773 |  | 34027 |  |
|  PolyMet Mining Corp. (x)\* | 1501 |  | 3978 |  |
|  Ramaco Resources, Inc. | 1004 |  | 8825 |  |
|  Ryerson Holding Corp. | 816 |  | 24692 |  |
|  Schnitzer Steel Industries, Inc., Class A | 1107 |  | 33930 |  |
|  SunCoke Energy, Inc. | 3648 |  | 31482 |  |
|  TimkenSteel Corp.\* | 2218 |  | 40301 |  |
|  Warrior Met Coal, Inc. | 2307 |  | 79915 |  |
|  Worthington Industries, Inc. | 1369 |  | 68053 |  |
|  |  |  | 4183698 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 732 |  | 27677 |  |
|  Glatfelter Corp. | 2017 |  | 5607 |  |
|  Resolute Forest Products, Inc.\* | 2036 |  | 43957 |  |
|  Sylvamo Corp. | 1588 |  | 77161 |  |
|  |  |  | 154402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 16064268 |  |

---

See Notes to Financial Statements.

777

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Real Estate (4.7%)** | **Real Estate (4.7%)** | **Real Estate (4.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (4.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.0%)*** | **** |
|  Acadia Realty Trust (REIT) | 3846 | $55190 |  |
|  Agree Realty Corp. (REIT) | 3935 | 279110 |  |
|  Alexander & Baldwin, Inc. (REIT) | 76945 | 1441180 |  |
|  Alexander's, Inc. (REIT) | 94 | 20686 |  |
|  American Assets Trust, Inc. (REIT) | 2162 | 57293 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 6557 | 46686 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 9784 | 154392 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 2939 | 33798 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 1470 | 6571 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 160 | 3410 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 2943 | 12096 |  |
|  Brandywine Realty Trust (REIT) | 7431 | 45701 |  |
|  Broadstone Net Lease, Inc. (REIT) | 7882 | 127767 |  |
|  BRT Apartments Corp. (REIT) | 500 | 9820 |  |
|  CareTrust REIT, Inc. (REIT) | 4525 | 84074 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 1157 | 26704 |  |
|  Centerspace (REIT) | 660 | 38722 |  |
|  Chatham Lodging Trust (REIT) | 2379 | 29190 |  |
|  City Office REIT, Inc. (REIT) | 1704 | 14280 |  |
|  Clipper Realty, Inc. (REIT) | 606 | 3878 |  |
|  Community Healthcare Trust, Inc. (REIT) | 1007 | 36051 |  |
|  Corporate Office Properties Trust (REIT) | 5135 | 133202 |  |
|  CTO Realty Growth, Inc. (REIT) | 870 | 15904 |  |
|  DiamondRock Hospitality Co. (REIT) | 9184 | 75217 |  |
|  Diversified Healthcare Trust (REIT) | 11373 | 7356 |  |
|  Easterly Government Properties, Inc. (REIT) | 4562 | 65100 |  |
|  Elme Communities (REIT) | 3828 | 68138 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 5826 | 39267 |  |
|  Equity Commonwealth (REIT) | 4786 | 119506 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 6360 | 149269 |  |
|  Farmland Partners, Inc. (REIT) | 2494 | 31075 |  |
|  Four Corners Property Trust, Inc. (REIT) | 3929 | 101879 |  |
|  Franklin Street Properties Corp. (REIT) | 4867 | 13287 |  |
|  Getty Realty Corp. (REIT) (x) | 1852 | 62690 |  |
|  Gladstone Commercial Corp. (REIT) | 1744 | 32264 |  |
|  Gladstone Land Corp. (REIT) (x) | 1411 | 25892 |  |
|  Global Medical REIT, Inc. (REIT) | 2672 | 25331 |  |
|  Global Net Lease, Inc. (REIT) | 4572 | 57470 |  |
|  Hersha Hospitality Trust (REIT), Class A | 1375 | 11715 |  |
|  Highwoods Properties, Inc. (REIT) | 4726 | 132233 |  |
|  Independence Realty Trust, Inc. (REIT) | 10187 | 171753 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 234 | 14857 |  |
|  Industrial Logistics Properties Trust (REIT) | 2845 | 9303 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 1265 | 128208 |  |
|  InvenTrust Properties Corp. (REIT) | 2967 | 70229 |  |
|  iStar, Inc. (REIT) | 3218 | 24553 |  |
|  Kite Realty Group Trust (REIT) | 9869 | 207742 |  |
|  LTC Properties, Inc. (REIT) | 1899 | 67471 |  |
|  LXP Industrial Trust (REIT) | 11915 | 119388 |  |
|  Macerich Co. (The) (REIT) | 9431 | 106193 |  |
|  National Health Investors, Inc. (REIT) | 1922 | 100367 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 5691 | 33748 |  |
|  NETSTREIT Corp. (REIT) | 2413 | 44230 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 991 | 43128 |  |
|  Office Properties Income Trust (REIT) | 2105 | 28102 |  |
|  One Liberty Properties, Inc. (REIT) | 714 | 15865 |  |
|  Orion Office REIT, Inc. (REIT) | 2521 | 21529 |  |
|  Outfront Media, Inc. (REIT) | 6411 | 106294 |  |
|  Paramount Group, Inc. (REIT) (x) | 8285 | 49213 |  |
|  Pebblebrook Hotel Trust (REIT) | 6085 | 81478 |  |
|  Phillips Edison & Co., Inc. (REIT) | 5285 | 168274 |  |
|  Physicians Realty Trust (REIT) | 10374 | 150112 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 5471 | 50169 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 1720 | 32990 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 804 | 11682 |  |
|  PotlatchDeltic Corp. (REIT) | 3619 | 159200 |  |
|  Retail Opportunity Investments Corp. (REIT) | 5995 | 90105 |  |
|  RLJ Lodging Trust (REIT) | 7628 | 80781 |  |
|  RPT Realty (REIT) | 3512 | 35260 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 2450 | 200361 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 10527 | 130851 |  |
|  Safehold, Inc. (REIT) (x) | 1179 | 33743 |  |
|  Saul Centers, Inc. (REIT) | 517 | 21032 |  |
|  Service Properties Trust (REIT) | 7221 | 52641 |  |
|  SITE Centers Corp. (REIT) | 9114 | 124497 |  |
|  STAG Industrial, Inc. (REIT) | 41424 | 1338409 |  |
|  Summit Hotel Properties, Inc. (REIT) | 4586 | 33111 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 229602 | 2217955 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 4715 | 84587 |  |
|  Terreno Realty Corp. (REIT) | 3365 | 191368 |  |
|  UMH Properties, Inc. (REIT) | 2052 | 33037 |  |
|  Uniti Group, Inc. (REIT) | 10621 | 58734 |  |
|  Universal Health Realty Income Trust (REIT) | 707 | 33745 |  |
|  Urban Edge Properties (REIT) | 5731 | 80750 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 1586 | 30055 |  |
|  Veris Residential, Inc. (REIT)\* | 3836 | 61107 |  |
|  Whitestone REIT (REIT) | 2031 | 19579 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 5009 | 66019 |  |
|  |  | 10727199 |  |
|  ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | **** |
|  American Realty Investors, Inc.\* | 67 | 1718 |  |
|  Anywhere Real Estate, Inc.\* | 4700 | 30033 |  |
|  Compass, Inc., Class A\* | 13685 | 31886 |  |
|  Cushman & Wakefield plc\* | 113307 | 1411805 |  |
|  DigitalBridge Group, Inc. | 7422 | 81197 |  |
|  Doma Holdings, Inc. (x)\* | 5876 | 2661 |  |
|  Douglas Elliman, Inc. | 3339 | 13590 |  |
|  eXp World Holdings, Inc. (x) | 3153 | 34935 |  |
|  Forestar Group, Inc.\* | 848 | 13068 |  |
|  FRP Holdings, Inc.\* | 293 | 15781 |  |
|  Kennedy-Wilson Holdings, Inc. | 5546 | 87239 |  |
|  Marcus & Millichap, Inc. | 1139 | 39239 |  |
|  Newmark Group, Inc., Class A | 5916 | 47150 |  |
|  Offerpad Solutions, Inc. (x)\* | 3015 | 1388 |  |
|  RE/MAX Holdings, Inc., Class A | 778 | 14502 |  |
|  Redfin Corp. (x)\* | 4947 | 20975 |  |
|  RMR Group, Inc. (The), Class A | 843 | 23815 |  |

---

See Notes to Financial Statements.

778

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | | **Value**<br> **(Note 1)** | |
|  St Joe Co. (The) | 1643 |  | $63502 |  |
|  Stratus Properties, Inc. | 244 |  | 4707 |  |
|  Tejon Ranch Co.\* | 924 |  | 17408 |  |
|  Transcontinental Realty Investors, Inc.\* | 56 |  | 2474 |  |
|  |  |  | 1959073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 12686272 |  |
|  **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** | **Utilities (2.0%)** |  |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | **** |
|  ALLETE, Inc. | 2601 |  | 167790 |  |
|  IDACORP, Inc. | 6782 |  | 731439 |  |
|  MGE Energy, Inc. | 1671 |  | 117638 |  |
|  Otter Tail Corp. | 1888 |  | 110844 |  |
|  PNM Resources, Inc. | 3859 |  | 188281 |  |
|  Portland General Electric Co. | 4049 |  | 198401 |  |
|  Via Renewables, Inc. | 571 |  | 2918 |  |
|  |  |  | 1517311 |  |
|  ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 4449 |  | 173066 |  |
|  Chesapeake Utilities Corp. | 762 |  | 90053 |  |
|  New Jersey Resources Corp. | 4320 |  | 214359 |  |
|  Northwest Natural Holding Co. | 1659 |  | 78952 |  |
|  ONE Gas, Inc. | 2446 |  | 185211 |  |
|  South Jersey Industries, Inc. | 5555 |  | 197369 |  |
|  Southwest Gas Holdings, Inc. | 3031 |  | 187558 |  |
|  Spire, Inc. | 2324 |  | 160031 |  |
|  |  |  | 1286599 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Altus Power, Inc. (x)\* | 1839 |  | 11990 |  |
|  Clearway Energy, Inc., Class A | 1690 |  | 50565 |  |
|  Clearway Energy, Inc., Class C | 3634 |  | 115816 |  |
|  Montauk Renewables, Inc.\* | 2861 |  | 31557 |  |
|  Ormat Technologies, Inc. | 2234 |  | 193196 |  |
|  Sunnova Energy International, Inc. (x)\* | 4580 |  | 82486 |  |
|  |  |  | 485610 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 3230 |  | 143218 |  |
|  Black Hills Corp. | 15239 |  | 1071911 |  |
|  NorthWestern Corp. | 2614 |  | 155115 |  |
|  Unitil Corp. | 671 |  | 34463 |  |
|  |  |  | 1404707 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  American States Water Co. | 1670 |  | 154558 |  |
|  Artesian Resources Corp., Class A | 360 |  | 21089 |  |
|  California Water Service Group | 2383 |  | 144505 |  |
|  Global Water Resources, Inc. | 270 |  | 3586 |  |
|  Middlesex Water Co. | 769 |  | 60497 |  |
|  Pure Cycle Corp.\* | 795 |  | 8332 |  |
|  SJW Group | 1248 |  | 101325 |  |
|  York Water Co. (The) | 624 |  | 28067 |  |
|  |  |  | 521959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 5216186 |  |
|  **Total Common Stocks (87.9%)**<br> *(Cost $204,233,287)* |  |  | 235533993 |  |
|  | **Number of<br>Rights** |  | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | **** |
|  PLBY Group, Inc., expiring<br>1/17/23 (x)\* | 1387 |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | **** |
|  Aduro Biotech, Inc., CVR (r)\* | 1038 |  |  |  |
|  Oncternal Therapeutics, Inc.,<br>CVR (r)\* | 36 |  |  |  |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | **** |
|  Zogenix, Inc., CVR\* | 2917 |  | 2917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 2917 |  |
|  **Total Rights (0.0%)†**<br> *(Cost $2,636)* |  |  | 2917 |  |
|  | **Number of<br>Shares** |  | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Companies (6.5%)** | **Investment Companies (6.5%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 898491 |  | 898490 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 16362404 |  | 16370585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 17269075 |  |
|  | **Principal<br>Amount** |  | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (1.8%)** | **Repurchase Agreements (1.8%)** |  |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,825,074, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,860,707. (xx) | $1824223 |  | 1824223 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $2,301,990, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $2,504,306. (xx) | 2300000 |  | 2300000 |  |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $800,391, collateralized by various Common Stocks; total market value $888,517. (xx) | 800000 |  | 800000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 4924223 |  |
|  ***Total Short-Term Investments (8.3%)***<br> *(Cost $22,188,390)* | ***Total Short-Term Investments (8.3%)***<br> *(Cost $22,188,390)* | **** | 22193298 |  |
|  **Total Investments in Securities (96.2%)**<br> *(Cost $226,424,313)* | **Total Investments in Securities (96.2%)**<br> *(Cost $226,424,313)* |  | 257730208 |  |
|  **Other Assets Less Liabilities (3.8%)** | **Other Assets Less Liabilities (3.8%)** |  | 10242681 |  |
|  **Net Assets (100%)** |  |  | $267972889 |  |

---

See Notes to Financial Statements.

779

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $61,501 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $7,620,812. This was collateralized by $2,179,133 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/12/23 – 2/15/52 and by cash of $5,822,713 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Mortgage Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 3895 | 84380 |  | (13596) | 1873 | (24398) | 48259 | 8180 |  |
|  **Thrifts & Mortgage Finance** |  |  |  |  |  |  |  |  |  |
|  PennyMac Financial Services, Inc. | 1172 | 104321 |  | (16452) | 2906 | (24369) | 66406 | 1104 |  |
|  **Total** |  | **188701** |  | **(30048)** | **4779** | **(48767)** | **114665** | **9284** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 290 | 3/2023 | USD | 25678050 | (674224) |
|  |  |  |  |  | (674224) |

---

See Notes to Financial Statements.

780

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $2671137 | $— | $— | $2671137 |
|  Consumer Discretionary | 24861669 | 813847 |  | 25675516 |
|  Consumer Staples | 5373833 | 3671500 | — (a) | 9045333 |
|  Energy | 15837171 | 1103916 |  | 16941087 |
|  Financials | 47464302 |  |  | 47464302 |
|  Health Care | 22846793 |  | — (a) | 22846793 |
|  Industrials | 45653183 | 942638 |  | 46595821 |
|  Information Technology | 29667739 | 659539 |  | 30327278 |
|  Materials | 14110322 | 1953946 |  | 16064268 |
|  Real Estate | 12686272 |  |  | 12686272 |
|  Utilities | 5216186 |  |  | 5216186 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 2917 | — (a) | 2917 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 17269075 |  |  | 17269075 |
|  Repurchase Agreements |  | 4924223 |  | 4924223 |
|  **Total Assets** | $**243657682** | $**14072526** | $**—** | $**257730208** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(674224) | $— | $— | $(674224) |
|  **Total Liabilities** | $**(674224)** | $**—** | $**—** | $**(674224)** |
|  **Total** | $**242983458** | $**14072526** | $**—** | $**257055984** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(674224) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(674224 |

---

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

See Notes to Financial Statements.

781

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(11280055) | $(11280055) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11280055) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11280055) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1144251) | $(1144251) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144251) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $23,174,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 2%)\* | $91204358 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 4%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127441942 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $62258951 |
|  Aggregate gross unrealized depreciation | (31032003) |
|  Net unrealized appreciation | $31226948 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225829036 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $12,049 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

782

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $113,609) | $114665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $221,386,481) | 252691320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,924,223) | 4924223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 14025081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $59) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1699600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 782597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 334452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 16192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 15089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 274606781 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5822713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 368191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 129796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 90157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 81788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 30137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 24243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 86241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6633892 |
|  **NET ASSETS** | $267972889 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $252601866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 15371023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $267972889 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,889,992 / 148,045 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.77 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $112,094,548 / 8,765,405 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.79 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $153,988,349 / 12,057,719 shares outstanding (unlimited amount authorized: $0.01 par value) | $12.77 |

---

*(x)* *Includes value of securities on loan of $7,620,812.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($9,284 of dividend income received from affiliates) (net of $40,445 foreign withholding tax) | $4014104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 148103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 179760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4341967 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2077515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 365739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 309978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 136400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 60696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 20615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 5573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 3011404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (323305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2688099 |
|  **NET INVESTMENT INCOME (LOSS)** | 1653868 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($4,779 realized gain (loss) from affiliates) | 16715676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11280055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5424904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(48767) of change in unrealized appreciation (depreciation) from affiliates) | (65352857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1144251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (66497550) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (61072646) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(59418778) |

---

See Notes to Financial Statements.

783

------

**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1653868 | $1606581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5424904 | 59992809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (66497550) | 6346444 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (59418778) | 67945834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (77669) | (499400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (4492892) | (28013764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (6557574) | (39196521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (11128135) | (67709685) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,789 and 25,225 shares, respectively ] | 108231 | 481140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 6,090 and 31,087 shares, respectively ] | 77669 | 499400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (35459) and (24142) shares, respectively ] | (488207) | (454144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (302307) | 526396 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 844,710 and 1,398,050 shares, respectively ] | 11699710 | 26804952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 351,552 and 1,735,878 shares, respectively ] | 4492892 | 28013764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1722561) and (2357657) shares, respectively ] | (23807082) | (44508906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (7614480) | 10309810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,140 and 11,895 shares, respectively ] | 99630 | 220725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 512,380 and 2,431,006 shares, respectively ] | 6557574 | 39196521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1306668) and (2873598) shares, respectively ] | (18064120) | (53340163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (11406916) | (13922917) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (19323703) | (3086711) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (89870616) | (2850562) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 357843505 | 360694067 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $267972889 | $357843505 |

---

See Notes to Financial Statements.

784

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**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $16.03 | $16.44 | $15.58 | $13.25 | $17.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.05 | 0.09 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.80) | 3.09 | 1.76 | 3.23 | (2.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.74) | 3.14 | 1.85 | 3.36 | (2.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.07) | (0.11) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.46) | (3.48) | (0.88) | (0.89) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (3.55) | (0.99) | (1.03) | (2.22) |
|  Net asset value, end of year | $12.77 | $16.03 | $16.44 | $15.58 | $13.25 |
|  Total return | (17.08)% | 19.65 | 12.33% | 25.53% | (12.86)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1890 | $2719 | $2260 | $2439 | $2337 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05 | 1.09% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.13 | 1.15% | 1.16% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.41% | 0.28 | 0.62% | 0.86% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.30% | 0.20 | 0.56% | 0.80% | 0.48% |
|  Portfolio turnover rate^ | 34% | 37 | 55% | 41% | 36% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $16.05 | $16.46 | $15.60 | $13.27 | $17.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.05 | 0.09 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.80) | 3.09 | 1.76 | 3.23 | (2.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.74) | 3.14 | 1.85 | 3.36 | (2.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.07) | (0.11) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.46) | (3.48) | (0.88) | (0.89) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (3.55) | (0.99) | (1.03) | (2.22) |
|  Net asset value, end of year | $12.79 | $16.05 | $16.46 | $15.60 | $13.27 |
|  Total return | (17.06)% | 19.61 | 12.31% | 25.49% | (12.83)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119355 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05 | 1.09% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.13 | 1.15% | 1.16% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.41% | 0.28 | 0.62% | 0.86% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.31% | 0.20 | 0.56% | 0.80% | 0.48% |
|  Portfolio turnover rate^ | 34% | 37 | 55% | 41% | 36% |

---

See Notes to Financial Statements.

785

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**EQ ADVISORS TRUST** 

EQ/FRANKLIN SMALL CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $16.03 | $16.44 | $15.57 | $13.25 | $17.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.10 | 0.12 | 0.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.79) | 3.08 | 1.77 | 3.22 | (2.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.70) | 3.18 | 1.89 | 3.39 | (2.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.11) | (0.14) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.46) | (3.48) | (0.88) | (0.89) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (3.59) | (1.02) | (1.07) | (2.27) |
|  Net asset value, end of year | $12.77 | $16.03 | $16.44 | $15.57 | $13.25 |
|  Total return | (16.87)% | 19.91 | 12.63% | 25.74% | (12.61)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119209 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80% | 0.80 | 0.84% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.91% | 0.88 | 0.90% | 0.91% | 0.91% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.66% | 0.53 | 0.87% | 1.12% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.55% | 0.45 | 0.80% | 1.06% | 0.74% |
|  Portfolio turnover rate^ | 34% | 37 | 55% | 41% | 36% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.04, $0.04 and $0.09 for Class IA, Class IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005%.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.07% lower.* 

See Notes to Financial Statements.

786

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**EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Morgan Stanley Investment Management, Inc.

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g15y48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (20.95)% | 2.87% | 6.20 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (20.96) | 2.87 | 6.20 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (20.78) | 3.13 | 6.46 |  |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI (Net) Index | (18.37) | 5.23 | 7.98 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (20.96)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI AC World (Net) Index, which returned (11.94)% and (18.37)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in the Consumer Discretionary Sector helped relative performance, due to a lack of ownership of Tesla Inc.
and Amazon.com, Inc.

• Stock selection was a key contributor to relative performance, including overweighting Grupo Financiero Banorte (Mexico) in
Financials, Novo Nordisk A/S (Denmark) in Health Care, Analog Devices Inc. (United States) in IT and underweighting Apple, Inc. (United States) and Microsoft Corp. (United States) in IT.

• The Real Estate sector contributed to relative results from both a sector allocation and security selection perspective.

***What hurt performance during the year:***

• Both sector allocation and security selection detracted in several sectors of the Portfolio.

• An overweight allocation to Information Technology detracted, including overweighting Intuit, Inc. (United States),
Adobe, Inc. (United States) and Samsung Electronics Co. Ltd. (South Korea)

• An overweight allocation to Communication Services detracted, including overweighting Alphabet, Inc. (United States), Meta
Platforms, Inc. (United States) and Yandex NV (Russia)

• Underweighting the Health Care, Energy and Consumer Staples sectors along with security selection within these sectors also
detracted from relative performance.

• During the year, the Portfolio reduced its equity exposure for 105 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **Market Value** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | $251178439 | 15.7% |
| &nbsp;&nbsp;&nbsp; Financials | 206152585 | 12.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 155115106 | 9.7 |
| &nbsp;&nbsp;&nbsp; Health Care | 153072288 | 9.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 142495369 | 8.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 91000551 | 5.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 87625252 | 5.5 |
| &nbsp;&nbsp;&nbsp; Materials | 71331225 | 4.4 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 60153218 | 3.7 |
| &nbsp;&nbsp;&nbsp; Energy | 55440918 | 3.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 31550498 | 2.0 |
| &nbsp;&nbsp;&nbsp; Utilities | 27676872 | 1.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 4685784 | 0.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 263641617 | 16.5 |
|  |  | 100.0% |

---

787

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**EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1028.90 | $5.29 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.99 | 5.27 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1029.00 | 5.29 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.99 | 5.26 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1030.00 | 4.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.25 | 4.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

788

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**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (2.2%)** | **Australia (2.2%)** | **Australia (2.2%)** |
|  Ampol Ltd. | 7417 | $142810 |
|  ANZ Group Holdings Ltd.\* | 90125 | 1451816 |
|  APA Group | 34011 | 249163 |
|  Aristocrat Leisure Ltd. | 17888 | 371704 |
|  ASX Ltd. | 5637 | 261057 |
|  Aurizon Holdings Ltd. | 57725 | 146597 |
|  BHP Group Ltd. (ASE Stock Exchange) | 87216 | 2709556 |
|  BHP Group Ltd. (London Stock Exchange) | 64737 | 2011380 |
|  BlueScope Steel Ltd. | 13912 | 159508 |
|  Brambles Ltd. | 42819 | 351880 |
|  Cochlear Ltd. | 1906 | 264886 |
|  Coles Group Ltd. | 39827 | 453383 |
|  Commonwealth Bank of Australia | 50863 | 3553046 |
|  Dexus (REIT) | 30449 | 160667 |
|  Endeavour Group Ltd. | 39384 | 172150 |
|  Flutter Entertainment plc\* | 5036 | 688942 |
|  Fortescue Metals Group Ltd. | 51327 | 716742 |
|  Glencore plc | 293876 | 1962574 |
|  Goodman Group (REIT) | 50183 | 593141 |
|  GPT Group (The) (REIT) | 53223 | 152195 |
|  IDP Education Ltd. | 6377 | 118010 |
|  IGO Ltd. | 20443 | 187345 |
|  Insurance Australia Group Ltd. | 76726 | 248135 |
|  Lendlease Corp. Ltd. | 21425 | 114364 |
|  Lottery Corp. Ltd. (The)\* | 69009 | 210492 |
|  Macquarie Group Ltd. | 11045 | 1255537 |
|  Medibank Pvt Ltd. | 85718 | 172165 |
|  Mineral Resources Ltd. | 5182 | 272374 |
|  Mirvac Group (REIT) | 122073 | 177032 |
|  National Australia Bank Ltd. | 95677 | 1958159 |
|  Newcrest Mining Ltd. | 26290 | 369447 |
|  Northern Star Resources Ltd. | 34680 | 257606 |
|  Orica Ltd. | 12051 | 123566 |
|  Origin Energy Ltd. | 54818 | 288132 |
|  Pilbara Minerals Ltd.\* | 76100 | 194298 |
|  Qantas Airways Ltd.\* | 24206 | 99049 |
|  QBE Insurance Group Ltd. | 45185 | 413163 |
|  Ramsay Health Care Ltd. | 5289 | 232986 |
|  REA Group Ltd. | 1645 | 124096 |
|  Reece Ltd. (x) | 6909 | 66561 |
|  Rio Tinto Ltd. | 11263 | 892680 |
|  Rio Tinto plc | 33514 | 2349161 |
|  Santos Ltd. | 96905 | 471081 |
|  Scentre Group (REIT) | 151100 | 296284 |
|  SEEK Ltd. | 10439 | 148900 |
|  Sonic Healthcare Ltd. | 14129 | 288303 |
|  South32 Ltd. | 137109 | 373403 |
|  Stockland (REIT) | 66198 | 163607 |
|  Suncorp Group Ltd. | 36980 | 303141 |
|  Telstra Group Ltd. | 120632 | 327708 |
|  Transurban Group | 91992 | 812973 |
|  Treasury Wine Estates Ltd. | 22455 | 208076 |
|  Vicinity Ltd. (REIT) | 119708 | 163006 |
|  Washington H Soul Pattinson & Co. Ltd. | 6496 | 122335 |
|  Wesfarmers Ltd. | 33806 | 1056702 |
|  Westpac Banking Corp. | 104358 | 1659068 |
|  WiseTech Global Ltd. | 4551 | 157251 |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 45422 | 1096005 |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 11698 | 281433 |
|  Woolworths Group Ltd. | 36127 | 825478 |
|  |  | 35452309 |
|  **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** |
|  Erste Group Bank AG | 10005 | 320224 |
|  Mondi plc (Johannesburg Stock Exchange) | 233956 | 4006839 |
|  Mondi plc (London Stock Exchange) | 13902 | 236892 |
|  OMV AG | 4084 | 210280 |
|  Verbund AG | 2119 | 178400 |
|  voestalpine AG | 3612 | 95811 |
|  |  | 5048446 |
|  **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
|  Ageas SA/NV | 4962 | 220005 |
|  Anheuser-Busch InBev SA/NV | 26269 | 1582293 |
|  D'ieteren Group | 760 | 145787 |
|  Elia Group SA/NV | 1028 | 146136 |
|  Groupe Bruxelles Lambert SA (Swiss Stock exchange) | 1486 | 119073 |
|  Groupe Bruxelles Lambert SA (Turquoise Stock Exchange) | 1478 | 117995 |
|  KBC Group NV | 7452 | 479258 |
|  Sofina SA | 479 | 105420 |
|  Solvay SA | 2109 | 213251 |
|  UCB SA | 3910 | 307882 |
|  Umicore SA | 6135 | 225387 |
|  Warehouses De Pauw CVA (REIT) | 4545 | 129901 |
|  |  | 3792388 |
|  **Brazil (1.0%)** | **Brazil (1.0%)** | **Brazil (1.0%)** |
|  Banco BTG Pactual SA\* | 434057 | 1968147 |
|  Cia Brasileira de Aluminio | 459546 | 1005305 |
|  Itau Unibanco Holding SA (Preference) (q) | 937848 | 4440779 |
|  Lojas Renner SA | 781714 | 3032246 |
|  MercadoLibre, Inc.\* | 1117 | 945250 |
|  Petroleo Brasileiro SA (Preference) (q) | 495728 | 2300362 |
|  Raia Drogasil SA | 384034 | 1725325 |
|  StoneCo Ltd., Class A\* | 53794 | 507815 |
|  Yara International ASA | 4900 | 215370 |
|  |  | 16140599 |
|  **Canada (0.0%)†** | **Canada (0.0%)†** | **Canada (0.0%)†** |
|  Canadian Pacific Railway Ltd. | 4451 | 332000 |
|  **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** |
|  Antofagasta plc | 201141 | 3758183 |
|  **China (4.3%)** | **China (4.3%)** | **China (4.3%)** |
|  Airtac International Group | 118109 | 3577605 |
|  Alibaba Group Holding Ltd.\* | 324300 | 3583506 |
|  BOC Hong Kong Holdings Ltd. | 115000 | 391906 |
|  Budweiser Brewing Co. APAC Ltd. (m) | 53600 | 168585 |
|  BYD Co. Ltd., Class H | 94000 | 2319456 |

---

See Notes to Financial Statements.

789

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  China Construction Bank Corp., Class H | 7787420 | $| 4878704 |
|  China Mengniu Dairy Co. Ltd.\* | 708000 |  | 3210987 |
|  China Merchants Bank Co. Ltd., Class H | 494000 |  | 2762570 |
|  China Resources Beer Holdings Co. Ltd. | 440000 |  | 3075031 |
|  China Tourism Group Duty Free Corp. Ltd., Class H (m)\* | 45200 |  | 1331890 |
|  ESR Group Ltd. (m) | 59000 |  | 123813 |
|  Hua Hong Semiconductor Ltd. (m)\* | 145000 |  | 506217 |
|  JD.com, Inc., Class A | 49654 |  | 1400792 |
|  JD.com, Inc. (ADR) | 190145 |  | 10672839 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 200604 |  | 1111853 |
|  Kweichow Moutai Co. Ltd., Class A | 10047 |  | 2495961 |
|  Li Ning Co. Ltd. | 217500 |  | 1887864 |
|  Meituan, Class B (m)\* | 164700 |  | 3686282 |
|  NARI Technology Co. Ltd., Class A | 285300 |  | 1001384 |
|  NXP Semiconductors NV | 3219 |  | 508699 |
|  Postal Savings Bank of China Co. Ltd., Class H (m)(x) | 3532000 |  | 2194646 |
|  Prosus NV\* | 24724 |  | 1705721 |
|  Proya Cosmetics Co. Ltd., Class A | 47680 |  | 1148704 |
|  Shenzhou International Group Holdings Ltd. | 236400 |  | 2659157 |
|  Silergy Corp. | 52000 |  | 738495 |
|  SITC International Holdings Co. Ltd. | 40000 |  | 88963 |
|  Sungrow Power Supply Co. Ltd., Class A | 94898 |  | 1526187 |
|  Tencent Holdings Ltd. | 198200 |  | 8481100 |
|  Will Semiconductor Co. Ltd., Class A | 23220 |  | 257495 |
|  Wilmar International Ltd. | 59800 |  | 186177 |
|  Xinyi Glass Holdings Ltd. | 56000 |  | 104317 |
|  Zijin Mining Group Co. Ltd., Class H | 916000 |  | 1241604 |
|  |  |  | 69028510 |
|  **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
|  Komercni Banka A/S | 34900 |  | 1011532 |
|  **Denmark (1.4%)** | **Denmark (1.4%)** | **Denmark (1.4%)** | **Denmark (1.4%)** |
|  AP Moller - Maersk A/S, Class A | 90 |  | 199128 |
|  AP Moller - Maersk A/S, Class B | 150 |  | 337277 |
|  Carlsberg A/S, Class B | 2901 |  | 385531 |
|  Chr Hansen Holding A/S | 3283 |  | 236154 |
|  Coloplast A/S, Class B | 3530 |  | 412616 |
|  Danske Bank A/S | 20042 |  | 396120 |
|  Demant A/S\* | 2745 |  | 76085 |
|  DSV A/S | 5580 |  | 880761 |
|  Genmab A/S\* | 1982 |  | 839100 |
|  Novo Nordisk A/S, Class B | 115213 |  | 15556774 |
|  Novozymes A/S, Class B | 6136 |  | 310828 |
|  Orsted A/S (m) | 5719 |  | 519722 |
|  Pandora A/S | 2704 |  | 189990 |
|  ROCKWOOL A/S, Class B | 261 |  | 61354 |
|  Tryg A/S | 10876 |  | 258874 |
|  Vestas Wind Systems A/S | 30101 |  | 875714 |
|  |  |  | 21536028 |
|  **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** | **Finland (0.3%)** |
|  Elisa OYJ | 4044 |  | 214108 |
|  Fortum OYJ | 13823 |  | 229943 |
|  Kesko OYJ, Class B | 8577 |  | 189317 |
|  Kone OYJ, Class B | 10271 |  | 531039 |
|  Neste OYJ | 12770 |  | 588068 |
|  Nokia OYJ | 163626 |  | 757889 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 1902 |  | 20421 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 99204 |  | 1061741 |
|  Orion OYJ, Class B | 3302 |  | 181114 |
|  Sampo OYJ, Class A | 14273 |  | 745898 |
|  Stora Enso OYJ, Class R | 15656 |  | 220380 |
|  UPM-Kymmene OYJ | 15970 |  | 597131 |
|  Wartsila OYJ Abp | 14734 |  | 124094 |
|  |  |  | 5461143 |
|  **France (4.9%)** | **France (4.9%)** | **France (4.9%)** | **France (4.9%)** |
|  Accor SA\* | 5288 |  | 132174 |
|  Adevinta ASA\* | 8280 |  | 55443 |
|  Aeroports de Paris\* | 894 |  | 119814 |
|  Air Liquide SA | 15738 |  | 2230509 |
|  Airbus SE | 108827 |  | 12933149 |
|  Alstom SA (x) | 9689 |  | 236680 |
|  Amundi SA (m) | 1892 |  | 107340 |
|  Arkema SA | 1660 |  | 149050 |
|  AXA SA | 55710 |  | 1553784 |
|  BioMerieux | 1289 |  | 135111 |
|  BNP Paribas SA | 33113 |  | 1887489 |
|  Bollore SE | 27510 |  | 153719 |
|  Bouygues SA | 7111 |  | 213440 |
|  Bureau Veritas SA | 9136 |  | 240677 |
|  Capgemini SE | 4915 |  | 820494 |
|  Carrefour SA | 17995 |  | 301269 |
|  Cie de Saint-Gobain | 14838 |  | 725074 |
|  Cie Generale des Etablissements Michelin SCA | 20448 |  | 568774 |
|  Covivio (REIT) | 1249 |  | 74136 |
|  Credit Agricole SA | 36425 |  | 383322 |
|  Danone SA | 19136 |  | 1008434 |
|  Dassault Aviation SA | 780 |  | 132089 |
|  Dassault Systemes SE | 45317 |  | 1624829 |
|  Edenred | 7665 |  | 417470 |
|  Eiffage SA | 2575 |  | 253369 |
|  Electricite de France SA | 16697 |  | 214480 |
|  Engie SA | 54924 |  | 787126 |
|  EssilorLuxottica SA (Borsa Italiana Stock Exchange) | 3465 |  | 626839 |
|  EssilorLuxottica SA (Turquoise Stock Exchange) | 12701 |  | 2300407 |
|  Eurazeo SE | 1297 |  | 80665 |
|  Gecina SA (REIT) | 1429 |  | 145548 |
|  Getlink SE | 12702 |  | 203613 |
|  Hermes International | 944 |  | 1460179 |
|  Ipsen SA | 1174 |  | 126299 |
|  Kering SA | 12401 |  | 6312096 |
|  Klepierre SA (REIT)\* | 6424 |  | 148053 |
|  La Francaise des Jeux SAEM(m) | 2972 |  | 119556 |
|  Legrand SA | 8072 |  | 646495 |
|  L'Oreal SA | 7253 |  | 2590062 |
|  LVMH Moet Hennessy Louis Vuitton SE | 26378 |  | 19197881 |
|  Orange SA | 59466 |  | 590786 |
|  Pernod Ricard SA | 8039 |  | 1581233 |

---

See Notes to Financial Statements.

790

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Publicis Groupe SA | 6941 | $| 441490 |
|  Remy Cointreau SA | 691 |  | 116574 |
|  Renault SA\* | 5983 |  | 200301 |
|  Safran SA | 10179 |  | 1273973 |
|  Sanofi | 34217 |  | 3290623 |
|  Sartorius Stedim Biotech | 803 |  | 260020 |
|  SEB SA | 744 |  | 62319 |
|  Societe Generale SA | 24343 |  | 611841 |
|  Sodexo SA | 2718 |  | 260341 |
|  Teleperformance | 1767 |  | 421234 |
|  Thales SA | 3166 |  | 404313 |
|  TotalEnergies SE | 74635 |  | 4685727 |
|  Ubisoft Entertainment SA\* | 2883 |  | 81504 |
|  Unibail-Rodamco-Westfield (REIT) (x)\* | 3577 |  | 186204 |
|  Valeo | 6056 |  | 108260 |
|  Veolia Environnement SA | 20088 |  | 516077 |
|  Vinci SA | 16132 |  | 1610978 |
|  Vivendi SE | 21384 |  | 204046 |
|  Wendel SE | 835 |  | 77942 |
|  Worldline SA (m)\* | 7137 |  | 279082 |
|  |  |  | 78681806 |
|  **Germany (2.5%)** | **Germany (2.5%)** | **Germany (2.5%)** | **Germany (2.5%)** |
|  adidas AG | 5150 |  | 702664 |
|  Allianz SE (Registered) | 15483 |  | 3329672 |
|  Aroundtown SA | 31542 |  | 73707 |
|  BASF SE | 27377 |  | 1359492 |
|  Bayer AG (Registered) | 29283 |  | 1514795 |
|  Bayerische Motoren Werke AG | 10008 |  | 893255 |
|  Bayerische Motoren Werke AG (Preference) (q) | 1705 |  | 145188 |
|  Bechtle AG | 2550 |  | 90242 |
|  Beiersdorf AG | 2936 |  | 336913 |
|  Brenntag SE | 4517 |  | 288759 |
|  Carl Zeiss Meditec AG | 1094 |  | 138069 |
|  Commerzbank AG\* | 31184 |  | 294954 |
|  Continental AG | 3233 |  | 193734 |
|  Covestro AG (m) | 6015 |  | 235337 |
|  Daimler Truck Holding AG\* | 13830 |  | 428511 |
|  Deutsche Bank AG (Registered) | 61604 |  | 698215 |
|  Deutsche Boerse AG | 5659 |  | 977709 |
|  Deutsche Lufthansa AG (Registered)\* | 18604 |  | 154637 |
|  Deutsche Post AG (Registered) | 29546 |  | 1112656 |
|  Deutsche Telekom AG (Registered) | 97658 |  | 1948379 |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 3392 |  | 344034 |
|  E.ON SE | 67758 |  | 677009 |
|  Evonik Industries AG | 6527 |  | 125309 |
|  Fresenius Medical Care AG & Co. KGaA | 6066 |  | 198502 |
|  Fresenius SE & Co. KGaA | 12535 |  | 352225 |
|  GEA Group AG | 4190 |  | 171334 |
|  Hannover Rueck SE | 1851 |  | 367550 |
|  HeidelbergCement AG | 4331 |  | 247012 |
|  HelloFresh SE\* | 4880 |  | 107245 |
|  Henkel AG & Co. KGaA | 3234 |  | 208576 |
|  Henkel AG & Co. KGaA (Preference) (q) | 5264 |  | 366378 |
|  Infineon Technologies AG | 88245 |  | 2685551 |
|  Knorr-Bremse AG | 2258 |  | 123368 |
|  LEG Immobilien SE | 2081 |  | 135572 |
|  Mercedes-Benz Group AG | 24247 |  | 1593649 |
|  Merck KGaA | 3852 |  | 745918 |
|  MTU Aero Engines AG | 1552 |  | 335923 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 4234 |  | 1377815 |
|  Nemetschek SE | 1797 |  | 91736 |
|  Porsche Automobil Holding SE (Preference) (q) | 4528 |  | 248360 |
|  Puma SE | 3277 |  | 198896 |
|  Rational AG | 159 |  | 94462 |
|  Rheinmetall AG | 1331 |  | 265078 |
|  RWE AG | 19148 |  | 852469 |
|  SAP SE | 68653 |  | 7083663 |
|  Sartorius AG (Preference) (q) | 744 |  | 294196 |
|  Scout24 SE (m) | 2479 |  | 124536 |
|  Siemens AG (Registered) | 22959 |  | 3186092 |
|  Siemens Energy AG | 13305 |  | 250309 |
|  Siemens Healthineers AG (m) | 8619 |  | 431141 |
|  Symrise AG | 4057 |  | 441447 |
|  Telefonica Deutschland Holding AG | 30918 |  | 76220 |
|  United Internet AG (Registered) | 3019 |  | 61047 |
|  Volkswagen AG | 880 |  | 139086 |
|  Volkswagen AG (Preference) (q) | 5632 |  | 701870 |
|  Vonovia SE | 21356 |  | 503389 |
|  Zalando SE (m)\* | 6833 |  | 242179 |
|  |  |  | 40366034 |
|  **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** | **Hong Kong (0.8%)** |
|  AIA Group Ltd. | 359000 |  | 3992236 |
|  CK Asset Holdings Ltd. | 62264 |  | 383294 |
|  CK Infrastructure Holdings Ltd. | 17500 |  | 91587 |
|  CLP Holdings Ltd. | 48000 |  | 350217 |
|  Futu Holdings Ltd. (ADR) (x)\* | 1558 |  | 63333 |
|  Hang Lung Properties Ltd. | 63000 |  | 123168 |
|  Hang Seng Bank Ltd. | 23700 |  | 394117 |
|  Henderson Land Development Co. Ltd. | 39474 |  | 137810 |
|  HK Electric Investments & HK Electric Investments Ltd. (m) | 73500 |  | 48683 |
|  HKT Trust & HKT Ltd. | 118260 |  | 144995 |
|  Hong Kong & China Gas Co. Ltd. | 332856 |  | 316419 |
|  Hong Kong Exchanges & Clearing Ltd. | 36028 |  | 1556431 |
|  Hongkong Land Holdings Ltd. (Bermuda Stock Exchange) | 30100 |  | 134396 |
|  Hongkong Land Holdings Ltd. (Singapore Stock Exchange) | 1900 |  | 8740 |
|  Jardine Matheson Holdings Ltd. | 4700 |  | 239700 |
|  Link REIT (REIT) | 62000 |  | 455144 |
|  MTR Corp. Ltd. | 48000 |  | 254284 |
|  New World Development Co. Ltd. | 47095 |  | 132739 |
|  Power Assets Holdings Ltd. | 43000 |  | 235508 |
|  Prudential plc | 81815 |  | 1115213 |
|  Sino Land Co. Ltd. | 93001 |  | 116289 |
|  Sun Hung Kai Properties Ltd. | 44500 |  | 608882 |
|  Swire Pacific Ltd., Class A | 13500 |  | 118821 |
|  Swire Properties Ltd. | 36400 |  | 92522 |
|  Techtronic Industries Co. Ltd. | 41500 |  | 463093 |
|  WH Group Ltd. (m) | 229466 |  | 133468 |
|  Wharf Real Estate Investment Co. Ltd. | 52100 |  | 303704 |
|  |  |  | 12014793 |

---

See Notes to Financial Statements.

791

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **India (3.9%)** | **India (3.9%)** | **India (3.9%)** |
|  Bajaj Auto Ltd. | 55562 | $2428563 |
|  Delhivery Ltd.\* | 275705 | 1104586 |
|  DLF Ltd. | 1747362 | 7920473 |
|  Eicher Motors Ltd. | 36293 | 1415989 |
|  Gland Pharma Ltd. (m)\* | 33221 | 633078 |
|  HDFC Bank Ltd. (ADR) | 77886 | 5328181 |
|  Hindalco Industries Ltd. | 672879 | 3849961 |
|  Housing Development Finance Corp. Ltd. | 81497 | 2598290 |
|  ICICI Bank Ltd. | 580698 | 6253050 |
|  ICICI Bank Ltd. (ADR) | 203868 | 4462671 |
|  ICICI Prudential Life Insurance Co. Ltd. (m) | 270645 | 1476394 |
|  Infosys Ltd. | 147414 | 2687415 |
|  Infosys Ltd. (ADR) | 59689 | 1074999 |
|  Macrotech Developers Ltd. (m)\* | 119028 | 1569463 |
|  Mahindra & Mahindra Financial Services Ltd. | 730147 | 2070500 |
|  Mahindra & Mahindra Ltd. | 174143 | 2629511 |
|  MakeMyTrip Ltd.\* | 37327 | 1029105 |
|  Max Healthcare Institute Ltd.\* | 371851 | 1975669 |
|  Reliance Industries Ltd. | 219943 | 6771894 |
|  Star Health & Allied Insurance Co. Ltd.\* | 151534 | 1037274 |
|  State Bank of India | 629683 | 4671056 |
|  |  | 62988122 |
|  **Indonesia (0.5%)** | **Indonesia (0.5%)** | **Indonesia (0.5%)** |
|  Bank Central Asia Tbk. PT | 5377500 | 2953437 |
|  Bank Mandiri Persero Tbk. PT | 4024500 | 2565804 |
|  Bank Rakyat Indonesia Persero Tbk. PT | 5746400 | 1823492 |
|  |  | 7342733 |
|  **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  AerCap Holdings NV\* | 4106 | 239462 |
|  AIB Group plc | 32077 | 124162 |
|  Bank of Ireland Group plc | 31059 | 295899 |
|  CRH plc | 22747 | 901176 |
|  Kerry Group plc, Class A | 4771 | 430224 |
|  Kingspan Group plc | 4430 | 239855 |
|  Smurfit Kappa Group plc | 7628 | 282196 |
|  |  | 2512974 |
|  **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
|  Azrieli Group Ltd. | 1321 | 87908 |
|  Bank Hapoalim BM | 37550 | 339359 |
|  Bank Leumi Le-Israel BM | 47137 | 393670 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 61825 | 106742 |
|  Check Point Software Technologies Ltd.\* | 3055 | 385419 |
|  Elbit Systems Ltd. | 807 | 131536 |
|  ICL Group Ltd. | 21497 | 155675 |
|  Israel Discount Bank Ltd., Class A | 36231 | 190791 |
|  Mizrahi Tefahot Bank Ltd. | 4152 | 134708 |
|  Nice Ltd.\* | 1858 | 360376 |
|  Nice Ltd. (ADR)\* | 2414 | 464212 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 34129 | 311256 |
|  Tower Semiconductor Ltd.\* | 3333 | 145516 |
|  Wix.com Ltd.\* | 1647 | 126539 |
|  ZIM Integrated Shipping Services Ltd. (x) | 2563 | 44058 |
|  |  | 3377765 |
|  **Italy (0.6%)** | **Italy (0.6%)** | **Italy (0.6%)** |
|  Amplifon SpA | 3875 | 115397 |
|  Assicurazioni Generali SpA | 32940 | 585855 |
|  Brunello Cucinelli SpA | 22066 | 1632180 |
|  Coca-Cola HBC AG\* | 6237 | 148769 |
|  Davide Campari-Milano NV | 16268 | 165155 |
|  DiaSorin SpA | 734 | 102457 |
|  Enel SpA | 242431 | 1305337 |
|  Eni SpA | 76299 | 1085124 |
|  Ferrari NV | 3798 | 813927 |
|  FinecoBank Banca Fineco SpA | 18636 | 309607 |
|  Infrastrutture Wireless Italiane SpA (m) | 10460 | 105408 |
|  Intesa Sanpaolo SpA | 501785 | 1116168 |
|  Mediobanca Banca di Credito Finanziario SpA | 16737 | 160958 |
|  Moncler SpA | 6291 | 333343 |
|  Nexi SpA (m)\* | 17705 | 139603 |
|  Poste Italiane SpA (m) | 16309 | 159321 |
|  Prysmian SpA | 7929 | 294180 |
|  Recordati Industria Chimica e Farmaceutica SpA | 2833 | 117513 |
|  Snam SpA | 58340 | 282711 |
|  Telecom Italia SpA\* | 277848 | 64333 |
|  Terna - Rete Elettrica Nazionale | 41090 | 303495 |
|  UniCredit SpA | 57625 | 818679 |
|  |  | 10159520 |
|  **Japan (6.8%)** | **Japan (6.8%)** | **Japan (6.8%)** |
|  Advantest Corp. | 5800 | 374764 |
|  Aeon Co. Ltd. | 19400 | 411385 |
|  AGC, Inc. (x) | 6000 | 200930 |
|  Aisin Corp. | 4600 | 123728 |
|  Ajinomoto Co., Inc. | 13600 | 417720 |
|  ANA Holdings, Inc.\* | 4400 | 93874 |
|  Asahi Group Holdings Ltd. | 13600 | 426839 |
|  Asahi Intecc Co. Ltd. | 6400 | 105529 |
|  Asahi Kasei Corp. | 38800 | 278317 |
|  Astellas Pharma, Inc. | 54700 | 836296 |
|  Azbil Corp. | 3000 | 76006 |
|  Bandai Namco Holdings, Inc. | 5900 | 373763 |
|  Bridgestone Corp. (x) | 17200 | 614791 |
|  Brother Industries Ltd. | 6900 | 105519 |
|  Canon, Inc. (x) | 30000 | 652735 |
|  Capcom Co. Ltd. | 4700 | 150770 |
|  Central Japan Railway Co. | 4300 | 530947 |
|  Chiba Bank Ltd. (The) | 16500 | 120946 |
|  Chubu Electric Power Co., Inc. | 18000 | 186803 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 20200 | 518391 |
|  Concordia Financial Group Ltd. | 33900 | 142068 |
|  CyberAgent, Inc. | 12600 | 112137 |
|  Dai Nippon Printing Co. Ltd. | 7000 | 141344 |
|  Daifuku Co. Ltd. | 2800 | 131850 |
|  Dai-ichi Life Holdings, Inc. | 29100 | 663863 |
|  Daiichi Sankyo Co. Ltd. | 52900 | 1713083 |
|  Daikin Industries Ltd. | 7600 | 1169765 |
|  Daito Trust Construction Co. Ltd. | 1900 | 196023 |

---

See Notes to Financial Statements.

792

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Daiwa House Industry Co. Ltd. | 18500 | $428387 |
|  Daiwa House REIT Investment Corp. (REIT) | 69 | 154256 |
|  Daiwa Securities Group, Inc. | 39800 | 176801 |
|  Denso Corp. | 13100 | 652405 |
|  Dentsu Group, Inc. (x) | 6686 | 211166 |
|  Disco Corp. | 900 | 258877 |
|  East Japan Railway Co. | 9037 | 517817 |
|  Eisai Co. Ltd. | 7700 | 510674 |
|  ENEOS Holdings, Inc. | 89433 | 305288 |
|  FANUC Corp. | 5800 | 876585 |
|  Fast Retailing Co. Ltd. | 1800 | 1104496 |
|  Fuji Electric Co. Ltd. | 3900 | 149474 |
|  FUJIFILM Holdings Corp. | 10700 | 540136 |
|  Fujitsu Ltd. | 5900 | 791897 |
|  GLP J-REIT (REIT) | 128 | 147565 |
|  GMO Payment Gateway, Inc. | 1200 | 99848 |
|  Hakuhodo DY Holdings, Inc. | 6400 | 64858 |
|  Hamamatsu Photonics KK | 4300 | 207071 |
|  Hankyu Hanshin Holdings, Inc. | 7100 | 212069 |
|  Hikari Tsushin, Inc. (x) | 600 | 85126 |
|  Hirose Electric Co. Ltd. | 949 | 120035 |
|  Hitachi Construction Machinery Co. Ltd. | 3200 | 72149 |
|  Hitachi Ltd. | 28840 | 1470348 |
|  Honda Motor Co. Ltd. | 48600 | 1122792 |
|  Hoshizaki Corp. | 3400 | 120596 |
|  Hoya Corp. | 10900 | 1055200 |
|  Hulic Co. Ltd. (x) | 11500 | 91131 |
|  Ibiden Co. Ltd. | 3300 | 120318 |
|  Idemitsu Kosan Co. Ltd. | 5839 | 136587 |
|  Iida Group Holdings Co. Ltd. | 4600 | 70136 |
|  Inpex Corp. (x) | 31900 | 339320 |
|  Isuzu Motors Ltd. | 17200 | 202746 |
|  Ito En Ltd. | 1700 | 62047 |
|  ITOCHU Corp. | 35300 | 1115162 |
|  Itochu Techno-Solutions Corp. | 2900 | 67838 |
|  Japan Airlines Co. Ltd.\* | 4688 | 96268 |
|  Japan Exchange Group, Inc. | 14400 | 208199 |
|  Japan Metropolitan Fund Invest (REIT) | 218 | 173915 |
|  Japan Post Bank Co. Ltd. | 10800 | 92825 |
|  Japan Post Holdings Co. Ltd. | 70900 | 599387 |
|  Japan Post Insurance Co. Ltd. | 5300 | 93731 |
|  Japan Real Estate Investment Corp. (REIT) | 39 | 171464 |
|  Japan Tobacco, Inc. (x) | 36000 | 729930 |
|  JFE Holdings, Inc. | 13300 | 155660 |
|  JSR Corp. | 5500 | 108458 |
|  Kajima Corp. | 12000 | 140445 |
|  Kakaku.com, Inc. | 3700 | 59543 |
|  Kansai Electric Power Co., Inc. (The) | 21900 | 213427 |
|  Kao Corp. (x) | 14000 | 560576 |
|  KDDI Corp. | 48100 | 1459419 |
|  Keio Corp. | 3200 | 118013 |
|  Keisei Electric Railway Co. Ltd. | 3299 | 94390 |
|  Keyence Corp. | 23272 | 9117999 |
|  Kikkoman Corp. | 4500 | 237961 |
|  Kintetsu Group Holdings Co. Ltd. | 5300 | 175872 |
|  Kirin Holdings Co. Ltd. (x) | 24300 | 372351 |
|  Kobayashi Pharmaceutical Co. Ltd. | 1500 | 103208 |
|  Kobe Bussan Co. Ltd. | 3900 | 112626 |
|  Koei Tecmo Holdings Co. Ltd. | 3480 | 63427 |
|  Koito Manufacturing Co. Ltd. | 6600 | 99925 |
|  Komatsu Ltd. | 27200 | 596062 |
|  Konami Group Corp. | 2900 | 131919 |
|  Kose Corp. (x) | 1000 | 109875 |
|  Kubota Corp. (x) | 30400 | 420884 |
|  Kurita Water Industries Ltd. | 3100 | 128970 |
|  Kyocera Corp. | 9500 | 474276 |
|  Kyowa Kirin Co. Ltd. | 8400 | 193295 |
|  Lasertec Corp. | 2300 | 381084 |
|  Lixil Corp. | 8300 | 126549 |
|  M3, Inc. | 13000 | 354419 |
|  Makita Corp. | 7000 | 164279 |
|  Marubeni Corp. | 46100 | 532166 |
|  Mazda Motor Corp. | 17660 | 135235 |
|  McDonald's Holdings Co. Japan Ltd. (x) | 2710 | 103143 |
|  Meiji Holdings Co. Ltd. | 3244 | 166600 |
|  Minebea Mitsumi, Inc. | 11300 | 169707 |
|  MISUMI Group, Inc. | 8800 | 193045 |
|  Mitsubishi Chemical Group Corp. | 39900 | 208165 |
|  Mitsubishi Corp. | 37600 | 1227071 |
|  Mitsubishi Electric Corp. | 57000 | 570478 |
|  Mitsubishi Estate Co. Ltd. | 35100 | 457605 |
|  Mitsubishi HC Capital, Inc. | 20500 | 101375 |
|  Mitsubishi Heavy Industries Ltd. | 9400 | 374883 |
|  Mitsubishi UFJ Financial Group, Inc. | 356300 | 2413523 |
|  Mitsui & Co. Ltd. | 43000 | 1262412 |
|  Mitsui Chemicals, Inc. | 5700 | 129210 |
|  Mitsui Fudosan Co. Ltd. | 27000 | 497249 |
|  Mitsui OSK Lines Ltd. (x) | 10500 | 263220 |
|  Mizuho Financial Group, Inc. | 71353 | 1009076 |
|  MonotaRO Co. Ltd. | 7800 | 110367 |
|  MS&AD Insurance Group Holdings, Inc. | 13107 | 421853 |
|  Murata Manufacturing Co. Ltd. | 96609 | 4849589 |
|  NEC Corp. | 7600 | 268409 |
|  Nexon Co. Ltd. (x) | 15100 | 340797 |
|  NGK Insulators Ltd. | 6500 | 83107 |
|  Nidec Corp. | 17212 | 896928 |
|  Nihon M&A Center Holdings, Inc. | 9400 | 116676 |
|  Nintendo Co. Ltd. | 33000 | 1391009 |
|  Nippon Building Fund, Inc. (REIT) (x) | 46 | 206096 |
|  Nippon Express Holdings, Inc. (x) | 2300 | 132140 |
|  Nippon Paint Holdings Co. Ltd. (x) | 24900 | 197128 |
|  Nippon Prologis REIT, Inc. (REIT) | 64 | 150442 |
|  Nippon Sanso Holdings Corp. | 4700 | 68616 |
|  Nippon Shinyaku Co. Ltd. | 1500 | 85492 |
|  Nippon Steel Corp. | 24691 | 431208 |
|  Nippon Telegraph & Telephone Corp. | 35636 | 1021507 |
|  Nippon Yusen KK (x) | 14100 | 334128 |
|  Nissan Chemical Corp. | 3800 | 167358 |
|  Nissan Motor Co. Ltd. | 66800 | 212809 |
|  Nisshin Seifun Group, Inc. | 6180 | 77839 |
|  Nissin Foods Holdings Co. Ltd. | 1700 | 134974 |
|  Nitori Holdings Co. Ltd. | 2400 | 311795 |
|  Nitto Denko Corp. | 4300 | 250648 |
|  Nomura Holdings, Inc. | 88900 | 330970 |
|  Nomura Real Estate Holdings, Inc. | 3500 | 75472 |

---

See Notes to Financial Statements.

793

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 132 | $| 163944 |
|  Nomura Research Institute Ltd. | 11954 |  | 283730 |
|  NTT Data Corp. | 18100 |  | 266452 |
|  Obayashi Corp. | 20200 |  | 153609 |
|  Obic Co. Ltd. | 2200 |  | 325373 |
|  Odakyu Electric Railway Co. Ltd. | 9300 |  | 121246 |
|  Oji Holdings Corp. | 25300 |  | 102364 |
|  Olympus Corp. | 36700 |  | 657714 |
|  Omron Corp. | 15900 |  | 775979 |
|  Ono Pharmaceutical Co. Ltd. | 10600 |  | 249008 |
|  Open House Group Co. Ltd. | 2500 |  | 91817 |
|  Oracle Corp. | 1100 |  | 71411 |
|  Oriental Land Co. Ltd. | 6000 |  | 875952 |
|  ORIX Corp. | 35200 |  | 568205 |
|  Osaka Gas Co. Ltd. | 11700 |  | 189889 |
|  Otsuka Corp. | 3500 |  | 110808 |
|  Otsuka Holdings Co. Ltd. (x) | 11400 |  | 373948 |
|  Pan Pacific International Holdings Corp. | 11300 |  | 211208 |
|  Panasonic Holdings Corp. | 66500 |  | 562696 |
|  Persol Holdings Co. Ltd. | 5500 |  | 118516 |
|  Rakuten Group, Inc. (x)\* | 27000 |  | 122615 |
|  Recruit Holdings Co. Ltd. | 43000 |  | 1368569 |
|  Renesas Electronics Corp.\* | 35600 |  | 321035 |
|  Resona Holdings, Inc. | 65805 |  | 362619 |
|  Ricoh Co. Ltd. | 17500 |  | 134277 |
|  Rohm Co. Ltd. | 2700 |  | 196061 |
|  SBI Holdings, Inc. | 7560 |  | 144990 |
|  SCSK Corp. | 4800 |  | 73185 |
|  Secom Co. Ltd. | 6500 |  | 373587 |
|  Seiko Epson Corp. | 8700 |  | 127676 |
|  Sekisui Chemical Co. Ltd. | 10200 |  | 143394 |
|  Sekisui House Ltd. | 17800 |  | 316491 |
|  Seven & i Holdings Co. Ltd. | 23000 |  | 991923 |
|  SG Holdings Co. Ltd. | 8600 |  | 119918 |
|  Sharp Corp. (x) | 6699 |  | 48236 |
|  Shimadzu Corp. | 7400 |  | 211163 |
|  Shimano, Inc. | 2300 |  | 366626 |
|  Shimizu Corp. | 17200 |  | 92265 |
|  Shin-Etsu Chemical Co. Ltd. | 11200 |  | 1384639 |
|  Shionogi & Co. Ltd. | 8200 |  | 411500 |
|  Shiseido Co. Ltd. (x) | 12100 |  | 596610 |
|  Shizuoka Financial Group, Inc. | 13900 |  | 111738 |
|  SMC Corp. | 1700 |  | 719948 |
|  SoftBank Corp. | 85300 |  | 967132 |
|  SoftBank Group Corp. | 36400 |  | 1565389 |
|  Sompo Holdings, Inc. | 9281 |  | 414406 |
|  Sony Group Corp. | 37900 |  | 2897946 |
|  Square Enix Holdings Co. Ltd. | 2700 |  | 126112 |
|  Subaru Corp. | 17900 |  | 276533 |
|  SUMCO Corp. | 10700 |  | 143248 |
|  Sumitomo Chemical Co. Ltd. | 46400 |  | 167583 |
|  Sumitomo Corp. | 33400 |  | 558872 |
|  Sumitomo Electric Industries Ltd. | 21300 |  | 244177 |
|  Sumitomo Metal Mining Co. Ltd. | 7700 |  | 274053 |
|  Sumitomo Mitsui Financial Group, Inc. | 38907 |  | 1570036 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 9802 |  | 342667 |
|  Sumitomo Realty & Development Co. Ltd. | 9600 |  | 228296 |
|  Suntory Beverage & Food Ltd. (x) | 4300 |  | 147440 |
|  Suzuki Motor Corp. | 10800 |  | 351469 |
|  Sysmex Corp. | 5100 |  | 310803 |
|  T&D Holdings, Inc. | 14800 |  | 214489 |
|  Taisei Corp. | 5200 |  | 168394 |
|  Takeda Pharmaceutical Co. Ltd. | 44790 |  | 1403015 |
|  TDK Corp. | 97800 |  | 3230440 |
|  Terumo Corp. | 19200 |  | 548028 |
|  TIS, Inc. | 6700 |  | 177659 |
|  Tobu Railway Co. Ltd. | 5900 |  | 138464 |
|  Toho Co. Ltd. | 3400 |  | 131606 |
|  Tokio Marine Holdings, Inc. | 54600 |  | 1176330 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 47500 |  | 172280 |
|  Tokyo Electron Ltd. | 4500 |  | 1333130 |
|  Tokyo Gas Co. Ltd. | 11700 |  | 230452 |
|  Tokyu Corp. | 15600 |  | 197674 |
|  Toppan, Inc. | 8200 |  | 122088 |
|  Toray Industries, Inc. | 43200 |  | 242465 |
|  Toshiba Corp. | 11900 |  | 417370 |
|  Tosoh Corp. | 8100 |  | 96899 |
|  TOTO Ltd. | 4400 |  | 150869 |
|  Toyota Industries Corp. | 4500 |  | 248247 |
|  Toyota Motor Corp. | 318070 |  | 4392730 |
|  Toyota Tsusho Corp. | 6600 |  | 245664 |
|  Trend Micro, Inc. (x)\* | 3800 |  | 177781 |
|  Unicharm Corp. | 11900 |  | 459534 |
|  USS Co. Ltd. | 6800 |  | 108549 |
|  Welcia Holdings Co. Ltd. | 2900 |  | 67948 |
|  West Japan Railway Co. | 6500 |  | 283744 |
|  Yakult Honsha Co. Ltd. | 4000 |  | 260896 |
|  Yamaha Corp. | 4200 |  | 157452 |
|  Yamaha Motor Co. Ltd. (x) | 8700 |  | 199535 |
|  Yamato Holdings Co. Ltd. | 9100 |  | 144710 |
|  Yaskawa Electric Corp. | 7400 |  | 238228 |
|  Yokogawa Electric Corp. | 6500 |  | 104256 |
|  Z Holdings Corp. | 82600 |  | 208955 |
|  ZOZO, Inc. | 4000 |  | 99360 |
|  |  |  | 108601875 |
|  **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** |
|  Hikma Pharmaceuticals plc | 5341 |  | 100213 |
|  **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** | **Luxembourg (0.0%)†** |
|  ArcelorMittal SA | 15699 |  | 412983 |
|  Eurofins Scientific SE | 4123 |  | 295967 |
|  |  |  | 708950 |
|  **Macau (0.0%)†** | **Macau (0.0%)†** | **Macau (0.0%)†** | **Macau (0.0%)†** |
|  Galaxy Entertainment Group Ltd. | 63000 |  | 416478 |
|  Sands China Ltd.\* | 75587 |  | 250813 |
|  |  |  | 667291 |
|  **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** |
|  Gruma SAB de CV, Class B | 26120 |  | 348937 |
|  Grupo Financiero Banorte SAB de CV, Class O | 627258 |  | 4514236 |
|  Wal-Mart de Mexico SAB de CV | 1218085 |  | 4305632 |
|  |  |  | 9168805 |
|  **Netherlands (1.6%)** | **Netherlands (1.6%)** | **Netherlands (1.6%)** | **Netherlands (1.6%)** |
|  ABN AMRO Bank NV (CVA) (m) | 13166 |  | 182159 |

---

See Notes to Financial Statements.

794

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Adyen NV (m)\* | 646 | $| 890942 |
|  Aegon NV | 55694 |  | 282468 |
|  Akzo Nobel NV | 5550 |  | 371669 |
|  Argenx SE\* | 1641 |  | 616043 |
|  ASM International NV | 1390 |  | 350630 |
|  ASML Holding NV | 16831 |  | 9076836 |
|  Euronext NV (m) | 2618 |  | 193817 |
|  EXOR NV\* | 3376 |  | 246825 |
|  Heineken Holding NV | 3005 |  | 231763 |
|  Heineken NV | 7620 |  | 716822 |
|  IMCD NV | 1741 |  | 248145 |
|  ING Groep NV | 116454 |  | 1419607 |
|  JDE Peet's NV | 3068 |  | 88738 |
|  Koninklijke Ahold Delhaize NV | 31170 |  | 895541 |
|  Koninklijke DSM NV | 5206 |  | 636967 |
|  Koninklijke KPN NV | 98243 |  | 303925 |
|  Koninklijke Philips NV | 27010 |  | 404896 |
|  NN Group NV | 8209 |  | 335324 |
|  OCI NV | 3219 |  | 115158 |
|  Randstad NV | 3642 |  | 222063 |
|  Shell plc | 217901 |  | 6127415 |
|  Universal Music Group NV | 21384 |  | 515265 |
|  Wolters Kluwer NV | 7825 |  | 818864 |
|  |  |  | 25291882 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd.\* | 38801 |  | 192398 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 17951 |  | 257574 |
|  Mercury NZ Ltd. | 18569 |  | 65549 |
|  Meridian Energy Ltd. | 39738 |  | 132203 |
|  Spark New Zealand Ltd. | 57640 |  | 197617 |
|  Xero Ltd.\* | 4108 |  | 196540 |
|  |  |  | 1041881 |
|  **Norway (0.2%)** | **Norway (0.2%)** | **Norway (0.2%)** | **Norway (0.2%)** |
|  Aker BP ASA | 9651 |  | 299574 |
|  DNB Bank ASA | 27657 |  | 548945 |
|  Equinor ASA | 29131 |  | 1046085 |
|  Gjensidige Forsikring ASA | 5811 |  | 114004 |
|  Kongsberg Gruppen ASA | 2732 |  | 115897 |
|  Mowi ASA | 12641 |  | 215741 |
|  Norsk Hydro ASA | 41858 |  | 313269 |
|  Orkla ASA | 23377 |  | 169276 |
|  Salmar ASA | 1800 |  | 70701 |
|  Telenor ASA | 20314 |  | 189936 |
|  |  |  | 3083428 |
|  **Panama (0.3%)** | **Panama (0.3%)** | **Panama (0.3%)** | **Panama (0.3%)** |
|  Copa Holdings SA, Class A\* | 56269 |  | 4679893 |
|  **Poland (0.2%)** | **Poland (0.2%)** | **Poland (0.2%)** | **Poland (0.2%)** |
|  LPP SA | 1385 |  | 3366599 |
|  **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** |
|  EDP - Energias de Portugal SA | 81585 |  | 406621 |
|  Galp Energia SGPS SA, Class B | 322243 |  | 4349757 |
|  Jeronimo Martins SGPS SA | 7835 |  | 169249 |
|  |  |  | 4925627 |
|  **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** | **Singapore (0.4%)** |
|  CapitaLand Ascendas REIT (REIT) | 102115 |  | 208896 |
|  CapitaLand Integrated Commercial Trust (REIT) | 153269 |  | 233439 |
|  Capitaland Investment Ltd. | 73400 |  | 202763 |
|  City Developments Ltd. | 11200 |  | 68819 |
|  DBS Group Holdings Ltd. | 54900 |  | 1390330 |
|  Genting Singapore Ltd. | 188257 |  | 134228 |
|  Grab Holdings Ltd., Class A\* | 33095 |  | 106566 |
|  Jardine Cycle & Carriage Ltd. | 3000 |  | 64059 |
|  Keppel Corp. Ltd. | 45300 |  | 245541 |
|  Mapletree Logistics Trust (REIT) | 96799 |  | 114910 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 67100 |  | 83662 |
|  Oversea-Chinese Banking Corp. Ltd. | 100978 |  | 918256 |
|  Sea Ltd. (ADR)\* | 11040 |  | 574411 |
|  Singapore Airlines Ltd. | 41750 |  | 172374 |
|  Singapore Exchange Ltd. | 25000 |  | 167052 |
|  Singapore Technologies Engineering Ltd. | 43300 |  | 108299 |
|  Singapore Telecommunications Ltd. | 245200 |  | 470482 |
|  STMicroelectronics NV | 20372 |  | 719529 |
|  United Overseas Bank Ltd. | 35267 |  | 808345 |
|  UOL Group Ltd. | 14743 |  | 73968 |
|  Venture Corp. Ltd. | 8000 |  | 101896 |
|  |  |  | 6967825 |
|  **South Africa (1.0%)** | **South Africa (1.0%)** | **South Africa (1.0%)** | **South Africa (1.0%)** |
|  Anglo American Platinum Ltd. | 38224 |  | 3205451 |
|  Anglo American plc (Johannesburg Stock Exchange) (x) | 168389 |  | 6573922 |
|  Anglo American plc (London stock Exchange) | 37876 |  | 1481999 |
|  AVI Ltd. | 174476 |  | 772300 |
|  Capitec Bank Holdings Ltd. | 23110 |  | 2527863 |
|  Woolworths Holdings Ltd. | 497152 |  | 1943695 |
|  |  |  | 16505230 |
|  **South Korea (1.4%)** | **South Korea (1.4%)** | **South Korea (1.4%)** | **South Korea (1.4%)** |
|  Delivery Hero SE(m)\* | 5000 |  | 239674 |
|  KB Financial Group, Inc. | 67118 |  | 2596357 |
|  Kia Corp.\* | 23078 |  | 1089923 |
|  Korea Zinc Co. Ltd.\* | 2804 |  | 1259687 |
|  LG Chem Ltd.\* | 3347 |  | 1604127 |
|  Samsung Electronics Co. Ltd. | 238203 |  | 10524569 |
|  Samsung SDI Co. Ltd.\* | 4374 |  | 2064940 |
|  SK Hynix, Inc. | 46610 |  | 2807252 |
|  |  |  | 22186529 |
|  **Spain (0.8%)** | **Spain (0.8%)** | **Spain (0.8%)** | **Spain (0.8%)** |
|  Acciona SA | 754 |  | 138744 |
|  ACS Actividades de Construccion y Servicios SA | 6342 |  | 181736 |
|  Aena SME SA (m)\* | 2169 |  | 272348 |
|  Amadeus IT Group SA\* | 45470 |  | 2363092 |
|  Banco Bilbao Vizcaya Argentaria SA | 181995 |  | 1097596 |
|  Banco Santander SA | 509126 |  | 1527345 |
|  CaixaBank SA | 131180 |  | 515628 |
|  Cellnex Telecom SA (m) | 16080 |  | 532221 |
|  Corp. ACCIONA Energias Renovables SA | 1975 |  | 76405 |
|  EDP Renovaveis SA | 8969 |  | 197586 |
|  Enagas SA (x) | 7747 |  | 128745 |
|  Endesa SA | 8902 |  | 168046 |

---

See Notes to Financial Statements.

795

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ferrovial SA | 14638 | $| 383426 |
|  Grifols SA\* | 9230 |  | 106410 |
|  Iberdrola SA | 181294 |  | 2121143 |
|  Industria de Diseno Textil SA | 32208 |  | 856755 |
|  Naturgy Energy Group SA | 4444 |  | 115645 |
|  Red Electrica Corp. SA | 13473 |  | 234505 |
|  Repsol SA | 42435 |  | 674555 |
|  Telefonica SA | 156175 |  | 565896 |
|  |  |  | 12257827 |
|  **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** |
|  Alfa Laval AB | 8397 |  | 242297 |
|  Assa Abloy AB, Class B | 212128 |  | 4547553 |
|  Atlas Copco AB, Class A | 538075 |  | 6347675 |
|  Atlas Copco AB, Class B | 46760 |  | 497854 |
|  Boliden AB | 8053 |  | 301944 |
|  Electrolux AB, Class B (x) | 7020 |  | 94709 |
|  Embracer Group AB (x)\* | 19518 |  | 88454 |
|  Epiroc AB, Class A | 19369 |  | 352397 |
|  Epiroc AB, Class B | 12138 |  | 195013 |
|  EQT AB | 8886 |  | 187856 |
|  Essity AB, Class B | 18153 |  | 475447 |
|  Evolution AB (m) | 5568 |  | 541814 |
|  Fastighets AB Balder, Class B\* | 20004 |  | 93015 |
|  Getinge AB, Class B | 6988 |  | 144852 |
|  H & M Hennes & Mauritz AB, Class B (x) | 22732 |  | 244511 |
|  Hexagon AB, Class B | 58017 |  | 606032 |
|  Holmen AB, Class B | 2866 |  | 113680 |
|  Husqvarna AB, Class B | 12854 |  | 90072 |
|  Industrivarden AB, Class C | 4078 |  | 98874 |
|  Industrivarden AB, Class A | 4026 |  | 97806 |
|  Indutrade AB | 8346 |  | 168842 |
|  Investment AB Latour, Class B | 4608 |  | 87039 |
|  Investor AB, Class A | 15235 |  | 283023 |
|  Investor AB, Class B | 54307 |  | 981339 |
|  Kinnevik AB, Class B\* | 7529 |  | 103322 |
|  L E Lundbergforetagen AB, Class B | 2221 |  | 94524 |
|  Lifco AB, Class B | 7122 |  | 118861 |
|  Nibe Industrier AB, Class B | 46250 |  | 430373 |
|  Sagax AB, Class B | 5809 |  | 131658 |
|  Sandvik AB | 31298 |  | 565082 |
|  Securitas AB, Class B | 15315 |  | 127629 |
|  Skandinaviska Enskilda Banken AB, Class A | 48511 |  | 557640 |
|  Skanska AB, Class B | 10666 |  | 168655 |
|  SKF AB, Class B | 11878 |  | 181161 |
|  Svenska Cellulosa AB SCA, Class B | 17463 |  | 220822 |
|  Svenska Handelsbanken AB, Class A | 43043 |  | 433530 |
|  Swedbank AB, Class A | 26603 |  | 452015 |
|  Swedish Orphan Biovitrum AB\* | 5161 |  | 106684 |
|  Tele2 AB, Class B | 15589 |  | 127134 |
|  Telefonaktiebolaget LM Ericsson, Class B | 86658 |  | 505754 |
|  Telia Co. AB | 77333 |  | 197578 |
|  Volvo AB, Class A | 6233 |  | 118330 |
|  Volvo AB, Class B | 44838 |  | 809889 |
|  Volvo Car AB, Class B (x)\* | 18208 |  | 82674 |
|  |  |  | 22415413 |
|  **Switzerland (1.7%)** | **Switzerland (1.7%)** | **Switzerland (1.7%)** | **Switzerland (1.7%)** |
|  ABB Ltd. (Registered) | 47147 |  | 1430752 |
|  Adecco Group AG (Registered) | 4823 |  | 158880 |
|  Alcon, Inc. | 14868 |  | 1015909 |
|  Bachem Holding AG, Class B (x) | 945 |  | 81607 |
|  Baloise Holding AG (Registered) | 1286 |  | 198467 |
|  Banque Cantonale Vaudoise (Registered) | 904 |  | 86768 |
|  Barry Callebaut AG (Registered) | 111 |  | 219563 |
|  BKW AG | 634 |  | 86737 |
|  Chocoladefabriken Lindt & Spruengli AG | 32 |  | 326351 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 3 |  | 308225 |
|  Cie Financiere Richemont SA (Registered) | 15559 |  | 2017546 |
|  Clariant AG (Registered)\* | 6089 |  | 96473 |
|  Credit Suisse Group AG (Registered) (x) | 100521 |  | 300481 |
|  EMS-Chemie Holding AG (Registered) | 192 |  | 129986 |
|  Geberit AG (Registered) | 1081 |  | 509139 |
|  Givaudan SA (Registered) | 280 |  | 857881 |
|  Julius Baer Group Ltd. | 6567 |  | 382522 |
|  Kuehne + Nagel International AG (Registered) | 1673 |  | 389369 |
|  Logitech International SA (Registered) | 4997 |  | 308364 |
|  Lonza Group AG (Registered) | 5930 |  | 2905838 |
|  Novartis AG (Registered) | 64891 |  | 5866262 |
|  Partners Group Holding AG | 676 |  | 597152 |
|  Schindler Holding AG | 1267 |  | 238286 |
|  Schindler Holding AG (Registered) | 626 |  | 112926 |
|  SGS SA (Registered) | 188 |  | 437138 |
|  SIG Group AG\* | 9115 |  | 199127 |
|  Sika AG (Registered) | 4353 |  | 1043703 |
|  Sonova Holding AG (Registered) | 1647 |  | 390620 |
|  Straumann Holding AG (Registered) | 3220 |  | 367741 |
|  Swatch Group AG (The) | 901 |  | 256273 |
|  Swatch Group AG (The) (Registered) | 1422 |  | 73880 |
|  Swiss Life Holding AG (Registered) | 956 |  | 492966 |
|  Swiss Prime Site AG (Registered) | 2365 |  | 205002 |
|  Swisscom AG (Registered) | 766 |  | 419678 |
|  TE Connectivity Ltd. | 3909 |  | 448753 |
|  Temenos AG (Registered) | 1822 |  | 99982 |
|  UBS Group AG (Registered) | 100438 |  | 1868854 |
|  VAT Group AG (m) | 825 |  | 225556 |
|  Zurich Insurance Group AG | 4530 |  | 2166895 |
|  |  |  | 27321652 |
|  **Taiwan (1.7%)** | **Taiwan (1.7%)** | **Taiwan (1.7%)** | **Taiwan (1.7%)** |
|  Chailease Holding Co. Ltd. | 297000 |  | 2096891 |
|  CTBC Financial Holding Co. Ltd. | 2886000 |  | 2075144 |
|  Delta Electronics, Inc. | 514000 |  | 4791235 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 701133 |  | 10231106 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 94062 |  | 7006678 |
|  Voltronic Power Technology Corp. | 14000 |  | 703747 |
|  |  |  | 26904801 |

---

See Notes to Financial Statements.

796

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Thailand (0.1%)** | **Thailand (0.1%)** | **Thailand (0.1%)** |
|  Ngern Tid Lor PCL | 1504146 | $1281141 |
|  **United Kingdom (3.3%)** | **United Kingdom (3.3%)** | **United Kingdom (3.3%)** |
|  3i Group plc | 28812 | 467275 |
|  abrdn plc | 68559 | 156859 |
|  Admiral Group plc | 5207 | 134524 |
|  Ashtead Group plc | 13201 | 753281 |
|  Associated British Foods plc | 11088 | 211260 |
|  AstraZeneca plc | 46478 | 6303347 |
|  Auto Trader Group plc (m) | 27416 | 170893 |
|  AVEVA Group plc | 3561 | 138322 |
|  Aviva plc | 83682 | 447969 |
|  BAE Systems plc | 94072 | 973515 |
|  Barclays plc | 499075 | 956441 |
|  Barratt Developments plc | 31695 | 152045 |
|  Berkeley Group Holdings plc | 3528 | 160925 |
|  BP plc | 564396 | 3240369 |
|  British American Tobacco plc | 64203 | 2547042 |
|  British Land Co. plc (The) (REIT) | 27402 | 130887 |
|  BT Group plc | 212307 | 287597 |
|  Bunzl plc | 10354 | 345357 |
|  Burberry Group plc | 11607 | 284855 |
|  CK Hutchison Holdings Ltd. | 80764 | 484763 |
|  CNH Industrial NV | 30223 | 484151 |
|  Coca-Cola Europacific Partners plc | 5944 | 328822 |
|  Compass Group plc | 53173 | 1232636 |
|  Croda International plc | 4069 | 324865 |
|  DCC plc | 2725 | 134411 |
|  Diageo plc | 68174 | 3008292 |
|  Entain plc | 18209 | 290912 |
|  Experian plc | 27446 | 933377 |
|  Halma plc | 10985 | 262153 |
|  Hargreaves Lansdown plc | 11072 | 114607 |
|  HSBC Holdings plc | 599109 | 3735178 |
|  Imperial Brands plc | 26912 | 673805 |
|  Informa plc | 43609 | 326660 |
|  InterContinental Hotels Group plc | 5330 | 305689 |
|  Intertek Group plc | 4667 | 227605 |
|  J Sainsbury plc | 51928 | 136669 |
|  JD Sports Fashion plc | 80275 | 122427 |
|  Johnson Matthey plc | 5180 | 133200 |
|  Just Eat Takeaway.com NV (m)\* | 5582 | 118011 |
|  Kingfisher plc | 60028 | 171340 |
|  Land Securities Group plc (REIT) | 21924 | 164702 |
|  Legal & General Group plc | 178629 | 538804 |
|  Linde plc | 6149 | 2005681 |
|  Lloyds Banking Group plc | 2075746 | 1139552 |
|  London Stock Exchange Group plc | 9823 | 847437 |
|  M&G plc | 72027 | 163574 |
|  Melrose Industries plc | 136091 | 221289 |
|  National Grid plc | 108694 | 1310640 |
|  NatWest Group plc | 161452 | 517637 |
|  Next plc | 3845 | 269887 |
|  Ocado Group plc\* | 17320 | 129152 |
|  Pearson plc | 20825 | 236457 |
|  Persimmon plc | 9283 | 136580 |
|  Phoenix Group Holdings plc | 22878 | 168329 |
|  Reckitt Benckiser Group plc | 21314 | 1482665 |
|  RELX plc (London Stock Exchange) | 15607 | 431702 |
|  RELX plc (Turquoise Stock Exchange) | 41772 | 1155431 |
|  Rentokil Initial plc | 73716 | 452724 |
|  Rolls-Royce Holdings plc\* | 260442 | 293451 |
|  Sage Group plc (The) | 29119 | 262477 |
|  Schroders plc | 22758 | 119958 |
|  Segro plc (REIT) | 37069 | 342204 |
|  Severn Trent plc | 7435 | 238286 |
|  Smith & Nephew plc | 26094 | 350007 |
|  Smiths Group plc | 11178 | 216016 |
|  Spirax-Sarco Engineering plc | 2124 | 272573 |
|  SSE plc | 32361 | 669783 |
|  St James's Place plc | 16751 | 221750 |
|  Standard Chartered plc | 75193 | 565790 |
|  Taylor Wimpey plc | 97436 | 119739 |
|  Tesco plc | 225013 | 609890 |
|  Unilever plc (Cboe Europe) | 57126 | 2866125 |
|  Unilever plc (London Stock Exchange) | 19370 | 979314 |
|  United Utilities Group plc | 19609 | 235024 |
|  Vodafone Group plc | 796328 | 810996 |
|  Whitbread plc | 6282 | 195182 |
|  WPP plc | 32551 | 322769 |
|  |  | 52475913 |
|  **United States (34.0%)** | **United States (34.0%)** | **United States (34.0%)** |
|  3M Co. | 6840 | 820253 |
|  A O Smith Corp. | 1621 | 92786 |
|  Abbott Laboratories | 21687 | 2381016 |
|  AbbVie, Inc. | 21996 | 3554774 |
|  Accenture plc, Class A | 7837 | 2091225 |
|  Activision Blizzard, Inc. | 8923 | 683056 |
|  Adobe, Inc.\* | 26539 | 8931170 |
|  Advance Auto Parts, Inc. | 741 | 108949 |
|  Advanced Micro Devices, Inc.\* | 20055 | 1298962 |
|  AES Corp. (The) | 8372 | 240779 |
|  Aflac, Inc. | 7030 | 505738 |
|  Agilent Technologies, Inc. | 34724 | 5196447 |
|  Air Products and Chemicals, Inc. | 2741 | 844941 |
|  Akamai Technologies, Inc.\* | 1992 | 167926 |
|  Alaska Air Group, Inc.\* | 1589 | 68232 |
|  Albemarle Corp. | 1468 | 318350 |
|  Alexandria Real Estate Equities, Inc. (REIT) | 1861 | 271092 |
|  Align Technology, Inc.\* | 911 | 192130 |
|  Allegion plc | 1059 | 111470 |
|  Alliant Energy Corp. | 3145 | 173635 |
|  Allstate Corp. (The) | 3291 | 446260 |
|  Alphabet, Inc., Class C\* | 65857 | 5843492 |
|  Alphabet, Inc., Class A\* | 328843 | 29013818 |
|  Altria Group, Inc. | 22291 | 1018922 |
|  Amazon.com, Inc.\* | 131336 | 11032224 |
|  Amcor plc | 18836 | 224337 |
|  Ameren Corp. | 3239 | 288012 |
|  American Airlines Group, Inc.\* | 8145 | 103604 |
|  American Electric Power Co., Inc. | 6439 | 611383 |
|  American Express Co. | 7435 | 1098521 |
|  American International Group, Inc. | 9241 | 584401 |
|  American Tower Corp. (REIT) | 5779 | 1224339 |
|  American Water Works Co., Inc. | 2279 | 347365 |
|  Ameriprise Financial, Inc. | 1317 | 410074 |
|  AmerisourceBergen Corp. | 2025 | 335563 |
|  AMETEK, Inc. | 2878 | 402114 |
|  Amgen, Inc. | 6637 | 1743142 |
|  Amphenol Corp., Class A | 7456 | 567700 |

---

See Notes to Financial Statements.

797

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Analog Devices, Inc. | 78962 | $12952137 |
|  ANSYS, Inc.\* | 1091 | 263575 |
|  Aon plc, Class A | 2573 | 772260 |
|  APA Corp. | 3958 | 184759 |
|  Apple, Inc. | 185994 | 24166200 |
|  Applied Materials, Inc. | 10701 | 1042063 |
|  Aptiv plc\* | 3396 | 316269 |
|  Arch Capital Group Ltd.\* | 4627 | 290483 |
|  Archer-Daniels-Midland Co. | 6833 | 634444 |
|  Arista Networks, Inc.\* | 3089 | 374850 |
|  Arthur J Gallagher & Co. | 2636 | 496991 |
|  Assurant, Inc. | 637 | 79663 |
|  AT&T, Inc. | 88646 | 1631973 |
|  Atmos Energy Corp. | 1746 | 195674 |
|  Autodesk, Inc.\* | 2661 | 497261 |
|  Automatic Data Processing, Inc. | 5160 | 1232518 |
|  AutoZone, Inc.\* | 236 | 582018 |
|  AvalonBay Communities, Inc. (REIT) | 1753 | 283145 |
|  Avantor, Inc.\* | 59050 | 1245365 |
|  Avery Dennison Corp. | 1018 | 184258 |
|  Baker Hughes Co. | 12253 | 361831 |
|  Ball Corp. | 3865 | 197656 |
|  Bank of America Corp. | 86811 | 2875180 |
|  Bank of New York Mellon Corp. (The) | 9217 | 419558 |
|  Bath & Body Works, Inc. | 2739 | 115421 |
|  Baxter International, Inc. | 6312 | 321723 |
|  Becton Dickinson and Co. | 3525 | 896407 |
|  Berkshire Hathaway, Inc., Class B\* | 22410 | 6922449 |
|  Best Buy Co., Inc. | 2482 | 199081 |
|  Biogen, Inc.\* | 1775 | 491533 |
|  Bio-Rad Laboratories, Inc., Class A\* | 268 | 112691 |
|  Bio-Techne Corp. | 1968 | 163108 |
|  BlackRock, Inc.‡ | 1869 | 1324430 |
|  Boeing Co. (The)\* | 6996 | 1332668 |
|  Booking Holdings, Inc.\* | 482 | 971365 |
|  BorgWarner, Inc. | 2969 | 119502 |
|  Boston Properties, Inc. (REIT) | 1788 | 120833 |
|  Boston Scientific Corp.\* | 33797 | 1563787 |
|  Bristol-Myers Squibb Co. | 26445 | 1902718 |
|  Broadcom, Inc. | 5038 | 2816897 |
|  Broadridge Financial Solutions, Inc. | 1450 | 194488 |
|  Brown & Brown, Inc. | 2939 | 167435 |
|  Brown-Forman Corp., Class B | 2248 | 147649 |
|  Cadence Design Systems, Inc.\* | 3433 | 551477 |
|  Caesars Entertainment, Inc.\* | 2632 | 109491 |
|  Camden Property Trust (REIT) | 1309 | 146451 |
|  Campbell Soup Co. | 2524 | 143237 |
|  Capital One Financial Corp. | 4684 | 435425 |
|  Cardinal Health, Inc. | 3254 | 250135 |
|  CarMax, Inc.\* | 1977 | 120380 |
|  Carnival Corp. (x)\* | 11986 | 96607 |
|  Carrier Global Corp. | 10549 | 435146 |
|  Catalent, Inc.\* | 2198 | 98932 |
|  Caterpillar, Inc. | 6473 | 1550672 |
|  Cboe Global Markets, Inc. | 1329 | 166750 |
|  CBRE Group, Inc., Class A\* | 3868 | 297681 |
|  CDW Corp. | 1695 | 302693 |
|  Celanese Corp. | 1222 | 124937 |
|  Centene Corp.\* | 7013 | 575136 |
|  CenterPoint Energy, Inc. | 7870 | 236021 |
|  Ceridian HCM Holding, Inc.\* | 1918 | 123040 |
|  CF Industries Holdings, Inc. | 2498 | 212830 |
|  CH Robinson Worldwide, Inc. | 1510 | 138256 |
|  Charles River Laboratories International, Inc.\* | 4976 | 1084270 |
|  Charles Schwab Corp. (The) | 18972 | 1579609 |
|  Charter Communications, Inc., Class A\* | 4027 | 1365556 |
|  Chevron Corp. | 22127 | 3971575 |
|  Chipotle Mexican Grill, Inc.\* | 348 | 482847 |
|  Chubb Ltd. | 5162 | 1138737 |
|  Church & Dwight Co., Inc. | 3045 | 245457 |
|  Cigna Corp. | 3785 | 1254122 |
|  Cincinnati Financial Corp. | 1995 | 204268 |
|  Cintas Corp. | 1078 | 486846 |
|  Cisco Systems, Inc. | 51070 | 2432975 |
|  Citigroup, Inc. | 24006 | 1085791 |
|  Citizens Financial Group, Inc. | 6213 | 244606 |
|  Clorox Co. (The) | 1544 | 216670 |
|  CME Group, Inc. | 4505 | 757561 |
|  CMS Energy Corp. | 3637 | 230331 |
|  Coca-Cola Co. (The) | 48410 | 3079360 |
|  Cognizant Technology Solutions Corp., Class A | 6490 | 371163 |
|  Colgate-Palmolive Co. | 10455 | 823749 |
|  Comcast Corp., Class A | 53657 | 1876385 |
|  Comerica, Inc. | 1623 | 108498 |
|  Computershare Ltd. | 16789 | 299487 |
|  Conagra Brands, Inc. | 5981 | 231465 |
|  ConocoPhillips | 15499 | 1828882 |
|  Consolidated Edison, Inc. | 4444 | 423558 |
|  Constellation Brands, Inc., Class A | 1997 | 462805 |
|  Constellation Energy Corp. | 4097 | 353202 |
|  Cooper Cos., Inc. (The) | 613 | 202701 |
|  Copart, Inc.\* | 5362 | 326492 |
|  Corning, Inc. | 9536 | 304580 |
|  Corteva, Inc. | 8806 | 517617 |
|  CoStar Group, Inc.\* | 4963 | 383541 |
|  Costco Wholesale Corp. | 5505 | 2513032 |
|  Coterra Energy, Inc. | 9972 | 245012 |
|  Crown Castle, Inc. (REIT) | 5340 | 724318 |
|  CSL Ltd. | 14465 | 2834003 |
|  CSX Corp. | 26150 | 810127 |
|  Cummins, Inc. | 1767 | 428126 |
|  CVS Health Corp. | 16331 | 1521886 |
|  CyberArk Software Ltd.\* | 1187 | 153895 |
|  Danaher Corp. | 13190 | 3500890 |
|  Darden Restaurants, Inc. | 1523 | 210677 |
|  Datadog, Inc., Class A\* | 6136 | 450996 |
|  DaVita, Inc.\* | 706 | 52717 |
|  Deere & Co. | 3416 | 1464644 |
|  Delta Air Lines, Inc.\* | 8037 | 264096 |
|  Dentsply Sirona, Inc. | 2814 | 89598 |
|  Devon Energy Corp. | 8208 | 504874 |
|  Dexcom, Inc.\* | 4804 | 544005 |
|  Diamondback Energy, Inc. | 2228 | 304746 |
|  Digital Realty Trust, Inc. (REIT) | 3602 | 361173 |
|  Discover Financial Services | 3424 | 334970 |
|  DISH Network Corp., Class A (x)\* | 2744 | 38526 |
|  Dollar General Corp. | 2793 | 687776 |
|  Dollar Tree, Inc.\* | 2646 | 374250 |
|  Dominion Energy, Inc. | 10435 | 639874 |
|  Domino's Pizza, Inc. | 433 | 149991 |

---

See Notes to Financial Statements.

798

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Dover Corp. | 1710 | $231551 |
|  Dow, Inc. | 8753 | 441064 |
|  DR Horton, Inc. | 3819 | 340426 |
|  DTE Energy Co. | 2428 | 285363 |
|  Duke Energy Corp. | 9529 | 981392 |
|  Dun & Bradstreet Holdings, Inc. | 28630 | 351004 |
|  DuPont de Nemours, Inc. | 6101 | 418712 |
|  DXC Technology Co.\* | 2638 | 69907 |
|  Eastman Chemical Co. | 1449 | 118007 |
|  Eaton Corp. plc | 4915 | 771409 |
|  eBay, Inc. | 6598 | 273619 |
|  Ecolab, Inc. | 7955 | 1157930 |
|  Edison International | 4781 | 304167 |
|  Edwards Lifesciences Corp.\* | 7605 | 567409 |
|  Electronic Arts, Inc. | 3211 | 392320 |
|  Elevance Health, Inc. | 2971 | 1524034 |
|  Eli Lilly and Co. | 9809 | 3588525 |
|  Emerson Electric Co. | 7412 | 711997 |
|  Enphase Energy, Inc.\* | 1698 | 449902 |
|  Entergy Corp. | 2550 | 286875 |
|  EOG Resources, Inc. | 7346 | 951454 |
|  EPAM Systems, Inc.\* | 7551 | 2474765 |
|  EQT Corp. | 4637 | 156870 |
|  Equifax, Inc. | 24392 | 4740829 |
|  Equinix, Inc. (REIT) | 1142 | 748044 |
|  Equity Residential (REIT) | 4243 | 250337 |
|  Essex Property Trust, Inc. (REIT) | 803 | 170172 |
|  Estee Lauder Cos., Inc. (The), Class A | 2855 | 708354 |
|  Etsy, Inc.\* | 1539 | 184341 |
|  Everest Re Group Ltd. | 470 | 155697 |
|  Evergy, Inc. | 2877 | 181050 |
|  Eversource Energy | 4342 | 364033 |
|  Exelon Corp. | 12431 | 537392 |
|  Expedia Group, Inc.\* | 1906 | 166966 |
|  Expeditors International of Washington, Inc. | 1939 | 201501 |
|  Extra Space Storage, Inc. (REIT) | 1679 | 247115 |
|  Exxon Mobil Corp. | 51223 | 5649897 |
|  F5, Inc.\* | 724 | 103901 |
|  FactSet Research Systems, Inc. | 476 | 190976 |
|  Fastenal Co. | 7203 | 340846 |
|  Federal Realty Investment Trust (REIT) | 849 | 85783 |
|  FedEx Corp. | 2996 | 518907 |
|  Fidelity National Information Services, Inc. | 19422 | 1317783 |
|  Fifth Third Bancorp | 8601 | 282199 |
|  First Republic Bank | 2290 | 279128 |
|  First Solar, Inc.\* | 1233 | 184691 |
|  FirstEnergy Corp. | 6804 | 285360 |
|  Fiserv, Inc.\* | 7893 | 797746 |
|  FleetCor Technologies, Inc.\* | 911 | 167332 |
|  FMC Corp. | 1579 | 197059 |
|  Ford Motor Co. | 49503 | 575720 |
|  Fortinet, Inc.\* | 7973 | 389800 |
|  Fortive Corp. | 4458 | 286426 |
|  Fox Corp., Class A | 3842 | 116682 |
|  Fox Corp., Class B | 1580 | 44951 |
|  Franklin Resources, Inc. | 3338 | 88056 |
|  Freeport-McMoRan, Inc. | 17924 | 681112 |
|  Garmin Ltd. | 1934 | 178489 |
|  Gartner, Inc.\* | 991 | 333115 |
|  Gen Digital, Inc. | 7421 | 159032 |
|  Generac Holdings, Inc.\* | 755 | 75998 |
|  General Dynamics Corp. | 2819 | 699422 |
|  General Electric Co. | 13591 | 1138790 |
|  General Mills, Inc. | 7322 | 613950 |
|  General Motors Co. | 17671 | 594452 |
|  Genuine Parts Co. | 1773 | 307633 |
|  Gilead Sciences, Inc. | 15567 | 1336427 |
|  Global Payments, Inc. | 3347 | 332424 |
|  Globe Life, Inc. | 1078 | 129953 |
|  Goldman Sachs Group, Inc. (The) | 4212 | 1446317 |
|  GSK plc | 121231 | 2106978 |
|  Haleon plc\* | 155326 | 614702 |
|  Halliburton Co. | 11368 | 447331 |
|  Hartford Financial Services Group, Inc. (The) | 3884 | 294524 |
|  Hasbro, Inc. | 1670 | 101887 |
|  HCA Healthcare, Inc. | 2637 | 632775 |
|  Healthpeak Properties, Inc. (REIT) | 6629 | 166189 |
|  Henry Schein, Inc.\* | 1670 | 133383 |
|  Hershey Co. (The) | 1841 | 426320 |
|  Hess Corp. | 3401 | 482330 |
|  Hewlett Packard Enterprise Co. | 16286 | 259925 |
|  Hilton Worldwide Holdings, Inc. | 3347 | 422927 |
|  Holcim AG\* | 16480 | 853363 |
|  Hologic, Inc.\* | 3129 | 234080 |
|  Home Depot, Inc. (The) | 12733 | 4021845 |
|  Honeywell International, Inc. | 8362 | 1791977 |
|  Hormel Foods Corp. | 3628 | 165255 |
|  Host Hotels & Resorts, Inc. (REIT) | 8961 | 143824 |
|  Howmet Aerospace, Inc. | 4457 | 175650 |
|  HP, Inc. | 10972 | 294818 |
|  Humana, Inc. | 1586 | 812333 |
|  Huntington Bancshares, Inc. | 18077 | 254886 |
|  Huntington Ingalls Industries, Inc. | 501 | 115571 |
|  IDEX Corp. | 946 | 216000 |
|  IDEXX Laboratories, Inc.\* | 2837 | 1157383 |
|  Illinois Tool Works, Inc. | 3476 | 765763 |
|  Illumina, Inc.\* | 10472 | 2117438 |
|  Incyte Corp.\* | 2314 | 185860 |
|  Ingersoll Rand, Inc. | 5054 | 264071 |
|  Intel Corp. | 51466 | 1360246 |
|  Intercontinental Exchange, Inc. | 6881 | 705922 |
|  International Business Machines Corp. | 11237 | 1583181 |
|  International Flavors & Fragrances, Inc. | 3196 | 335069 |
|  International Paper Co. | 4520 | 156528 |
|  Interpublic Group of Cos., Inc. (The) | 4843 | 161320 |
|  Intuit, Inc. | 31071 | 12093455 |
|  Intuitive Surgical, Inc.\* | 11897 | 3156869 |
|  Invesco Ltd. | 5360 | 96426 |
|  Invitation Homes, Inc. (REIT) | 7268 | 215424 |
|  IQVIA Holdings, Inc.\* | 13824 | 2832399 |
|  Iron Mountain, Inc. (REIT) | 3633 | 181105 |
|  J M Smucker Co. (The) | 1293 | 204889 |
|  Jack Henry & Associates, Inc. | 913 | 160286 |
|  Jacobs Solutions, Inc. | 1568 | 188270 |
|  James Hardie Industries plc (CHDI) | 12906 | 231978 |
|  JB Hunt Transport Services, Inc. | 1041 | 181509 |
|  Johnson & Johnson | 32519 | 5744481 |
|  Johnson Controls International plc | 8634 | 552576 |

---

See Notes to Financial Statements.

799

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  JPMorgan Chase & Co. | 36483 | $4892370 |
|  Juniper Networks, Inc. | 4044 | 129246 |
|  Kellogg Co. | 3197 | 227754 |
|  Keurig Dr Pepper, Inc. | 10650 | 379779 |
|  KeyCorp | 11563 | 201427 |
|  Keysight Technologies, Inc.\* | 2256 | 385934 |
|  Kimberly-Clark Corp. | 4232 | 574494 |
|  Kimco Realty Corp. (REIT) | 7752 | 164187 |
|  Kinder Morgan, Inc. | 24851 | 449306 |
|  KLA Corp. | 1777 | 669982 |
|  Kraft Heinz Co. (The) | 9984 | 406449 |
|  Kroger Co. (The) | 8162 | 363862 |
|  L3Harris Technologies, Inc. | 2339 | 487003 |
|  Laboratory Corp. of America Holdings | 1078 | 253847 |
|  Lam Research Corp. | 2275 | 956182 |
|  Lamb Weston Holdings, Inc. | 1711 | 152895 |
|  Las Vegas Sands Corp.\* | 4093 | 196751 |
|  Leidos Holdings, Inc. | 1692 | 177981 |
|  Lennar Corp., Class A | 3196 | 289238 |
|  Lincoln National Corp. | 2058 | 63222 |
|  Live Nation Entertainment, Inc.\* | 1781 | 124207 |
|  LKQ Corp. | 3029 | 161779 |
|  Lockheed Martin Corp. | 2901 | 1411307 |
|  Loews Corp. | 2507 | 146233 |
|  Lowe's Cos., Inc. | 7720 | 1538133 |
|  Lumen Technologies, Inc. | 12748 | 66545 |
|  LyondellBasell Industries NV, Class A | 3189 | 264783 |
|  M&T Bank Corp. | 2115 | 306802 |
|  Marathon Oil Corp. | 7899 | 213826 |
|  Marathon Petroleum Corp. | 5829 | 678437 |
|  MarketAxess Holdings, Inc. | 468 | 130521 |
|  Marriott International, Inc., Class A | 12293 | 1830305 |
|  Marsh & McLennan Cos., Inc. | 6169 | 1020846 |
|  Martin Marietta Materials, Inc. | 782 | 264293 |
|  Marvell Technology, Inc. | 68985 | 2555204 |
|  Masco Corp. | 2711 | 126522 |
|  Mastercard, Inc., Class A | 10558 | 3671333 |
|  Match Group, Inc.\* | 3520 | 146045 |
|  McCormick & Co., Inc. (Non-Voting) | 3140 | 260275 |
|  McDonald's Corp. | 9110 | 2400758 |
|  McKesson Corp. | 1764 | 661712 |
|  Medtronic plc | 16498 | 1282225 |
|  Merck & Co., Inc. | 31535 | 3498808 |
|  Meta Platforms, Inc., Class A\* | 86488 | 10407966 |
|  MetLife, Inc. | 8198 | 593289 |
|  Mettler-Toledo International, Inc.\* | 273 | 394608 |
|  MGM Resorts International | 4090 | 137138 |
|  Microchip Technology, Inc. | 6762 | 475030 |
|  Micron Technology, Inc. | 13522 | 675830 |
|  Microsoft Corp. | 106681 | 25584237 |
|  Mid-America Apartment Communities, Inc. (REIT) | 1447 | 227165 |
|  Moderna, Inc.\* | 4109 | 738059 |
|  Mohawk Industries, Inc.\* | 645 | 65932 |
|  Molina Healthcare, Inc.\* | 728 | 240400 |
|  Molson Coors Beverage Co., Class B | 2314 | 119217 |
|  Mondelez International, Inc., Class A | 16986 | 1132117 |
|  Monolithic Power Systems, Inc. | 557 | 196961 |
|  Monster Beverage Corp.\* | 4696 | 476785 |
|  Moody's Corp. | 1978 | 551110 |
|  Morgan Stanley | 16397 | 1394073 |
|  Mosaic Co. (The) | 4328 | 189869 |
|  Motorola Solutions, Inc. | 2092 | 539129 |
|  MSCI, Inc. | 984 | 457727 |
|  Nasdaq, Inc. | 4248 | 260615 |
|  Nestle SA (Registered) | 82488 | 9557956 |
|  NetApp, Inc. | 2754 | 165405 |
|  Netflix, Inc.\* | 5534 | 1631866 |
|  Newell Brands, Inc. | 4451 | 58219 |
|  Newmont Corp. | 9948 | 469546 |
|  News Corp., Class A | 4701 | 85558 |
|  News Corp., Class B | 1487 | 27420 |
|  NextEra Energy, Inc. | 24627 | 2058817 |
|  NIKE, Inc., Class B | 15668 | 1833313 |
|  NiSource, Inc. | 5034 | 138032 |
|  Nordson Corp. | 649 | 154280 |
|  Norfolk Southern Corp. | 2880 | 709690 |
|  Northern Trust Corp. | 2612 | 231136 |
|  Northrop Grumman Corp. | 1799 | 981552 |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 5467 | 66916 |
|  NRG Energy, Inc. | 2839 | 90337 |
|  Nucor Corp. | 3191 | 420606 |
|  NVIDIA Corp. | 38252 | 5590147 |
|  NVR, Inc.\* | 36 | 166053 |
|  Occidental Petroleum Corp. | 9044 | 569682 |
|  Old Dominion Freight Line, Inc. | 1107 | 314144 |
|  Omnicom Group, Inc. | 2565 | 209227 |
|  ON Semiconductor Corp.\* | 5430 | 338669 |
|  ONEOK, Inc. | 5601 | 367986 |
|  Oracle Corp. (Moscow Stock Exchange) | 19040 | 1556330 |
|  O'Reilly Automotive, Inc.\* | 778 | 656655 |
|  Organon & Co. | 3181 | 88845 |
|  Otis Worldwide Corp. | 5111 | 400242 |
|  PACCAR, Inc. | 4358 | 431311 |
|  Packaging Corp. of America | 1175 | 150294 |
|  Paramount Global, Class B (x) | 6185 | 104403 |
|  Parker-Hannifin Corp. | 1609 | 468219 |
|  Paychex, Inc. | 4015 | 463973 |
|  Paycom Software, Inc.\* | 609 | 188979 |
|  PayPal Holdings, Inc.\* | 14180 | 1009900 |
|  Pentair plc | 2039 | 91714 |
|  PepsiCo, Inc. | 17136 | 3095790 |
|  PerkinElmer, Inc. | 1556 | 218182 |
|  Pfizer, Inc. | 69819 | 3577526 |
|  PG&E Corp.\* | 20181 | 328143 |
|  Phathom Pharmaceuticals, Inc.\* | 32064 | 359758 |
|  Philip Morris International, Inc. | 19281 | 1951430 |
|  Phillips 66 | 5879 | 611886 |
|  Pinnacle West Capital Corp. | 1380 | 104935 |
|  Pioneer Natural Resources Co. | 2936 | 670553 |
|  PNC Financial Services Group, Inc. (The)‡ | 5016 | 792227 |
|  Pool Corp. | 492 | 148746 |
|  PPG Industries, Inc. | 2946 | 370430 |
|  PPL Corp. | 9228 | 269642 |
|  Principal Financial Group, Inc. | 2765 | 232039 |
|  Procter & Gamble Co. (The) | 29474 | 4467079 |
|  Progressive Corp. (The) | 7234 | 938322 |
|  Prologis, Inc. (REIT) | 11468 | 1292788 |
|  Prudential Financial, Inc. | 4541 | 451648 |
|  PTC, Inc.\* | 1281 | 153771 |

---

See Notes to Financial Statements.

800

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Public Service Enterprise Group, Inc. | 6253 | $383121 |
|  Public Storage (REIT) | 1980 | 554776 |
|  PulteGroup, Inc. | 2872 | 130762 |
|  QIAGEN NV\* | 6701 | 337207 |
|  Qorvo, Inc.\* | 1304 | 118195 |
|  QUALCOMM, Inc. | 13943 | 1532893 |
|  Qualtrics International, Inc., Class A\* | 55633 | 577471 |
|  Quanta Services, Inc. | 1793 | 255502 |
|  Quest Diagnostics, Inc. | 1378 | 215574 |
|  Ralph Lauren Corp. | 486 | 51356 |
|  Raymond James Financial, Inc. | 2435 | 260180 |
|  Raytheon Technologies Corp. | 18285 | 1845322 |
|  Realty Income Corp. (REIT) | 7741 | 491012 |
|  Regency Centers Corp. (REIT) | 1837 | 114812 |
|  Regeneron Pharmaceuticals, Inc.\* | 1327 | 957417 |
|  Regions Financial Corp. | 11712 | 252511 |
|  Republic Services, Inc. | 2574 | 332020 |
|  ResMed, Inc. | 1835 | 381919 |
|  Robert Half International, Inc. | 1321 | 97529 |
|  Roche Holding AG | 21074 | 6620880 |
|  Roche Holding AG CHF 1 | 815 | 315899 |
|  Rockwell Automation, Inc. | 1447 | 372704 |
|  Rollins, Inc. | 2901 | 106003 |
|  Roper Technologies, Inc. | 1329 | 574248 |
|  Ross Stores, Inc. | 4279 | 496664 |
|  Royal Caribbean Cruises Ltd.\* | 2749 | 135883 |
|  S&P Global, Inc. | 38180 | 12788009 |
|  Salesforce, Inc.\* | 12472 | 1653662 |
|  SBA Communications Corp. (REIT) | 1352 | 378979 |
|  Schlumberger Ltd. | 17729 | 947792 |
|  Schneider Electric SE | 16171 | 2262795 |
|  Seagate Technology Holdings plc | 2448 | 128789 |
|  Sealed Air Corp. | 1901 | 94822 |
|  Sempra Energy | 3940 | 608888 |
|  ServiceNow, Inc.\* | 2501 | 971063 |
|  Sherwin-Williams Co. (The) | 2956 | 701547 |
|  Signature Bank | 764 | 88028 |
|  Simon Property Group, Inc. (REIT) | 4103 | 482020 |
|  Skyworks Solutions, Inc. | 2005 | 182716 |
|  Snap-on, Inc. | 655 | 149661 |
|  SolarEdge Technologies, Inc.\* | 689 | 195173 |
|  Southern Co. (The) | 13541 | 966963 |
|  Southwest Airlines Co.\* | 7437 | 250404 |
|  Splunk, Inc.\* | 10742 | 924779 |
|  Stanley Black & Decker, Inc. | 1853 | 139197 |
|  Starbucks Corp. | 14259 | 1414493 |
|  State Street Corp. | 4608 | 357443 |
|  Steel Dynamics, Inc. | 2075 | 202727 |
|  Stellantis NV (Euronext Paris) | 39968 | 567740 |
|  Stellantis NV (Italian Stock Exchange) | 25552 | 362799 |
|  STERIS plc | 1249 | 230678 |
|  Stryker Corp. | 4170 | 1019523 |
|  SVB Financial Group\* | 720 | 165701 |
|  Swiss Re AG | 9104 | 851472 |
|  Synchrony Financial | 5604 | 184147 |
|  Synopsys, Inc.\* | 1917 | 612079 |
|  Sysco Corp. | 6233 | 476513 |
| T. Rowe Price Group, Inc. | 2727 | 297407 |
|  Take-Two Interactive Software, Inc.\* | 1964 | 204511 |
|  Tapestry, Inc. | 3144 | 119724 |
|  Targa Resources Corp. | 2840 | 208740 |
|  Target Corp. | 5725 | 853254 |
|  Teledyne Technologies, Inc.\* | 587 | 234747 |
|  Teleflex, Inc. | 588 | 146782 |
|  Tenaris SA | 14242 | 248271 |
|  Teradyne, Inc. | 1965 | 171643 |
|  Tesla, Inc.\* | 33385 | 4112364 |
|  Texas Instruments, Inc. | 11288 | 1865003 |
|  Textron, Inc. | 2651 | 187691 |
|  Thermo Fisher Scientific, Inc. | 4878 | 2686266 |
|  TJX Cos., Inc. (The) | 14441 | 1149504 |
|  T-Mobile US, Inc.\* | 7428 | 1039920 |
|  Tractor Supply Co. | 1391 | 312933 |
|  Trane Technologies plc | 2832 | 476031 |
|  TransDigm Group, Inc. | 646 | 406754 |
|  Travelers Cos., Inc. (The) | 2907 | 545033 |
|  Trimble, Inc.\* | 3104 | 156938 |
|  Truist Financial Corp. | 16626 | 715417 |
|  Tyler Technologies, Inc.\* | 503 | 162172 |
|  Tyson Foods, Inc., Class A | 3630 | 225967 |
|  UDR, Inc. (REIT) | 3828 | 148258 |
|  Ulta Beauty, Inc.\* | 622 | 291762 |
|  Union Pacific Corp. | 7647 | 1583464 |
|  United Airlines Holdings, Inc.\* | 4202 | 158415 |
|  United Parcel Service, Inc., Class B | 39690 | 6899710 |
|  United Rentals, Inc.\* | 842 | 299264 |
|  UnitedHealth Group, Inc. | 11621 | 6161222 |
|  Universal Health Services, Inc., Class B | 785 | 110599 |
|  US Bancorp | 16947 | 739059 |
|  Valero Energy Corp. | 4795 | 608294 |
|  Ventas, Inc. (REIT) | 5011 | 225746 |
|  VeriSign, Inc.\* | 1159 | 238105 |
|  Verisk Analytics, Inc. | 1967 | 347018 |
|  Verizon Communications, Inc. | 52237 | 2058138 |
|  Vertex Pharmaceuticals, Inc.\* | 3215 | 928428 |
|  VF Corp. | 4059 | 112069 |
|  Viatris, Inc. | 15121 | 168297 |
|  VICI Properties, Inc. (REIT) | 12072 | 391133 |
|  Visa, Inc., Class A | 42997 | 8933057 |
|  Vornado Realty Trust (REIT) | 2138 | 44492 |
|  Vulcan Materials Co. | 1666 | 291733 |
|  W R Berkley Corp. | 2560 | 185779 |
|  Walgreens Boots Alliance, Inc. | 8991 | 335904 |
|  Walmart, Inc. | 17555 | 2489123 |
|  Walt Disney Co. (The)\* | 26365 | 2290591 |
|  Warner Bros Discovery, Inc.\* | 27690 | 262501 |
|  Waste Management, Inc. | 4639 | 727766 |
|  Waters Corp.\* | 751 | 257278 |
|  WEC Energy Group, Inc. | 3954 | 370727 |
|  Wells Fargo & Co. | 47544 | 1963092 |
|  Welltower, Inc. (REIT) | 5808 | 380714 |
|  West Pharmaceutical Services, Inc. | 919 | 216287 |
|  Western Digital Corp.\* | 3850 | 121467 |
|  Westinghouse Air Brake Technologies Corp. | 2280 | 227567 |
|  Westrock Co. | 3115 | 109523 |
|  Weyerhaeuser Co. (REIT) | 9279 | 287649 |
|  Whirlpool Corp. | 663 | 93788 |
|  Williams Cos., Inc. (The) | 15274 | 502515 |
|  Willis Towers Watson plc | 1328 | 324802 |
|  WW Grainger, Inc. | 567 | 315394 |
|  Wynn Resorts Ltd.\* | 1297 | 106964 |
|  Xcel Energy, Inc. | 6856 | 480674 |

---

See Notes to Financial Statements.

801

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Xylem, Inc. | 2258 | $249667 |
|  Yum! Brands, Inc. | 3470 | 444438 |
|  Zebra Technologies Corp., Class A\* | 625 | 160256 |
|  Zimmer Biomet Holdings, Inc. | 2630 | 335325 |
|  Zions Bancorp NA | 1840 | 90454 |
|  Zoetis, Inc. | 5787 | 848085 |
|  |  | 543681443 |
|  **Total Common Stocks (79.5%)** <br> *(Cost $731,015,898)* |  | 1272639103 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.7%)** | **Investment Companies (3.7%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 600000 | 600000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 59523457 | 59553218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 60153218 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (0.3%)** | **Repurchase Agreements (0.3%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,687,504, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,759,500. (xx) | $3685784 | 3685784 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,000,865, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,088,829. (xx) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 4685784 |
|  **Total Short-Term Investments (4.0%)**<br> *(Cost $64,824,330)* | **Total Short-Term Investments (4.0%)**<br> *(Cost $64,824,330)* | 64839002 |
|  **Total Investments in Securities (83.5%)**<br> *(Cost $795,840,228)* | **Total Investments in Securities (83.5%)**<br> *(Cost $795,840,228)* | 1337478105 |
|  **Other Assets Less Liabilities (16.5%)** | **Other Assets Less Liabilities (16.5%)** | 263641617 |
|  **Net Assets (100%)** |  | $1601119722 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $17,703,179 or 1.1% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $13,011,559. This was collateralized by $8,621,112 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $5,285,784 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS) Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*INR* *— India Rupee* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*MXN* *— Mexican Peso* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*PLN* *— Polish Zloty* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*TRY* *— Turkish Lira* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

802

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 5016 | 1205526 |  | (167594) | 128759 | (374464) | 792227 | 32901 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 1869 | 1857671 | 76464 | (190936) | 82083 | (500852) | 1324430 | 37805 |  |
|  **Total** |  | **3063197** | **76464** | **(358530)** | **210842** | **(875316)** | **2116657** | **70706** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | | | | | |
|  EURO STOXX 50 Index | 1618 | 3/2023 | EUR | 65555750 | (2495421) |
|  FTSE 100 Index | 457 | 3/2023 | GBP | 41248915 | (14916) |
|  S&P 500 E-Mini Index | 814 | 3/2023 | USD | 157142700 | (4889376) |
|  SPI 200 Index | 138 | 3/2023 | AUD | 16423736 | (355413) |
|  TOPIX Index | 287 | 3/2023 | JPY | 41363951 | (1041532) |
|  |  |  |  |  | (8796658) |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 2160 | NZD | 3401 | Barclays Bank plc | 1/5/2023 | 1 |
|  USD | 4429 | SGD | 5932 | HSBC Bank plc | 1/5/2023 |  |
|  AUD | 24624626 | USD | 16695743 | HSBC Securities, Inc. | 3/17/2023 | 119134 |
|  JPY | 2826246705 | USD | 21020879 | Citibank NA | 3/17/2023 | 725381 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 844516 |
|  ZAR | 213590 | USD | 12598 | Goldman Sachs International | 1/5/2023 | (28) |
|  GBP | 22554006 | USD | 27636844 | Citibank NA | 3/17/2023 | (321011) |
|  USD | 592609 | AUD | 884447 | HSBC Bank plc | 3/17/2023 | (11334) |
|  USD | 49125729 | EUR | 46309203 | Citibank NA | 3/17/2023 | (693175) |
|  USD | 608401 | JPY | 81997869 | HSBC Bank plc | 3/17/2023 | (22523) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1048071) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (203555) |

---

# Value is less than zero.

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) : AUD 331,628, BRL 87, CHF 2,032, DKK 2,025, EUR 115,460,045, GBP 13,817,680, HKD 14,350, ILS 1,967, INR 120,908, JPY 20,344,177, KRW 2, MXN 21,400, NOK 2,030, NZD 4,162, PLN 61, SEK 2,714, SGD 6,439, TRY 5 and ZAR (164,983).

See Notes to Financial Statements.

803

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)(a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $35452309 | $— | $35452309 |
|  Austria |  | 5048446 |  | 5048446 |
|  Belgium |  | 3792388 |  | 3792388 |
|  Brazil | 1453065 | 14687534 |  | 16140599 |
|  Canada | 332000 |  |  | 332000 |
|  Chile |  | 3758183 |  | 3758183 |
|  China | 11181538 | 57846972 |  | 69028510 |
|  Czech Republic |  | 1011532 |  | 1011532 |
|  Denmark |  | 21536028 |  | 21536028 |
|  Finland |  | 5461143 |  | 5461143 |
|  France |  | 78681806 |  | 78681806 |
|  Germany |  | 40366034 |  | 40366034 |
|  Hong Kong | 437429 | 11577364 |  | 12014793 |
|  India | 11894956 | 51093166 |  | 62988122 |
|  Indonesia |  | 7342733 |  | 7342733 |
|  Ireland | 239462 | 2273512 |  | 2512974 |
|  Israel | 1331484 | 2046281 |  | 3377765 |
|  Italy |  | 10159520 |  | 10159520 |
|  Japan |  | 108601875 |  | 108601875 |
|  Jordan |  | 100213 |  | 100213 |
|  Luxembourg |  | 708950 |  | 708950 |
|  Macau |  | 667291 |  | 667291 |
|  Mexico | 9168805 |  |  | 9168805 |
|  Netherlands |  | 25291882 |  | 25291882 |
|  New Zealand |  | 1041881 |  | 1041881 |
|  Norway |  | 3083428 |  | 3083428 |
|  Panama | 4679893 |  |  | 4679893 |
|  Poland |  | 3366599 |  | 3366599 |
|  Portugal |  | 4925627 |  | 4925627 |
|  Singapore | 680977 | 6286848 |  | 6967825 |
|  South Africa |  | 16505230 |  | 16505230 |
|  South Korea |  | 22186529 |  | 22186529 |
|  Spain |  | 12257827 |  | 12257827 |
|  Sweden |  | 22415413 |  | 22415413 |
|  Switzerland | 448753 | 26872899 |  | 27321652 |
|  Taiwan | 7006678 | 19898123 |  | 26904801 |
|  Thailand |  | 1281141 |  | 1281141 |
|  United Kingdom | 2334503 | 50141410 |  | 52475913 |
|  United States | 515615913 | 28065530 |  | 543681443 |
|  **Forward Currency Contracts** |  | 844516 |  | 844516 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 60153218 |  |  | 60153218 |
|  Repurchase Agreements |  | 4685784 |  | 4685784 |
|  **Total Assets** | $**626958674** | $**711363947** | $**—** | $**1338322621** |

---

See Notes to Financial Statements.

804

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**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)(a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1048071**)** | $— | $(1048071**)** |
|  **Futures** | (8796658) |  |  | (8796658) |
|  **Total Liabilities** | $**(8796658)** | $**(1048071)** | $**—** | $**(9844729)** |
|  **Total** | $**618162016** | $**710315876** | $**—** | $**1328477892** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $83,662 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $844516 |
|  **Total** |  | $844516 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | (1048071) |
|  Equity contracts | Payables, Net assets –<br>Unrealized depreciation | (8796658) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9844729 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(791372) | $(791372) |
|  Equity contracts | (54279449) |  | (54279449) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54279449) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791372) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55070821) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(220588) | $(220588) |
|  Equity contracts | (17086624) |  | (17086624) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17086624) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220588) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17307212) |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

805

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**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $176,613,000 and futures contracts with an average notional balance of approximately $325,868,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Barclays Bank plc | $1 | $— | $— | $1 |
|  Citibank NA | 725381 | (725381) |  |  |
|  HSBC Securities, Inc. | 119134 |  |  | 119134 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(725381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119135 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Citibank NA | $1014186 | $(725381) | $— | $288805 |
|  Goldman Sachs International | 28 |  |  | 28 |
|  HSBC Bank plc | 33857 |  |  | 33857 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(725381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322690 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 5%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178526280 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 5%)\* | $256864472 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $630674847 |
|  Aggregate gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101554403) |
|  Net unrealized appreciation | $529120444 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $799357448 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $808 as brokerage commissions with Invesco Capital Markets, Inc. and $15 as brokerage commissions with Sanford C. Bernstein & Co., affiliated broker/dealers.

See Notes to Financial Statements.

806

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**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $563,407) | $2116657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $790,591,037) | 1330675664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $4,685,784) | 4685784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 96130653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $164,257,487) | 149966729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 21294668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4401878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4095573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 844516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 43439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 91019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1614350087 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5285784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2457281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1447119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 1282637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1048071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 904943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 246474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 235060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 180018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 133219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13230365 |
|  **NET ASSETS** | $1601119722 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1208108363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 393011359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1601119722 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $34,466,226 / 2,468,412 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.96 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,086,961,396 / 78,124,832 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.91 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $479,692,100 / 34,325,327 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.97 |

---

*(x)* *Includes value of securities on loan of $13,011,559.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($70,706 of dividend income received from affiliates) (net of $654,304 foreign withholding tax) | $33464352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 518032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 100689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 34083073 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12680337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2977840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2156670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 164615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 93467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 72188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 58090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 215887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 18969094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1029854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17939240 |
|  **NET INVESTMENT INCOME (LOSS)** | 16143833 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($210,842 realized gain (loss) from affiliates) (net of India tax of $2,245 on realized gain on investments) | 65913844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (54279449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (791372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4127450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6715573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $223,365 on unrealized appreciation on investments) ($(875316) of change in unrealized appreciation (depreciation) from affiliates) | (445069298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (17086624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (220588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (9498616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (471875126) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (465159553) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(449015720) |

---

See Notes to Financial Statements.

807

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16143833 | $9902255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6715573 | 377211817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (471875126) | (67456441) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (449015720) | 319657631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (1095947) | (8519659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (34933103) | (275205126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (16607212) | (120195732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (52636262) | (403920517) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 69,890 and 56,411 shares, respectively ] | 1045024 | 1176100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 82,348 and 465,397 shares, respectively ] | 1095947 | 8519659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (223307) and (196206) shares, respectively ] | (3372937) | (4070842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (1231966) | 5624917 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,370,064 and 838,949 shares, respectively ] | 20473904 | 17328769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,634,357 and 15,080,759 shares, respectively ] | 34933103 | 275205126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7673662) and (7903369) shares, respectively ] | (114849685) | (163822358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (59442678) | 128711537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,071,084 and 102,846 shares, respectively ] | 15302820 | 2100098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,236,973 and 6,559,611 shares, respectively ] | 16607212 | 120195732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3404025) and (3963451) shares, respectively ] | (51070281) | (81878382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (19160249) | 40417448 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (79834893) | 174753902 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (581486875) | 90491016 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2182606597 | 2092115581 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1601119722 | $2182606597 |

---

See Notes to Financial Statements.

808

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.26 | $19.28 | $17.94 | $14.92 | $18.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.08 (aa) | 0.10 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.98) | 2.90 | 2.40 | 3.53 | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.85) | 2.98 | 2.50 | 3.75 | (2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.19) | (0.11) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (3.81) | (1.05) | (0.50) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (4.00) | (1.16) | (0.73) | (1.59) |
|  Net asset value, end of year | $13.96 | $18.26 | $19.28 | $17.94 | $14.92 |
|  Total return | (20.95)% | 15.86% | 14.31% | 25.24% | (12.14)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $34466 | $46381 | $42681 | $39856 | $34859 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.14 %(g) | 1.10% | 1.10% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.18 %(g) | 1.16% | 1.16% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.38 %(bb) | 0.56% | 1.31% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.35 %(bb) | 0.51% | 1.25% | 1.03% |
|  Portfolio turnover rate^ | 13% | 11% | 15% | 10% | 13% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.20 | $19.22 | $17.90 | $14.88 | $18.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.08 (aa) | 0.10 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.97) | 2.90 | 2.38 | 3.53 | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.84) | 2.98 | 2.48 | 3.75 | (2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.19) | (0.11) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (3.81) | (1.05) | (0.50) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (4.00) | (1.16) | (0.73) | (1.59) |
|  Net asset value, end of year | $13.91 | $18.20 | $19.22 | $17.90 | $14.88 |
|  Total return | (20.96)% | 15.91% | 14.22% | 25.31% | (12.17)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227363 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.14 %(g) | 1.10% | 1.10% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.16% | 1.18 %(g) | 1.16% | 1.16% | 1.15% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.38 %(bb) | 0.57% | 1.31% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.35 %(bb) | 0.51% | 1.25% | 1.04% |
|  Portfolio turnover rate^ | 13% | 11% | 15% | 10% | 13% |

---

See Notes to Financial Statements.

809

------

**EQ ADVISORS TRUST** 

EQ/GLOBAL EQUITY MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.28 | $19.29 | $17.94 | $14.92 | $18.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.17 | 0.13 (aa) | 0.14 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.99) | 2.91 | 2.42 | 3.54 | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.82) | 3.04 | 2.56 | 3.80 | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.24) | (0.16) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.40) | (3.81) | (1.05) | (0.50) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.49) | (4.05) | (1.21) | (0.78) | (1.63) |
|  Net asset value, end of year | $13.97 | $18.28 | $19.29 | $17.94 | $14.92 |
|  Total return | (20.78)% | 16.17% | 14.61% | 25.53% | (11.90)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594488 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.89 %(g) | 0.85% | 0.85% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.91% | 0.93 %(g) | 0.91% | 0.91% | 0.90% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 0.63 %(bb) | 0.83% | 1.56% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 0.60 %(bb) | 0.78% | 1.50% | 1.27% |
|  Portfolio turnover rate^ | 13% | 11% | 15% | 10% | 13% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06, $0.06 and $0.11 for Class IA, Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.10% lower.* 

See Notes to Financial Statements.

810

------

**EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Goldman Sachs Asset Management, L.P.

PERFORMANCE RESULTS

![LOGO](g401674g96v88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (15.46)% | 3.43 | % |
| &nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Growth Allocation Index | (14.77) | 7.23 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 11.27 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. 5-10 Year Corporate Bond Index | (13.89) | 0.92 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.46)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Goldman Sachs Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. 5-10 Year Corporate Bond Index, which returned (14.77)%, (18.11)% and (13.89)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Allocations to UK equities benefitted the Portfolio on a relative basis versus the benchmark, as the higher concentration
of Energy sector names in the UK proved more resilient than other equity markets during a very challenging period.

***What hurt performance during the year:***

• The Portfolio implements a strategic, long term asset allocation that resets on a monthly basis. Additionally, the strategy
employs a methodology that attempts to manage Portfolio risk during periods of heightened volatility by moving certain equity exposures to cash. As a result of elevated volatility levels witnessed at times in 2022, the Portfolio progressively moved
a portion of its equity allocation to cash. This detracted from performance over the period.

• Over the one-year period ended December 31, 2022, U.S. interest rates saw a sharp increase, which led to a strong decline
in U.S. corporate bonds. Consequently, the Portfolio's strategic allocation to fixed income was a significant detractor from performance over the last year.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.50 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 6.20 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | BBB | + |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 62.0% |
| &nbsp;&nbsp;&nbsp; Investment Companies | 34.2 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 6.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (2.6) |
|  | 100.0% |

---

811

------

**EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1020.70 | $5.56 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.71 | 5.55 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

812

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (32.0%)** | **Equity (32.0%)** | **Equity (32.0%)** |
|  iShares Core S&P 500 ETF | 25800 | $9912618 |
|  SPDR S&P 500 ETF Trust(x) | 156052 | 59678966 |
|  Vanguard S&P 500 ETF | 28300 | 9942922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 79534506 |
|  **Fixed Income (30.0%)** | **Fixed Income (30.0%)** | **Fixed Income (30.0%)** |
|  Vanguard Intermediate-Term Corporate Bond ETF (x) | 961600 | 74533616 |
|  **Total Exchange Traded Funds (62.0%)<br>(***Cost $157,313,478***)** | **Total Exchange Traded Funds (62.0%)<br>(***Cost $157,313,478***)** | 154068122 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (34.2%)** | **Investment Companies (34.2%)** |  |
|  Goldman Sachs Financial Square Funds - Government Fund‡ | 17663755 | 17663755 |
|  Goldman Sachs Financial Square Funds - Treasury Obligations Fund‡ | 17658173 | 17658173 |
|  Goldman Sachs Financial Square Funds - Treasury Solutions Fund‡ | 17656899 | 17656899 |
|  JPMorgan Prime Money Market Fund, IM Shares | 32240386 | 32256507 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 85235334 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (6.4%)** | **Repurchase Agreements (6.4%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | 2000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $816,903, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $832,853. (xx) | 816522 | 816522 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $5,002,389, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $5,102,650. (xx) | 5000000 | 5000000 |
|  TD Prime Services LLC, 4.40%, dated 12/30/22, due 1/3/23, repurchase price $8,003,911, collateralized by various Common Stocks; total market value $8,885,174. (xx) | 8000000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 15816522 |
|  **Total Short-Term Investments (40.6%)**<br> *(Cost $101,045,619)* | **Total Short-Term Investments (40.6%)**<br> *(Cost $101,045,619)* | 101051856 |
|  **Total Investments in Securities (102.6%)**<br> *(Cost $258,359,097)* | **Total Investments in Securities (102.6%)**<br> *(Cost $258,359,097)* | 255119978 |
|  **Other Assets Less Liabilities (-2.6%)** | **Other Assets Less Liabilities (-2.6%)** | (6501478) |
|  **Net Assets (100%)** |  | $248618500 |

---

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $69,167,009. This was collateralized by $55,130,775 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 2/28/23 – 11/15/51 and by cash of $15,816,522 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

813

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |  |
|  **Investment Companies** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds - Government Fund | 17663755 | 14369148 | 4437176 | (1142569) |  |  | 17663755 | 249757 |  |
|  Goldman Sachs Financial Square Funds - Treasury Obligations Fund | 17658173 | 14365390 | 4435352 | (1142569) |  |  | 17658173 | 247712 |  |
|  Goldman Sachs Financial Square Funds - Treasury Solutions Fund | 17656899 | 14364244 | 4435224 | (1142569) |  |  | 17656899 | 247604 |  |
|  **Total** |  | **43098782** | **13307752** | **(3427707)** |  |  | **52978827** | **745073** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 531 | 3/2023 | EUR | 21514279 | (1115916) |
|  FTSE 100 Index | 170 | 3/2023 | GBP | 15344235 | (66904) |
|  Russell 2000 E-Mini Index | 168 | 3/2023 | USD | 14875560 | (328003) |
|  S&P 500 E-Mini Index | 32 | 3/2023 | USD | 6177600 | (168854) |
|  S&P Midcap 400 E-Mini Index | 89 | 3/2023 | USD | 21739140 | (399357) |
|  TOPIX Index | 103 | 3/2023 | JPY | 14844903 | (398721) |
|  |  |  |  |  | (2477755) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $154068122 | $— | $— | $154068122 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 85235334 |  |  | 85235334 |
|  Repurchase Agreements |  | 15816522 |  | 15816522 |
|  **Total Assets** | $**239303456** | $**15816522** | $**—** | $**255119978** |

---

See Notes to Financial Statements.

814

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(2477755) | $— | $— | $(2477755) |
|  **Total Liabilities** | $**(2477755)** | $**—** | $**—** | $**(2477755)** |
|  **Total** | $**236825701** | $**15816522** | $**—** | $**252642223** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2477755 |
|  **Total** |  | $(2477755) |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8162033) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8162033) |
|  **Total** | $(8162033) | $(8162033) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(4254036) | $(4254036) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4254036) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4254036) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $88,093,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76014611 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $33038766 |

---

See Notes to Financial Statements.

815

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $8668446 |
|  Aggregate gross unrealized depreciation | (12650339) |
|  Net unrealized depreciation | $(3981893) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256624116 |

---

See Notes to Financial Statements.

816

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $52,978,827) | $52978827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $189,563,748) | 186324629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $15,816,522) | 15816522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $487,793) | 427369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 5846307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2662030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 388861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 25940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 6726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 264984441 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 15816522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 268410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 132815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 53209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 15661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser | 2890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 48694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16365941 |
|  **NET ASSETS** | $248618500 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $275183411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (26564911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $248618500 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $248,618,500 / 25,159,960 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.88 |

---

*(x)* *Includes value of securities on loan of $69,167,009.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($745,073 of dividend income received from affiliates) | $4535059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest ($754 interest income received from affiliates) | 53449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 115523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4704031 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1826760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 570861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 282434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2798521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (255689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2542832 |
|  **NET INVESTMENT INCOME (LOSS)** | 2161199 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (91233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8162033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 57509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8195757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (26757232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4254036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (49802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31061070) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (39256827) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(37095628) |

---

See Notes to Financial Statements.

817

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2161199 | $32368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8195757) | 10175215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31061070) | 11638037 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (37095628) | 21845620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2788360) | (18574485) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,296,029 and 5,335,703 shares, respectively ] | 65443222 | 65141017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 278,119 and 1,579,218 shares, respectively ] | 2788360 | 18574485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (394327) and (193135) shares, respectively ] | (4004194) | (2341912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 64227388 | 81373590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (443757) shares, respectively ] |  | (5247450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | (5247450) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 64227388 | 76126140 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 24343400 | 79397275 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 224275100 | 144877825 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $248618500 | $224275100 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 1, 2019\*<br>to December 31,<br>2019** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **February 1, 2019\*<br>to December 31,<br>2019** |
|  Net asset value, beginning of period | $11.82 | $11.41 | $11.30 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.10 |  | 0.05 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.92) | 1.52 | 0.25 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.82) | 1.52 | 0.30 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.02) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.04) | (1.09) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (1.11) | (0.19) | (0.26) |
|  Net asset value, end of period | $9.88 | $11.82 | $11.41 | $11.30 |
|  Total return (b) | (15.46)% | 13.58 | 2.79% | 15.62% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67229 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.11 %(j) | 1.13 | 1.10 %(k) | 1.09 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.23% | 1.23 | 1.26% | 1.44% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.95% | 0.02 | 0.45% | 1.55 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 0.83% | (0.08) | 0.29% | 1.21 %(l) |
|  Portfolio turnover rate^ | 23% | 13 | 41% | 45 %(z) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **January 1, 2021 to<br>March 22, 2021‡** | **Year Ended<br>December 31, 2020** | **February 1, 2019\* to<br>December 31,<br>2019** |
|  Net asset value, beginning of period | $11.41 | $11.30 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) |  | 0.07 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.42 | 0.26 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.42 | 0.33 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.22) | (0.29) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | $11.30 |
|  Total return (b) | 3.68 | 3.02% | 15.87% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $— | $5063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.87 | 0.85 %(k) | 0.84 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.00 | 1.01% | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 0.02 | 0.67% | 1.80 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | (0.10) | 0.50% | 1.30 %(l) |
|  Portfolio turnover rate^ | 13 | 41% | 45 %(z) |

---

819

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*‡* *After the close of business on March 22, 2021 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

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

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

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**EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Goldman Sachs Asset Management, L.P.

PERFORMANCE RESULTS

![LOGO](g401674g16u82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (10.60)% | 10.16 | % |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | (12.03) | 7.36 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (10.60)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Midcap<sup>®</sup> Value Index, which returned (12.03)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Exploration and production (E&P) company Hess Corp. was a top contributor to returns over the period. The company
provided a strong fourth quarter earnings release, with earnings surpassing consensus expectations and capital expenditures well below previous guidance. The company also announced a number of new discoveries in Guyana throughout the quarter and has
benefitted from the current operating environment. Production was further expanded later in 2022 in an efficient manner, though the North Dakota operations offset some of that.

• E&P company Devon Energy Corp. was a top contributor to returns. Its fourth quarter earnings featured strong results
with earnings and dividend amounts higher than expectations. The focus has remained on 2022 production and the variable dividend where Devon Energy continues to lead the industry. Each earnings report over the past year has featured results above
expectations, largely due to strong production and execution metrics, as well as rising energy price dynamics. Our thesis will continue to revolve around a better-than-expected variable dividend, increased buybacks, and a continued line of sight to
significant capital returns.

• From a sector standpoint, stock selection in the Financials and Consumer Discretionary sectors contributed the most to
relative returns. The top performing absolute sectors were Energy and Financials.

***What hurt performance during the year:***

• Metal packaging provider Ball Corp. was a top detractor from returns during the period. The stock performed well in the
late part of 2021 after reporting strong earnings, although its first quarter 2022 earnings report missed expectations. The miss was mostly driven by a 21% volume decline in the Latin American business due to flooding in the area. In early August,
the company reported surprisingly weak results, driven by a sizeable slowdown in its Americas business as consumers came under further cost pressures. Furthermore, Ball Corp. announced the sale of its Russian beverage packaging business following
the geopolitical tensions, which caused the company to lower its shareholder capital return target. Longer term, our thesis remains intact, as we believe we'll see a multi-year growth story for aluminum products, which Ball Corp. could be a
primary beneficiary of.

• MKS Instruments, Inc., a provider of instruments and subsystems for manufacturing processes, was also a top detractor from
returns. The stock has traded lower as the semiconductor industry as a whole showed weakness over the past year. We continue to view MKS Instruments as a leader in the semiconductor manufacturing process instruments industry. We also believe the
depreciation was largely due to multiple compression rather than a breakdown of fundamentals, so we have added to the position. The company has continued to beat earnings estimates over the past year and we believe it will be able to take advantage
of secular growth and the overarching theme of onshoring.

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**EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO (Unaudited)** 

• From a sector standpoint, stock selection in the Materials and Consumer Staples sectors detracted the most from relative
returns. The worst performing absolute sectors were Real Estate and Information Technology.

• From a general market impact standpoint, many of our holdings faced headwinds in 2022 due to geopolitical tension, rising
inflation, and general difficulty meeting consensus expectations on quarterly earnings.

**Portfolio Positioning and Outlook — Goldman Sachs Asset Management L.P.** 

Major U.S. indices closed out 2022 logging their worst calendar year performance since the 2008 financial crisis and seventh-worst performance since the S&P 500 Index's inception. The market decline was driven by aggressive Federal Reserve rate hikes to combat inflation, persistent recession worries, supply chain disruptions, geopolitical tensions, and elevated concerns over China's Zero-COVID policy. The rise in yields throughout 2022 contributed to a massive gap in returns between Value and Growth stocks, with Value notably outperforming Growth. Looking ahead, we believe the primary focus of the market will be on whether the U.S. economy will tip into a recession or not. The Federal Reserve's devotion to a higher-for-longer policy continues to fuel concerns that the central bank may overtighten monetary policy and prompt a recession. Despite the backdrop of heightened uncertainty, we expect it to become clear by early 2023 if inflation is decelerating and will lead the Federal Reserve to eventually cease tightening. While supply disruptions could ease as COVID-19-related restrictions and shortages fade out, pressures of digitization, deglobalization, and geopolitical destabilization seem likely to us to endure for some period of time. Companies will need to continue coping with wage pressures, higher input pricing, and potential demand fluctuations if the U.S. consumer becomes less resilient.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 16.5% |
| &nbsp;&nbsp;&nbsp; Financials | 15.9 |
| &nbsp;&nbsp;&nbsp; Materials | 10.0 |
| &nbsp;&nbsp;&nbsp; Real Estate | 9.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 9.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 9.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 8.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.8 |
| &nbsp;&nbsp;&nbsp; Energy | 3.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.8 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

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**EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1073.40 | $5.69 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.71 | 5.55 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.09%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

823

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.8%)** | **Communication Services (1.8%)** | **Communication Services (1.8%)** |  |
|  ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** | ***Entertainment (1.8%)*** | **** |
|  Electronic Arts, Inc. | 10991 | $1342881 |  |
|  Live Nation Entertainment, Inc.\* | 14545 | 1014368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2357249 |  |
|  **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** | **Consumer Discretionary (8.8%)** |  |
|  ***Auto Components (0.4%)*** | ***Auto Components (0.4%)*** | ***Auto Components (0.4%)*** | **** |
|  Aptiv plc\* | 6085 | 566696 |  |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | **** |
|  Domino's Pizza, Inc. | 2441 | 845562 |  |
|  Expedia Group, Inc.\* | 9075 | 794970 |  |
|  Yum! Brands, Inc. | 7137 | 914107 |  |
|  |  | 2554639 |  |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | **** |
|  Lennar Corp., Class A | 19576 | 1771628 |  |
|  ***Internet & Direct Marketing Retail (0.8%)*** | ***Internet & Direct Marketing Retail (0.8%)*** | ***Internet & Direct Marketing Retail (0.8%)*** | **** |
|  Etsy, Inc.\* | 8413 | 1007709 |  |
|  ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | ***Specialty Retail (3.1%)*** | **** |
|  Burlington Stores, Inc.\* | 8847 | 1793818 |  |
|  Foot Locker, Inc. | 19846 | 749980 |  |
|  National Vision Holdings, Inc.\* | 21396 | 829309 |  |
|  RH\* | 2826 | 755079 |  |
|  |  | 4128186 |  |
|  ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | **** |
|  Capri Holdings Ltd.\* | 16226 | 930074 |  |
|  Deckers Outdoor Corp.\* | 1835 | 732459 |  |
|  |  | 1662533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 11691391 |  |
|  **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |  |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | **** |
|  Coca-Cola Europacific Partners plc | 22281 | 1232585 |  |
|  ***Food & Staples Retailing (1.8%)*** | ***Food & Staples Retailing (1.8%)*** | ***Food & Staples Retailing (1.8%)*** | **** |
|  Grocery Outlet Holding Corp.\* | 38734 | 1130646 |  |
|  Performance Food Group Co.\* | 21983 | 1283587 |  |
|  |  | 2414233 |  |
|  ***Food Products (2.1%)*** | ***Food Products (2.1%)*** | ***Food Products (2.1%)*** | **** |
|  McCormick & Co., Inc. (Non-Voting) | 24410 | 2023345 |  |
|  Utz Brands, Inc. | 50380 | 799026 |  |
|  |  | 2822371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6469189 |  |
|  **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |  |
|  ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** | ***Oil, Gas & Consumable Fuels (3.9%)*** | **** |
|  Cheniere Energy, Inc. | 5764 | 864370 |  |
|  Chesapeake Energy Corp.(x) | 14948 | 1410643 |  |
|  Devon Energy Corp. | 24542 | 1509578 |  |
|  Marathon Oil Corp. | 50701 | 1372476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5157067 |  |
|  **Financials (15.9%)** | **Financials (15.9%)** | **Financials (15.9%)** |  |
|  ***Banks (4.5%)*** | ***Banks (4.5%)*** | ***Banks (4.5%)*** | **** |
|  Citizens Financial Group, Inc. | 17019 | 670038 |  |
|  East West Bancorp, Inc. | 26334 | 1735410 |  |
|  First Republic Bank | 9203 | 1121754 |  |
|  M&T Bank Corp. | 10329 | 1498325 |  |
|  Pinnacle Financial Partners, Inc. | 12899 | 946787 |  |
|  |  | 5972314 |  |
|  ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | ***Capital Markets (3.6%)*** | **** |
|  Carlyle Group, Inc. (The) | 29989 | 894872 |  |
|  MSCI, Inc. | 1615 | 751249 |  |
|  Nasdaq, Inc. | 26784 | 1643198 |  |
|  Raymond James Financial, Inc. | 13755 | 1469722 |  |
|  |  | 4759041 |  |
|  ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | **** |
|  Apollo Global Management, Inc. | 11222 | 715851 |  |
|  ***Insurance (7.3%)*** | ***Insurance (7.3%)*** | ***Insurance (7.3%)*** | **** |
|  Allstate Corp. (The) | 11636 | 1577842 |  |
|  American Financial Group, Inc. | 5396 | 740763 |  |
|  Arch Capital Group Ltd.\* | 25427 | 1596307 |  |
|  Arthur J Gallagher & Co. | 7385 | 1392368 |  |
|  Globe Life, Inc. | 12461 | 1502173 |  |
|  Markel Corp.\* | 407 | 536218 |  |
|  Principal Financial Group, Inc. | 21716 | 1822407 |  |
|  Unum Group | 13456 | 552100 |  |
|  |  | 9720178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 21167384 |  |
|  **Health Care (8.8%)** | **Health Care (8.8%)** | **Health Care (8.8%)** |  |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | **** |
|  Argenx SE (ADR)\* | 1090 | 412924 |  |
|  Biogen, Inc.\* | 2940 | 814145 |  |
|  BioMarin Pharmaceutical, Inc.\* | 7973 | 825126 |  |
|  |  | 2052195 |  |
|  ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | ***Health Care Equipment & Supplies (3.6%)*** | **** |
|  Cooper Cos., Inc. (The) | 6318 | 2089173 |  |
|  Zimmer Biomet Holdings, Inc. | 21575 | 2750813 |  |
|  |  | 4839986 |  |
|  ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | **** |
|  AmerisourceBergen Corp. | 9224 | 1528509 |  |
|  Centene Corp.\* | 7961 | 652881 |  |
|  Quest Diagnostics, Inc. | 5447 | 852129 |  |
|  |  | 3033519 |  |
|  ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | ***Life Sciences Tools & Services (0.8%)*** | **** |
|  West Pharmaceutical Services, Inc. | 4444 | 1045895 |  |
|  ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | ***Pharmaceuticals (0.6%)*** | **** |
|  Catalent, Inc.\* | 16442 | 740055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 11711650 |  |
|  **Industrials (16.5%)** | **Industrials (16.5%)** | **Industrials (16.5%)** |  |
|  ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** | **** |
|  L3Harris Technologies, Inc. | 6657 | 1386054 |  |
|  TransDigm Group, Inc. | 1477 | 929993 |  |
|  Woodward, Inc. | 18348 | 1772600 |  |
|  |  | 4088647 |  |
|  ***Airlines (0.4%)*** | ***Airlines (0.4%)*** | ***Airlines (0.4%)*** | **** |
|  United Airlines Holdings, Inc.\* | 15693 | 591626 |  |

---

See Notes to Financial Statements.

824

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EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Building Products (1.6%)*** | ***Building Products (1.6%)*** | ***Building Products (1.6%)*** | **** |
|  Allegion plc | 9692 | $1020180 |  |
|  Trane Technologies plc | 7044 | 1184026 |  |
|  |  | 2204206 |  |
|  ***Electrical Equipment (2.7%)*** | ***Electrical Equipment (2.7%)*** | ***Electrical Equipment (2.7%)*** | **** |
|  AMETEK, Inc. | 12247 | 1711151 |  |
|  Rockwell Automation, Inc. | 7191 | 1852186 |  |
|  |  | 3563337 |  |
|  ***Machinery (6.6%)*** | ***Machinery (6.6%)*** | ***Machinery (6.6%)*** | **** |
|  Chart Industries, Inc.\* | 7314 | 842792 |  |
|  Cummins, Inc. | 10865 | 2632481 |  |
|  Fortive Corp. | 24939 | 1602331 |  |
|  ITT, Inc. | 27270 | 2211597 |  |
|  Stanley Black & Decker, Inc. | 19946 | 1498343 |  |
|  |  | 8787544 |  |
|  ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | **** |
|  Old Dominion Freight Line, Inc. | 5204 | 1476791 |  |
|  Saia, Inc.\* | 2964 | 621492 |  |
|  |  | 2098283 |  |
|  ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | ***Trading Companies & Distributors (0.5%)*** | **** |
|  Fastenal Co. | 13217 | 625428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 21959071 |  |
|  **Information Technology (9.1%)** | **Information Technology (9.1%)** | **Information Technology (9.1%)** |  |
|  ***Communications Equipment (4.3%)*** | ***Communications Equipment (4.3%)*** | ***Communications Equipment (4.3%)*** | **** |
|  Juniper Networks, Inc. | 24059 | 768926 |  |
|  Motorola Solutions, Inc. | 11586 | 2985828 |  |
|  Viavi Solutions, Inc.\* | 181841 | 1911149 |  |
|  |  | 5665903 |  |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | ***Electronic Equipment, Instruments & Components (0.8%)*** | **** |
|  Keysight Technologies, Inc.\* | 6438 | 1101349 |  |
|  ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | ***IT Services (1.5%)*** | **** |
|  Global Payments, Inc. | 10182 | 1011276 |  |
|  Jack Henry & Associates, Inc. | 5785 | 1015615 |  |
|  |  | 2026891 |  |
|  ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | **** |
|  MKS Instruments, Inc. | 11895 | 1007863 |  |
|  ON Semiconductor Corp.\* | 14579 | 909292 |  |
|  |  | 1917155 |  |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** | **** |
|  Bill.com Holdings, Inc. (x)\* | 5758 | 627392 |  |
|  Dynatrace, Inc.\* | 21941 | 840340 |  |
|  |  | 1467732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 12179030 |  |
|  **Materials (10.0%)** | **Materials (10.0%)** | **Materials (10.0%)** |  |
|  ***Chemicals (3.1%)*** | ***Chemicals (3.1%)*** | ***Chemicals (3.1%)*** | **** |
|  Ashland, Inc. | 17436 | 1874893 |  |
|  Corteva, Inc. | 21130 | 1242021 |  |
|  PPG Industries, Inc. | 8298 | 1043391 |  |
|  |  | 4160305 |  |
|  ***Construction Materials (2.0%)*** | ***Construction Materials (2.0%)*** | ***Construction Materials (2.0%)*** | **** |
|  Martin Marietta Materials, Inc. | 7888 | 2665907 |  |
|  ***Containers & Packaging (1.7%)*** | ***Containers & Packaging (1.7%)*** | ***Containers & Packaging (1.7%)*** | **** |
|  Ball Corp. | 43877 | 2243870 |  |
|  ***Metals & Mining (3.2%)*** | ***Metals & Mining (3.2%)*** | ***Metals & Mining (3.2%)*** | **** |
|  ATI, Inc.\* | 24798 | 740468 |  |
|  Freeport-McMoRan, Inc. | 25601 | 972838 |  |
|  Steel Dynamics, Inc. | 25784 | 2519097 |  |
|  |  | 4232403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 13302485 |  |
|  **Real Estate (9.3%)** | **Real Estate (9.3%)** | **Real Estate (9.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (9.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (9.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (9.3%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 17614 | 2565831 |  |
|  Americold Realty Trust, Inc. (REIT) | 29303 | 829568 |  |
|  AvalonBay Communities, Inc. (REIT) | 10679 | 1724872 |  |
|  EastGroup Properties, Inc. (REIT) | 6458 | 956172 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 14453 | 933664 |  |
|  Essex Property Trust, Inc. (REIT) | 4384 | 929057 |  |
|  Extra Space Storage, Inc. (REIT) | 6039 | 888820 |  |
|  Invitation Homes, Inc. (REIT) | 24564 | 728077 |  |
|  Regency Centers Corp. (REIT) | 14381 | 898813 |  |
|  Ventas, Inc. (REIT) | 23239 | 1046917 |  |
|  VICI Properties, Inc. (REIT) | 28171 | 912740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 12414531 |  |
|  **Utilities (9.3%)** | **Utilities (9.3%)** | **Utilities (9.3%)** |  |
|  ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | ***Electric Utilities (1.6%)*** | **** |
|  Xcel Energy, Inc. | 30348 | 2127698 |  |
|  ***Independent Power and Renewable Electricity Producers (2.0%)*** | ***Independent Power and Renewable Electricity Producers (2.0%)*** | ***Independent Power and Renewable Electricity Producers (2.0%)*** | **** |
|  AES Corp. (The) | 73771 | 2121654 |  |
|  NextEra Energy Partners LP | 8717 | 610975 |  |
|  |  | 2732629 |  |
|  ***Multi-Utilities (5.0%)*** | ***Multi-Utilities (5.0%)*** | ***Multi-Utilities (5.0%)*** | **** |
|  Ameren Corp. | 28376 | 2523194 |  |
|  CMS Energy Corp. | 34708 | 2198058 |  |
|  WEC Energy Group, Inc. | 20263 | 1899859 |  |
|  |  | 6621111 |  |
|  ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** | ***Water Utilities (0.7%)*** | **** |
|  American Water Works Co., Inc. | 5915 | 901564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12383002 |  |
|  **Total Investments in Securities (98.2%)**<br> *(Cost $120,152,248)* | **Total Investments in Securities (98.2%)**<br> *(Cost $120,152,248)* | 130792049 |  |
|  **Other Assets Less Liabilities (1.8%)** | **Other Assets Less Liabilities (1.8%)** | 2375091 |  |
|  **Net Assets (100%)** |  | $133167140 |  |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022, the Portfolio had loaned securities with a total value of $1,650,618. This was collateralized by $1,686,509 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52.* 

See Notes to Financial Statements.

825

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $2357249 | $— | $— | $2357249 |
|  Consumer Discretionary | 11691391 |  |  | 11691391 |
|  Consumer Staples | 6469189 |  |  | 6469189 |
|  Energy | 5157067 |  |  | 5157067 |
|  Financials | 21167384 |  |  | 21167384 |
|  Health Care | 11711650 |  |  | 11711650 |
|  Industrials | 21959071 |  |  | 21959071 |
|  Information Technology | 12179030 |  |  | 12179030 |
|  Materials | 13302485 |  |  | 13302485 |
|  Real Estate | 12414531 |  |  | 12414531 |
|  Utilities | 12383002 |  |  | 12383002 |
|  **Total Assets** | $**130792049** | $**—** | $**—** | $**130792049** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**130792049** | $**—** | $**—** | $**130792049** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases** | $96484523 |
|  Long-term investments other than U.S. government debt securities |  |
|  **Net Proceeds of Sales and Redemptions:** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96711426 |
|  Long-term investments other than U.S. government debt securities |  |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $17327127 |
|  Aggregate gross unrealized depreciation | (6739803) |
|  Net unrealized appreciation | $10587324 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120204725 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $686 as brokerage commissions with BTIG LLC, $1,164 as brokerage commissions with Liquidnet Inc. and $2,530 as brokerage commissions with Sanford C. Bernstein & Co., affiliated broker/dealers.

See Notes to Financial Statements.

826

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

**December 31, 2022** 

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $120,152,248) | $130792049.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2456154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 168342.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 28404.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 133445801.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 111130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 77656.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 28688.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 10906.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50281.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 278661.0 |
|  **NET ASSETS** | $133167140.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $123264563.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 9902577.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $133167140.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $133,167,140 / 6,915,211 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.26 |

---

*(x)* *Includes value of securities on loan of $1,650,618.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2221772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 34255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2258622 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1047955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 340244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 126241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1610911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (129099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1481812 |
|  **NET INVESTMENT INCOME (LOSS)** | 776810 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 9430753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (26206265) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (16775512) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(15998702) |

---

See Notes to Financial Statements.

827

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $776810 | $296124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9430753 | 19661062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26206265) | 14379895 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (15998702) | 34337081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (15272869) | (15153022) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 913,115 and 939,700 shares, respectively ] | 20021654 | 22784573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 767,508 and 642,302 shares, respectively ] | 15272869 | 15153022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1039022) and (660187) shares, respectively ] | (22880301) | (15823827) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 12414222 | 22113768 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (18857349) | 41297827 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 152024489 | 110726662 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $133167140 | $152024489 |

---

See Notes to Financial Statements.

828

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\* to<br>December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\* to<br>December 31,<br>2018** |
|  Net asset value, beginning of period | $24.23 | $20.69 | $19.31 | $15.11 | $16.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.05 | 0.09 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.67) | 6.18 | 1.52 | 4.51 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.55) | 6.23 | 1.61 | 4.64 | (1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.06) | (0.09) | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.29) | (2.63) | (0.12) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.42) | (2.69) | (0.23) | (0.44) | (0.04) |
|  Net asset value, end of period | $19.26 | $24.23 | $20.69 | $19.31 | $15.11 |
|  Total return (b) | (10.60)% | 30.49 | 8.46% | 30.78% | (9.26)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84612 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.09 %(j) | 1.09 | 1.09 %(j) | 1.09 %(j) | 1.09 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.18% | 1.19 | 1.23% | 1.24% | 1.31% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.57% | 0.22 | 0.49% | 0.70% | 1.03 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.48% | 0.13 | 0.36% | 0.56% | 0.81 %(l) |
|  Portfolio turnover rate^ | 72% | 65 | 97% | 81% | 16 %(z) |

---

*\** *Commencement of operations.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amount would be $0.03 for Class IB.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.09% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratio for Class IB would have been 0.09% lower.* 

See Notes to Financial Statements.

829

------

**EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Goldman Sachs Asset Management L.P.

PERFORMANCE RESULTS

![LOGO](g401674g12i20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1**<br> **Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (15.76)% | 1.77% | 2.85 | % |
| &nbsp;&nbsp;&nbsp; EQ/Goldman Sachs Moderate Growth Allocation Index | (14.93) | 4.85 | 5.23 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 10.35 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.59 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.*  | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.*  | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.*  | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.*  | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.76)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Goldman Sachs Moderate Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (14.93)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Allocations to UK equities benefitted the Portfolio on a relative basis versus the benchmark, as the higher concentration
of energy sector names in the UK proved more resilient than other equity markets during a very challenging period.

***What hurt performance during the year:***

• The Portfolio implements a strategic, long term asset allocation that resets on a monthly basis. Additionally, the strategy
employs a methodology that attempts to manage Portfolio risk during periods of heightened volatility by moving certain equity exposures to cash. As a result of elevated volatility levels witnessed by global markets for several times in 2022, the
Portfolio progressively moved a portion of its equity allocation to cash. This detracted from performance over the period.

• Over the one-year period ended December 31, 2022, U.S. interest rates saw a sharp increase, with the yield of a U.S.
Treasury 10-year bond increasing significantly. This led to a strong price decline in U.S. 7-10 year Treasuries, with the index declining -13.94%. Consequently, the Portfolio's strategic allocation to fixed income was a significant detractor
from performance over the last year.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 8.38 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.63 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 7.63 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA | + |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

830

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**EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** | |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligation | 40.0 | % |
| &nbsp;&nbsp;&nbsp; Investment Companies | 24.9 |  |
| &nbsp;&nbsp;&nbsp; Information Technology | 7.7 |  |
| &nbsp;&nbsp;&nbsp; Health Care | 4.7 |  |
| &nbsp;&nbsp;&nbsp; Financials | 3.4 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 2.9 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 2.6 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.2 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.1 |  |
| &nbsp;&nbsp;&nbsp; Energy | 1.6 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 0.9 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Materials | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 5.4 |  |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1000.30 | $5.78 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.43 | 5.83 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

831

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**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  AT&T, Inc. | 42973 | $791133 |  |
|  Lumen Technologies, Inc. | 5744 | 29984 |  |
|  Verizon Communications, Inc. | 25326 | 997844 |  |
|  |  | 1818961 |  |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | **** |
|  Activision Blizzard, Inc. | 4293 | 328629 |  |
|  Electronic Arts, Inc. | 1593 | 194633 |  |
|  Live Nation Entertainment, Inc.\* | 857 | 59767 |  |
|  Netflix, Inc.\* | 2682 | 790868 |  |
|  Take-Two Interactive Software, Inc.\* | 945 | 98403 |  |
|  Walt Disney Co. (The)\* | 10994 | 955159 |  |
|  Warner Bros Discovery, Inc.\* | 13322 | 126293 |  |
|  |  | 2553752 |  |
|  ***Interactive Media & Services (1.2%)*** | ***Interactive Media & Services (1.2%)*** | ***Interactive Media & Services (1.2%)*** | **** |
|  Alphabet, Inc., Class A\* | 36159 | 3190309 |  |
|  Alphabet, Inc., Class C\* | 32334 | 2868996 |  |
|  Match Group, Inc.\* | 1707 | 70823 |  |
|  Meta Platforms, Inc., Class A\* | 13754 | 1655156 |  |
|  |  | 7785284 |  |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** | **** |
|  Charter Communications, Inc., Class A\* | 668 | 226519 |  |
|  Comcast Corp., Class A | 26557 | 928698 |  |
|  Fox Corp., Class A | 1848 | 56124 |  |
|  Fox Corp., Class B | 849 | 24154 |  |
|  Interpublic Group of Cos., Inc. (The) | 2358 | 78545 |  |
|  News Corp., Class A | 2325 | 42315 |  |
|  News Corp., Class B | 720 | 13277 |  |
|  Omnicom Group, Inc. | 1235 | 100739 |  |
|  Paramount Global, Class B (x) | 3045 | 51399 |  |
|  |  | 1521770 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  T-Mobile US, Inc.\* | 3630 | 508200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 14187967 |  |
|  **Consumer Discretionary (2.9%)** | **Consumer Discretionary (2.9%)** | **Consumer Discretionary (2.9%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 1634 | 152174 |  |
|  BorgWarner, Inc. | 1428 | 57477 |  |
|  |  | 209651 |  |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | **** |
|  Ford Motor Co. | 23817 | 276992 |  |
|  General Motors Co. | 8793 | 295796 |  |
|  Tesla, Inc.\* | 16062 | 1978517 |  |
|  |  | 2551305 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 853 | 148004 |  |
|  LKQ Corp. | 1572 | 83960 |  |
|  Pool Corp. | 239 | 72257 |  |
|  |  | 304221 |  |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | **** |
|  Booking Holdings, Inc.\* | 239 | 481652 |  |
|  Caesars Entertainment, Inc.\* | 1267 | 52707 |  |
|  Carnival Corp. (x)\* | 5953 | 47981 |  |
|  Chipotle Mexican Grill, Inc.\* | 167 | 231711 |  |
|  Darden Restaurants, Inc. | 739 | 102226 |  |
|  Domino's Pizza, Inc. | 216 | 74822 |  |
|  Expedia Group, Inc.\* | 917 | 80329 |  |
|  Hilton Worldwide Holdings, Inc. | 1654 | 209000 |  |
|  Las Vegas Sands Corp.\* | 1982 | 95275 |  |
|  Marriott International, Inc., Class A | 1664 | 247753 |  |
|  McDonald's Corp. | 4437 | 1169283 |  |
|  MGM Resorts International | 1968 | 65987 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 2541 | 31102 |  |
|  Royal Caribbean Cruises Ltd.\* | 1323 | 65396 |  |
|  Starbucks Corp. | 6919 | 686365 |  |
|  Wynn Resorts Ltd.\* | 624 | 51461 |  |
|  Yum! Brands, Inc. | 1716 | 219785 |  |
|  |  | 3912835 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 1907 | 169990 |  |
|  Garmin Ltd. | 930 | 85830 |  |
|  Lennar Corp., Class A | 1538 | 139189 |  |
|  Mohawk Industries, Inc.\* | 318 | 32506 |  |
|  Newell Brands, Inc. | 2270 | 29692 |  |
|  NVR, Inc.\* | 19 | 87639 |  |
|  PulteGroup, Inc. | 1396 | 63560 |  |
|  Whirlpool Corp. | 329 | 46540 |  |
|  |  | 654946 |  |
|  ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | **** |
|  Amazon.com, Inc.\* | 53449 | 4489716 |  |
|  eBay, Inc. | 3313 | 137390 |  |
|  Etsy, Inc.\* | 764 | 91512 |  |
|  |  | 4718618 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 783 | 47771 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Dollar General Corp. | 1369 | 337116 |  |
|  Dollar Tree, Inc.\* | 1273 | 180053 |  |
|  Target Corp. | 2796 | 416716 |  |
|  |  | 933885 |  |
|  ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | ***Specialty Retail (0.7%)*** | **** |
|  Advance Auto Parts, Inc. | 366 | 53813 |  |
|  AutoZone, Inc.\* | 118 | 291009 |  |
|  Bath & Body Works, Inc. | 1377 | 58027 |  |
|  Best Buy Co., Inc. | 1209 | 96974 |  |
|  CarMax, Inc.\* | 960 | 58454 |  |
|  Home Depot, Inc. (The) | 6198 | 1957700 |  |
|  Lowe's Cos., Inc. | 3854 | 767871 |  |
|  O'Reilly Automotive, Inc.\* | 384 | 324107 |  |
|  Ross Stores, Inc. | 2110 | 244908 |  |
|  TJX Cos., Inc. (The) | 7066 | 562454 |  |
|  Tractor Supply Co. | 669 | 150505 |  |
|  Ulta Beauty, Inc.\* | 312 | 146350 |  |
|  |  | 4712172 |  |

---

See Notes to Financial Statements.

832

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | **** |
|  NIKE, Inc., Class B | 7620 | $891616 |  |
|  Ralph Lauren Corp. | 259 | 27369 |  |
|  Tapestry, Inc. | 1518 | 57805 |  |
|  VF Corp. | 1991 | 54972 |  |
|  |  | 1031762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 19077166 |  |
|  **Consumer Staples (2.1%)** | **Consumer Staples (2.1%)** | **Consumer Staples (2.1%)** |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | **** |
|  Brown-Forman Corp., Class B | 1103 | 72445 |  |
|  Coca-Cola Co. (The) | 23472 | 1493054 |  |
|  Constellation Brands, Inc., Class A | 969 | 224566 |  |
|  Keurig Dr Pepper, Inc. | 5124 | 182722 |  |
|  Molson Coors Beverage Co., Class B | 1135 | 58475 |  |
|  Monster Beverage Corp.\* | 2319 | 235448 |  |
|  PepsiCo, Inc. | 8323 | 1503633 |  |
|  |  | 3770343 |  |
|  ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | **** |
|  Costco Wholesale Corp. | 2671 | 1219312 |  |
|  Kroger Co. (The) | 3927 | 175066 |  |
|  Sysco Corp. | 3072 | 234854 |  |
|  Walgreens Boots Alliance, Inc. | 4326 | 161619 |  |
|  Walmart, Inc. | 8596 | 1218827 |  |
|  |  | 3009678 |  |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | **** |
|  Archer-Daniels-Midland Co. | 3380 | 313833 |  |
|  Campbell Soup Co. | 1214 | 68894 |  |
|  Conagra Brands, Inc. | 2895 | 112037 |  |
|  General Mills, Inc. | 3592 | 301189 |  |
|  Hershey Co. (The) | 886 | 205171 |  |
|  Hormel Foods Corp. | 1745 | 79485 |  |
|  J M Smucker Co. (The) | 643 | 101890 |  |
|  Kellogg Co. | 1538 | 109567 |  |
|  Kraft Heinz Co. (The) | 4803 | 195530 |  |
|  Lamb Weston Holdings, Inc. | 867 | 77475 |  |
|  McCormick & Co., Inc. (Non-Voting) | 1510 | 125164 |  |
|  Mondelez International, Inc., Class A | 8265 | 550862 |  |
|  Tyson Foods, Inc., Class A | 1747 | 108751 |  |
|  |  | 2349848 |  |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | **** |
|  Church & Dwight Co., Inc. | 1465 | 118094 |  |
|  Clorox Co. (The) | 743 | 104265 |  |
|  Colgate-Palmolive Co. | 5030 | 396314 |  |
|  Kimberly-Clark Corp. | 2036 | 276387 |  |
|  Procter & Gamble Co. (The) | 14410 | 2183979 |  |
|  |  | 3079039 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 1398 | 346858 |  |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | **** |
|  Altria Group, Inc. | 10860 | 496410 |  |
|  Philip Morris International, Inc. | 9348 | 946111 |  |
|  |  | 1442521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 13998287 |  |
|  **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Baker Hughes Co. | 6101 | 180163 |  |
|  Halliburton Co. | 5469 | 215205 |  |
|  Schlumberger Ltd. | 8529 | 455960 |  |
|  |  | 851328 |  |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | **** |
|  APA Corp. | 1969 | 91913 |  |
|  Chevron Corp. | 10860 | 1949261 |  |
|  ConocoPhillips | 7677 | 905886 |  |
|  Coterra Energy, Inc. | 4798 | 117887 |  |
|  Devon Energy Corp. | 3949 | 242903 |  |
|  Diamondback Energy, Inc. | 1072 | 146628 |  |
|  EOG Resources, Inc. | 3534 | 457724 |  |
|  EQT Corp. | 2231 | 75475 |  |
|  Exxon Mobil Corp. | 25133 | 2772170 |  |
|  Hess Corp. | 1680 | 238258 |  |
|  Kinder Morgan, Inc. | 11956 | 216164 |  |
|  Marathon Oil Corp. | 4086 | 110608 |  |
|  Marathon Petroleum Corp. | 3007 | 349985 |  |
|  Occidental Petroleum Corp. | 4494 | 283077 |  |
|  ONEOK, Inc. | 2695 | 177062 |  |
|  Phillips 66 | 2901 | 301936 |  |
|  Pioneer Natural Resources Co. | 1439 | 328653 |  |
|  Targa Resources Corp. | 1366 | 100401 |  |
|  Valero Energy Corp. | 2376 | 301419 |  |
|  Williams Cos., Inc. (The) | 7348 | 241749 |  |
|  |  | 9409159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 10260487 |  |
|  **Financials (3.4%)** | **Financials (3.4%)** | **Financials (3.4%)** |  |
|  ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** | **** |
|  Bank of America Corp. | 42157 | 1396240 |  |
|  Citigroup, Inc. | 11679 | 528241 |  |
|  Citizens Financial Group, Inc. | 2989 | 117677 |  |
|  Comerica, Inc. | 789 | 52745 |  |
|  Fifth Third Bancorp | 4138 | 135768 |  |
|  First Republic Bank | 1102 | 134323 |  |
|  Huntington Bancshares, Inc. | 8697 | 122628 |  |
|  JPMorgan Chase & Co. | 17685 | 2371558 |  |
|  KeyCorp | 5624 | 97970 |  |
|  M&T Bank Corp. | 1059 | 153618 |  |
|  PNC Financial Services Group, Inc. (The) | 2473 | 390586 |  |
|  Regions Financial Corp. | 5635 | 121491 |  |
|  Signature Bank | 379 | 43668 |  |
|  SVB Financial Group\* | 356 | 81930 |  |
|  Truist Financial Corp. | 7999 | 344197 |  |
|  US Bancorp | 8154 | 355596 |  |
|  Wells Fargo & Co. | 22874 | 944467 |  |
|  Zions Bancorp NA | 907 | 44588 |  |
|  |  | 7437291 |  |
|  ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | ***Capital Markets (0.8%)*** | **** |
|  Ameriprise Financial, Inc. | 652 | 203013 |  |
|  Bank of New York Mellon Corp. (The) | 4435 | 201881 |  |
|  BlackRock, Inc. | 909 | 644145 |  |
|  Cboe Global Markets, Inc. | 640 | 80301 |  |
|  Charles Schwab Corp. (The) | 9208 | 766658 |  |

---

See Notes to Financial Statements.

833

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  CME Group, Inc. | 2168 | $| 364571 |  |
|  FactSet Research Systems, Inc. | 229 |  | 91877 |  |
|  Franklin Resources, Inc. | 1713 |  | 45189 |  |
|  Intercontinental Exchange, Inc. | 3368 |  | 345523 |  |
|  Invesco Ltd. | 2743 |  | 49347 |  |
|  MarketAxess Holdings, Inc. | 227 |  | 63308 |  |
|  Moody's Corp. | 952 |  | 265246 |  |
|  Morgan Stanley | 8076 |  | 686622 |  |
|  MSCI, Inc. | 485 |  | 225607 |  |
|  Nasdaq, Inc. | 2044 |  | 125399 |  |
|  Northern Trust Corp. | 1257 |  | 111232 |  |
|  Raymond James Financial, Inc. | 1171 |  | 125121 |  |
|  S&P Global, Inc. | 2055 |  | 688302 |  |
|  State Street Corp. | 2217 |  | 171973 |  |
| T. Rowe Price Group, Inc. | 1361 |  | 148431 |  |
|  |  |  | 5403746 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 3617 |  | 534412 |  |
|  Capital One Financial Corp. | 2315 |  | 215202 |  |
|  Discover Financial Services | 1647 |  | 161126 |  |
|  Synchrony Financial | 2905 |  | 95458 |  |
|  |  |  | 1006198 |  |
|  ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 10884 |  | 3362068 |  |
|  ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | ***Insurance (0.7%)*** | **** |
|  Aflac, Inc. | 3468 |  | 249488 |  |
|  Allstate Corp. (The) | 1630 |  | 221028 |  |
|  American International Group, Inc. | 4586 |  | 290019 |  |
|  Aon plc, Class A | 1272 |  | 381778 |  |
|  Arch Capital Group Ltd.\* | 2226 |  | 139748 |  |
|  Arthur J Gallagher & Co. | 1268 |  | 239069 |  |
|  Assurant, Inc. | 321 |  | 40144 |  |
|  Brown & Brown, Inc. | 1414 |  | 80556 |  |
|  Chubb Ltd. | 2519 |  | 555691 |  |
|  Cincinnati Financial Corp. | 960 |  | 98294 |  |
|  Everest Re Group Ltd. | 238 |  | 78842 |  |
|  Globe Life, Inc. | 546 |  | 65820 |  |
|  Hartford Financial Services Group, Inc. (The) | 1949 |  | 147793 |  |
|  Lincoln National Corp. | 934 |  | 28693 |  |
|  Loews Corp. | 1206 |  | 70346 |  |
|  Marsh & McLennan Cos., Inc. | 3009 |  | 497929 |  |
|  MetLife, Inc. | 4040 |  | 292375 |  |
|  Principal Financial Group, Inc. | 1398 |  | 117320 |  |
|  Progressive Corp. (The) | 3527 |  | 457487 |  |
|  Prudential Financial, Inc. | 2243 |  | 223089 |  |
|  Travelers Cos., Inc. (The) | 1431 |  | 268298 |  |
|  W R Berkley Corp. | 1232 |  | 89406 |  |
|  Willis Towers Watson plc | 663 |  | 162157 |  |
|  |  |  | 4795370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 22004673 |  |
|  **Health Care (4.7%)** | **Health Care (4.7%)** | **Health Care (4.7%)** | **Health Care (4.7%)** |  |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | **** |
|  AbbVie, Inc. | 10662 |  | 1723086 |  |
|  Amgen, Inc. | 3226 |  | 847277 |  |
|  Biogen, Inc.\* | 875 |  | 242305 |  |
|  Gilead Sciences, Inc. | 7558 |  | 648854 |  |
|  Incyte Corp.\* | 1113 |  | 89396 |  |
|  Moderna, Inc.\* | 2029 |  | 364449 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 646 |  | 466082 |  |
|  Vertex Pharmaceuticals, Inc.\* | 1547 |  | 446743 |  |
|  |  |  | 4828192 |  |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | **** |
|  Abbott Laboratories | 10561 |  | 1159492 |  |
|  Align Technology, Inc.\* | 438 |  | 92374 |  |
|  Baxter International, Inc. | 3037 |  | 154796 |  |
|  Becton Dickinson and Co. | 1720 |  | 437396 |  |
|  Boston Scientific Corp.\* | 8633 |  | 399449 |  |
|  Cooper Cos., Inc. (The) | 298 |  | 98540 |  |
|  Dentsply Sirona, Inc. | 1299 |  | 41360 |  |
|  Dexcom, Inc.\* | 2367 |  | 268039 |  |
|  Edwards Lifesciences Corp.\* | 3739 |  | 278967 |  |
|  Hologic, Inc.\* | 1506 |  | 112664 |  |
|  IDEXX Laboratories, Inc.\* | 502 |  | 204796 |  |
|  Intuitive Surgical, Inc.\* | 2154 |  | 571564 |  |
|  Medtronic plc | 8013 |  | 622770 |  |
|  ResMed, Inc. | 883 |  | 183779 |  |
|  STERIS plc | 603 |  | 111368 |  |
|  Stryker Corp. | 2030 |  | 496315 |  |
|  Teleflex, Inc. | 283 |  | 70645 |  |
|  Zimmer Biomet Holdings, Inc. | 1265 |  | 161287 |  |
|  |  |  | 5465601 |  |
|  ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | ***Health Care Providers & Services (1.1%)*** | **** |
|  AmerisourceBergen Corp. | 977 |  | 161899 |  |
|  Cardinal Health, Inc. | 1643 |  | 126297 |  |
|  Centene Corp.\* | 3447 |  | 282689 |  |
|  Cigna Corp. | 1840 |  | 609666 |  |
|  CVS Health Corp. | 7917 |  | 737785 |  |
|  DaVita, Inc.\* | 336 |  | 25089 |  |
|  Elevance Health, Inc. | 1447 |  | 742268 |  |
|  HCA Healthcare, Inc. | 1298 |  | 311468 |  |
|  Henry Schein, Inc.\* | 821 |  | 65573 |  |
|  Humana, Inc. | 763 |  | 390801 |  |
|  Laboratory Corp. of America Holdings | 545 |  | 128337 |  |
|  McKesson Corp. | 867 |  | 325229 |  |
|  Molina Healthcare, Inc.\* | 350 |  | 115577 |  |
|  Quest Diagnostics, Inc. | 703 |  | 109977 |  |
|  UnitedHealth Group, Inc. | 5641 |  | 2990745 |  |
|  Universal Health Services, Inc., Class B | 396 |  | 55792 |  |
|  |  |  | 7179192 |  |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | **** |
|  Agilent Technologies, Inc. | 1801 |  | 269520 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 129 |  | 54243 |  |
|  Bio-Techne Corp. | 928 |  | 76913 |  |
|  Charles River Laboratories International, Inc.\* | 307 |  | 66895 |  |
|  Danaher Corp. | 3948 |  | 1047878 |  |
|  Illumina, Inc.\* | 947 |  | 191483 |  |
|  IQVIA Holdings, Inc.\* | 1125 |  | 230501 |  |
|  Mettler-Toledo International, Inc.\* | 136 |  | 196581 |  |
|  PerkinElmer, Inc. | 761 |  | 106708 |  |
|  Thermo Fisher Scientific, Inc. | 2363 |  | 1301281 |  |
|  Waters Corp.\* | 361 |  | 123671 |  |
|  West Pharmaceutical Services, Inc. | 447 |  | 105202 |  |
|  |  |  | 3770876 |  |

---

See Notes to Financial Statements.

834

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | ***Pharmaceuticals (1.5%)*** | **** |
|  Bristol-Myers Squibb Co. | 12877 | $926500 |  |
|  Catalent, Inc.\* | 1081 | 48656 |  |
|  Eli Lilly and Co. | 4756 | 1739935 |  |
|  Johnson & Johnson | 15855 | 2800786 |  |
|  Merck & Co., Inc. | 15277 | 1694983 |  |
|  Organon & Co. | 1534 | 42845 |  |
|  Pfizer, Inc. | 33845 | 1734218 |  |
|  Viatris, Inc. | 7312 | 81382 |  |
|  Zoetis, Inc. | 2823 | 413711 |  |
|  |  | 9483016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 30726877 |  |
|  **Industrials (2.6%)** | **Industrials (2.6%)** | **Industrials (2.6%)** |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | **** |
|  Boeing Co. (The)\* | 3366 | 641190 |  |
|  General Dynamics Corp. | 1356 | 336437 |  |
|  Howmet Aerospace, Inc. | 2230 | 87884 |  |
|  Huntington Ingalls Industries, Inc. | 241 | 55594 |  |
|  L3Harris Technologies, Inc. | 1154 | 240274 |  |
|  Lockheed Martin Corp. | 1423 | 692275 |  |
|  Northrop Grumman Corp. | 877 | 478500 |  |
|  Raytheon Technologies Corp. | 8904 | 898592 |  |
|  Textron, Inc. | 1276 | 90341 |  |
|  TransDigm Group, Inc. | 311 | 195821 |  |
|  |  | 3716908 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 747 | 68395 |  |
|  Expeditors International of Washington, Inc. | 987 | 102569 |  |
|  FedEx Corp. | 1442 | 249755 |  |
|  United Parcel Service, Inc., Class B | 4413 | 767156 |  |
|  |  | 1187875 |  |
|  ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | **** |
|  Alaska Air Group, Inc.\* | 764 | 32806 |  |
|  American Airlines Group, Inc.\* | 3919 | 49850 |  |
|  Delta Air Lines, Inc.\* | 3867 | 127070 |  |
|  Southwest Airlines Co.\* | 3578 | 120471 |  |
|  United Airlines Holdings, Inc.\* | 1970 | 74269 |  |
|  |  | 404466 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  A O Smith Corp. | 775 | 44361 |  |
|  Allegion plc | 530 | 55788 |  |
|  Carrier Global Corp. | 5075 | 209344 |  |
|  Fortune Brands Innovations, Inc. | 780 | 44546 |  |
|  Johnson Controls International plc | 4154 | 265856 |  |
|  Masco Corp. | 1360 | 63471 |  |
|  Masterbrand, Inc.\* | 780 | 5889 |  |
|  Trane Technologies plc | 1397 | 234821 |  |
|  |  | 924076 |  |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |
|  Cintas Corp. | 519 | 234391 |  |
|  Copart, Inc.\* | 2580 | 157096 |  |
|  Republic Services, Inc. | 1238 | 159689 |  |
|  Rollins, Inc. | 1396 | 51010 |  |
|  Waste Management, Inc. | 2268 | 355804 |  |
|  |  | 957990 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  Quanta Services, Inc. | 862 | 122835 |  |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | **** |
|  AMETEK, Inc. | 1384 | 193372 |  |
|  Eaton Corp. plc | 2402 | 376994 |  |
|  Emerson Electric Co. | 3566 | 342550 |  |
|  Generac Holdings, Inc.\* | 385 | 38754 |  |
|  Rockwell Automation, Inc. | 696 | 179269 |  |
|  |  | 1130939 |  |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | **** |
|  3M Co. | 3339 | 400413 |  |
|  General Electric Co. | 6613 | 554103 |  |
|  Honeywell International, Inc. | 4063 | 870701 |  |
|  |  | 1825217 |  |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | **** |
|  Caterpillar, Inc. | 3184 | 762759 |  |
|  Cummins, Inc. | 850 | 205946 |  |
|  Deere & Co. | 1677 | 719030 |  |
|  Dover Corp. | 866 | 117265 |  |
|  Fortive Corp. | 2145 | 137816 |  |
|  IDEX Corp. | 455 | 103890 |  |
|  Illinois Tool Works, Inc. | 1699 | 374290 |  |
|  Ingersoll Rand, Inc. | 2431 | 127020 |  |
|  Nordson Corp. | 326 | 77497 |  |
|  Otis Worldwide Corp. | 2534 | 198438 |  |
|  PACCAR, Inc. | 2097 | 207540 |  |
|  Parker-Hannifin Corp. | 774 | 225234 |  |
|  Pentair plc | 992 | 44620 |  |
|  Snap-on, Inc. | 321 | 73345 |  |
|  Stanley Black & Decker, Inc. | 891 | 66932 |  |
|  Westinghouse Air Brake Technologies Corp. | 1097 | 109492 |  |
|  Xylem, Inc. | 1087 | 120190 |  |
|  |  | 3671304 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  CoStar Group, Inc.\* | 2388 | 184545 |  |
|  Equifax, Inc. | 738 | 143438 |  |
|  Jacobs Solutions, Inc. | 770 | 92454 |  |
|  Leidos Holdings, Inc. | 823 | 86571 |  |
|  Robert Half International, Inc. | 661 | 48801 |  |
|  Verisk Analytics, Inc. | 947 | 167070 |  |
|  |  | 722879 |  |
|  ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | **** |
|  CSX Corp. | 12913 | 400045 |  |
|  JB Hunt Transport Services, Inc. | 501 | 87354 |  |
|  Norfolk Southern Corp. | 1416 | 348931 |  |
|  Old Dominion Freight Line, Inc. | 553 | 156930 |  |
|  Union Pacific Corp. | 3766 | 779826 |  |
|  |  | 1773086 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Fastenal Co. | 3466 | 164011 |  |
|  United Rentals, Inc.\* | 422 | 149987 |  |
|  WW Grainger, Inc. | 273 | 151856 |  |
|  |  | 465854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 16903429 |  |

---

See Notes to Financial Statements.

835

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Information Technology (7.7%)** | **Information Technology (7.7%)** | **Information Technology (7.7%)** |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | **** |
|  Arista Networks, Inc.\* | 1486 | $180326 |  |
|  Cisco Systems, Inc. | 24972 | 1189666 |  |
|  F5, Inc.\* | 359 | 51520 |  |
|  Juniper Networks, Inc. | 1945 | 62162 |  |
|  Motorola Solutions, Inc. | 1006 | 259257 |  |
|  |  | 1742931 |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | **** |
|  Amphenol Corp., Class A | 3587 | 273114 |  |
|  CDW Corp. | 816 | 145721 |  |
|  Corning, Inc. | 4588 | 146541 |  |
|  Keysight Technologies, Inc.\* | 1085 | 185611 |  |
|  TE Connectivity Ltd. | 1929 | 221449 |  |
|  Teledyne Technologies, Inc.\* | 283 | 113175 |  |
|  Trimble, Inc.\* | 1493 | 75486 |  |
|  Zebra Technologies Corp., Class A\* | 312 | 80000 |  |
|  |  | 1241097 |  |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | **** |
|  Accenture plc, Class A | 3815 | 1017994 |  |
|  Akamai Technologies, Inc.\* | 959 | 80844 |  |
|  Automatic Data Processing, Inc. | 2506 | 598583 |  |
|  Broadridge Financial Solutions, Inc. | 707 | 94830 |  |
|  Cognizant Technology Solutions Corp., Class A | 3122 | 178547 |  |
|  DXC Technology Co.\* | 1386 | 36729 |  |
|  EPAM Systems, Inc.\* | 346 | 113398 |  |
|  Fidelity National Information Services, Inc. | 3666 | 248738 |  |
|  Fiserv, Inc.\* | 3857 | 389827 |  |
|  FleetCor Technologies, Inc.\* | 452 | 83023 |  |
|  Gartner, Inc.\* | 477 | 160339 |  |
|  Global Payments, Inc. | 1671 | 165964 |  |
|  International Business Machines Corp. | 5447 | 767428 |  |
|  Jack Henry & Associates, Inc. | 439 | 77071 |  |
|  Mastercard, Inc., Class A | 5145 | 1789071 |  |
|  Paychex, Inc. | 1932 | 223262 |  |
|  PayPal Holdings, Inc.\* | 6974 | 496688 |  |
|  VeriSign, Inc.\* | 563 | 115663 |  |
|  Visa, Inc., Class A | 9860 | 2048514 |  |
|  |  | 8686513 |  |
|  ***Semiconductors & Semiconductor Equipment (1.5%)*** | ***Semiconductors & Semiconductor Equipment (1.5%)*** | ***Semiconductors & Semiconductor Equipment (1.5%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 9735 | 630536 |  |
|  Analog Devices, Inc. | 3135 | 514234 |  |
|  Applied Materials, Inc. | 5246 | 510855 |  |
|  Broadcom, Inc. | 2435 | 1361482 |  |
|  Enphase Energy, Inc.\* | 817 | 216472 |  |
|  Intel Corp. | 24761 | 654433 |  |
|  KLA Corp. | 855 | 322361 |  |
|  Lam Research Corp. | 826 | 347168 |  |
|  Microchip Technology, Inc. | 3332 | 234073 |  |
|  Micron Technology, Inc. | 6652 | 332467 |  |
|  Monolithic Power Systems, Inc. | 268 | 94767 |  |
|  NVIDIA Corp. | 15100 | 2206714 |  |
|  NXP Semiconductors NV | 1584 | 250319 |  |
|  ON Semiconductor Corp.\* | 2613 | 162973 |  |
|  Qorvo, Inc.\* | 622 | 56378 |  |
|  QUALCOMM, Inc. | 6772 | 744514 |  |
|  Skyworks Solutions, Inc. | 968 | 88214 |  |
|  SolarEdge Technologies, Inc.\* | 336 | 95179 |  |
|  Teradyne, Inc. | 945 | 82546 |  |
|  Texas Instruments, Inc. | 5510 | 910362 |  |
|  |  | 9816047 |  |
|  ***Software (2.5%)*** | ***Software (2.5%)*** | ***Software (2.5%)*** | **** |
|  Adobe, Inc.\* | 2822 | 949688 |  |
|  ANSYS, Inc.\* | 525 | 126835 |  |
|  Autodesk, Inc.\* | 1310 | 244800 |  |
|  Cadence Design Systems, Inc.\* | 1652 | 265377 |  |
|  Ceridian HCM Holding, Inc.\* | 904 | 57992 |  |
|  Fortinet, Inc.\* | 3947 | 192969 |  |
|  Gen Digital, Inc. | 3571 | 76527 |  |
|  Intuit, Inc. | 1701 | 662063 |  |
|  Microsoft Corp. | 44975 | 10785904 |  |
|  Oracle Corp. | 9160 | 748738 |  |
|  Paycom Software, Inc.\* | 293 | 90921 |  |
|  PTC, Inc.\* | 638 | 76585 |  |
|  Roper Technologies, Inc. | 639 | 276105 |  |
|  Salesforce, Inc.\* | 6000 | 795540 |  |
|  ServiceNow, Inc.\* | 1218 | 472913 |  |
|  Synopsys, Inc.\* | 922 | 294385 |  |
|  Tyler Technologies, Inc.\* | 251 | 80925 |  |
|  |  | 16198267 |  |
|  ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** | ***Technology Hardware, Storage & Peripherals (1.9%)*** | **** |
|  Apple, Inc. | 91099 | 11836493 |  |
|  Hewlett Packard Enterprise Co. | 7836 | 125063 |  |
|  HP, Inc. | 5488 | 147462 |  |
|  NetApp, Inc. | 1325 | 79579 |  |
|  Seagate Technology Holdings plc(x) | 1178 | 61975 |  |
|  Western Digital Corp.\* | 1889 | 59598 |  |
|  |  | 12310170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 49995025 |  |
|  **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |  |
|  ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | **** |
|  Air Products and Chemicals, Inc. | 1338 | 412452 |  |
|  Albemarle Corp. | 706 | 153103 |  |
|  Celanese Corp. | 601 | 61446 |  |
|  CF Industries Holdings, Inc. | 1202 | 102411 |  |
|  Corteva, Inc. | 4333 | 254694 |  |
|  Dow, Inc. | 4331 | 218239 |  |
|  DuPont de Nemours, Inc. | 3021 | 207331 |  |
|  Eastman Chemical Co. | 741 | 60347 |  |
|  Ecolab, Inc. | 1495 | 217612 |  |
|  FMC Corp. | 760 | 94848 |  |
|  International Flavors & Fragrances, Inc. | 1537 | 161139 |  |
|  Linde plc | 3005 | 980171 |  |
|  LyondellBasell Industries NV, Class A | 1534 | 127368 |  |
|  Mosaic Co. (The) | 2082 | 91337 |  |
|  PPG Industries, Inc. | 1417 | 178174 |  |
|  Sherwin-Williams Co. (The) | 1422 | 337483 |  |
|  |  | 3658155 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc. | 376 | 127077 |  |
|  Vulcan Materials Co. | 801 | 140263 |  |
|  |  | 267340 |  |

---

See Notes to Financial Statements.

836

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 9062 | $107929 |  |
|  Avery Dennison Corp. | 490 | 88690 |  |
|  Ball Corp. | 1895 | 96910 |  |
|  International Paper Co. | 2183 | 75597 |  |
|  Packaging Corp. of America | 565 | 72269 |  |
|  Sealed Air Corp. | 876 | 43695 |  |
|  Westrock Co. | 1534 | 53936 |  |
|  |  | 539026 |  |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | **** |
|  Freeport-McMoRan, Inc. | 8624 | 327712 |  |
|  Newmont Corp. | 4786 | 225899 |  |
|  Nucor Corp. | 1579 | 208128 |  |
|  |  | 761739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 5226260 |  |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** | **Real Estate (0.8%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 895 | 130375 |  |
|  American Tower Corp. (REIT) | 2808 | 594903 |  |
|  AvalonBay Communities, Inc. (REIT) | 843 | 136161 |  |
|  Boston Properties, Inc. (REIT) | 860 | 58119 |  |
|  Camden Property Trust (REIT) | 642 | 71827 |  |
|  Crown Castle, Inc. (REIT) | 2611 | 354156 |  |
|  Digital Realty Trust, Inc. (REIT) | 1733 | 173768 |  |
|  Equinix, Inc. (REIT) | 549 | 359611 |  |
|  Equity Residential (REIT) | 2041 | 120419 |  |
|  Essex Property Trust, Inc. (REIT) | 393 | 83285 |  |
|  Extra Space Storage, Inc. (REIT) | 808 | 118921 |  |
|  Federal Realty Investment Trust (REIT) | 439 | 44357 |  |
|  Healthpeak Properties, Inc. (REIT) | 3254 | 81578 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 4311 | 69192 |  |
|  Invitation Homes, Inc. (REIT) | 3497 | 103651 |  |
|  Iron Mountain, Inc. (REIT) | 1753 | 87387 |  |
|  Kimco Realty Corp. (REIT) | 3730 | 79001 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 696 | 109265 |  |
|  Prologis, Inc. (REIT) | 5568 | 627681 |  |
|  Public Storage (REIT) | 953 | 267021 |  |
|  Realty Income Corp. (REIT) | 3724 | 236213 |  |
|  Regency Centers Corp. (REIT) | 929 | 58062 |  |
|  SBA Communications Corp. (REIT) | 651 | 182482 |  |
|  Simon Property Group, Inc. (REIT) | 1974 | 231906 |  |
|  UDR, Inc. (REIT) | 1842 | 71341 |  |
|  Ventas, Inc. (REIT) | 2410 | 108570 |  |
|  VICI Properties, Inc. (REIT) | 5808 | 188179 |  |
|  Vornado Realty Trust (REIT) | 971 | 20206 |  |
|  Welltower, Inc. (REIT) | 2794 | 183147 |  |
|  Weyerhaeuser Co. (REIT) | 4464 | 138384 |  |
|  |  | 5089168 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 1937 | 149071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 5238239 |  |
|  **Utilities (0.9%)** | **Utilities (0.9%)** | **Utilities (0.9%)** |  |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | **** |
|  Alliant Energy Corp. | 1513 | 83533 |  |
|  American Electric Power Co., Inc. | 3098 | 294155 |  |
|  Constellation Energy Corp. | 1971 | 169920 |  |
|  Duke Energy Corp. | 4643 | 478182 |  |
|  Edison International | 2300 | 146326 |  |
|  Entergy Corp. | 1227 | 138037 |  |
|  Evergy, Inc. | 1384 | 87095 |  |
|  Eversource Energy | 2089 | 175142 |  |
|  Exelon Corp. | 5981 | 258559 |  |
|  FirstEnergy Corp. | 3273 | 137270 |  |
|  NextEra Energy, Inc. | 11849 | 990576 |  |
|  NRG Energy, Inc. | 1418 | 45121 |  |
|  Pinnacle West Capital Corp. | 682 | 51859 |  |
|  PPL Corp. | 4440 | 129737 |  |
|  Southern Co. (The) | 6410 | 457738 |  |
|  Xcel Energy, Inc. | 3299 | 231293 |  |
|  |  | 3874543 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 844 | 94587 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 4028 | 115845 |  |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | **** |
|  Ameren Corp. | 1558 | 138537 |  |
|  CenterPoint Energy, Inc. | 3796 | 113842 |  |
|  CMS Energy Corp. | 1750 | 110828 |  |
|  Consolidated Edison, Inc. | 2138 | 203773 |  |
|  Dominion Energy, Inc. | 5020 | 307826 |  |
|  DTE Energy Co. | 1168 | 137275 |  |
|  NiSource, Inc. | 2448 | 67124 |  |
|  Public Service Enterprise Group, Inc. | 3008 | 184300 |  |
|  Sempra Energy | 1895 | 292853 |  |
|  WEC Energy Group, Inc. | 1902 | 178332 |  |
|  |  | 1734690 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Works Co., Inc. | 1096 | 167053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 5986718 |  |
|  **Total Common Stocks (29.7%)**<br> *(Cost $141,105,173)* |  | 193605128 |  |
|  | **Principal**<br>**Amount** | **Value**<br> **(Note 1)** |  |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Treasury Obligation (40.0%)** | **U.S. Treasury Obligation (40.0%)** | **U.S. Treasury Obligation (40.0%)** |  |
|  U.S. Treasury Notes<br>1.625%, 5/15/31 | $308580000 | 260457690 |  |
|  **Total Long-Term Debt Securities (40.0%)**<br> *(Cost $265,229,260)* | **Total Long-Term Debt Securities (40.0%)**<br> *(Cost $265,229,260)* | 260457690 |  |

---

See Notes to Financial Statements.

837

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br>**Rights** | | **Value**<br> **(Note 1)** | |
|  RIGHTS: | RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | **** |
|  ABIOMED, Inc., CVR\*<br>*(Cost $280)* | 274 |  | $411 |  |
|  | **Number of<br>Shares** |  | **Value**<br> **(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  ***Investment Companies (24.9%)*** | ***Investment Companies (24.9%)*** | **** |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund‡ | 32554639 |  | 32554639 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund‡ | 31891058 |  | 31891058 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund‡ | 31558068 |  | 31558068 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 65624461 |  | 65657272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 161661037 |  |
|  | **Principal**<br>**Amount** |  | **Value**<br> **(Note 1)** |  |
|  **Repurchase Agreement (0.0%)†** | **Repurchase Agreement (0.0%)†** |  |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $140,110, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $142,846. (xx) | $140045 |  | 140045 |  |
|  **Total Short-Term Investments (24.9%)**<br> *(Cost $161,771,232)* | **Total Short-Term Investments (24.9%)**<br> *(Cost $161,771,232)* |  | 161801082 |  |
|  **Total Investments in Securities (94.6%)**<br> *(Cost $568,105,945)* | **Total Investments in Securities (94.6%)**<br> *(Cost $568,105,945)* |  | 615864311 |  |
|  **Other Assets Less Liabilities (5.4%)** | **Other Assets Less Liabilities (5.4%)** |  | 34957634 |  |
|  **Net Assets (100%)** |  |  | $650821945 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $164,382. This was collateralized by $29,473 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.375%, maturing 1/19/23 – 11/15/51 and by cash of $140,045 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  SHORT-TERM INVESTMENTS: |  |  |  |  |  |  |  |  |  |
|  **Investment Companies** |  |  |  |  |  |  |  |  |  |
|  Goldman Sachs Financial Square Funds – Government Fund | 32554639 | 37911152 |  | (5356513) |  |  | 32554639 | 518781 |  |
|  Goldman Sachs Financial Square Funds – Treasury Obligations Fund | 31891058 | 37138255 |  | (5247197) |  |  | 31891058 | 504199 |  |
|  Goldman Sachs Financial Square Funds – Treasury Solutions Fund | 31558068 | 36750607 |  | (5192539) |  |  | 31558068 | 498806 |  |
|  **Total** |  | **111800014** |  | **(15796249)** |  |  | **96003765** | **1521786** |  |

---

See Notes to Financial Statements.

838

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1208 | 3/2023 | EUR | 48943972 | (2538657) |
|  FTSE 100 Index | 373 | 3/2023 | GBP | 33667057 | (158065) |
|  Russell 2000 E-Mini Index | 368 | 3/2023 | USD | 32584560 | (727258) |
|  S&P Midcap 400 E-Mini Index | 200 | 3/2023 | USD | 48852000 | (910287) |
|  TOPIX Index | 222 | 3/2023 | JPY | 31995809 | (881019) |
|  |  |  |  |  | (5215286) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $14187967 | $— | $— | $14187967 |
|  Consumer Discretionary | 19077166 |  |  | 19077166 |
|  Consumer Staples | 13998287 |  |  | 13998287 |
|  Energy | 10260487 |  |  | 10260487 |
|  Financials | 22004673 |  |  | 22004673 |
|  Health Care | 30726877 |  |  | 30726877 |
|  Industrials | 16903429 |  |  | 16903429 |
|  Information Technology | 49995025 |  |  | 49995025 |
|  Materials | 5226260 |  |  | 5226260 |
|  Real Estate | 5238239 |  |  | 5238239 |
|  Utilities | 5986718 |  |  | 5986718 |
|  **Right** |  |  |  |  |
|  Health Care |  | 411 |  | 411 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 161661037 |  |  | 161661037 |
|  Repurchase Agreement |  | 140045 |  | 140045 |
|  **U.S. Treasury Obligation** |  | 260457690 |  | 260457690 |
|  **Total Assets** | $**355266165** | $**260598146** | $**—** | $**615864311** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(5215286) | $— | $— | $(5215286) |
|  **Total Liabilities** | $**(5215286)** | $**—** | $**—** | $**(5215286)** |
|  **Total** | $**350050879** | $**260598146** | $**—** | $**610649025** |

---

See Notes to Financial Statements.

839

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(5215286) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5215286 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(21032258) | $(21032258) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21032258) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21032258) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(10244364) | $(10244364) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10244364) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10244364) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $211,459,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $27845575 |
|  Long-term U.S. government debt securities | 1203779692 |
|  | $1231625267 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $24967639 |
|  Long-term U.S. government debt securities | 1230679461 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255647100 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $66229564 |
|  Aggregate gross unrealized depreciation | (20156496) |
|  Net unrealized appreciation | $46073068 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564575957 |

---

See Notes to Financial Statements.

840

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $96,003,765) | $96003765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $471,962,135) | 519720501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $140,045) | 140045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 16092657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $476,644) | 422568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 12604951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 5468053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1399587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 26800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 651885570 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 393891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 251251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 141111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 140045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 73365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1063625 |
|  **NET ASSETS** | $650821945 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $729696218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (78874273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $650821945 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $650,821,945 / 70,084,851 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.29 |

---

*(x)* *Includes value of securities on loan of $164,382.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $7416168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,521,786 of dividend income received from affiliates) (net of $1,254 foreign withholding tax) | 6132599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 13551259 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5538985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1731184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 854114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 71694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 47900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 35421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 22521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 36206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 8338025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (284716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8053309 |
|  **NET INVESTMENT INCOME (LOSS)** | 5497950 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (48380499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (21032258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (109086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (69521843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (51071145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (10244364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 64340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (61251169) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (130773012) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(125275062) |

---

See Notes to Financial Statements.

841

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5497950 | $(1582712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (69521843) | 40661514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (61251169) | 35921941 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (125275062) | 75000743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (3785520) | (79346871) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,103,534 and 3,040,354 shares, respectively ] | 39933425 | 35478457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 395,001 and 7,136,966 shares, respectively ] | 3785520 | 79346871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5499222) and (2903292) shares, respectively ] | (52444953) | (33674534) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (8726008) | 81150794 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (137786590) | 76804666 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 788608535 | 711803869 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $650821945 | $788608535 |

---

See Notes to Financial Statements.

842

------

**EQ ADVISORS TRUST** 

EQ/GOLDMAN SACHS MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.09 | $11.15 | $10.80 | $9.95 | $10.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | (0.02) |  | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.83) | 1.18 | 0.53 | 1.63 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.75) | 1.16 | 0.53 | 1.74 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.01) | (0.02) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.21) | (0.16) | (0.78) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.05) | (1.22) | (0.18) | (0.89) | (0.10) |
|  Net asset value, end of year | $9.29 | $11.09 | $11.15 | $10.80 | $9.95 |
|  Total return | (15.76)% | 10.60% | 4.96 | 17.57% | (5.05)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504549 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.16 %(j) | 1.17 %(k) | 1.15 | 1.16 %(k) | 1.13 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 1.20% | 1.21 | 1.20% | 1.20% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.79% | (0.21)% | (0.01) | 1.05% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.75% | (0.23)% | (0.07) | 1.01% | 0.93% |
|  Portfolio turnover rate^ | 250% | 252% | 97 | 193% | 183% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

843

------

**EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> SSGA Funds Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g30x87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (7.67)% | (0.21)% | 0.01 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (7.62) | (0.21) | 0.00 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (7.43) | 0.06 | 0.25 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (7.62)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Intermediate Government Bond Index, which returned (7.73)% over the same period.

**Asset Class Overview** 

**Portfolio Highlights** 

As we look back on 2022, there were some things no one could predict, like the war in Ukraine, whose impact on fixed income markets was mostly limited to emerging markets and global indices. Throughout 2022 the Federal Reserve (Fed) hiked rates by a total of 4.25%, and another two hikes are still expected for 2023! The Fed made good on their claims that they would stop at nothing to curb inflation. To their credit, inflation has come down to 7.1% in November, but this is still well away from their 2% target, hence the anticipation of more hikes going forward.

The fixed income markets responded violently to the Fed's aggressive hiking cycle. U.S. Treasury yields surged, albeit unevenly, resulting in a curve inversion in June that deepened throughout the second half of the year — a telltale sign of impending recession. Bonds had one of their worst years in history, with all major U.S. indices posting negative returns for the majority of the twelve months.

As this is an indexed Portfolio, any small deviations in performance can be attributed to misweights due to our sampling process as well as effects from trading. The primary factors that affected markets also affected the Portfolio's performance. The main macroeconomic factor that contributed to Portfolio performance was the Fed's aggressive rate hiking cycle as a response to elevated inflation. All major U.S. bond indices experienced negative returns during the year. However, those that contained Treasuries were hit hardest due to persistent volatility within the sector. Intermediate and longer dated bonds performed more poorly than shorter dated bonds due to the added duration risk.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 3.58 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.91 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.27 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA1 |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

844

------

**EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 50.9% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 40.3 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 7.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.5 |
| &nbsp;&nbsp;&nbsp; Financials | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.3 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $977.50 | $3.23 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.94 | 3.30 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 977.30 | 3.23 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.94 | 3.30 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 977.90 | 1.98 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.20 | 2.03 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.65%, 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

845

------

**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Corporate Bond (0.1%)** | **Corporate Bond (0.1%)** | **Corporate Bond (0.1%)** |  |
|  **Financials (0.1%)** | **Financials (0.1%)** |  |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Private Export Funding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KK |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/15/24 | $5979000 | $5889693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/25 | 2500000 | 2405908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 8295601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bond** |  | 8295601 |  |
|  **U.S. Government Agency Securities (50.9%)** | **U.S. Government Agency Securities (50.9%)** | **U.S. Government Agency Securities (50.9%)** |  |
|  FFCB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/26/24 | 35370000 | 33627005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/6/24 | 17500000 | 17243742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350%, 5/16/24 | 10000000 | 9395621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 5/16/24 | 33695000 | 32722727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.390%, 6/17/24 | 10000000 | 9381747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.470%, 8/19/24 | 10000000 | 9303556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/26/24 | 25000000 | 24500620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/26/24 | 15000000 | 14902269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.440%, 11/4/24 | 10000000 | 9258669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.300%, 11/12/24 | 5000000 | 4613855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/18/24 | 25000000 | 25001575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/6/25 | 2500000 | 2337152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/14/25 | 31505000 | 29894877 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 8/4/25 | 30000000 | 27165618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.570%, 8/12/25 | 10000000 | 8998615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/25 | 15000000 | 14949957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 11/24/25 | 15000000 | 13404870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 1/13/27 | 5000000 | 4309690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 1/27/27 | 15000000 | 12912596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 | 15000000 | 12192894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.230%, 7/29/30 | 5000000 | 3897481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.240%, 9/3/30 | 10000000 | 7803927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 | 30000000 | 23195991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.990%, 3/17/31 | 10000000 | 8193636 |  |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/13/24 | 51865000 | 50721781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/28/24 | 16445000 | 15918883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/28/24 | 25000000 | 24629170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/8/24 | 22500000 | 22117257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/15/24 | 50000000 | 47357400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/14/24 | 13085000 | 12787756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/28/24 | 50000000 | 48646305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/8/24 | 26315000 | 25757509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/24 | 47875000 | 45575229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/13/24 | 46180000 | 44816780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/3/24 | 75000000 | 75127800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 12/13/24 | 40000000 | 38560608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 1/27/25 | 25000000 | 23253132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 1/28/25 | 60000000 | 56055708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/14/25 | 10000000 | 9559240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/14/25 | 41290000 | 37912305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/13/25 | 20000000 | 18191064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/13/25 | 10000000 | 9732419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/4/25 | 56620000 | 50982199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 1/20/26 | 5000000 | 4435264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/22/26 | 25000000 | 22178123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 1/28/26 | 15000000 | 13310511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 1/28/26 | 20000000 | 17775442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 2/12/26 | 10000000 | 8832390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 2/24/26 | 5000000 | 4430967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/24/26 | 25000000 | 22205087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 2/26/26 | 10000000 | 8851809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 8/13/26 | 36000000 | 31834393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 | 24000000 | 22071833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/23/26 | 50000000 | 44694915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/21/26 | 50000000 | 44690865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 1/28/27 | 69245000 | 62162109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%, 2/10/27 | 10000000 | 8648331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 | 15000000 | 13075965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 2/26/27 | 35000000 | 30321900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%, 2/26/27 | 30000000 | 26229705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 2/25/28 | 15000000 | 12757229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/9/28 | 25000000 | 23975807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 8/16/28 | 5000000 | 4126899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 66335000 | 63900897 |  |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.360%, 5/15/24 | 10000000 | 9403470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 11/25/24 | 10000000 | 9241000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/30/24 | 30000000 | 29481501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/12/25 (x) | 60000000 | 56548560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%, 3/21/25 | 25000000 | 24677400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 5/12/25 | 50000000 | 48309260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/21/25 | 7225000 | 6541685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 8/12/25 | 10000000 | 9012570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/28/25 | 35000000 | 34349595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680%, 9/2/25 | 26300000 | 23680189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 | 68490000 | 61684512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/29/25 | 15000000 | 14953539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 9/30/25 | 20000000 | 17921920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 10/15/25 | 10905000 | 9796125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 11/12/25 | 5000000 | 4462350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.640%, 11/24/25 | 15000000 | 13386925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/25/25 | 10000000 | 8954793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.620%, 12/1/25 | 15000000 | 13401253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 6/23/26 | 15000000 | 13206011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 | 20000000 | 22913100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/32 (x) | 20000000 | 23398086 |  |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/5/24 | 86045000 | 83979163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/2/24 | 60000000 | 57486324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/6/24 | 85000000 | 82509908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/24 | 65050000 | 61814231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/7/25 | 83600000 | 78993021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/22/25 | 36380000 | 33427959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/17/25 | 45000000 | 40948956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 8/25/25 | 127500000 | 114927824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.580%, 10/20/25 | 20000000 | 17887378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.560%, 10/22/25 | 10000000 | 8936986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.540%, 10/27/25 | 10000000 | 8938710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 10/29/25 | 10000000 | 8952993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/7/25 (x) | 63385000 | 56994157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.560%, 11/17/25 | 10000000 | 8927914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 12/10/25 | 10000000 | 8921377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 12/17/25 | 10000000 | 8927661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/24/26 | 119485000 | 112022098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 120000000 | 110763936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 12/18/26 | 10000000 | 8699084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 (x) | 80000000 | 68993136 |  |

---

See Notes to Financial Statements.

846

------

**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/29 | $| 25000000 | $| 27932818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 1/15/30 |  | 40000000 |  | 47143000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 134805000 |  | 107584204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 |  | 45000000 |  | 52406312 |
|  Hashemite Kingdom of Jordan AID Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/25 |  | 6301000 |  | 6065622 |
|  State of Israel AID Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/18/23 |  | 20000000 |  | 20081892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/26/24 |  | 27579000 |  | 27836811 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/24 |  | 20000000 |  | 19391900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/15/25 |  | 8330000 |  | 7635719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/15/31 |  | 10420000 |  | 8216952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 2/1/27 |  | 48000000 |  | 45558245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/1/25 |  | 15779000 |  | 16778189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 3332430000 |
|  **U.S. Treasury Obligations (40.3%)** | **U.S. Treasury Obligations (40.3%)** | **U.S. Treasury Obligations (40.3%)** | **U.S. Treasury Obligations (40.3%)** | **U.S. Treasury Obligations (40.3%)** |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/24 |  | 20000000 |  | 19069776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/31/24 |  | 35000000 |  | 33576263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/29/24 |  | 22000000 |  | 21207855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/29/24 |  | 13000000 |  | 12626670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/29/24 |  | 5000000 |  | 4871815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/24 |  | 40000000 |  | 38761800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 4/15/24 |  | 60000000 |  | 56787828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/30/24 |  | 10000000 |  | 9652411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/30/24 |  | 55000000 |  | 53431900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 5/15/24 |  | 75000000 |  | 70623645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/24 |  | 58000000 |  | 56309822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/31/24 |  | 38000000 |  | 36620976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/31/24 |  | 20000000 |  | 19406316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/30/24 |  | 19000000 |  | 18275517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/24 |  | 18000000 |  | 17571607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/31/24 |  | 23500000 |  | 22486081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 8/15/24 |  | 20000000 |  | 18692324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/31/24 |  | 22000000 |  | 20837557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 8/31/24 |  | 25000000 |  | 23922015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/31/24 |  | 4000000 |  | 3843688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 |  | 7000000 |  | 6625884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/31/24 |  | 22000000 |  | 21096009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/24 |  | 25000000 |  | 24928225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/25 |  | 25000000 |  | 23406920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 |  | 13000000 |  | 12376689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 |  | 37000000 |  | 35196013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/25 |  | 17000000 |  | 16438359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/25 |  | 50000000 |  | 48472915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/31/25 |  | 40000000 |  | 36125008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/25 |  | 30000000 |  | 28350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 10/31/25 |  | 10000000 |  | 8952840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 11/30/25 |  | 5000000 |  | 4477219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/25 |  | 30000000 |  | 29841753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 |  | 70000000 |  | 62605893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/31/26 |  | 55000000 |  | 48991047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 |  | 20000000 |  | 18520816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 |  | 43000000 |  | 38364536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/31/26 |  | 65000000 |  | 58337994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/31/26 |  | 35000000 |  | 33021615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 |  | 40000000 |  | 35799760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/26 |  | 42000000 |  | 38702387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 |  | 73000000 |  | 65185751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 6/30/26 |  | 60000000 |  | 53704290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 |  | 25000000 |  | 22109737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 |  | 90500000 |  | 82620681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/31/26 |  | 16615000 |  | 15082168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 |  | 45000000 |  | 40012213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 |  | 90000000 |  | 83315502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 |  | 10000000 |  | 9316311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 |  | 18500000 |  | 17071289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 |  | 45000000 |  | 38193669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 |  | 25000000 |  | 24902775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 |  | 25600000 |  | 24109192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 |  | 50000000 |  | 43553680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 |  | 10000000 |  | 8693901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 |  | 86500000 |  | 81794781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/31/28 |  | 60500000 |  | 52487404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 |  | 5000000 |  | 4331667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 |  | 76000000 |  | 71691590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/31/28 |  | 25000000 |  | 21399357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/30/28 |  | 30000000 |  | 25819248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 |  | 87500000 |  | 83606688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 |  | 52000000 |  | 48181500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 |  | 82000000 |  | 74715710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 |  | 15000000 |  | 14383616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 |  | 17500000 |  | 15217332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/29 |  | 20000000 |  | 19927940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 32400000 |  | 27671113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 |  | 40000000 |  | 31736560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 33500000 |  | 26441326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 |  | 36000000 |  | 28868026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 |  | 46600000 |  | 38095617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 15000000 |  | 12660786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 30000000 |  | 24426564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 84500000 |  | 69023301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 109000000 |  | 92742203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 23000000 |  | 21269857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 31000000 |  | 28311906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 3000000 |  | 3069544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  |  | 2634952543 |
|  **Total Long-Term Debt Securities (91.3%)**<br> *(Cost $6,378,014,189)* |  |  |  | 5975678144 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Fixed Income (7.9%)** | **Fixed Income (7.9%)** | **Fixed Income (7.9%)** | **Fixed Income (7.9%)** | **Fixed Income (7.9%)** |
|  Schwab Intermediate-Term U.S. Treasury ETF (x) |  | 950000 |  | 46768500 |
|  Schwab Short-Term U.S. Treasury ETF (x) |  | 950000 |  | 45828000 |
|  Vanguard Intermediate-Term Treasury ETF (x) |  | 3900000 |  | 228072000 |
|  Vanguard Short-Term Treasury ETF (x) |  | 3400000 |  | 196588000 |
|  **Total Exchange Traded Funds (7.9%)**<br> *(Cost $543,978,750)* |  |  |  | 517256500 |

---

See Notes to Financial Statements.

847

------

**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | $1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $4,373,353, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $4,458,739. (xx) | 4371313 | 4371313 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $2,000,956, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $2,041,060. (xx) | 2000000 | 2000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $8,006,922, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $8,710,628. (xx) | 8000000 | 8000000 |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $10,008,361, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $10,200,001. (xx) | 10000000 | 10000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $10,004,889, collateralized by various Common Stocks; total market value $11,106,467. (xx) | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 35371313 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $35,371,313)* |  | 35371313 |
|  **Total Investments in Securities (99.7%)**<br> *(Cost $6,957,364,252)* |  | 6528305957 |
|  **Other Assets Less Liabilities (0.3%)** |  | 19232443 |
|  **Net Assets (100%)** |  | $6547538400 |

---

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $34,564,753. This was collateralized by cash of $35,371,313 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

See Notes to Financial Statements.

848

------

**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Financials | $— | $8295601 | $— | $8295601 |
|  **Exchange Traded Funds** | 517256500 |  |  | 517256500 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 35371313 |  | 35371313 |
|  **U.S. Government Agency Securities** |  | 3332430000 |  | 3332430000 |
|  **U.S. Treasury Obligations** |  | 2634952543 |  | 2634952543 |
|  **Total Assets** | $**517256500** | $**6011049457** | $**—** | $**6528305957** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**517256500** | $**6011049457** | $**—** | $**6528305957** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1226651507 |
|  Long-term U.S. government debt securities | 2141677522 |
|  | $3368329029 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1069210913 |
|  Long-term U.S. government debt securities | 1804586602 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873797515 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1736970 |
|  Aggregate gross unrealized depreciation | (431917641) |
|  Net unrealized depreciation | $(430180671) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958486628 |

---

See Notes to Financial Statements.

849

------

**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $6,921,992,939) | $6492934644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $35,371,313) | 35371313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 118487181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 28890645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 308990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 26352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6676041123 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 89064849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 35371313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 1837622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1594532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 530067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 55412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 15291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 30486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 128502723 |
|  **NET ASSETS** | $6547538400 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $7074206442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (526668042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6547538400 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $71,571,655 / 7,612,629 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.40 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $258,717,813 / 27,693,739 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $6,217,248,932 / 661,209,350 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.40 |

---

*(x)* *Includes value of securities on loan of $34,564,753.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $97872827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 7782490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 313598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 105968915 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 20370797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6030989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 697458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 228636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 216397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 205275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 191768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 123300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 143862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 28208482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1416126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 26792356 |
|  **NET INVESTMENT INCOME (LOSS)** | 79176559 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (77657641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (487758555) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (565416196) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(486239637) |

---

See Notes to Financial Statements.

850

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**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $79176559 | $62657443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (77657641) | 48239668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (487758555) | (261590415) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (486239637) | (150693304) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (767787) | (1217368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2807391) | (4451624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (81751616) | (105926097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (85326794) | (111595089) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 660,192 and 715,423 shares, respectively ] | 6435616 | 7539695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 81,092 and 117,998 shares, respectively ] | 767787 | 1217368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1341482) and (1412177) shares, respectively ] | (13077067) | (14851560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (5873664) | (6094497) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,836,006 and 3,971,467 shares, respectively ] | 37133790 | 41606669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 298,400 and 434,210 shares, respectively ] | 2807391 | 4451624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6583490) and (7902299) shares, respectively ] | (63666902) | (82725970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (23725721) | (36667677) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 278,332,909 and 100,983,097 shares, respectively ] | 2676342063 | 1067382034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 8,632,645 and 10,264,866 shares, respectively ] | 81751616 | 105926097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (232556527) and (217518606) shares, respectively ] | (2246480351) | (2285814747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 511613328 | (1112506616) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 482013943 | (1155268790) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (89552488) | (1417557183) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6637090888 | 8054648071 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $6547538400 | $6637090888 |

---

See Notes to Financial Statements.

851

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**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.29 | $10.66 | $10.39 | $10.13 | $10.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.06 | 0.10 | 0.16 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.88) | (0.28) | 0.33 | 0.26 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.79) | (0.22) | 0.43 | 0.42 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.08) | (0.10) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.07) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.10) | (0.15) | (0.16) | (0.16) | (0.13) |
|  Net asset value, end of year | $9.40 | $10.29 | $10.66 | $10.39 | $10.13 |
|  Total return | (7.67)% | (2.08)% | 4.22% | 4.18% | 0.81% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92532 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.65% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.67% | 0.66% | 0.67% | 0.67% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.96% | 0.57% | 0.97% | 1.50% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.94% | 0.55% | 0.97% | 1.50% | 1.27% |
|  Portfolio turnover rate^ | 45% | 31% | 60% | 59% | 70% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.22 | $10.60 | $10.32 | $10.07 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.06 | 0.10 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.87) | (0.29) | 0.34 | 0.26 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.78) | (0.23) | 0.44 | 0.41 | 0.08 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.08) | (0.10) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.07) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.10) | (0.15) | (0.16) | (0.16) | (0.13) |
|  Net asset value, end of year | $9.34 | $10.22 | $10.60 | $10.32 | $10.07 |
|  Total return | (7.62)% | (2.18)% | 4.34% | 4.11% | 0.82% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330469 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.65% | 0.65% | 0.66% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.67% | 0.66% | 0.67% | 0.67% | 0.67% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.96% | 0.57% | 0.97% | 1.50% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.94% | 0.55% | 0.97% | 1.50% | 1.27% |
|  Portfolio turnover rate^ | 45% | 31% | 60% | 59% | 70% |

---

See Notes to Financial Statements.

852

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**EQ ADVISORS TRUST** 

EQ/INTERMEDIATE GOVERNMENT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.29 | $10.66 | $10.39 | $10.13 | $10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.09 | 0.13 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.88) | (0.29) | 0.33 | 0.27 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.76) | (0.20) | 0.46 | 0.45 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.10) | (0.13) | (0.19) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) | (0.07) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.13) | (0.17) | (0.19) | (0.19) | (0.16) |
|  Net asset value, end of year | $9.40 | $10.29 | $10.66 | $10.39 | $10.13 |
|  Total return | (7.43)% | (1.85)% | 4.48% | 4.44% | 1.16% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705387 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.40% | 0.40% | 0.41% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.42% | 0.41% | 0.42% | 0.42% | 0.42% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.23% | 0.82% | 1.22% | 1.75% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.21% | 0.80% | 1.22% | 1.75% | 1.53% |
|  Portfolio turnover rate^ | 45% | 31% | 60% | 59% | 70% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

853

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**EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> EARNEST Partners, LLC

<sub>⮚</sub> Federated Global Investment Management Corp.

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g17p88.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (14.14)% | 1.33% | 3.61 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.12) | 1.33 | 3.60 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (13.88) | 1.59 | 3.87 |  |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 1.54 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.12)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI EAFE<sup>®</sup> Index, which returned (11.94)% and (14.45)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio benefitted from positive stock selection across multiple sectors, including Industrials, Information
Technology, and Financials.

• Within Industrials, overweighting Rheinmetall AG (Germany) added to relative results. In IT, overweighting Edenred (France)
added to relative results. Within Financials, overweighting Grupo Financiero Banorte SAB de CV (Mexico) and DBS Group Holdings Ltd. (Singapore) added to relative results.

• A relative overweight position in the Energy sector contributed to performance.

***What hurt performance during the year:***

• A relative overweight to the Information Technology sector was the leading detractor from relative performance.

• Stock selection detracted across multiple sectors, including Health Care and Communications.

• Underweighting BHP Group Ltd. (Australia) in the Materials sector detracted from relative performance.

• Both sector allocation and security selection detracted from relative results in the Consumer Discretionary sector.

• During the year, the Portfolio reduced its equity exposure for 36 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market<br>Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $175018202 | 14.6% |
| &nbsp;&nbsp;&nbsp; Industrials | 148459731 | 12.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 131429181 | 11.0 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 107876494 | 9.0 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 105623026 | 8.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 105112207 | 8.8 |
| &nbsp;&nbsp;&nbsp; Information Technology | 98669605 | 8.2 |
| &nbsp;&nbsp;&nbsp; Materials | 81173718 | 6.8 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 64537118 | 5.4 |
| &nbsp;&nbsp;&nbsp; Energy | 44490850 | 3.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 39546465 | 3.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 24469329 | 2.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 16488157 | 1.4 |
| &nbsp;&nbsp;&nbsp; Investment Company | 5000000 | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 49511577 | 4.1 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

854

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**EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1063.80 | $5.37 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.99 | 5.26 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1063.80 | 5.38 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.99 | 5.26 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1065.00 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.26 | 3.99 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.78%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.78%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.78%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.03%, 1.03% and 0.78%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

855

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (4.7%)** | **Australia (4.7%)** | **Australia (4.7%)** |
|  Ampol Ltd. | 9487 | $182667 |
|  ANZ Group Holdings Ltd.\* | 127682 | 2056818 |
|  APA Group | 51345 | 376151 |
|  Aristocrat Leisure Ltd. | 57929 | 1203738 |
|  ASX Ltd. | 8242 | 381699 |
|  Aurizon Holdings Ltd. | 77109 | 195824 |
|  BHP Group Ltd. (ASE Stock Exchange) | 123220 | 3828099 |
|  BHP Group Ltd. (London Stock Exchange) | 93034 | 2890568 |
|  BlueScope Steel Ltd. | 21435 | 245763 |
|  Brambles Ltd. | 59717 | 490746 |
|  Cochlear Ltd. | 2799 | 388991 |
|  Coles Group Ltd. | 56755 | 646088 |
|  Commonwealth Bank of Australia | 72637 | 5074073 |
|  Dexus (REIT) | 44852 | 236666 |
|  Endeavour Group Ltd. | 58253 | 254627 |
|  Flutter Entertainment plc (Dublin Stock Exchange)\* | 7092 | 970211 |
|  Flutter Entertainment plc (London Stock Exchange)\* | 13911 | 1898719 |
|  Fortescue Metals Group Ltd. | 72055 | 1006193 |
|  Glencore plc | 416315 | 2780251 |
|  Goodman Group (REIT) | 72248 | 853939 |
|  GPT Group (The) (REIT) | 81507 | 233075 |
|  IDP Education Ltd. | 9216 | 170547 |
|  IGO Ltd. | 29094 | 266624 |
|  Insurance Australia Group Ltd. | 102468 | 331385 |
|  Lendlease Corp. Ltd. | 30816 | 164492 |
|  Lottery Corp. Ltd. (The)\* | 176473 | 538279 |
|  Macquarie Group Ltd. | 15673 | 1781624 |
|  Medibank Pvt Ltd. | 117620 | 236241 |
|  Mineral Resources Ltd. | 7358 | 386748 |
|  Mirvac Group (REIT) | 159470 | 231265 |
|  National Australia Bank Ltd. | 135539 | 2773989 |
|  Newcrest Mining Ltd. | 38753 | 544586 |
|  Northern Star Resources Ltd. | 51163 | 380043 |
|  Orica Ltd. | 104847 | 1075059 |
|  Origin Energy Ltd. | 70684 | 371527 |
|  Pilbara Minerals Ltd.\* | 108303 | 276518 |
|  Qantas Airways Ltd.\* | 38454 | 157350 |
|  QBE Insurance Group Ltd. | 63466 | 580321 |
|  Ramsay Health Care Ltd. | 7528 | 331616 |
|  REA Group Ltd. | 2335 | 176148 |
|  Reece Ltd. (x) | 9643 | 92901 |
|  Rio Tinto Ltd. | 15795 | 1251876 |
|  Rio Tinto plc | 48001 | 3364626 |
|  Rio Tinto plc (ADR) (x) | 31978 | 2276834 |
|  Santos Ltd. | 136189 | 662051 |
|  Scentre Group (REIT) | 216432 | 424390 |
|  SEEK Ltd. | 13829 | 197254 |
|  Sonic Healthcare Ltd. | 20270 | 413611 |
|  South32 Ltd. | 199127 | 542303 |
|  Stockland (REIT) | 97879 | 241907 |
|  Suncorp Group Ltd. | 54986 | 450744 |
|  Telstra Group Ltd. | 172940 | 469807 |
|  Transurban Group | 129858 | 1147611 |
|  Treasury Wine Estates Ltd. | 31455 | 291474 |
|  Vicinity Ltd. (REIT) | 159395 | 217048 |
|  Washington H Soul Pattinson & Co. Ltd. | 9572 | 180263 |
|  Wesfarmers Ltd. | 48244 | 1508002 |
|  Westpac Banking Corp. | 149459 | 2376076 |
|  WiseTech Global Ltd. | 13892 | 480012 |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 64546 | 1557463 |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 16811 | 404449 |
|  Woolworths Group Ltd. | 51569 | 1178317 |
|  |  | 56698287 |
|  **Austria (0.3%)** | **Austria (0.3%)** | **Austria (0.3%)** |
|  Erste Group Bank AG | 82441 | 2638644 |
|  Mondi plc | 21477 | 365971 |
|  OMV AG | 6591 | 339362 |
|  Verbund AG | 2771 | 233293 |
|  voestalpine AG | 4513 | 119711 |
|  |  | 3696981 |
|  **Belgium (0.8%)** | **Belgium (0.8%)** | **Belgium (0.8%)** |
|  Ageas SA/NV | 7052 | 312672 |
|  Anheuser-Busch InBev SA/NV | 107879 | 6498008 |
|  D'ieteren Group | 1061 | 203526 |
|  Elia Group SA/NV | 1295 | 184092 |
|  Groupe Bruxelles Lambert SA (Swiss Stock exchange) | 1483 | 118832 |
|  Groupe Bruxelles Lambert SA (Turquoise Stock Exchange) | 2716 | 216830 |
|  KBC Group NV | 10428 | 670652 |
|  Sofina SA | 665 | 146356 |
|  Solvay SA | 3324 | 336105 |
|  UCB SA | 5324 | 419224 |
|  Umicore SA | 8745 | 321272 |
|  Warehouses De Pauw CVA (REIT) | 6344 | 181318 |
|  |  | 9608887 |
|  **Brazil (0.4%)** | **Brazil (0.4%)** | **Brazil (0.4%)** |
|  Ambev SA\* | 763400 | 2099449 |
|  Banco Bradesco SA (ADR)\* | 495935 | 1428293 |
|  Hypera SA\* | 54909 | 470077 |
|  Petroleo Brasileiro SA (ADR) | 82784 | 881650 |
|  Yara International ASA | 7310 | 321297 |
|  |  | 5200766 |
|  **Canada (1.5%)** | **Canada (1.5%)** | **Canada (1.5%)** |
|  Agnico Eagle Mines Ltd. | 30909 | 1606172 |
|  CAE, Inc.\* | 98900 | 1912992 |
|  Canadian National Railway Co. (New York Stock Exchange) | 15020 | 1785578 |
|  Canadian National Railway Co. (Toronto Stock Exchange) | 16165 | 1920221 |
|  Canadian Pacific Railway Ltd. | 19104 | 1424334 |
|  Element Fleet Management Corp. | 110564 | 1506577 |
|  Franco-Nevada Corp. | 11959 | 1630187 |
|  Magna International, Inc. | 31053 | 1744381 |
|  Restaurant Brands International, Inc. | 39444 | 2550843 |
|  Ritchie Bros Auctioneers, Inc. | 25851 | 1493210 |
|  |  | 17574495 |
|  **Chile (0.2%)** | **Chile (0.2%)** | **Chile (0.2%)** |
|  Antofagasta plc | 16511 | 308497 |

---

See Notes to Financial Statements.

856

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sociedad Quimica y Minera de Chile SA (ADR) | 30367 | $| 2424501 |
|  |  |  | 2732998 |
|  **China (1.5%)** | **China (1.5%)** | **China (1.5%)** | **China (1.5%)** |
|  Alibaba Group Holding Ltd.\* | 113700 |  | 1256382 |
|  Anhui Conch Cement Co. Ltd., Class H | 192500 |  | 673280 |
|  Baidu, Inc. (ADR)\* | 15172 |  | 1735373 |
|  BOC Hong Kong Holdings Ltd. | 155543 |  | 530071 |
|  Budweiser Brewing Co. APAC Ltd. (m) | 76400 |  | 240296 |
|  BYD Co. Ltd., Class H | 54000 |  | 1332454 |
|  China Life Insurance Co. Ltd., Class H | 552000 |  | 947645 |
|  China Resources Gas Group Ltd. | 252300 |  | 947081 |
|  ESR Group Ltd. (m) | 79800 |  | 167463 |
|  Kingsoft Corp. Ltd. | 112800 |  | 377183 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 95500 |  | 631940 |
|  Prosus NV\* | 44168 |  | 3047172 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (x) | 348000 |  | 1114606 |
|  SITC International Holdings Co. Ltd. | 59000 |  | 131221 |
|  Tencent Holdings Ltd. | 33200 |  | 1420648 |
|  TravelSky Technology Ltd., Class H | 712000 |  | 1505102 |
|  Wilmar International Ltd. | 77555 |  | 241455 |
|  Xinyi Glass Holdings Ltd. | 76000 |  | 141573 |
|  Yum China Holdings, Inc. (Hong Kong stock exchange) | 5750 |  | 323396 |
|  Yum China Holdings, Inc. (New York stock exchange) | 13390 |  | 731763 |
|  |  |  | 17496104 |
|  **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** |
|  Bancolombia SA (ADR) | 51521 |  | 1470410 |
|  Ecopetrol SA (ADR) (x) | 90162 |  | 943996 |
|  |  |  | 2414406 |
|  **Denmark (1.7%)** | **Denmark (1.7%)** | **Denmark (1.7%)** | **Denmark (1.7%)** |
|  AP Moller – Maersk A/S, Class A | 124 |  | 274353 |
|  AP Moller – Maersk A/S, Class B | 212 |  | 476686 |
|  Carlsberg A/S, Class B | 4142 |  | 550454 |
|  Chr Hansen Holding A/S | 4617 |  | 332112 |
|  Coloplast A/S, Class B | 4969 |  | 580818 |
|  Danske Bank A/S | 30308 |  | 599022 |
|  Demant A/S\* | 3889 |  | 107794 |
|  DSV A/S | 8102 |  | 1278840 |
|  Genmab A/S\* | 2796 |  | 1183716 |
|  Novo Nordisk A/S, Class B | 84619 |  | 11425782 |
|  Novozymes A/S, Class B | 8741 |  | 442788 |
|  Orsted A/S (m) | 8001 |  | 727102 |
|  Pandora A/S | 3831 |  | 269176 |
|  ROCKWOOL A/S, Class B | 382 |  | 89798 |
|  Tryg A/S | 14964 |  | 356178 |
|  Vestas Wind Systems A/S | 42969 |  | 1250077 |
|  |  |  | 19944696 |
|  **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** |
|  Elisa OYJ | 6149 |  | 325555 |
|  Fortum OYJ | 18193 |  | 302637 |
|  Kesko OYJ, Class B | 12090 |  | 266859 |
|  Kone OYJ, Class B | 14462 |  | 747725 |
|  Metso Outotec OYJ | 75100 |  | 772716 |
|  Neste OYJ | 17940 |  | 826151 |
|  Nokia OYJ | 229414 |  | 1062608 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 2447 |  | 26273 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 243959 |  | 2610995 |
|  Orion OYJ, Class B | 4218 |  | 231357 |
|  Sampo OYJ, Class A | 20220 |  | 1056684 |
|  Stora Enso OYJ, Class R | 23507 |  | 330894 |
|  UPM-Kymmene OYJ | 22669 |  | 847612 |
|  Wartsila OYJ Abp | 21524 |  | 181282 |
|  |  |  | 9589348 |
|  **France (9.4%)** | **France (9.4%)** | **France (9.4%)** | **France (9.4%)** |
|  Accor SA\* | 145571 |  | 3638548 |
|  Adevinta ASA\* | 11739 |  | 78605 |
|  Aeroports de Paris\* | 1194 |  | 160020 |
|  Air Liquide SA | 37713 |  | 5344972 |
|  Airbus SE | 42236 |  | 5019384 |
|  Alstom SA (x) | 13994 |  | 341841 |
|  Amundi SA (m) | 2575 |  | 146090 |
|  Arkema SA | 2513 |  | 225641 |
|  AXA SA | 79996 |  | 2231134 |
|  BioMerieux | 1684 |  | 176514 |
|  BNP Paribas SA | 77006 |  | 4389455 |
|  Bollore SE | 39268 |  | 219420 |
|  Bouygues SA | 9454 |  | 283766 |
|  Bureau Veritas SA | 12174 |  | 320709 |
|  Capgemini SE | 26550 |  | 4432169 |
|  Carrefour SA | 25840 |  | 432609 |
|  Cie de Saint-Gobain | 20815 |  | 1017147 |
|  Cie Generale des Etablissements Michelin SCA | 28868 |  | 802982 |
|  Covivio (REIT) | 1895 |  | 112481 |
|  Credit Agricole SA | 50042 |  | 526622 |
|  Danone SA | 27685 |  | 1458951 |
|  Dassault Aviation SA | 1153 |  | 195255 |
|  Dassault Systemes SE | 44824 |  | 1607152 |
|  Edenred | 43501 |  | 2369260 |
|  Eiffage SA | 3692 |  | 363277 |
|  Electricite de France SA | 24379 |  | 313158 |
|  Engie SA | 100215 |  | 1436200 |
|  EssilorLuxottica SA (Borsa Italiana Stock Exchange) | 4356 |  | 788027 |
|  EssilorLuxottica SA (Turquoise Stock Exchange) | 26339 |  | 4770523 |
|  Eurazeo SE | 2019 |  | 125568 |
|  Gecina SA (REIT) | 2053 |  | 209105 |
|  Getlink SE | 19680 |  | 315470 |
|  Hermes International | 1352 |  | 2091274 |
|  Ipsen SA | 1724 |  | 185468 |
|  Kering SA | 5584 |  | 2842250 |
|  Klepierre SA (REIT)\* | 8749 |  | 201636 |
|  La Francaise des Jeux SAEM (m) | 4300 |  | 172978 |
|  Legrand SA | 11380 |  | 911436 |
|  L'Oreal SA | 10311 |  | 3682080 |
|  LVMH Moet Hennessy Louis Vuitton SE | 19187 |  | 13964279 |
|  Orange SA | 84888 |  | 843349 |
|  Pernod Ricard SA | 32239 |  | 6341256 |

---

See Notes to Financial Statements.

857

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Publicis Groupe SA | 9776 | $| 621814 |
|  Remy Cointreau SA | 893 |  | 150652 |
|  Renault SA\* | 27890 |  | 933710 |
|  Safran SA | 36016 |  | 4507655 |
|  Sanofi | 68196 |  | 6558357 |
|  Sartorius Stedim Biotech | 1194 |  | 386631 |
|  SEB SA | 1113 |  | 93228 |
|  Societe Generale SA | 34467 |  | 866299 |
|  Sodexo SA | 3613 |  | 346067 |
|  Teleperformance | 12611 |  | 3006326 |
|  Thales SA | 4645 |  | 593188 |
|  TotalEnergies SE | 131317 |  | 8244330 |
|  Ubisoft Entertainment SA\* | 4228 |  | 119528 |
|  Unibail-Rodamco-Westfield (REIT) (x)\* | 5156 |  | 268401 |
|  Valeo | 8706 |  | 155633 |
|  Veolia Environnement SA | 80772 |  | 2075097 |
|  Vinci SA | 52708 |  | 5263541 |
|  Vivendi SE | 31293 |  | 298598 |
|  Wendel SE | 1104 |  | 103051 |
|  Worldline SA (m)\* | 78142 |  | 3055629 |
|  |  |  | 112735796 |
|  **Germany (6.7%)** | **Germany (6.7%)** | **Germany (6.7%)** | **Germany (6.7%)** |
|  adidas AG | 7374 |  | 1006105 |
|  Allianz SE (Registered) | 22937 |  | 4932680 |
|  Aroundtown SA | 43791 |  | 102330 |
|  BASF SE | 39081 |  | 1940691 |
|  Bayer AG (Registered) | 105241 |  | 5444064 |
|  Bayerische Motoren Werke AG | 14088 |  | 1257412 |
|  Bayerische Motoren Werke AG (Preference) (q) | 2622 |  | 223275 |
|  Bechtle AG | 3285 |  | 116253 |
|  Beiersdorf AG | 4376 |  | 502156 |
|  Brenntag SE | 6770 |  | 432788 |
|  Carl Zeiss Meditec AG | 1644 |  | 207483 |
|  Commerzbank AG\* | 44585 |  | 421707 |
|  Continental AG | 31124 |  | 1865068 |
|  Covestro AG (m) | 57388 |  | 2245302 |
|  Daimler Truck Holding AG\* | 19304 |  | 598119 |
|  Deutsche Bank AG (Registered) | 87687 |  | 993838 |
|  Deutsche Boerse AG | 16398 |  | 2833093 |
|  Deutsche Lufthansa AG (Registered)\* | 24376 |  | 202614 |
|  Deutsche Post AG (Registered) | 42177 |  | 1588320 |
|  Deutsche Telekom AG (Registered) | 295963 |  | 5904772 |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 4805 |  | 487348 |
|  E.ON SE | 95529 |  | 954486 |
|  Evonik Industries AG | 8477 |  | 162746 |
|  Fresenius Medical Care AG & Co. KGaA | 8727 |  | 285579 |
|  Fresenius SE & Co. KGaA | 17700 |  | 497358 |
|  GEA Group AG | 41754 |  | 1707371 |
|  Hannover Rueck SE | 2621 |  | 520448 |
|  HeidelbergCement AG | 6589 |  | 375794 |
|  HelloFresh SE\* | 7014 |  | 154142 |
|  Henkel AG & Co. KGaA | 4453 |  | 287195 |
|  Henkel AG & Co. KGaA (Preference) (q) | 7837 |  | 545460 |
|  Infineon Technologies AG | 55566 |  | 1691034 |
|  Knorr-Bremse AG | 3276 |  | 178987 |
|  LEG Immobilien SE | 3210 |  | 209124 |
|  Mercedes-Benz Group AG | 34253 |  | 2251300 |
|  Merck KGaA | 22325 |  | 4323111 |
|  MTU Aero Engines AG | 11578 |  | 2506000 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 5961 |  | 1939810 |
|  Nemetschek SE | 2496 |  | 127420 |
|  Porsche Automobil Holding SE (Preference) (q) | 6460 |  | 354330 |
|  Puma SE | 4395 |  | 266752 |
|  Rational AG | 208 |  | 123573 |
|  Rheinmetall AG | 9158 |  | 1823882 |
|  RWE AG | 41287 |  | 1838098 |
|  SAP SE | 96252 |  | 9931346 |
|  Sartorius AG (Preference) (q) | 1028 |  | 406496 |
|  Scout24 SE (m) | 3524 |  | 177032 |
|  Siemens AG (Registered) | 57472 |  | 7975570 |
|  Siemens Energy AG | 19187 |  | 360968 |
|  Siemens Healthineers AG (m) | 11909 |  | 595714 |
|  Symrise AG | 16778 |  | 1825635 |
|  Telefonica Deutschland Holding AG | 39902 |  | 98368 |
|  United Internet AG (Registered) | 4348 |  | 87920 |
|  Volkswagen AG | 1339 |  | 211632 |
|  Volkswagen AG (Preference) (q) | 7897 |  | 984138 |
|  Vonovia SE | 52868 |  | 1246168 |
|  Zalando SE (m)\* | 9140 |  | 323945 |
|  |  |  | 80654350 |
|  **Hong Kong (2.2%)** | **Hong Kong (2.2%)** | **Hong Kong (2.2%)** | **Hong Kong (2.2%)** |
|  AIA Group Ltd. | 991652 |  | 11027602 |
|  CK Asset Holdings Ltd. | 85205 |  | 524518 |
|  CK Infrastructure Holdings Ltd. | 30340 |  | 158785 |
|  CLP Holdings Ltd. | 70064 |  | 511200 |
|  Futu Holdings Ltd. (ADR) (x)\* | 2828 |  | 114958 |
|  Hang Lung Properties Ltd. | 79438 |  | 155305 |
|  Hang Seng Bank Ltd. | 32174 |  | 535035 |
|  Henderson Land Development Co. Ltd. | 63906 |  | 223105 |
|  HK Electric Investments & HK Electric Investments Ltd. (m) | 122500 |  | 81139 |
|  HKT Trust & HKT Ltd. | 159042 |  | 194996 |
|  Hong Kong & China Gas Co. Ltd. | 467330 |  | 444252 |
|  Hong Kong Exchanges & Clearing Ltd. | 51239 |  | 2213555 |
|  Hongkong Land Holdings Ltd. | 52400 |  | 233966 |
|  Jardine Matheson Holdings Ltd. | 6700 |  | 341700 |
|  Link REIT (REIT) | 88799 |  | 651876 |
|  MTR Corp. Ltd. | 67118 |  | 355563 |
|  New World Development Co. Ltd. | 67559 |  | 190418 |
|  Power Assets Holdings Ltd. | 58496 |  | 320379 |
|  Prudential plc | 366692 |  | 4998346 |
|  Sino Land Co. Ltd. | 159239 |  | 199114 |
|  Sun Hung Kai Properties Ltd. | 61778 |  | 845293 |
|  Swire Pacific Ltd., Class A | 19331 |  | 170143 |
|  Swire Properties Ltd. | 44600 |  | 113365 |
|  Techtronic Industries Co. Ltd. | 60000 |  | 669532 |
|  WH Group Ltd. (m) | 331323 |  | 192712 |
|  Wharf Real Estate Investment Co. Ltd. | 68330 |  | 398313 |
|  |  |  | 25865170 |

---

See Notes to Financial Statements.

858

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **India (0.8%)** | **India (0.8%)** | **India (0.8%)** |
|  HDFC Bank Ltd. | 100699 | $1981785 |
|  HDFC Bank Ltd. (ADR) | 34318 | 2347694 |
|  ICICI Bank Ltd. (ADR) | 109157 | 2389447 |
|  ITC Ltd. | 194817 | 780751 |
|  Reliance Industries Ltd. | 29819 | 918107 |
|  UPL Ltd. | 108044 | 935280 |
|  |  | 9353064 |
|  **Ireland (0.5%)** | **Ireland (0.5%)** | **Ireland (0.5%)** |
|  AerCap Holdings NV\* | 5935 | 346129 |
|  AIB Group plc | 45650 | 176700 |
|  Bank of Ireland Group plc | 45690 | 435289 |
|  CRH plc | 74498 | 2951414 |
|  Kerry Group plc, Class A | 6761 | 609671 |
|  Kingspan Group plc | 12862 | 696392 |
|  Smurfit Kappa Group plc | 10592 | 391848 |
|  |  | 5607443 |
|  **Israel (0.6%)** | **Israel (0.6%)** | **Israel (0.6%)** |
|  Azrieli Group Ltd. | 2018 | 134290 |
|  Bank Hapoalim BM | 54144 | 489328 |
|  Bank Leumi Le-Israel BM | 65903 | 550396 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 87583 | 151214 |
|  Check Point Software Technologies Ltd.\* | 21864 | 2758362 |
|  Elbit Systems Ltd. | 1207 | 196734 |
|  ICL Group Ltd. | 29531 | 213855 |
|  Israel Discount Bank Ltd., Class A | 53507 | 281765 |
|  Mizrahi Tefahot Bank Ltd. | 6721 | 218057 |
|  Nice Ltd.\* | 2680 | 519810 |
|  Nice Ltd. (ADR)\* | 2251 | 432867 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 45532 | 415252 |
|  Tower Semiconductor Ltd.\* | 4652 | 203103 |
|  Wix.com Ltd.\* | 2454 | 188541 |
|  ZIM Integrated Shipping Services Ltd. (x) | 3577 | 61489 |
|  |  | 6815063 |
|  **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** |
|  Amplifon SpA | 5071 | 151014 |
|  Assicurazioni Generali SpA | 47092 | 837556 |
|  Coca-Cola HBC AG\* | 8530 | 203463 |
|  Davide Campari-Milano NV | 23513 | 238707 |
|  DiaSorin SpA | 1086 | 151591 |
|  Enel SpA | 347203 | 1869467 |
|  Eni SpA | 107105 | 1523247 |
|  Ferrari NV | 5363 | 1149313 |
|  FinecoBank Banca Fineco SpA | 25374 | 421548 |
|  Infrastrutture Wireless Italiane SpA (m) | 15133 | 152499 |
|  Intesa Sanpaolo SpA | 716256 | 1593236 |
|  Leonardo SpA | 192418 | 1660149 |
|  Mediobanca Banca di Credito Finanziario SpA | 24401 | 234663 |
|  Moncler SpA | 9008 | 477309 |
|  Nexi SpA (m)\* | 239123 | 1885469 |
|  Poste Italiane SpA (m) | 23675 | 231279 |
|  Prysmian SpA | 117733 | 4368106 |
|  Recordati Industria Chimica e Farmaceutica SpA | 4468 | 185332 |
|  Snam SpA | 84918 | 411507 |
|  Telecom Italia SpA\* | 347867 | 80545 |
|  Terna – Rete Elettrica Nazionale | 60313 | 445478 |
|  UniCredit SpA | 82010 | 1165117 |
|  |  | 19436595 |
|  **Japan (14.6%)** | **Japan (14.6%)** | **Japan (14.6%)** |
|  Advantest Corp. | 8300 | 536300 |
|  Aeon Co. Ltd. | 27552 | 584252 |
|  AEON Financial Service Co. Ltd. | 46000 | 490704 |
|  AGC, Inc. (x) | 8150 | 272929 |
|  Aisin Corp. | 5738 | 154337 |
|  Ajinomoto Co., Inc. | 19168 | 588740 |
|  ANA Holdings, Inc.\* | 6130 | 130783 |
|  Asahi Group Holdings Ltd. | 19287 | 605327 |
|  Asahi Intecc Co. Ltd. | 9300 | 153347 |
|  Asahi Kasei Corp. | 55578 | 398668 |
|  Astellas Pharma, Inc. | 78850 | 1205521 |
|  Azbil Corp. | 4900 | 124143 |
|  Bandai Namco Holdings, Inc. | 8819 | 558680 |
|  Bridgestone Corp. (x) | 24064 | 860136 |
|  Brother Industries Ltd. | 10615 | 162331 |
|  Canon, Inc. (x) | 42530 | 925361 |
|  Capcom Co. Ltd. | 7000 | 224550 |
|  Central Japan Railway Co. | 6300 | 777899 |
|  Chiba Bank Ltd. (The) | 21772 | 159591 |
|  Chubu Electric Power Co., Inc. | 27254 | 282840 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 28541 | 732445 |
|  Concordia Financial Group Ltd. | 48300 | 202415 |
|  CyberAgent, Inc. | 17000 | 151295 |
|  Dai Nippon Printing Co. Ltd. | 9881 | 199517 |
|  Daifuku Co. Ltd. | 4100 | 193066 |
|  Dai-ichi Life Holdings, Inc. | 42800 | 976404 |
|  Daiichi Sankyo Co. Ltd. | 74961 | 2427494 |
|  Daikin Industries Ltd. | 10623 | 1635055 |
|  Daito Trust Construction Co. Ltd. | 2738 | 282479 |
|  Daiwa House Industry Co. Ltd. | 26058 | 603400 |
|  Daiwa House REIT Investment Corp. (REIT) | 90 | 201204 |
|  Daiwa Securities Group, Inc. | 56376 | 250436 |
|  Denso Corp. | 61512 | 3063414 |
|  Dentsu Group, Inc. (x) | 9174 | 289746 |
|  Disco Corp. | 1200 | 345169 |
|  East Japan Railway Co. | 13125 | 752057 |
|  Eisai Co. Ltd. | 10854 | 719851 |
|  ENEOS Holdings, Inc. | 132038 | 450724 |
|  FANUC Corp. | 8144 | 1230846 |
|  Fast Retailing Co. Ltd. | 2516 | 1543839 |
|  Fuji Electric Co. Ltd. | 5457 | 209149 |
|  FUJIFILM Holdings Corp. | 15268 | 770729 |
|  Fujitsu Ltd. | 8374 | 1123956 |
|  GLP J-REIT (REIT) | 182 | 209819 |
|  GMO Payment Gateway, Inc. | 1800 | 149771 |
|  Hakuhodo DY Holdings, Inc. | 9660 | 97895 |
|  Hamamatsu Photonics KK | 5900 | 284121 |
|  Hankyu Hanshin Holdings, Inc. | 9600 | 286742 |
|  Hikari Tsushin, Inc. (x) | 900 | 127690 |
|  Hirose Electric Co. Ltd. | 1267 | 160258 |
|  Hitachi Construction Machinery Co. Ltd. | 4751 | 107118 |

---

See Notes to Financial Statements.

859

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Hitachi Ltd. | 166742 | $8500996 |
|  Honda Motor Co. Ltd. | 69604 | 1608041 |
|  Hoshizaki Corp. | 4400 | 156065 |
|  Hoya Corp. | 15402 | 1491027 |
|  Hulic Co. Ltd. (x) | 16400 | 129960 |
|  Ibiden Co. Ltd. | 5100 | 185946 |
|  Idemitsu Kosan Co. Ltd. | 8795 | 205735 |
|  Iida Group Holdings Co. Ltd. | 7100 | 108253 |
|  Inpex Corp. | 44800 | 476538 |
|  Isuzu Motors Ltd. | 25869 | 304933 |
|  Ito En Ltd. | 2000 | 72996 |
|  ITOCHU Corp. | 50532 | 1596355 |
|  Itochu Techno-Solutions Corp. | 4800 | 112283 |
|  Japan Airlines Co. Ltd. (x)\* | 5458 | 112079 |
|  Japan Exchange Group, Inc. | 21500 | 310852 |
|  Japan Metropolitan Fund Invest (REIT) | 282 | 224973 |
|  Japan Post Bank Co. Ltd. (x) | 18800 | 161585 |
|  Japan Post Holdings Co. Ltd. | 103900 | 878368 |
|  Japan Post Insurance Co. Ltd. | 7900 | 139713 |
|  Japan Real Estate Investment Corp. (REIT) | 55 | 241809 |
|  Japan Tobacco, Inc. (x) | 51100 | 1036095 |
|  JFE Holdings, Inc. | 20676 | 241987 |
|  JSR Corp. | 7718 | 152196 |
|  Kajima Corp. | 18269 | 213816 |
|  Kakaku.com, Inc. | 5700 | 91728 |
|  Kansai Electric Power Co., Inc. (The) | 31323 | 305258 |
|  Kao Corp. (x) | 37167 | 1488209 |
|  KDDI Corp. | 90000 | 2730722 |
|  Keio Corp. | 4869 | 179564 |
|  Keisei Electric Railway Co. Ltd. | 5277 | 150984 |
|  Keyence Corp. | 17232 | 6751520 |
|  Kikkoman Corp. | 6223 | 329074 |
|  Kintetsu Group Holdings Co. Ltd. | 6898 | 228900 |
|  Kirin Holdings Co. Ltd. (x) | 34291 | 525443 |
|  Kobayashi Pharmaceutical Co. Ltd. | 2300 | 158252 |
|  Kobe Bussan Co. Ltd. | 6200 | 179046 |
|  Koei Tecmo Holdings Co. Ltd. | 5460 | 99515 |
|  Koito Manufacturing Co. Ltd. | 40900 | 619234 |
|  Komatsu Ltd. | 39472 | 864991 |
|  Konami Group Corp. | 4188 | 190509 |
|  Kose Corp. (x) | 6600 | 725175 |
|  Kubota Corp. (x) | 43708 | 605131 |
|  Kurita Water Industries Ltd. | 4614 | 191957 |
|  Kyocera Corp. | 13608 | 679363 |
|  Kyowa Kirin Co. Ltd. | 12167 | 279978 |
|  Lasertec Corp. (x) | 3300 | 546773 |
|  Lixil Corp. | 11623 | 177214 |
|  M3, Inc. | 18700 | 509819 |
|  Makita Corp. | 9792 | 229803 |
|  Marubeni Corp. | 66468 | 767289 |
|  Mazda Motor Corp. | 24135 | 184819 |
|  McDonald's Holdings Co. Japan Ltd. (x) | 3980 | 151479 |
|  Meiji Holdings Co. Ltd. | 5032 | 258425 |
|  Minebea Mitsumi, Inc. | 15200 | 228278 |
|  MISUMI Group, Inc. | 12100 | 265437 |
|  Mitsubishi Chemical Group Corp. | 56759 | 296121 |
|  Mitsubishi Corp. | 53884 | 1758497 |
|  Mitsubishi Electric Corp. | 82371 | 824400 |
|  Mitsubishi Estate Co. Ltd. | 50311 | 655914 |
|  Mitsubishi HC Capital, Inc. | 30400 | 150332 |
|  Mitsubishi Heavy Industries Ltd. | 13625 | 543380 |
|  Mitsubishi UFJ Financial Group, Inc. | 981216 | 6646609 |
|  Mitsui & Co. Ltd. | 61154 | 1795385 |
|  Mitsui Chemicals, Inc. | 7357 | 166771 |
|  Mitsui Fudosan Co. Ltd. | 39027 | 718746 |
|  Mitsui OSK Lines Ltd. (x) | 15000 | 376029 |
|  Mizuho Financial Group, Inc. | 102604 | 1451029 |
|  MonotaRO Co. Ltd. | 10400 | 147156 |
|  MS&AD Insurance Group Holdings, Inc. | 18936 | 609461 |
|  Murata Manufacturing Co. Ltd. | 58113 | 2917163 |
|  NEC Corp. | 10374 | 366378 |
|  Nexon Co. Ltd. (x) | 20900 | 471699 |
|  NGK Insulators Ltd. | 10567 | 135107 |
|  Nidec Corp. | 32884 | 1713606 |
|  Nihon M&A Center Holdings, Inc. | 13800 | 171291 |
|  Nintendo Co. Ltd. | 47190 | 1989143 |
|  Nippon Building Fund, Inc. (REIT) (x) | 65 | 291222 |
|  Nippon Express Holdings, Inc. (x) | 3442 | 197750 |
|  Nippon Paint Holdings Co. Ltd. (x) | 35400 | 280255 |
|  Nippon Prologis REIT, Inc. (REIT) | 90 | 211559 |
|  Nippon Sanso Holdings Corp. | 111500 | 1627812 |
|  Nippon Shinyaku Co. Ltd. | 2300 | 131088 |
|  Nippon Steel Corp. | 34129 | 596035 |
|  Nippon Telegraph & Telephone Corp. | 73416 | 2104473 |
|  Nippon Yusen KK (x) | 21532 | 510245 |
|  Nissan Chemical Corp. | 5200 | 229016 |
|  Nissan Motor Co. Ltd. | 99747 | 317771 |
|  Nisshin Seifun Group, Inc. | 8261 | 104049 |
|  Nissin Foods Holdings Co. Ltd. | 2506 | 198968 |
|  Nitori Holdings Co. Ltd. | 3350 | 435214 |
|  Nitto Denko Corp. | 21611 | 1259709 |
|  Nomura Holdings, Inc. | 122308 | 455347 |
|  Nomura Real Estate Holdings, Inc. | 4775 | 102966 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 180 | 223560 |
|  Nomura Research Institute Ltd. | 16977 | 402952 |
|  NTT Data Corp. | 27100 | 398942 |
|  Obayashi Corp. | 26666 | 202779 |
|  Obic Co. Ltd. | 3000 | 443691 |
|  Odakyu Electric Railway Co. Ltd. | 13051 | 170148 |
|  Oji Holdings Corp. | 32712 | 132353 |
|  Olympus Corp. | 52808 | 946391 |
|  Omron Corp. | 8144 | 397457 |
|  Ono Pharmaceutical Co. Ltd. | 15375 | 361179 |
|  Open House Group Co. Ltd. | 3600 | 132216 |
|  Oracle Corp. | 10540 | 684249 |
|  Oriental Land Co. Ltd. | 22344 | 3262047 |
|  ORIX Corp. | 51910 | 837941 |
|  Osaka Gas Co. Ltd. | 15173 | 246255 |
|  Otsuka Corp. | 4934 | 156208 |
|  Otsuka Holdings Co. Ltd. (x) | 17000 | 557642 |
|  Pan Pacific International Holdings Corp. | 16100 | 300924 |
|  Panasonic Holdings Corp. | 93986 | 795272 |
|  Persol Holdings Co. Ltd. | 7600 | 163767 |
|  Rakuten Group, Inc. (x)\* | 35800 | 162578 |
|  Recruit Holdings Co. Ltd. | 61600 | 1960555 |

---

See Notes to Financial Statements.

860

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Renesas Electronics Corp.\* | 49500 | $| 446383 |
|  Resona Holdings, Inc. | 90759 |  | 500129 |
|  Resonac Holdings Corp. | 39000 |  | 600274 |
|  Ricoh Co. Ltd. | 24480 |  | 187834 |
|  Rohm Co. Ltd. | 3926 |  | 285087 |
|  SBI Holdings, Inc. | 10260 |  | 196772 |
|  SCSK Corp. | 5800 |  | 88432 |
|  Secom Co. Ltd. | 24827 |  | 1426928 |
|  Seiko Epson Corp. | 11100 |  | 162897 |
|  Sekisui Chemical Co. Ltd. | 15914 |  | 223722 |
|  Sekisui House Ltd. | 25970 |  | 461757 |
|  Seven & i Holdings Co. Ltd. | 32012 |  | 1380585 |
|  SG Holdings Co. Ltd. | 13000 |  | 181271 |
|  Sharp Corp. (x) | 8500 |  | 61205 |
|  Shimadzu Corp. | 10240 |  | 292204 |
|  Shimano, Inc. | 3236 |  | 515827 |
|  Shimizu Corp. | 24410 |  | 130941 |
|  Shin-Etsu Chemical Co. Ltd. | 15964 |  | 1973605 |
|  Shionogi & Co. Ltd. | 11107 |  | 557381 |
|  Shiseido Co. Ltd. (x) | 17222 |  | 849159 |
|  Shizuoka Financial Group, Inc. | 20124 |  | 161771 |
|  SMC Corp. | 2448 |  | 1036725 |
|  SoftBank Corp. | 122200 |  | 1385504 |
|  SoftBank Group Corp. | 51344 |  | 2208058 |
|  Sompo Holdings, Inc. | 13327 |  | 595064 |
|  Sony Group Corp. | 66964 |  | 5120266 |
|  Square Enix Holdings Co. Ltd. | 3500 |  | 163479 |
|  Subaru Corp. | 124880 |  | 1929246 |
|  Sugi Holdings Co. Ltd. | 11400 |  | 509890 |
|  SUMCO Corp. (x) | 14900 |  | 199477 |
|  Sumitomo Chemical Co. Ltd. | 60458 |  | 218356 |
|  Sumitomo Corp. | 47928 |  | 801965 |
|  Sumitomo Electric Industries Ltd. | 29660 |  | 340014 |
|  Sumitomo Metal Mining Co. Ltd. | 10291 |  | 366270 |
|  Sumitomo Mitsui Financial Group, Inc. | 136952 |  | 5526499 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 67433 |  | 2357380 |
|  Sumitomo Realty & Development Co. Ltd. | 13126 |  | 312148 |
|  Suntory Beverage & Food Ltd. (x) | 6300 |  | 216016 |
|  Suzuki Motor Corp. | 15436 |  | 502340 |
|  Sysmex Corp. | 7000 |  | 426593 |
|  T&D Holdings, Inc. | 23568 |  | 341560 |
|  Taisei Corp. | 7436 |  | 240803 |
|  Takeda Pharmaceutical Co. Ltd. | 64077 |  | 2007167 |
|  TDK Corp. | 16713 |  | 552049 |
|  Terumo Corp. | 133000 |  | 3796236 |
|  TIS, Inc. | 9600 |  | 254557 |
|  Tobu Railway Co. Ltd. | 7598 |  | 178313 |
|  Toho Co. Ltd. | 4746 |  | 183707 |
|  Tokio Marine Holdings, Inc. | 78945 |  | 1700830 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 66358 |  | 240677 |
|  Tokyo Electron Ltd. | 6436 |  | 1906672 |
|  Tokyo Gas Co. Ltd. | 16842 |  | 331732 |
|  Tokyu Corp. | 21805 |  | 276301 |
|  Toppan, Inc. | 11355 |  | 169062 |
|  Toray Industries, Inc. | 56774 |  | 318651 |
|  Toshiba Corp. | 16268 |  | 570570 |
|  Tosoh Corp. | 11200 |  | 133984 |
|  TOTO Ltd. | 6433 |  | 220577 |
|  Toyota Industries Corp. | 6418 |  | 354056 |
|  Toyota Motor Corp. | 452750 |  | 6252738 |
|  Toyota Tsusho Corp. | 9214 |  | 342962 |
|  Trend Micro, Inc. (x)\* | 5582 |  | 261151 |
|  Unicharm Corp. | 17182 |  | 663505 |
|  USS Co. Ltd. | 9410 |  | 150213 |
|  Welcia Holdings Co. Ltd. | 3800 |  | 89035 |
|  West Japan Railway Co. | 9500 |  | 414702 |
|  Yakult Honsha Co. Ltd. | 5307 |  | 346144 |
|  Yamaha Corp. | 33279 |  | 1247582 |
|  Yamaha Motor Co. Ltd. (x) | 12832 |  | 294303 |
|  Yamato Holdings Co. Ltd. | 11936 |  | 189808 |
|  Yaskawa Electric Corp. | 10040 |  | 323217 |
|  Yokogawa Electric Corp. | 8903 |  | 142798 |
|  Z Holdings Corp. | 371500 |  | 939790 |
|  ZOZO, Inc. | 5100 |  | 126684 |
|  |  |  | 174689425 |
|  **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** | **Jordan (0.0%)†** |
|  Hikma Pharmaceuticals plc | 7283 |  | 136650 |
|  **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** | **Luxembourg (0.2%)** |
|  ArcelorMittal SA | 22240 |  | 585052 |
|  Eurofins Scientific SE | 29798 |  | 2139031 |
|  |  |  | 2724083 |
|  **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** | **Macau (0.1%)** |
|  Galaxy Entertainment Group Ltd. | 95000 |  | 628023 |
|  Sands China Ltd.\* | 103200 |  | 342437 |
|  |  |  | 970460 |
|  **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** | **Mexico (0.4%)** |
|  Fomento Economico Mexicano SAB de CV (ADR) | 16700 |  | 1304604 |
|  Grupo Financiero Banorte SAB de CV, Class O | 496057 |  | 3570012 |
|  |  |  | 4874616 |
|  **Netherlands (4.2%)** | **Netherlands (4.2%)** | **Netherlands (4.2%)** | **Netherlands (4.2%)** |
|  ABN AMRO Bank NV (CVA) (m) | 18999 |  | 262862 |
|  Adyen NV (m)\* | 926 |  | 1277109 |
|  Aegon NV | 73174 |  | 371123 |
|  Akzo Nobel NV | 26529 |  | 1776577 |
|  Argenx SE\* | 2325 |  | 872821 |
|  ASM International NV | 9448 |  | 2383273 |
|  ASML Holding NV | 25295 |  | 13641409 |
|  Euronext NV (m) | 14283 |  | 1057404 |
|  EXOR NV\* | 4464 |  | 326371 |
|  Heineken Holding NV | 4300 |  | 331641 |
|  Heineken NV | 32392 |  | 3047153 |
|  IMCD NV | 2315 |  | 329958 |
|  ING Groep NV | 160819 |  | 1960429 |
|  JDE Peet's NV | 4560 |  | 131891 |
|  Koninklijke Ahold Delhaize NV | 44495 |  | 1278380 |
|  Koninklijke DSM NV | 12206 |  | 1493434 |
|  Koninklijke KPN NV | 142680 |  | 441395 |
|  Koninklijke Philips NV | 37323 |  | 559493 |
|  NN Group NV | 52386 |  | 2139883 |
|  OCI NV | 4493 |  | 160735 |
|  Randstad NV | 5339 |  | 325534 |
|  Shell plc (BMV Mexico Stock Exchange) | 193329 |  | 5480010 |

---

See Notes to Financial Statements.

861

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Shell plc (London Stock Exchange) | 310107 | $| 8720264 |
|  Universal Music Group NV | 31229 |  | 752489 |
|  Wolters Kluwer NV | 11170 |  | 1168909 |
|  |  |  | 50290547 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  Auckland International Airport Ltd.\* | 53261 |  | 264098 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 25021 |  | 359020 |
|  Mercury NZ Ltd. | 32014 |  | 113011 |
|  Meridian Energy Ltd. | 56574 |  | 188215 |
|  Spark New Zealand Ltd. | 78801 |  | 270166 |
|  Xero Ltd.\* | 5763 |  | 275721 |
|  |  |  | 1470231 |
|  **Norway (1.0%)** | **Norway (1.0%)** | **Norway (1.0%)** | **Norway (1.0%)** |
|  Aker BP ASA | 13472 |  | 418181 |
|  DNB Bank ASA | 162610 |  | 3227535 |
|  Equinor ASA | 40870 |  | 1467629 |
|  Equinor ASA (ADR) (x) | 80270 |  | 2874469 |
|  Gjensidige Forsikring ASA | 7924 |  | 155458 |
|  Kongsberg Gruppen ASA | 3814 |  | 161797 |
|  Mowi ASA | 17645 |  | 301144 |
|  Norsk Hydro ASA | 438314 |  | 3280375 |
|  Orkla ASA | 32880 |  | 238089 |
|  Salmar ASA | 2512 |  | 98667 |
|  Telenor ASA (x) | 30529 |  | 285446 |
|  |  |  | 12508790 |
|  **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** | **Peru (0.1%)** |
|  Credicorp Ltd. | 7018 |  | 952062 |
|  **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** | **Portugal (0.1%)** |
|  EDP – Energias de Portugal SA | 119971 |  | 597937 |
|  Galp Energia SGPS SA, Class B | 21563 |  | 291066 |
|  Jeronimo Martins SGPS SA | 12314 |  | 266003 |
|  |  |  | 1155006 |
|  **Singapore (1.3%)** | **Singapore (1.3%)** | **Singapore (1.3%)** | **Singapore (1.3%)** |
|  CapitaLand Ascendas REIT (REIT) | 146012 |  | 298696 |
|  CapitaLand Integrated Commercial Trust (REIT) | 232444 |  | 354029 |
|  Capitaland Investment Ltd. | 115002 |  | 317685 |
|  City Developments Ltd. | 15080 |  | 92660 |
|  DBS Group Holdings Ltd. | 282160 |  | 7145638 |
|  Genting Singapore Ltd. | 257438 |  | 183555 |
|  Grab Holdings Ltd., Class A\* | 58147 |  | 187233 |
|  Jardine Cycle & Carriage Ltd. | 4200 |  | 89682 |
|  Keppel Corp. Ltd. | 64285 |  | 348446 |
|  Mapletree Logistics Trust (REIT) | 141492 |  | 167965 |
|  Mapletree Pan Asia Commercial Trust (REIT) | 108100 |  | 134782 |
|  Oversea-Chinese Banking Corp. Ltd. | 144152 |  | 1310864 |
|  Sea Ltd. (ADR)\* | 15292 |  | 795643 |
|  Singapore Airlines Ltd. | 60205 |  | 248569 |
|  Singapore Exchange Ltd. | 36002 |  | 240569 |
|  Singapore Technologies Engineering Ltd. | 63719 |  | 159369 |
|  Singapore Telecommunications Ltd. | 345519 |  | 662971 |
|  STMicroelectronics NV | 29596 |  | 1045316 |
|  United Overseas Bank Ltd. | 50221 |  | 1151101 |
|  UOL Group Ltd. | 19174 |  | 96199 |
|  Venture Corp. Ltd. | 12700 |  | 161760 |
|  |  |  | 15192732 |
|  **South Africa (0.4%)** | **South Africa (0.4%)** | **South Africa (0.4%)** | **South Africa (0.4%)** |
|  Anglo American plc | 119284 |  | 4667305 |
|  **South Korea (0.4%)** | **South Korea (0.4%)** | **South Korea (0.4%)** | **South Korea (0.4%)** |
|  Amorepacific Corp.\* | 10539 |  | 1157921 |
|  Delivery Hero SE (m)\* | 7136 |  | 342063 |
|  NAVER Corp. | 4838 |  | 689002 |
|  Samsung Electronics Co. Ltd. | 50107 |  | 2213887 |
|  SK Hynix, Inc. | 5366 |  | 323186 |
|  |  |  | 4726059 |
|  **Spain (1.6%)** | **Spain (1.6%)** | **Spain (1.6%)** | **Spain (1.6%)** |
|  Acciona SA | 1053 |  | 193763 |
|  ACS Actividades de Construccion y Servicios SA (x) | 9638 |  | 276186 |
|  Aena SME SA (m)\* | 3109 |  | 390378 |
|  Amadeus IT Group SA\* | 89739 |  | 4663767 |
|  Banco Bilbao Vizcaya Argentaria SA | 259007 |  | 1562049 |
|  Banco Santander SA | 721245 |  | 2163689 |
|  CaixaBank SA | 181935 |  | 715131 |
|  Cellnex Telecom SA (m) | 23347 |  | 772746 |
|  Corp. ACCIONA Energias Renovables SA | 2811 |  | 108747 |
|  EDP Renovaveis SA | 11976 |  | 263830 |
|  Enagas SA (x) | 10572 |  | 175693 |
|  Endesa SA | 12874 |  | 243027 |
|  Ferrovial SA | 20675 |  | 541559 |
|  Grifols SA\* | 13464 |  | 155223 |
|  Iberdrola SA | 258011 |  | 3018734 |
|  Industria de Diseno Textil SA | 46414 |  | 1234644 |
|  Naturgy Energy Group SA | 6203 |  | 161418 |
|  Red Electrica Corp. SA | 19777 |  | 344229 |
|  Repsol SA | 60564 |  | 962736 |
|  Telefonica SA | 221243 |  | 801668 |
|  |  |  | 18749217 |
|  **Sweden (1.7%)** | **Sweden (1.7%)** | **Sweden (1.7%)** | **Sweden (1.7%)** |
|  Alfa Laval AB | 12909 |  | 372492 |
|  Assa Abloy AB, Class B | 123177 |  | 2640641 |
|  Atlas Copco AB, Class A | 114292 |  | 1348303 |
|  Atlas Copco AB, Class B | 65576 |  | 698189 |
|  Boliden AB | 11619 |  | 435649 |
|  Electrolux AB, Class B (x) | 9782 |  | 131972 |
|  Embracer Group AB (x)\* | 27244 |  | 123468 |
|  Epiroc AB, Class A | 28023 |  | 509846 |
|  Epiroc AB, Class B | 16815 |  | 270156 |
|  EQT AB (x) | 12145 |  | 256754 |
|  Essity AB, Class B (x) | 26380 |  | 690921 |
|  Evolution AB (m) | 7798 |  | 758812 |
|  Fastighets AB Balder, Class B\* | 25662 |  | 119323 |
|  Getinge AB, Class B | 10098 |  | 209318 |
|  H & M Hennes & Mauritz AB, Class B (x) | 30859 |  | 331928 |
|  Hexagon AB, Class B | 82819 |  | 865108 |
|  Holmen AB, Class B | 4001 |  | 158700 |
|  Husqvarna AB, Class B | 17455 |  | 122312 |
|  Industrivarden AB, Class C | 7018 |  | 170156 |
|  Industrivarden AB, Class A | 6037 |  | 146660 |
|  Indutrade AB | 11649 |  | 235663 |

---

See Notes to Financial Statements.

862

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Investment AB Latour, Class B | 6446 | $| 121756 |
|  Investor AB, Class A (x) | 20390 |  | 378789 |
|  Investor AB, Class B | 77522 |  | 1400839 |
|  Kinnevik AB, Class B\* | 10418 |  | 142969 |
|  L E Lundbergforetagen AB, Class B | 2955 |  | 125763 |
|  Lifco AB, Class B | 10292 |  | 171766 |
|  Nibe Industrier AB, Class B | 65213 |  | 606830 |
|  Sagax AB, Class B | 8258 |  | 187163 |
|  Sandvik AB | 45477 |  | 821082 |
|  Securitas AB, Class B | 22992 |  | 191606 |
|  Skandinaviska Enskilda Banken AB, Class A | 69250 |  | 796038 |
|  Skanska AB, Class B | 15210 |  | 240507 |
|  SKF AB, Class B | 16407 |  | 250236 |
|  Svenska Cellulosa AB SCA, Class B | 25904 |  | 327559 |
|  Svenska Handelsbanken AB, Class A | 62886 |  | 633389 |
|  Swedbank AB, Class A | 39144 |  | 665101 |
|  Swedish Orphan Biovitrum AB\* | 7204 |  | 148915 |
|  Tele2 AB, Class B | 24479 |  | 199635 |
|  Telefonaktiebolaget LM Ericsson, Class B | 124192 |  | 724811 |
|  Telia Co. AB | 110609 |  | 282595 |
|  Volvo AB, Class A | 8948 |  | 169873 |
|  Volvo AB, Class B | 64419 |  | 1163571 |
|  Volvo Car AB, Class B (x)\* | 25415 |  | 115398 |
|  |  |  | 20462562 |
|  **Switzerland (4.3%)** | **Switzerland (4.3%)** | **Switzerland (4.3%)** | **Switzerland (4.3%)** |
|  ABB Ltd. (Registered) | 68866 |  | 2089850 |
|  Adecco Group AG (Registered) | 6618 |  | 218011 |
|  Alcon, Inc. | 26601 |  | 1817608 |
|  Bachem Holding AG, Class B | 1370 |  | 118309 |
|  Baloise Holding AG (Registered) | 1949 |  | 300787 |
|  Banque Cantonale Vaudoise (Registered) | 1286 |  | 123433 |
|  Barry Callebaut AG (Registered) | 149 |  | 294729 |
|  BKW AG | 902 |  | 123401 |
|  Chocoladefabriken Lindt & Spruengli AG | 46 |  | 469129 |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | 5 |  | 513708 |
|  Cie Financiere Richemont SA (Registered) | 30934 |  | 4011233 |
|  Clariant AG (Registered)\* | 9525 |  | 150913 |
|  Credit Suisse Group AG (Registered) (x) | 146242 |  | 437152 |
|  EMS-Chemie Holding AG (Registered) | 284 |  | 192272 |
|  Geberit AG (Registered) | 1526 |  | 718729 |
|  Givaudan SA (Registered) | 393 |  | 1204098 |
|  Julius Baer Group Ltd. | 52578 |  | 3062619 |
|  Kuehne + Nagel International AG (Registered) | 2312 |  | 538087 |
|  Logitech International SA (Registered) | 7444 |  | 459368 |
|  Lonza Group AG (Registered) | 7577 |  | 3712906 |
|  Novartis AG (Registered) | 134229 |  | 12134540 |
|  Novartis AG (ADR) | 21624 |  | 1961729 |
|  Partners Group Holding AG | 966 |  | 853327 |
|  Schindler Holding AG | 1795 |  | 337588 |
|  Schindler Holding AG (Registered) | 943 |  | 170110 |
|  SGS SA (Registered) | 272 |  | 632456 |
|  SIG Group AG\* | 12913 |  | 282099 |
|  Sika AG (Registered) | 10320 |  | 2474389 |
|  Sonova Holding AG (Registered) | 5977 |  | 1417570 |
|  Straumann Holding AG (Registered) | 4753 |  | 542818 |
|  Swatch Group AG (The) | 1197 |  | 340465 |
|  Swatch Group AG (The) (Registered) | 2170 |  | 112742 |
|  Swiss Life Holding AG (Registered) | 1311 |  | 676023 |
|  Swiss Prime Site AG (Registered) | 3240 |  | 280848 |
|  Swisscom AG (Registered) | 1102 |  | 603767 |
|  Tecan Group AG (Registered) | 2700 |  | 1204218 |
|  Temenos AG (Registered) | 2617 |  | 143607 |
|  UBS Group AG (Registered) | 186739 |  | 3474660 |
|  VAT Group AG (m) | 1102 |  | 301288 |
|  Zurich Insurance Group AG | 6423 |  | 3072398 |
|  |  |  | 51572984 |
|  **Taiwan (1.1%)** | **Taiwan (1.1%)** | **Taiwan (1.1%)** | **Taiwan (1.1%)** |
|  ASE Technology Holding Co. Ltd. | 648000 |  | 1979704 |
|  Delta Electronics, Inc. | 177000 |  | 1649900 |
|  Hon Hai Precision Industry Co. Ltd. | 457040 |  | 1485523 |
|  MediaTek, Inc. | 78000 |  | 1586114 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 195000 |  | 2845488 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 43682 |  | 3253872 |
|  |  |  | 12800601 |
|  **United Kingdom (9.6%)** | **United Kingdom (9.6%)** | **United Kingdom (9.6%)** | **United Kingdom (9.6%)** |
|  3i Group plc | 40915 |  | 663563 |
|  abrdn plc | 94887 |  | 217096 |
|  Admiral Group plc | 8285 |  | 214045 |
|  Ashtead Group plc | 18913 |  | 1079222 |
|  Associated British Foods plc | 15319 |  | 291874 |
|  AstraZeneca plc | 95536 |  | 12956593 |
|  Auto Trader Group plc (m) | 39313 |  | 245052 |
|  AVEVA Group plc | 12865 |  | 499722 |
|  Aviva plc | 122426 |  | 655375 |
|  BAE Systems plc | 343904 |  | 3558929 |
|  Barclays plc | 1979496 |  | 3793561 |
|  Barratt Developments plc | 43267 |  | 207557 |
|  Berkeley Group Holdings plc | 5041 |  | 229939 |
|  BP plc | 803226 |  | 4611564 |
|  British American Tobacco plc | 156752 |  | 6218617 |
|  British Land Co. plc (The) (REIT) | 38737 |  | 185030 |
|  BT Group plc | 296346 |  | 401439 |
|  Bunzl plc | 14337 |  | 478210 |
|  Burberry Group plc | 60667 |  | 1488870 |
|  CK Hutchison Holdings Ltd. | 111705 |  | 670478 |
|  CNH Industrial NV | 43541 |  | 697496 |
|  Coca-Cola Europacific Partners plc | 8898 |  | 492237 |
|  Compass Group plc | 75910 |  | 1759716 |
|  Croda International plc | 6034 |  | 481749 |
|  DCC plc | 4172 |  | 205785 |
|  Diageo plc | 219374 |  | 9680245 |
|  Entain plc | 167421 |  | 2674764 |
|  Experian plc | 94654 |  | 3218971 |
|  Halma plc | 15933 |  | 380236 |
|  Hargreaves Lansdown plc | 14941 |  | 154655 |
|  HSBC Holdings plc | 848718 |  | 5291379 |
|  Imperial Brands plc | 162310 |  | 4063813 |
|  Informa plc | 431252 |  | 3230360 |
|  InterContinental Hotels Group plc | 8020 |  | 459968 |

---

See Notes to Financial Statements.

863

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Intertek Group plc | 6777 | $| 330508 |
|  J Sainsbury plc | 71830 |  | 189048 |
|  JD Sports Fashion plc | 99550 |  | 151823 |
|  Johnson Matthey plc | 7626 |  | 196098 |
|  Just Eat Takeaway.com NV (m)\* | 15202 |  | 321391 |
|  Kingfisher plc | 84730 |  | 241847 |
|  Land Securities Group plc (REIT) | 30933 |  | 232382 |
|  Legal & General Group plc | 254027 |  | 766229 |
|  Linde plc | 15177 |  | 4962408 |
|  Lloyds Banking Group plc | 2940571 |  | 1614327 |
|  London Stock Exchange Group plc | 20479 |  | 1766737 |
|  M&G plc | 107752 |  | 244706 |
|  Melrose Industries plc | 685703 |  | 1114979 |
|  National Grid plc | 156356 |  | 1885351 |
|  NatWest Group plc | 344700 |  | 1105155 |
|  Next plc | 5388 |  | 378193 |
|  Ocado Group plc\* | 41583 |  | 310076 |
|  Pearson plc | 29068 |  | 330051 |
|  Persimmon plc | 14084 |  | 207217 |
|  Phoenix Group Holdings plc | 31932 |  | 234945 |
|  Reckitt Benckiser Group plc | 70193 |  | 4882834 |
|  RELX plc (London Stock Exchange) | 27416 |  | 758348 |
|  RELX plc (Turquoise Stock Exchange) | 129032 |  | 3569080 |
|  Rentokil Initial plc | 106151 |  | 651923 |
|  Rolls-Royce Holdings plc\* | 1810319 |  | 2039761 |
|  Sage Group plc (The) | 45082 |  | 406366 |
|  Schroders plc | 32552 |  | 171582 |
|  Segro plc (REIT) | 51034 |  | 471122 |
|  Severn Trent plc | 10679 |  | 342254 |
|  Smith & Nephew plc | 36983 |  | 496064 |
|  Smiths Group plc | 15712 |  | 303635 |
|  Spirax-Sarco Engineering plc | 3052 |  | 391663 |
|  SSE plc | 46097 |  | 954080 |
|  SSP Group plc\* | 610000 |  | 1688782 |
|  St James's Place plc | 23513 |  | 311265 |
|  Standard Chartered plc | 106521 |  | 801518 |
|  Taylor Wimpey plc | 147349 |  | 181077 |
|  Tesco plc | 317378 |  | 860242 |
|  Unilever plc (Cboe Europe) | 70204 |  | 3522275 |
|  Unilever plc (London Stock Exchange) | 38453 |  | 1944118 |
|  United Utilities Group plc | 29014 |  | 347748 |
|  Vodafone Group plc | 1128104 |  | 1148883 |
|  Whitbread plc | 9006 |  | 279817 |
|  WPP plc | 46113 |  | 457248 |
|  |  |  | 115023266 |
|  **United States (6.2%)** | **United States (6.2%)** | **United States (6.2%)** | **United States (6.2%)** |
|  Carnival Corp. (x)\* | 192412 |  | 1550841 |
|  Computershare Ltd. | 23942 |  | 427084 |
|  Core Laboratories NV (x) | 50029 |  | 1014088 |
|  CSL Ltd. | 20563 |  | 4028732 |
|  CyberArk Software Ltd.\* | 1593 |  | 206532 |
|  Everest Re Group Ltd. | 6360 |  | 2106877 |
|  GSK plc | 173631 |  | 3017683 |
|  Haleon plc\* | 216810 |  | 858025 |
|  Holcim AG\* | 23642 |  | 1224224 |
|  ICON plc\* | 16546 |  | 3214060 |
|  James Hardie Industries plc (CHDI) | 18824 |  | 338351 |
|  Nestle SA (Registered) | 197803 |  | 22919606 |
|  QIAGEN NV\* | 45713 |  | 2300363 |
|  Roche Holding AG | 60429 |  | 18985156 |
|  Roche Holding AG CHF 1 | 1138 |  | 441096 |
|  Schlumberger Ltd. | 9425 |  | 503861 |
|  Schneider Electric SE | 55083 |  | 7707722 |
|  Stellantis NV (Euronext Paris) | 47974 |  | 681465 |
|  Stellantis NV (Italian Stock Exchange) | 89849 |  | 1275716 |
|  Swiss Re AG | 12736 |  | 1191163 |
|  Tenaris SA | 20092 |  | 350249 |
|  |  |  | 74342894 |
|  **Total Common Stocks (81.3%)** <br> *(Cost $710,112,570)* |  |  | 972733939 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (8.8%)** | **Equity (8.8%)** | **Equity (8.8%)** | **Equity (8.8%)** |
|  iShares China Large-Cap ETF (x) | 173210 |  | 4901843 |
|  iShares Core MSCI EAFE ETF | 366400 |  | 22584896 |
|  iShares Latin America 40 ETF (x) | 33347 |  | 763313 |
|  iShares MSCI Australia ETF (x) | 81715 |  | 1816524 |
|  iShares MSCI Austria ETF (x)‡ | 68037 |  | 1292703 |
|  iShares MSCI Belgium ETF (x) | 74997 |  | 1343946 |
|  iShares MSCI France ETF (x) | 77067 |  | 2552459 |
|  iShares MSCI Germany ETF (x) | 342010 |  | 8457907 |
|  iShares MSCI Indonesia ETF | 14200 |  | 317938 |
|  iShares MSCI Ireland ETF | 19400 |  | 887162 |
|  iShares MSCI Israel ETF (x) | 19500 |  | 1091805 |
|  iShares MSCI Italy ETF (x) | 227824 |  | 6137578 |
|  iShares MSCI Mexico ETF (x) | 4148 |  | 205119 |
|  iShares MSCI New Zealand ETF (x) | 13100 |  | 636005 |
|  iShares MSCI Norway ETF (x)‡ | 32500 |  | 798200 |
|  iShares MSCI Poland ETF (x) | 13700 |  | 211802 |
|  iShares MSCI Singapore ETF (x) | 33863 |  | 636963 |
|  iShares MSCI Spain ETF (x) | 122421 |  | 2960140 |
|  JPMorgan BetaBuilders Japan ETF (x) | 73850 |  | 3315865 |
|  SPDR Portfolio Developed World ex-US ETF (x) | 311000 |  | 9233590 |
|  SPDR S&P Emerging Asia Pacific ETF | 9979 |  | 958184 |
|  Vanguard FTSE Developed Markets ETF (x) | 183400 |  | 7697298 |
|  Vanguard FTSE Emerging Markets ETF (x) | 118300 |  | 4611334 |
|  Vanguard FTSE Europe ETF (x) | 326800 |  | 18117792 |
|  Vanguard FTSE Pacific ETF (x) | 63600 |  | 4092660 |
|  **Total Exchange Traded Funds (8.8%)**<br> *(Cost $99,725,701)* |  |  | 105623026 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.4%)** | **Investment Company (0.4%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 5000000 |  | 5000000 |

---

See Notes to Financial Statements.

864

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (5.4%)** | **Repurchase Agreements (5.4%)** |  |
|  Amherst Pierpont, 4.28%, dated 12/30/22, due 1/3/23, repurchase price $3,001,427, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $3,061,455. (xx) | $3000000 | $3000000 |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $11,550,274, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $11,775,784. (xx) | 11544887 | 11544887 |
|  MetLife, Inc., 4.30%, dated 12/30/22, due 1/3/23, repurchase price $3,994,138, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $4,074,192. (xx) | 3992231 | 3992231 |
|  National Bank of Canada, 4.45%, dated 12/30/22, due 1/6/23, repurchase price $24,020,767, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $26,131,885. (xx) | 24000000 | 24000000 |
|  Societe Generale SA, 4.30%, dated 12/30/22, due 1/6/23, repurchase price $5,004,181, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $5,100,001. (xx) | 5000000 | 5000000 |
|  Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $5,002,450, collateralized by various Common Stocks; total market value $5,564,235. (xx) | 5000000 | 5000000 |
|  Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $12,005,880, collateralized by various Common Stocks; total market value $13,354,165. (xx) | 12000000 | 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 64537118 |
|  **Total Short-Term Investments (5.8%)**<br> *(Cost $69,537,118)* | **Total Short-Term Investments (5.8%)**<br> *(Cost $69,537,118)* | 69537118 |
|  **Total Investments in Securities (95.9%)**<br> *(Cost $879,375,389)* | **Total Investments in Securities (95.9%)**<br> *(Cost $879,375,389)* | 1147894083 |
|  **Other Assets Less Liabilities (4.1%)** | **Other Assets Less Liabilities (4.1%)** | 49511577 |
|  **Net Assets (100%)** |  | $1197405660 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $16,123,754 or 1.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $76,327,878. This was collateralized by $9,671,310 of various U.S. Government Treasury Securities, ranging from 0.000% - 5.250%, maturing 1/12/23 - 8/15/51 and by cash of $69,537,118 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*CVA* *— Dutch Certification* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

865

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares MSCI Austria ETF (x) | 68037 | 1573752 | 146624 | (64905) | 27235 | (390003) | 1292703 | 57178 |  |
|  iShares MSCI Norway ETF (x) | 32500 | 1002072 | 44590 | (121242) | 23529 | (150749) | 798200 | 30652 |  |
|  **Total** |  | **2575824** | **191214** | **(186147)** | **50764** | **(540752)** | **2090903** | **87830** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2022 (Note 1): | Futures contracts outstanding as of December 31, 2022 (Note 1): | Futures contracts outstanding as of December 31, 2022 (Note 1): | Futures contracts outstanding as of December 31, 2022 (Note 1): | Futures contracts outstanding as of December 31, 2022 (Note 1): | Futures contracts outstanding as of December 31, 2022 (Note 1): |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1081 | 3/2023 | EUR | 43798372 | (1668858) |
|  FTSE 100 Index | 304 | 3/2023 | GBP | 27439103 | (9921) |
|  SPI 200 Index | 92 | 3/2023 | AUD | 10949157 | (246016) |
|  TOPIX Index | 191 | 3/2023 | JPY | 27527926 | (688619) |
|  |  |  |  |  | (2613414) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): | Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1): |
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 17653691 | USD | 11969397 | Toronto Dominion Bank | 3/17/2023 | 85391 |
|  EUR | 732828 | USD | 778139 | Bank of New York Mellon Corp. | 3/17/2023 | 10229 |
|  EUR | 996462 | USD | 1070482 | BNP Paribas | 3/17/2023 | 1500 |
|  EUR | 2299977 | USD | 2455206 | UBS AG | 3/17/2023 | 19083 |
|  JPY | 4002913724 | USD | 29774036 | BNP Paribas | 3/17/2023 | 1025966 |
|  USD | 773048 | AUD | 1122359 | Bank of New York Mellon Corp. | 3/17/2023 | 6648 |
|  USD | 742358 | GBP | 608033 | Bank of New York Mellon Corp. | 3/17/2023 | 5951 |
|  USD | 778490 | GBP | 632486 | Standard Chartered Bank | 3/17/2023 | 12467 |
|  USD | 912832 | JPY | 118506819 | Toronto Dominion Bank | 3/17/2023 | 994 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 1168229 |
|  GBP | 24196913 | USD | 29650704 | BNP Paribas | 3/17/2023 | (345096) |
|  USD | 58258819 | EUR | 54918666 | Citibank NA | 3/17/2023 | (822044) |
|  USD | 1063043 | GBP | 879215 | Bank of Montreal (The) | 3/17/2023 | (1801) |
|  USD | 765163 | JPY | 103122107 | UBS AG | 3/17/2023 | (28300) |
|  USD | 870977 | JPY | 113986205 | Westpac Banking Corp. | 3/17/2023 | (6078) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1203319) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (35090) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) : AUD 2,016, BRL 93,688, CAD (268), CHF 2,054, DKK 2,116, EUR 98,125,614, GBP 158,507, HKD 19,690, ILS 1,967, JPY 2,046, KRW 1, NOK 2,008, NZD 2,020, SEK 1,976 and SGD 2,021.

See Notes to Financial Statements.

866

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $2276834 | $54421453 | $— | $56698287 |
|  Austria |  | 3696981 |  | 3696981 |
|  Belgium |  | 9608887 |  | 9608887 |
|  Brazil | 2309943 | 2890823 |  | 5200766 |
|  Canada | 17574495 |  |  | 17574495 |
|  Chile | 2424501 | 308497 |  | 2732998 |
|  China | 2467136 | 15028968 |  | 17496104 |
|  Colombia | 2414406 |  |  | 2414406 |
|  Denmark |  | 19944696 |  | 19944696 |
|  Finland |  | 9589348 |  | 9589348 |
|  France |  | 112735796 |  | 112735796 |
|  Germany |  | 80654350 |  | 80654350 |
|  Hong Kong | 690624 | 25174546 |  | 25865170 |
|  India | 4737141 | 4615923 |  | 9353064 |
|  Ireland | 346129 | 5261314 |  | 5607443 |
|  Israel | 3856511 | 2958552 |  | 6815063 |
|  Italy |  | 19436595 |  | 19436595 |
|  Japan |  | 174689425 |  | 174689425 |
|  Jordan |  | 136650 |  | 136650 |
|  Luxembourg |  | 2724083 |  | 2724083 |
|  Macau |  | 970460 |  | 970460 |
|  Mexico | 4874616 |  |  | 4874616 |
|  Netherlands |  | 50290547 |  | 50290547 |
|  New Zealand |  | 1470231 |  | 1470231 |
|  Norway | 2874469 | 9634321 |  | 12508790 |
|  Peru | 952062 |  |  | 952062 |
|  Portugal |  | 1155006 |  | 1155006 |
|  Singapore | 982876 | 14209856 |  | 15192732 |
|  South Africa |  | 4667305 |  | 4667305 |
|  South Korea |  | 4726059 |  | 4726059 |
|  Spain |  | 18749217 |  | 18749217 |
|  Sweden |  | 20462562 |  | 20462562 |
|  Switzerland | 1961729 | 49611255 |  | 51572984 |
|  Taiwan | 3253872 | 9546729 |  | 12800601 |
|  United Kingdom | 492237 | 114531029 |  | 115023266 |
|  United States | 8596259 | 65746635 |  | 74342894 |
|  **Exchange Traded Funds** | 105623026 |  |  | 105623026 |
|  **Forward Currency Contracts** |  | 1168229 |  | 1168229 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 5000000 |  |  | 5000000 |
|  Repurchase Agreements |  | 64537118 |  | 64537118 |
|  **Total Assets** | $**173708866** | $**975353446** | $**—** | $**1149062312** |

---

See Notes to Financial Statements.

867

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.) (a)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1203319) | $— | $(1203319) |
|  **Futures** | (2613414) |  |  | (2613414) |
|  **Total Liabilities** | $**(2613414)** | $**(1203319)** | $**—** | $**(3816733)** |
|  **Total** | $**171095452** | $**974150127** | $**—** | $**1145245579** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $134,782 transferred from Level 3 to Level 2 at
the end of the period due to observable market data.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $1168229 |
|  **Total** |  | $1168229 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(1203319) |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | (2613414) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3816733 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $818463 | $818463 |
|  Equity contracts | (11239200) |  | (11239200) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11239200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10420737) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(377888) | $(377888) |
|  Equity contracts | (5397057) |  | (5397057) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5397057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377888) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5774945) |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

868

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $236,917,000 and futures contracts with an average notional balance of approximately $116,721,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of New York Mellon Corp. | $22828 | $— | $— | $22828 |
|  BNP Paribas | 1027466 | (345096) |  | 682370 |
|  Standard Chartered Bank | 12467 |  |  | 12467 |
|  Toronto Dominion Bank | 86385 |  |  | 86385 |
|  UBS AG | 19083 | (19083) |  |  |
|  **Total** | $1168229 | $(364179) | $— | $804050 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of Montreal (The) | $1801 | $— | $— | $1801 |
|  BNP Paribas | 345096 | (345096) |  |  |
|  Citibank NA | 822044 |  |  | 822044 |
|  UBS AG | 28300 | (19083) |  | 9217 |
|  Westpac Banking Corp. | 6078 |  |  | 6078 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364179) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839140 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 5%)\* | $150405407 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 2%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218463886 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $342901464 |
|  Aggregate gross unrealized depreciation | (110247749) |
|  Net unrealized appreciation | $232653715 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912591864 |

---

See Notes to Financial Statements.

869

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $1,774,231) | $2090903.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $813,064,040) | 1081266062.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $64,537,118) | 64537118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11020975.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $101,068,047) | 98415456.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 8482870.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4935829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4762632.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 1168229.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 265256.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 137707.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 113168.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 65759.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1277261964.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 69537118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 6739709.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1203319.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 672197.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 609389.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 478076.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 183251.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 134150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 126932.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 4018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2950.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 165195.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 79856304.0 |
|  **NET ASSETS** | $1197405660.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1033256774.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 164148886.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1197405660.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $18,737,427 / 1,937,822 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.67 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $849,464,255 / 87,720,468 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.68 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $329,203,978 / 33,909,003 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.71 |

---

*(x)* *Includes value of securities on loan of $76,327,878.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($87,830 of dividend income received from affiliates) (net of $313,512 foreign withholding tax) | $35072530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1384317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 36457864 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7382457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2242176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1541757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 460023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 397500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 138622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 47742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 41143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 159180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12464100 |
|  **NET INVESTMENT INCOME (LOSS)** | 23993764 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($50,764 realized gain (loss) from affiliates) (net of India tax of $44,147 on realized gain on investments) | 21770650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11239200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 818463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6184124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5165789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(5687) on unrealized depreciation on investments) ($(540752) of change in unrealized appreciation (depreciation) from affiliates) | (230547450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5397057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (377888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (2657412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (238979807) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (233814018) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(209820254) |

---

See Notes to Financial Statements.

870

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $23993764 | $20999415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5165789 | 108256145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (238979807) | 19826932 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (209820254) | 149082492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (394557) | (2361213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (18084894) | (114740921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (7631061) | (43608651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (26110512) | (160710785) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 93,495 and 75,955 shares, respectively ] | 922497 | 946317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 42,028 and 206,622 shares, respectively ] | 394557 | 2361213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (143495) and (138337) shares, respectively ] | (1410344) | (1706590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (93290) | 1600940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,629,468 and 1,432,888 shares, respectively ] | 15971783 | 17740106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,924,315 and 10,025,032 shares, respectively ] | 18084894 | 114740921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (10028334) and (10088176) shares, respectively ] | (99176268) | (125708922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (65119591) | 6772105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,965,000 and 215,170 shares, respectively ] | 16847742 | 2689304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 802,880 and 3,801,482 shares, respectively ] | 7631061 | 43608651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3917035) and (4035924) shares, respectively ] | (38835431) | (50094120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (14356628) | (3796165) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (79569509) | 4576880 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (315500275) | (7051413) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1512905935 | 1519957348 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1197405660 | $1512905935 |

---

See Notes to Financial Statements.

871

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.51 | $11.70 | $11.15 | $9.45 | $11.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.16 (aa) | 0.10 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.82) | 0.98 | 0.83 | 1.92 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.64) | 1.14 | 0.93 | 2.12 | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.29) | (0.15) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (1.04) | (0.23) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (1.33) | (0.38) | (0.42) | (0.19) |
|  Net asset value, end of year | $9.67 | $11.51 | $11.70 | $11.15 | $9.45 |
|  Total return | (14.14)% | 10.03% | 8.46% | 22.50% | (14.89)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $18737 | $22391 | $21073 | $20554 | $17831 |
|  Ratio of expenses to average net assets (f) | 1.06 %(g) | 1.07 %(g) | 1.04 %(g) | 1.01% | 1.03% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.85% | 1.29 %(bb) | 0.99% | 1.87% | 1.68% |
|  Portfolio turnover rate^ | 13% | 12% | 16% | 10% | 10% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.52 | $11.71 | $11.16 | $9.46 | $11.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.16 (aa) | 0.10 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.82) | 0.98 | 0.83 | 1.92 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.64) | 1.14 | 0.93 | 2.12 | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.29) | (0.15) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (1.04) | (0.23) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (1.33) | (0.38) | (0.42) | (0.19) |
|  Net asset value, end of year | $9.68 | $11.52 | $11.71 | $11.16 | $9.46 |
|  Total return | (14.12)% | 10.02% | 8.45% | 22.47% | (14.88)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988129 |
|  Ratio of expenses to average net assets (f) | 1.06 %(g) | 1.07 %(g) | 1.04 %(g) | 1.01% | 1.03% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.85% | 1.29 %(bb) | 1.00% | 1.88% | 1.68% |
|  Portfolio turnover rate^ | 13% | 12% | 16% | 10% | 10% |

---

See Notes to Financial Statements.

872

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.55 | $11.74 | $11.18 | $9.48 | $11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.19 (aa) | 0.13 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.82) | 0.98 | 0.83 | 1.91 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.61) | 1.17 | 0.96 | 2.14 | (1.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.32) | (0.17) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.08) | (1.04) | (0.23) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (1.36) | (0.40) | (0.44) | (0.22) |
|  Net asset value, end of year | $9.71 | $11.55 | $11.74 | $11.18 | $9.48 |
|  Total return | (13.88)% | 10.25% | 8.76% | 22.71% | (14.61)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397870 |
|  Ratio of expenses to average net assets (f) | 0.81 %(g) | 0.82 %(g) | 0.79 %(g) | 0.76% | 0.78% |
|  Ratio of net investment income (loss) to average net assets (f) | 2.09% | 1.54 %(bb) | 1.26% | 2.12% | 1.93% |
|  Portfolio turnover rate^ | 13% | 12% | 16% | 10% | 10% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.02% for the years ended December 31, 2022, 2021 and 2020, respectively.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.14, $0.14 and $0.17 for Class IA, Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.18% lower.* 

See Notes to Financial Statements.

873

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**EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g09h61.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (11.89)% | 1.03% | 3.90 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (11.92) | 1.00 | 3.90 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (11.68) | 1.27 | 4.16 |  |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 1.54 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.92)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI EAFE<sup>®</sup> Index, which returned (11.94)% and (14.45)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were TotalEnergies SE, AstraZeneca plc, BP plc, Shell plc and Glencore plc.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Industrials, Consumer Staples
and Real Estate.

• The stocks that detracted most from performance were ASML Holding NV, Adyen NV, SAP SE, Sony Group Corp. and adidas AG.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $236853263 | 16.2% |
| &nbsp;&nbsp;&nbsp; Industrials | 203051180 | 13.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 198337351 | 13.6 |
| &nbsp;&nbsp;&nbsp; Materials | 159115159 | 10.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 150291524 | 10.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 133156694 | 9.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 131961804 | 9.1 |
| &nbsp;&nbsp;&nbsp; Energy | 97051041 | 6.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 59740085 | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 41554009 | 2.8 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 27980526 | 1.9 |
| &nbsp;&nbsp;&nbsp; Real Estate | 22870519 | 1.6 |
| &nbsp;&nbsp;&nbsp; Closed End Funds | 3671415 | 0.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (7604827) | (0.5) |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

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**EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO (Unaudited)** 

in the first line under the heading entitled ''Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1085.50 | $4.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.35 | 3.89 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1084.70 | 4.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.35 | 3.89 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1085.60 | 2.70 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.61 | 2.62 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.76%, 0.76% and 0.51%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.76%, 0.76% and 0.51%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.76%, 0.76% and 0.51%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.76%, 0.76% and 0.51%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

875

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (11.2%)** | **Australia (11.2%)** | **Australia (11.2%)** |
|  Abacus Property Group (REIT) | 40969 | $73361 |
|  Adbri Ltd. (x) | 36507 | 41136 |
|  AGL Energy Ltd. | 61320 | 336920 |
|  Allkem Ltd.\* | 61387 | 469780 |
|  ALS Ltd. | 49586 | 412892 |
|  Altium Ltd. | 12706 | 303473 |
|  Alumina Ltd. | 240664 | 249061 |
|  AMP Ltd.\* | 319111 | 285706 |
|  Ampol Ltd. | 24406 | 469924 |
|  Ansell Ltd. | 13226 | 254299 |
|  ANZ Group Holdings Ltd.\* | 306208 | 4932677 |
|  APA Group | 120837 | 885245 |
|  ARB Corp. Ltd. (x) | 7996 | 139749 |
|  Arena REIT (REIT) (x) | 36177 | 94337 |
|  Aristocrat Leisure Ltd. | 67640 | 1405528 |
|  ASX Ltd. | 19827 | 918216 |
|  Atlas Arteria Ltd. | 124811 | 561702 |
|  AUB Group Ltd. | 9723 | 149146 |
|  Aurizon Holdings Ltd. | 188512 | 478739 |
|  AVZ Minerals Ltd. (r)(x)\* | 316830 | 159844 |
|  Bank of Queensland Ltd. | 66446 | 312154 |
|  Bapcor Ltd. | 35513 | 156196 |
|  Beach Energy Ltd. | 162160 | 176099 |
|  Bega Cheese Ltd. (x) | 31742 | 83853 |
|  Bendigo & Adelaide Bank Ltd. | 58116 | 388165 |
|  BHP Group Ltd. | 518808 | 16117904 |
|  Blackmores Ltd. | 1614 | 79340 |
|  BlueScope Steel Ltd. | 47750 | 547478 |
|  Boral Ltd. (x) | 32237 | 63431 |
|  BrainChip Holdings Ltd. (x)\* | 148556 | 75353 |
|  Brambles Ltd. | 142216 | 1168711 |
|  Breville Group Ltd. (x) | 10269 | 128297 |
|  Brickworks Ltd. | 9162 | 138295 |
|  BWP Trust (REIT) | 48586 | 129342 |
|  Capricorn Metals Ltd. (x)\* | 36623 | 114700 |
|  carsales.com Ltd. | 35878 | 507116 |
|  Centuria Capital Group (REIT) (x) | 66748 | 77484 |
|  Centuria Industrial REIT (REIT) (x) | 55206 | 117271 |
|  Chalice Mining Ltd. (x)\* | 35060 | 150385 |
|  Challenger Ltd. | 60210 | 312374 |
|  Champion Iron Ltd. (x) | 39647 | 197324 |
|  Charter Hall Group (REIT) | 48597 | 396385 |
|  Charter Hall Long Wale REIT (REIT) | 66866 | 201679 |
|  Charter Hall Retail REIT (REIT) | 52179 | 136065 |
|  Charter Hall Social Infrastructure REIT (REIT) | 33240 | 76947 |
|  Cleanaway Waste Management Ltd. | 227972 | 408215 |
|  Cochlear Ltd. | 6737 | 936275 |
|  Coles Group Ltd. | 137069 | 1560368 |
|  Collins Foods Ltd. (x) | 11572 | 56649 |
|  Commonwealth Bank of Australia | 173542 | 12122813 |
|  Core Lithium Ltd. (x)\* | 187968 | 131177 |
|  Coronado Global Resources, Inc. (CRDI) (m) | 82995 | 112449 |
|  Corporate Travel Management Ltd. | 13621 | 136604 |
|  Costa Group Holdings Ltd. (x) | 46407 | 86890 |
|  Credit Corp. Group Ltd. (x) | 7185 | 91968 |
|  Cromwell Property Group (REIT) | 140337 | 64017 |
|  CSR Ltd. (x) | 49488 | 158698 |
|  De Grey Mining Ltd. (x)\* | 133165 | 116505 |
|  Deterra Royalties Ltd. | 42785 | 133416 |
|  Dexus (REIT) | 110645 | 583828 |
|  Domain Holdings Australia Ltd. | 24904 | 45950 |
|  Domino's Pizza Enterprises Ltd. | 6566 | 296168 |
|  Downer EDI Ltd. | 69430 | 175377 |
|  Eagers Automotive Ltd. (x) | 17671 | 130540 |
|  Elders Ltd. | 16026 | 110641 |
|  Endeavour Group Ltd. | 139399 | 609321 |
|  Evolution Mining Ltd. | 186360 | 378112 |
|  EVT Ltd. | 10944 | 94854 |
|  Flight Centre Travel Group Ltd. (x)\* | 16199 | 159811 |
|  Flutter Entertainment plc (Dublin Stock Exchange) (x)\* | 33415 | 4571289 |
|  Flutter Entertainment plc (London Stock Exchange)\* | 27306 | 3727008 |
|  Fortescue Metals Group Ltd. | 173430 | 2421817 |
|  Glencore plc | 1997163 | 13337534 |
|  Gold Road Resources Ltd. | 105995 | 121962 |
|  Goodman Group (REIT) | 175253 | 2071413 |
|  GPT Group (The) (REIT) | 197060 | 563507 |
|  GrainCorp Ltd., Class A | 23259 | 117502 |
|  Growthpoint Properties Australia Ltd. (REIT) | 28470 | 57764 |
|  GUD Holdings Ltd. | 14796 | 76360 |
|  Harvey Norman Holdings Ltd. (x) | 65975 | 185516 |
|  Healius Ltd. (x) | 60178 | 125785 |
|  HMC Capital Ltd. (REIT) (x) | 20836 | 60433 |
|  HomeCo Daily Needs REIT (REIT) (m) | 153481 | 134279 |
|  HUB24 Ltd. (x) | 8199 | 148433 |
|  IDP Education Ltd. (x) | 21379 | 395629 |
|  IGO Ltd. | 69024 | 632553 |
|  Iluka Resources Ltd. | 43519 | 282373 |
|  Imugene Ltd. (x)\* | 623488 | 61553 |
|  Incitec Pivot Ltd. | 198910 | 509209 |
|  Ingenia Communities Group (REIT) | 36915 | 112347 |
|  Inghams Group Ltd. | 36503 | 71080 |
|  Insignia Financial Ltd. (x) | 66207 | 151008 |
|  Insurance Australia Group Ltd. | 252459 | 816462 |
|  InvoCare Ltd. (x) | 14286 | 107285 |
|  IPH Ltd. | 23050 | 137005 |
|  IRESS Ltd. | 19078 | 124047 |
|  JB Hi-Fi Ltd. (x) | 11212 | 320233 |
|  Johns Lyng Group Ltd. | 18147 | 76480 |
|  Karoon Energy Ltd.\* | 56138 | 83705 |
|  Kelsian Group Ltd. (x) | 17546 | 68691 |
|  Lake Resources NL\* | 136394 | 74291 |
|  Lendlease Corp. Ltd. | 70583 | 376762 |
|  Lifestyle Communities Ltd. (x) | 9928 | 128903 |
|  Link Administration Holdings Ltd. | 52019 | 69949 |
|  Liontown Resources Ltd.\* | 191202 | 171837 |
|  Lottery Corp. Ltd. (The)\* | 227627 | 694310 |
|  Lovisa Holdings Ltd. | 6642 | 104508 |
|  Lynas Rare Earths Ltd.\* | 92795 | 495959 |
|  Macquarie Group Ltd. | 37206 | 4229381 |
|  Magellan Financial Group Ltd. (x) | 14647 | 89153 |
|  Medibank Pvt Ltd. | 282046 | 566491 |
|  Megaport Ltd. (x)\* | 15787 | 67824 |
|  Metcash Ltd. | 98524 | 266979 |
|  Mineral Resources Ltd. | 17104 | 899014 |

---

See Notes to Financial Statements.

876

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Mirvac Group (REIT) | 403195 | $| 584718 |
|  Monadelphous Group Ltd. (x) | 9995 |  | 90916 |
|  Nanosonics Ltd. (x)\* | 27910 |  | 81521 |
|  National Australia Bank Ltd. | 322993 |  | 6610488 |
|  National Storage REIT (REIT) | 108290 |  | 171052 |
|  Netwealth Group Ltd. (x) | 8167 |  | 67282 |
|  New Hope Corp. Ltd. (x) | 54021 |  | 233922 |
|  Newcrest Mining Ltd. | 91528 |  | 1286220 |
|  NEXTDC Ltd.\* | 46935 |  | 290797 |
|  nib holdings Ltd. | 49260 |  | 259925 |
|  Nine Entertainment Co. Holdings Ltd. | 146557 |  | 183601 |
|  Northern Star Resources Ltd. | 119108 |  | 884743 |
|  Novonix Ltd.\* | 31376 |  | 31403 |
|  Nufarm Ltd. | 38908 |  | 162387 |
|  Orica Ltd. | 46374 |  | 475500 |
|  Origin Energy Ltd. | 177141 |  | 931082 |
|  Orora Ltd. | 85582 |  | 168396 |
|  OZ Minerals Ltd. | 34283 |  | 651230 |
|  Paladin Energy Ltd.\* | 270404 |  | 128873 |
|  Pendal Group Ltd. | 36043 |  | 122945 |
|  Perpetual Ltd. (x) | 5967 |  | 99941 |
|  Perseus Mining Ltd. | 137761 |  | 197907 |
|  PEXA Group Ltd.\* | 6917 |  | 56281 |
|  Pilbara Minerals Ltd.\* | 266724 |  | 680996 |
|  Pinnacle Investment Management Group Ltd. (x) | 17042 |  | 101295 |
|  Premier Investments Ltd. | 10539 |  | 178239 |
|  Pro Medicus Ltd. (x) | 5163 |  | 194252 |
|  Qantas Airways Ltd.\* | 193156 |  | 790377 |
|  QBE Insurance Group Ltd. | 152054 |  | 1390354 |
|  Qube Holdings Ltd. | 179758 |  | 343911 |
|  Ramelius Resources Ltd. | 84895 |  | 53755 |
|  Ramsay Health Care Ltd. | 18987 |  | 836396 |
|  REA Group Ltd. | 5277 |  | 398087 |
|  Reece Ltd. (x) | 21976 |  | 211717 |
|  Region RE Ltd. (REIT) | 116384 |  | 214741 |
|  Regis Resources Ltd. (x) | 75607 |  | 106043 |
|  Rio Tinto Ltd. | 38018 |  | 3013221 |
|  Rio Tinto plc | 169034 |  | 11848425 |
|  Sandfire Resources Ltd. (x) | 46305 |  | 171506 |
|  Santos Ltd. | 340873 |  | 1657075 |
|  Sayona Mining Ltd. (x)\* | 732268 |  | 94727 |
|  Scentre Group (REIT) | 531389 |  | 1041973 |
|  SEEK Ltd. | 36299 |  | 517762 |
|  Seven Group Holdings Ltd. | 15998 |  | 228410 |
|  Silver Lake Resources Ltd.\* | 90243 |  | 72809 |
|  SmartGroup Corp. Ltd. | 13503 |  | 46887 |
|  Sonic Healthcare Ltd. | 49233 |  | 1004603 |
|  South32 Ltd. | 469777 |  | 1279391 |
|  Star Entertainment Group Ltd. (The)\* | 85421 |  | 102941 |
|  Steadfast Group Ltd. | 106670 |  | 397266 |
|  Stockland (REIT) | 244570 |  | 604451 |
|  Suncorp Group Ltd. | 129458 |  | 1061223 |
|  Super Retail Group Ltd. | 16978 |  | 123802 |
|  Tabcorp Holdings Ltd. (x) | 233448 |  | 170864 |
|  Technology One Ltd. | 28481 |  | 254802 |
|  Telix Pharmaceuticals Ltd. (x)\* | 25387 |  | 125660 |
|  Telstra Group Ltd. | 1183326 |  | 3214613 |
|  TPG Telecom Ltd. | 43308 |  | 144188 |
|  Transurban Group | 314915 |  | 2783040 |
|  Treasury Wine Estates Ltd. | 73927 |  | 685035 |
|  United Malt Group Ltd. (x) | 29037 |  | 68601 |
|  Vicinity Ltd. (REIT) | 393853 |  | 536310 |
|  Viva Energy Group Ltd. (m) | 69829 |  | 129793 |
|  Washington H Soul Pattinson & Co. Ltd. | 25139 |  | 473425 |
|  Waypoint REIT Ltd. (REIT) | 73038 |  | 136752 |
|  Webjet Ltd. (x)\* | 38878 |  | 163585 |
|  Wesfarmers Ltd. | 116121 |  | 3629690 |
|  West African Resources Ltd.\* | 101540 |  | 81232 |
|  Westpac Banking Corp. | 358562 |  | 5700364 |
|  Whitehaven Coal Ltd. | 95181 |  | 610454 |
|  WiseTech Global Ltd. | 17751 |  | 613353 |
|  Woodside Energy Group Ltd. | 194458 |  | 4692140 |
|  Woolworths Group Ltd. | 124584 |  | 2846660 |
|  Worley Ltd. | 38179 |  | 389913 |
|  |  |  | 163068591 |
|  **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
|  Mondi plc | 75273 |  | 1282663 |
|  **Belgium (0.7%)** | **Belgium (0.7%)** | **Belgium (0.7%)** | **Belgium (0.7%)** |
|  Anheuser-Busch InBev SA/NV | 169409 |  | 10204219 |
|  **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** |
|  Endeavour Mining plc | 28197 |  | 597235 |
|  **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** | **Chile (0.1%)** |
|  Antofagasta plc | 53770 |  | 1004656 |
|  **China (0.8%)** | **China (0.8%)** | **China (0.8%)** | **China (0.8%)** |
|  Prosus NV\* | 160013 |  | 11039378 |
|  **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** | **Finland (0.8%)** |
|  Nokia OYJ | 1024865 |  | 4747008 |
|  Nordea Bank Abp | 698231 |  | 7496636 |
|  |  |  | 12243644 |
|  **France (14.9%)** | **France (14.9%)** | **France (14.9%)** | **France (14.9%)** |
|  Air Liquide SA | 99418 |  | 14090273 |
|  Airbus SE | 111001 |  | 13191510 |
|  AXA SA | 377766 |  | 10536111 |
|  BNP Paribas SA | 216124 |  | 12319384 |
|  Danone SA | 121454 |  | 6400414 |
|  EssilorLuxottica SA | 57713 |  | 10452987 |
|  Hermes International | 6700 |  | 10363562 |
|  Kering SA | 13818 |  | 7033348 |
|  L'Oreal SA | 46235 |  | 16510617 |
|  LVMH Moet Hennessy Louis Vuitton SE | 49575 |  | 36080633 |
|  Pernod Ricard SA | 38109 |  | 7495857 |
|  Safran SA | 72040 |  | 9016311 |
|  Sanofi | 218294 |  | 20993165 |
|  TotalEnergies SE | 497499 |  | 31233929 |
|  Vinci SA | 107089 |  | 10694152 |
|  |  |  | 216412253 |
|  **Germany (9.9%)** | **Germany (9.9%)** | **Germany (9.9%)** | **Germany (9.9%)** |
|  adidas AG | 31289 |  | 4269057 |
|  Allianz SE (Registered) | 76608 |  | 16474811 |
|  BASF SE | 174463 |  | 8663514 |
|  Bayer AG (Registered) | 186609 |  | 9653190 |
|  Bayerische Motoren Werke AG | 60867 |  | 5432631 |

---

See Notes to Financial Statements.

877

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Deutsche Boerse AG | 36090 | $| 6235292 |
|  Deutsche Post AG (Registered) | 187132 |  | 7047098 |
|  Deutsche Telekom AG (Registered) | 658661 |  | 13140977 |
|  Infineon Technologies AG | 248057 |  | 7549092 |
|  Mercedes-Benz Group AG | 149341 |  | 9815531 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 26611 |  | 8659667 |
|  SAP SE | 194382 |  | 20056466 |
|  Siemens AG (Registered) | 140353 |  | 19477226 |
|  Volkswagen AG (Preference) (q) | 38953 |  | 4854393 |
|  Vonovia SE | 134390 |  | 3167748 |
|  |  |  | 144496693 |
|  **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** | **Hong Kong (0.4%)** |
|  Prudential plc | 427046 |  | 5821026 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Nickel Industries Ltd. (x) | 184614 |  | 121924 |
|  **Ireland (0.8%)** | **Ireland (0.8%)** | **Ireland (0.8%)** | **Ireland (0.8%)** |
|  CRH plc (Irish Stock Exchange) | 116238 |  | 4635950 |
|  CRH plc (London Stock Exchange) | 147046 |  | 5825574 |
|  Smurfit Kappa Group plc | 40461 |  | 1502190 |
|  |  |  | 11963714 |
|  **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** |
|  Coca-Cola HBC AG\* | 30476 |  | 726931 |
|  Enel SpA | 1475586 |  | 7945091 |
|  Eni SpA | 470672 |  | 6693897 |
|  Intesa Sanpaolo SpA | 3198588 |  | 7114924 |
|  |  |  | 22480843 |
|  **Japan (24.3%)** | **Japan (24.3%)** | **Japan (24.3%)** | **Japan (24.3%)** |
|  77 Bank Ltd. (The) | 5460 |  | 91943 |
|  ABC-Mart, Inc. | 3700 |  | 210599 |
|  Acom Co. Ltd. | 36258 |  | 87302 |
|  Adastria Co. Ltd. | 4221 |  | 75421 |
|  ADEKA Corp. | 5816 |  | 95899 |
|  Advantest Corp. | 13441 |  | 868483 |
|  Aeon Co. Ltd. | 60540 |  | 1283776 |
|  Aeon Delight Co. Ltd. | 2300 |  | 53101 |
|  AEON Financial Service Co. Ltd. | 15900 |  | 169613 |
|  Aeon Hokkaido Corp. | 6749 |  | 57493 |
|  Aeon Mall Co. Ltd. | 9610 |  | 124848 |
|  AGC, Inc. (x) | 16996 |  | 569167 |
|  Ai Holdings Corp. (x) | 4238 |  | 67652 |
|  Aica Kogyo Co. Ltd. | 6000 |  | 143097 |
|  Aichi Financial Group, Inc. | 5726 |  | 100480 |
|  Aichi Steel Corp. | 2010 |  | 33219 |
|  Aiful Corp. | 20636 |  | 62424 |
|  Ain Holdings, Inc. | 2920 |  | 134386 |
|  Air Water, Inc. | 14881 |  | 174050 |
|  Airtrip Corp. | 2812 |  | 52323 |
|  Aisan Industry Co. Ltd. | 7700 |  | 40542 |
|  Aisin Corp. | 13560 |  | 364727 |
|  Ajinomoto Co., Inc. | 40815 |  | 1253621 |
|  Alfresa Holdings Corp. | 21104 |  | 269509 |
|  Alpen Co. Ltd. | 4000 |  | 59525 |
|  Alps Alpine Co. Ltd. | 16017 |  | 146086 |
|  Amada Co. Ltd. | 27419 |  | 216026 |
|  Amano Corp. | 5299 |  | 98236 |
|  ANA Holdings, Inc.\* | 45238 |  | 965151 |
|  Anritsu Corp. (x) | 11754 |  | 114817 |
|  Aozora Bank Ltd. (x) | 10221 |  | 202099 |
|  Arata Corp. | 2656 |  | 84897 |
|  Arcland Service Holdings Co. Ltd. (x) | 6823 |  | 112296 |
|  Arcs Co. Ltd. | 6269 |  | 104897 |
|  Argo Graphics, Inc. | 3309 |  | 93794 |
|  Ariake Japan Co. Ltd. | 1540 |  | 51220 |
|  ARTERIA Networks Corp. | 4611 |  | 43672 |
|  As One Corp. | 2954 |  | 129648 |
|  Asahi Group Holdings Ltd. | 40028 |  | 1256289 |
|  Asahi Holdings, Inc. | 5730 |  | 84046 |
|  Asahi Intecc Co. Ltd. | 21990 |  | 362590 |
|  Asahi Kasei Corp. | 108031 |  | 774919 |
|  Asics Corp. | 15186 |  | 337184 |
|  ASKUL Corp. | 4548 |  | 59224 |
|  Astellas Pharma, Inc. | 162791 |  | 2488876 |
|  Autobacs Seven Co. Ltd. | 5122 |  | 56356 |
|  Avex, Inc. | 4126 |  | 52943 |
|  Awa Bank Ltd. (The) | 2224 |  | 36129 |
|  Axial Retailing, Inc. | 2129 |  | 54993 |
|  Azbil Corp. (x) | 11832 |  | 299767 |
|  AZ-COM MARUWA Holdings, Inc. | 4260 |  | 51124 |
|  Bandai Namco Holdings, Inc. | 15190 |  | 962280 |
|  Bank of Kyoto Ltd. (The) | 7170 |  | 320148 |
|  Base Co. Ltd. | 2953 |  | 78528 |
|  BayCurrent Consulting, Inc. | 13549 |  | 424826 |
|  Belc Co. Ltd. (x) | 1912 |  | 83770 |
|  Bell System24 Holdings, Inc. | 11135 |  | 115643 |
|  Belluna Co. Ltd. | 5056 |  | 26197 |
|  Benefit One, Inc. | 5872 |  | 86487 |
|  Benesse Holdings, Inc. | 5297 |  | 80965 |
|  Bic Camera, Inc. | 10045 |  | 98123 |
|  BIPROGY, Inc. | 5369 |  | 136843 |
|  BML, Inc. | 2892 |  | 73931 |
|  Bridgestone Corp. (x) | 54573 |  | 1950640 |
|  Brother Industries Ltd. | 22856 |  | 349528 |
|  Bunka Shutter Co. Ltd. | 6786 |  | 57291 |
|  Calbee, Inc. | 7612 |  | 173538 |
|  Canon Electronics, Inc. | 2833 |  | 32725 |
|  Canon Marketing Japan, Inc. | 5165 |  | 117633 |
|  Canon, Inc. (x) | 92607 |  | 2014929 |
|  Capcom Co. Ltd. | 16114 |  | 516915 |
|  Casio Computer Co. Ltd. | 17200 |  | 176010 |
|  Central Glass Co. Ltd. | 3878 |  | 83032 |
|  Central Japan Railway Co. | 13492 |  | 1665939 |
|  Change, Inc. | 2256 |  | 37405 |
|  Chiba Bank Ltd. (The) | 45706 |  | 335029 |
|  Chiyoda Co. Ltd. | 15392 |  | 91714 |
|  Chofu Seisakusho Co. Ltd. | 3200 |  | 46839 |
|  Chubu Electric Power Co., Inc. | 61364 |  | 636832 |
|  Chudenko Corp. | 4078 |  | 64880 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 52280 |  | 1341657 |
|  Chugin Financial Group, Inc. | 13443 |  | 97924 |
|  Chugoku Electric Power Co., Inc. (The) | 24265 |  | 124801 |
|  Citizen Watch Co. Ltd. | 19990 |  | 90324 |
|  CKD Corp. | 4836 |  | 69238 |
|  Cleanup Corp. | 10500 |  | 51684 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 14253 |  | 156062 |
|  COLOPL, Inc. | 5212 |  | 24940 |

---

See Notes to Financial Statements.

878

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Colowide Co. Ltd. (x) | 5764 | $78045 |
|  Computer Engineering & Consulting Ltd. | 13092 | 152427 |
|  COMSYS Holdings Corp. | 10500 | 185214 |
|  Comture Corp. (x) | 3705 | 67838 |
|  Concordia Financial Group Ltd. | 96536 | 404563 |
|  CONEXIO Corp. | 7492 | 108921 |
|  Cosel Co. Ltd. | 4700 | 36314 |
|  Cosmo Energy Holdings Co. Ltd. | 6503 | 172931 |
|  Cosmos Pharmaceutical Corp. | 1993 | 202580 |
|  Create Restaurants Holdings, Inc. (x) | 11134 | 77202 |
|  Create SD Holdings Co. Ltd. | 2762 | 69555 |
|  Credit Saison Co. Ltd. | 13432 | 174092 |
|  Curves Holdings Co. Ltd. | 10714 | 70697 |
|  CyberAgent, Inc. | 39456 | 351148 |
|  Cybozu, Inc. (x) | 6019 | 111171 |
|  Dai Nippon Printing Co. Ltd. | 21778 | 439742 |
|  Daicel Corp. | 29000 | 211026 |
|  Daido Steel Co. Ltd. | 2591 | 85189 |
|  Daifuku Co. Ltd. | 9084 | 427759 |
|  Daihen Corp. | 2153 | 63488 |
|  Daiho Corp. | 1428 | 42816 |
|  Dai-ichi Life Holdings, Inc. | 83493 | 1904740 |
|  Daiichi Sankyo Co. Ltd. | 147985 | 4792260 |
|  Daiichikosho Co. Ltd. | 3149 | 95497 |
|  Daiki Aluminium Industry Co. Ltd. | 6333 | 59885 |
|  Daikin Industries Ltd. | 20422 | 3143283 |
|  Daikokutenbussan Co. Ltd. | 1840 | 75288 |
|  Daio Paper Corp. | 8061 | 62159 |
|  Daiseki Co. Ltd. | 2316 | 80118 |
|  Daishi Hokuetsu Financial Group, Inc. | 3188 | 69668 |
|  Daito Trust Construction Co. Ltd. | 6252 | 645017 |
|  Daiwa House Industry Co. Ltd. | 48911 | 1132586 |
|  Daiwa Securities Group, Inc. | 131703 | 585057 |
|  Daiwabo Holdings Co. Ltd. | 8725 | 129373 |
|  DCM Holdings Co. Ltd. | 10117 | 92660 |
|  DeNA Co. Ltd. | 9759 | 131320 |
|  Denka Co. Ltd. | 5919 | 136429 |
|  Denso Corp. | 34347 | 1710545 |
|  Dentsu Group, Inc. (x) | 18243 | 576175 |
|  Descente Ltd. | 2954 | 72702 |
|  Dexerials Corp. | 5453 | 105952 |
|  DIC Corp. (x) | 8900 | 157737 |
|  Digital Arts, Inc. | 1151 | 48850 |
|  Digital Garage, Inc. | 3387 | 118070 |
|  dip Corp. | 2786 | 80455 |
|  Direct Marketing MiX, Inc. | 5296 | 62629 |
|  Disco Corp. | 2715 | 780945 |
|  DMG Mori Co. Ltd. (x) | 11229 | 150159 |
|  Doutor Nichires Holdings Co. Ltd. | 5044 | 66067 |
|  Dowa Holdings Co. Ltd. | 5600 | 177080 |
|  DTS Corp. | 4573 | 103906 |
|  Duskin Co. Ltd. | 4370 | 99627 |
|  DyDo Group Holdings, Inc. | 2123 | 77000 |
|  Earth Corp. (x) | 1236 | 47654 |
|  East Japan Railway Co. | 28428 | 1628913 |
|  Ebara Corp. | 8388 | 301671 |
|  EDION Corp. | 8339 | 81713 |
|  eGuarantee, Inc. | 2719 | 50614 |
|  Eiken Chemical Co. Ltd. | 5967 | 77702 |
|  Eisai Co. Ltd. | 20292 | 1345791 |
|  Eizo Corp. | 2633 | 68714 |
|  Elan Corp. | 9238 | 66026 |
|  Elecom Co. Ltd. | 4016 | 41311 |
|  Electric Power Development Co. Ltd. | 14178 | 226433 |
|  ENEOS Holdings, Inc. | 301739 | 1030014 |
|  en-Japan, Inc. | 2579 | 47634 |
|  eRex Co. Ltd. | 3139 | 51950 |
|  ES-Con Japan Ltd. (x) | 14514 | 86482 |
|  euglena Co. Ltd.\* | 9207 | 68751 |
|  Exedy Corp. (x) | 3400 | 41865 |
|  EXEO Group, Inc. | 9800 | 167863 |
|  Ezaki Glico Co. Ltd. | 4571 | 126082 |
|  Fancl Corp. | 6642 | 136039 |
|  FANUC Corp. | 16726 | 2527889 |
|  Fast Retailing Co. Ltd. | 2642 | 1621154 |
|  FCC Co. Ltd. | 7838 | 80685 |
|  Financial Partners Group Co. Ltd. | 11341 | 96179 |
|  Food & Life Cos. Ltd. | 9290 | 183903 |
|  FP Corp. | 3160 | 91256 |
|  Fudo Tetra Corp. | 6411 | 73128 |
|  Fuji Co. Ltd. | 2999 | 41818 |
|  Fuji Corp. | 5877 | 86426 |
|  Fuji Electric Co. Ltd. | 9979 | 382462 |
|  Fuji Kyuko Co. Ltd. | 2194 | 79909 |
|  Fuji Media Holdings, Inc. | 20394 | 166894 |
|  Fuji Oil Holdings, Inc. | 4030 | 62581 |
|  Fuji Seal International, Inc. | 4473 | 57566 |
|  Fuji Soft, Inc. | 1853 | 106741 |
|  FUJIFILM Holdings Corp. | 32754 | 1653423 |
|  Fujikura Ltd. | 21309 | 163016 |
|  Fujimi, Inc. | 1257 | 59862 |
|  Fujimori Kogyo Co. Ltd. | 2520 | 58180 |
|  Fujitec Co. Ltd. | 6579 | 150238 |
|  Fujitsu General Ltd. | 6319 | 152390 |
|  Fujitsu Ltd. | 17147 | 2301466 |
|  Fukui Computer Holdings, Inc. | 1895 | 38148 |
|  Fukuoka Financial Group, Inc. | 16400 | 375511 |
|  Fukushima Galilei Co. Ltd. | 2372 | 75819 |
|  Fukuyama Transporting Co. Ltd. | 2128 | 49698 |
|  FULLCAST Holdings Co. Ltd. | 4492 | 96658 |
|  Funai Soken Holdings, Inc. (x) | 3831 | 79341 |
|  Furukawa Electric Co. Ltd. | 7000 | 131957 |
|  Fuso Chemical Co. Ltd. | 1214 | 31451 |
|  Futaba Industrial Co. Ltd. | 9500 | 25770 |
|  Future Corp. | 8216 | 103107 |
|  Fuyo General Lease Co. Ltd. | 2579 | 169392 |
|  G-7 Holdings, Inc. | 5406 | 68131 |
|  Genky DrugStores Co. Ltd. | 1906 | 52791 |
|  Geo Holdings Corp. | 6023 | 100047 |
|  giftee, Inc. (x)\* | 4332 | 57104 |
|  Giken Ltd. | 1041 | 23011 |
|  GLOBERIDE, Inc. | 2998 | 58388 |
|  Glory Ltd. | 4557 | 76181 |
|  GMO GlobalSign Holdings KK (x) | 955 | 29944 |
|  GMO internet group, Inc. (x) | 7656 | 143856 |
|  GMO Payment Gateway, Inc. | 3903 | 324754 |
|  Goldwin, Inc. | 2916 | 212190 |
|  Gree, Inc. | 19104 | 101313 |
|  GS Yuasa Corp. | 5471 | 88376 |

---

See Notes to Financial Statements.

879

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  G-Tekt Corp. | 7944 | $87345 |
|  GungHo Online Entertainment, Inc.\* | 5621 | 91313 |
|  Gunma Bank Ltd. (The) | 29571 | 113561 |
|  Gunze Ltd. | 2242 | 72091 |
|  H.U. Group Holdings, Inc. | 6996 | 153577 |
|  H2O Retailing Corp. | 9500 | 93379 |
|  Hachijuni Bank Ltd. (The) | 43000 | 179877 |
|  Hakuhodo DY Holdings, Inc. | 27115 | 274786 |
|  Hakuto Co. Ltd. | 3463 | 110165 |
|  Hamamatsu Photonics KK | 13362 | 643461 |
|  Hankyu Hanshin Holdings, Inc. | 22548 | 673485 |
|  Hanwa Co. Ltd. | 3585 | 102300 |
|  Haseko Corp. | 16475 | 184911 |
|  Hazama Ando Corp. (x) | 13966 | 89496 |
|  Heiwa Corp. | 4550 | 86153 |
|  Heiwa Real Estate Co. Ltd. | 2923 | 81627 |
|  Heiwado Co. Ltd. | 2453 | 40036 |
|  Hiday Hidaka Corp. | 6251 | 92117 |
|  Hikari Tsushin, Inc. (x) | 1831 | 259778 |
|  Hino Motors Ltd.\* | 22963 | 88010 |
|  Hioki EE Corp. (x) | 1430 | 68972 |
|  Hirogin Holdings, Inc. | 36500 | 183835 |
|  Hirose Electric Co. Ltd. | 2789 | 352769 |
|  HIS Co. Ltd. (x)\* | 3292 | 52325 |
|  Hisamitsu Pharmaceutical Co., Inc. | 5579 | 166851 |
|  Hitachi Construction Machinery Co. Ltd. | 6567 | 148063 |
|  Hitachi Ltd. | 85886 | 4378720 |
|  Hitachi Transport System Ltd. (x) | 3481 | 235798 |
|  Hitachi Zosen Corp. | 13019 | 81939 |
|  Hogy Medical Co. Ltd. (x) | 3574 | 92863 |
|  Hokkaido Electric Power Co., Inc. | 22712 | 80645 |
|  Hokkaido Gas Co. Ltd. | 361 | 4607 |
|  Hokkoku Financial Holdings, Inc. | 1084 | 37499 |
|  Hokuetsu Corp. | 13526 | 78534 |
|  Hokuhoku Financial Group, Inc. | 13814 | 102837 |
|  Hokuriku Electric Power Co. | 21850 | 91069 |
|  Honda Motor Co. Ltd. | 137679 | 3180758 |
|  Horiba Ltd. | 3816 | 166608 |
|  Hoshizaki Corp. | 11077 | 392894 |
|  Hosiden Corp. | 6570 | 78796 |
|  House Foods Group, Inc. | 8400 | 177806 |
|  Hoya Corp. | 36592 | 3542375 |
|  Hulic Co. Ltd. (x) | 40493 | 320883 |
|  Hyakugo Bank Ltd. (The) | 17673 | 49555 |
|  Hyakujushi Bank Ltd. (The) | 2900 | 42271 |
|  Ibiden Co. Ltd. | 8897 | 324384 |
|  Ichibanya Co. Ltd. | 1268 | 44734 |
|  Ichigo, Inc. | 44705 | 97081 |
|  Idec Corp. | 3977 | 88486 |
|  Idemitsu Kosan Co. Ltd. | 18720 | 437903 |
|  IDOM, Inc. | 10714 | 54207 |
|  IHI Corp. | 10832 | 317350 |
|  Iida Group Holdings Co. Ltd. | 15482 | 236052 |
|  Iino Kaiun Kaisha Ltd. | 15176 | 107541 |
|  Inaba Denki Sangyo Co. Ltd. | 6062 | 125222 |
|  Inabata & Co. Ltd. | 4900 | 89121 |
|  Infocom Corp. | 2107 | 34565 |
|  Infomart Corp. | 19428 | 52848 |
|  Information Services International-Dentsu Ltd. | 2820 | 84338 |
|  INFRONEER Holdings, Inc. | 20727 | 158090 |
|  Inpex Corp. | 88887 | 945491 |
|  Insource Co. Ltd. | 9158 | 108509 |
|  Intage Holdings, Inc. | 6863 | 72060 |
|  Internet Initiative Japan, Inc. | 9252 | 172717 |
|  IR Japan Holdings Ltd. | 6362 | 87596 |
|  Iriso Electronics Co. Ltd. | 1764 | 56856 |
|  Iseki & Co. Ltd. | 4100 | 36614 |
|  Isetan Mitsukoshi Holdings Ltd. | 35742 | 391354 |
|  Isuzu Motors Ltd. | 53195 | 627040 |
|  Ito En Ltd. | 6216 | 226872 |
|  ITOCHU Corp. (x) | 110422 | 3488339 |
|  Itochu Enex Co. Ltd. | 5640 | 45123 |
|  Itochu Techno-Solutions Corp. | 7982 | 186717 |
|  Itoham Yonekyu Holdings, Inc. | 12689 | 67777 |
|  Iwatani Corp. | 3794 | 167382 |
|  Iyogin Holdings, Inc. | 24000 | 130753 |
|  Izumi Co. Ltd. | 3455 | 78662 |
|  J Front Retailing Co. Ltd. | 22829 | 208912 |
|  JAC Recruitment Co. Ltd. (x) | 4065 | 75235 |
|  Jaccs Co. Ltd. | 3105 | 97593 |
|  JAFCO Group Co. Ltd. (x) | 5476 | 93798 |
|  Japan Airlines Co. Ltd. (x)\* | 40833 | 838501 |
|  Japan Airport Terminal Co. Ltd.\* | 6373 | 317096 |
|  Japan Aviation Electronics Industry Ltd. | 6944 | 111589 |
|  Japan Cash Machine Co. Ltd. | 6102 | 49889 |
|  Japan Display, Inc. (x)\* | 231888 | 67142 |
|  Japan Elevator Service Holdings Co. Ltd. | 4050 | 51042 |
|  Japan Exchange Group, Inc. | 46186 | 667768 |
|  Japan Lifeline Co. Ltd. | 7771 | 54238 |
|  Japan Material Co. Ltd. | 5450 | 88743 |
|  Japan Petroleum Exploration Co. Ltd. | 1482 | 43419 |
|  Japan Post Bank Co. Ltd. | 46500 | 399665 |
|  Japan Post Holdings Co. Ltd. | 224354 | 1896684 |
|  Japan Post Insurance Co. Ltd. | 19609 | 346788 |
|  Japan Pulp & Paper Co. Ltd. | 2543 | 99015 |
|  Japan Securities Finance Co. Ltd. | 6741 | 59274 |
|  Japan Steel Works Ltd. (The) | 6516 | 129536 |
|  Japan Tobacco, Inc. (x) | 110450 | 2239465 |
|  Japan Wool Textile Co. Ltd. (The) | 5449 | 40440 |
|  JCR Pharmaceuticals Co. Ltd. | 5088 | 65170 |
|  JCU Corp. | 1541 | 36165 |
|  Jeol Ltd. | 3266 | 89340 |
|  JFE Holdings, Inc. | 47231 | 552780 |
|  JGC Holdings Corp. | 18595 | 237751 |
|  JINS Holdings, Inc. | 771 | 27083 |
|  JMDC, Inc. | 2736 | 78803 |
|  Joyful Honda Co. Ltd. (x) | 6398 | 94186 |
|  JSR Corp. | 16517 | 325709 |
|  JTEKT Corp. | 17798 | 125986 |
|  Juroku Financial Group, Inc. | 3200 | 69930 |
|  Justsystems Corp. | 2992 | 64222 |
|  JVCKenwood Corp. | 19300 | 54265 |
|  K&O Energy Group, Inc. | 2655 | 41290 |
|  Kadokawa Corp. | 9702 | 177422 |
|  Kaga Electronics Co. Ltd. | 3589 | 111712 |
|  Kagome Co. Ltd. (x) | 8701 | 202542 |
|  Kajima Corp. | 40971 | 479514 |

---

See Notes to Financial Statements.

880

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Kakaku.com, Inc. | 13130 | $211297 |
|  Kaken Pharmaceutical Co. Ltd. | 2834 | 84001 |
|  Kameda Seika Co. Ltd. | 1676 | 55552 |
|  Kamigumi Co. Ltd. | 8622 | 176526 |
|  Kanamoto Co. Ltd. | 2948 | 50833 |
|  Kandenko Co. Ltd. | 10184 | 66812 |
|  Kaneka Corp. | 6200 | 155425 |
|  Kanematsu Corp. | 8108 | 92670 |
|  Kanematsu Electronics Ltd. | 935 | 31703 |
|  Kansai Electric Power Co., Inc. (The) | 65172 | 635134 |
|  Kansai Food Market Ltd. | 8910 | 87036 |
|  Kansai Paint Co. Ltd. | 18311 | 225888 |
|  Kao Corp. (x) | 40618 | 1626391 |
|  Kappa Create Co. Ltd. (x)\* | 4080 | 42777 |
|  Katitas Co. Ltd. | 5812 | 133742 |
|  Kato Sangyo Co. Ltd. | 2563 | 68547 |
|  Kawasaki Heavy Industries Ltd. | 12529 | 294991 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 17043 | 361924 |
|  KDDI Corp. | 131264 | 3982728 |
|  KeePer Technical Laboratory Co. Ltd. | 2208 | 60230 |
|  Keihan Holdings Co. Ltd. | 8105 | 213062 |
|  Keihanshin Building Co. Ltd. | 3858 | 37569 |
|  Keikyu Corp. | 24606 | 260797 |
|  Keio Corp. | 8634 | 318413 |
|  Keisei Electric Railway Co. Ltd. | 13333 | 381480 |
|  Keiyo Bank Ltd. (The) | 17682 | 79087 |
|  Kewpie Corp. | 13000 | 236742 |
|  Key Coffee, Inc. | 4000 | 62847 |
|  Keyence Corp. | 16945 | 6639073 |
|  KH Neochem Co. Ltd. (x) | 3353 | 68802 |
|  Kikkoman Corp. | 12176 | 643870 |
|  Kinden Corp. | 15000 | 164355 |
|  Kintetsu Department Store Co. Ltd.\* | 2816 | 55681 |
|  Kintetsu Group Holdings Co. Ltd. | 15762 | 523038 |
|  Kirin Holdings Co. Ltd. (x) | 73993 | 1133800 |
|  Kissei Pharmaceutical Co. Ltd. | 3193 | 62770 |
|  Ki-Star Real Estate Co. Ltd. | 2056 | 71907 |
|  Kitano Construction Corp. | 2956 | 56669 |
|  Kitz Corp. | 6541 | 39324 |
|  Kiyo Bank Ltd. (The) | 3600 | 43011 |
|  Koa Corp. | 2679 | 38478 |
|  Kobayashi Pharmaceutical Co. Ltd. | 4615 | 317536 |
|  Kobe Bussan Co. Ltd. | 12559 | 362684 |
|  Kobe Steel Ltd. | 33016 | 161508 |
|  Koei Tecmo Holdings Co. Ltd. | 11028 | 200998 |
|  Kohnan Shoji Co. Ltd. | 2315 | 60327 |
|  Koito Manufacturing Co. Ltd. | 19178 | 290359 |
|  Kokuyo Co. Ltd. (x) | 7982 | 113003 |
|  Komatsu Ltd. | 78806 | 1726959 |
|  KOMEDA Holdings Co. Ltd. | 4896 | 92705 |
|  Komeri Co. Ltd. | 3475 | 72365 |
|  Komori Corp. | 7900 | 48517 |
|  Konami Group Corp. | 6450 | 293405 |
|  Konica Minolta, Inc. | 43791 | 175845 |
|  Konoike Transport Co. Ltd. | 6036 | 73955 |
|  Kose Corp. (x) | 3360 | 369180 |
|  Koshidaka Holdings Co. Ltd. | 10956 | 82813 |
|  Kotobuki Spirits Co. Ltd. | 1632 | 96124 |
|  K's Holdings Corp. | 17800 | 152990 |
|  Kubota Corp. (x) | 90523 | 1253279 |
|  Kumagai Gumi Co. Ltd. | 3271 | 65575 |
|  Kumiai Chemical Industry Co. Ltd. | 9350 | 64618 |
|  Kura Sushi, Inc. | 3446 | 78772 |
|  Kuraray Co. Ltd. | 28183 | 227199 |
|  Kureha Corp. | 1321 | 81128 |
|  Kurita Water Industries Ltd. | 9006 | 374678 |
|  Kusuri no Aoki Holdings Co. Ltd. | 1767 | 103403 |
|  KYB Corp. | 1923 | 49892 |
|  Kyocera Corp. | 26219 | 1308952 |
|  KYORIN Holdings, Inc. | 6041 | 79172 |
|  Kyoritsu Maintenance Co. Ltd. (x) | 2670 | 120032 |
|  Kyowa Kirin Co. Ltd. | 20521 | 472214 |
|  Kyudenko Corp. | 3588 | 89263 |
|  Kyushu Electric Power Co., Inc. | 31604 | 179163 |
|  Kyushu Financial Group, Inc. | 34349 | 118824 |
|  Kyushu Railway Co. | 11748 | 261564 |
|  Lasertec Corp. | 8220 | 1361962 |
|  Lawson, Inc. | 5088 | 195006 |
|  Life Corp. | 3042 | 61308 |
|  Link And Motivation, Inc. (x) | 10606 | 52125 |
|  Lintec Corp. | 4900 | 80161 |
|  Lion Corp. (x) | 21636 | 249595 |
|  LITALICO, Inc. | 3942 | 69324 |
|  Lixil Corp. | 29006 | 442251 |
|  M&A Capital Partners Co. Ltd.\* | 1564 | 54997 |
|  M3, Inc. | 33824 | 922145 |
|  Mabuchi Motor Co. Ltd. (x) | 4526 | 128807 |
|  Macnica Holdings, Inc. | 4581 | 109778 |
|  Maeda Kosen Co. Ltd. (x) | 3173 | 75312 |
|  Makino Milling Machine Co. Ltd. | 2098 | 69219 |
|  Makita Corp. | 22583 | 529988 |
|  Mandom Corp. | 4260 | 47521 |
|  Mani, Inc. | 7470 | 115545 |
|  Marubeni Corp. | 139098 | 1605711 |
|  Maruha Nichiro Corp. | 3726 | 71261 |
|  Marui Group Co. Ltd. | 15023 | 249658 |
|  Maruichi Steel Tube Ltd. | 7800 | 160648 |
|  MARUKA FURUSATO Corp. (x) | 3674 | 100500 |
|  Maruwa Co. Ltd. | 889 | 106214 |
|  Marvelous, Inc. | 10228 | 53307 |
|  Matsuda Sangyo Co. Ltd. | 4000 | 70040 |
|  Matsui Securities Co. Ltd. | 14747 | 88208 |
|  MatsukiyoCocokara & Co. | 11433 | 574960 |
|  Matsuya Co. Ltd.\* | 7173 | 56241 |
|  Matsuyafoods Holdings Co. Ltd. | 3039 | 91466 |
|  Max Co. Ltd. | 6000 | 89150 |
|  Maxell Ltd. | 5700 | 59024 |
|  Mazda Motor Corp. | 57715 | 441966 |
|  Mebuki Financial Group, Inc. | 104665 | 266368 |
|  Media Do Co. Ltd. | 2077 | 27395 |
|  Medipal Holdings Corp. | 17687 | 234632 |
|  MedPeer, Inc. (x)\* | 9655 | 101155 |
|  Megachips Corp. | 3355 | 62964 |
|  Megmilk Snow Brand Co. Ltd. | 3437 | 47166 |
|  Meidensha Corp. | 4400 | 62728 |
|  Meiji Holdings Co. Ltd. | 10929 | 561273 |
|  Meiko Electronics Co. Ltd. | 2286 | 41891 |
|  Meitec Corp. | 5817 | 106199 |
|  Melco Holdings, Inc. | 2177 | 50344 |
|  Menicon Co. Ltd. | 4964 | 105075 |
|  Mercari, Inc.\* | 7511 | 154467 |

---

See Notes to Financial Statements.

881

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  METAWATER Co. Ltd. | 3652 | $45247 |
|  Midac Holdings Co. Ltd. | 1977 | 38714 |
|  Milbon Co. Ltd. | 2308 | 100592 |
|  Mimasu Semiconductor Industry Co. Ltd. | 3269 | 58311 |
|  Minebea Mitsumi, Inc. | 30892 | 463945 |
|  Mirait One Corp. | 7953 | 92110 |
|  Miroku Jyoho Service Co. Ltd. | 2998 | 32963 |
|  MISUMI Group, Inc. | 26577 | 583017 |
|  Mitani Sekisan Co. Ltd. (x) | 1611 | 51249 |
|  Mitsubishi Chemical Group Corp. | 108956 | 568441 |
|  Mitsubishi Corp. | 112043 | 3656508 |
|  Mitsubishi Electric Corp. | 173935 | 1740808 |
|  Mitsubishi Estate Co. Ltd. | 109435 | 1426724 |
|  Mitsubishi Gas Chemical Co., Inc. | 14524 | 201747 |
|  Mitsubishi HC Capital, Inc. | 60887 | 301095 |
|  Mitsubishi Heavy Industries Ltd. | 29412 | 1172984 |
|  Mitsubishi Logisnext Co. Ltd. | 10284 | 54774 |
|  Mitsubishi Logistics Corp. | 4975 | 114860 |
|  Mitsubishi Materials Corp. | 14300 | 227074 |
|  Mitsubishi Motors Corp.\* | 75000 | 291451 |
|  Mitsubishi Pencil Co. Ltd. | 3972 | 43340 |
|  Mitsubishi Research Institute, Inc. | 2488 | 92513 |
|  Mitsubishi Shokuhin Co. Ltd. | 3000 | 71320 |
|  Mitsubishi UFJ Financial Group, Inc. | 1093631 | 7408092 |
|  Mitsuboshi Belting Ltd. | 4120 | 107364 |
|  Mitsui & Co. Ltd. | 131123 | 3849565 |
|  Mitsui Chemicals, Inc. | 14798 | 335447 |
|  Mitsui Fudosan Co. Ltd. | 71728 | 1320989 |
|  Mitsui High-Tec, Inc. | 2493 | 116444 |
|  Mitsui Mining & Smelting Co. Ltd. | 5900 | 138689 |
|  Mitsui OSK Lines Ltd. (x) | 29808 | 747244 |
|  Mitsui-Soko Holdings Co. Ltd. | 3314 | 90779 |
|  Mitsuuroko Group Holdings Co. Ltd. | 7084 | 61426 |
|  Miura Co. Ltd. | 8004 | 185402 |
|  MIXI, Inc. | 3456 | 64938 |
|  Mizuho Financial Group, Inc. | 241246 | 3411708 |
|  Mizuho Leasing Co. Ltd. | 1996 | 50721 |
|  Mizuno Corp. | 4444 | 95253 |
|  Mochida Pharmaceutical Co. Ltd. | 2534 | 67192 |
|  Modec, Inc.\* | 4782 | 49627 |
|  Monex Group, Inc. (x) | 14185 | 45071 |
|  Money Forward, Inc.\* | 4020 | 124668 |
|  Monogatari Corp. (The) | 1574 | 78436 |
|  MonotaRO Co. Ltd. | 23996 | 339535 |
|  Morinaga & Co. Ltd. | 4247 | 127015 |
|  Morinaga Milk Industry Co. Ltd. | 3908 | 148739 |
|  Morita Holdings Corp. | 3388 | 29972 |
|  MOS Food Services, Inc. | 3648 | 85196 |
|  MS&AD Insurance Group Holdings, Inc. | 36976 | 1190084 |
|  Murata Manufacturing Co. Ltd. | 51366 | 2578476 |
|  Musashi Seimitsu Industry Co. Ltd. | 5616 | 66969 |
|  Nabtesco Corp. (x) | 11042 | 283117 |
|  Nachi-Fujikoshi Corp. | 2183 | 59881 |
|  Nagaileben Co. Ltd. | 2171 | 33018 |
|  Nagase & Co. Ltd. | 11432 | 174389 |
|  Nagawa Co. Ltd. | 1145 | 65434 |
|  Nagoya Railroad Co. Ltd. | 17631 | 292730 |
|  Nankai Electric Railway Co. Ltd. | 9800 | 212891 |
|  Nanto Bank Ltd. (The) | 5337 | 104227 |
|  NEC Corp. | 23788 | 840120 |
|  NEC Networks & System Integration Corp. | 5600 | 70491 |
|  NET One Systems Co. Ltd. | 7723 | 201843 |
|  Nexon Co. Ltd. (x) | 43889 | 990546 |
|  Nextage Co. Ltd. | 6335 | 122607 |
|  NGK Insulators Ltd. | 22442 | 286937 |
|  NGK Spark Plug Co. Ltd. | 12240 | 227471 |
|  NH Foods Ltd. | 6942 | 194391 |
|  NHK Spring Co. Ltd. | 25000 | 161155 |
|  Nichias Corp. | 4359 | 78451 |
|  Nichicon Corp. | 10871 | 101553 |
|  Nichiha Corp. | 3077 | 62271 |
|  Nichirei Corp. | 9587 | 210163 |
|  Nidec Corp. | 41795 | 2177964 |
|  Nifco, Inc. | 5877 | 138820 |
|  Nihon Kohden Corp. | 7968 | 194586 |
|  Nihon M&A Center Holdings, Inc. | 30043 | 372905 |
|  Nihon Parkerizing Co. Ltd. | 12170 | 86982 |
|  Nihon Yamamura Glass Co. Ltd.\* | 5562 | 23436 |
|  Nikkon Holdings Co. Ltd. | 5491 | 98406 |
|  Nikon Corp. | 26926 | 241275 |
|  Nintendo Co. Ltd. | 106933 | 4507417 |
|  Nippn Corp. | 4887 | 60324 |
|  Nippon Ceramic Co. Ltd. | 1836 | 33016 |
|  Nippon Chemi-Con Corp.\* | 3503 | 41559 |
|  Nippon Densetsu Kogyo Co. Ltd. | 4340 | 51886 |
|  Nippon Electric Glass Co. Ltd. (x) | 6101 | 108966 |
|  Nippon Express Holdings, Inc. (x) | 6057 | 347987 |
|  Nippon Gas Co. Ltd. | 8442 | 133924 |
|  Nippon Kanzai Co. Ltd. | 4458 | 85532 |
|  Nippon Kayaku Co. Ltd. | 10745 | 93335 |
|  Nippon Light Metal Holdings Co. Ltd. | 5252 | 60548 |
|  Nippon Paint Holdings Co. Ltd. (x) | 73809 | 584331 |
|  Nippon Paper Industries Co. Ltd. | 9600 | 71320 |
|  Nippon Parking Development Co. Ltd. | 46787 | 110515 |
|  Nippon Pillar Packing Co. Ltd. | 3146 | 65538 |
|  Nippon Sanso Holdings Corp. | 15957 | 232960 |
|  Nippon Sharyo Ltd. | 3791 | 56299 |
|  Nippon Shinyaku Co. Ltd. | 4816 | 274487 |
|  Nippon Shokubai Co. Ltd. | 2462 | 99050 |
|  Nippon Signal Co. Ltd. | 8900 | 70527 |
|  Nippon Soda Co. Ltd. | 950 | 31271 |
|  Nippon Steel Corp. | 77064 | 1345860 |
|  Nippon Steel Trading Corp. | 2026 | 142641 |
|  Nippon Telegraph & Telephone Corp. | 217664 | 6239348 |
|  Nippon Television Holdings, Inc. | 13631 | 108225 |
|  Nippon Yusen KK (x) | 44277 | 1049234 |
|  Nipro Corp. | 13900 | 109514 |
|  Nishimatsu Construction Co. Ltd. | 3295 | 98293 |
|  Nishimatsuya Chain Co. Ltd. | 6093 | 71961 |
|  Nishi-Nippon Financial Holdings, Inc. | 13628 | 99998 |
|  Nishi-Nippon Railroad Co. Ltd. | 5600 | 105437 |
|  Nishio Rent All Co. Ltd. | 3957 | 93920 |
|  Nissan Chemical Corp. | 9008 | 396725 |
|  Nissan Motor Co. Ltd. | 236553 | 753603 |
|  Nissan Shatai Co. Ltd. | 9940 | 62485 |

---

See Notes to Financial Statements.

882

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Nissha Co. Ltd. (x) | 6603 | $92072 |
|  Nisshin Oillio Group Ltd. (The) | 2383 | 59648 |
|  Nisshin Seifun Group, Inc. | 18778 | 236514 |
|  Nisshinbo Holdings, Inc. | 12062 | 89518 |
|  Nissin Electric Co. Ltd. | 7460 | 71565 |
|  Nissin Foods Holdings Co. Ltd. | 6316 | 501468 |
|  Nissui Corp. | 20317 | 84990 |
|  Nitori Holdings Co. Ltd. | 7066 | 917977 |
|  Nitta Corp. | 1728 | 36840 |
|  Nitto Boseki Co. Ltd. | 2757 | 40061 |
|  Nitto Denko Corp. | 12124 | 706710 |
|  Nitto Kogyo Corp. | 5056 | 90765 |
|  Noevir Holdings Co. Ltd. | 1781 | 78574 |
|  NOF Corp. | 7305 | 293892 |
|  Nohmi Bosai Ltd. | 4847 | 58575 |
|  Nojima Corp. | 7218 | 78483 |
|  NOK Corp. | 8604 | 76967 |
|  Nomura Co. Ltd. | 11318 | 82876 |
|  Nomura Holdings, Inc. | 302045 | 1124499 |
|  Nomura Real Estate Holdings, Inc. | 10820 | 233318 |
|  Nomura Research Institute Ltd. | 34264 | 813261 |
|  Noritake Co. Ltd. | 1990 | 60955 |
|  Noritsu Koki Co. Ltd. (x) | 4795 | 86992 |
|  Noritz Corp. | 4795 | 52758 |
|  North Pacific Bank Ltd. | 37980 | 73795 |
|  NS Solutions Corp. | 3420 | 83389 |
|  NS United Kaiun Kaisha Ltd. | 3102 | 91590 |
|  NSD Co. Ltd. | 5948 | 103514 |
|  NSK Ltd. | 30498 | 162901 |
|  NTN Corp. | 37117 | 74664 |
|  NTT Data Corp. | 52403 | 771431 |
|  Obara Group, Inc. (x) | 1415 | 38814 |
|  Obayashi Corp. | 56756 | 431595 |
|  OBIC Business Consultants Co. Ltd. | 3287 | 107571 |
|  Obic Co. Ltd. | 5591 | 826892 |
|  Odakyu Electric Railway Co. Ltd. | 24751 | 322683 |
|  Ogaki Kyoritsu Bank Ltd. (The) | 2098 | 30038 |
|  Ohsho Food Service Corp. | 741 | 33764 |
|  Oiles Corp. | 4560 | 50798 |
|  Oisix ra daichi, Inc. (x)\* | 2321 | 39509 |
|  Oita Bank Ltd. (The) | 2100 | 32674 |
|  Oji Holdings Corp. | 68133 | 275668 |
|  Okamoto Industries, Inc. | 2906 | 82038 |
|  Okamura Corp. | 7341 | 79596 |
|  Okasan Securities Group, Inc. | 33049 | 96447 |
|  Oki Electric Industry Co. Ltd. | 8423 | 45632 |
|  Okinawa Electric Power Co., Inc. (The) | 4021 | 30976 |
|  OKUMA Corp. | 1173 | 42008 |
|  Okumura Corp. | 2739 | 62297 |
|  Olympus Corp. | 106520 | 1908984 |
|  Omron Corp. | 15050 | 734496 |
|  Ono Pharmaceutical Co. Ltd. | 32222 | 756937 |
|  Onward Holdings Co. Ltd. | 15000 | 35431 |
|  Open Door, Inc.\* | 4483 | 60564 |
|  Open House Group Co. Ltd. | 5846 | 214704 |
|  Open Up Group, Inc. (x) | 8625 | 111789 |
|  Optex Group Co. Ltd. (x) | 5977 | 81794 |
|  Optim Corp.\* | 17476 | 134892 |
|  Optorun Co. Ltd. | 5119 | 87449 |
|  Oracle Corp. | 3300 | 214233 |
|  Organo Corp. | 3220 | 71667 |
|  Orient Corp. | 6542 | 57823 |
|  Oriental Land Co. Ltd. | 18428 | 2690342 |
|  ORIX Corp. | 112250 | 1811960 |
|  Osaka Gas Co. Ltd. | 34309 | 556828 |
|  Osaka Organic Chemical Industry Ltd. | 3454 | 50241 |
|  Osaka Soda Co. Ltd. | 1925 | 56178 |
|  OSAKA Titanium Technologies Co. Ltd. | 2564 | 75802 |
|  OSG Corp. | 9700 | 134295 |
|  Otsuka Corp. | 9530 | 301716 |
|  Otsuka Holdings Co. Ltd. (x) | 38212 | 1253449 |
|  Outsourcing, Inc. | 8818 | 63696 |
|  PAL GROUP Holdings Co. Ltd. | 5721 | 109372 |
|  PALTAC Corp. | 2773 | 97934 |
|  Pan Pacific International Holdings Corp. | 39509 | 738461 |
|  Panasonic Holdings Corp. | 198776 | 1681962 |
|  Paramount Bed Holdings Co. Ltd. | 4444 | 87295 |
|  Park24 Co. Ltd.\* | 10900 | 188948 |
|  Pasona Group, Inc. | 3788 | 53714 |
|  Penta-Ocean Construction Co. Ltd. | 29322 | 138075 |
|  PeptiDream, Inc. (x)\* | 8788 | 139079 |
|  Persol Holdings Co. Ltd. | 18066 | 389292 |
|  Pharma Foods International Co. Ltd. (x) | 3751 | 37784 |
|  PHC Holdings Corp. | 4990 | 56006 |
|  Pigeon Corp. (x) | 10057 | 166135 |
|  Pilot Corp. (x) | 3104 | 113645 |
|  Piolax, Inc. | 4502 | 58385 |
|  Plenus Co. Ltd. (x) | 5333 | 107034 |
|  Pola Orbis Holdings, Inc. (x) | 8224 | 116555 |
|  Premium Group Co. Ltd. | 3276 | 43359 |
|  Pressance Corp. | 6138 | 71978 |
|  Prestige International, Inc. | 10559 | 58411 |
|  Prima Meat Packers Ltd. | 3652 | 61191 |
|  Proto Corp. | 9296 | 87761 |
|  Raito Kogyo Co. Ltd. | 6051 | 87279 |
|  Raksul, Inc. (x)\* | 1894 | 47913 |
|  Rakus Co. Ltd. | 5219 | 62991 |
|  Rakuten Group, Inc. (x)\* | 80498 | 365565 |
|  Recruit Holdings Co. Ltd. | 128902 | 4102588 |
|  Relia, Inc. | 8142 | 62287 |
|  Relo Group, Inc. | 8730 | 141287 |
|  Renesas Electronics Corp.\* | 109695 | 989211 |
|  Rengo Co. Ltd. | 15192 | 105108 |
|  RENOVA, Inc.\* | 2551 | 45853 |
|  Resona Holdings, Inc. | 209322 | 1153472 |
|  Resonac Holdings Corp. (x) | 14151 | 217807 |
|  Resorttrust, Inc. | 7178 | 128475 |
|  Restar Holdings Corp. | 5506 | 86341 |
|  Ricoh Co. Ltd. | 46040 | 353263 |
|  Ricoh Leasing Co. Ltd. | 1550 | 44939 |
|  Riken Corp. | 1600 | 27370 |
|  Riken Keiki Co. Ltd. | 845 | 28330 |
|  Rinnai Corp. | 3700 | 277133 |
|  Riso Kagaku Corp. | 2813 | 44776 |
|  Riso Kyoiku Co. Ltd. | 22934 | 63958 |
|  Rohm Co. Ltd. | 7590 | 551148 |
|  Rohto Pharmaceutical Co. Ltd. | 21164 | 374127 |

---

See Notes to Financial Statements.

883

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Roland Corp. | 1717 | $45528 |
|  Rorze Corp. | 1360 | 73679 |
|  Round One Corp. | 18870 | 69016 |
|  Royal Holdings Co. Ltd. (x)\* | 1912 | 33799 |
|  RS Technologies Co. Ltd. | 3414 | 92218 |
|  Ryohin Keikaku Co. Ltd. | 21429 | 255698 |
|  Ryosan Co. Ltd. | 4143 | 89717 |
|  S Foods, Inc. | 3922 | 88726 |
|  Saibu Gas Holdings Co. Ltd. | 2687 | 34990 |
|  Saizeriya Co. Ltd. | 3745 | 85321 |
|  Sakai Moving Service Co. Ltd. | 1540 | 50751 |
|  Sakata Seed Corp. | 2341 | 78039 |
|  San ju San Financial Group, Inc. | 2610 | 31621 |
|  San-A Co. Ltd. | 1826 | 59897 |
|  San-Ai Obbli Co. Ltd. | 7598 | 72367 |
|  Sangetsu Corp. | 3239 | 53013 |
|  San-In Godo Bank Ltd. (The) | 17188 | 101761 |
|  Sanken Electric Co. Ltd. | 2047 | 102007 |
|  Sanki Engineering Co. Ltd. | 7418 | 87553 |
|  Sankyo Co. Ltd. | 3547 | 145404 |
|  Sankyu, Inc. | 4962 | 182615 |
|  Sanrio Co. Ltd. | 5173 | 188410 |
|  Sansan, Inc.\* | 4408 | 42857 |
|  Santen Pharmaceutical Co. Ltd. | 30999 | 253680 |
|  Sanwa Holdings Corp. | 21000 | 195375 |
|  Sanyo Chemical Industries Ltd. | 1868 | 57574 |
|  Sanyo Denki Co. Ltd. | 1435 | 62653 |
|  Sanyo Special Steel Co. Ltd. | 3355 | 55243 |
|  Sapporo Holdings Ltd. (x) | 6302 | 157502 |
|  Sawai Group Holdings Co. Ltd. | 4400 | 138296 |
|  SBI Holdings, Inc. | 22703 | 435412 |
|  SBS Holdings, Inc. | 2809 | 59523 |
|  SCREEN Holdings Co. Ltd. | 2784 | 179462 |
|  SCSK Corp. | 12294 | 187445 |
|  Secom Co. Ltd. | 17549 | 1008626 |
|  Sega Sammy Holdings, Inc. | 13520 | 205726 |
|  Seibu Holdings, Inc. | 22730 | 249746 |
|  Seiko Epson Corp. | 24121 | 353985 |
|  Seiko Group Corp. | 4175 | 98776 |
|  Seino Holdings Co. Ltd. | 10346 | 92392 |
|  Seiren Co. Ltd. (x) | 5033 | 93228 |
|  Sekisui Chemical Co. Ltd. | 33017 | 464160 |
|  Sekisui House Ltd. | 51165 | 909734 |
|  Sekisui Jushi Corp. | 5073 | 72284 |
|  Senko Group Holdings Co. Ltd. (x) | 10158 | 74691 |
|  Seven & i Holdings Co. Ltd. | 62133 | 2679616 |
|  Seven Bank Ltd. | 64776 | 129315 |
|  SG Holdings Co. Ltd. | 31903 | 444853 |
|  Sharp Corp. (x) | 21346 | 153703 |
|  Shibaura Machine Co. Ltd. | 3304 | 65959 |
|  Shibuya Corp. | 2975 | 52115 |
|  SHIFT, Inc.\* | 1134 | 201673 |
|  Shiga Bank Ltd. (The) | 2831 | 57056 |
|  Shikoku Electric Power Co., Inc. | 18249 | 106374 |
|  Shikoku Kasei Holdings Corp. | 5724 | 56830 |
|  Shimadzu Corp. | 21141 | 603269 |
|  Shimamura Co. Ltd. | 2500 | 249543 |
|  Shimano, Inc. | 6832 | 1089039 |
|  Shimizu Corp. | 57596 | 308958 |
|  Shimojima Co. Ltd. | 5300 | 37678 |
|  Shin Nippon Biomedical Laboratories Ltd. | 4508 | 77629 |
|  Shin-Etsu Chemical Co. Ltd. | 28910 | 3574099 |
|  Shin-Etsu Polymer Co. Ltd. | 6313 | 54452 |
|  Shinko Electric Industries Co. Ltd. | 5402 | 139537 |
|  Shinsei Bank Ltd. | 5217 | 85386 |
|  Shionogi & Co. Ltd. | 21278 | 1067791 |
|  Ship Healthcare Holdings, Inc. | 5252 | 107569 |
|  Shiseido Co. Ltd. (x) | 34717 | 1711778 |
|  Shizuoka Financial Group, Inc. | 40645 | 326733 |
|  Shizuoka Gas Co. Ltd. | 6571 | 55226 |
|  SHO-BOND Holdings Co. Ltd. | 4612 | 197496 |
|  Shochiku Co. Ltd. (x)\* | 1166 | 103771 |
|  Shoei Co. Ltd. | 2374 | 92797 |
|  Shoei Foods Corp. | 2002 | 59645 |
|  Showa Sangyo Co. Ltd. | 2573 | 49307 |
|  Siix Corp. | 7281 | 70846 |
|  Simplex Holdings, Inc. | 1627 | 25960 |
|  Sinanen Holdings Co. Ltd. | 1631 | 48281 |
|  Sinfonia Technology Co. Ltd. | 7390 | 83000 |
|  Sintokogio Ltd. | 7500 | 37431 |
|  SKY Perfect JSAT Holdings, Inc. | 7493 | 27691 |
|  Skylark Holdings Co. Ltd. (x)\* | 24496 | 285015 |
|  SMC Corp. | 5581 | 2363548 |
|  SMK Corp. | 1620 | 28527 |
|  SMS Co. Ltd. | 6512 | 166472 |
|  Snow Peak, Inc. (x) | 3954 | 70831 |
|  Socionext, Inc.\* | 1770 | 78223 |
|  SoftBank Corp. | 272887 | 3093995 |
|  SoftBank Group Corp. | 98216 | 4223797 |
|  Sohgo Security Services Co. Ltd. | 6327 | 173313 |
|  Sojitz Corp. | 23132 | 442934 |
|  Solasto Corp. | 7031 | 38787 |
|  Sompo Holdings, Inc. | 28629 | 1278314 |
|  Sony Group Corp. | 120536 | 9216540 |
|  Sotetsu Holdings, Inc. | 6169 | 104540 |
|  S-Pool, Inc. | 9554 | 62897 |
|  Square Enix Holdings Co. Ltd. | 8069 | 376889 |
|  SRE Holdings Corp.\* | 820 | 20681 |
|  Stanley Electric Co. Ltd. | 13307 | 256426 |
|  Starts Corp., Inc. | 3437 | 68457 |
|  Strike Co. Ltd. | 2743 | 93844 |
|  Subaru Corp. | 52689 | 813982 |
|  Sugi Holdings Co. Ltd. | 3272 | 146347 |
|  SUMCO Corp. (x) | 32710 | 437911 |
|  Sumitomo Bakelite Co. Ltd. | 2496 | 74458 |
|  Sumitomo Chemical Co. Ltd. | 130222 | 470323 |
|  Sumitomo Corp. | 110981 | 1857012 |
|  Sumitomo Densetsu Co. Ltd. | 4653 | 85976 |
|  Sumitomo Electric Industries Ltd. | 63561 | 728646 |
|  Sumitomo Forestry Co. Ltd. (x) | 11831 | 210315 |
|  Sumitomo Heavy Industries Ltd. | 10441 | 210347 |
|  Sumitomo Metal Mining Co. Ltd. | 21852 | 777741 |
|  Sumitomo Mitsui Construction Co. Ltd. | 15803 | 50212 |
|  Sumitomo Mitsui Financial Group, Inc. | 121898 | 4919017 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 31024 | 1084563 |
|  Sumitomo Osaka Cement Co. Ltd. | 3791 | 94024 |
|  Sumitomo Pharma Co. Ltd. | 15798 | 120254 |
|  Sumitomo Realty & Development Co. Ltd. | 33056 | 786100 |

---

See Notes to Financial Statements.

884

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Sumitomo Rubber Industries Ltd. (x) | 16520 | $145009 |
|  Sumitomo Warehouse Co. Ltd. (The) | 5783 | 86234 |
|  Sundrug Co. Ltd. | 6166 | 183937 |
|  Suntory Beverage & Food Ltd. (x) | 12637 | 433302 |
|  Suruga Bank Ltd. | 11788 | 37994 |
|  Suzuken Co. Ltd. | 7488 | 203689 |
|  Suzuki Motor Corp. | 30585 | 995341 |
|  Sysmex Corp. | 14334 | 873540 |
|  Systena Corp. | 23296 | 72955 |
|  T Hasegawa Co. Ltd. | 3525 | 78321 |
|  T&D Holdings, Inc. | 43401 | 628990 |
|  Tadano Ltd. (x) | 8952 | 62549 |
|  Taiheiyo Cement Corp. | 12822 | 200967 |
|  Taikisha Ltd. | 2538 | 64494 |
|  Taisei Corp. | 17402 | 563536 |
|  Taisho Pharmaceutical Holdings Co. Ltd. | 4317 | 190785 |
|  Taiyo Holdings Co. Ltd. | 3818 | 65078 |
|  Taiyo Yuden Co. Ltd. | 8275 | 241491 |
|  Takamatsu Construction Group Co. Ltd. | 3899 | 56893 |
|  Takara Bio, Inc. | 4701 | 61718 |
|  Takara Holdings, Inc. | 11662 | 92859 |
|  Takara Standard Co. Ltd. | 6958 | 73323 |
|  Takasago Thermal Engineering Co. Ltd. | 5745 | 78050 |
|  Takashimaya Co. Ltd. | 11437 | 160609 |
|  Takeda Pharmaceutical Co. Ltd. | 150328 | 4708918 |
|  Takeuchi Manufacturing Co. Ltd. | 4365 | 96919 |
|  Takuma Co. Ltd. | 5495 | 51709 |
|  Tama Home Co. Ltd. | 4485 | 85708 |
|  Tamron Co. Ltd. | 3812 | 86441 |
|  Tamura Corp. (x) | 15075 | 81899 |
|  TBS Holdings, Inc. | 11930 | 139262 |
|  TDK Corp. | 26187 | 864985 |
|  TechMatrix Corp. | 5615 | 78680 |
|  TechnoPro Holdings, Inc. | 10275 | 275978 |
|  Teijin Ltd. | 14506 | 142363 |
|  Terumo Corp. | 52736 | 1505250 |
|  Tess Holdings Co. Ltd. | 4749 | 37452 |
|  T-Gaia Corp. | 5533 | 68720 |
|  THK Co. Ltd. (x) | 9493 | 181918 |
|  TIS, Inc. | 18861 | 500124 |
|  TKC Corp. | 2570 | 70595 |
|  Toagosei Co. Ltd. (x) | 10197 | 86399 |
|  Tobishima Corp. | 6530 | 50154 |
|  Tobu Railway Co. Ltd. | 17551 | 411895 |
|  Tocalo Co. Ltd. | 8849 | 77742 |
|  Toda Corp. | 32000 | 173118 |
|  Toei Co. Ltd. (x) | 540 | 72623 |
|  Toho Bank Ltd. (The) | 26176 | 44677 |
|  Toho Co. Ltd. | 10791 | 417695 |
|  Toho Gas Co. Ltd. | 8185 | 156977 |
|  Toho Holdings Co. Ltd. | 2743 | 45940 |
|  Toho Titanium Co. Ltd. | 3893 | 82760 |
|  Tohoku Electric Power Co., Inc. | 41248 | 217177 |
|  Tokai Carbon Co. Ltd. (x) | 15000 | 122638 |
|  Tokai Corp. | 2615 | 38336 |
|  TOKAI Holdings Corp. (x) | 9977 | 65302 |
|  Tokai Rika Co. Ltd. | 5427 | 58430 |
|  Tokai Tokyo Financial Holdings, Inc. (x) | 29209 | 78564 |
|  Token Corp. | 853 | 48227 |
|  Tokio Marine Holdings, Inc. | 167972 | 3618873 |
|  Tokuyama Corp. | 7400 | 101268 |
|  Tokyo Century Corp. | 3218 | 109849 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 150110 | 544440 |
|  Tokyo Electron Device Ltd. | 1587 | 80656 |
|  Tokyo Electron Ltd. | 12021 | 3561235 |
|  Tokyo Gas Co. Ltd. | 35205 | 693424 |
|  Tokyo Ohka Kogyo Co. Ltd. (x) | 2294 | 104702 |
|  Tokyo Seimitsu Co. Ltd. | 3298 | 107303 |
|  Tokyo Steel Manufacturing Co. Ltd. | 9358 | 85209 |
|  Tokyo Tatemono Co. Ltd. (x) | 19659 | 239521 |
|  Tokyotokeiba Co. Ltd. | 2059 | 59382 |
|  Tokyu Construction Co. Ltd. | 14461 | 70079 |
|  Tokyu Corp. | 46695 | 591693 |
|  Tokyu Fudosan Holdings Corp. | 57534 | 275307 |
|  Tomy Co. Ltd. | 9500 | 91496 |
|  Topcon Corp. | 8062 | 94048 |
|  Toppan, Inc. | 25746 | 383326 |
|  Toray Industries, Inc. | 117437 | 659129 |
|  Toridoll Holdings Corp. | 2530 | 52069 |
|  Torii Pharmaceutical Co. Ltd. | 2128 | 47249 |
|  Toshiba Corp. | 32580 | 1142683 |
|  Toshiba TEC Corp. | 2627 | 72160 |
|  Tosho Co. Ltd. | 2808 | 24049 |
|  Tosoh Corp. | 24847 | 297240 |
|  Totetsu Kogyo Co. Ltd. | 1687 | 33794 |
|  TOTO Ltd. | 12927 | 443245 |
|  Towa Pharmaceutical Co. Ltd. | 3403 | 55256 |
|  Toyo Construction Co. Ltd. | 14712 | 96294 |
|  Toyo Ink SC Holdings Co. Ltd. | 1695 | 23247 |
|  Toyo Seikan Group Holdings Ltd. | 12145 | 150100 |
|  Toyo Suisan Kaisha Ltd. | 9479 | 368355 |
|  Toyo Tanso Co. Ltd. | 3083 | 88327 |
|  Toyo Tire Corp. (x) | 11244 | 128256 |
|  Toyobo Co. Ltd. | 9549 | 72687 |
|  Toyoda Gosei Co. Ltd. | 5313 | 83112 |
|  Toyota Boshoku Corp. | 5878 | 79096 |
|  Toyota Industries Corp. | 12175 | 671647 |
|  Toyota Motor Corp. | 935646 | 12921810 |
|  Toyota Tsusho Corp. | 17007 | 633033 |
|  TPR Co. Ltd. | 4102 | 38132 |
|  Trancom Co. Ltd. | 1347 | 75848 |
|  Transcosmos, Inc. | 3331 | 82615 |
|  TRE Holdings Corp. | 8081 | 87497 |
|  Trend Micro, Inc. (x)\* | 9014 | 421716 |
|  Tri Chemical Laboratories, Inc. | 2576 | 39021 |
|  Trusco Nakayama Corp. (x) | 3910 | 60628 |
|  TS Tech Co. Ltd. | 7845 | 90561 |
|  TSI Holdings Co. Ltd. | 14450 | 48886 |
|  Tsubakimoto Chain Co. | 2593 | 58917 |
|  Tsuburaya Fields Holdings, Inc. | 5684 | 118106 |
|  Tsugami Corp. | 7561 | 67003 |
|  Tsumura & Co. | 5969 | 131806 |
|  Tsuruha Holdings, Inc. | 3954 | 307306 |
|  TV Asahi Holdings Corp. | 4061 | 41464 |
|  UACJ Corp. | 4186 | 70745 |
|  UBE Corp. | 10241 | 151227 |

---

See Notes to Financial Statements.

885

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ulvac, Inc. | 4000 | $| 169461 |
|  Unicharm Corp. | 34849 |  | 1345739 |
|  United Arrows Ltd. | 2708 |  | 38214 |
|  United Super Markets Holdings, Inc. | 5338 |  | 45758 |
|  Usen-Next Holdings Co. Ltd. | 4021 |  | 65536 |
|  Ushio, Inc. | 11665 |  | 144613 |
|  USS Co. Ltd. | 17803 |  | 284191 |
|  UT Group Co. Ltd. (x) | 2834 |  | 48802 |
|  V Technology Co. Ltd. | 1336 |  | 25633 |
|  Valor Holdings Co. Ltd. | 4076 |  | 56587 |
|  ValueCommerce Co. Ltd. | 1542 |  | 21314 |
|  Vector, Inc. | 9283 |  | 94641 |
|  Vision, Inc. (x)\* | 7844 |  | 83855 |
|  Wacoal Holdings Corp. | 3211 |  | 58035 |
|  Wacom Co. Ltd. | 10900 |  | 48503 |
|  Weathernews, Inc. | 1408 |  | 76708 |
|  Welcia Holdings Co. Ltd. | 9748 |  | 228399 |
|  West Japan Railway Co. | 21636 |  | 944473 |
|  WingArc1st, Inc. | 5403 |  | 83449 |
|  Wowow, Inc. | 3199 |  | 30981 |
|  W-Scope Corp. (x)\* | 5364 |  | 54237 |
|  Xebio Holdings Co. Ltd. | 5148 |  | 35931 |
|  Yakult Honsha Co. Ltd. | 12604 |  | 822084 |
|  Yamada Holdings Co. Ltd. | 65127 |  | 231746 |
|  Yamaguchi Financial Group, Inc. | 23000 |  | 150891 |
|  Yamaha Corp. | 10763 |  | 403489 |
|  Yamaha Motor Co. Ltd. (x) | 26171 |  | 600234 |
|  YA-MAN Ltd. | 5286 |  | 57959 |
|  Yamato Holdings Co. Ltd. | 23993 |  | 381541 |
|  Yamato Kogyo Co. Ltd. | 4045 |  | 138850 |
|  Yamazaki Baking Co. Ltd. (x) | 13933 |  | 167103 |
|  Yamazen Corp. | 9283 |  | 70945 |
|  Yaoko Co. Ltd. | 2104 |  | 108695 |
|  Yaskawa Electric Corp. | 19929 |  | 641573 |
|  Yellow Hat Ltd. | 3916 |  | 53530 |
|  Yodogawa Steel Works Ltd. | 4760 |  | 92124 |
|  Yokogawa Bridge Holdings Corp. | 4453 |  | 63687 |
|  Yokogawa Electric Corp. | 18255 |  | 292798 |
|  Yokohama Rubber Co. Ltd. (The) (x) | 9294 |  | 145741 |
|  Yoshinoya Holdings Co. Ltd. | 6683 |  | 116611 |
|  Yuasa Trading Co. Ltd. | 3071 |  | 84708 |
|  Z Holdings Corp. | 255834 |  | 647187 |
|  Zenkoku Hosho Co. Ltd. | 5062 |  | 194781 |
|  Zenrin Co. Ltd. | 13250 |  | 83494 |
|  Zensho Holdings Co. Ltd. | 9793 |  | 246989 |
|  Zeon Corp. | 14213 |  | 144686 |
|  Zeria Pharmaceutical Co. Ltd. | 5401 |  | 93131 |
|  Zojirushi Corp. (x) | 6115 |  | 76461 |
|  ZOZO, Inc. | 11482 |  | 285213 |
|  Zuken, Inc. | 3038 |  | 70487 |
|  |  |  | 354780957 |
|  **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** | **Mexico (0.0%)†** |
|  Fresnillo plc | 28708 |  | 312984 |
|  **Netherlands (6.4%)** | **Netherlands (6.4%)** | **Netherlands (6.4%)** | **Netherlands (6.4%)** |
|  Adyen NV (m)\* | 5430 |  | 7488881 |
|  ASML Holding NV | 76576 |  | 41296879 |
|  ING Groep NV | 707848 |  | 8628869 |
|  Koninklijke Ahold Delhaize NV | 186119 |  | 5347362 |
|  Shell plc | 1103253 |  | 31023670 |
|  |  |  | 93785661 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  a2 Milk Co. Ltd. (The) (x)\* | 76228 |  | 357071 |
|  Auckland International Airport Ltd.\* | 24467 |  | 123105 |
|  Chorus Ltd. | 45727 |  | 237235 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 15157 |  | 219602 |
|  Fletcher Building Ltd. | 25449 |  | 77105 |
|  Spark New Zealand Ltd. | 25265 |  | 86352 |
|  Xero Ltd.\* | 14301 |  | 684208 |
|  |  |  | 1784678 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 166377 |  | 224876 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Evraz plc (r)\* | 91874 |  |  |
|  **South Africa (0.5%)** | **South Africa (0.5%)** | **South Africa (0.5%)** | **South Africa (0.5%)** |
|  Anglo American plc | 187513 |  | 7336946 |
|  **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  Banco Bilbao Vizcaya Argentaria SA | 1145409 |  | 6907865 |
|  Banco Santander SA | 3190066 |  | 9569994 |
|  Iberdrola SA | 1103452 |  | 12910409 |
|  Industria de Diseno Textil SA | 211108 |  | 5615617 |
|  |  |  | 35003885 |
|  **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** | **United Arab Emirates (0.0%)** |
|  NMC Health plc (r)\* | 14124 |  |  |
|  **United Kingdom (20.0%)** | **United Kingdom (20.0%)** | **United Kingdom (20.0%)** | **United Kingdom (20.0%)** |
|  3i Group plc | 147985 |  | 2400030 |
|  abrdn plc | 316307 |  | 723691 |
|  Admiral Group plc | 44277 |  | 1143908 |
|  Ashtead Group plc | 68574 |  | 3913000 |
|  Associated British Foods plc | 54008 |  | 1029017 |
|  AstraZeneca plc | 229569 |  | 31134151 |
|  Auto Trader Group plc (m) | 143258 |  | 892977 |
|  AVEVA Group plc | 18448 |  | 716586 |
|  Aviva plc | 434235 |  | 2324560 |
|  B&M European Value Retail SA | 144801 |  | 720010 |
|  BAE Systems plc | 481170 |  | 4979442 |
|  Barclays plc | 2455649 |  | 4706073 |
|  Barratt Developments plc | 155112 |  | 744090 |
|  Beazley plc | 102624 |  | 843037 |
|  Berkeley Group Holdings plc | 16545 |  | 754678 |
|  BP plc | 2783385 |  | 15980258 |
|  British American Tobacco plc | 348144 |  | 13811462 |
|  British Land Co. plc (The) (REIT) | 143676 |  | 686277 |
|  BT Group plc | 1079807 |  | 1462737 |
|  Bunzl plc | 52385 |  | 1747298 |
|  Burberry Group plc | 59579 |  | 1462169 |
|  Centrica plc | 917551 |  | 1070671 |
|  Compass Group plc | 272675 |  | 6321047 |
|  ConvaTec Group plc (m) | 252811 |  | 710909 |
|  Croda International plc | 21648 |  | 1728356 |
|  DCC plc | 15339 |  | 756599 |
|  Diageo plc | 350523 |  | 15467415 |
|  DS Smith plc | 199007 |  | 773495 |
|  Entain plc | 90938 |  | 1452850 |
|  Experian plc | 142865 |  | 4858519 |
|  Frasers Group plc\* | 20228 |  | 173628 |
|  Halma plc | 58854 |  | 1404532 |
|  Hargreaves Lansdown plc | 58757 |  | 608195 |

---

See Notes to Financial Statements.

886

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  HomeServe plc\* | 42944 | $| 621448 |
|  HSBC Holdings plc | 3128090 |  | 19502250 |
|  Imperial Brands plc | 147014 |  | 3680842 |
|  Informa plc | 221063 |  | 1655907 |
|  InterContinental Hotels Group plc | 27262 |  | 1563546 |
|  International Consolidated Airlines Group SA (x)\* | 576838 |  | 863621 |
|  Intertek Group plc | 25067 |  | 1222494 |
|  J Sainsbury plc | 267886 |  | 705045 |
|  JD Sports Fashion plc | 383518 |  | 584900 |
|  Kingfisher plc | 303759 |  | 867029 |
|  Land Securities Group plc (REIT) | 114570 |  | 860697 |
|  Legal & General Group plc | 921194 |  | 2778625 |
|  Linde plc (x) | 93592 |  | 30601678 |
|  Lloyds Banking Group plc | 10433729 |  | 5727952 |
|  London Stock Exchange Group plc | 56877 |  | 4906817 |
|  M&G plc | 336221 |  | 763562 |
|  Melrose Industries plc | 621772 |  | 1011025 |
|  National Grid plc | 566212 |  | 6827423 |
|  NatWest Group plc | 780390 |  | 2502036 |
|  Next plc | 19223 |  | 1349294 |
|  Ocado Group plc\* | 93930 |  | 700418 |
|  Pearson plc | 111579 |  | 1266919 |
|  Persimmon plc | 49357 |  | 726186 |
|  Phoenix Group Holdings plc | 114011 |  | 838855 |
|  Reckitt Benckiser Group plc | 111139 |  | 7731160 |
|  RELX plc | 298575 |  | 8258816 |
|  Rentokil Initial plc | 389874 |  | 2394398 |
|  Rightmove plc | 127527 |  | 788445 |
|  Rolls-Royce Holdings plc\* | 1300851 |  | 1465723 |
|  RS Group plc | 73182 |  | 792279 |
|  Sage Group plc (The) | 158239 |  | 1426355 |
|  Schroders plc | 123730 |  | 652184 |
|  Segro plc (REIT) | 186565 |  | 1722283 |
|  Severn Trent plc | 38912 |  | 1247101 |
|  Smith & Nephew plc | 135546 |  | 1818119 |
|  Smiths Group plc | 55151 |  | 1065797 |
|  Spirax-Sarco Engineering plc | 11426 |  | 1466299 |
|  SSE plc | 168215 |  | 3481584 |
|  St James's Place plc | 83113 |  | 1100250 |
|  Standard Chartered plc | 368258 |  | 2770959 |
|  Taylor Wimpey plc | 544623 |  | 669286 |
|  Tesco plc | 1137300 |  | 3082613 |
|  Unilever plc | 394364 |  | 19938369 |
|  UNITE Group plc (The) (REIT) | 49573 |  | 545375 |
|  United Utilities Group plc | 105992 |  | 1270370 |
|  Virgin Money UK plc (CHDI) (x) | 124521 |  | 278079 |
|  Vodafone Group plc | 3848761 |  | 3919653 |
|  Weir Group plc (The) | 40242 |  | 811978 |
|  Whitbread plc | 31352 |  | 974107 |
|  WPP plc | 162214 |  | 1608483 |
|  |  |  | 290910301 |
|  **United States (3.4%)** | **United States (3.4%)** | **United States (3.4%)** | **United States (3.4%)** |
|  Amcor plc (CHDI) | 62217 |  | 749780 |
|  Block, Inc. (CRDI)\* | 3631 |  | 227291 |
|  Computershare Ltd. | 58739 |  | 1047802 |
|  CSL Ltd. | 49386 |  | 9675774 |
|  GSK plc | 620924 |  | 10791576 |
|  Haleon plc\* | 776155 |  | 3071632 |
|  James Hardie Industries plc (CHDI) | 45641 |  | 820371 |
|  News Corp. (CHDI), Class B | 4406 |  | 81775 |
|  Reliance Worldwide Corp. Ltd. | 79748 |  | 160717 |
|  ResMed, Inc. (CHDI) | 40140 |  | 846116 |
|  Schneider Electric SE | 108478 |  | 15179242 |
|  Sims Ltd. | 16776 |  | 149513 |
|  Stellantis NV | 443986 |  | 6303913 |
|  |  |  | 49105502 |
|  **Total Common Stocks (98.3%)** <br>*(Cost $1,214,290,352)* |  |  | 1433982629 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.2%)** | **United Kingdom (0.2%)** | **United Kingdom (0.2%)** | **United Kingdom (0.2%)** |
|  F&C Investment Trust plc | 81327 |  | 888815 |
|  Scottish Mortgage Investment Trust plc | 220627 |  | 1927903 |
|  |  |  | 2816718 |
|  **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** | **United States (0.1%)** |
|  Pershing Square Holdings Ltd. | 24253 |  | 854697 |
|  **Total Closed End Funds (0.3%)** <br>(*Cost $2,621,017*) |  |  | 3671415 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  WARRANT: | WARRANT: | WARRANT: | WARRANT: |
|  **Australia (0.0%)** | **Australia (0.0%)** | **Australia (0.0%)** | **Australia (0.0%)** |
|  PointsBet Holdings Ltd., expiring 7/8/24 (x)\* <br>*(Cost $—)* | 1293 |  |  |
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Repurchase Agreements (1.9%)** | **Repurchase Agreements (1.9%)** |  |  |
|  Amherst Pierpont, 4.28%, dated 12/30/22, due 1/3/23, repurchase price $4,001,902, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $4,081,940. (xx) | $4000000 |  | 4000000 |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $9,985,183, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $10,180,136. (xx) | 9980526 |  | 9980526 |
|  MetLife, Inc., 4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 |  | 10000000 |

---

See Notes to Financial Statements.

887

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  National Bank of Canada, 4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,000,865, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,088,829.0 (xx) | $| 1000000 | $1000000 |
|  TD Prime Services LLC, 4.40%, dated 12/30/22, due 1/3/23, repurchase price $3,001,467, collateralized by various Common Stocks; total market value $3,331,940. (xx) |  | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  |  | 27980526 |
|  **Total Short-Term Investments (1.9%)**<br> *(Cost $27,980,526)* | **Total Short-Term Investments (1.9%)**<br> *(Cost $27,980,526)* | **Total Short-Term Investments (1.9%)**<br> *(Cost $27,980,526)* | 27980526 |
|  **Total Investments in Securities (100.5%)**<br> *(Cost $1,244,891,895)* | **Total Investments in Securities (100.5%)**<br> *(Cost $1,244,891,895)* | **Total Investments in Securities (100.5%)**<br> *(Cost $1,244,891,895)* | 1465634570 |
|  **Other Assets Less Liabilities (-0.5%)** | **Other Assets Less Liabilities (-0.5%)** | **Other Assets Less Liabilities (-0.5%)** | (7604827) |
|  **Net Assets (100%)** |  |  | $1458029743 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $9,694,164 or 0.7% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $51,960,683. This was collateralized by $26,948,672 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.500%, maturing 2/2/23 – 2/15/52 and by cash of $27,980,526 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*CRDI* *— CREST Depository Interest* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*REIT* *— Real Estate Investment Trust* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 135 | 3/2023 | EUR | 5469732 | (248071) |
|  FTSE 100 Index | 26 | 3/2023 | GBP | 2346765 | 28744 |
|  SPI 200 Index | 12 | 3/2023 | AUD | 1428151 | (26072) |
|  TOPIX Index | 32 | 3/2023 | JPY | 4612009 | (113273) |
|  |  |  |  |  | (358672) |

---

See Notes to Financial Statements.

888

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments) (a)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $3671415 | $— | $3671415 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 162908747 | 159844 | 163068591 |
|  Austria |  | 1282663 |  | 1282663 |
|  Belgium |  | 10204219 |  | 10204219 |
|  Burkina Faso |  | 597235 |  | 597235 |
|  Chile |  | 1004656 |  | 1004656 |
|  China |  | 11039378 |  | 11039378 |
|  Finland |  | 12243644 |  | 12243644 |
|  France |  | 216412253 |  | 216412253 |
|  Germany |  | 144496693 |  | 144496693 |
|  Hong Kong |  | 5821026 |  | 5821026 |
|  Indonesia |  | 121924 |  | 121924 |
|  Ireland |  | 11963714 |  | 11963714 |
|  Italy |  | 22480843 |  | 22480843 |
|  Japan |  | 354780957 |  | 354780957 |
|  Mexico |  | 312984 |  | 312984 |
|  Netherlands |  | 93785661 |  | 93785661 |
|  New Zealand |  | 1784678 |  | 1784678 |
|  Nigeria |  | 224876 |  | 224876 |
|  Russia |  |  | — (b) | — (b) |
|  South Africa |  | 7336946 |  | 7336946 |
|  Spain |  | 35003885 |  | 35003885 |
|  United Arab Emirates |  |  | — (b) | — (b) |
|  United Kingdom |  | 290910301 |  | 290910301 |
|  United States |  | 49105502 |  | 49105502 |
|  **Futures** | 28744 |  |  | 28744 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 27980526 |  | 27980526 |
|  **Warrant** |  |  |  |  |
|  Australia |  | — (b) |  | — (b) |
|  **Total Assets** | $**28744** | $**1465474726** | $**159844** | $**1465663314** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387416) | $— | $— | $(387416) |
|  **Total Liabilities** | $**(387416)** | $**—** | $**—** | $**(387416)** |
|  **Total** | $**(358672)** | $**1465474726** | $**159844** | $**1465275898** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers to Level 3 are the result of unobservable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $0 transferred from Level 2 to Level 3 at the end
of the period due to unobservable market data.

(b) Value is zero.

See Notes to Financial Statements.

889

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Receivables, Net assets – Unrealized appreciation | $28744 |
|  **Total** |  | $28744 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(387416) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387416 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(584093) | $(584093) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584093) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584093) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(608493) | $(608493) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608493) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608493) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $14,243,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $127148348 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124771237 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $405282697 |
|  Aggregate gross unrealized depreciation | (206164651) |
|  Net unrealized appreciation | $199118046 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266157852 |

---

See Notes to Financial Statements.

890

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,216,911,369) | $1437654044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $27,980,526) | 27980526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 12937288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $268,862) | 275424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6231758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 650257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 194207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1487596469 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 27980526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 463453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 344501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 195245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 167552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 122333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 118874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 92762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 78612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 29566726 |
|  **NET ASSETS** | $1458029743 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1317188592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 140841151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1458029743 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $568,748,356 / 61,386,042 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.27 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $782,334,540 / 85,973,414 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.10 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $106,946,847 / 11,539,694 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.27 |

---

*(x)* *Includes value of securities on loan of $51,960,683.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $52911652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 151677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 260144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 53323473 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5839060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1957420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 1435220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1353570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 266900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 118032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 63399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 47319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 23868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 237628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11342416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (310101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11032315 |
|  **NET INVESTMENT INCOME (LOSS)** | 42291158 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (9568158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (584093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (616041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10768292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (231630183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (608493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (144716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (232383392) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (243151684) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(200860526) |

---

See Notes to Financial Statements.

891

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $42291158 | $39947907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10768292) | 11343743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (232383392) | 119359015 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (200860526) | 170650665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (14205040) | (21048544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (19744773) | (29052449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2893287) | (3907939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (36843100) | (54008932) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,681,780 and 3,193,802 shares, respectively ] | 25074690 | 35044842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,488,691 and 1,994,899 shares, respectively ] | 14205040 | 21048544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4945120) and (4731903) shares, respectively ] | (46251331) | (51175765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (6971601) | 4917621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,391,067 and 7,104,390 shares, respectively ] | 67478725 | 75652864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,106,880 and 2,802,138 shares, respectively ] | 19744773 | 29052449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9533066) and (9146543) shares, respectively ] | (88442648) | (97449807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (1219150) | 7255506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,082,507 and 703,951 shares, respectively ] | 10062922 | 7619675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 303,036 and 370,363 shares, respectively ] | 2893287 | 3907939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (639984) and (1526610) shares, respectively ] | (5985922) | (16480064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 6970287 | (4952450) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (1220464) | 7220677 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (238924090) | 123862410 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1696953833 | 1573091423 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1458029743 | $1696953833 |

---

See Notes to Financial Statements.

892

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.78 | $10.04 | $9.86 | $8.30 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.26 (cc) | 0.17 (aa) | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.55) | 0.83 | 0.22 | 1.58 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.28) | 1.09 | 0.39 | 1.83 | (1.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.35) | (0.18) | (0.27) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.35) | (0.21) | (0.27) | (0.24) |
|  Net asset value, end of year | $9.27 | $10.78 | $10.04 | $9.86 | $8.30 |
|  Total return | (11.89)% | 10.93% | 3.93% | 22.05% | (15.12)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555230 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.77 %(j) | 0.78 %(k) | 0.79 %(k) | 0.78 %(j) | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.79% | 0.80% | 0.78% | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.88% | 2.37 %(dd) | 1.88 %(bb) | 2.75% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.86% | 2.37 %(dd) | 1.88 %(bb) | 2.75% | 2.47% |
|  Portfolio turnover rate^ | 9% | 10% | 11% | 5% | 8% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.59 | $9.87 | $9.70 | $8.16 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.25 (cc) | 0.16 (aa) | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.52) | 0.82 | 0.22 | 1.56 | (1.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.26) | 1.07 | 0.38 | 1.81 | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.35) | (0.18) | (0.27) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.35) | (0.21) | (0.27) | (0.24) |
|  Net asset value, end of year | $9.10 | $10.59 | $9.87 | $9.70 | $8.16 |
|  Total return | (11.92)% | 10.91% | 3.89% | 22.19% | (15.25)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741350 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.77 %(j) | 0.78 %(k) | 0.79 %(k) | 0.78 %(j) | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.79% | 0.80% | 0.78% | 0.81% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.88% | 2.38 %(dd) | 1.88 %(bb) | 2.75% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.86% | 2.37 %(dd) | 1.87 %(bb) | 2.75% | 2.47% |
|  Portfolio turnover rate^ | 9% | 10% | 11% | 5% | 8% |

---

See Notes to Financial Statements.

893

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL EQUITY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.78 | $10.03 | $9.86 | $8.29 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.29 | 0.28 (cc) | 0.19 (aa) | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.54) | 0.84 | 0.21 | 1.58 | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.25) | 1.12 | 0.40 | 1.86 | (1.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.37) | (0.20) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.37) | (0.23) | (0.29) | (0.26) |
|  Net asset value, end of year | $9.27 | $10.78 | $10.03 | $9.86 | $8.29 |
|  Total return | (11.68)% | 11.29% | 4.05% | 22.48% | (14.98)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207478 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.52 %(j) | 0.53 %(k) | 0.54 %(k) | 0.53 %(j) | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.54% | 0.54% | 0.55% | 0.53% | 0.56% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.12% | 2.62 %(dd) | 2.16 %(bb) | 2.99% | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.10% | 2.61 %(dd) | 2.15 %(bb) | 2.98% | 2.70% |
|  Portfolio turnover rate^ | 9% | 10% | 11% | 5% | 8% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.78% for Class IA, 0.78% for Class IB and 0.53% for Class K.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.79% for Class IA, 0.79% for Class IB and 0.54% for Class K.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.15, $0.14 and $0.17 for Class IA, IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend the ratios for each class would have been 0.23% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.20, $0.20 and $0.23 for Class IA, Class IB and Class K, respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.49% lower.* 

See Notes to Financial Statements.

894

------

**EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Harris Associates L.P.

PERFORMANCE RESULTS

![LOGO](g401674g05u99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp; **Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (13.71)% | 0.32% | 3.09 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (13.63) | 0.33 | 3.09 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (13.45) | 0.59 | 3.35 |  |
| &nbsp;&nbsp;&nbsp; International Proxy Index | (11.94) | 1.55 | 4.65 |  |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 1.54 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.63)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the International Proxy Index and the MSCI EAFE<sup>®</sup> Index, which returned (11.94)% and (14.45)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Geographic stock selection had a positive effect overall on performance relative to the benchmark.

• China delivered the Portfolio's top relative result exclusively owing to a favorable outcome from stock selection;
Japan was the next best relative performer from a combination of stock selection and a less-than-benchmark weighting.

• India and Denmark contributed most to the Portfolio's absolute total return.

• Stock selection had a modestly positive overall effect on relative performance for the year.

• Industrials and Materials produced the best relative performance, mainly driven by stock selection, while
less-than-benchmark weightings in both sectors also worked to the Portfolio's relative benefit.

• Materials was the lone contributor to the Portfolio's absolute total return for the period.

***What hurt performance during the year:***

• While stock selection had an overall positive effect on relative results, country weightings detracted for the reporting
period.

• Entirely owing to negative stock selection effects, the U.K. was the second-largest overall detractor in the Portfolio,
while South Korea was the most significant detractor from a greater-than-benchmark weighting.

• Germany and France were the largest detractors from the Portfolio's absolute total return for the full year.

• While stock selection had a somewhat overall positive effect on relative results, sector weightings detracted for the
reporting period.

• Financials supplied the largest negative overall relative result wholly due to negative stock selection impacts. A lack of
exposure to Energy shares made this sector the next largest detractor from relative performance.

• Consumer Discretionary detracted most from the Portfolio's absolute total return for the period, followed by
Financials.

• During the year, the Portfolio reduced its equity exposure for 36 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

**Portfolio Positioning and Outlook — Harris Associates LP** 

While we recognize the challenge facing investors with the current state of financial markets, we believe that the lower and more widely dispersed valuations in the market today have allowed us to redeploy capital into what we believe are increasingly attractive investments. We are optimistic that these decisions will sow the seeds of future outperformance. As always, we remain focused on building a high conviction Portfolio of undervalued businesses that we believe will provide both a margin of safety and the potential for attractive risk-adjusted returns over the long term.

895

------

**EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $153298963 | 15.6% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 151315856 | 15.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 131612584 | 13.4 |
| &nbsp;&nbsp;&nbsp; Information Technology | 88391756 | 9.0 |
| &nbsp;&nbsp;&nbsp; Materials | 82980355 | 8.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 78452674 | 8.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 76452724 | 7.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 46319661 | 4.7 |
| &nbsp;&nbsp;&nbsp; Energy | 40116986 | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 17450623 | 1.8 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 13844161 | 1.4 |
| &nbsp;&nbsp;&nbsp; Real Estate | 9132125 | 0.9 |
| &nbsp;&nbsp;&nbsp; Closed End Funds | 1097737 | 0.1 |
| &nbsp;&nbsp;&nbsp; Investment Company | 1000000 | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 91871955 | 9.3 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid**<br> **During**<br> **Period\***<br> **7/1/22 -**<br> **12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1072.90 | $5.43 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.96 | 5.30 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1073.80 | 5.44 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.96 | 5.30 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1075.10 | 4.13 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.22 | 4.02 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.04%, 1.04% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.04%, 1.04% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.04%, 1.04% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.04%, 1.04% and 0.79%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

896

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**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (7.4%)** | **Australia (7.4%)** | **Australia (7.4%)** |
|  Abacus Property Group (REIT) | 18498 | $33123 |
|  Adbri Ltd. (x) | 16506 | 18599 |
|  AGL Energy Ltd. | 21601 | 118686 |
|  Allkem Ltd.\* | 25458 | 194824 |
|  ALS Ltd. | 17697 | 147359 |
|  Altium Ltd. | 5568 | 132987 |
|  Alumina Ltd. | 108299 | 112078 |
|  AMP Ltd.\* | 136369 | 122094 |
|  Ampol Ltd. | 10309 | 198494 |
|  Ansell Ltd. | 5830 | 112095 |
|  ANZ Group Holdings Ltd.\* | 122122 | 1967252 |
|  APA Group | 54107 | 396385 |
|  ARB Corp. Ltd. | 3357 | 58672 |
|  Aristocrat Leisure Ltd. | 26304 | 546585 |
|  ASX Ltd. | 7978 | 369472 |
|  Atlas Arteria Ltd. | 72631 | 326870 |
|  AUB Group Ltd. | 2487 | 38149 |
|  Aurizon Holdings Ltd. | 71230 | 180894 |
|  Bank of Queensland Ltd. | 21396 | 100516 |
|  Bapcor Ltd. | 12735 | 56012 |
|  Beach Energy Ltd. | 52506 | 57019 |
|  Bega Cheese Ltd. (x) | 10108 | 26702 |
|  Bendigo & Adelaide Bank Ltd. | 22932 | 153166 |
|  BHP Group Ltd. (ASE Stock Exchange) | 74381 | 2310808 |
|  BHP Group Ltd. (London Stock Exchange) | 135709 | 4216481 |
|  Blackmores Ltd. | 597 | 29347 |
|  BlueScope Steel Ltd. | 19096 | 218945 |
|  Boral Ltd. (x) | 21116 | 41549 |
|  BrainChip Holdings Ltd. (x)\* | 48090 | 24393 |
|  Brambles Ltd. | 60053 | 493507 |
|  Breville Group Ltd. | 5221 | 65229 |
|  Brickworks Ltd. | 3128 | 47215 |
|  BWP Trust (REIT) | 12168 | 32393 |
|  carsales.com Ltd. | 18513 | 261671 |
|  Chalice Mining Ltd. (x)\* | 16407 | 70375 |
|  Challenger Ltd. | 24631 | 127788 |
|  Champion Iron Ltd. | 15522 | 77253 |
|  Charter Hall Group (REIT) | 20235 | 165048 |
|  Charter Hall Long Wale REIT (REIT) | 29555 | 89143 |
|  Charter Hall Retail REIT (REIT) | 19075 | 49741 |
|  Cleanaway Waste Management Ltd. | 115605 | 207006 |
|  Cochlear Ltd. | 2831 | 393439 |
|  Coles Group Ltd. | 59140 | 673239 |
|  Collins Foods Ltd. | 5548 | 27159 |
|  Commonwealth Bank of Australia | 70415 | 4918855 |
|  Core Lithium Ltd. (x)\* | 56869 | 39687 |
|  Coronado Global Resources, Inc. (CRDI) (m) | 32910 | 44589 |
|  Corporate Travel Management Ltd. | 4838 | 48520 |
|  Costa Group Holdings Ltd. | 14083 | 26368 |
|  Credit Corp. Group Ltd. | 2888 | 36966 |
|  Cromwell Property Group (REIT) | 78193 | 35669 |
|  CSR Ltd. (x) | 28276 | 90676 |
|  De Grey Mining Ltd. (x)\* | 40194 | 35165 |
|  Deterra Royalties Ltd. | 22492 | 70137 |
|  Dexus (REIT) | 36010 | 190010 |
|  Domain Holdings Australia Ltd. | 15333 | 28291 |
|  Domino's Pizza Enterprises Ltd. | 2970 | 133966 |
|  Downer EDI Ltd. | 25221 | 63707 |
|  Eagers Automotive Ltd. (x) | 9018 | 66618 |
|  Elders Ltd. | 5260 | 36314 |
|  Endeavour Group Ltd. | 53755 | 234966 |
|  Evolution Mining Ltd. | 91228 | 185095 |
|  Flight Centre Travel Group Ltd. (x)\* | 7568 | 74662 |
|  Flutter Entertainment plc (Dublin Stock Exchange) (x)\* | 14490 | 1982283 |
|  Flutter Entertainment plc (London Stock Exchange)\* | 10566 | 1442158 |
|  Fortescue Metals Group Ltd. | 69327 | 968098 |
|  Glencore plc | 1576333 | 10527130 |
|  Gold Road Resources Ltd. | 41019 | 47198 |
|  Goodman Group (REIT) | 72725 | 859577 |
|  GPT Group (The) (REIT) | 54003 | 154425 |
|  GrainCorp Ltd., Class A | 8036 | 40597 |
|  GUD Holdings Ltd. | 5659 | 29205 |
|  Harvey Norman Holdings Ltd. | 29571 | 83151 |
|  Healius Ltd. | 32938 | 68847 |
|  HUB24 Ltd. (x) | 2947 | 53352 |
|  IDP Education Ltd. | 8870 | 164144 |
|  IGO Ltd. | 27681 | 253675 |
|  Iluka Resources Ltd. | 18566 | 120465 |
|  Imugene Ltd. (x)\* | 177186 | 17492 |
|  Incitec Pivot Ltd. | 80263 | 205473 |
|  Inghams Group Ltd. | 24674 | 48046 |
|  Insignia Financial Ltd. | 24263 | 55340 |
|  Insurance Australia Group Ltd. | 96002 | 310474 |
|  InvoCare Ltd. | 6750 | 50691 |
|  IPH Ltd. | 8971 | 53322 |
|  IRESS Ltd. | 7655 | 49774 |
|  JB Hi-Fi Ltd. | 5712 | 163144 |
|  Johns Lyng Group Ltd. | 7025 | 29607 |
|  Karoon Energy Ltd.\* | 28887 | 43072 |
|  Lake Resources NL\* | 49799 | 27125 |
|  Lendlease Corp. Ltd. | 34175 | 182422 |
|  Lifestyle Communities Ltd. | 3641 | 47274 |
|  Link Administration Holdings Ltd. | 24953 | 33554 |
|  Liontown Resources Ltd.\* | 71396 | 64165 |
|  Lottery Corp. Ltd. (The)\* | 101773 | 310429 |
|  Lovisa Holdings Ltd. | 1675 | 26355 |
|  Lynas Rare Earths Ltd.\* | 38711 | 206898 |
|  Macquarie Group Ltd. | 14822 | 1684887 |
|  Magellan Financial Group Ltd. (x) | 4295 | 26143 |
|  Medibank Pvt Ltd. | 120270 | 241563 |
|  Megaport Ltd.\* | 4690 | 20149 |
|  Metcash Ltd. | 45279 | 122696 |
|  Mineral Resources Ltd. | 6913 | 363358 |
|  Mirvac Group (REIT) | 125875 | 182545 |
|  Nanosonics Ltd. (x)\* | 15681 | 45802 |
|  National Australia Bank Ltd. | 130282 | 2666397 |
|  National Storage REIT (REIT) | 44761 | 70703 |
|  New Hope Corp. Ltd. (x) | 19950 | 86388 |
|  Newcrest Mining Ltd. | 41271 | 579971 |
|  NEXTDC Ltd.\* | 23055 | 142843 |
|  nib holdings Ltd. | 17468 | 92171 |
|  Nine Entertainment Co. Holdings Ltd. | 98743 | 123702 |
|  Northern Star Resources Ltd. | 59400 | 441228 |
|  Novonix Ltd.\* | 24557 | 24578 |
|  Nufarm Ltd. | 16854 | 70342 |
|  Orica Ltd. | 210932 | 2162813 |

---

See Notes to Financial Statements.

897

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Origin Energy Ltd. | 67013 | $| 352231 |
|  Orora Ltd. | 29395 |  | 57839 |
|  OZ Minerals Ltd. | 13173 |  | 250231 |
|  Paladin Energy Ltd.\* | 106878 |  | 50938 |
|  Pendal Group Ltd. | 11799 |  | 40247 |
|  Perpetual Ltd. (x) | 2833 |  | 47450 |
|  PEXA Group Ltd.\* | 3318 |  | 26998 |
|  Pilbara Minerals Ltd.\* | 108610 |  | 277302 |
|  Pinnacle Investment Management Group Ltd. | 6284 |  | 37351 |
|  Premier Investments Ltd. | 5965 |  | 100882 |
|  Pro Medicus Ltd. | 2640 |  | 99327 |
|  Qantas Airways Ltd.\* | 74370 |  | 304315 |
|  QBE Insurance Group Ltd. | 55985 |  | 511917 |
|  Qube Holdings Ltd. | 80825 |  | 154633 |
|  Ramsay Health Care Ltd. | 7806 |  | 343862 |
|  REA Group Ltd. | 2298 |  | 173357 |
|  Reece Ltd. | 7441 |  | 71687 |
|  Region RE Ltd. (REIT) | 46044 |  | 84956 |
|  Regis Resources Ltd. | 33584 |  | 47103 |
|  Rio Tinto Ltd. | 16633 |  | 1318294 |
|  Rio Tinto plc | 68218 |  | 4781735 |
|  Sandfire Resources Ltd. | 8667 |  | 32101 |
|  Santos Ltd. | 142638 |  | 693402 |
|  Sayona Mining Ltd. (x)\* | 243467 |  | 31495 |
|  Scentre Group (REIT) | 184772 |  | 362310 |
|  SEEK Ltd. | 16587 |  | 236594 |
|  Seven Group Holdings Ltd. | 6490 |  | 92660 |
|  Silver Lake Resources Ltd.\* | 41904 |  | 33808 |
|  Sonic Healthcare Ltd. | 20445 |  | 417182 |
|  South32 Ltd. | 195168 |  | 531521 |
|  Star Entertainment Group Ltd. (The)\* | 38212 |  | 46049 |
|  Steadfast Group Ltd. | 52572 |  | 195791 |
|  Stockland (REIT) | 97057 |  | 239875 |
|  Suncorp Group Ltd. | 52504 |  | 430398 |
|  Super Retail Group Ltd. | 5904 |  | 43051 |
|  Tabcorp Holdings Ltd. | 82114 |  | 60100 |
|  Technology One Ltd. | 11605 |  | 103823 |
|  Telix Pharmaceuticals Ltd. (x)\* | 10024 |  | 49617 |
|  Telstra Group Ltd. | 501115 |  | 1361325 |
|  TPG Telecom Ltd. | 22358 |  | 74438 |
|  Transurban Group | 126941 |  | 1121833 |
|  Treasury Wine Estates Ltd. | 29580 |  | 274099 |
|  United Malt Group Ltd. (x) | 10251 |  | 24219 |
|  Vicinity Ltd. (REIT) | 144013 |  | 196103 |
|  Viva Energy Group Ltd. (m) | 26781 |  | 49778 |
|  Washington H Soul Pattinson & Co. Ltd. | 9794 |  | 184444 |
|  Waypoint REIT Ltd. (REIT) | 35784 |  | 67000 |
|  Webjet Ltd.\* | 12238 |  | 51493 |
|  Wesfarmers Ltd. | 46745 |  | 1461147 |
|  Westpac Banking Corp. | 143983 |  | 2289020 |
|  Whitehaven Coal Ltd. | 38105 |  | 244391 |
|  WiseTech Global Ltd. | 7172 |  | 247815 |
|  Woodside Energy Group Ltd. (ASE Stock Exchange) | 54560 |  | 1316507 |
|  Woodside Energy Group Ltd. (London Stock Exchange) | 24523 |  | 589971 |
|  Woolworths Group Ltd. | 47609 |  | 1087834 |
|  Worley Ltd. | 17400 |  | 177702 |
|  |  |  | 72868815 |
|  **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** | **Austria (0.0%)†** |
|  Mondi plc | 31165 |  | 531056 |
|  **Belgium (1.0%)** | **Belgium (1.0%)** | **Belgium (1.0%)** | **Belgium (1.0%)** |
|  Anheuser-Busch InBev SA/NV | 164007 |  | 9878834 |
|  **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** | **Burkina Faso (0.0%)†** |
|  Endeavour Mining plc | 10918 |  | 231252 |
|  **Canada (0.6%)** | **Canada (0.6%)** | **Canada (0.6%)** | **Canada (0.6%)** |
|  Open Text Corp. (x) | 165552 |  | 4905426 |
|  Restaurant Brands International, Inc. | 18502 |  | 1196524 |
|  |  |  | 6101950 |
|  **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** | **Chile (0.0%)†** |
|  Antofagasta plc | 21789 |  | 407113 |
|  **China (2.2%)** | **China (2.2%)** | **China (2.2%)** | **China (2.2%)** |
|  Alibaba Group Holding Ltd.\* | 551400 |  | 6092954 |
|  Prosus NV\* | 179262 |  | 12367376 |
|  Vipshop Holdings Ltd. (ADR)\* | 207019 |  | 2823739 |
|  |  |  | 21284069 |
|  **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** | **Denmark (0.4%)** |
|  DSV A/S | 22100 |  | 3488318 |
|  **Finland (0.5%)** | **Finland (0.5%)** | **Finland (0.5%)** | **Finland (0.5%)** |
|  Nokia OYJ | 415027 |  | 1922338 |
|  Nordea Bank Abp | 284751 |  | 3057261 |
|  |  |  | 4979599 |
|  **France (13.6%)** | **France (13.6%)** | **France (13.6%)** | **France (13.6%)** |
|  Accor SA\* | 231797 |  | 5793768 |
|  Air Liquide SA | 40814 |  | 5784469 |
|  Airbus SE | 45887 |  | 5453273 |
|  AXA SA | 156516 |  | 4365321 |
|  BNP Paribas SA | 265980 |  | 15161249 |
|  Capgemini SE | 22800 |  | 3806156 |
|  Danone SA | 110800 |  | 5838967 |
|  Edenred | 46400 |  | 2527153 |
|  EssilorLuxottica SA | 24093 |  | 4363728 |
|  Hermes International | 2778 |  | 4297011 |
|  Kering SA | 14729 |  | 7497046 |
|  L'Oreal SA | 19125 |  | 6829578 |
|  LVMH Moet Hennessy Louis Vuitton SE | 20381 |  | 14833271 |
|  Pernod Ricard SA | 16150 |  | 3176627 |
|  Publicis Groupe SA | 67905 |  | 4319175 |
|  Safran SA | 29757 |  | 3724297 |
|  Sanofi | 90000 |  | 8655231 |
|  TotalEnergies SE | 201505 |  | 12650865 |
|  Valeo | 239110 |  | 4274454 |
|  Vinci SA | 44467 |  | 4440576 |
|  Worldline SA (m)\* | 150500 |  | 5885083 |
|  |  |  | 133677298 |
|  **Germany (14.1%)** | **Germany (14.1%)** | **Germany (14.1%)** | **Germany (14.1%)** |
|  adidas AG | 62907 |  | 8583003 |
|  Allianz SE (Registered) | 66523 |  | 14305998 |
|  BASF SE | 70577 |  | 3504725 |
|  Bayer AG (Registered) | 202521 |  | 10476310 |
|  Bayerische Motoren Werke AG | 109573 |  | 9779842 |
|  Continental AG | 124019 |  | 7431689 |
|  Daimler Truck Holding AG\* | 192400 |  | 5961355 |
|  Deutsche Boerse AG | 15066 |  | 2602962 |

---

See Notes to Financial Statements.

898

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Deutsche Post AG (Registered) | 77667 | $| 2924818 |
|  Deutsche Telekom AG (Registered) | 271460 |  | 5415911 |
|  Fresenius Medical Care AG & Co. KGaA | 100300 |  | 3282183 |
|  Fresenius SE & Co. KGaA | 247300 |  | 6948960 |
|  Henkel AG & Co. KGaA | 64400 |  | 4153453 |
|  Infineon Technologies AG | 101263 |  | 3081726 |
|  Mercedes-Benz Group AG | 192945 |  | 12681432 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 11085 |  | 3607245 |
|  SAP SE | 135867 |  | 14018849 |
|  Siemens AG (Registered) | 99526 |  | 13811536 |
|  thyssenkrupp AG\* | 472797 |  | 2882777 |
|  Volkswagen AG (Preference) (q) | 15816 |  | 1971018 |
|  Vonovia SE | 58461 |  | 1378002 |
|  |  |  | 138803794 |
|  **Hong Kong (0.9%)** | **Hong Kong (0.9%)** | **Hong Kong (0.9%)** | **Hong Kong (0.9%)** |
|  Prudential plc | 627136 |  | 8548435 |
|  **India (0.1%)** | **India (0.1%)** | **India (0.1%)** | **India (0.1%)** |
|  Axis Bank Ltd. | 122300 |  | 1380365 |
|  **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** | **Indonesia (0.0%)†** |
|  Nickel Industries Ltd. (x) | 38546 |  | 25457 |
|  **Ireland (1.1%)** | **Ireland (1.1%)** | **Ireland (1.1%)** | **Ireland (1.1%)** |
|  CRH plc (Irish Stock Exchange) | 101545 |  | 4049946 |
|  CRH plc (London Stock Exchange) | 7217 |  | 285918 |
|  Ryanair Holdings plc (ADR)\* | 72900 |  | 5450004 |
|  Smurfit Kappa Group plc | 16907 |  | 627704 |
|  |  |  | 10413572 |
|  **Italy (1.9%)** | **Italy (1.9%)** | **Italy (1.9%)** | **Italy (1.9%)** |
|  Coca-Cola HBC AG\* | 12709 |  | 303143 |
|  Enel SpA | 621792 |  | 3347954 |
|  Eni SpA | 184046 |  | 2617502 |
|  Intesa Sanpaolo SpA (Gettex Stock Exchange) | 56000 |  | 125196 |
|  Intesa Sanpaolo SpA (SIGMA X MTF Stock Exchange) | 5504997 |  | 12245288 |
|  |  |  | 18639083 |
|  **Japan (15.9%)** | **Japan (15.9%)** | **Japan (15.9%)** | **Japan (15.9%)** |
|  &Do Holdings Co. Ltd. | 3300 |  | 19663 |
|  77 Bank Ltd. (The) | 200 |  | 3368 |
|  A&A Material Corp. | 200 |  | 1344 |
|  A&D HOLON Holdings Co. Ltd. | 1200 |  | 9299 |
|  ABC-Mart, Inc. | 800 |  | 45535 |
|  Achilles Corp. | 1000 |  | 9464 |
|  Acom Co. Ltd. | 14000 |  | 33709 |
|  Adastria Co. Ltd. | 760 |  | 13580 |
|  ADEKA Corp. | 3100 |  | 51115 |
|  Advan Group Co. Ltd. | 1400 |  | 9163 |
|  Advance Create Co. Ltd. | 4000 |  | 32551 |
|  Advanex, Inc. | 200 |  | 1612 |
|  Advantest Corp. | 5900 |  | 381225 |
|  Adways, Inc. | 8000 |  | 30479 |
|  Aeon Co. Ltd. | 26399 |  | 559802 |
|  Aeon Delight Co. Ltd. | 1400 |  | 32322 |
|  Aeon Fantasy Co. Ltd. | 400 |  | 8244 |
|  AEON Financial Service Co. Ltd. | 4900 |  | 52271 |
|  Aeon Hokkaido Corp. | 900 |  | 7667 |
|  Aeon Mall Co. Ltd. | 3160 |  | 41053 |
|  AGC, Inc. (x) | 7000 |  | 234418 |
|  Agora Hospitality Group Co. Ltd.\* | 5000 |  | 838 |
|  Ai Holdings Corp. (x) | 2100 |  | 33523 |
|  Aica Kogyo Co. Ltd. | 2100 |  | 50084 |
|  Aichi Corp. | 2100 |  | 12353 |
|  Aichi Financial Group, Inc. | 1832 |  | 32148 |
|  Aichi Steel Corp. | 600 |  | 9916 |
|  Aichi Tokei Denki Co. Ltd. | 300 |  | 3052 |
|  Aida Engineering Ltd. | 3300 |  | 19588 |
|  Aiful Corp. | 18700 |  | 56567 |
|  Aigan Co. Ltd.\* | 900 |  | 1138 |
|  Ain Holdings, Inc. | 1000 |  | 46023 |
|  Aiphone Co. Ltd. | 800 |  | 11247 |
|  Air Water, Inc. | 6000 |  | 70177 |
|  Airport Facilities Co. Ltd. | 1200 |  | 4755 |
|  Airtech Japan Ltd. | 3700 |  | 30025 |
|  Airtrip Corp. | 1200 |  | 22329 |
|  Aisan Industry Co. Ltd. | 1500 |  | 7898 |
|  Aisin Corp. | 5348 |  | 143847 |
|  Ajinomoto Co., Inc. | 16800 |  | 516007 |
|  Akebono Brake Industry Co. Ltd.\* | 5700 |  | 6515 |
|  Akita Bank Ltd. (The) | 800 |  | 11661 |
|  Alconix Corp. | 800 |  | 8071 |
|  Alfresa Holdings Corp. | 8000 |  | 102164 |
|  Alleanza Holdings Co. Ltd. | 111 |  | 837 |
|  Alpen Co. Ltd. | 700 |  | 10417 |
|  Alpha Corp. | 300 |  | 2105 |
|  Alpha Systems, Inc. | 360 |  | 11343 |
|  Alps Alpine Co. Ltd. | 6032 |  | 55016 |
|  Altech Co. Ltd. | 500 |  | 1166 |
|  Altech Corp. | 1100 |  | 17585 |
|  Amada Co. Ltd. | 8500 |  | 66969 |
|  Amano Corp. | 1800 |  | 33369 |
|  Amuse, Inc. | 600 |  | 8001 |
|  ANA Holdings, Inc.\* | 17900 |  | 381896 |
|  Anest Iwata Corp. | 2000 |  | 13136 |
|  Anicom Holdings, Inc. | 6400 |  | 28284 |
|  Anritsu Corp. (x) | 5000 |  | 48842 |
|  AOKI Holdings, Inc. | 2200 |  | 11466 |
|  Aoyama Trading Co. Ltd. | 1600 |  | 11192 |
|  Aozora Bank Ltd. (x) | 3800 |  | 75137 |
|  Arakawa Chemical Industries Ltd. | 1000 |  | 7383 |
|  Araya Industrial Co. Ltd. | 200 |  | 3078 |
|  Arclands Corp. | 1400 |  | 16727 |
|  Arcs Co. Ltd. | 1500 |  | 25099 |
|  Argo Graphics, Inc. | 800 |  | 22676 |
|  Ariake Japan Co. Ltd. | 800 |  | 26608 |
|  Arisawa Manufacturing Co. Ltd. | 2000 |  | 19796 |
|  Artner Co. Ltd. | 4200 |  | 32674 |
|  Aruhi Corp. (x) | 2100 |  | 16193 |
|  As One Corp. | 1500 |  | 65834 |
|  Asahi Co. Ltd. | 500 |  | 5227 |
|  Asahi Diamond Industrial Co. Ltd. | 4000 |  | 20573 |
|  Asahi Group Holdings Ltd. (x) | 15900 |  | 499025 |
|  Asahi Holdings, Inc. | 6100 |  | 89473 |
|  Asahi Intecc Co. Ltd. | 9700 |  | 159942 |
|  Asahi Kasei Corp. | 46200 |  | 331398 |
|  Asahi Kogyosha Co. Ltd. | 400 |  | 6282 |
|  Asahi Net, Inc. | 1000 |  | 4351 |

---

See Notes to Financial Statements.

899

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ASAHI YUKIZAI Corp. | 800 | $17074 |
|  Asanuma Corp. | 800 | 18409 |
|  Ashimori Industry Co. Ltd. | 300 | 2537 |
|  Asics Corp. | 5500 | 122120 |
|  ASKA Pharmaceutical Holdings Co. Ltd. | 1000 | 9883 |
|  ASKUL Corp. | 1800 | 23439 |
|  Astellas Pharma, Inc. | 69200 | 1057984 |
|  Astena Holdings Co. Ltd. | 1000 | 3231 |
|  Atsugi Co. Ltd.\* | 1100 | 3302 |
|  Autobacs Seven Co. Ltd. | 100 | 1100 |
|  Avantia Co. Ltd. | 1000 | 6035 |
|  Avex, Inc. | 2300 | 29512 |
|  Awa Bank Ltd. (The) | 2000 | 32490 |
|  Axell Corp. | 400 | 5096 |
|  Axial Retailing, Inc. | 700 | 18081 |
|  Azbil Corp. | 4600 | 116542 |
|  AZ-COM MARUWA Holdings, Inc. | 2000 | 24002 |
|  Azuma Shipping Co. Ltd. | 600 | 1289 |
|  Bandai Namco Holdings, Inc. | 7300 | 462452 |
|  Bando Chemical Industries Ltd. | 2000 | 14569 |
|  Bank of Iwate Ltd. (The) | 800 | 11990 |
|  Bank of Kyoto Ltd. (The) | 2400 | 107162 |
|  Bank of Nagoya Ltd. (The) | 1099 | 27843 |
|  Bank of Saga Ltd. (The) | 700 | 9473 |
|  Bank of the Ryukyus Ltd. | 2500 | 16630 |
|  BayCurrent Consulting, Inc. | 5900 | 184993 |
|  Beenos, Inc. | 1700 | 25285 |
|  Belc Co. Ltd. (x) | 600 | 26288 |
|  Belluna Co. Ltd. | 3000 | 15544 |
|  Benefit One, Inc. | 3700 | 54496 |
|  Benesse Holdings, Inc. | 2400 | 36684 |
|  Bic Camera, Inc. | 3000 | 29305 |
|  BIPROGY, Inc. | 2100 | 53524 |
|  BML, Inc. | 1400 | 35789 |
|  Bookoff Group Holdings Ltd. | 700 | 7377 |
|  BP Castrol KK | 500 | 3429 |
|  Bridgestone Corp. (x) | 22000 | 786361 |
|  Brother Industries Ltd. | 10200 | 155984 |
|  Bunka Shutter Co. Ltd. | 3000 | 25328 |
|  CAC Holdings Corp. | 700 | 7638 |
|  Calbee, Inc. | 2900 | 66114 |
|  Can Do Co. Ltd. | 1000 | 17114 |
|  Canare Electric Co. Ltd. | 100 | 1083 |
|  Canon Electronics, Inc. | 1100 | 12706 |
|  Canon Marketing Japan, Inc. | 2300 | 52383 |
|  Canon, Inc. (x) | 37900 | 824622 |
|  Capcom Co. Ltd. | 7500 | 240590 |
|  Carlit Holdings Co. Ltd. | 1000 | 5943 |
|  Casio Computer Co. Ltd. | 5700 | 58329 |
|  Cawachi Ltd. | 800 | 13587 |
|  CDG Co. Ltd. (x) | 3800 | 30373 |
|  Central Glass Co. Ltd. | 1100 | 23552 |
|  Central Japan Railway Co. | 5600 | 691466 |
|  Central Security Patrols Co. Ltd. | 500 | 8881 |
|  Central Sports Co. Ltd. | 400 | 7376 |
|  Change, Inc. | 3200 | 53057 |
|  Chiba Bank Ltd. (The) | 25000 | 183252 |
|  Chiba Kogyo Bank Ltd. (The) | 2300 | 7974 |
|  Chilled & Frozen Logistics Holdings Co. Ltd. | 400 | 3703 |
|  Chino Corp. | 400 | 5367 |
|  Chiyoda Co. Ltd. | 1600 | 9534 |
|  Chiyoda Integre Co. Ltd.\* | 400 | 6574 |
|  Chofu Seisakusho Co. Ltd. | 1200 | 17565 |
|  Chori Co. Ltd. | 800 | 13179 |
|  Chubu Electric Power Co., Inc. | 24300 | 252184 |
|  Chubu Shiryo Co. Ltd. | 1200 | 9948 |
|  Chudenko Corp. | 700 | 11137 |
|  Chuetsu Pulp & Paper Co. Ltd. | 400 | 2923 |
|  Chugai Pharmaceutical Co. Ltd. (x) | 23200 | 595379 |
|  Chugai Ro Co. Ltd. | 400 | 4931 |
|  Chugin Financial Group, Inc. | 4800 | 34965 |
|  Chugoku Electric Power Co., Inc. (The) | 14600 | 75091 |
|  Chugoku Marine Paints Ltd. | 3000 | 21807 |
|  Chuo Spring Co. Ltd. | 400 | 2201 |
|  CI Takiron Corp. | 3000 | 11521 |
|  Citizen Watch Co. Ltd. | 2700 | 12200 |
|  CKD Corp. | 1400 | 20044 |
|  Cleanup Corp. | 1200 | 5907 |
|  CMIC Holdings Co. Ltd. | 400 | 5434 |
|  CMK Corp. | 2400 | 8412 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 4873 | 53356 |
|  COLOPL, Inc. | 1700 | 8135 |
|  Colowide Co. Ltd. (x) | 4200 | 56868 |
|  Computer Engineering & Consulting Ltd. | 1600 | 18628 |
|  Computer Institute of Japan Ltd. | 1440 | 9798 |
|  COMSYS Holdings Corp. | 3814 | 67277 |
|  Concordia Financial Group Ltd. | 42446 | 177883 |
|  CONEXIO Corp. | 1000 | 14538 |
|  Core Corp. | 400 | 4435 |
|  Corona Corp. | 500 | 3337 |
|  Cosel Co. Ltd. | 1800 | 13907 |
|  Cosmo Energy Holdings Co. Ltd. | 3400 | 90414 |
|  Cosmos Pharmaceutical Corp. | 900 | 91481 |
|  Create Medic Co. Ltd. | 300 | 2012 |
|  Create Restaurants Holdings, Inc. (x) | 3900 | 27042 |
|  Create SD Holdings Co. Ltd. | 1300 | 32738 |
|  Credit Saison Co. Ltd. | 4700 | 60917 |
|  Cresco Ltd. | 600 | 7969 |
|  CTI Engineering Co. Ltd. | 700 | 17121 |
|  CyberAgent, Inc. | 18400 | 163755 |
|  Cybernet Systems Co. Ltd. (x) | 1000 | 7414 |
|  Cybozu, Inc. (x) | 2000 | 36940 |
|  Dai Nippon Printing Co. Ltd. | 9100 | 183747 |
|  Dai Nippon Toryo Co. Ltd. | 1400 | 8011 |
|  Daicel Corp. | 8200 | 59669 |
|  Dai-Dan Co. Ltd. | 500 | 8351 |
|  Daido Kogyo Co. Ltd. | 400 | 2252 |
|  Daido Metal Co. Ltd. | 1000 | 3635 |
|  Daido Steel Co. Ltd. | 1200 | 39454 |
|  Daidoh Ltd.\* | 1600 | 3304 |
|  Daifuku Co. Ltd. | 4100 | 193066 |
|  Daihen Corp. | 1200 | 35386 |
|  Daiho Corp. | 800 | 23987 |
|  Daiichi Jitsugyo Co. Ltd. | 400 | 13411 |
|  Dai-ichi Life Holdings, Inc. | 38500 | 878307 |
|  Daiichi Sankyo Co. Ltd. | 63200 | 2046632 |
|  Daiichikosho Co. Ltd. | 900 | 27293 |
|  Daiken Corp. | 1000 | 15948 |

---

See Notes to Financial Statements.

900

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Daiken Medical Co. Ltd. | 400 | $1368 |
|  Daiki Aluminium Industry Co. Ltd. | 2000 | 18912 |
|  Daikin Industries Ltd. | 9100 | 1400640 |
|  Daikoku Denki Co. Ltd. | 500 | 7612 |
|  Dainichi Co. Ltd. | 600 | 3017 |
|  Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 800 | 10424 |
|  Daio Paper Corp. | 2800 | 21591 |
|  Daiseki Co. Ltd. | 2279 | 78838 |
|  Daishi Hokuetsu Financial Group, Inc. | 1050 | 22946 |
|  Daisue Construction Co. Ltd. | 400 | 3529 |
|  Daisyo Corp.\* | 600 | 4764 |
|  Daito Bank Ltd. (The) | 700 | 3632 |
|  Daito Trust Construction Co. Ltd. | 2600 | 268241 |
|  Daitobo Co. Ltd.\* | 1000 | 617 |
|  Daitron Co. Ltd. | 500 | 8694 |
|  Daiwa House Industry Co. Ltd. | 21100 | 488593 |
|  Daiwa Industries Ltd. | 1000 | 8587 |
|  Daiwa Securities Group, Inc. | 51000 | 226554 |
|  Daiwabo Holdings Co. Ltd. | 3050 | 45225 |
|  Danto Holdings Corp.\* | 1000 | 1684 |
|  DCM Holdings Co. Ltd. | 5800 | 53121 |
|  Dear Life Co. Ltd. | 6800 | 31813 |
|  DeNA Co. Ltd. | 4000 | 53825 |
|  Denka Co. Ltd. | 2600 | 59928 |
|  Denso Corp. | 16100 | 801810 |
|  Dentsu Group, Inc. (x) | 6700 | 211608 |
|  Denyo Co. Ltd. | 1100 | 13042 |
|  Descente Ltd. | 1700 | 41839 |
|  Dexerials Corp. | 1500 | 29145 |
|  DIC Corp. (x) | 2699 | 47835 |
|  Digital Arts, Inc. | 400 | 16977 |
|  Digital Garage, Inc. | 1700 | 59262 |
|  Dijet Industrial Co. Ltd. | 100 | 626 |
|  dip Corp. | 1200 | 34654 |
|  Disco Corp. | 1200 | 345169 |
|  DKK Co. Ltd. | 600 | 9144 |
|  DKS Co. Ltd. | 400 | 5916 |
|  DMG Mori Co. Ltd. (x) | 3900 | 52153 |
|  Doshisha Co. Ltd. | 1000 | 12367 |
|  Doutor Nichires Holdings Co. Ltd. | 2100 | 27506 |
|  Dowa Holdings Co. Ltd. | 1800 | 56919 |
|  DTS Corp. | 2200 | 49988 |
|  Duskin Co. Ltd. | 100 | 2280 |
|  DyDo Group Holdings, Inc. | 500 | 18135 |
|  Dynic Corp. | 400 | 1868 |
|  Eagle Industry Co. Ltd. | 1000 | 8168 |
|  Earth Corp. (x) | 100 | 3856 |
|  East Japan Railway Co. | 11800 | 676135 |
|  Ebara Corp. | 3400 | 122280 |
|  Ebara Jitsugyo Co. Ltd. | 600 | 10076 |
|  Echo Trading Co. Ltd. | 300 | 1495 |
|  Econach Holdings Co. Ltd.\* | 1500 | 1006 |
|  Eco's Co. Ltd. | 400 | 5742 |
|  EDION Corp. | 4400 | 43115 |
|  eGuarantee, Inc. | 1600 | 29784 |
|  Ehime Bank Ltd. (The) | 1400 | 9771 |
|  Eiken Chemical Co. Ltd. | 2000 | 26044 |
|  Eisai Co. Ltd. | 8900 | 590259 |
|  Eizo Corp. | 1000 | 26097 |
|  Elecom Co. Ltd. | 1400 | 14401 |
|  Electric Power Development Co. Ltd. | 5600 | 89436 |
|  Elematec Corp. | 1800 | 21204 |
|  ENEOS Holdings, Inc. | 124950 | 426528 |
|  en-Japan, Inc. | 1100 | 20317 |
|  Enplas Corp. | 600 | 17647 |
|  Enshu Ltd. | 200 | 1009 |
|  eRex Co. Ltd. | 1900 | 31445 |
|  ES-Con Japan Ltd. (x) | 5800 | 34560 |
|  Escrow Agent Japan, Inc. | 27600 | 30283 |
|  Eslead Corp. | 500 | 7075 |
|  ESPEC Corp. | 1200 | 17354 |
|  euglena Co. Ltd.\* | 8500 | 63471 |
|  Exedy Corp. (x) | 1500 | 18470 |
|  EXEO Group, Inc. | 3058 | 52380 |
|  Ezaki Glico Co. Ltd. | 2100 | 57924 |
|  Faith, Inc. | 400 | 1579 |
|  FALCO HOLDINGS Co. Ltd. | 600 | 8028 |
|  Fancl Corp. | 4500 | 92167 |
|  FANUC Corp. | 6800 | 1027720 |
|  Fast Retailing Co. Ltd. | 1100 | 674970 |
|  FCC Co. Ltd. | 1800 | 18529 |
|  Feed One Co. Ltd. | 1504 | 8194 |
|  Felissimo Corp. | 300 | 2320 |
|  FIDEA Holdings Co. Ltd. | 700 | 7707 |
|  Financial Partners Group Co. Ltd. | 1800 | 15265 |
|  FINDEX, Inc. | 7900 | 29736 |
|  First Baking Co. Ltd.\* | 100 | 297 |
|  Food & Life Cos. Ltd. | 3200 | 63347 |
|  Foster Electric Co. Ltd. | 1100 | 6965 |
|  FP Corp. | 800 | 23103 |
|  France Bed Holdings Co. Ltd. | 1600 | 11460 |
|  F-Tech, Inc. | 400 | 1542 |
|  Fudo Tetra Corp. | 980 | 11178 |
|  Fuji Co. Ltd. | 1300 | 18127 |
|  Fuji Corp. | 1700 | 25000 |
|  Fuji Corp. Ltd. | 1200 | 6016 |
|  Fuji Electric Co. Ltd. | 4200 | 160972 |
|  Fuji Kosan Co. Ltd. | 400 | 3593 |
|  Fuji Kyuko Co. Ltd. | 1500 | 54633 |
|  Fuji Media Holdings, Inc. | 7700 | 63013 |
|  Fuji Oil Co. Ltd. | 3300 | 6437 |
|  Fuji Oil Holdings, Inc. | 1600 | 24846 |
|  Fuji Seal International, Inc. | 2400 | 30887 |
|  Fuji Soft, Inc. | 1600 | 92167 |
|  Fujibo Holdings, Inc. | 500 | 12268 |
|  Fujicco Co. Ltd. | 1000 | 14592 |
|  FUJIFILM Holdings Corp. | 13870 | 700158 |
|  Fujikura Composites, Inc. | 800 | 5059 |
|  Fujikura Kasei Co. Ltd. | 1600 | 4938 |
|  Fujikura Ltd. | 8400 | 64261 |
|  Fujimi, Inc. | 1100 | 52385 |
|  Fujimori Kogyo Co. Ltd. | 900 | 20779 |
|  Fujita Kanko, Inc.\* | 300 | 6849 |
|  Fujitec Co. Ltd. | 3000 | 68508 |
|  Fujitsu General Ltd. | 2000 | 48232 |
|  Fujitsu Ltd. | 23200 | 3113898 |
|  Fujiya Co. Ltd. (x) | 700 | 13510 |
|  FuKoKu Co. Ltd. | 500 | 3932 |
|  Fukuda Corp. | 200 | 6759 |
|  Fukui Bank Ltd. (The) | 1000 | 11468 |
|  Fukui Computer Holdings, Inc. | 400 | 8052 |

---

See Notes to Financial Statements.

901

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Fukuoka Financial Group, Inc. | 4784 | $109539 |
|  Fukushima Bank Ltd. (The) | 1500 | 2949 |
|  Fukushima Galilei Co. Ltd. | 600 | 19179 |
|  Fukuyama Transporting Co. Ltd. | 400 | 9342 |
|  FULLCAST Holdings Co. Ltd. | 1000 | 21518 |
|  Funai Soken Holdings, Inc. (x) | 2340 | 48462 |
|  Furukawa Co. Ltd. | 2100 | 20242 |
|  Furukawa Electric Co. Ltd. | 2300 | 43357 |
|  Fuso Pharmaceutical Industries Ltd. | 400 | 6090 |
|  Futaba Corp. | 2100 | 8497 |
|  Futaba Industrial Co. Ltd. | 3500 | 9494 |
|  Future Corp. | 2000 | 25099 |
|  Fuyo General Lease Co. Ltd. | 600 | 39409 |
|  G-7 Holdings, Inc. | 1200 | 15123 |
|  Gakken Holdings Co. Ltd. | 2000 | 14157 |
|  Gakujo Co. Ltd. | 400 | 4215 |
|  Gecoss Corp. | 800 | 5102 |
|  Genki Sushi Co. Ltd. | 300 | 7041 |
|  Geo Holdings Corp. | 2000 | 33222 |
|  giftee, Inc.\* | 1900 | 25046 |
|  GLOBERIDE, Inc. | 1000 | 19476 |
|  Glory Ltd. | 200 | 3343 |
|  GMO internet group, Inc. (x) | 3400 | 63886 |
|  GMO Payment Gateway, Inc. | 1500 | 124810 |
|  Godo Steel Ltd. | 700 | 11420 |
|  Goldcrest Co. Ltd. | 1100 | 14089 |
|  Goldwin, Inc. | 1200 | 87321 |
|  Gourmet Kineya Co. Ltd.\* | 4200 | 31746 |
|  Gree, Inc. | 5100 | 27047 |
|  GS Yuasa Corp. | 2800 | 45230 |
|  GSI Creos Corp. | 600 | 6711 |
|  Gun-Ei Chemical Industry Co. Ltd. | 300 | 5402 |
|  GungHo Online Entertainment, Inc.\* | 2400 | 38988 |
|  Gunma Bank Ltd. (The) | 14200 | 54532 |
|  Gunze Ltd. | 800 | 25724 |
|  Gurunavi, Inc.\* | 2000 | 5974 |
|  H.U. Group Holdings, Inc. | 2600 | 57076 |
|  H2O Retailing Corp. | 4760 | 46788 |
|  Hachijuni Bank Ltd. (The) | 10000 | 41832 |
|  Hakudo Co. Ltd. | 400 | 7513 |
|  Hakuhodo DY Holdings, Inc. | 10600 | 107422 |
|  Hakuto Co. Ltd. | 700 | 22268 |
|  Hakuyosha Co. Ltd. | 100 | 1348 |
|  Hamakyorex Co. Ltd. | 600 | 14378 |
|  Hamamatsu Photonics KK | 5200 | 250411 |
|  Hankyu Hanshin Holdings, Inc. | 8400 | 250899 |
|  Hanwa Co. Ltd. | 2200 | 62778 |
|  Happinet Corp. | 600 | 9386 |
|  Hard Off Corp. Co. Ltd. | 500 | 4987 |
|  Harima Chemicals Group, Inc. | 1100 | 6814 |
|  Haruyama Holdings, Inc.\* | 500 | 1673 |
|  Haseko Corp. | 8100 | 90912 |
|  Hayashikane Sangyo Co. Ltd. | 400 | 1396 |
|  Hazama Ando Corp. (x) | 7520 | 48189 |
|  Heiwa Corp. | 1820 | 34461 |
|  Heiwa Real Estate Co. Ltd. | 1800 | 50267 |
|  Heiwado Co. Ltd. | 2400 | 39171 |
|  Helios Techno Holding Co. Ltd. | 1100 | 3797 |
|  Hibiya Engineering Ltd. | 1800 | 26128 |
|  Hiday Hidaka Corp. | 1640 | 24168 |
|  Hikari Tsushin, Inc. (x) | 1000 | 141877 |
|  Hino Motors Ltd.\* | 10700 | 41010 |
|  Hioki EE Corp. (x) | 500 | 24116 |
|  Hirakawa Hewtech Corp. | 400 | 3420 |
|  Hirogin Holdings, Inc. | 10000 | 50366 |
|  Hirose Electric Co. Ltd. | 1023 | 129395 |
|  HIS Co. Ltd. (x)\* | 3100 | 49273 |
|  Hisaka Works Ltd. | 1000 | 6218 |
|  Hisamitsu Pharmaceutical Co., Inc. | 1900 | 56823 |
|  Hitachi Construction Machinery Co. Ltd. | 2700 | 60875 |
|  Hitachi Ltd. | 38528 | 1964270 |
|  Hitachi Transport System Ltd. (x) | 1200 | 81286 |
|  Hitachi Zosen Corp. | 5100 | 32098 |
|  Hochiki Corp. | 1000 | 10675 |
|  Hodogaya Chemical Co. Ltd. | 200 | 4291 |
|  Hokkaido Electric Power Co., Inc. | 7100 | 25210 |
|  Hokkaido Gas Co. Ltd. | 400 | 5105 |
|  Hokkan Holdings Ltd. | 600 | 6277 |
|  Hokko Chemical Industry Co. Ltd. | 1000 | 6195 |
|  Hokkoku Financial Holdings, Inc. | 500 | 17297 |
|  Hokuetsu Corp. | 2300 | 13354 |
|  Hokuhoku Financial Group, Inc. | 2900 | 21589 |
|  Hokuriku Electric Industry Co. Ltd. | 400 | 3740 |
|  Hokuriku Electric Power Co. | 7800 | 32510 |
|  Hokushin Co. Ltd. | 800 | 908 |
|  Hokuto Corp. | 1400 | 20034 |
|  Honda Motor Co. Ltd. | 57900 | 1337647 |
|  Honeys Holdings Co. Ltd. | 1080 | 11463 |
|  Hoosiers Holdings Co. Ltd. | 2000 | 11338 |
|  Horiba Ltd. | 1400 | 61125 |
|  Hoshizaki Corp. | 4000 | 141877 |
|  Hosiden Corp. | 3000 | 35980 |
|  Hosokawa Micron Corp. | 800 | 16355 |
|  House Foods Group, Inc. | 1400 | 29634 |
|  House of Rose Co. Ltd. | 2700 | 33904 |
|  Howa Machinery Ltd. | 600 | 4485 |
|  Hoya Corp. | 15800 | 1529557 |
|  Hulic Co. Ltd. (x) | 14800 | 117281 |
|  Hurxley Corp. | 600 | 3795 |
|  Hyakugo Bank Ltd. (The) | 11000 | 30844 |
|  Hyakujushi Bank Ltd. (The) | 1400 | 20407 |
|  HYPER, Inc. | 8200 | 28679 |
|  Ibiden Co. Ltd. | 4300 | 156778 |
|  Ichibanya Co. Ltd. | 800 | 28223 |
|  Ichigo, Inc. | 10100 | 21933 |
|  Ichiken Co. Ltd. | 200 | 2720 |
|  Ichikoh Industries Ltd. | 2000 | 5532 |
|  Ichinen Holdings Co. Ltd. | 1300 | 12332 |
|  Ichiyoshi Securities Co. Ltd. | 2700 | 12673 |
|  Icom, Inc. | 600 | 12801 |
|  Idec Corp. | 1400 | 31149 |
|  Idemitsu Kosan Co. Ltd. | 7642 | 178764 |
|  IDOM, Inc. | 3300 | 16696 |
|  IHI Corp. | 4600 | 134768 |
|  Iida Group Holdings Co. Ltd. | 5976 | 91115 |
|  Iino Kaiun Kaisha Ltd. | 5900 | 41809 |
|  Ikegami Tsushinki Co. Ltd. | 300 | 1207 |
|  Imasen Electric Industrial | 800 | 3761 |
|  Impress Holdings, Inc. | 1000 | 1585 |
|  Inaba Denki Sangyo Co. Ltd. | 200 | 4131 |
|  Inaba Seisakusho Co. Ltd. | 600 | 6378 |

---

See Notes to Financial Statements.

902

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Inabata & Co. Ltd. | 1500 | $27282 |
|  Inageya Co. Ltd. (x) | 1000 | 9441 |
|  Ines Corp. | 1600 | 16666 |
|  I-Net Corp. | 550 | 5440 |
|  Infocom Corp. | 1100 | 18046 |
|  Infomart Corp. | 6800 | 18497 |
|  Information Services International-Dentsu Ltd. | 1400 | 41870 |
|  INFRONEER Holdings, Inc. | 8912 | 67974 |
|  Inpex Corp. (x) | 36300 | 386123 |
|  Intage Holdings, Inc. | 1200 | 12600 |
|  Internet Initiative Japan, Inc. | 4600 | 85873 |
|  Inui Global Logistics Co. Ltd. | 490 | 7430 |
|  I'rom Group Co. Ltd. | 300 | 5904 |
|  Iseki & Co. Ltd. | 1300 | 11609 |
|  Isetan Mitsukoshi Holdings Ltd. | 10500 | 114969 |
|  Ishihara Sangyo Kaisha Ltd. | 2100 | 17009 |
|  Ishii Iron Works Co. Ltd. | 100 | 1688 |
|  Ishikawa Seisakusho Ltd.\* | 200 | 2324 |
|  Ishizuka Glass Co. Ltd. | 100 | 1080 |
|  Isuzu Motors Ltd. | 23400 | 275829 |
|  Itfor, Inc. | 1300 | 8291 |
|  Ito En Ltd. | 2100 | 76646 |
|  ITOCHU Corp. | 49100 | 1551117 |
|  Itochu Enex Co. Ltd. | 2700 | 21602 |
|  Itochu Techno-Solutions Corp. | 3000 | 70177 |
|  Itochu-Shokuhin Co. Ltd. | 300 | 11292 |
|  Itoham Yonekyu Holdings, Inc. | 7370 | 39366 |
|  Itoki Corp. | 2600 | 11629 |
|  IwaiCosmo Holdings, Inc. | 1100 | 10879 |
|  Iwasaki Electric Co. Ltd. | 400 | 6940 |
|  Iwatani Corp. | 1400 | 61765 |
|  Iwatsu Electric Co. Ltd. | 500 | 2941 |
|  Iyogin Holdings, Inc. | 9100 | 49577 |
|  Izumi Co. Ltd. | 1700 | 38705 |
|  Izutsuya Co. Ltd. | 600 | 1852 |
|  J Front Retailing Co. Ltd. | 9500 | 86936 |
|  Jaccs Co. Ltd. | 1600 | 50290 |
|  JAFCO Group Co. Ltd. (x) | 4800 | 82219 |
|  JANOME Corp. | 1200 | 5267 |
|  Japan Airlines Co. Ltd. (x)\* | 16800 | 344986 |
|  Japan Airport Terminal Co. Ltd.\* | 2100 | 104488 |
|  Japan Asia Investment Co. Ltd.\* | 800 | 1365 |
|  Japan Aviation Electronics Industry Ltd. | 2000 | 32140 |
|  Japan Cash Machine Co. Ltd. | 1100 | 8993 |
|  Japan Communications, Inc.\* | 17400 | 29035 |
|  Japan Display, Inc. (x)\* | 17300 | 5009 |
|  Japan Electronic Materials Corp. | 500 | 5109 |
|  Japan Elevator Service Holdings Co. Ltd. | 4500 | 56713 |
|  Japan Exchange Group, Inc. | 19300 | 279044 |
|  Japan Foods Co. Ltd. | 100 | 816 |
|  Japan Foundation Engineering Co. Ltd. | 1700 | 6269 |
|  Japan Lifeline Co. Ltd. | 1800 | 12563 |
|  Japan Material Co. Ltd. | 1900 | 30938 |
|  Japan Medical Dynamic Marketing, Inc. | 1000 | 6865 |
|  Japan Oil Transportation Co. Ltd. | 100 | 1661 |
|  Japan Petroleum Exploration Co. Ltd. | 600 | 17578 |
|  Japan Post Bank Co. Ltd. | 18500 | 159006 |
|  Japan Post Holdings Co. Ltd. | 83100 | 702526 |
|  Japan Post Insurance Co. Ltd. | 8300 | 146787 |
|  Japan Property Management Center Co. Ltd. | 4100 | 31178 |
|  Japan Pulp & Paper Co. Ltd. | 600 | 23362 |
|  Japan Securities Finance Co. Ltd. | 5546 | 48766 |
|  Japan Steel Works Ltd. (The) | 1700 | 33795 |
|  Japan Tobacco, Inc. (x) | 44800 | 908357 |
|  Japan Transcity Corp. | 2000 | 7787 |
|  Japan Wool Textile Co. Ltd. (The) | 4000 | 29686 |
|  Jastec Co. Ltd. | 700 | 6128 |
|  JBCC Holdings, Inc. | 1000 | 13967 |
|  JCR Pharmaceuticals Co. Ltd. | 3500 | 44830 |
|  JCU Corp. | 800 | 18775 |
|  Jeol Ltd. | 2000 | 54709 |
|  JFE Holdings, Inc. | 16744 | 195968 |
|  JGC Holdings Corp. | 6600 | 84386 |
|  JINS Holdings, Inc. | 500 | 17563 |
|  JK Holdings Co. Ltd. | 1100 | 8591 |
|  JMDC, Inc. | 1700 | 48964 |
|  JMS Co. Ltd. | 500 | 1924 |
|  Joban Kosan Co. Ltd.\* | 3700 | 34198 |
|  J-Oil Mills, Inc. | 1000 | 11559 |
|  Joshin Denki Co. Ltd. | 1000 | 14790 |
|  JSP Corp. | 800 | 9028 |
|  JSR Corp. | 6200 | 122262 |
|  JTEKT Corp. | 7500 | 53090 |
|  Juki Corp. | 1400 | 6582 |
|  Juroku Financial Group, Inc. | 1500 | 32780 |
|  Justsystems Corp. | 900 | 19318 |
|  JVCKenwood Corp. | 5800 | 16308 |
|  K&O Energy Group, Inc. | 500 | 7776 |
|  Kadokawa Corp. | 4868 | 89022 |
|  Kaga Electronics Co. Ltd. | 1200 | 37351 |
|  Kagome Co. Ltd. (x) | 3900 | 90784 |
|  Kajima Corp. | 17400 | 203645 |
|  Kakaku.com, Inc. | 5200 | 83682 |
|  Kaken Pharmaceutical Co. Ltd. | 500 | 14820 |
|  Kamei Corp. | 1000 | 9304 |
|  Kamigumi Co. Ltd. | 1800 | 36853 |
|  Kanaden Corp. | 1000 | 8328 |
|  Kanagawa Chuo Kotsu Co. Ltd. | 200 | 4945 |
|  Kanamoto Co. Ltd. | 1000 | 17243 |
|  Kandenko Co. Ltd. | 2900 | 19025 |
|  Kaneka Corp. | 1600 | 40110 |
|  Kanematsu Corp. | 2500 | 28574 |
|  Kanematsu Electronics Ltd. | 700 | 23735 |
|  Kanematsu Sustech Corp. | 100 | 1201 |
|  Kansai Electric Power Co., Inc. (The) | 28800 | 280671 |
|  Kansai Food Market Ltd. | 3000 | 29305 |
|  Kansai Paint Co. Ltd. | 7800 | 96222 |
|  Kanto Denka Kogyo Co. Ltd. | 2000 | 14096 |
|  Kao Corp. | 17100 | 684704 |
|  Kappa Create Co. Ltd. (x)\* | 1800 | 18872 |
|  Kasai Kogyo Co. Ltd.\* | 1000 | 1036 |
|  Katakura & Co-op Agri Corp. | 55 | 661 |
|  Katakura Industries Co. Ltd. | 1400 | 18519 |
|  Katitas Co. Ltd. | 1700 | 39119 |
|  Kato Sangyo Co. Ltd. | 1700 | 45466 |
|  Kato Works Co. Ltd. | 400 | 2161 |

---

See Notes to Financial Statements.

903

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  KAWADA TECHNOLOGIES, Inc. | 200 | $4976 |
|  Kawai Musical Instruments Manufacturing Co. Ltd. | 400 | 7927 |
|  Kawasaki Heavy Industries Ltd. | 5200 | 122432 |
|  Kawasaki Kisen Kaisha Ltd. (x) | 5997 | 127352 |
|  KDDI Corp. | 57200 | 1735526 |
|  KeePer Technical Laboratory Co. Ltd. | 1300 | 35462 |
|  Keihan Holdings Co. Ltd. | 3200 | 84121 |
|  Keihanshin Building Co. Ltd. | 1400 | 13633 |
|  Keihin Co. Ltd. | 200 | 2197 |
|  Keikyu Corp. | 8400 | 89031 |
|  Keio Corp. | 3600 | 132764 |
|  Keisei Electric Railway Co. Ltd. | 4864 | 139167 |
|  Keiyo Bank Ltd. (The) | 2500 | 11182 |
|  Keiyo Co. Ltd. | 2200 | 15087 |
|  Kewpie Corp. | 2400 | 43706 |
|  Key Coffee, Inc. | 1200 | 18854 |
|  Keyence Corp. | 7260 | 2844477 |
|  KH Neochem Co. Ltd. (x) | 1500 | 30779 |
|  Kikkoman Corp. | 5000 | 264401 |
|  Kimoto Co. Ltd. | 2200 | 3638 |
|  Kimura Chemical Plants Co. Ltd. | 1100 | 6077 |
|  Kimura Unity Co. Ltd. | 400 | 2368 |
|  Kinden Corp. | 5000 | 54785 |
|  King Jim Co. Ltd. | 1000 | 6774 |
|  Kinki Sharyo Co. Ltd. (The) | 100 | 795 |
|  Kintetsu Department Store Co. Ltd.\* | 100 | 1977 |
|  Kintetsu Group Holdings Co. Ltd. | 6600 | 219011 |
|  Kirin Holdings Co. Ltd. (x) | 28600 | 438240 |
|  Kisoji Co. Ltd. | 1400 | 22348 |
|  Kissei Pharmaceutical Co. Ltd. | 1200 | 23590 |
|  Ki-Star Real Estate Co. Ltd. | 900 | 31477 |
|  Kitagawa Corp. | 500 | 4355 |
|  Kita-Nippon Bank Ltd. (The) | 300 | 4862 |
|  Kitano Construction Corp. | 300 | 5751 |
|  Kitazawa Sangyo Co. Ltd. | 1000 | 1471 |
|  Kitz Corp. | 5100 | 30661 |
|  Kiyo Bank Ltd. (The) | 1900 | 22700 |
|  KNT-CT Holdings Co. Ltd.\* | 400 | 5072 |
|  Koa Corp. | 1500 | 21544 |
|  Koatsu Gas Kogyo Co. Ltd. | 1000 | 4877 |
|  Kobayashi Pharmaceutical Co. Ltd. | 2100 | 144491 |
|  Kobayashi Yoko Co. Ltd. | 300 | 507 |
|  Kobe Bussan Co. Ltd. | 6000 | 173270 |
|  Kobe Steel Ltd. | 12900 | 63104 |
|  Koei Tecmo Holdings Co. Ltd. | 3524 | 64229 |
|  Kohnan Shoji Co. Ltd. | 1100 | 28665 |
|  Kohsoku Corp. | 700 | 9222 |
|  Koito Manufacturing Co. Ltd. | 8400 | 127178 |
|  Kojima Co. Ltd. | 1500 | 6766 |
|  Kokuyo Co. Ltd. (x) | 3400 | 48135 |
|  KOMAIHALTEC, Inc. | 200 | 2255 |
|  Komatsu Ltd. | 168290 | 3687916 |
|  Komatsu Matere Co. Ltd. | 2000 | 11795 |
|  Komatsu Wall Industry Co. Ltd. | 400 | 5535 |
|  KOMEDA Holdings Co. Ltd. | 3000 | 56804 |
|  Komeri Co. Ltd. | 1600 | 33319 |
|  Komori Corp. | 3400 | 20881 |
|  Konaka Co. Ltd. | 1400 | 3574 |
|  Konami Group Corp. | 2800 | 127370 |
|  Konica Minolta, Inc. | 16600 | 66658 |
|  Konishi Co. Ltd. | 2000 | 25617 |
|  Kosaido Holdings Co. Ltd. | 900 | 14538 |
|  Kose Corp. (x) | 1300 | 142838 |
|  Kose R E Co. Ltd. | 5500 | 33778 |
|  Kosei Securities Co. Ltd. (The)\* | 200 | 550 |
|  Kotobuki Spirits Co. Ltd. | 800 | 47120 |
|  Kourakuen Holdings Corp.\* | 700 | 5451 |
|  Krosaki Harima Corp. | 200 | 7711 |
|  KRS Corp. | 600 | 4357 |
|  K's Holdings Corp. | 6800 | 58446 |
|  Kubota Corp. (x) | 37500 | 519182 |
|  Kumagai Gumi Co. Ltd. | 1000 | 20047 |
|  Kumiai Chemical Industry Co. Ltd. | 5140 | 35523 |
|  Kura Sushi, Inc. | 1200 | 27431 |
|  Kurabo Industries Ltd. | 1200 | 19805 |
|  Kuraray Co. Ltd. (x) | 11900 | 95933 |
|  Kuraudia Holdings Co. Ltd. | 200 | 443 |
|  Kureha Corp. | 800 | 49131 |
|  Kurimoto Ltd. | 600 | 7973 |
|  Kurita Water Industries Ltd. | 3500 | 145611 |
|  Kusuri no Aoki Holdings Co. Ltd. | 800 | 46815 |
|  KYB Corp. | 700 | 18161 |
|  Kyocera Corp. | 10600 | 529192 |
|  Kyodo Printing Co. Ltd. | 300 | 6282 |
|  Kyoei Sangyo Co. Ltd. | 100 | 1245 |
|  Kyoei Steel Ltd. | 1300 | 12441 |
|  Kyoei Tanker Co. Ltd. | 200 | 1448 |
|  Kyokuto Boeki Kaisha Ltd. | 400 | 4148 |
|  Kyokuto Kaihatsu Kogyo Co. Ltd. | 2300 | 25289 |
|  Kyokuto Securities Co. Ltd. | 1600 | 7010 |
|  Kyokuyo Co. Ltd. | 500 | 14477 |
|  KYORIN Holdings, Inc. | 3000 | 39317 |
|  Kyoritsu Co. Ltd.\* | 1000 | 922 |
|  Kyoritsu Maintenance Co. Ltd. | 1200 | 53947 |
|  Kyosan Electric Manufacturing Co. Ltd. | 2000 | 6126 |
|  Kyowa Electronic Instruments Co. Ltd. | 1000 | 2652 |
|  Kyowa Kirin Co. Ltd. | 8600 | 197897 |
|  Kyowa Leather Cloth Co. Ltd. | 700 | 2656 |
|  Kyudenko Corp. | 2000 | 49756 |
|  Kyushu Electric Power Co., Inc. | 13800 | 78232 |
|  Kyushu Financial Group, Inc. | 16770 | 58013 |
|  Kyushu Railway Co. | 5600 | 124681 |
|  Land Business Co. Ltd. | 1000 | 1692 |
|  LAND Co. Ltd. | 1300 | 89 |
|  Lasertec Corp. | 3600 | 596480 |
|  Lawson, Inc. | 1300 | 49825 |
|  LEC, Inc. | 1200 | 8284 |
|  Leopalace21 Corp.\* | 7300 | 16186 |
|  Life Corp. | 700 | 14108 |
|  Link And Motivation, Inc. (x) | 5900 | 28996 |
|  Lintec Corp. | 900 | 14723 |
|  Lion Corp. (x) | 8900 | 102671 |
|  Lixil Corp. | 11540 | 175949 |
|  Look Holdings, Inc. | 400 | 7336 |
|  M&A Capital Partners Co. Ltd.\* | 900 | 31648 |
|  M3, Inc. | 14500 | 395314 |
|  Mabuchi Motor Co. Ltd. (x) | 1600 | 45535 |
|  Macnica Holdings, Inc. | 1850 | 44333 |
|  Maezawa Industries, Inc. | 900 | 4211 |
|  Maezawa Kasei Industries Co. Ltd. | 900 | 9086 |

---

See Notes to Financial Statements.

904

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Maezawa Kyuso Industries Co. Ltd. | 800 | $5578 |
|  Makino Milling Machine Co. Ltd. | 1200 | 39592 |
|  Makita Corp. | 8900 | 208869 |
|  Management Solutions Co. Ltd. (x) | 1400 | 35416 |
|  Mandom Corp. | 1400 | 15617 |
|  Mani, Inc. | 3300 | 51044 |
|  Marche Corp.\* | 300 | 896 |
|  Mars Group Holdings Corp. | 600 | 11114 |
|  Marubeni Construction Material Lease Co. Ltd. | 100 | 1318 |
|  Marubeni Corp. | 68700 | 793055 |
|  Marubun Corp. | 900 | 6494 |
|  Marudai Food Co. Ltd. | 1200 | 13002 |
|  Maruha Nichiro Corp. | 1300 | 24863 |
|  Marui Group Co. Ltd. | 6700 | 111343 |
|  Maruichi Steel Tube Ltd. | 1600 | 32953 |
|  MARUKA FURUSATO Corp. (x) | 1216 | 33263 |
|  Marusan Securities Co. Ltd. | 3900 | 11887 |
|  Maruwa Co. Ltd. | 300 | 35843 |
|  Maruwn Corp. | 600 | 992 |
|  Maruyama Manufacturing Co., Inc. | 200 | 2315 |
|  Maruzen CHI Holdings Co. Ltd. | 600 | 1509 |
|  Maruzen Showa Unyu Co. Ltd. | 800 | 18500 |
|  Matsuda Sangyo Co. Ltd. | 800 | 14008 |
|  Matsui Construction Co. Ltd. | 1000 | 4267 |
|  Matsui Securities Co. Ltd. | 1000 | 5981 |
|  MatsukiyoCocokara & Co. | 4620 | 232338 |
|  Matsuya Co. Ltd.\* | 2200 | 17249 |
|  Matsuyafoods Holdings Co. Ltd. | 500 | 15049 |
|  Max Co. Ltd. | 2000 | 29717 |
|  Mazda Motor Corp. | 22000 | 168470 |
|  Mebuki Financial Group, Inc. | 32760 | 83373 |
|  MEC Co. Ltd. | 800 | 12667 |
|  Media Do Co. Ltd. | 2200 | 29017 |
|  Medical System Network Co. Ltd. | 400 | 1314 |
|  Medipal Holdings Corp. | 7600 | 100820 |
|  Megachips Corp. | 1100 | 20644 |
|  Megmilk Snow Brand Co. Ltd. | 2700 | 37052 |
|  Meidensha Corp. | 800 | 11405 |
|  Meiji Holdings Co. Ltd. | 3900 | 200290 |
|  Meiji Shipping Co. Ltd. | 1100 | 5767 |
|  Meiko Electronics Co. Ltd. | 1000 | 18325 |
|  Meiko Network Japan Co. Ltd. | 900 | 4272 |
|  Meitec Corp. | 3000 | 54770 |
|  Meito Sangyo Co. Ltd. | 600 | 7457 |
|  Meiwa Corp. | 900 | 4560 |
|  Meiwa Estate Co. Ltd. | 700 | 3803 |
|  Melco Holdings, Inc. | 600 | 13875 |
|  Menicon Co. Ltd. | 2900 | 61385 |
|  Mercari, Inc.\* | 3600 | 74035 |
|  Micronics Japan Co. Ltd. (x) | 2600 | 25794 |
|  Midac Holdings Co. Ltd. | 1500 | 29374 |
|  Milbon Co. Ltd. | 1140 | 49686 |
|  Mimasu Semiconductor Industry Co. Ltd. | 1000 | 17838 |
|  Minebea Mitsumi, Inc. | 13137 | 197295 |
|  Ministop Co. Ltd. | 900 | 9745 |
|  Mirait One Corp. | 3600 | 41695 |
|  Mirarth Holdings, Inc. | 4400 | 12405 |
|  MISUMI Group, Inc. | 10900 | 239112 |
|  Mitachi Co. Ltd. | 200 | 1626 |
|  Mitani Sekisan Co. Ltd. (x) | 800 | 25450 |
|  Mito Securities Co. Ltd. | 3000 | 4869 |
|  Mitsuba Corp. | 2000 | 7193 |
|  Mitsubishi Chemical Group Corp. | 44220 | 230703 |
|  Mitsubishi Corp. | 53110 | 1733238 |
|  Mitsubishi Electric Corp. | 71300 | 713598 |
|  Mitsubishi Estate Co. Ltd. | 47700 | 621874 |
|  Mitsubishi Gas Chemical Co., Inc. | 6500 | 90289 |
|  Mitsubishi HC Capital, Inc. | 25820 | 127683 |
|  Mitsubishi Heavy Industries Ltd. | 11500 | 458633 |
|  Mitsubishi Kakoki Kaisha Ltd. | 300 | 4693 |
|  Mitsubishi Logisnext Co. Ltd. | 1000 | 5326 |
|  Mitsubishi Logistics Corp. | 3000 | 69262 |
|  Mitsubishi Materials Corp. | 4100 | 65105 |
|  Mitsubishi Motors Corp.\* | 26200 | 101813 |
|  Mitsubishi Paper Mills Ltd.\* | 1800 | 3881 |
|  Mitsubishi Pencil Co. Ltd. | 2000 | 21823 |
|  Mitsubishi Research Institute, Inc. | 400 | 14874 |
|  Mitsubishi Shokuhin Co. Ltd. | 1100 | 26151 |
|  Mitsubishi Steel Manufacturing Co. Ltd. | 700 | 5296 |
|  Mitsubishi UFJ Financial Group, Inc. | 464400 | 3145776 |
|  Mitsuboshi Belting Ltd. | 1500 | 39089 |
|  Mitsui & Co. Ltd. | 55700 | 1635264 |
|  Mitsui Chemicals, Inc. | 5331 | 120845 |
|  Mitsui DM Sugar Holdings Co. Ltd. | 1000 | 15285 |
|  Mitsui E&S Holdings Co. Ltd.\* | 3400 | 9948 |
|  Mitsui Fudosan Co. Ltd. | 33900 | 624324 |
|  Mitsui High-Tec, Inc. | 800 | 37367 |
|  Mitsui Matsushima Holdings Co. Ltd. (x) | 800 | 18147 |
|  Mitsui Mining & Smelting Co. Ltd. | 1600 | 37610 |
|  Mitsui OSK Lines Ltd. (x) | 12400 | 310850 |
|  Mitsui-Soko Holdings Co. Ltd. | 1000 | 27393 |
|  Mitsumura Printing Co. Ltd. | 100 | 888 |
|  Mitsuuroko Group Holdings Co. Ltd. | 1900 | 16475 |
|  Miura Co. Ltd. | 3000 | 69491 |
|  Miyaji Engineering Group, Inc. | 400 | 10942 |
|  Miyakoshi Holdings, Inc. | 300 | 1657 |
|  Miyazaki Bank Ltd. (The) | 800 | 15105 |
|  Miyoshi Oil & Fat Co. Ltd. | 400 | 2880 |
|  Mizuho Financial Group, Inc. | 92837 | 1312904 |
|  Mizuho Leasing Co. Ltd. | 1700 | 43199 |
|  Mizuno Corp. | 1200 | 25721 |
|  Mochida Pharmaceutical Co. Ltd. | 1000 | 26516 |
|  Modec, Inc.\* | 1000 | 10378 |
|  Monex Group, Inc. (x) | 7000 | 22242 |
|  Money Forward, Inc.\* | 1700 | 52720 |
|  MonotaRO Co. Ltd. | 11900 | 168381 |
|  Morinaga & Co. Ltd. | 800 | 23926 |
|  Morinaga Milk Industry Co. Ltd. | 1300 | 49478 |
|  Morita Holdings Corp. | 2000 | 17693 |
|  Morozoff Ltd. | 400 | 10713 |
|  Mortgage Service Japan Ltd. | 4900 | 32968 |
|  Mory Industries, Inc. | 400 | 8382 |
|  MOS Food Services, Inc. | 1600 | 37367 |
|  MrMax Holdings Ltd. | 1200 | 6035 |
|  MS&AD Insurance Group Holdings, Inc. | 16200 | 521402 |
|  Murata Manufacturing Co. Ltd. | 21995 | 1104107 |
|  Musashi Seimitsu Industry Co. Ltd. | 2400 | 28619 |

---

See Notes to Financial Statements.

905

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Musashino Bank Ltd. (The) | 1900 | $29968 |
|  Mutoh Holdings Co. Ltd. | 100 | 1178 |
|  Nabtesco Corp. (x) | 3800 | 97432 |
|  NAC Co. Ltd. | 400 | 2850 |
|  Nachi-Fujikoshi Corp. | 500 | 13715 |
|  Nagaileben Co. Ltd. | 1200 | 18251 |
|  Nagano Bank Ltd. (The) | 400 | 4084 |
|  Nagano Keiki Co. Ltd. | 800 | 6864 |
|  Nagase & Co. Ltd. | 3800 | 57967 |
|  Nagatanien Holdings Co. Ltd. | 500 | 7703 |
|  Nagawa Co. Ltd. | 400 | 22859 |
|  Nagoya Railroad Co. Ltd. | 6800 | 112902 |
|  Naigai Co. Ltd.\* | 300 | 594 |
|  Nakabayashi Co. Ltd. | 1000 | 3657 |
|  Nakamuraya Co. Ltd. | 300 | 7041 |
|  Nakano Corp. | 1000 | 2385 |
|  Nakayama Steel Works Ltd. | 600 | 3703 |
|  Nakayamafuku Co. Ltd. | 700 | 1707 |
|  Nakayo, Inc. | 200 | 1632 |
|  Namura Shipbuilding Co. Ltd.\* | 1024 | 3027 |
|  Nankai Electric Railway Co. Ltd. | 3200 | 69515 |
|  Nanto Bank Ltd. (The) | 1100 | 21482 |
|  Natori Co. Ltd. | 600 | 9400 |
|  NC Holdings Co. Ltd. | 300 | 4739 |
|  NEC Capital Solutions Ltd. | 300 | 4906 |
|  NEC Corp. | 9500 | 335511 |
|  NEC Networks & System Integration Corp. | 3300 | 41539 |
|  NET One Systems Co. Ltd. | 3000 | 78406 |
|  Net Protections Holdings, Inc. (x)\* | 6900 | 25184 |
|  Neturen Co. Ltd. | 1700 | 8523 |
|  Nexon Co. Ltd. (x) | 18300 | 413019 |
|  Nextage Co. Ltd. | 2000 | 38708 |
|  Nexyz Group Corp. | 500 | 2461 |
|  NGK Insulators Ltd. | 7400 | 94614 |
|  NGK Spark Plug Co. Ltd. | 6100 | 113364 |
|  NH Foods Ltd. | 2500 | 70005 |
|  NHK Spring Co. Ltd. | 5700 | 36743 |
|  Nice Corp. | 500 | 5204 |
|  Nichia Steel Works Ltd. | 1000 | 1882 |
|  Nichias Corp. | 3000 | 53993 |
|  Nichiban Co. Ltd. | 500 | 7082 |
|  Nichicon Corp. | 3900 | 36432 |
|  Nichiden Corp. | 1000 | 13113 |
|  Nichiha Corp. | 1200 | 24285 |
|  Nichi-iko Pharmaceutical Co. Ltd. (x)\* | 2100 | 1328 |
|  Nichimo Co. Ltd. | 100 | 2209 |
|  Nichirei Corp. | 3500 | 76726 |
|  Nichireki Co. Ltd. | 1000 | 9593 |
|  Nidec Corp. | 18554 | 966861 |
|  Nidec OKK Corp.\* | 400 | 2801 |
|  Nifco, Inc. | 2300 | 54328 |
|  Nihon Chouzai Co. Ltd. | 600 | 5559 |
|  Nihon Dempa Kogyo Co. Ltd. | 900 | 10650 |
|  Nihon Kohden Corp. | 2600 | 63494 |
|  Nihon M&A Center Holdings, Inc. | 13200 | 163843 |
|  Nihon Nohyaku Co. Ltd. | 2000 | 11033 |
|  Nihon Parkerizing Co. Ltd. | 3100 | 22156 |
|  Nihon Tokushu Toryo Co. Ltd. | 1000 | 6522 |
|  Nihon Trim Co. Ltd. | 200 | 4121 |
|  Nihon Yamamura Glass Co. Ltd.\* | 500 | 2107 |
|  Nikkato Corp. | 400 | 1436 |
|  Nikkiso Co. Ltd. (x) | 4000 | 28924 |
|  Nikko Co. Ltd. | 1000 | 4694 |
|  Nikkon Holdings Co. Ltd. | 3000 | 53764 |
|  Nikon Corp. | 11000 | 98568 |
|  Nintendo Co. Ltd. | 45900 | 1934767 |
|  Nippn Corp. | 2000 | 24688 |
|  Nippon Air Conditioning Services Co. Ltd. | 1200 | 6263 |
|  Nippon Beet Sugar Manufacturing Co. Ltd. | 700 | 8881 |
|  Nippon BS Broadcasting Corp. | 4600 | 31720 |
|  Nippon Carbide Industries Co., Inc. | 300 | 2880 |
|  Nippon Carbon Co. Ltd. (x) | 600 | 19224 |
|  Nippon Ceramic Co. Ltd. | 800 | 14386 |
|  Nippon Chemical Industrial Co. Ltd. | 400 | 5315 |
|  Nippon Chemi-Con Corp.\* | 700 | 8305 |
|  Nippon Chemiphar Co. Ltd. | 100 | 1263 |
|  Nippon Chutetsukan KK | 100 | 701 |
|  Nippon Coke & Engineering Co. Ltd. | 10000 | 6477 |
|  Nippon Concrete Industries Co. Ltd. | 1000 | 1684 |
|  Nippon Denko Co. Ltd. | 5000 | 13411 |
|  Nippon Densetsu Kogyo Co. Ltd. | 2000 | 23910 |
|  Nippon Electric Glass Co. Ltd. (x) | 3200 | 57153 |
|  Nippon Express Holdings, Inc. (x) | 2200 | 126394 |
|  Nippon Felt Co. Ltd. | 700 | 2149 |
|  Nippon Filcon Co. Ltd. | 900 | 3120 |
|  Nippon Fine Chemical Co. Ltd. | 1000 | 17411 |
|  Nippon Gas Co. Ltd. | 3300 | 52351 |
|  Nippon Hume Corp. | 1000 | 4915 |
|  Nippon Kanzai Co. Ltd. | 2500 | 47966 |
|  Nippon Kayaku Co. Ltd. | 5000 | 43432 |
|  Nippon Kinzoku Co. Ltd.\* | 300 | 2014 |
|  Nippon Koei Co. Ltd. | 800 | 20055 |
|  Nippon Koshuha Steel Co. Ltd.\* | 500 | 1185 |
|  Nippon Light Metal Holdings Co. Ltd. | 3980 | 45883 |
|  Nippon Paint Holdings Co. Ltd. (x) | 29000 | 229587 |
|  Nippon Paper Industries Co. Ltd. | 2800 | 20802 |
|  Nippon Parking Development Co. Ltd. | 13000 | 30707 |
|  Nippon Pillar Packing Co. Ltd. | 1000 | 20832 |
|  Nippon Piston Ring Co. Ltd. | 400 | 3718 |
|  Nippon Road Co. Ltd. (The) | 400 | 18043 |
|  Nippon Sanso Holdings Corp. | 6600 | 96355 |
|  Nippon Seisen Co. Ltd. | 200 | 6400 |
|  Nippon Sharyo Ltd. | 400 | 5940 |
|  Nippon Sheet Glass Co. Ltd.\* | 3800 | 16417 |
|  Nippon Shinyaku Co. Ltd. | 1700 | 96891 |
|  Nippon Shokubai Co. Ltd. | 1000 | 40232 |
|  Nippon Signal Co. Ltd. | 2800 | 22188 |
|  Nippon Soda Co. Ltd. | 1400 | 46084 |
|  Nippon Steel Corp. | 32615 | 569594 |
|  Nippon Steel Trading Corp. | 740 | 52100 |
|  Nippon Telegraph & Telephone Corp. | 88840 | 2546602 |
|  Nippon Television Holdings, Inc. | 3100 | 24613 |
|  Nippon Thompson Co. Ltd. | 4000 | 15727 |
|  Nippon Yakin Kogyo Co. Ltd. | 650 | 20653 |
|  Nippon Yusen KK (x) | 19100 | 452614 |
|  Nipro Corp. | 4800 | 37818 |
|  Nishimatsu Construction Co. Ltd. | 2200 | 65628 |
|  Nishimatsuya Chain Co. Ltd. | 700 | 8267 |

---

See Notes to Financial Statements.

906

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Nishi-Nippon Financial Holdings, Inc. | 4000 | $29351 |
|  Nishi-Nippon Railroad Co. Ltd. | 1100 | 20711 |
|  Nissan Chemical Corp. | 3800 | 167358 |
|  Nissan Motor Co. Ltd. | 94820 | 302074 |
|  Nissan Shatai Co. Ltd. | 900 | 5658 |
|  Nissan Tokyo Sales Holdings Co. Ltd. | 1000 | 2233 |
|  Nissei Plastic Industrial Co. Ltd. | 1000 | 7048 |
|  Nissha Co. Ltd. (x) | 2200 | 30677 |
|  Nisshin Group Holdings Co. Ltd. | 11000 | 36041 |
|  Nisshin Oillio Group Ltd. (The) | 1200 | 30037 |
|  Nisshin Seifun Group, Inc. | 5605 | 70596 |
|  Nisshinbo Holdings, Inc. | 4368 | 32417 |
|  Nissin Corp. | 800 | 12813 |
|  Nissin Electric Co. Ltd. | 2000 | 19186 |
|  Nissin Foods Holdings Co. Ltd. | 2600 | 206431 |
|  Nissui Corp. | 9200 | 38485 |
|  Nitori Holdings Co. Ltd. | 3000 | 389744 |
|  Nitta Corp. | 1100 | 23452 |
|  Nittetsu Mining Co. Ltd. | 600 | 14584 |
|  Nitto Boseki Co. Ltd. | 1000 | 14531 |
|  Nitto Denko Corp. | 4720 | 275130 |
|  Nitto Fuji Flour Milling Co. Ltd. | 200 | 6743 |
|  Nitto Kogyo Corp. | 1800 | 32313 |
|  Nitto Kohki Co. Ltd. | 700 | 7969 |
|  Nitto Seiko Co. Ltd. | 1000 | 3756 |
|  Nitto Seimo Co. Ltd. | 100 | 1071 |
|  Nittoc Construction Co. Ltd. | 750 | 5292 |
|  NOF Corp. | 2900 | 116672 |
|  Nohmi Bosai Ltd. | 1000 | 12085 |
|  NOK Corp. | 5000 | 44727 |
|  Nomura Co. Ltd. | 4000 | 29290 |
|  Nomura Holdings, Inc. | 122600 | 456434 |
|  Nomura Real Estate Holdings, Inc. | 4100 | 88411 |
|  Nomura Research Institute Ltd. | 14309 | 339626 |
|  Noritake Co. Ltd. | 600 | 18379 |
|  Noritsu Koki Co. Ltd. (x) | 1100 | 19957 |
|  Noritz Corp. | 2300 | 25306 |
|  North Pacific Bank Ltd. | 2400 | 4663 |
|  NS Solutions Corp. | 1000 | 24383 |
|  NS United Kaiun Kaisha Ltd. | 400 | 11810 |
|  NSD Co. Ltd. | 2260 | 39331 |
|  NSK Ltd. | 14500 | 77450 |
|  NSW, Inc. | 400 | 6190 |
|  NTN Corp. | 13000 | 26151 |
|  NTT Data Corp. | 20300 | 298839 |
|  Obara Group, Inc. (x) | 800 | 21945 |
|  Obayashi Corp. | 19300 | 146765 |
|  OBIC Business Consultants Co. Ltd. | 1200 | 39272 |
|  Obic Co. Ltd. | 2100 | 310584 |
|  Odakyu Electric Railway Co. Ltd. | 10499 | 136877 |
|  Oenon Holdings, Inc. | 3000 | 5875 |
|  Ogaki Kyoritsu Bank Ltd. (The) | 1600 | 22908 |
|  Ohara, Inc. | 400 | 3228 |
|  Ohashi Technica, Inc. | 600 | 6414 |
|  OIE Sangyo Co. Ltd. | 300 | 2094 |
|  Oiles Corp. | 1560 | 17378 |
|  Oisix ra daichi, Inc. (x)\* | 2200 | 37449 |
|  Oita Bank Ltd. (The) | 700 | 10891 |
|  Oizumi Corp. | 400 | 1533 |
|  Oji Holdings Corp. | 27800 | 112479 |
|  Okabe Co. Ltd. | 2700 | 14298 |
|  Okamoto Industries, Inc. | 800 | 22585 |
|  Okamura Corp. | 4000 | 43371 |
|  Okasan Securities Group, Inc. | 6000 | 17510 |
|  Okaya Electric Industries Co. Ltd.\* | 600 | 1111 |
|  Oki Electric Industry Co. Ltd. | 3600 | 19503 |
|  Okinawa Electric Power Co., Inc. (The) | 2273 | 17510 |
|  Okinawa Financial Group, Inc. | 1080 | 19182 |
|  OKUMA Corp. | 1000 | 35812 |
|  Okumura Corp. | 1300 | 29568 |
|  Okura Industrial Co. Ltd. | 600 | 8366 |
|  Okuwa Co. Ltd. | 1000 | 6759 |
|  Olympic Group Corp. | 800 | 3164 |
|  Olympus Corp. | 43600 | 781372 |
|  Omron Corp. | 6300 | 307463 |
|  Ono Pharmaceutical Co. Ltd. | 16000 | 375861 |
|  ONO Sokki Co. Ltd. | 500 | 1478 |
|  Onoken Co. Ltd. | 1000 | 11087 |
|  Onward Holdings Co. Ltd. | 1000 | 2362 |
|  Open House Group Co. Ltd. | 2800 | 102834 |
|  Open Up Group, Inc. (x) | 3000 | 38883 |
|  Optex Group Co. Ltd. (x) | 1600 | 21896 |
|  Optorun Co. Ltd. | 1000 | 17083 |
|  Oracle Corp. | 1300 | 84395 |
|  Organo Corp. | 1600 | 35611 |
|  Orient Corp. | 1650 | 14584 |
|  Oriental Land Co. Ltd. | 8200 | 1197135 |
|  Oriental Shiraishi Corp. | 450 | 974 |
|  Origin Co. Ltd. | 200 | 1855 |
|  ORIX Corp. | 48200 | 778053 |
|  Osaka Gas Co. Ltd. | 15200 | 246693 |
|  Osaka Soda Co. Ltd. | 1000 | 29183 |
|  Osaka Steel Co. Ltd. | 800 | 7089 |
|  OSAKA Titanium Technologies Co. Ltd. | 1100 | 32521 |
|  Osaki Electric Co. Ltd. | 1000 | 4000 |
|  OSG Corp. | 2200 | 30459 |
|  Otsuka Corp. | 4200 | 132970 |
|  Otsuka Holdings Co. Ltd. (x) | 15500 | 508439 |
|  Outsourcing, Inc. | 3000 | 21670 |
|  Oyo Corp. | 1200 | 20866 |
|  Pacific Industrial Co. Ltd. | 2000 | 15346 |
|  Pacific Metals Co. Ltd. | 899 | 12947 |
|  Pack Corp. (The) | 900 | 16534 |
|  PAL GROUP Holdings Co. Ltd. | 1400 | 26765 |
|  PALTAC Corp. | 1050 | 37083 |
|  Pan Pacific International Holdings Corp. | 16700 | 312139 |
|  Panasonic Holdings Corp. | 82885 | 701339 |
|  Paris Miki Holdings, Inc. | 1500 | 3040 |
|  Park24 Co. Ltd.\* | 4000 | 69339 |
|  Pasco Corp. | 200 | 2071 |
|  Pasona Group, Inc. (x) | 1000 | 14180 |
|  Pegasus Sewing Machine<br>Manufacturing Co. Ltd. | 1200 | 7086 |
|  Penta-Ocean Construction Co. Ltd. | 10300 | 48502 |
|  PeptiDream, Inc. (x)\* | 5700 | 90208 |
|  Persol Holdings Co. Ltd. | 7800 | 168077 |
|  Pharma Foods International Co. Ltd. (x) | 2800 | 28205 |
|  PIA Corp.\* | 300 | 7212 |
|  Pigeon Corp. | 4300 | 71033 |

---

See Notes to Financial Statements.

907

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Pilot Corp. (x) | 1100 | $40274 |
|  Piolax, Inc. | 1500 | 19453 |
|  Plenus Co. Ltd. | 1600 | 32112 |
|  Pola Orbis Holdings, Inc. (x) | 3000 | 42518 |
|  Poplar Co. Ltd.\* | 300 | 320 |
|  Press Kogyo Co. Ltd. | 5000 | 16077 |
|  Prima Meat Packers Ltd. | 1400 | 23458 |
|  Procrea Holdings, Inc. | 1176 | 19758 |
|  Pronexus, Inc. | 1300 | 9509 |
|  PS Mitsubishi Construction Co. Ltd. | 800 | 3731 |
|  Raito Kogyo Co. Ltd. | 800 | 11539 |
|  Raiznext Corp. | 2600 | 26071 |
|  Raksul, Inc. (x)\* | 1100 | 27827 |
|  Rakus Co. Ltd. | 4600 | 55520 |
|  Rakuten Group, Inc. (x)\* | 36000 | 163487 |
|  Rasa Corp. | 500 | 4362 |
|  Rasa Industries Ltd. | 400 | 5654 |
|  Recruit Holdings Co. Ltd. | 55500 | 1766409 |
|  Relia, Inc. | 1600 | 12240 |
|  Relo Group, Inc. | 3600 | 58263 |
|  Renaissance, Inc. | 500 | 3349 |
|  Renesas Electronics Corp.\* | 41600 | 375142 |
|  Rengo Co. Ltd. | 300 | 2076 |
|  RENOVA, Inc.\* | 2800 | 50329 |
|  Resol Holdings Co. Ltd. | 100 | 3501 |
|  Resona Holdings, Inc. | 84900 | 467843 |
|  Resonac Holdings Corp. (x) | 6100 | 93889 |
|  Resorttrust, Inc. | 3800 | 68014 |
|  Restar Holdings Corp. | 700 | 10977 |
|  Rheon Automatic Machinery Co. Ltd. | 1000 | 8176 |
|  Rhythm Co. Ltd. | 600 | 7740 |
|  Ricoh Co. Ltd. | 16400 | 125837 |
|  Ricoh Leasing Co. Ltd. | 800 | 23194 |
|  Right On Co. Ltd.\* | 900 | 4142 |
|  Riken Corp. | 400 | 6842 |
|  Riken Keiki Co. Ltd. | 1000 | 33526 |
|  Riken Technos Corp. | 2000 | 7330 |
|  Ringer Hut Co. Ltd. | 900 | 15087 |
|  Rinnai Corp. | 1700 | 127332 |
|  Riso Kagaku Corp. | 1800 | 28651 |
|  Riso Kyoiku Co. Ltd. | 3900 | 10876 |
|  Rock Field Co. Ltd. | 1200 | 13788 |
|  Rohm Co. Ltd. | 3500 | 254153 |
|  Rohto Pharmaceutical Co. Ltd. | 6600 | 116672 |
|  Roland DG Corp. | 500 | 10633 |
|  Rorze Corp. | 400 | 21670 |
|  Round One Corp. | 9900 | 36208 |
|  Royal Holdings Co. Ltd. (x)\* | 1800 | 31820 |
|  RS Technologies Co. Ltd. | 1400 | 37816 |
|  Ryobi Ltd. | 1400 | 12236 |
|  Ryoden Corp. | 500 | 6454 |
|  Ryohin Keikaku Co. Ltd. | 9100 | 108584 |
|  Ryosan Co. Ltd. | 700 | 15158 |
|  Ryoyo Electro Corp. | 1600 | 28552 |
|  S Foods, Inc. | 500 | 11311 |
|  Sagami Holdings Corp. | 1000 | 9212 |
|  Saibu Gas Holdings Co. Ltd. | 1300 | 16929 |
|  Saizeriya Co. Ltd. | 1600 | 36452 |
|  Sakai Chemical Industry Co. Ltd. | 800 | 10863 |
|  Sakai Heavy Industries Ltd. | 200 | 5258 |
|  Sakai Moving Service Co. Ltd. | 400 | 13182 |
|  Sakata INX Corp. | 2000 | 16001 |
|  Sakata Seed Corp. | 1100 | 36669 |
|  Sala Corp. | 1000 | 5570 |
|  SAMTY Co. Ltd. | 3200 | 52130 |
|  San Holdings, Inc. | 400 | 5230 |
|  San ju San Financial Group, Inc. | 990 | 11994 |
|  San-A Co. Ltd. | 800 | 26242 |
|  San-Ai Obbli Co. Ltd. | 2000 | 19049 |
|  Sanden Corp.\* | 1400 | 2080 |
|  Sangetsu Corp. | 1800 | 29461 |
|  San-In Godo Bank Ltd. (The) | 7000 | 41443 |
|  Sanix, Inc.\* | 1800 | 2880 |
|  Sanken Electric Co. Ltd. | 300 | 14950 |
|  Sanki Engineering Co. Ltd. | 3000 | 35408 |
|  Sanko Metal Industrial Co. Ltd. | 100 | 2335 |
|  Sankyo Co. Ltd. | 700 | 28696 |
|  Sankyo Seiko Co. Ltd. | 2000 | 7254 |
|  Sankyo Tateyama, Inc. | 1700 | 6839 |
|  Sankyu, Inc. | 1700 | 62565 |
|  Sanoh Industrial Co. Ltd. | 1400 | 6528 |
|  Sanrio Co. Ltd. | 2000 | 72844 |
|  Sanritsu Corp. | 300 | 1634 |
|  Sansan, Inc.\* | 3600 | 35002 |
|  Sanshin Electronics Co. Ltd. | 1500 | 27408 |
|  Santen Pharmaceutical Co. Ltd. | 13400 | 109659 |
|  Sanwa Holdings Corp. | 8800 | 81871 |
|  Sanyo Chemical Industries Ltd. | 600 | 18493 |
|  Sanyo Industries Ltd. | 100 | 1317 |
|  Sanyo Shokai Ltd.\* | 600 | 6382 |
|  Sanyo Special Steel Co. Ltd. | 1200 | 19759 |
|  Sapporo Holdings Ltd. (x) | 2500 | 62481 |
|  Sata Construction Co. Ltd. | 800 | 2585 |
|  Sato Holdings Corp. | 1200 | 17354 |
|  Sato Shoji Corp. | 1000 | 9265 |
|  Satori Electric Co. Ltd. | 900 | 8771 |
|  Sawai Group Holdings Co. Ltd. | 1800 | 56576 |
|  Saxa Holdings, Inc. | 300 | 2702 |
|  SB Technology Corp. | 400 | 5712 |
|  SBI Holdings, Inc. | 10660 | 204444 |
|  SCREEN Holdings Co. Ltd. | 1300 | 83801 |
|  Scroll Corp. | 1700 | 9236 |
|  SCSK Corp. | 4596 | 70075 |
|  Secom Co. Ltd. | 7100 | 408071 |
|  Sega Sammy Holdings, Inc. | 6700 | 101950 |
|  Seibu Holdings, Inc. | 8500 | 93394 |
|  Seika Corp. | 800 | 9515 |
|  Seikagaku Corp. | 2400 | 16440 |
|  Seikitokyu Kogyo Co. Ltd. | 600 | 3612 |
|  Seiko Epson Corp. | 8400 | 123273 |
|  Seiko Group Corp. | 1200 | 28391 |
|  Seino Holdings Co. Ltd. | 1300 | 11609 |
|  Seiren Co. Ltd. (x) | 3200 | 59275 |
|  Sekisui Chemical Co. Ltd. | 15400 | 216496 |
|  Sekisui House Ltd. | 23400 | 416061 |
|  Sekisui Jushi Corp. | 1000 | 14249 |
|  Sekisui Kasei Co. Ltd. | 1000 | 2956 |
|  Senko Group Holdings Co. Ltd. (x) | 4000 | 29412 |
|  Senshu Ikeda Holdings, Inc. | 6880 | 13263 |
|  Senshukai Co. Ltd. (x)\* | 2200 | 6471 |
|  Seven & i Holdings Co. Ltd. | 27436 | 1183235 |
|  Seven Bank Ltd. | 30400 | 60689 |

---

See Notes to Financial Statements.

908

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SG Holdings Co. Ltd. | 13400 | $186849 |
|  Sharp Corp. (x) | 8100 | 58324 |
|  Shibaura Machine Co. Ltd. | 1400 | 27949 |
|  Shibaura Mechatronics Corp. | 200 | 15224 |
|  Shibusawa Warehouse Co. Ltd. (The) | 600 | 9505 |
|  Shibuya Corp. | 700 | 12262 |
|  SHIFT, Inc.\* | 500 | 88921 |
|  Shiga Bank Ltd. (The) | 200 | 4031 |
|  Shikibo Ltd. | 700 | 5168 |
|  Shikoku Bank Ltd. (The) | 1600 | 11948 |
|  Shikoku Electric Power Co., Inc. | 2700 | 15738 |
|  Shikoku Kasei Holdings Corp. | 1000 | 9928 |
|  Shima Seiki Manufacturing Ltd. | 900 | 12721 |
|  Shimadzu Corp. | 10400 | 296769 |
|  Shimamura Co. Ltd. | 800 | 79854 |
|  Shimano, Inc. | 2800 | 446327 |
|  Shimizu Bank Ltd. (The) | 400 | 4724 |
|  Shimizu Corp. | 19700 | 105675 |
|  Shimojima Co. Ltd. | 800 | 5687 |
|  Shin Nippon Air Technologies Co. Ltd. | 900 | 12858 |
|  Shin Nippon Biomedical Laboratories Ltd. | 700 | 12054 |
|  Shinagawa Refractories Co. Ltd. | 300 | 8869 |
|  Shindengen Electric Manufacturing Co. Ltd. | 400 | 9128 |
|  Shin-Etsu Chemical Co. Ltd. | 12400 | 1532993 |
|  Shin-Etsu Polymer Co. Ltd. | 2500 | 21564 |
|  Shingakukai Holdings Co. Ltd. | 600 | 1376 |
|  Shinko Electric Industries Co. Ltd. | 3100 | 80075 |
|  Shinko Shoji Co. Ltd. | 2200 | 19881 |
|  Shinmaywa Industries Ltd. | 1800 | 14456 |
|  Shinnihon Corp. | 1600 | 9083 |
|  Shinsei Bank Ltd. | 4900 | 80198 |
|  Shinsho Corp. | 300 | 11749 |
|  Shinwa Co. Ltd. | 600 | 9185 |
|  Shinyei Kaisha\* | 100 | 597 |
|  Shionogi & Co. Ltd. | 9100 | 456664 |
|  Ship Healthcare Holdings, Inc. | 3000 | 61445 |
|  Shiseido Co. Ltd. (x) | 14400 | 710015 |
|  Shizuoka Financial Group, Inc. | 13900 | 111738 |
|  Shizuoka Gas Co. Ltd. | 3000 | 25213 |
|  SHO-BOND Holdings Co. Ltd. | 1800 | 77080 |
|  Shobunsha Holdings, Inc.\* | 700 | 1499 |
|  Shochiku Co. Ltd. (x)\* | 400 | 35599 |
|  Shoei Co. Ltd. | 800 | 31271 |
|  Showa Sangyo Co. Ltd. | 1000 | 19163 |
|  Shuei Yobiko Co. Ltd. | 200 | 663 |
|  Siix Corp. | 1400 | 13622 |
|  Simplex Holdings, Inc. | 1900 | 30315 |
|  Sinanen Holdings Co. Ltd. | 400 | 11841 |
|  Sinfonia Technology Co. Ltd. | 1400 | 15724 |
|  Sintokogio Ltd. | 2600 | 12976 |
|  SK Japan Co. Ltd. | 200 | 954 |
|  SKY Perfect JSAT Holdings, Inc. | 9000 | 33260 |
|  Skylark Holdings Co. Ltd. (x)\* | 12200 | 141949 |
|  SMC Corp. | 2300 | 974048 |
|  SMK Corp. | 300 | 5283 |
|  SMS Co. Ltd. | 2800 | 71579 |
|  Snow Peak, Inc. (x) | 1700 | 30453 |
|  SNT Corp. | 2400 | 4023 |
|  Socionext, Inc.\* | 700 | 30936 |
|  Soda Nikka Co. Ltd. | 1000 | 5448 |
|  SoftBank Corp. | 118500 | 1343554 |
|  SoftBank Group Corp. | 46612 | 2004557 |
|  Sohgo Security Services Co. Ltd. | 2900 | 79438 |
|  Sojitz Corp. | 7200 | 137866 |
|  Sompo Holdings, Inc. | 13050 | 582696 |
|  Sony Group Corp. | 51400 | 3930197 |
|  Soshin Electric Co. Ltd. | 600 | 1682 |
|  Sotetsu Holdings, Inc. | 3000 | 50838 |
|  SPK Corp. | 400 | 4191 |
|  S-Pool, Inc. | 3800 | 25017 |
|  Square Enix Holdings Co. Ltd. | 3500 | 163479 |
|  SRA Holdings | 600 | 13852 |
|  ST Corp. | 600 | 6922 |
|  St Marc Holdings Co. Ltd. | 800 | 10302 |
|  Stanley Electric Co. Ltd. | 5400 | 104058 |
|  Star Micronics Co. Ltd. | 2300 | 28373 |
|  Starzen Co. Ltd. | 800 | 12649 |
|  Stella Chemifa Corp. | 500 | 9425 |
|  Strike Co. Ltd. | 700 | 23948 |
|  Studio Alice Co. Ltd. | 500 | 7841 |
|  Subaru Corp. | 21500 | 332149 |
|  Sugi Holdings Co. Ltd. | 1700 | 76036 |
|  Sugimoto & Co. Ltd. | 600 | 8988 |
|  SUMCO Corp. (x) | 12700 | 170024 |
|  Sumida Corp. | 700 | 7329 |
|  Suminoe Textile Co. Ltd. | 300 | 4204 |
|  Sumiseki Holdings, Inc. (x) | 3800 | 11379 |
|  Sumitomo Bakelite Co. Ltd. | 1200 | 35797 |
|  Sumitomo Chemical Co. Ltd. | 44000 | 158915 |
|  Sumitomo Corp. | 45780 | 766023 |
|  Sumitomo Densetsu Co. Ltd. | 900 | 16630 |
|  Sumitomo Electric Industries Ltd. | 27300 | 312960 |
|  Sumitomo Forestry Co. Ltd. (x) | 4800 | 85328 |
|  Sumitomo Heavy Industries Ltd. | 4000 | 80585 |
|  Sumitomo Metal Mining Co. Ltd. | 8700 | 309644 |
|  Sumitomo Mitsui Construction Co. Ltd. | 7200 | 22877 |
|  Sumitomo Mitsui Financial Group, Inc. | 51550 | 2080226 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 13141 | 459394 |
|  Sumitomo Osaka Cement Co. Ltd. | 200 | 4960 |
|  Sumitomo Pharma Co. Ltd. | 4700 | 35776 |
|  Sumitomo Precision Products Co. Ltd. | 200 | 5539 |
|  Sumitomo Realty & Development Co. Ltd. | 15900 | 378116 |
|  Sumitomo Riko Co. Ltd. | 2000 | 9235 |
|  Sumitomo Rubber Industries Ltd. (x) | 7284 | 63938 |
|  Sumitomo Seika Chemicals Co. Ltd. | 400 | 12420 |
|  Sumitomo Warehouse Co. Ltd. (The) | 4500 | 67102 |
|  Sun Frontier Fudousan Co. Ltd. | 1000 | 8389 |
|  Sundrug Co. Ltd. | 2300 | 68611 |
|  Suntory Beverage & Food Ltd. (x) | 4700 | 161155 |
|  Sun-Wa Technos Corp. | 600 | 7301 |
|  Suruga Bank Ltd. | 5500 | 17727 |
|  Suzuden Corp. | 300 | 5203 |
|  Suzuken Co. Ltd. | 3190 | 86775 |
|  Suzuki Motor Corp. | 16800 | 546730 |
|  SWCC Showa Holdings Co. Ltd. | 1500 | 20470 |
|  Sysmex Corp. | 6000 | 365651 |
|  Systena Corp. | 16000 | 50107 |

---

See Notes to Financial Statements.

909

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  T Hasegawa Co. Ltd. | 1600 | $35550 |
|  T RAD Co. Ltd. | 400 | 7888 |
|  T&D Holdings, Inc. | 19200 | 278257 |
|  Tac Co. Ltd. | 700 | 1083 |
|  Tachibana Eletech Co. Ltd. | 840 | 11297 |
|  Tachi-S Co. Ltd. | 1600 | 13435 |
|  Tadano Ltd. (x) | 5000 | 34936 |
|  Taihei Dengyo Kaisha Ltd. | 500 | 12439 |
|  Taiheiyo Cement Corp. | 4478 | 70186 |
|  Taiheiyo Kouhatsu, Inc. | 400 | 2405 |
|  Taiho Kogyo Co. Ltd. | 800 | 3737 |
|  Taikisha Ltd. | 1000 | 25411 |
|  Taiko Pharmaceutical Co. Ltd.\* | 1200 | 3603 |
|  Taisei Corp. | 6800 | 220207 |
|  Taisei Lamick Co. Ltd. | 300 | 6780 |
|  Taisho Pharmaceutical Holdings Co. Ltd. | 1400 | 61871 |
|  Taiyo Holdings Co. Ltd. | 1800 | 30681 |
|  Taiyo Yuden Co. Ltd. | 3800 | 110896 |
|  Takachiho Koheki Co. Ltd. (x) | 500 | 8359 |
|  Takadakiko Co. Ltd. | 100 | 1844 |
|  Takamatsu Construction Group Co. Ltd. | 1000 | 14592 |
|  Takano Co. Ltd. | 400 | 2051 |
|  Takaoka Toko Co. Ltd. | 400 | 5453 |
|  Taka-Q Co. Ltd.\* | 500 | 278 |
|  Takara & Co. Ltd. | 700 | 10913 |
|  Takara Bio, Inc. | 3100 | 40699 |
|  Takara Holdings, Inc. | 6000 | 47775 |
|  Takara Standard Co. Ltd. | 2500 | 26345 |
|  Takasago International Corp. | 800 | 15514 |
|  Takasago Thermal Engineering Co. Ltd. | 1900 | 25813 |
|  Takashima & Co. Ltd. | 200 | 4483 |
|  Takashimaya Co. Ltd. | 5300 | 74428 |
|  Take And Give Needs Co. Ltd.\* | 600 | 6556 |
|  Takeda Pharmaceutical Co. Ltd. | 64200 | 2011019 |
|  Takihyo Co. Ltd. | 200 | 1291 |
|  Takuma Co. Ltd. | 4000 | 37641 |
|  Tamron Co. Ltd. | 1200 | 27211 |
|  Tamura Corp. (x) | 3000 | 16298 |
|  Tanaka Co. Ltd. | 300 | 1264 |
|  Tanseisha Co. Ltd. | 1950 | 10624 |
|  Tatsuta Electric Wire and Cable Co. Ltd. | 2000 | 10820 |
|  Taya Co. Ltd.\* | 200 | 812 |
|  Tayca Corp. | 1000 | 8938 |
|  TBK Co. Ltd. | 1000 | 1798 |
|  TBS Holdings, Inc. | 3700 | 43191 |
|  TDC Soft, Inc. | 800 | 8936 |
|  TDK Corp. | 11100 | 366645 |
|  Teac Corp.\* | 600 | 535 |
|  TechMatrix Corp. | 2400 | 33630 |
|  TechnoPro Holdings, Inc. | 4500 | 120866 |
|  Teijin Ltd. | 5200 | 51033 |
|  Teikoku Electric Manufacturing Co. Ltd. | 800 | 14002 |
|  Teikoku Sen-I Co. Ltd. (x) | 1000 | 11506 |
|  Teikoku Tsushin Kogyo Co. Ltd. | 400 | 4255 |
|  Tekken Corp. | 800 | 10771 |
|  Ten Allied Co. Ltd.\* | 800 | 1524 |
|  Tenma Corp. | 1100 | 17241 |
|  TerraSky Co. Ltd.\* | 1100 | 20510 |
|  Terumo Corp. | 23000 | 656492 |
|  T-Gaia Corp. | 600 | 7452 |
|  THK Co. Ltd. (x) | 4000 | 76653 |
|  Tigers Polymer Corp. | 600 | 1838 |
|  TIS, Inc. | 8100 | 214782 |
|  Titan Kogyo Ltd. | 100 | 1122 |
|  TKC Corp. | 1800 | 49444 |
|  Toa Corp./Hyogo | 1000 | 5867 |
|  Toa Corp./Tokyo | 1100 | 19890 |
|  TOA ROAD Corp. | 200 | 8839 |
|  Toabo Corp. | 400 | 1073 |
|  Toagosei Co. Ltd. (x) | 3900 | 33045 |
|  Tobishima Corp. | 800 | 6144 |
|  Tobu Railway Co. Ltd. | 6800 | 159585 |
|  TOC Co. Ltd. | 4700 | 24281 |
|  Tocalo Co. Ltd. | 2400 | 21085 |
|  Tochigi Bank Ltd. (The) | 6000 | 14264 |
|  Toda Corp. | 8800 | 47607 |
|  Toda Kogyo Corp.\* | 100 | 1913 |
|  Toei Co. Ltd. (x) | 200 | 26897 |
|  Toenec Corp. | 200 | 5334 |
|  Toho Bank Ltd. (The) | 10000 | 17068 |
|  Toho Co. Ltd. | 4100 | 158702 |
|  Toho Co. Ltd./Kobe | 400 | 5230 |
|  Toho Gas Co. Ltd. | 3700 | 70961 |
|  Toho Holdings Co. Ltd. | 1900 | 31821 |
|  Toho Titanium Co. Ltd. | 2100 | 44643 |
|  Toho Zinc Co. Ltd. | 700 | 10907 |
|  Tohoku Bank Ltd. (The) | 600 | 4654 |
|  Tohoku Electric Power Co., Inc. | 18600 | 97932 |
|  Tohto Suisan Co. Ltd. | 200 | 7985 |
|  Tokai Carbon Co. Ltd. (x) | 6400 | 52325 |
|  TOKAI Holdings Corp. | 6900 | 45162 |
|  Tokai Rika Co. Ltd. | 2900 | 31223 |
|  Tokai Senko KK | 100 | 854 |
|  Tokai Tokyo Financial Holdings, Inc. | 9600 | 25821 |
|  Token Corp. | 520 | 29400 |
|  Tokio Marine Holdings, Inc. | 70800 | 1525350 |
|  Tokushu Tokai Paper Co. Ltd. | 800 | 17172 |
|  Tokuyama Corp. | 2200 | 30107 |
|  Tokyo Century Corp. | 1400 | 47790 |
|  Tokyo Electric Power Co. Holdings, Inc.\* | 62800 | 227772 |
|  Tokyo Electron Ltd. | 5100 | 1510881 |
|  Tokyo Energy & Systems, Inc. | 1000 | 7109 |
|  Tokyo Gas Co. Ltd. | 15200 | 299390 |
|  Tokyo Individualized Educational Institute, Inc. | 900 | 3621 |
|  Tokyo Keiki, Inc. | 800 | 8174 |
|  Tokyo Kikai Seisakusho Ltd. (x)\* | 300 | 1241 |
|  Tokyo Kiraboshi Financial Group, Inc. | 1451 | 28856 |
|  Tokyo Ohka Kogyo Co. Ltd. (x) | 1300 | 59334 |
|  Tokyo Rakutenchi Co. Ltd. | 200 | 6202 |
|  Tokyo Rope Manufacturing Co. Ltd. | 800 | 5194 |
|  Tokyo Sangyo Co. Ltd. | 1000 | 5730 |
|  Tokyo Seimitsu Co. Ltd. | 800 | 26029 |
|  Tokyo Steel Manufacturing Co. Ltd. | 3800 | 34601 |
|  Tokyo Tatemono Co. Ltd. (x) | 7591 | 92487 |
|  Tokyo Tekko Co. Ltd. | 400 | 4340 |

---

See Notes to Financial Statements.

910

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Tokyo Theatres Co., Inc. | 3700 | $31660 |
|  Tokyotokeiba Co. Ltd. | 800 | 23072 |
|  Tokyu Construction Co. Ltd. | 4940 | 23940 |
|  Tokyu Corp. | 18000 | 228086 |
|  Tokyu Fudosan Holdings Corp. | 20000 | 95703 |
|  Toli Corp. | 3000 | 5212 |
|  Tomato Bank Ltd. | 400 | 3170 |
|  Tomen Devices Corp. | 100 | 4214 |
|  Tomoe Corp. | 1800 | 5555 |
|  Tomoe Engineering Co. Ltd. | 400 | 7175 |
|  Tomoegawa Co. Ltd. | 400 | 2027 |
|  Tomoku Co. Ltd. | 800 | 10296 |
|  TOMONY Holdings, Inc. | 9400 | 26501 |
|  Tomy Co. Ltd. | 3700 | 35635 |
|  Tonami Holdings Co. Ltd. | 200 | 5593 |
|  Top Culture Co. Ltd.\* | 400 | 579 |
|  Topcon Corp. | 2800 | 32664 |
|  Toppan, Inc. | 9200 | 136977 |
|  Topre Corp. | 2500 | 21602 |
|  Topy Industries Ltd. | 1000 | 12359 |
|  Toray Industries, Inc. | 49800 | 279508 |
|  Toridoll Holdings Corp. | 2200 | 45277 |
|  Torigoe Co. Ltd. (The) (x) | 1200 | 5431 |
|  Torii Pharmaceutical Co. Ltd. | 800 | 17763 |
|  Torishima Pump Manufacturing Co. Ltd. | 1500 | 16378 |
|  Tose Co. Ltd. | 300 | 1687 |
|  Toshiba Corp. | 13700 | 480502 |
|  Toshiba TEC Corp. | 600 | 16481 |
|  Tosoh Corp. | 10700 | 128002 |
|  Totetsu Kogyo Co. Ltd. | 1000 | 20032 |
|  TOTO Ltd. | 5400 | 185157 |
|  Totoku Electric Co. Ltd. | 100 | 4297 |
|  Tottori Bank Ltd. (The) | 300 | 2620 |
|  Toukei Computer Co. Ltd. | 200 | 7863 |
|  Tow Co. Ltd. | 1200 | 2652 |
|  Towa Bank Ltd. (The) | 1300 | 5567 |
|  Towa Corp. | 1200 | 15453 |
|  Towa Pharmaceutical Co. Ltd. | 1800 | 29227 |
|  Toyo Construction Co. Ltd. | 3600 | 23563 |
|  Toyo Corp. | 1600 | 16763 |
|  Toyo Denki Seizo KK | 400 | 2572 |
|  Toyo Engineering Corp.\* | 1600 | 6852 |
|  Toyo Ink SC Holdings Co. Ltd. | 200 | 2743 |
|  Toyo Kanetsu KK | 600 | 11667 |
|  Toyo Logistics Co. Ltd. | 1000 | 1920 |
|  Toyo Machinery & Metal Co. Ltd. | 1000 | 4183 |
|  Toyo Securities Co. Ltd. | 4000 | 8900 |
|  Toyo Seikan Group Holdings Ltd. | 4800 | 59323 |
|  Toyo Shutter Co. Ltd. | 200 | 799 |
|  Toyo Sugar Refining Co. Ltd. | 200 | 1333 |
|  Toyo Suisan Kaisha Ltd. | 3500 | 136010 |
|  Toyo Tanso Co. Ltd. | 700 | 20055 |
|  Toyo Tire Corp. (x) | 5000 | 57033 |
|  Toyo Wharf & Warehouse Co. Ltd. | 300 | 2880 |
|  Toyobo Co. Ltd. | 1700 | 12940 |
|  Toyoda Gosei Co. Ltd. | 2400 | 37543 |
|  Toyota Boshoku Corp. | 1800 | 24221 |
|  Toyota Industries Corp. | 5700 | 314447 |
|  Toyota Motor Corp. | 394040 | 5441919 |
|  Toyota Tsusho Corp. | 7800 | 290331 |
|  TPR Co. Ltd. | 1500 | 13944 |
|  Transcosmos, Inc. | 1600 | 39683 |
|  TRE Holdings Corp. | 2900 | 31400 |
|  Trend Micro, Inc. (x)\* | 4100 | 191817 |
|  Trusco Nakayama Corp. | 1400 | 21708 |
|  TS Tech Co. Ltd. | 4600 | 53101 |
|  TSI Holdings Co. Ltd. | 4825 | 16324 |
|  Tsubakimoto Chain Co. | 1200 | 27266 |
|  Tsubakimoto Kogyo Co. Ltd. | 200 | 5875 |
|  Tsudakoma Corp.\* | 300 | 1365 |
|  Tsugami Corp. | 3000 | 26585 |
|  Tsukamoto Corp. Co. Ltd. | 200 | 2095 |
|  Tsukishima Kikai Co. Ltd. | 2000 | 14630 |
|  Tsukuba Bank Ltd. | 5400 | 9752 |
|  Tsumura & Co. | 2700 | 59621 |
|  Tsuruha Holdings, Inc. | 2000 | 155440 |
|  Tsutsumi Jewelry Co. Ltd. | 500 | 7231 |
|  TV Asahi Holdings Corp. | 400 | 4084 |
|  Tv Tokyo Holdings Corp. | 500 | 6995 |
|  TYK Corp. | 1000 | 2012 |
|  UACJ Corp. | 1226 | 20720 |
|  UBE Corp. | 900 | 13290 |
|  Uchida Yoko Co. Ltd. | 400 | 14264 |
|  Ueki Corp. | 200 | 1978 |
|  Ulvac, Inc. | 1200 | 50838 |
|  Unicafe, Inc. (x)\* | 300 | 2101 |
|  Unicharm Corp. | 15000 | 579244 |
|  Unipres Corp. | 1600 | 9241 |
|  United Arrows Ltd. | 1100 | 15523 |
|  United Super Markets Holdings, Inc. | 3520 | 30174 |
|  Unitika Ltd.\* | 2900 | 5436 |
|  Ushio, Inc. | 3900 | 48349 |
|  USS Co. Ltd. | 7300 | 116531 |
|  UT Group Co. Ltd. (x) | 1600 | 27553 |
|  Valor Holdings Co. Ltd. | 2400 | 33319 |
|  Valqua Ltd. | 1000 | 20078 |
|  Vision, Inc. (x)\* | 2900 | 31002 |
|  Vital KSK Holdings, Inc. | 2300 | 14896 |
|  Wacoal Holdings Corp. | 500 | 9037 |
|  Wacom Co. Ltd. | 8000 | 35599 |
|  Wakachiku Construction Co. Ltd. | 700 | 15132 |
|  Wakamoto Pharmaceutical Co. Ltd.\* | 1000 | 1692 |
|  Warabeya Nichiyo Holdings Co. Ltd. | 700 | 9835 |
|  WATAMI Co. Ltd.\* | 1400 | 10475 |
|  Weathernews, Inc. | 300 | 16344 |
|  Welcia Holdings Co. Ltd. | 4500 | 105437 |
|  West Japan Railway Co. | 8500 | 371049 |
|  Wood One Co. Ltd. | 400 | 2767 |
|  W-Scope Corp. (x)\* | 3400 | 34378 |
|  Xebio Holdings Co. Ltd. | 1400 | 9771 |
|  YAC Holdings Co. Ltd. | 500 | 6103 |
|  Yahagi Construction Co. Ltd. | 1700 | 9767 |
|  Yaizu Suisankagaku Industry Co. Ltd. | 600 | 3881 |
|  Yakult Honsha Co. Ltd. | 5000 | 326120 |
|  YAMABIKO Corp. | 2000 | 16748 |
|  Yamada Holdings Co. Ltd. | 22372 | 79608 |
|  Yamagata Bank Ltd. (The) | 1400 | 13185 |
|  Yamaguchi Financial Group, Inc. | 4000 | 26242 |
|  Yamaha Corp. | 4200 | 157452 |
|  Yamaha Motor Co. Ltd. (x) | 10700 | 245405 |
|  Yamaichi Electronics Co. Ltd. | 1200 | 15599 |

---

See Notes to Financial Statements.

911

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  YA-MAN Ltd. | 3200 | $| 35087 |
|  Yamanashi Chuo Bank Ltd. (The) | 1400 |  | 11841 |
|  Yamashita Health Care Holdings, Inc. | 100 |  | 1196 |
|  Yamatane Corp. | 600 |  | 7575 |
|  Yamato Corp. | 1000 |  | 5341 |
|  Yamato Holdings Co. Ltd. | 9900 |  | 157431 |
|  Yamato International, Inc. | 700 |  | 1291 |
|  Yamato Kogyo Co. Ltd. | 1200 |  | 41192 |
|  Yamaura Corp. | 500 |  | 3814 |
|  Yamaya Corp. | 110 |  | 2095 |
|  Yamazaki Baking Co. Ltd. (x) | 2900 |  | 34781 |
|  Yamazawa Co. Ltd. | 300 |  | 2937 |
|  Yamazen Corp. | 4700 |  | 35920 |
|  Yaoko Co. Ltd. | 1100 |  | 56827 |
|  Yaskawa Electric Corp. | 7600 |  | 244666 |
|  Yasuda Logistics Corp. | 1000 |  | 7048 |
|  Yellow Hat Ltd. | 2200 |  | 30073 |
|  Yodogawa Steel Works Ltd. | 1800 |  | 34837 |
|  Yokogawa Bridge Holdings Corp. | 2000 |  | 28604 |
|  Yokogawa Electric Corp. | 6400 |  | 102652 |
|  Yokohama Rubber Co. Ltd. (The) (x) | 2800 |  | 43907 |
|  Yokorei Co. Ltd. | 2600 |  | 21218 |
|  Yokowo Co. Ltd. | 1000 |  | 16466 |
|  Yomeishu Seizo Co. Ltd. | 500 |  | 6881 |
|  Yondenko Corp. | 400 |  | 5285 |
|  Yondoshi Holdings, Inc. | 900 |  | 11980 |
|  Yorozu Corp. | 700 |  | 3702 |
|  Yoshinoya Holdings Co. Ltd. | 3000 |  | 52347 |
|  Yuasa Trading Co. Ltd. | 1200 |  | 33100 |
|  Yuken Kogyo Co. Ltd. | 200 |  | 2740 |
|  Yurtec Corp. | 2000 |  | 11201 |
|  Yushin Precision Equipment Co. Ltd. | 1200 |  | 6090 |
|  Yushiro Chemical Industry Co. Ltd. | 600 |  | 3584 |
|  YU-WA Creation Holdings Co. Ltd. | 700 |  | 1072 |
|  Z Holdings Corp. | 105400 |  | 266632 |
|  Zappallas, Inc. | 1000 |  | 2827 |
|  Zenkoku Hosho Co. Ltd. | 2400 |  | 92350 |
|  Zenrin Co. Ltd. | 2550 |  | 16069 |
|  Zensho Holdings Co. Ltd. | 3200 |  | 80707 |
|  Zeon Corp. | 7000 |  | 71259 |
|  Zeria Pharmaceutical Co. Ltd. | 1100 |  | 18968 |
|  Zojirushi Corp. (x) | 1800 |  | 22507 |
|  ZOZO, Inc. | 4800 |  | 119232 |
|  Zuken, Inc. | 800 |  | 18561 |
|  |  |  | 156421414 |
|  **Mexico (0.1%)** | **Mexico (0.1%)** | **Mexico (0.1%)** | **Mexico (0.1%)** |
|  Fresnillo plc | 9528 |  | 103877 |
|  Grupo Televisa SAB (ADR) | 171800 |  | 783408 |
|  |  |  | 887285 |
|  **Netherlands (5.0%)** | **Netherlands (5.0%)** | **Netherlands (5.0%)** | **Netherlands (5.0%)** |
|  Adyen NV (m)\* | 2250 |  | 3103127 |
|  Akzo Nobel NV | 27900 |  | 1868389 |
|  ASML Holding NV | 31483 |  | 16978553 |
|  EXOR NV\* | 82900 |  | 6060963 |
|  ING Groep NV | 291769 |  | 3556747 |
|  Koninklijke Ahold Delhaize NV | 80433 |  | 2310911 |
|  Koninklijke Philips NV | 135630 |  | 2033173 |
|  Shell plc | 463975 |  | 13047059 |
|  |  |  | 48958922 |
|  **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** | **New Zealand (0.1%)** |
|  a2 Milk Co. Ltd. (The) (x)\* | 31169 |  | 146003 |
|  Chorus Ltd. | 8126 |  | 42158 |
|  Fisher & Paykel Healthcare Corp. Ltd. (x) | 7356 |  | 106577 |
|  Fletcher Building Ltd. | 17976 |  | 54464 |
|  Xero Ltd.\* | 6287 |  | 300791 |
|  |  |  | 649993 |
|  **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** | **Nigeria (0.0%)†** |
|  Airtel Africa plc (m) | 51559 |  | 69687 |
|  **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
|  Anglo American plc | 77306 |  | 3024803 |
|  **South Korea (1.0%)** | **South Korea (1.0%)** | **South Korea (1.0%)** | **South Korea (1.0%)** |
|  NAVER Corp. | 38405 |  | 5469435 |
|  Samsung Electronics Co. Ltd. (Preference) (q) | 101600 |  | 4095291 |
|  |  |  | 9564726 |
|  **Spain (1.9%)** | **Spain (1.9%)** | **Spain (1.9%)** | **Spain (1.9%)** |
|  Amadeus IT Group SA\* | 76593 |  | 3980565 |
|  Banco Bilbao Vizcaya Argentaria SA | 470504 |  | 2837570 |
|  Banco Santander SA | 1298633 |  | 3895816 |
|  Iberdrola SA | 472315 |  | 5526094 |
|  Industria de Diseno Textil SA | 88429 |  | 2352272 |
|  |  |  | 18592317 |
|  **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** |
|  Sandvik AB | 60200 |  | 1086904 |
|  SKF AB, Class B | 282500 |  | 4308627 |
|  Volvo AB, Class B | 212100 |  | 3831067 |
|  |  |  | 9226598 |
|  **Switzerland (1.1%)** | **Switzerland (1.1%)** | **Switzerland (1.1%)** | **Switzerland (1.1%)** |
|  Cie Financiere Richemont SA (Registered) | 12600 |  | 1633851 |
|  Credit Suisse Group AG (Registered) | 541980 |  | 1620108 |
|  Novartis AG (Registered) | 34000 |  | 3073660 |
|  Schindler Holding AG | 9800 |  | 1843097 |
|  Swatch Group AG (The) | 8516 |  | 2422223 |
|  |  |  | 10592939 |
|  **United Kingdom (16.2%)** | **United Kingdom (16.2%)** | **United Kingdom (16.2%)** | **United Kingdom (16.2%)** |
|  3i Group plc | 63724 |  | 1033480 |
|  abrdn plc | 31344 |  | 71713 |
|  Admiral Group plc | 16922 |  | 437184 |
|  Ashtead Group plc | 82454 |  | 4705026 |
|  Associated British Foods plc | 25090 |  | 478041 |
|  AstraZeneca plc | 94974 |  | 12880375 |
|  Auto Trader Group plc (m) | 66493 |  | 414474 |
|  AVEVA Group plc | 8401 |  | 326325 |
|  Aviva plc | 173399 |  | 928245 |
|  B&M European Value Retail SA | 56004 |  | 278475 |
|  BAE Systems plc | 199341 |  | 2062903 |
|  Barclays plc | 1028632 |  | 1971299 |
|  Barratt Developments plc | 52684 |  | 252731 |
|  Beazley plc | 9689 |  | 79593 |
|  Berkeley Group Holdings plc | 5648 |  | 257626 |
|  BP plc | 1189391 |  | 6828655 |
|  British American Tobacco plc | 142362 |  | 5647742 |
|  British Land Co. plc (The) (REIT) | 54125 |  | 258531 |

---

See Notes to Financial Statements.

912

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  BT Group plc | 447983 | $| 606851 |
|  Bunzl plc | 20769 |  | 692749 |
|  Burberry Group plc | 24656 |  | 605100 |
|  Centrica plc | 359571 |  | 419576 |
|  CNH Industrial NV | 418000 |  | 6696061 |
|  Compass Group plc | 181759 |  | 4213467 |
|  ConvaTec Group plc (m) | 97733 |  | 274827 |
|  Croda International plc | 8460 |  | 675438 |
|  DCC plc | 5604 |  | 276418 |
|  Diageo plc | 143376 |  | 6326706 |
|  DS Smith plc | 87864 |  | 341508 |
|  Entain plc | 35012 |  | 559361 |
|  Experian plc | 58641 |  | 1994249 |
|  Frasers Group plc\* | 7567 |  | 64952 |
|  Halma plc | 22889 |  | 546239 |
|  Hargreaves Lansdown plc | 21726 |  | 224886 |
|  HomeServe plc\* | 17054 |  | 246791 |
|  HSBC Holdings plc | 1288229 |  | 8031535 |
|  Imperial Brands plc | 62921 |  | 1575375 |
|  Informa plc | 458439 |  | 3434008 |
|  InterContinental Hotels Group plc | 12668 |  | 726543 |
|  International Consolidated Airlines Group SA (x)\* | 244296 |  | 365751 |
|  Intertek Group plc | 9111 |  | 444335 |
|  J Sainsbury plc | 113698 |  | 299240 |
|  JD Sports Fashion plc | 156770 |  | 239088 |
|  Kingfisher plc | 123753 |  | 353232 |
|  Land Securities Group plc (REIT) | 38102 |  | 286238 |
|  Legal & General Group plc | 372771 |  | 1124400 |
|  Liberty Global plc, Class A\* | 202383 |  | 3831110 |
|  Linde plc (x) | 39282 |  | 12843995 |
|  Lloyds Banking Group plc | 20035016 |  | 10998907 |
|  London Stock Exchange Group plc | 23372 |  | 2016318 |
|  M&G plc | 186768 |  | 424152 |
|  Melrose Industries plc | 273078 |  | 444035 |
|  National Grid plc | 230565 |  | 2780168 |
|  NatWest Group plc | 317864 |  | 1019115 |
|  Next plc | 8467 |  | 594313 |
|  Ocado Group plc\* | 38183 |  | 284723 |
|  Pearson plc | 49633 |  | 563556 |
|  Persimmon plc | 19057 |  | 280384 |
|  Phoenix Group Holdings plc | 42528 |  | 312907 |
|  Reckitt Benckiser Group plc | 65709 |  | 4570914 |
|  RELX plc | 115439 |  | 3193132 |
|  Rentokil Initial plc | 154803 |  | 950717 |
|  Rightmove plc | 63992 |  | 395635 |
|  Rolls-Royce Holdings plc\* | 1458765 |  | 1643651 |
|  RS Group plc | 30345 |  | 328519 |
|  Sage Group plc (The) | 75205 |  | 677893 |
|  Schroders plc | 1029052 |  | 5424156 |
|  Segro plc (REIT) | 71665 |  | 661578 |
|  Severn Trent plc | 16966 |  | 543748 |
|  Smith & Nephew plc | 61161 |  | 820371 |
|  Smiths Group plc | 99394 |  | 1920796 |
|  Spirax-Sarco Engineering plc | 4477 |  | 574534 |
|  SSE plc | 66770 |  | 1381954 |
|  St James's Place plc | 37996 |  | 502991 |
|  Standard Chartered plc | 157127 |  | 1182303 |
|  Taylor Wimpey plc | 192890 |  | 237042 |
|  Tesco plc | 450270 |  | 1220442 |
|  Unilever plc (Cboe Europe) | 119331 |  | 5987074 |
|  Unilever plc (London Stock Exchange) | 42825 |  | 2165159 |
|  UNITE Group plc (The) (REIT) | 18779 |  | 206596 |
|  United Utilities Group plc | 48838 |  | 585349 |
|  Virgin Money UK plc (CHDI) (x) | 42653 |  | 95252 |
|  Vodafone Group plc | 1671881 |  | 1702676 |
|  Weir Group plc (The) | 3428 |  | 69168 |
|  Whitbread plc | 14521 |  | 451168 |
|  WPP plc | 456424 |  | 4525813 |
|  |  |  | 158969656 |
|  **United States (2.8%)** | **United States (2.8%)** | **United States (2.8%)** | **United States (2.8%)** |
|  Amcor plc (CHDI) | 28100 |  | 338635 |
|  Block, Inc. (CRDI)\* | 1701 |  | 106478 |
|  Computershare Ltd. | 24812 |  | 442603 |
|  CSL Ltd. | 19854 |  | 3889824 |
|  GSK plc | 255707 |  | 4444153 |
|  Haleon plc\* | 308738 |  | 1221830 |
|  Holcim AG\* | 106079 |  | 5492957 |
|  James Hardie Industries plc (CHDI) | 19668 |  | 353521 |
|  News Corp. (CHDI), Class B | 2956 |  | 54863 |
|  Reliance Worldwide Corp. Ltd. | 24282 |  | 48936 |
|  ResMed, Inc. (CHDI) | 19152 |  | 403707 |
|  Roche Holding AG | 5130 |  | 1611707 |
|  Schneider Electric SE | 44850 |  | 6275826 |
|  Sims Ltd. | 6752 |  | 60176 |
|  Stellantis NV | 180424 |  | 2561741 |
|  |  |  | 27306957 |
|  **Total Common Stocks (89.1%)** <br> *(Cost $814,710,139)* |  |  | 875524307 |
|  CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: | CLOSED END FUNDS: |
|  **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** | **United Kingdom (0.1%)** |
|  F&C Investment Trust plc | 8639 |  | 94415 |
|  Scottish Mortgage Investment Trust plc | 90440 |  | 790291 |
|  |  |  | 884706 |
|  **United States (0.0%)†** | **United States (0.0%)†** | **United States (0.0%)†** | **United States (0.0%)†** |
|  Pershing Square Holdings Ltd. | 6045 |  | 213031 |
|  **Total Closed End Funds (0.1%)** <br> *(Cost $847,179)* |  |  | 1097737 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 |  | 1000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.4%)** | **Repurchase Agreements (1.4%)** |  |  |
|  Amherst Pierpont, 4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 |  | 2000000 |

---

See Notes to Financial Statements.

913

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,845,488, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,901,044. (xx) | $2844161 | $2844161 |
|  National Bank of Canada, 4.45%, dated 12/30/22, due 1/6/23, repurchase price $5,004,326, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $5,444,143. (xx) | 5000000 | 5000000 |
|  Societe Generale SA, 4.30%, dated 12/30/22, due 1/6/23, repurchase price $1,000,836, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $1,020,000. (xx) | 1000000 | 1000000 |
|  Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $1,000,490, collateralized by various Common Stocks; total market value $1,112,847. (xx) | 1000000 | 1000000 |
|  Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $2,000,980, collateralized by various Common Stocks; total market value $2,225,694. (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 13844161 |
|  **Total Short-Term Investments (1.5%)**<br> *(Cost $14,844,161)* |  | 14844161 |
|  **Total Investments in Securities (90.7%)**<br> *(Cost $830,401,479)* |  | 891466205 |
|  **Other Assets Less Liabilities (9.3%)** |  | 91871955 |
|  **Net Assets (100%)** |  | $983338160 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $9,841,565 or 1.0% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $20,770,977. This was collateralized by $7,057,699 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.625%, maturing 2/2/23 - 5/15/52 and by cash of $14,844,161 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CRDI* *— CREST Depository Interest* 

*CHDI* *— Clearing House Electronic Subregister System (CHESS)* 

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Depository Interest* 

*CHF* *— Swiss Franc* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean Republic Won* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*TWD* *— New Taiwan Dollar* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 949 | 3/2023 | EUR | 38450190 | (1381694) |
|  FTSE 100 Index | 268 | 3/2023 | GBP | 24189736 | 31660 |
|  SPI 200 Index | 81 | 3/2023 | AUD | 9640019 | (205766) |
|  TOPIX Index | 170 | 3/2023 | JPY | 24501295 | (617887) |
|  |  |  |  |  | (2173687) |

---

See Notes to Financial Statements.

914

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  AUD | 13700459 | USD | 9289048 | HSBC Securities, Inc. | 3/17/2023 | 66283 |
|  EUR | 718223 | USD | 766261 | HSBC Bank plc | 3/17/2023 | 6395 |
|  JPY | 3069397455 | USD | 22829371 | Citibank NA | 3/17/2023 | 787788 |
|  USD | 822405 | GBP | 667808 | Deutsche Bank AG | 3/17/2023 | 13603 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 874069 |
|  GBP | 19208399 | USD | 23537261 | Citibank NA | 3/17/2023 | (273393) |
|  USD | 45164732 | EUR | 42575302 | Citibank NA | 3/17/2023 | (637284) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (910677) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (36608) |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD) AUD 125,880, CAD 717, CHF 1,916, EUR 83,576,708, GBP 1,298,415, JPY 1,020,587, KRW 76,763, NZD 74, TWD 75 and ZAR 54.

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Closed End Funds** | $— | $1097737 | $— | $1097737 |
|  **Common Stocks** |  |  |  |  |
|  Australia |  | 72868815 |  | 72868815 |
|  Austria |  | 531056 |  | 531056 |
|  Belgium |  | 9878834 |  | 9878834 |
|  Burkina Faso |  | 231252 |  | 231252 |
|  Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101950 |  |  | 6101950 |
|  Chile |  | 407113 |  | 407113 |
|  China | 2823739 | 18460330 |  | 21284069 |
|  Denmark |  | 3488318 |  | 3488318 |
|  Finland |  | 4979599 |  | 4979599 |
|  France |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133677298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133677298 |
|  Germany |  | 138803794 |  | 138803794 |
|  Hong Kong |  | 8548435 |  | 8548435 |
|  India |  | 1380365 |  | 1380365 |
|  Indonesia |  | 25457 |  | 25457 |
|  Ireland | 5450004 | 4963568 |  | 10413572 |
|  Italy |  | 18639083 |  | 18639083 |
|  Japan |  | 156421414 |  | 156421414 |
|  Mexico | 783408 | 103877 |  | 887285 |
|  Netherlands |  | 48958922 |  | 48958922 |
|  New Zealand |  | 649993 |  | 649993 |
|  Nigeria |  | 69687 |  | 69687 |
|  South Africa |  | 3024803 |  | 3024803 |
|  South Korea |  | 9564726 |  | 9564726 |
|  Spain |  | 18592317 |  | 18592317 |
|  Sweden |  | 9226598 |  | 9226598 |
|  Switzerland |  | 10592939 |  | 10592939 |

---

See Notes to Financial Statements.

915

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  United Kingdom | $3831110 | $155138546 | $— | $158969656 |
|  United States |  | 27306957 |  | 27306957 |
|  **Forward Currency Contracts** |  | 874069 |  | 874069 |
|  **Futures** | 31660 |  |  | 31660 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1000000 |  |  | 1000000 |
|  Repurchase Agreements |  | 13844161 |  | 13844161 |
|  **Total Assets** | $**20021871** | $**872350063** | $**—** | $**892371934** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(910677) | $— | $(910677) |
|  **Futures** | (2205347) |  |  | (2205347) |
|  **Total Liabilities** | $**(2205347)** | $**(910677)** | $**—** | $**(3116024)** |
|  **Total** | $**17816524** | $**871439386** | $**—** | $**889255910** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $874069 |
|  Equity contracts | Receivables, Net assets – Unrealized appreciation | 31660 |
|  **Total** |  | $905729 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(910677) |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | (2205347) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3116024 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $371775 | $371775 |
|  Equity contracts | (6275413) |  | (6275413) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6275413) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5903638) |

---

See Notes to Financial Statements.

916

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $— | $(29361) | $(29361) |
|  Equity contracts | (4184132) |  | (4184132) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4184132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4213493) |

---

^ The Portfolio held forward foreign currency contracts for hedging and futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $197,383,000 and futures contracts with an average notional balance of approximately $92,337,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets**<br>**and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787788) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Deutsche Bank AG | 13603 |  |  | 13603 |
|  HSBC Bank plc | 6395 |  |  | 6395 |
|  HSBC Securities, Inc. | 66283 |  |  | 66283 |
|  **Total** | $874069 | $(787788) | $— | $86281 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Citibank NA | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787788) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122889 |
|  **Total** | $910677 | $(787788) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $122889 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 1%)\* | $160704218 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 5%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160689873 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $180859253 |
|  Aggregate gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130309364) |
|  Net unrealized appreciation | $50549889 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838706021 |

---

See Notes to Financial Statements.

917

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $816,557,318) | $877622044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $13,844,161) | 13844161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10832465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $89,863,267) | 86101189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 7427280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3694443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2180608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 874069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 77767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Custodian | 77669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1002745492 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 14844161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1901499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 910677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 593763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 502071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 224387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 114533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 109891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 85926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 114580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19407332 |
|  **NET ASSETS** | $983338160 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $973325939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 10012221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $983338160 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $17,526,502 / 1,498,858 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.69 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $532,672,041 / 45,541,708 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.70 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $433,139,617 / 36,901,899 shares outstanding (unlimited amount authorized: $0.01 par value) | $11.74 |

---

*(x)* *Includes value of securities on loan of $20,770,977.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $30195633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 151501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30347134 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5863582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1378676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1217200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 394479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 295600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 134535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 45013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 43989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 32152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 115414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9520640 |
|  **NET INVESTMENT INCOME (LOSS)** | 20826494 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $176,978 on realized gain on investments) | 4582146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6275413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 371775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2109220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3430712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(95704) on unrealized depreciation on investments) | (160429658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4184132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (29361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (4330736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (168973887) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (172404599) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(151578105) |

---

See Notes to Financial Statements.

918

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20826494 | $20985984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3430712) | 60103006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (168973887) | 36297630 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (151578105) | 117386620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (432891) | (1613930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (13158561) | (50238534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (11538150) | (36561579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (25129602) | (88414043) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 171,022 and 158,139 shares, respectively ] | 2180633 | 2325803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 38,672 and 118,178 shares, respectively ] | 432891 | 1613930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (241142) and (199614) shares, respectively ] | (3009133) | (2913627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (395609) | 1026106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,521,476 and 1,314,617 shares, respectively ] | 18203824 | 19431944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,175,015 and 3,677,181 shares, respectively ] | 13158561 | 50238534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4682120) and (5305307) shares, respectively ] | (56173757) | (78268750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (24811372) | (8598272) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,465,162 and 58,767 shares, respectively ] | 73292680 | 868587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,017,376 and 2,667,537 shares, respectively ] | 11538150 | 36561579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4071645) and (3713822) shares, respectively ] | (48532320) | (55006145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 36298510 | (17575979) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 11091529 | (25148145) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (165616178) | 3824432 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1148954338 | 1145129906 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $983338160 | $1148954338 |

---

See Notes to Financial Statements.

919

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.90 | $13.65 | $13.43 | $11.44 | $13.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.25 (cc) | 0.11 (aa) | 0.30 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.16) | 1.13 | 0.43 | 2.28 | (2.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.92) | 1.38 | 0.54 | 2.58 | (2.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.32) | (0.17) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.81) | (0.15) | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (1.13) | (0.32) | (0.59) | (0.24) |
|  Net asset value, end of year | $11.69 | $13.90 | $13.65 | $13.43 | $11.44 |
|  Total return | (13.71)% | 10.35% | 4.21% | 22.66 | (16.53) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $17527 | $21265 | $19841 | $20054 | $17659 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) | 1.03 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) | 1.03 | 1.02 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.02% | 1.67 %(dd) | 0.96 %(bb) | 2.36 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.02% | 1.67 %(dd) | 0.96 %(bb) | 2.36 | 1.70 |
|  Portfolio turnover rate^ | 18% | 14% | 20% | 16 | 42 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.90 | $13.65 | $13.43 | $11.45 | $13.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.25 (cc) | 0.11 (aa) | 0.30 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.15) | 1.13 | 0.43 | 2.27 | (2.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.91) | 1.38 | 0.54 | 2.57 | (2.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.32) | (0.17) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.81) | (0.15) | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (1.13) | (0.32) | (0.59) | (0.24) |
|  Net asset value, end of year | $11.70 | $13.90 | $13.65 | $13.43 | $11.45 |
|  Total return | (13.63)% | 10.35% | 4.20% | 22.56 | (16.46) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593864 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) | 1.03 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.07 %(g) | 1.08 %(g) | 1.06 %(g) | 1.03 | 1.02 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.02% | 1.67 %(dd) | 0.96 %(bb) | 2.38 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.02% | 1.67 %(dd) | 0.96 %(bb) | 2.38 | 1.70 |
|  Portfolio turnover rate^ | 18% | 14% | 20% | 16 | 42 |

---

See Notes to Financial Statements.

920

------

**EQ ADVISORS TRUST** 

EQ/INTERNATIONAL VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $13.95 | $13.69 | $13.47 | $11.47 | $14.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.28 (cc) | 0.14 (aa) | 0.33 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.16) | 1.15 | 0.42 | 2.30 | (2.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.89) | 1.43 | 0.56 | 2.63 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.36) | (0.19) | (0.34) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) | (0.81) | (0.15) | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (1.17) | (0.34) | (0.63) | (0.27) |
|  Net asset value, end of year | $11.74 | $13.95 | $13.69 | $13.47 | $11.47 |
|  Total return | (13.45)% | 10.65% | 4.41% | 22.98 | (16.26) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202659 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.82 %(g) | 0.83 %(g) | 0.81 %(g) | 0.78 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.82 %(g) | 0.83 %(g) | 0.81 %(g) | 0.78 | 0.77 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.23% | 1.92 %(dd) | 1.23 %(bb) | 2.58 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.23% | 1.92 %(dd) | 1.23 %(bb) | 2.58 | 1.95 |
|  Portfolio turnover rate^ | 18% | 14% | 20% | 16 | 42 |

---

*\** *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 22%.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.27, $0.27 and $0.30 for Class IA, IB and Class K, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.04%, 0.06% and 0.03% for the years ended December 31, 2022, 2021 and 2020, respectively for each class.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been $0.09, $0.09 and $0.12 for class IA, IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.15% lower.* 

*(cc)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.18, $0.18 and $0.21 for Class IA, Class IB and Class K, respectively.* 

*(dd)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.47% lower.* 

*(ee)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.24% lower.* 

See Notes to Financial Statements.

921

------

**EQ/INVESCO COMSTOCK PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g90o62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10 Years/<br>Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | 0.49% | 7.75% | 10.75 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | 0.49 | 7.75 | 10.75 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | 0.78 | 8.02 | 9.16 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/29/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/29/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/29/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/29/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 0.49% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection and a material overweight in Energy was the largest contributor to the Portfolio's relative return.
Energy stocks were buoyed by rising oil prices driven by Russia's invasion of Ukraine and continued supply shortages. All of Comstock's holdings within the sector, including Marathon Oil Corp., Devon Energy Corp. and Pioneer Natural
Resources Co., were notable contributors to absolute and relative returns. We believe tailwinds for energy companies remain favorable due to limited supply, with no short-term solution.

• A material underweight in Communication Services also enhanced relative return, as the sector was the second worst
returning sector for the period.

• Stock selection within Health Care also boosted relative returns. McKesson Corp. and Elevance Health, Inc. (formerly
Anthem) were the top performers. McKesson's stock outperformed as earnings and revenues handily beat expectations and early in the year, management provided upbeat guidance for the rest of 2022.

• We used currency forward contracts during the year for the purpose of hedging currency exposure of non-U.S.-based companies
held in the Portfolio. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of currency forward contracts had a positive impact on the Portfolio's performance relative to the benchmark
for the year.

***What hurt performance during the year:***

• Weak stock selection within Information Technology detracted from relative performance. Semi-conductor firms QUALCOMM, Inc.
and NXP Semiconductors NV underperformed as the semi-conductor industry generally underperformed due to slowing growth and demand, with supply chain issues exacerbating the problems.

• Having a material underweight to Utilities also detracted from relative returns, as the sector was one of the few positive
returning sectors for the period.

**Portfolio Positioning and Outlook — Invesco Advisers, Inc.** 

At period end, the Portfolio's notable overweight exposures were in Energy, Industrials and Health Care. It was also overweight technology stocks, but to a lesser extent. The Portfolio was underweight Utilities, Real Estate, Communication Services and Materials.

922

------

**EQ/INVESCO COMSTOCK PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 20.6% |
| &nbsp;&nbsp;&nbsp; Health Care | 19.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 13.2 |
| &nbsp;&nbsp;&nbsp; Energy | 11.4 |
| &nbsp;&nbsp;&nbsp; Information Technology | 9.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 7.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.3 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.4 |
| &nbsp;&nbsp;&nbsp; Materials | 3.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 1.5 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.9 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.5 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 2.3 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $| 1000.00 | $| 1088.50 | $| 5.26 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1020.16 |  | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual |  | 1000.00 |  | 1088.40 |  | 5.26 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1020.16 |  | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual |  | 1000.00 |  | 1089.70 |  | 3.95 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) |  | 1000.00 |  | 1021.42 |  | 3.82 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

923

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.4%)** | **Communication Services (3.4%)** | **Communication Services (3.4%)** |  |
|  ***Interactive Media & Services (1.0%)*** | ***Interactive Media & Services (1.0%)*** | ***Interactive Media & Services (1.0%)*** | **** |
|  Meta Platforms, Inc., Class A\* | 23375 | $2812948 |  |
|  ***Media (1.2%)*** | ***Media (1.2%)*** | ***Media (1.2%)*** | **** |
|  Comcast Corp., Class A | 97557 | 3411568 |  |
|  ***Wireless Telecommunication Services (1.2%)*** | ***Wireless Telecommunication Services (1.2%)*** | ***Wireless Telecommunication Services (1.2%)*** | **** |
|  T-Mobile US, Inc.\* | 22911 | 3207540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 9432056 |  |
|  **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** | **Consumer Discretionary (6.3%)** |  |
|  ***Automobiles (1.5%)*** | ***Automobiles (1.5%)*** | ***Automobiles (1.5%)*** | **** |
|  General Motors Co. | 122519 | 4121539 |  |
|  ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** | **** |
|  Booking Holdings, Inc.\* | 2567 | 5173224 |  |
|  Las Vegas Sands Corp.\* | 79629 | 3827766 |  |
|  |  | 9000990 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  eBay, Inc. | 22777 | 944562 |  |
|  ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | ***Specialty Retail (0.5%)*** | **** |
|  Ross Stores, Inc. | 10973 | 1273636 |  |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | **** |
|  Ralph Lauren Corp. | 21922 | 2316498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 17657225 |  |
|  **Consumer Staples (7.3%)** | **Consumer Staples (7.3%)** | **Consumer Staples (7.3%)** |  |
|  ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | **** |
|  Coca-Cola Co. (The) | 50943 | 3240484 |  |
|  ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | ***Food Products (0.8%)*** | **** |
|  Kraft Heinz Co. (The) | 52668 | 2144114 |  |
|  ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | ***Household Products (1.7%)*** | **** |
|  Kimberly-Clark Corp. | 36013 | 4888765 |  |
|  ***Personal Products (1.0%)*** | ***Personal Products (1.0%)*** | ***Personal Products (1.0%)*** | **** |
|  Haleon plc\* | 693541 | 2744687 |  |
|  ***Tobacco (2.7%)*** | ***Tobacco (2.7%)*** | ***Tobacco (2.7%)*** | **** |
|  Philip Morris International, Inc. | 74682 | 7558565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 20576615 |  |
|  **Energy (11.4%)** | **Energy (11.4%)** | **Energy (11.4%)** |  |
|  ***Oil, Gas & Consumable Fuels (11.4%)*** | ***Oil, Gas & Consumable Fuels (11.4%)*** | ***Oil, Gas & Consumable Fuels (11.4%)*** | **** |
|  Chevron Corp. | 44870 | 8053716 |  |
|  ConocoPhillips | 38968 | 4598224 |  |
|  Devon Energy Corp. | 36369 | 2237057 |  |
|  Exxon Mobil Corp. | 22815 | 2516495 |  |
|  Hess Corp. | 26894 | 3814107 |  |
|  Marathon Oil Corp. | 120692 | 3267133 |  |
|  Pioneer Natural Resources Co. | 10965 | 2504296 |  |
|  Suncor Energy, Inc. | 159626 | 5064933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 32055961 |  |
|  **Financials (20.6%)** | **Financials (20.6%)** | **Financials (20.6%)** |  |
|  ***Banks (11.8%)*** | ***Banks (11.8%)*** | ***Banks (11.8%)*** | **** |
|  Bank of America Corp. | 223013 | 7386191 |  |
|  Citigroup, Inc. | 88533 | 4004348 |  |
|  Citizens Financial Group, Inc. | 87296 | 3436843 |  |
|  Fifth Third Bancorp | 85898 | 2818313 |  |
|  Huntington Bancshares, Inc. | 223137 | 3146232 |  |
|  JPMorgan Chase & Co. | 26724 | 3583688 |  |
|  M&T Bank Corp. | 15744 | 2283825 |  |
|  Wells Fargo & Co. | 158183 | 6531376 |  |
|  |  | 33190816 |  |
|  ***Capital Markets (4.2%)*** | ***Capital Markets (4.2%)*** | ***Capital Markets (4.2%)*** | **** |
|  Goldman Sachs Group, Inc. (The) | 10895 | 3741125 |  |
|  Morgan Stanley | 28897 | 2456823 |  |
|  State Street Corp. | 71146 | 5518795 |  |
|  |  | 11716743 |  |
|  ***Insurance (4.6%)*** | ***Insurance (4.6%)*** | ***Insurance (4.6%)*** | **** |
|  Allstate Corp. (The) | 21192 | 2873635 |  |
|  American International Group, Inc. | 109576 | 6929586 |  |
|  MetLife, Inc. | 44244 | 3201939 |  |
|  |  | 13005160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 57912719 |  |
|  **Health Care (19.4%)** | **Health Care (19.4%)** | **Health Care (19.4%)** |  |
|  ***Health Care Equipment & Supplies (3.1%)*** | ***Health Care Equipment & Supplies (3.1%)*** | ***Health Care Equipment & Supplies (3.1%)*** | **** |
|  Baxter International, Inc. | 29507 | 1503972 |  |
|  Becton Dickinson and Co. | 13291 | 3379901 |  |
|  Dentsply Sirona, Inc. | 33044 | 1052121 |  |
|  Medtronic plc | 37468 | 2912013 |  |
|  |  | 8848007 |  |
|  ***Health Care Providers & Services (10.1%)*** | ***Health Care Providers & Services (10.1%)*** | ***Health Care Providers & Services (10.1%)*** | **** |
|  CVS Health Corp. | 57744 | 5381163 |  |
|  Elevance Health, Inc. | 13394 | 6870720 |  |
|  HCA Healthcare, Inc. | 15212 | 3650272 |  |
|  Henry Schein, Inc.\* | 37532 | 2997681 |  |
|  Humana, Inc. | 5222 | 2674656 |  |
|  McKesson Corp. | 9900 | 3713688 |  |
|  Universal Health Services, Inc., Class B | 21269 | 2996589 |  |
|  |  | 28284769 |  |
|  ***Pharmaceuticals (6.2%)*** | ***Pharmaceuticals (6.2%)*** | ***Pharmaceuticals (6.2%)*** | **** |
|  Bristol-Myers Squibb Co. | 43567 | 3134646 |  |
|  Johnson & Johnson | 27877 | 4924472 |  |
|  Merck & Co., Inc. | 43441 | 4819779 |  |
|  Sanofi (ADR) | 91788 | 4445293 |  |
|  |  | 17324190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 54456966 |  |
|  **Industrials (13.2%)** | **Industrials (13.2%)** | **Industrials (13.2%)** |  |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | **** |
|  Textron, Inc. | 38524 | 2727499 |  |
|  ***Air Freight & Logistics (1.7%)*** | ***Air Freight & Logistics (1.7%)*** | ***Air Freight & Logistics (1.7%)*** | **** |
|  FedEx Corp. | 27023 | 4680384 |  |
|  ***Building Products (2.2%)*** | ***Building Products (2.2%)*** | ***Building Products (2.2%)*** | **** |
|  Johnson Controls International plc | 97193 | 6220352 |  |
|  ***Electrical Equipment (3.5%)*** | ***Electrical Equipment (3.5%)*** | ***Electrical Equipment (3.5%)*** | **** |
|  Eaton Corp. plc | 33146 | 5202264 |  |
|  Emerson Electric Co. | 49313 | 4737007 |  |
|  |  | 9939271 |  |

---

See Notes to Financial Statements.

924

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Industrial Conglomerates (1.1%)*** | ***Industrial Conglomerates (1.1%)*** | ***Industrial Conglomerates (1.1%)*** | **** |
|  General Electric Co. | 37730 | $3161397 |  |
|  ***Machinery (3.7%)*** | ***Machinery (3.7%)*** | ***Machinery (3.7%)*** | **** |
|  Caterpillar, Inc. | 23305 | 5582946 |  |
|  Westinghouse Air Brake Technologies Corp. | 49306 | 4921232 |  |
|  |  | 10504178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 37233081 |  |
|  **Information Technology (9.9%)** | **Information Technology (9.9%)** | **Information Technology (9.9%)** |  |
|  ***Communications Equipment (2.9%)*** | ***Communications Equipment (2.9%)*** | ***Communications Equipment (2.9%)*** | **** |
|  Cisco Systems, Inc. | 122587 | 5840044 |  |
|  F5, Inc.\* | 15343 | 2201874 |  |
|  |  | 8041918 |  |
|  ***IT Services (2.6%)*** | ***IT Services (2.6%)*** | ***IT Services (2.6%)*** | **** |
|  Cognizant Technology Solutions Corp., Class A | 66468 | 3801305 |  |
|  DXC Technology Co.\* | 133014 | 3524871 |  |
|  |  | 7326176 |  |
|  ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | ***Semiconductors & Semiconductor Equipment (3.0%)*** | **** |
|  Intel Corp. | 47138 | 1245857 |  |
|  NXP Semiconductors NV | 27554 | 4354359 |  |
|  QUALCOMM, Inc. | 24739 | 2719806 |  |
|  |  | 8320022 |  |
|  ***Software (1.4%)*** | ***Software (1.4%)*** | ***Software (1.4%)*** | **** |
|  Microsoft Corp. | 16994 | 4075501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 27763617 |  |
|  **Materials (3.3%)** | **Materials (3.3%)** | **Materials (3.3%)** |  |
|  ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | ***Chemicals (1.9%)*** | **** |
|  BASF SE | 29563 | 1468045 |  |
|  CF Industries Holdings, Inc. | 32749 | 2790215 |  |
|  Corteva, Inc. | 21393 | 1257480 |  |
|  |  | 5515740 |  |
|  ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** | **** |
|  International Paper Co. | 112323 | 3889745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 9405485 |  |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | **** |
|  Host Hotels & Resorts, Inc. (REIT) | 94575 | 1517929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1517929 |  |
|  **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |  |
|  ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | ***Electric Utilities (0.5%)*** | **** |
|  PPL Corp. | 47614 | 1391281 |  |
|  ***Multi-Utilities (1.0%)*** | ***Multi-Utilities (1.0%)*** | ***Multi-Utilities (1.0%)*** | **** |
|  Dominion Energy, Inc. | 46869 | 2874007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 4265288 |  |
|  **Total Common Stocks (96.8%)**<br> *(Cost $193,257,044)* |  | 272276942 |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (0.9%)** | **Investment Company (0.9%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 2497794 | 2499044 |  |
|  **Total Short-Term Investment (0.9%)**<br> *(Cost $2,498,538)* | **Total Short-Term Investment (0.9%)**<br> *(Cost $2,498,538)* | 2499044 |  |
|  **Total Investments in Securities (97.7%)**<br> *(Cost $195,755,582)* | **Total Investments in Securities (97.7%)**<br> *(Cost $195,755,582)* | 274775986 |  |
|  **Other Assets Less Liabilities (2.3%)** |  | 6551385 |  |
|  **Net Assets (100%)** |  | $281327371 |  |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CAD* *— Canadian Dollar* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*USD* *— United States Dollar* 

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  CAD | 111538 | USD | 81692 | CIBC World Markets, Inc. | 1/13/2023 | 688 |
|  CAD | 89152 | USD | 65583 | Royal Bank of Canada | 1/13/2023 | 264 |
|  USD | 71543 | CAD | 96580 | CIBC World Markets, Inc. | 1/13/2023 | 210 |
|  USD | 107590 | CAD | 145546 | Royal Bank of Canada | 1/13/2023 | 91 |
|  USD | 1369638 | GBP | 1113481 | Royal Bank of Canada | 1/13/2023 | 23166 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 24419 |
|  GBP | 28956 | USD | 35193 | State Street Bank & Trust | 1/13/2023 | (178) |
|  USD | 2359524 | CAD | 3222992 | CIBC World Markets, Inc. | 1/13/2023 | (20930) |
|  USD | 95161 | CAD | 129871 | Deutsche Bank AG | 1/13/2023 | (760) |
|  USD | 121946 | EUR | 114622 | Goldman Sachs International | 1/13/2023 | (829) |

---

See Notes to Financial Statements.

925

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**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  USD | 2753664 | EUR | 2598095 | Royal Bank of Canada | 1/13/2023 | (29257) |
|  USD | 71433 | EUR | 67296 | State Street Bank & Trust | 1/13/2023 | (651) |
|  USD | 33202 | GBP | 27568 | State Street Bank & Trust | 1/13/2023 | (135) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (52740) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (28321) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $9432056 | $— | $— | $9432056 |
|  Consumer Discretionary | 17657225 |  |  | 17657225 |
|  Consumer Staples | 17831928 | 2744687 |  | 20576615 |
|  Energy | 32055961 |  |  | 32055961 |
|  Financials | 57912719 |  |  | 57912719 |
|  Health Care | 54456966 |  |  | 54456966 |
|  Industrials | 37233081 |  |  | 37233081 |
|  Information Technology | 27763617 |  |  | 27763617 |
|  Materials | 7937440 | 1468045 |  | 9405485 |
|  Real Estate | 1517929 |  |  | 1517929 |
|  Utilities | 4265288 |  |  | 4265288 |
|  **Forward Currency Contracts** |  | 24419 |  | 24419 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 2499044 |  |  | 2499044 |
|  **Total Assets** | $**270563254** | $**4237151** | $**—** | $**274800405** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(52740) | $— | $(52740) |
|  **Total Liabilities** | $**—** | $**(52740)** | $**—** | $**(52740)** |
|  **Total** | $**270563254** | $**4184411** | $**—** | $**274747665** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $24419 |
|  **Total** |  | $24419 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52740) |
|  **Total** |  | $(52740) |

---

See Notes to Financial Statements.

926

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $288425 | $288425 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288425 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $19229 | $19229 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $6,319,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  CIBC World Markets, Inc. | $898 | $(898) | $— | $— |
|  Royal Bank of Canada | 23521 | (23521) |  |  |
|  **Total** | $24419 | $(24419) | $— | $— |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  CIBC World Markets, Inc. | $20930 | $(898) | $— | $20032 |
|  Deutsche Bank AG | 760 |  |  | 760 |
|  Goldman Sachs International | 829 |  |  | 829 |
|  Royal Bank of Canada | 29257 | (23521) |  | 5736 |
|  State Street Bank & Trust | 964 |  |  | 964 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28321 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67153354 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $76647861 |

---

See Notes to Financial Statements.

927

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $85313986 |
|  Aggregate gross unrealized depreciation | (7056259) |
|  Net unrealized appreciation | $78257727 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196489938 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $368 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

928

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $195,755,582) | $274775986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6546525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $415) | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 551579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 24419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 281930059 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 228305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 142857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 52740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 38673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 22911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 14589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 102613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 602688 |
|  **NET ASSETS** | $281327371 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $201016040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 80311331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $281327371 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $67,902,117 / 3,442,999 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.72 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $180,667,825 / 9,151,816 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.74 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $32,757,429 / 1,664,435 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.68 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $61,010 foreign withholding tax) | $6882559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 81648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 6964207 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1844345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 454880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 263221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 174201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 36800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 19976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2873036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (116615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2756421 |
|  **NET INVESTMENT INCOME (LOSS)** | 4207786 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 25367189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 288425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25652642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (28701001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 19229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (28681897) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (3029255) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1178531 |

---

See Notes to Financial Statements.

929

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4207786 | $3541846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25652642 | 18520168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (28681897) | 53001233 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1178531 | 75063247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (7165461) | (3476494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (18949224) | (9401308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3505213) | (1759077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (29619898) | (14636879) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 604,848 and 400,703 shares, respectively ] | 13143765 | 8440743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 357,800 and 163,295 shares, respectively ] | 7165461 | 3476494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (697776) and (499449) shares, respectively ] | (14923016) | (10360163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 5386210 | 1557074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 701,713 and 622,685 shares, respectively ] | 15246346 | 13210616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 945,296 and 441,200 shares, respectively ] | 18949224 | 9401308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1130609) and (1098142) shares, respectively ] | (24460073) | (22817507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 9735497 | (205583) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 219,598 and 213,769 shares, respectively ] | 4844486 | 4612234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 175,401 and 82,794 shares, respectively ] | 3505213 | 1759077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (285994) and (463081) shares, respectively ] | (6271020) | (9748427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 2078679 | (3377116) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 17200386 | (2025625) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (11240981) | 58400743 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 292568352 | 234167609 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $281327371 | $292568352 |

---

See Notes to Financial Statements.

930

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.88 | $17.33 | $17.88 | $15.24 | $18.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.27 | 0.28 | 0.32 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.19) | 5.43 | (0.44) | 3.45 | (2.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.12 | 5.70 | (0.16) | 3.77 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.25) | (0.31) | (0.35) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.93) | (0.90) | (0.08) | (0.78) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.28) | (1.15) | (0.39) | (1.13) | (1.05) |
|  Net asset value, end of year | $19.72 | $21.88 | $17.33 | $17.88 | $15.24 |
|  Total return | 0.49% | 33.06% | (0.77)% | 24.94% | (12.40)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $67902 | $69526 | $53972 | $58726 | $47930 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 1.04% | 1.06% | 1.06% | 1.04% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.46% | 1.27% | 1.83% | 1.87% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.41% | 1.23% | 1.77% | 1.81% | 1.39% |
|  Portfolio turnover rate^ | 25% | 17% | 37% | 24% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.90 | $17.35 | $17.90 | $15.25 | $18.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.31 | 0.27 | 0.28 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.19) | 5.43 | (0.44) | 3.46 | (2.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.12 | 5.70 | (0.16) | 3.78 | (2.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.25) | (0.31) | (0.35) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.93) | (0.90) | (0.08) | (0.78) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.28) | (1.15) | (0.39) | (1.13) | (1.05) |
|  Net asset value, end of year | $19.74 | $21.90 | $17.35 | $17.90 | $15.25 |
|  Total return | 0.49% | 33.02% | (0.77)% | 25.00% | (12.39)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133585 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.04% | 1.04% | 1.06% | 1.06% | 1.05% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.46% | 1.27% | 1.83% | 1.87% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.41% | 1.23% | 1.77% | 1.81% | 1.38% |
|  Portfolio turnover rate^ | 25% | 17% | 37% | 24% | 18% |

---

See Notes to Financial Statements.

931

------

**EQ ADVISORS TRUST** 

EQ/INVESCO COMSTOCK PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $21.83 | $17.30 | $17.84 | $15.20 | $18.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.37 | 0.32 | 0.31 | 0.36 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.18) | 5.40 | (0.42) | 3.45 | (2.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | 5.72 | (0.11) | 3.81 | (2.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.29) | (0.35) | (0.39) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.93) | (0.90) | (0.08) | (0.78) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.34) | (1.19) | (0.43) | (1.17) | (1.10) |
|  Net asset value, end of year | $19.68 | $21.83 | $17.30 | $17.84 | $15.20 |
|  Total return | 0.78% | 33.28% | (0.50)% | 25.30% | (12.19)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25056 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.79% | 0.79% | 0.81% | 0.81% | 0.80% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.70% | 1.51% | 2.09% | 2.12% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.66% | 1.47% | 2.03% | 2.06% | 1.63% |
|  Portfolio turnover rate^ | 25% | 17% | 37% | 24% | 18% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

932

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**EQ/INVESCO GLOBAL PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g87k58.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10**<br> **Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (32.04)% | 2.42% | 7.33 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (32.01) | 2.43 | 7.33 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Growth (Net) Index\* | (28.61) | 6.37 | 9.20 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI (Net) Index | (18.37) | 5.23 | 7.98 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *\* Effective December 1, 2022, the MSCI ACWI Growth (Net) Index became the primary benchmark for the EQ/Invesco Global Portfolio.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *\* Effective December 1, 2022, the MSCI ACWI Growth (Net) Index became the primary benchmark for the EQ/Invesco Global Portfolio.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *\* Effective December 1, 2022, the MSCI ACWI Growth (Net) Index became the primary benchmark for the EQ/Invesco Global Portfolio.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> *\* Effective December 1, 2022, the MSCI ACWI Growth (Net) Index became the primary benchmark for the EQ/Invesco Global Portfolio.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (32.01)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the MSCI ACWI Growth (Net) Index and the MSCI ACWI (Net) Index, which returned (28.61)% and (18.37)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in the Consumer Discretionary sector, due to luxury goods stocks and a lack of ownership of Tesla, Inc.

• Sector selection in the Real Estate sector, driven by the lone holding there, DLF Limited, an Indian developer.

***What hurt performance during the year:***

• Security selection in the Communication Services sector combined with poor stock selection.

• An overweight allocation to Information Technology as well as weak stock selection.

• Poor security selection in the Health Care sector.

• Zero allocation to the Energy sector.

• Weak security selection in the Financials sector and an underweight allocation to the sector during the year.

• Underweight allocation to the Consumer Staples sector along with poor security selection.

• Zero allocation to the Utilities sector.

• The sharp rise in interest rates in 2022 had a negative impact on valuations across the Portfolio over the year.

**Portfolio Positioning and Outlook — Invesco Advisers, Inc.** 

Long duration equities went through a punishing valuation retrenchment in 2022. Earnings and cash flow are the traded commodity in public equity markets. When earnings are abundant there is little logic in paying a premium to acquire a stream of future growth. When scarce or becoming scarcer, it certainly does. We believe the coming environment will prove better for growth assets than has been the case in well over a year. The fact that prices have come down so much is, of course, an important factor. If one takes the Federal Reserve at their word and the Federal funds rate hovers around or above 5% for all of 2023, assets that still produce growth, even if slower, will be more attractive than those that don't.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | $101877667 | 31.0% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 53022539 | 16.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 46172459 | 14.0 |
| &nbsp;&nbsp;&nbsp; Communication Services | 44180378 | 13.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 42061765 | 12.8 |
| &nbsp;&nbsp;&nbsp; Financials | 24502818 | 7.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 11210932 | 3.4 |
| &nbsp;&nbsp;&nbsp; Materials | 1056183 | 0.3 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 528126 | 0.2 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 4152086 | 1.3 |
|  |  | 100.0% |

---

933

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**EQ/INVESCO GLOBAL PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid<br>During**<br> **Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $997.50 | $5.79 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 998.00 | 5.79 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 1.15% and 1.15%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 1.15% and 1.15%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 1.15% and 1.15%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 1.15% and 1.15%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

934

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Brazil (0.2%)** | **Brazil (0.2%)** | **Brazil (0.2%)** |
|  StoneCo Ltd., Class A\* | 80536 | $760260 |
|  **Canada (0.2%)** | **Canada (0.2%)** | **Canada (0.2%)** |
|  Canadian Pacific Railway Ltd. | 6663 | 496993 |
|  **China (6.5%)** | **China (6.5%)** | **China (6.5%)** |
|  JD.com, Inc. (ADR) | 286418 | &nbsp;&nbsp;&nbsp;&nbsp;16076642 |
|  Meituan, Class B (m)\* | 138000 | 3088688 |
|  Tencent Holdings Ltd. | 49800 | 2130973 |
|  |  | 21296303 |
|  **Denmark (4.0%)** | **Denmark (4.0%)** | **Denmark (4.0%)** |
|  Novo Nordisk A/S, Class B | 98143 | 13251876 |
|  **France (14.3%)** | **France (14.3%)** | **France (14.3%)** |
|  Airbus SE | 137117 | 16295171 |
|  Dassault Systemes SE | 38100 | 1366065 |
|  EssilorLuxottica SA | 11144 | 2018403 |
|  Kering SA | 15484 | 7881340 |
|  LVMH Moet Hennessy Louis Vuitton SE | 25975 | 18904578 |
|  Pernod Ricard SA | 2685 | 528126 |
|  |  | 46993683 |
|  **Germany (2.1%)** | **Germany (2.1%)** | **Germany (2.1%)** |
|  Allianz SE (Registered) | 4800 | 1032256 |
|  SAP SE | 55889 | 5766665 |
|  |  | 6798921 |
|  **India (5.4%)** | **India (5.4%)** | **India (5.4%)** |
|  DLF Ltd. | 2473281 | 11210932 |
|  ICICI Bank Ltd. (ADR) | 305209 | 6681025 |
|  |  | 17891957 |
|  **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
|  Nice Ltd. (ADR)\* | 3614 | 694972 |
|  **Italy (0.7%)** | **Italy (0.7%)** | **Italy (0.7%)** |
|  Brunello Cucinelli SpA | 33035 | 2443536 |
|  **Japan (6.6%)** | **Japan (6.6%)** | **Japan (6.6%)** |
|  Keyence Corp. | 26056 | 10208774 |
|  Murata Manufacturing Co. Ltd. | 120951 | 6071511 |
|  Nidec Corp. | 5928 | 308912 |
|  Omron Corp. | 15000 | 732056 |
|  TDK Corp. | 129400 | 4274223 |
|  |  | 21595476 |
|  **Netherlands (1.1%)** | **Netherlands (1.1%)** | **Netherlands (1.1%)** |
|  ASML Holding NV | 6944 | 3744849 |
|  **Spain (0.8%)** | **Spain (0.8%)** | **Spain (0.8%)** |
|  Amadeus IT Group SA\* | 47663 | 2477063 |
|  **Sweden (4.2%)** | **Sweden (4.2%)** | **Sweden (4.2%)** |
|  Assa Abloy AB, Class B | 273535 | 5863983 |
|  Atlas Copco AB, Class A | 683488 | 8063113 |
|  |  | 13927096 |
|  **Switzerland (0.8%)** | **Switzerland (0.8%)** | **Switzerland (0.8%)** |
|  Lonza Group AG (Registered) | 5554 | 2721589 |
|  **United States (51.6%)** | **United States (51.6%)** | **United States (51.6%)** |
|  Adobe, Inc.\* | 31077 | 10458343 |
|  Agilent Technologies, Inc. | 46500 | 6958725 |
|  Alphabet, Inc., Class A\* | 336051 | 29649780 |
|  Amazon.com, Inc.\* | 31355 | 2633820 |
|  Analog Devices, Inc. | 105257 | 17265306 |
|  Avantor, Inc.\* | 88405 | 1864461 |
|  Boston Scientific Corp.\* | 23733 | 1098126 |
|  Charles River Laboratories International, Inc.\* | 6495 | 1415261 |
|  Charter Communications, Inc., Class A\* | 4060 | 1376746 |
|  Danaher Corp. | 7548 | 2003390 |
|  Datadog, Inc., Class A\* | 9187 | 675245 |
|  Dun & Bradstreet Holdings, Inc. | 42860 | 525464 |
|  Ecolab, Inc. | 7256 | 1056183 |
|  Equifax, Inc. | 34222 | 6651388 |
|  Fidelity National Information Services, Inc. | 18029 | 1223268 |
|  IDEXX Laboratories, Inc.\* | 2727 | 1112507 |
|  Illumina, Inc.\* | 12732 | 2574410 |
|  Intuit, Inc. | 41267 | 16061942 |
|  Intuitive Surgical, Inc.\* | 11234 | 2980942 |
|  IQVIA Holdings, Inc.\* | 17197 | 3523493 |
|  Lam Research Corp. | 877 | 368603 |
|  Marriott International, Inc., Class A | 13392 | 1993935 |
|  Marvell Technology, Inc. | 103276 | 3825343 |
|  Meta Platforms, Inc., Class A\* | 87609 | 10542867 |
|  Microsoft Corp. | 20900 | 5012238 |
|  NVIDIA Corp. | 10902 | 1593218 |
|  Phathom Pharmaceuticals, Inc.\* | 48002 | 538582 |
|  Qualtrics International, Inc., Class A\* | 83290 | 864550 |
|  S&P Global, Inc. | 50127 | 16789537 |
|  Splunk, Inc.\* | 16082 | 1384499 |
|  United Parcel Service, Inc., Class B | 45832 | 7967435 |
|  Visa, Inc., Class A | 33927 | 7048674 |
|  Walt Disney Co. (The)\* | 5525 | 480012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;169518293 |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $216,099,674)* | **Total Investments in Securities (98.7%)**<br> *(Cost $216,099,674)* | 324612867 |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 4152086 |
|  **Net Assets (100%)** |  | $328764953 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $3,088,688 or 0.9% of net assets.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

935

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $760260 | $— | $— | $760260 |
|  Canada | 496993 |  |  | 496993 |
|  China | 16076642 | 5219661 |  | 21296303 |
|  Denmark |  | 13251876 |  | 13251876 |
|  France |  | 46993683 |  | 46993683 |
|  Germany |  | 6798921 |  | 6798921 |
|  India | 6681025 | 11210932 |  | 17891957 |
|  Israel | 694972 |  |  | 694972 |
|  Italy |  | 2443536 |  | 2443536 |
|  Japan |  | 21595476 |  | 21595476 |
|  Netherlands |  | 3744849 |  | 3744849 |
|  Spain |  | 2477063 |  | 2477063 |
|  Sweden |  | 13927096 |  | 13927096 |
|  Switzerland |  | 2721589 |  | 2721589 |
|  United States | 169518293 |  |  | 169518293 |
|  **Total Assets** | $**194228185** | $**130384682** | $**—** | $**324612867** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**194228185** | $**130384682** | $**—** | $**324612867** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(227) | $(227) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $1,589,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80550215 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $76594960 |

---

See Notes to Financial Statements.

936

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124843510 |
|  Aggregate gross unrealized depreciation | (16750798) |
|  Net unrealized appreciation | $108092712 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $216520155 |

---

See Notes to Financial Statements.

937

------

**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $216,099,674) | $324612867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3774313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $31,823) | 31824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2003615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 434903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 57395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 330916419 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1322051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 447227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 205801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 60277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 32861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 27162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 11172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 44915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2151466 |
|  **NET ASSETS** | $328764953 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $222874422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 105890531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $328764953 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $51,211,357 / 2,558,920 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.01 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $277,553,596 / 13,874,009 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.01 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3642433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 46227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3688660 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3062188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 751433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 333890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 149208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 98605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 62600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4511181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (373422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4137759 |
|  **NET INVESTMENT INCOME (LOSS)** | (449099) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $46,630 on realized gain on investments) | 4891537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (24338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4866972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(79313) on unrealized depreciation on investments) | (158173020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (20267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (158193287) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (153326315) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(153775414) |

---

See Notes to Financial Statements.

938

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(449099) | $(2807939) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4866972 | 20043284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (158193287) | 45541121 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (153775414) | 62776466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (1753538) | (2894068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (9399664) | (13371501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (11153202) | (16265569) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [120,383 and 142,690 shares, respectively] | 2734569 | 4283531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [84,612 and 94,793 shares, respectively] | 1753538 | 2894068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [(407460) and (434837) shares, respectively] | (9285217) | (13041621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (4797110) | (5864022) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [1,420,870 and 1,023,670 shares, respectively] | 32229226 | 30601358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [453,565 and 438,125 shares, respectively] | 9399664 | 13371501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [(935078) and (807331) shares, respectively] | (20782521) | (24165078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 20846369 | 19807781 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 16049259 | 13943759 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (148879357) | 60454656 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 477644310 | 417189654 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328764953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477644310 |

---

See Notes to Financial Statements.

939

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $30.44 | $27.38 | $21.56 | $16.50 | $19.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.18)(aa) | (0.08) | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.70) | 4.31 | 5.90 | 5.06 | (2.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.73) | 4.13 | 5.82 | 5.13 | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.70) | (1.07) |  |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.70) | (1.07) |  | (0.07) | (0.59) |
|  Net asset value, end of year | $20.01 | $30.44 | $27.38 | $21.56 | $16.50 |
|  Total return | (32.04) | 15.09% | 27.00% | 31.09% | (13.45)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;51211 | $84057 | $81023 | $72102 | $61264 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15% | 1.15% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.25 | 1.24% | 1.25% | 1.25% | 1.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.13) | (0.62)%(bb) | (0.39)% | 0.36% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.23) | (0.70)%(bb) | (0.49)% | 0.26% | 0.40% |
|  Portfolio turnover rate^ | 21 | 15% | 15% | 20% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $30.43 | $27.37 | $21.55 | $16.49 | $19.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.19)(aa) | (0.09) | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.69) | 4.32 | 5.91 | 5.06 | (2.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.72) | 4.13 | 5.82 | 5.13 | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.70) | (1.07) |  |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.70) | (1.07) |  | (0.07) | (0.59) |
|  Net asset value, end of year | $20.01 | $30.43 | $27.37 | $21.55 | $16.49 |
|  Total return | (32.01) | 15.10% | 27.01% | 31.11% | (13.46)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277554 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190308 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15% | 1.15% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.25 | 1.24% | 1.25% | 1.25% | 1.33% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.12) | (0.62)%(bb) | (0.39)% | 0.34% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.23) | (0.70)%(bb) | (0.50)% | 0.24% | 0.36% |
|  Portfolio turnover rate^ | 21 | 15% | 15% | 20% | 18% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.05) and $(0.05) for Class IA and Class IB, respectively.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.20) and $(0.20) for Class IA and Class IB respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.04% lower.* 

*(cc)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.09% lower.* 

See Notes to Financial Statements.

940

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**EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g56b79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (8.97)% | 3.80 | % |
| &nbsp;&nbsp;&nbsp; S&P Real Assets Equity Index | (10.69) | 5.10 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (8.97)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P Real Assets Equity Index, which returned (10.69)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection contributed most to positive relative performance with meaningful impacts from Real Estate, Infrastructure
and Natural Resources.

• Sector allocation was also positive for the year with the Natural Resources sector contributing most to relative allocation
performance.

***What hurt performance during the year:***

• Higher interest rates as major central banks moved to combat inflation pressured interest rate sensitive sectors like Real
Estate, Infrastructure and Timber.

• Stock selection in Timber detracted most from relative stock selection performance.

• Sector allocation in Infrastructure detracted most from relative sector allocation performance.

**Portfolio Positioning and Outlook — Invesco Advisers, Inc.** 

Overall earnings growth for 2022 is expected to be positive, while year-end net asset value growth is expected to be overall negative where it is reported. Earnings growth for 2023 is expected to remain positive. Earnings resilience has been reflected in underlying real assets markets which continue to show resilience and, in many countries, and sectors benefitting from annual indexation of rents and operating rates as well as tight supply/demand dynamics. Demand levels across most asset types are little moved over recent quarters and remain high. Global real assets companies generally remain well capitalized, with potential balance sheet repair requirements only notable in Europe and among some Chinese companies, where some dividend cuts and rights issues have already recently occurred.

From a relative asset allocation perspective, our base-case expectations lead us to a defensive bias in the shorter term. We anticipate defensive sectors will likely outperform cyclical sectors in coming months. Companies exhibiting more visible and consistent cash flows are expected to be favored in the interim. This is reflected by decreased weight in the Portfolio to Natural Resources, Timber and cyclical Infrastructure sectors. Concomitantly, the Portfolio has increased weight to Real Estate companies operating in geographies expected to benefit from easement of mobility restrictions and that also exhibit durable demand characteristics.

The tangible nature of real assets with long useful lives and contractually binding fees that can adjust upwards (or downwards) based on underlying economic activity and inflation can provide attractive Portfolio attributes for investors. This may be particularly true in periods of high inflation. Given the current macroeconomic backdrop, the Portfolio remains focused on sectors expected to be more resilient in times of rising economic uncertainty.

941

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**EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Real Estate | $104154675 | 51.2% |
| &nbsp;&nbsp;&nbsp; Energy | 40632172 | 20 |
| &nbsp;&nbsp;&nbsp; Materials | 20413862 | 10 |
| &nbsp;&nbsp;&nbsp; Utilities | 15193713 | 7.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 11958180 | 5.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 5287191 | 2.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3622676 | 1.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 2099785 | 1 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses**<br> **Paid**<br> **During**<br> **Period\***<br> **7/1/22 -**<br> **12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.90 | $5.76 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.46 | 5.80 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.14%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.14%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.14%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.14%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

942

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (1.5%)** | **Australia (1.5%)** | **Australia (1.5%)** |
|  Goodman Group (REIT) | 85857 | $1014791 |
|  Rio Tinto plc | 28632 | 2006958 |
|  |  | 3021749 |
|  **Canada (15.5%)** | **Canada (15.5%)** | **Canada (15.5%)** |
|  Agnico Eagle Mines Ltd. | 35285 | 1833569 |
|  Cameco Corp. | 68745 | 1558186 |
|  Canfor Corp.\* | 227916 | 3587068 |
|  Enbridge, Inc. | 208531 | 8150266 |
|  Interfor Corp.\* | 212065 | 3289044 |
|  Keyera Corp. | 229731 | 5020488 |
|  Nutrien Ltd. | 51750 | 3778056 |
|  Pembina Pipeline Corp. | 51193 | 1737688 |
|  TC Energy Corp. | 65092 | 2595027 |
|  |  | 31549392 |
|  **Chile (2.2%)** | **Chile (2.2%)** | **Chile (2.2%)** |
|  Lundin Mining Corp. | 713982 | 4381972 |
|  **China (3.3%)** | **China (3.3%)** | **China (3.3%)** |
|  ENN Energy Holdings Ltd. | 215100 | 3020320 |
|  Wilmar International Ltd. | 1163600 | 3622676 |
|  |  | 6642996 |
|  **France (4.7%)** | **France (4.7%)** | **France (4.7%)** |
|  Gecina SA (REIT) | 15365 | 1564976 |
|  Vinci SA | 80640 | 8052895 |
|  |  | 9617871 |
|  **Germany (1.1%)** | **Germany (1.1%)** | **Germany (1.1%)** |
|  LEG Immobilien SE | 33119 | 2157623 |
|  **Hong Kong (3.3%)** | **Hong Kong (3.3%)** | **Hong Kong (3.3%)** |
|  Hang Lung Properties Ltd. | 1775000 | 3470203 |
|  Link REIT (REIT) | 449500 | 3299791 |
|  |  | 6769994 |
|  **Netherlands (0.7%)** | **Netherlands (0.7%)** | **Netherlands (0.7%)** |
|  Shell plc | 48920 | 1375639 |
|  **Singapore (0.7%)** | **Singapore (0.7%)** | **Singapore (0.7%)** |
|  Keppel DC REIT (REIT) | 1059000 | 1399455 |
|  **Spain (4.5%)** | **Spain (4.5%)** | **Spain (4.5%)** |
|  Aena SME SA (m)\* | 31102 | 3905285 |
|  Cellnex Telecom SA (m) | 159742 | 5287191 |
|  |  | 9192476 |
|  **Sweden (0.9%)** | **Sweden (0.9%)** | **Sweden (0.9%)** |
|  Castellum AB | 148057 | 1791324 |
|  **United Kingdom (6.4%)** | **United Kingdom (6.4%)** | **United Kingdom (6.4%)** |
|  Capital & Counties Properties plc (REIT) | 1682880 | 2166761 |
|  Derwent London plc (REIT) | 74767 | 2140425 |
|  National Grid plc | 432093 | 5210207 |
|  Pennon Group plc | 134695 | 1446829 |
|  Segro plc (REIT) | 225233 | 2079248 |
|  |  | 13043470 |
|  **United States (54.2%)** | **United States (54.2%)** | **United States (54.2%)** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 11840 | 1724733 |
|  American Homes 4 Rent (REIT), Class A | 52889 | 1594074 |
|  American Tower Corp. (REIT) | 45947 | 9734331 |
|  Camden Property Trust (REIT) | 6459 | 722633 |
|  Cheniere Energy, Inc. | 28436 | 4264263 |
|  Chevron Corp. | 9361 | 1680206 |
|  Crown Castle, Inc. (REIT) | 30962 | 4199686 |
|  CubeSmart (REIT) | 80160 | 3226440 |
|  Digital Realty Trust, Inc. (REIT) | 46726 | 4685216 |
|  Edison International | 19354 | 1231301 |
|  EOG Resources, Inc. | 5090 | 659257 |
|  Equinix, Inc. (REIT) | 3251 | 2129503 |
|  Essential Utilities, Inc. | 89777 | 4285056 |
|  Exxon Mobil Corp. | 21848 | 2409834 |
|  Healthpeak Properties, Inc. (REIT) | 127837 | 3204874 |
|  Invitation Homes, Inc. (REIT) | 72733 | 2155806 |
|  Kilroy Realty Corp. (REIT) | 86334 | 3338536 |
|  Life Storage, Inc. (REIT) | 31510 | 3103735 |
|  Mid-America Apartment Communities, Inc. (REIT) | 7190 | 1128758 |
|  ONEOK, Inc. | 50156 | 3295249 |
|  Pebblebrook Hotel Trust (REIT) | 67755 | 907239 |
|  Pioneer Natural Resources Co. | 3679 | 840247 |
|  Prologis, Inc. (REIT) | 87901 | 9909080 |
|  Rexford Industrial Realty, Inc. (REIT) | 87824 | 4798703 |
|  RLJ Lodging Trust (REIT) | 99384 | 1052477 |
|  SBA Communications Corp. (REIT) | 15288 | 4285379 |
|  Simon Property Group, Inc. (REIT) | 20737 | 2436183 |
|  SITE Centers Corp. (REIT) | 186530 | 2548000 |
|  Sun Communities, Inc. (REIT) | 28115 | 4020445 |
|  Targa Resources Corp. | 82706 | 6078891 |
|  UDR, Inc. (REIT) | 92528 | 3583609 |
|  Ventas, Inc. (REIT) | 86551 | 3899123 |
|  Welltower, Inc. (REIT) | 71419 | 4681515 |
|  Westrock Co. | 43720 | 1537195 |
|  Williams Cos., Inc. (The) | 29390 | 966931 |
|  |  | 110318508 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $212,889,200)* | **Total Investments in Securities (99.0%)**<br> *(Cost $212,889,200)* | 201262469 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 2099785 |
|  **Net Assets (100%)** |  | $203362254 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $9,192,476 or 4.5% of net assets.* 

*Glossary:* 

*REIT — Real Estate Investment Trust* 

See Notes to Financial Statements.

943

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**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $3021749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3021749 |
|  Canada | 31549392 |  |  | 31549392 |
|  Chile | 4381972 |  |  | 4381972 |
|  China |  | 6642996 |  | 6642996 |
|  France |  | 9617871 |  | 9617871 |
|  Germany |  | 2157623 |  | 2157623 |
|  Hong Kong |  | 6769994 |  | 6769994 |
|  Netherlands |  | 1375639 |  | 1375639 |
|  Singapore |  | 1399455 |  | 1399455 |
|  Spain |  | 9192476 |  | 9192476 |
|  Sweden |  | 1791324 |  | 1791324 |
|  United Kingdom |  | 13043470 |  | 13043470 |
|  United States | 110318508 |  |  | 110318508 |
|  **Total Assets** | $**146249872** | $**55012597** | $**—** | $**201262469** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**146249872** | $**55012597** | $**—** | $**201262469** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 | $13403 |
|  **Total** | $13403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $16,623,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $216351919 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224161195 |

---

See Notes to Financial Statements.

944

------

**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $10416722 |
|  Aggregate gross unrealized depreciation | (22488504) |
|  Net unrealized depreciation | $(12071782) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213334251 |

---

See Notes to Financial Statements.

945

------

**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $212,889,200) | $201262469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1466432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $227,653) | 227065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 694930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 28244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 27818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 203706958 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 128672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 106027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 43766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 16638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 49601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 344704 |
|  **NET ASSETS** | $203362254 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $214959906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (11597652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $203362254 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $203,362,254 / 14,163,834 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.36 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $339,580 foreign withholding tax) | $5938870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 11802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5950672 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1600413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 544357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 201920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 71449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2476263 |
|  **NET INVESTMENT INCOME (LOSS)** | 3474409 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 6330185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 13403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (30781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6312807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (30418352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (6894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (30425246) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (24112439) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(20638030) |

---

See Notes to Financial Statements.

946

------

**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3474409 | $3507453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6312807 | 30571967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (30425246) | 7003861 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (20638030) | 41083281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10664369) | (8726496) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 933,607 and 1,540,110 shares, respectively ] | 14591768 | 24043638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 720,881 and 546,158 shares, respectively ] | 10664369 | 8726496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1742645) and (1510976) shares, respectively ] | (27477300) | (23678064) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (2221163) | 9092070 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (33523562) | 41448855 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 236885816 | 195436961 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $203362254 | $236885816 |

---

See Notes to Financial Statements.

947

------

**EQ ADVISORS TRUST** 

EQ/INVESCO GLOBAL REAL ASSETS PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\* to<br>December 31, 2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\* to<br>December 31, 2018** |
|  Net asset value, beginning of period | $16.62 | $14.29 | $16.74 | $14.96 | $15.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.26 | 0.24 | 0.34 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.72) | 2.71 | (2.30) | 2.98 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.47) | 2.97 | (2.06) | 3.32 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.48) | (0.35) | (0.74) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.53) | (0.16) | (0.04) | (0.80) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.79) | (0.64) | (0.39) | (1.54) | (0.09) |
|  Net asset value, end of period | $14.36 | $16.62 | $14.29 | $16.74 | $14.96 |
|  Total return (b) | (8.97)% | 20.99% | (12.22)% | 22.53% | (1.24)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196349 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.14 %(j) | 1.18 %(g)(k) | 1.20 %(m) | 1.21 %(n) | 1.28 %(g)(o) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.14% | 1.18 %(g) | 1.21% | 1.21% | 1.28 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.60% | 1.62% | 1.70% | 2.00% | 2.23 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.60% | 1.62% | 1.68% | 2.00% | 2.23 %(l) |
|  Portfolio turnover rate^ | 100% | 140% | 155% | 58% | 8 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of less than 0.005% for the year ended December 31, 2021 and Tax expense of 0.01% for the period ended December 31, 2018.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.28% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

948

------

**EQ/INVESCO MODERATE ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g56t89.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (12.89)% | 2.10% | 2.55 | % |
| &nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Allocation Index | (11.75) | 3.53 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 10.35 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.59 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/30/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (12.89)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Invesco Moderate Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (11.75)%, (18.11)% and (7.73)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio's equity cash allocation provided a small positive contribution to absolute return.

***What hurt performance during the year:***

• The Portfolio's U.S. large cap equities allocation was the largest detractor to absolute performance.

• Allocations to fixed income detracted from absolute performance for the period as well.

• Given the volatile markets seen throughout the year, the Portfolio saw frequent hedging activities, some periods longer
than others. The longest period of hedging began on August 2, 2022 and lasted about 86 trading days, until December 1, 2022. The Portfolio's volatility hedge detracted from absolute performance.

**Portfolio Positioning and Outlook — Invesco Advisers, Inc.** 

The outlook for 2023 is largely dependent on the path of monetary policy, which in turn is heavily reliant on the path of inflation. Our base case is that inflation will moderate, leading to a pause in central bank tightening in the first half of 2023. We expect a rising global risk appetite, reflecting a positive repricing of recession risks in terms of timing, duration and magnitude. In the shorter term, we expect a tug of war between "risk on" and "risk off" market environments. However, as the year unfolds, we expect risk assets to perform better, which is likely to result in better relative performance for equity markets in value-oriented regions and cyclical sectors of the stock market, as well as risky credit and investment grade credit. Currency preferences include the Australian dollar, Canadian dollar and Brazilian real as we expect the U.S. dollar to continue to weaken.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 3.93 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.51 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.69 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

949

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**EQ/INVESCO MODERATE ALLOCATION PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 50.9% |
| &nbsp;&nbsp;&nbsp; Investment Company | 13.5 |
| &nbsp;&nbsp;&nbsp; Information Technology | 8.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 5.0 |
| &nbsp;&nbsp;&nbsp; Financials | 3.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 3.0 |
| &nbsp;&nbsp;&nbsp; Industrials | 2.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.2 |
| &nbsp;&nbsp;&nbsp; Energy | 1.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.9 |
| &nbsp;&nbsp;&nbsp; Materials | 0.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.7 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 4.5 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1002.90 | $5.86 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.35 | 5.91 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.16%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

950

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.2%)** | **Communication Services (2.2%)** | **Communication Services (2.2%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  AT&T, Inc. | 21003 | $386665 |  |
|  Lumen Technologies, Inc. | 2709 | 14141 |  |
|  Verizon Communications, Inc. | 12139 | 478277 |  |
|  |  | 879083 |  |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | **** |
|  Activision Blizzard, Inc. | 2190 | 167644 |  |
|  Electronic Arts, Inc. | 890 | 108740 |  |
|  Live Nation Entertainment, Inc.\* | 443 | 30895 |  |
|  Netflix, Inc.\* | 1261 | 371844 |  |
|  Take-Two Interactive Software, Inc.\* | 344 | 35821 |  |
|  Walt Disney Co. (The)\* | 5108 | 443783 |  |
|  Warner Bros Discovery, Inc.\* | 6595 | 62521 |  |
|  |  | 1221248 |  |
|  ***Interactive Media & Services (1.2%)*** | ***Interactive Media & Services (1.2%)*** | ***Interactive Media & Services (1.2%)*** | **** |
|  Alphabet, Inc., Class A\* | 17379 | 1533349 |  |
|  Alphabet, Inc., Class C\* | 17639 | 1565108 |  |
|  Match Group, Inc.\* | 853 | 35391 |  |
|  Meta Platforms, Inc., Class A\* | 6846 | 823848 |  |
|  |  | 3957696 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  Charter Communications, Inc., Class A\* | 542 | 183792 |  |
|  Comcast Corp., Class A | 14508 | 507345 |  |
|  DISH Network Corp., Class A\* | 590 | 8284 |  |
|  Fox Corp., Class A | 1006 | 30552 |  |
|  Fox Corp., Class B | 416 | 11835 |  |
|  Interpublic Group of Cos., Inc. (The) | 1162 | 38706 |  |
|  News Corp., Class A | 1302 | 23696 |  |
|  News Corp., Class B | 699 | 12890 |  |
|  Omnicom Group, Inc. | 699 | 57018 |  |
|  Paramount Global, Class B | 1673 | 28240 |  |
|  |  | 902358 |  |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | **** |
|  T-Mobile US, Inc.\* | 921 | 128940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7089325 |  |
|  **Consumer Discretionary (3.0%)** | **Consumer Discretionary (3.0%)** | **Consumer Discretionary (3.0%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 791 | 73666 |  |
|  BorgWarner, Inc. | 604 | 24311 |  |
|  |  | 97977 |  |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | **** |
|  Ford Motor Co. | 11424 | 132861 |  |
|  General Motors Co. | 3532 | 118816 |  |
|  Tesla, Inc.\* | 6716 | 827277 |  |
|  |  | 1078954 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Genuine Parts Co. | 446 | 77385 |  |
|  LKQ Corp. | 834 | 44544 |  |
|  Pool Corp. | 118 | 35675 |  |
|  |  | 157604 |  |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | **** |
|  Booking Holdings, Inc.\* | 145 | 292216 |  |
|  Caesars Entertainment, Inc.\* | 671 | 27914 |  |
|  Carnival Corp.\* | 1125 | 9067 |  |
|  Chipotle Mexican Grill, Inc.\* | 81 | 112387 |  |
|  Darden Restaurants, Inc. | 367 | 50767 |  |
|  Domino's Pizza, Inc. | 115 | 39836 |  |
|  Expedia Group, Inc.\* | 372 | 32587 |  |
|  Hilton Worldwide Holdings, Inc. | 818 | 103362 |  |
|  Las Vegas Sands Corp.\* | 1017 | 48887 |  |
|  Marriott International, Inc., Class A | 813 | 121048 |  |
|  McDonald's Corp. | 2296 | 605065 |  |
|  MGM Resorts International | 1347 | 45165 |  |
|  Norwegian Cruise Line Holdings Ltd.\* | 540 | 6610 |  |
|  Royal Caribbean Cruises Ltd.\* | 493 | 24369 |  |
|  Starbucks Corp. | 4013 | 398090 |  |
|  Wynn Resorts Ltd.\* | 265 | 21854 |  |
|  Yum! Brands, Inc. | 939 | 120267 |  |
|  |  | 2059491 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 978 | 87179 |  |
|  Garmin Ltd. | 339 | 31287 |  |
|  Lennar Corp., Class A | 752 | 68056 |  |
|  Mohawk Industries, Inc.\* | 187 | 19115 |  |
|  Newell Brands, Inc. | 1453 | 19005 |  |
|  NVR, Inc.\* | 7 | 32288 |  |
|  PulteGroup, Inc. | 685 | 31188 |  |
|  Whirlpool Corp. | 185 | 26170 |  |
|  |  | 314288 |  |
|  ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | ***Internet & Direct Marketing Retail (0.7%)*** | **** |
|  Amazon.com, Inc.\* | 23819 | 2000796 |  |
|  eBay, Inc. | 2737 | 113504 |  |
|  Etsy, Inc.\* | 335 | 40126 |  |
|  |  | 2154426 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 359 | 21903 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp. | 763 | 187889 |  |
|  Dollar Tree, Inc.\* | 733 | 103675 |  |
|  Target Corp. | 1628 | 242637 |  |
|  |  | 534201 |  |
|  ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | **** |
|  Advance Auto Parts, Inc. | 212 | 31171 |  |
|  AutoZone, Inc.\* | 94 | 231821 |  |
|  Bath & Body Works, Inc. | 723 | 30467 |  |
|  Best Buy Co., Inc. | 752 | 60318 |  |
|  CarMax, Inc.\* | 526 | 32028 |  |
|  Home Depot, Inc. (The) | 3355 | 1059710 |  |
|  Lowe's Cos., Inc. | 2409 | 479969 |  |
|  O'Reilly Automotive, Inc.\* | 247 | 208476 |  |
|  Ross Stores, Inc. | 1087 | 126168 |  |
|  TJX Cos., Inc. (The) | 3642 | 289903 |  |
|  Tractor Supply Co. | 356 | 80089 |  |
|  Ulta Beauty, Inc.\* | 172 | 80680 |  |
|  |  | 2710800 |  |

---

See Notes to Financial Statements.

951

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | **** |
|  NIKE, Inc., Class B | 3696 | $432469 |  |
|  Ralph Lauren Corp. | 164 | 17330 |  |
|  Tapestry, Inc. | 861 | 32787 |  |
|  VF Corp. | 898 | 24793 |  |
|  |  | 507379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 9637023 |  |
|  **Consumer Staples (2.2%)** | **Consumer Staples (2.2%)** | **Consumer Staples (2.2%)** |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | **** |
|  Brown-Forman Corp., Class B | 807 | 53004 |  |
|  Coca-Cola Co. (The) | 11055 | 703209 |  |
|  Constellation Brands, Inc., Class A | 474 | 109849 |  |
|  Keurig Dr Pepper, Inc. | 2172 | 77454 |  |
|  Molson Coors Beverage Co., Class B | 572 | 29469 |  |
|  Monster Beverage Corp.\* | 1155 | 117267 |  |
|  PepsiCo, Inc. | 4043 | 730408 |  |
|  |  | 1820660 |  |
|  ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | **** |
|  Costco Wholesale Corp. | 1261 | 575647 |  |
|  Kroger Co. (The) | 2316 | 103247 |  |
|  Sysco Corp. | 1341 | 102520 |  |
|  Walgreens Boots Alliance, Inc. | 2459 | 91868 |  |
|  Walmart, Inc. | 4208 | 596652 |  |
|  |  | 1469934 |  |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | **** |
|  Archer-Daniels-Midland Co. | 1611 | 149581 |  |
|  Campbell Soup Co. | 483 | 27410 |  |
|  Conagra Brands, Inc. | 1141 | 44157 |  |
|  General Mills, Inc. | 1658 | 139023 |  |
|  Hershey Co. (The) | 424 | 98186 |  |
|  Hormel Foods Corp. | 741 | 33753 |  |
|  J M Smucker Co. (The) | 307 | 48647 |  |
|  Kellogg Co. | 760 | 54142 |  |
|  Kraft Heinz Co. (The) | 1673 | 68108 |  |
|  Lamb Weston Holdings, Inc. | 430 | 38425 |  |
|  McCormick & Co., Inc. (Non-Voting) | 696 | 57691 |  |
|  Mondelez International, Inc., Class A | 4319 | 287861 |  |
|  Tyson Foods, Inc., Class A | 902 | 56150 |  |
|  |  | 1103134 |  |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | **** |
|  Church & Dwight Co., Inc. | 752 | 60619 |  |
|  Clorox Co. (The) | 406 | 56974 |  |
|  Colgate-Palmolive Co. | 2573 | 202727 |  |
|  Kimberly-Clark Corp. | 1017 | 138058 |  |
|  Procter & Gamble Co. (The) | 7267 | 1101386 |  |
|  |  | 1559764 |  |
|  ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 665 | 164993 |  |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | **** |
|  Altria Group, Inc. | 5400 | 246834 |  |
|  Philip Morris International, Inc. | 4484 | 453826 |  |
|  |  | 700660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6819145 |  |
|  **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Baker Hughes Co. | 1206 | 35613 |  |
|  Halliburton Co. | 2544 | 100107 |  |
|  Schlumberger Ltd. | 4022 | 215016 |  |
|  |  | 350736 |  |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | **** |
|  APA Corp. | 1128 | 52655 |  |
|  Chevron Corp. | 5732 | 1028837 |  |
|  ConocoPhillips | 4019 | 474242 |  |
|  Coterra Energy, Inc. | 1489 | 36585 |  |
|  Devon Energy Corp. | 1468 | 90297 |  |
|  Diamondback Energy, Inc. | 449 | 61414 |  |
|  EOG Resources, Inc. | 1685 | 218241 |  |
|  EQT Corp. | 1083 | 36638 |  |
|  Exxon Mobil Corp. | 12353 | 1362536 |  |
|  Hess Corp. | 791 | 112180 |  |
|  Kinder Morgan, Inc. | 5723 | 103472 |  |
|  Marathon Oil Corp. | 2512 | 68000 |  |
|  Marathon Petroleum Corp. | 1321 | 153751 |  |
|  Occidental Petroleum Corp. | 2721 | 171396 |  |
|  ONEOK, Inc. | 1245 | 81796 |  |
|  Phillips 66 | 1228 | 127810 |  |
|  Pioneer Natural Resources Co. | 488 | 111454 |  |
|  Targa Resources Corp. | 704 | 51744 |  |
|  Valero Energy Corp. | 1261 | 159970 |  |
|  Williams Cos., Inc. (The) | 2469 | 81230 |  |
|  |  | 4584248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 4934984 |  |
|  **Financials (3.8%)** | **Financials (3.8%)** | **Financials (3.8%)** |  |
|  ***Banks (1.3%)*** | ***Banks (1.3%)*** | ***Banks (1.3%)*** | **** |
|  Bank of America Corp. | 26887 | 890497 |  |
|  Citigroup, Inc. | 7224 | 326742 |  |
|  Citizens Financial Group, Inc. | 1344 | 52913 |  |
|  Comerica, Inc. | 515 | 34428 |  |
|  Fifth Third Bancorp | 2043 | 67031 |  |
|  First Republic Bank | 491 | 59848 |  |
|  Huntington Bancshares, Inc. | 3141 | 44288 |  |
|  JPMorgan Chase & Co. | 9754 | 1308011 |  |
|  KeyCorp | 3103 | 54054 |  |
|  M&T Bank Corp. | 572 | 82974 |  |
|  PNC Financial Services Group, Inc. (The) | 1333 | 210534 |  |
|  Regions Financial Corp. | 3036 | 65456 |  |
|  Signature Bank | 191 | 22007 |  |
|  SVB Financial Group\* | 169 | 38894 |  |
|  Truist Financial Corp. | 3862 | 166182 |  |
|  US Bancorp | 4484 | 195547 |  |
|  Wells Fargo & Co. | 12519 | 516910 |  |
|  Zions Bancorp NA | 515 | 25317 |  |
|  |  | 4161633 |  |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | **** |
|  Ameriprise Financial, Inc. | 433 | 134823 |  |
|  Bank of New York Mellon Corp. (The) | 2891 | 131598 |  |
|  BlackRock, Inc. | 364 | 257941 |  |
|  Cboe Global Markets, Inc. | 356 | 44667 |  |
|  Charles Schwab Corp. (The) | 3436 | 286081 |  |
|  CME Group, Inc. | 978 | 164461 |  |

---

See Notes to Financial Statements.

952

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  FactSet Research Systems, Inc. | 123 | $| 49349 |  |
|  Franklin Resources, Inc. | 843 |  | 22238 |  |
|  Goldman Sachs Group, Inc. (The) | 989 |  | 339603 |  |
|  Intercontinental Exchange, Inc. | 1669 |  | 171223 |  |
|  MarketAxess Holdings, Inc. | 118 |  | 32909 |  |
|  Moody's Corp. | 477 |  | 132902 |  |
|  Morgan Stanley | 4657 |  | 395938 |  |
|  MSCI, Inc. | 253 |  | 117688 |  |
|  Nasdaq, Inc. | 1155 |  | 70859 |  |
|  Northern Trust Corp. | 604 |  | 53448 |  |
|  Raymond James Financial, Inc. | 575 |  | 61439 |  |
|  S&P Global, Inc. | 1020 |  | 341639 |  |
|  State Street Corp. | 1075 |  | 83388 |  |
| T. Rowe Price Group, Inc. | 714 |  | 77869 |  |
|  |  |  | 2970063 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 2011 |  | 297125 |  |
|  Capital One Financial Corp. | 1359 |  | 126333 |  |
|  Discover Financial Services | 1028 |  | 100569 |  |
|  Synchrony Financial | 1959 |  | 64373 |  |
|  |  |  | 588400 |  |
|  ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 5591 |  | 1727060 |  |
|  ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | ***Insurance (0.8%)*** | **** |
|  Aflac, Inc. | 2187 |  | 157333 |  |
|  Allstate Corp. (The) | 1026 |  | 139126 |  |
|  American International Group, Inc. | 2570 |  | 162527 |  |
|  Aon plc, Class A | 750 |  | 225105 |  |
|  Arch Capital Group Ltd.\* | 1203 |  | 75524 |  |
|  Arthur J Gallagher & Co. | 517 |  | 97475 |  |
|  Assurant, Inc. | 136 |  | 17008 |  |
|  Brown & Brown, Inc. | 782 |  | 44551 |  |
|  Chubb Ltd. | 1403 |  | 309502 |  |
|  Cincinnati Financial Corp. | 406 |  | 41570 |  |
|  Everest Re Group Ltd. | 115 |  | 38096 |  |
|  Globe Life, Inc. | 332 |  | 40023 |  |
|  Hartford Financial Services Group, Inc. (The) | 1044 |  | 79166 |  |
|  Lincoln National Corp. | 630 |  | 19354 |  |
|  Loews Corp. | 699 |  | 40773 |  |
|  Marsh & McLennan Cos., Inc. | 1453 |  | 240442 |  |
|  MetLife, Inc. | 2945 |  | 213130 |  |
|  Principal Financial Group, Inc. | 760 |  | 63779 |  |
|  Progressive Corp. (The) | 1718 |  | 222842 |  |
|  Prudential Financial, Inc. | 1222 |  | 121540 |  |
|  Travelers Cos., Inc. (The) | 772 |  | 144742 |  |
|  W R Berkley Corp. | 679 |  | 49275 |  |
|  Willis Towers Watson plc | 392 |  | 95875 |  |
|  |  |  | 2638758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 12085914 |  |
|  **Health Care (5.0%)** | **Health Care (5.0%)** | **Health Care (5.0%)** | **Health Care (5.0%)** |  |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | **** |
|  AbbVie, Inc. | 5345 |  | 863805 |  |
|  Amgen, Inc. | 1932 |  | 507421 |  |
|  Biogen, Inc.\* | 620 |  | 171690 |  |
|  Gilead Sciences, Inc. | 3942 |  | 338421 |  |
|  Incyte Corp.\* | 491 |  | 39437 |  |
|  Moderna, Inc.\* | 918 |  | 164891 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 228 |  | 164500 |  |
|  Vertex Pharmaceuticals, Inc.\* | 760 |  | 219473 |  |
|  |  |  | 2469638 |  |
|  ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | ***Health Care Equipment & Supplies (0.8%)*** | **** |
|  Abbott Laboratories | 5250 |  | 576398 |  |
|  Align Technology, Inc.\* | 220 |  | 46398 |  |
|  Baxter International, Inc. | 1459 |  | 74365 |  |
|  Becton Dickinson and Co. | 791 |  | 201151 |  |
|  Boston Scientific Corp.\* | 4065 |  | 188088 |  |
|  Cooper Cos., Inc. (The) | 151 |  | 49931 |  |
|  Dentsply Sirona, Inc. | 604 |  | 19231 |  |
|  Dexcom, Inc.\* | 1120 |  | 126829 |  |
|  Edwards Lifesciences Corp.\* | 1710 |  | 127583 |  |
|  Hologic, Inc.\* | 818 |  | 61195 |  |
|  IDEXX Laboratories, Inc.\* | 247 |  | 100766 |  |
|  Intuitive Surgical, Inc.\* | 1017 |  | 269861 |  |
|  Medtronic plc | 3958 |  | 307616 |  |
|  ResMed, Inc. | 449 |  | 93450 |  |
|  STERIS plc | 267 |  | 49312 |  |
|  Stryker Corp. | 939 |  | 229576 |  |
|  Teleflex, Inc. | 136 |  | 33950 |  |
|  Zimmer Biomet Holdings, Inc. | 604 |  | 77010 |  |
|  |  |  | 2632710 |  |
|  ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | ***Health Care Providers & Services (1.2%)*** | **** |
|  AmerisourceBergen Corp. | 474 |  | 78547 |  |
|  Cardinal Health, Inc. | 950 |  | 73027 |  |
|  Centene Corp.\* | 1673 |  | 137203 |  |
|  Cigna Corp. | 1092 |  | 361823 |  |
|  CVS Health Corp. | 3727 |  | 347319 |  |
|  DaVita, Inc.\* | 392 |  | 29271 |  |
|  Elevance Health, Inc. | 741 |  | 380111 |  |
|  HCA Healthcare, Inc. | 815 |  | 195567 |  |
|  Henry Schein, Inc.\* | 446 |  | 35622 |  |
|  Humana, Inc. | 401 |  | 205388 |  |
|  Laboratory Corp. of America Holdings | 307 |  | 72292 |  |
|  McKesson Corp. | 594 |  | 222821 |  |
|  Molina Healthcare, Inc.\* | 175 |  | 57788 |  |
|  Quest Diagnostics, Inc. | 369 |  | 57726 |  |
|  UnitedHealth Group, Inc. | 2795 |  | 1481853 |  |
|  Universal Health Services, Inc., Class B | 247 |  | 34800 |  |
|  |  |  | 3771158 |  |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | **** |
|  Agilent Technologies, Inc. | 973 |  | 145609 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 73 |  | 30696 |  |
|  Bio-Techne Corp. | 461 |  | 38208 |  |
|  Charles River Laboratories International, Inc.\* | 162 |  | 35300 |  |
|  Danaher Corp. | 1790 |  | 475102 |  |
|  Illumina, Inc.\* | 430 |  | 86946 |  |
|  IQVIA Holdings, Inc.\* | 474 |  | 97118 |  |
|  Mettler-Toledo International, Inc.\* | 85 |  | 122863 |  |
|  PerkinElmer, Inc. | 372 |  | 52162 |  |
|  Thermo Fisher Scientific, Inc. | 1186 |  | 653118 |  |
|  Waters Corp.\* | 247 |  | 84617 |  |
|  West Pharmaceutical Services, Inc. | 211 |  | 49659 |  |
|  |  |  | 1871398 |  |

---

See Notes to Financial Statements.

953

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | **** |
|  Bristol-Myers Squibb Co. | 6726 | $483936 |  |
|  Catalent, Inc.\* | 461 | 20749 |  |
|  Eli Lilly and Co. | 2786 | 1019230 |  |
|  Johnson & Johnson | 7861 | 1388646 |  |
|  Merck & Co., Inc. | 7926 | 879390 |  |
|  Organon & Co. | 791 | 22093 |  |
|  Pfizer, Inc. | 18218 | 933490 |  |
|  Viatris, Inc. | 3694 | 41114 |  |
|  Zoetis, Inc. | 1418 | 207808 |  |
|  |  | 4996456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 15741360 |  |
|  **Industrials (2.7%)** | **Industrials (2.7%)** | **Industrials (2.7%)** |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | **** |
|  Boeing Co. (The)\* | 1544 | 294117 |  |
|  General Dynamics Corp. | 779 | 193278 |  |
|  Howmet Aerospace, Inc. | 1155 | 45519 |  |
|  Huntington Ingalls Industries, Inc. | 136 | 31372 |  |
|  L3Harris Technologies, Inc. | 665 | 138460 |  |
|  Lockheed Martin Corp. | 723 | 351732 |  |
|  Northrop Grumman Corp. | 502 | 273896 |  |
|  Raytheon Technologies Corp. | 4241 | 428002 |  |
|  Textron, Inc. | 723 | 51188 |  |
|  TransDigm Group, Inc. | 139 | 87521 |  |
|  |  | 1895085 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 406 | 37173 |  |
|  Expeditors International of Washington, Inc. | 482 | 50090 |  |
|  FedEx Corp. | 729 | 126263 |  |
|  United Parcel Service, Inc., Class B | 1994 | 346637 |  |
|  |  | 560163 |  |
|  ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | **** |
|  Alaska Air Group, Inc.\* | 316 | 13569 |  |
|  American Airlines Group, Inc.\* | 1174 | 14933 |  |
|  Delta Air Lines, Inc.\* | 1836 | 60331 |  |
|  Southwest Airlines Co.\* | 1459 | 49125 |  |
|  United Airlines Holdings, Inc.\* | 630 | 23751 |  |
|  |  | 161709 |  |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | **** |
|  A O Smith Corp. | 468 | 26788 |  |
|  Allegion plc | 271 | 28526 |  |
|  Carrier Global Corp. | 2293 | 94586 |  |
|  Johnson Controls International plc | 2728 | 174592 |  |
|  Masco Corp. | 890 | 41536 |  |
|  Trane Technologies plc | 757 | 127244 |  |
|  |  | 493272 |  |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |
|  Cintas Corp. | 256 | 115615 |  |
|  Copart, Inc.\* | 1188 | 72337 |  |
|  Republic Services, Inc. | 699 | 90164 |  |
|  Rollins, Inc. | 574 | 20974 |  |
|  Waste Management, Inc. | 1159 | 181824 |  |
|  |  | 480914 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  Quanta Services, Inc. | 403 | 57427 |  |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | **** |
|  AMETEK, Inc. | 668 | 93333 |  |
|  Eaton Corp. plc | 1251 | 196345 |  |
|  Emerson Electric Co. | 1870 | 179632 |  |
|  Generac Holdings, Inc.\* | 190 | 19125 |  |
|  Rockwell Automation, Inc. | 372 | 95816 |  |
|  |  | 584251 |  |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | **** |
|  3M Co. | 1710 | 205063 |  |
|  General Electric Co. | 3053 | 255811 |  |
|  Honeywell International, Inc. | 2172 | 465460 |  |
|  |  | 926334 |  |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | **** |
|  Caterpillar, Inc. | 1751 | 419470 |  |
|  Cummins, Inc. | 474 | 114845 |  |
|  Deere & Co. | 930 | 398747 |  |
|  Dover Corp. | 474 | 64184 |  |
|  Fortive Corp. | 890 | 57182 |  |
|  IDEX Corp. | 223 | 50918 |  |
|  Illinois Tool Works, Inc. | 873 | 192322 |  |
|  Ingersoll Rand, Inc. | 674 | 35217 |  |
|  Nordson Corp. | 137 | 32568 |  |
|  Otis Worldwide Corp. | 1167 | 91388 |  |
|  PACCAR, Inc. | 999 | 98871 |  |
|  Parker-Hannifin Corp. | 385 | 112035 |  |
|  Pentair plc | 482 | 21680 |  |
|  Snap-on, Inc. | 172 | 39300 |  |
|  Stanley Black & Decker, Inc. | 468 | 35156 |  |
|  Westinghouse Air Brake Technologies Corp. | 136 | 13574 |  |
|  Xylem, Inc. | 515 | 56944 |  |
|  |  | 1834401 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  CoStar Group, Inc.\* | 1259 | 97295 |  |
|  Equifax, Inc. | 379 | 73662 |  |
|  Jacobs Solutions, Inc. | 313 | 37582 |  |
|  Leidos Holdings, Inc. | 424 | 44601 |  |
|  Robert Half International, Inc. | 313 | 23109 |  |
|  Verisk Analytics, Inc. | 433 | 76390 |  |
|  |  | 352639 |  |
|  ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | **** |
|  CSX Corp. | 7574 | 234643 |  |
|  JB Hunt Transport Services, Inc. | 228 | 39754 |  |
|  Norfolk Southern Corp. | 846 | 208471 |  |
|  Old Dominion Freight Line, Inc. | 313 | 88823 |  |
|  Union Pacific Corp. | 2235 | 462801 |  |
|  |  | 1034492 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Fastenal Co. | 1694 | 80160 |  |
|  United Rentals, Inc.\* | 235 | 83524 |  |
|  WW Grainger, Inc. | 170 | 94562 |  |
|  |  | 258246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 8638933 |  |

---

See Notes to Financial Statements.

954

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Information Technology (8.1%)** | **Information Technology (8.1%)** | **Information Technology (8.1%)** |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | **** |
|  Arista Networks, Inc.\* | 639 | $77543 |  |
|  Cisco Systems, Inc. | 13961 | 665102 |  |
|  F5, Inc.\* | 199 | 28558 |  |
|  Juniper Networks, Inc. | 986 | 31513 |  |
|  Motorola Solutions, Inc. | 461 | 118804 |  |
|  |  | 921520 |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | **** |
|  Amphenol Corp., Class A | 1710 | 130200 |  |
|  CDW Corp. | 424 | 75718 |  |
|  Corning, Inc. | 2428 | 77550 |  |
|  Keysight Technologies, Inc.\* | 620 | 106064 |  |
|  TE Connectivity Ltd. | 1028 | 118014 |  |
|  Teledyne Technologies, Inc.\* | 145 | 57987 |  |
|  Trimble, Inc.\* | 677 | 34229 |  |
|  Zebra Technologies Corp., Class A\* | 161 | 41282 |  |
|  |  | 641044 |  |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | **** |
|  Accenture plc, Class A | 1853 | 494455 |  |
|  Akamai Technologies, Inc.\* | 474 | 39958 |  |
|  Automatic Data Processing, Inc. | 1268 | 302874 |  |
|  Broadridge Financial Solutions, Inc. | 361 | 48421 |  |
|  Cognizant Technology Solutions Corp., Class A | 1679 | 96022 |  |
|  DXC Technology Co.\* | 807 | 21385 |  |
|  EPAM Systems, Inc.\* | 165 | 54077 |  |
|  Fidelity National Information Services, Inc. | 1344 | 91190 |  |
|  Fiserv, Inc.\* | 1159 | 117140 |  |
|  FleetCor Technologies, Inc.\* | 256 | 47022 |  |
|  Gartner, Inc.\* | 256 | 86052 |  |
|  Global Payments, Inc. | 863 | 85713 |  |
|  International Business Machines Corp. | 2475 | 348703 |  |
|  Jack Henry & Associates, Inc. | 241 | 42310 |  |
|  Mastercard, Inc., Class A | 2635 | 916269 |  |
|  Paychex, Inc. | 978 | 113018 |  |
|  PayPal Holdings, Inc.\* | 3248 | 231323 |  |
|  VeriSign, Inc.\* | 298 | 61221 |  |
|  Visa, Inc., Class A | 5137 | 1067263 |  |
|  |  | 4264416 |  |
|  ***Semiconductors & Semiconductor Equipment (1.6%)*** | ***Semiconductors & Semiconductor Equipment (1.6%)*** | ***Semiconductors & Semiconductor Equipment (1.6%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 3736 | 241981 |  |
|  Analog Devices, Inc. | 1605 | 263268 |  |
|  Applied Materials, Inc. | 2951 | 287368 |  |
|  Broadcom, Inc. | 1192 | 666483 |  |
|  Enphase Energy, Inc.\* | 361 | 95650 |  |
|  First Solar, Inc.\* | 319 | 47783 |  |
|  Intel Corp. | 13596 | 359342 |  |
|  KLA Corp. | 468 | 176450 |  |
|  Lam Research Corp. | 477 | 200483 |  |
|  Microchip Technology, Inc. | 1351 | 94908 |  |
|  Micron Technology, Inc. | 3360 | 167933 |  |
|  Monolithic Power Systems, Inc. | 124 | 43848 |  |
|  NVIDIA Corp. | 7086 | 1035548 |  |
|  NXP Semiconductors NV | 818 | 129268 |  |
|  ON Semiconductor Corp.\* | 1245 | 77651 |  |
|  Qorvo, Inc.\* | 342 | 30999 |  |
|  QUALCOMM, Inc. | 4389 | 482527 |  |
|  Skyworks Solutions, Inc. | 551 | 50213 |  |
|  SolarEdge Technologies, Inc.\* | 163 | 46173 |  |
|  Teradyne, Inc. | 512 | 44723 |  |
|  Texas Instruments, Inc. | 2853 | 471373 |  |
|  |  | 5013972 |  |
|  ***Software (2.6%)*** | ***Software (2.6%)*** | ***Software (2.6%)*** | **** |
|  Adobe, Inc.\* | 1427 | 480228 |  |
|  ANSYS, Inc.\* | 241 | 58223 |  |
|  Autodesk, Inc.\* | 656 | 122587 |  |
|  Cadence Design Systems, Inc.\* | 763 | 122568 |  |
|  Ceridian HCM Holding, Inc.\* | 409 | 26237 |  |
|  Fortinet, Inc.\* | 2150 | 105114 |  |
|  Gen Digital, Inc. | 1950 | 41789 |  |
|  Intuit, Inc. | 723 | 281406 |  |
|  Microsoft Corp. | 22771 | 5460941 |  |
|  Oracle Corp. | 7309 | 597438 |  |
|  Paycom Software, Inc.\* | 158 | 49029 |  |
|  PTC, Inc.\* | 295 | 35412 |  |
|  Roper Technologies, Inc. | 313 | 135244 |  |
|  Salesforce, Inc.\* | 2073 | 274859 |  |
|  ServiceNow, Inc.\* | 515 | 199959 |  |
|  Synopsys, Inc.\* | 474 | 151343 |  |
|  Tyler Technologies, Inc.\* | 115 | 37077 |  |
|  |  | 8179454 |  |
|  ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** | ***Technology Hardware, Storage & Peripherals (2.1%)*** | **** |
|  Apple, Inc. | 49402 | 6418802 |  |
|  Hewlett Packard Enterprise Co. | 4535 | 72379 |  |
|  HP, Inc. | 4711 | 126585 |  |
|  NetApp, Inc. | 797 | 47868 |  |
|  Seagate Technology Holdings plc | 822 | 43245 |  |
|  Western Digital Corp.\* | 890 | 28079 |  |
|  |  | 6736958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 25757364 |  |
|  **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |  |
|  ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | **** |
|  Air Products and Chemicals, Inc. | 662 | 204068 |  |
|  Albemarle Corp. | 356 | 77202 |  |
|  Celanese Corp. | 415 | 42430 |  |
|  CF Industries Holdings, Inc. | 625 | 53250 |  |
|  Corteva, Inc. | 2256 | 132608 |  |
|  Dow, Inc. | 2220 | 111866 |  |
|  DuPont de Nemours, Inc. | 1063 | 72954 |  |
|  Eastman Chemical Co. | 412 | 33553 |  |
|  Ecolab, Inc. | 763 | 111062 |  |
|  FMC Corp. | 379 | 47299 |  |
|  International Flavors & Fragrances, Inc. | 1063 | 111445 |  |
|  Linde plc | 1611 | 525476 |  |
|  LyondellBasell Industries NV, Class A | 921 | 76471 |  |
|  Mosaic Co. (The) | 936 | 41062 |  |
|  PPG Industries, Inc. | 729 | 91664 |  |
|  Sherwin-Williams Co. (The) | 754 | 178947 |  |
|  |  | 1911357 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc. | 182 | 61511 |  |
|  Vulcan Materials Co. | 367 | 64265 |  |
|  |  | 125776 |  |

---

See Notes to Financial Statements.

955

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 1254 | $14935 |  |
|  Avery Dennison Corp. | 271 | 49051 |  |
|  Ball Corp. | 1104 | 56459 |  |
|  International Paper Co. | 1159 | 40136 |  |
|  Packaging Corp. of America | 307 | 39269 |  |
|  Sealed Air Corp. | 482 | 24042 |  |
|  Westrock Co. | 708 | 24893 |  |
|  |  | 248785 |  |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | **** |
|  Freeport-McMoRan, Inc. | 3819 | 145122 |  |
|  Newmont Corp. | 1595 | 75284 |  |
|  Nucor Corp. | 973 | 128251 |  |
|  Steel Dynamics, Inc. | 500 | 48850 |  |
|  |  | 397507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2683425 |  |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 331 | 48217 |  |
|  American Tower Corp. (REIT) | 1309 | 277325 |  |
|  AvalonBay Communities, Inc. (REIT) | 392 | 63316 |  |
|  Boston Properties, Inc. (REIT) | 424 | 28654 |  |
|  Camden Property Trust (REIT) | 332 | 37144 |  |
|  Crown Castle, Inc. (REIT) | 1231 | 166973 |  |
|  Digital Realty Trust, Inc. (REIT) | 604 | 60563 |  |
|  Equinix, Inc. (REIT) | 241 | 157862 |  |
|  Equity Residential (REIT) | 1053 | 62127 |  |
|  Essex Property Trust, Inc. (REIT) | 212 | 44927 |  |
|  Extra Space Storage, Inc. (REIT) | 353 | 51955 |  |
|  Federal Realty Investment Trust (REIT) | 214 | 21623 |  |
|  Healthpeak Properties, Inc. (REIT) | 1268 | 31789 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 2151 | 34524 |  |
|  Invitation Homes, Inc. (REIT) | 1871 | 55456 |  |
|  Iron Mountain, Inc. (REIT) | 757 | 37736 |  |
|  Kimco Realty Corp. (REIT) | 1150 | 24357 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 350 | 54947 |  |
|  Prologis, Inc. (REIT) | 1970 | 222078 |  |
|  Public Storage (REIT) | 449 | 125805 |  |
|  Realty Income Corp. (REIT) | 843 | 53471 |  |
|  Regency Centers Corp. (REIT) | 424 | 26500 |  |
|  SBA Communications Corp. (REIT) | 339 | 95025 |  |
|  Simon Property Group, Inc. (REIT) | 884 | 103852 |  |
|  UDR, Inc. (REIT) | 714 | 27653 |  |
|  Ventas, Inc. (REIT) | 999 | 45005 |  |
|  VICI Properties, Inc. (REIT) | 2600 | 84240 |  |
|  Vornado Realty Trust (REIT) | 532 | 11071 |  |
|  Welltower, Inc. (REIT) | 1026 | 67254 |  |
|  Weyerhaeuser Co. (REIT) | 2147 | 66557 |  |
|  |  | 2188006 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 846 | 65108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2253114 |  |
|  **Utilities (0.9%)** | **Utilities (0.9%)** | **Utilities (0.9%)** |  |
|  ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | ***Electric Utilities (0.6%)*** | **** |
|  Alliant Energy Corp. | 625 | 34506 |  |
|  American Electric Power Co., Inc. | 1427 | 135494 |  |
|  Constellation Energy Corp. | 944 | 81382 |  |
|  Duke Energy Corp. | 2000 | 205980 |  |
|  Edison International | 902 | 57385 |  |
|  Entergy Corp. | 493 | 55463 |  |
|  Evergy, Inc. | 843 | 53050 |  |
|  Eversource Energy | 898 | 75288 |  |
|  Exelon Corp. | 2831 | 122384 |  |
|  FirstEnergy Corp. | 1294 | 54270 |  |
|  NextEra Energy, Inc. | 5484 | 458462 |  |
|  NRG Energy, Inc. | 881 | 28034 |  |
|  PG&E Corp.\* | 5023 | 81674 |  |
|  Pinnacle West Capital Corp. | 342 | 26006 |  |
|  PPL Corp. | 2070 | 60485 |  |
|  Southern Co. (The) | 2993 | 213730 |  |
|  Xcel Energy, Inc. | 1453 | 101870 |  |
|  |  | 1845463 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 367 | 41130 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 2070 | 59533 |  |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | **** |
|  Ameren Corp. | 668 | 59398 |  |
|  CenterPoint Energy, Inc. | 1204 | 36108 |  |
|  CMS Energy Corp. | 846 | 53577 |  |
|  Consolidated Edison, Inc. | 939 | 89496 |  |
|  Dominion Energy, Inc. | 2175 | 133371 |  |
|  DTE Energy Co. | 502 | 59000 |  |
|  NiSource, Inc. | 1011 | 27722 |  |
|  Public Service Enterprise Group, Inc. | 1533 | 93927 |  |
|  Sempra Energy | 750 | 115905 |  |
|  WEC Energy Group, Inc. | 921 | 86353 |  |
|  |  | 754857 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Works Co., Inc. | 542 | 82612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2783595 |  |
|  **Total Common Stocks (31.0%)**<br> *(Cost $55,139,680)* | **Total Common Stocks (31.0%)**<br> *(Cost $55,139,680)* | 98424182 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (0.1%)** | **Equity (0.1%)** | **Equity (0.1%)** |  |
|  iShares Core S&P 500 ETF | 305 | 117184 |  |
|  iShares Core S&P Mid-Cap ETF | 478 | 115623 |  |
|  iShares MSCI EAFE ETF | 859 | 56385 |  |
|  iShares Russell 2000 ETF | 442 | 77067 |  |
|  **Total Exchange Traded Funds (0.1%)<br>(***Cost $394,856***)** | **Total Exchange Traded Funds (0.1%)<br>(***Cost $394,856***)** | 366259 |  |

---

See Notes to Financial Statements.

956

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **U.S. Treasury Obligations (50.9%)** | **U.S. Treasury Obligations (50.9%)** | **U.S. Treasury Obligations (50.9%)** |  |
|  U.S. Treasury Notes 0.875%, 1/31/24 | $3000000 | $2877965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 3/15/24 | 5750000 | 5454118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/30/24 | 11000000 | 10686380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/15/24 | 3300000 | 3098114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 | 5400000 | 5212523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/24 | 2000000 | 1990716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/31/24 | 4975000 | 4962673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 | 3400000 | 3218287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/30/24 | 1321500 | 1322297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 12/15/24 | 2600000 | 2434383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/31/25 | 8500000 | 7991515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/28/25 | 3700000 | 3456242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 4/30/25 | 2792100 | 2550502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/30/25 | 5600000 | 5076766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 | 3850000 | 3466358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/25 | 2000000 | 2000622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 4600000 | 4358488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 4500000 | 4024665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 | 5200000 | 4639432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 2000000 | 1785911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 6/30/26 | 2250000 | 2013911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/31/26 | 5600000 | 4964720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/30/26 | 3900000 | 3502334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/31/26 | 3500000 | 3138276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 | 9082400 | 7890097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/27 | 200000 | 189838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/27 | 5000000 | 4817062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 2000000 | 2010251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 3800000 | 3506535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/29/28 | 7550000 | 6548472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 1148200 | 1000167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 7/31/28 | 7450000 | 6343406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 1000000 | 943311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 12/31/28 | 10520000 | 9092604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/28/29 | 1820000 | 1615311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 2605600 | 2374137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 880000 | 765214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 1185700 | 1036987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 2798800 | 2220607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 1974900 | 1558775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 2480000 | 1988686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 2080000 | 1700405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 2675400 | 2258178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 1591900 | 1296155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 3130000 | 2556721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 2300000 | 1956946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 3750000 | 3424827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 161321890 |  |
|  **Total Long-Term Debt Securities (50.9%)**<br> *(Cost $174,353,077)* | **Total Long-Term Debt Securities (50.9%)**<br> *(Cost $174,353,077)* | 161321890 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | **** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $127)* | 124 | 186 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (13.5%**) | **Investment Company (13.5%**) |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 42664166 | $42685499 |  |
|  **Total Short-Term Investment (13.5%)**<br> *(Cost $42,668,791)* | **Total Short-Term Investment (13.5%)**<br> *(Cost $42,668,791)* | 42685499 |  |
|  **Total Investments in Securities (95.5%)**<br> *(Cost $272,556,531)* | **Total Investments in Securities (95.5%)**<br> *(Cost $272,556,531)* | 302798016 |  |
|  **Other Assets Less Liabilities (4.5%)** | **Other Assets Less Liabilities (4.5%)** | 14210648 |  |
|  **Net Assets (100%)** |  | $317008664 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  MSCI EAFE E-Mini Index | 444 | 3/2023 | USD | 43276680 | (983198) |
|  Russell 2000 E-Mini Index | 77 | 3/2023 | USD | 6817965 | (242706) |
|  S&P Midcap 400 E-Mini Index | 25 | 3/2023 | USD | 6106500 | (179676) |
|  |  |  |  |  | (1405580) |

---

See Notes to Financial Statements.

957

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**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $7089325 | $— | $— | $7089325 |
|  Consumer Discretionary | 9637023 |  |  | 9637023 |
|  Consumer Staples | 6819145 |  |  | 6819145 |
|  Energy | 4934984 |  |  | 4934984 |
|  Financials | 12085914 |  |  | 12085914 |
|  Health Care | 15741360 |  |  | 15741360 |
|  Industrials | 8638933 |  |  | 8638933 |
|  Information Technology | 25757364 |  |  | 25757364 |
|  Materials | 2683425 |  |  | 2683425 |
|  Real Estate | 2253114 |  |  | 2253114 |
|  Utilities | 2783595 |  |  | 2783595 |
|  **Exchange Traded Funds** | 366259 |  |  | 366259 |
|  **Rights** |  |  |  |  |
|  Health Care |  | 186 |  | 186 |
|  **Short-Term Investment** |  |  |  |  |
|  **Investment Company** | 42685499 |  |  | 42685499 |
|  U.S. Treasury Obligations |  | 161321890 |  | 161321890 |
|  **Total Assets** | $**141475940** | $**161322076** | $**—** | $**302798016** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(1405580) | $— | $— | $(1405580) |
|  **Total Liabilities** | $**(1405580)** | $**—** | $**—** | $**(1405580)** |
|  **Total** | $**140070360** | $**161322076** | $**—** | $**301392436** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(1405580) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1405580 |

---

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

See Notes to Financial Statements.

958

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**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(7530057) | $(7530057) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7530057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7530057) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(2404114) | $(2404114) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2404114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2404114) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $63,940,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $14153855 |
|  Long-term U.S. government debt securities | 171733597 |
|  | $185887452 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $14740282 |
|  Long-term U.S. government debt securities | 177033988 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191774270 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $48647890 |
|  Aggregate gross unrealized depreciation | (18337339) |
|  Net unrealized appreciation | $30310551 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271081885 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $74 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

959

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**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $272,556,531) | $302798016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8884297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 5493500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 838060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 318015515 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 503595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 187284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 103813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 68276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 48974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 35497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1006851 |
|  **NET ASSETS** | $317008664 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $318023240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1014576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $317008664 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $317,008,664 / 30,946,477 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.24 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,196 foreign withholding tax) | $2480849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2456275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4937124 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2671732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 834915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 412041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 62573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 44200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 22093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 27229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4085589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (168429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3917160 |
|  **NET INVESTMENT INCOME (LOSS)** | 1019964 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (4673747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7530057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12203804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (34355734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2404114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36759849) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (48963653) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(47943689) |

---

See Notes to Financial Statements.

960

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1019964 | $(1462165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12203804) | 12259617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36759849) | 16678312 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (47943689) | 27475764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (943779) | (21756937) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,109,049 and 1,461,545 shares, respectively ] | 22307334 | 17628795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 90,068 and 1,851,534 shares, respectively ] | 943779 | 21756937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2777842) and (1515233) shares, respectively ] | (29037132) | (18217820) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (5786019) | 21167912 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (54673487) | 26886739 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 371682151 | 344795412 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $317008664 | $371682151 |

---

See Notes to Financial Statements.

961

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.79 | $11.60 | $11.20 | $9.89 | $10.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | (0.05) | 0.02 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.55) | 0.96 | 0.93 | 1.31 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.52) | 0.91 | 0.95 | 1.42 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) |  | (0.02) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.72) | (0.53) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.03) | (0.72) | (0.55) | (0.11) | (0.12) |
|  Net asset value, end of year | $10.24 | $11.79 | $11.60 | $11.20 | $9.89 |
|  Total return | (12.89)% | 7.96% | 8.53% | 14.35% | (4.95)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251964 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.17 %(j) | 1.18 %(k) | 1.18 %(k) | 1.17 %(k) | 1.17 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.21% | 1.22% | 1.22% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.31% | (0.41)% | 0.18% | 1.04% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.26% | (0.43)% | 0.13% | 0.99% | 0.80% |
|  Portfolio turnover rate^ | 67% | 75% | 90% | 76% | 90% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

See Notes to Financial Statements.

962

------

**EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Invesco Advisers, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g29r92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (15.73)% | 3.68 | % |
| &nbsp;&nbsp;&nbsp; EQ/Invesco Moderate Growth Allocation Index | (15.17) | 5.39 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 11.27 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. 5-10 Year Corporate Bond Index | (13.89) | 0.92 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/1/19.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.73)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/Invesco Moderate Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. 5-10 Year Corporate Bond Index, which returned (15.17)%, (18.11)% and (13.89)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio's equity cash allocation provided a small positive contribution to absolute return.

***What hurt performance during the year:***

• The Portfolio's U.S. large cap equities allocation was the largest detractor to absolute performance.

• Allocations to fixed income detracted from absolute performance for the period as well.

• Given the volatile markets seen throughout the year, the Portfolio saw frequent hedging activities, some periods longer
than others. The longest period of hedging began on August 8, 2022 and lasted about 72 trading days, until November 14, 2022. The Portfolio's volatility hedge detracted slightly from absolute performance.

**Portfolio Positioning and Outlook — Invesco Advisers, Inc.** 

The outlook for 2023 is largely dependent on the path of monetary policy, which in turn is heavily reliant on the path of inflation. Our base case is that inflation will moderate, leading to a pause in central bank tightening in the first half of 2023. We expect a rising global risk appetite, reflecting a positive repricing of recession risks in terms of timing, duration and magnitude. In the shorter term, we expect a tug of war between "risk on" and "risk off" market environments. However, as the year unfolds, we expect risk assets to perform better, which is likely to result in better relative performance for equity markets in value-oriented regions and cyclical sectors of the stock market, as well as risky credit and investment grade credit. Currency preferences include the Australian dollar, Canadian dollar and Brazilian real as we expect the U.S. dollar to continue to weaken.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.41 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.56 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 6.11 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | A- |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

963

------

**EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Investment Company | 20.0% |
| &nbsp;&nbsp;&nbsp; Financials | 18.1 |
| &nbsp;&nbsp;&nbsp; Information Technology | 12.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 10.1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.8 |
| &nbsp;&nbsp;&nbsp; Industrials | 5.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.2 |
| &nbsp;&nbsp;&nbsp; Energy | 5.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.3 |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.2 |
| &nbsp;&nbsp;&nbsp; Materials | 1.3 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 2.3 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1013.80 | $5.82 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.43 | 5.83 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

964

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.7%)** | **Communication Services (2.7%)** | **Communication Services (2.7%)** |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  AT&T, Inc. | 18395 | $338652 |  |
|  Lumen Technologies, Inc. | 2587 | 13504 |  |
|  Verizon Communications, Inc. | 10350 | 407790 |  |
|  |  | 759946 |  |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | **** |
|  Activision Blizzard, Inc. | 1925 | 147359 |  |
|  Electronic Arts, Inc. | 769 | 93956 |  |
|  Live Nation Entertainment, Inc.\* | 382 | 26641 |  |
|  Netflix, Inc.\* | 1094 | 322599 |  |
|  Take-Two Interactive Software, Inc.\* | 243 | 25303 |  |
|  Walt Disney Co. (The)\* | 4497 | 390699 |  |
|  Warner Bros Discovery, Inc.\* | 5700 | 54036 |  |
|  |  | 1060593 |  |
|  ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | **** |
|  Alphabet, Inc., Class A\* | 14936 | 1317803 |  |
|  Alphabet, Inc., Class C\* | 15328 | 1360054 |  |
|  Match Group, Inc.\* | 733 | 30412 |  |
|  Meta Platforms, Inc., Class A\* | 6035 | 726252 |  |
|  |  | 3434521 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  Charter Communications, Inc., Class A\* | 403 | 136657 |  |
|  Comcast Corp., Class A | 11367 | 397504 |  |
|  DISH Network Corp., Class A\* | 594 | 8340 |  |
|  Fox Corp., Class A | 821 | 24934 |  |
|  Fox Corp., Class B | 433 | 12319 |  |
|  Interpublic Group of Cos., Inc. (The) | 909 | 30279 |  |
|  News Corp., Class A | 960 | 17472 |  |
|  News Corp., Class B | 593 | 10935 |  |
|  Omnicom Group, Inc. | 522 | 42579 |  |
|  Paramount Global, Class B | 1291 | 21792 |  |
|  |  | 702811 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  T-Mobile US, Inc.\* | 800 | 112000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6069871 |  |
|  **Consumer Discretionary (3.7%)** | **Consumer Discretionary (3.7%)** | **Consumer Discretionary (3.7%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 681 | 63422 |  |
|  BorgWarner, Inc. | 516 | 20769 |  |
|  |  | 84191 |  |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | **** |
|  Ford Motor Co. | 9912 | 115277 |  |
|  General Motors Co. | 3071 | 103308 |  |
|  Tesla, Inc.\* | 5788 | 712966 |  |
|  |  | 931551 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 382 | 66281 |  |
|  LKQ Corp. | 826 | 44117 |  |
|  Pool Corp. | 119 | 35977 |  |
|  |  | 146375 |  |
|  ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | **** |
|  Booking Holdings, Inc.\* | 119 | 239818 |  |
|  Caesars Entertainment, Inc.\* | 481 | 20010 |  |
|  Carnival Corp.\* | 1048 | 8447 |  |
|  Chipotle Mexican Grill, Inc.\* | 88 | 122099 |  |
|  Darden Restaurants, Inc. | 310 | 42882 |  |
|  Domino's Pizza, Inc. | 109 | 37758 |  |
|  Expedia Group, Inc.\* | 326 | 28558 |  |
|  Hilton Worldwide Holdings, Inc. | 748 | 94517 |  |
|  Las Vegas Sands Corp.\* | 867 | 41677 |  |
|  Marriott International, Inc., Class A | 681 | 101394 |  |
|  McDonald's Corp. | 1889 | 497808 |  |
|  MGM Resorts International | 1399 | 46908 |  |
|  Norwegian Cruise Line Holdings Ltd.\* | 542 | 6634 |  |
|  Royal Caribbean Cruises Ltd.\* | 418 | 20662 |  |
|  Starbucks Corp. | 3014 | 298989 |  |
|  Wynn Resorts Ltd.\* | 243 | 20040 |  |
|  Yum! Brands, Inc. | 785 | 100543 |  |
|  |  | 1728744 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  DR Horton, Inc. | 867 | 77284 |  |
|  Garmin Ltd. | 382 | 35255 |  |
|  Lennar Corp., Class A | 748 | 67694 |  |
|  Mohawk Industries, Inc.\* | 156 | 15946 |  |
|  Newell Brands, Inc. | 1012 | 13237 |  |
|  NVR, Inc.\* | 22 | 101477 |  |
|  PulteGroup, Inc. | 671 | 30551 |  |
|  Whirlpool Corp. | 176 | 24897 |  |
|  |  | 366341 |  |
|  ***Internet & Direct Marketing Retail (0.8%)*** | ***Internet & Direct Marketing Retail (0.8%)*** | ***Internet & Direct Marketing Retail (0.8%)*** | **** |
|  Amazon.com, Inc.\* | 21049 | 1768116 |  |
|  eBay, Inc. | 2029 | 84143 |  |
|  Etsy, Inc.\* | 299 | 35814 |  |
|  |  | 1888073 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 299 | 18242 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp. | 681 | 167696 |  |
|  Dollar Tree, Inc.\* | 583 | 82459 |  |
|  Target Corp. | 1264 | 188387 |  |
|  |  | 438542 |  |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | **** |
|  Advance Auto Parts, Inc. | 176 | 25877 |  |
|  AutoZone, Inc.\* | 88 | 217024 |  |
|  Bath & Body Works, Inc. | 748 | 31521 |  |
|  Best Buy Co., Inc. | 542 | 43474 |  |
|  CarMax, Inc.\* | 418 | 25452 |  |
|  Home Depot, Inc. (The) | 2752 | 869247 |  |
|  Lowe's Cos., Inc. | 1967 | 391905 |  |
|  O'Reilly Automotive, Inc.\* | 207 | 174714 |  |
|  Ross Stores, Inc. | 909 | 105507 |  |
|  TJX Cos., Inc. (The) | 3025 | 240790 |  |
|  Tractor Supply Co. | 299 | 67266 |  |
|  Ulta Beauty, Inc.\* | 156 | 73175 |  |
|  |  | 2265952 |  |

---

See Notes to Financial Statements.

965

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | **** |
|  NIKE, Inc., Class B | 3118 | $364837 |  |
|  Ralph Lauren Corp. | 156 | 16484 |  |
|  Tapestry, Inc. | 749 | 28522 |  |
|  VF Corp. | 785 | 21674 |  |
|  |  | 431517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8299528 |  |
|  **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |  |
|  ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | ***Beverages (0.7%)*** | **** |
|  Brown-Forman Corp., Class B | 418 | 27454 |  |
|  Coca-Cola Co. (The) | 9669 | 615045 |  |
|  Constellation Brands, Inc., Class A | 403 | 93395 |  |
|  Keurig Dr Pepper, Inc. | 1813 | 64652 |  |
|  Molson Coors Beverage Co., Class B | 481 | 24781 |  |
|  Monster Beverage Corp.\* | 950 | 96454 |  |
|  PepsiCo, Inc. | 3500 | 632310 |  |
|  |  | 1554091 |  |
|  ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | **** |
|  Costco Wholesale Corp. | 1094 | 499411 |  |
|  Kroger Co. (The) | 2086 | 92994 |  |
|  Sysco Corp. | 1239 | 94722 |  |
|  Walgreens Boots Alliance, Inc. | 1925 | 71918 |  |
|  Walmart, Inc. | 3546 | 502787 |  |
|  |  | 1261832 |  |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | **** |
|  Archer-Daniels-Midland Co. | 1461 | 135654 |  |
|  Campbell Soup Co. | 444 | 25197 |  |
|  Conagra Brands, Inc. | 1239 | 47949 |  |
|  General Mills, Inc. | 1565 | 131225 |  |
|  Hershey Co. (The) | 382 | 88460 |  |
|  Hormel Foods Corp. | 681 | 31020 |  |
|  J M Smucker Co. (The) | 326 | 51658 |  |
|  Kellogg Co. | 681 | 48514 |  |
|  Kraft Heinz Co. (The) | 1636 | 66602 |  |
|  Lamb Weston Holdings, Inc. | 341 | 30472 |  |
|  McCormick & Co., Inc. (Non-Voting) | 610 | 50563 |  |
|  Mondelez International, Inc., Class A | 3639 | 242539 |  |
|  Tyson Foods, Inc., Class A | 769 | 47870 |  |
|  |  | 997723 |  |
|  ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | **** |
|  Church & Dwight Co., Inc. | 640 | 51590 |  |
|  Clorox Co. (The) | 326 | 45748 |  |
|  Colgate-Palmolive Co. | 2137 | 168374 |  |
|  Kimberly-Clark Corp. | 826 | 112130 |  |
|  Procter & Gamble Co. (The) | 6304 | 955434 |  |
|  |  | 1333276 |  |
|  ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 568 | 140926 |  |
|  ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | ***Tobacco (0.3%)*** | **** |
|  Altria Group, Inc. | 4667 | 213328 |  |
|  Philip Morris International, Inc. | 3898 | 394517 |  |
|  |  | 607845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5895693 |  |
|  **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Baker Hughes Co. | 1760 | 51973 |  |
|  Halliburton Co. | 2256 | 88773 |  |
|  Schlumberger Ltd. | 3402 | 181871 |  |
|  |  | 322617 |  |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | **** |
|  APA Corp. | 909 | 42432 |  |
|  Chevron Corp. | 4915 | 882193 |  |
|  ConocoPhillips | 3577 | 422086 |  |
|  Coterra Energy, Inc. | 1048 | 25749 |  |
|  Devon Energy Corp. | 950 | 58435 |  |
|  Diamondback Energy, Inc. | 403 | 55122 |  |
|  EOG Resources, Inc. | 1461 | 189229 |  |
|  EQT Corp. | 991 | 33526 |  |
|  Exxon Mobil Corp. | 10661 | 1175908 |  |
|  Hess Corp. | 707 | 100267 |  |
|  Kinder Morgan, Inc. | 4873 | 88104 |  |
|  Marathon Oil Corp. | 2256 | 61070 |  |
|  Marathon Petroleum Corp. | 1647 | 191694 |  |
|  Occidental Petroleum Corp. | 2178 | 137192 |  |
|  ONEOK, Inc. | 1011 | 66423 |  |
|  Phillips 66 | 1094 | 113864 |  |
|  Pioneer Natural Resources Co. | 418 | 95467 |  |
|  Targa Resources Corp. | 593 | 43586 |  |
|  Valero Energy Corp. | 1069 | 135613 |  |
|  Williams Cos., Inc. (The) | 3118 | 102582 |  |
|  |  | 4020542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 4343159 |  |
|  **Financials (4.4%)** | **Financials (4.4%)** | **Financials (4.4%)** |  |
|  ***Banks (1.5%)*** | ***Banks (1.5%)*** | ***Banks (1.5%)*** | **** |
|  Bank of America Corp. | 21197 | 702045 |  |
|  Citigroup, Inc. | 5700 | 257811 |  |
|  Citizens Financial Group, Inc. | 1115 | 43897 |  |
|  Comerica, Inc. | 403 | 26941 |  |
|  Fifth Third Bancorp | 1813 | 59484 |  |
|  First Republic Bank | 444 | 54119 |  |
|  Huntington Bancshares, Inc. | 2762 | 38944 |  |
|  JPMorgan Chase & Co. | 8069 | 1082053 |  |
|  KeyCorp | 2550 | 44421 |  |
|  M&T Bank Corp. | 460 | 66728 |  |
|  PNC Financial Services Group, Inc. (The) | 1125 | 177682 |  |
|  Regions Financial Corp. | 2411 | 51981 |  |
|  Signature Bank | 176 | 20279 |  |
|  SVB Financial Group\* | 156 | 35902 |  |
|  Truist Financial Corp. | 3458 | 148798 |  |
|  US Bancorp | 3639 | 158697 |  |
|  Wells Fargo & Co. | 10056 | 415212 |  |
|  Zions Bancorp NA | 433 | 21286 |  |
|  |  | 3406280 |  |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | **** |
|  Ameriprise Financial, Inc. | 326 | 101507 |  |
|  Bank of New York Mellon Corp. (The) | 2137 | 97276 |  |
|  BlackRock, Inc. | 310 | 219675 |  |
|  Cboe Global Markets, Inc. | 310 | 38896 |  |
|  Charles Schwab Corp. (The) | 2911 | 242370 |  |
|  CME Group, Inc. | 877 | 147476 |  |

---

See Notes to Financial Statements.

966

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  FactSet Research Systems, Inc. | 109 | $| 43732 |  |
|  Franklin Resources, Inc. | 722 |  | 19046 |  |
|  Goldman Sachs Group, Inc. (The) | 790 |  | 271270 |  |
|  Intercontinental Exchange, Inc. | 1461 |  | 149884 |  |
|  MarketAxess Holdings, Inc. | 119 |  | 33188 |  |
|  Moody's Corp. | 403 |  | 112284 |  |
|  Morgan Stanley | 3789 |  | 322141 |  |
|  MSCI, Inc. | 222 |  | 103268 |  |
|  Nasdaq, Inc. | 754 |  | 46258 |  |
|  Northern Trust Corp. | 522 |  | 46192 |  |
|  Raymond James Financial, Inc. | 481 |  | 51395 |  |
|  S&P Global, Inc. | 909 |  | 304460 |  |
|  State Street Corp. | 909 |  | 70511 |  |
| T. Rowe Price Group, Inc. | 583 |  | 63582 |  |
|  |  |  | 2484411 |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  American Express Co. | 1647 |  | 243344 |  |
|  Capital One Financial Corp. | 1188 |  | 110436 |  |
|  Discover Financial Services | 800 |  | 78264 |  |
|  Synchrony Financial | 1482 |  | 48699 |  |
|  |  |  | 480743 |  |
|  ***Diversified Financial Services (0.7%)*** | ***Diversified Financial Services (0.7%)*** | ***Diversified Financial Services (0.7%)*** | ***Diversified Financial Services (0.7%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 4936 |  | 1524731 |  |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | **** |
|  Aflac, Inc. | 1859 |  | 133736 |  |
|  Allstate Corp. (The) | 800 |  | 108480 |  |
|  American International Group, Inc. | 2137 |  | 135144 |  |
|  Aon plc, Class A | 610 |  | 183085 |  |
|  Arch Capital Group Ltd.\* | 1028 |  | 64538 |  |
|  Arthur J Gallagher & Co. | 455 |  | 85786 |  |
|  Assurant, Inc. | 176 |  | 22010 |  |
|  Brown & Brown, Inc. | 666 |  | 37942 |  |
|  Chubb Ltd. | 1151 |  | 253911 |  |
|  Cincinnati Financial Corp. | 336 |  | 34403 |  |
|  Everest Re Group Ltd. | 78 |  | 25839 |  |
|  Globe Life, Inc. | 299 |  | 36044 |  |
|  Hartford Financial Services Group, Inc. (The) | 919 |  | 69688 |  |
|  Lincoln National Corp. | 542 |  | 16650 |  |
|  Loews Corp. | 640 |  | 37331 |  |
|  Marsh & McLennan Cos., Inc. | 1291 |  | 213635 |  |
|  MetLife, Inc. | 2013 |  | 145681 |  |
|  Principal Financial Group, Inc. | 610 |  | 51191 |  |
|  Progressive Corp. (The) | 1404 |  | 182113 |  |
|  Prudential Financial, Inc. | 1011 |  | 100554 |  |
|  Travelers Cos., Inc. (The) | 681 |  | 127681 |  |
|  W R Berkley Corp. | 666 |  | 48332 |  |
|  Willis Towers Watson plc | 326 |  | 79733 |  |
|  |  |  | 2193507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 10089672 |  |
|  **Health Care (5.8%)** | **Health Care (5.8%)** | **Health Care (5.8%)** | **Health Care (5.8%)** |  |
|  ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | ***Biotechnology (0.9%)*** | **** |
|  AbbVie, Inc. | 4455 |  | 719973 |  |
|  Amgen, Inc. | 1482 |  | 389233 |  |
|  Biogen, Inc.\* | 454 |  | 125722 |  |
|  Gilead Sciences, Inc. | 3118 |  | 267680 |  |
|  Incyte Corp.\* | 444 |  | 35662 |  |
|  Moderna, Inc.\* | 769 |  | 138128 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 207 |  | 149348 |  |
|  Vertex Pharmaceuticals, Inc.\* | 640 |  | 184819 |  |
|  |  |  | 2010565 |  |
|  ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | **** |
|  Abbott Laboratories | 4486 |  | 492518 |  |
|  Align Technology, Inc.\* | 207 |  | 43656 |  |
|  Baxter International, Inc. | 1291 |  | 65802 |  |
|  Becton Dickinson and Co. | 681 |  | 173178 |  |
|  Boston Scientific Corp.\* | 3577 |  | 165508 |  |
|  Cooper Cos., Inc. (The) | 156 |  | 51585 |  |
|  Dentsply Sirona, Inc. | 640 |  | 20378 |  |
|  Dexcom, Inc.\* | 919 |  | 104068 |  |
|  Edwards Lifesciences Corp.\* | 1595 |  | 119003 |  |
|  Hologic, Inc.\* | 707 |  | 52891 |  |
|  IDEXX Laboratories, Inc.\* | 243 |  | 99134 |  |
|  Intuitive Surgical, Inc.\* | 919 |  | 243857 |  |
|  Medtronic plc | 3402 |  | 264403 |  |
|  ResMed, Inc. | 382 |  | 79506 |  |
|  STERIS plc | 222 |  | 41001 |  |
|  Stryker Corp. | 800 |  | 195592 |  |
|  Teleflex, Inc. | 156 |  | 38942 |  |
|  Zimmer Biomet Holdings, Inc. | 491 |  | 62602 |  |
|  |  |  | 2313624 |  |
|  ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | **** |
|  AmerisourceBergen Corp. | 382 |  | 63301 |  |
|  Cardinal Health, Inc. | 800 |  | 61496 |  |
|  Centene Corp.\* | 1497 |  | 122769 |  |
|  Cigna Corp. | 986 |  | 326701 |  |
|  CVS Health Corp. | 3262 |  | 303986 |  |
|  DaVita, Inc.\* | 243 |  | 18145 |  |
|  Elevance Health, Inc. | 640 |  | 328301 |  |
|  HCA Healthcare, Inc. | 681 |  | 163413 |  |
|  Henry Schein, Inc.\* | 326 |  | 26038 |  |
|  Humana, Inc. | 336 |  | 172096 |  |
|  Laboratory Corp. of America Holdings | 243 |  | 57222 |  |
|  McKesson Corp. | 454 |  | 170304 |  |
|  Molina Healthcare, Inc.\* | 156 |  | 51514 |  |
|  Quest Diagnostics, Inc. | 326 |  | 50999 |  |
|  UnitedHealth Group, Inc. | 2406 |  | 1275613 |  |
|  Universal Health Services, Inc., Class B | 212 |  | 29869 |  |
|  |  |  | 3221767 |  |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | **** |
|  Agilent Technologies, Inc. | 785 |  | 117475 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 63 |  | 26491 |  |
|  Bio-Techne Corp. | 393 |  | 32572 |  |
|  Charles River Laboratories International, Inc.\* | 134 |  | 29199 |  |
|  Danaher Corp. | 1611 |  | 427592 |  |
|  Illumina, Inc.\* | 382 |  | 77240 |  |
|  IQVIA Holdings, Inc.\* | 455 |  | 93225 |  |
|  Mettler-Toledo International, Inc.\* | 78 |  | 112745 |  |
|  PerkinElmer, Inc. | 326 |  | 45712 |  |
|  Thermo Fisher Scientific, Inc. | 1011 |  | 556747 |  |
|  Waters Corp.\* | 207 |  | 70914 |  |
|  West Pharmaceutical Services, Inc. | 181 |  | 42598 |  |
|  |  |  | 1632510 |  |

---

See Notes to Financial Statements.

967

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Pharmaceuticals (1.8%)*** | ***Pharmaceuticals (1.8%)*** | ***Pharmaceuticals (1.8%)*** | **** |
|  Bristol-Myers Squibb Co. | 5901 | $424577 |  |
|  Catalent, Inc.\* | 403 | 18139 |  |
|  Eli Lilly and Co. | 2107 | 770825 |  |
|  Johnson & Johnson | 6614 | 1168363 |  |
|  Merck & Co., Inc. | 6479 | 718845 |  |
|  Organon & Co. | 640 | 17875 |  |
|  Pfizer, Inc. | 13949 | 714747 |  |
|  Viatris, Inc. | 3118 | 34703 |  |
|  Zoetis, Inc. | 1162 | 170291 |  |
|  |  | 4038365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 13216831 |  |
|  **Industrials (3.2%)** | **Industrials (3.2%)** | **Industrials (3.2%)** |  |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | **** |
|  Boeing Co. (The)\* | 1322 | 251828 |  |
|  General Dynamics Corp. | 583 | 144648 |  |
|  Howmet Aerospace, Inc. | 960 | 37833 |  |
|  Huntington Ingalls Industries, Inc. | 98 | 22607 |  |
|  L3Harris Technologies, Inc. | 568 | 118263 |  |
|  Lockheed Martin Corp. | 640 | 311354 |  |
|  Northrop Grumman Corp. | 403 | 219881 |  |
|  Raytheon Technologies Corp. | 3639 | 367248 |  |
|  Textron, Inc. | 568 | 40214 |  |
|  TransDigm Group, Inc. | 134 | 84373 |  |
|  |  | 1598249 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 382 | 34976 |  |
|  Expeditors International of Washington, Inc. | 444 | 46141 |  |
|  FedEx Corp. | 610 | 105652 |  |
|  United Parcel Service, Inc., Class B | 1760 | 305958 |  |
|  |  | 492727 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Alaska Air Group, Inc.\* | 305 | 13097 |  |
|  American Airlines Group, Inc.\* | 1079 | 13725 |  |
|  Delta Air Lines, Inc.\* | 1461 | 48008 |  |
|  Southwest Airlines Co.\* | 1162 | 39125 |  |
|  United Airlines Holdings, Inc.\* | 593 | 22356 |  |
|  |  | 136311 |  |
|  ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | ***Building Products (0.2%)*** | **** |
|  A O Smith Corp. | 403 | 23068 |  |
|  Allegion plc | 243 | 25578 |  |
|  Carrier Global Corp. | 2029 | 83696 |  |
|  Johnson Controls International plc | 2024 | 129536 |  |
|  Masco Corp. | 749 | 34956 |  |
|  Trane Technologies plc | 610 | 102535 |  |
|  |  | 399369 |  |
|  ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | ***Commercial Services & Supplies (0.2%)*** | **** |
|  Cintas Corp. | 207 | 93485 |  |
|  Copart, Inc.\* | 955 | 58150 |  |
|  Republic Services, Inc. | 542 | 69912 |  |
|  Rollins, Inc. | 522 | 19074 |  |
|  Waste Management, Inc. | 960 | 150605 |  |
|  |  | 391226 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  Quanta Services, Inc. | 326 | 46455 |  |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | **** |
|  AMETEK, Inc. | 610 | 85229 |  |
|  Eaton Corp. plc | 1074 | 168564 |  |
|  Emerson Electric Co. | 1482 | 142361 |  |
|  Generac Holdings, Inc.\* | 156 | 15703 |  |
|  Rockwell Automation, Inc. | 310 | 79847 |  |
|  |  | 491704 |  |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | **** |
|  3M Co. | 1404 | 168368 |  |
|  General Electric Co. | 2773 | 232349 |  |
|  Honeywell International, Inc. | 1807 | 387240 |  |
|  |  | 787957 |  |
|  ***Machinery (0.7%)*** | ***Machinery (0.7%)*** | ***Machinery (0.7%)*** | **** |
|  Caterpillar, Inc. | 1404 | 336342 |  |
|  Cummins, Inc. | 418 | 101277 |  |
|  Deere & Co. | 790 | 338720 |  |
|  Dover Corp. | 382 | 51727 |  |
|  Fortive Corp. | 785 | 50436 |  |
|  IDEX Corp. | 222 | 50689 |  |
|  Illinois Tool Works, Inc. | 733 | 161480 |  |
|  Ingersoll Rand, Inc. | 522 | 27275 |  |
|  Nordson Corp. | 124 | 29477 |  |
|  Otis Worldwide Corp. | 1011 | 79172 |  |
|  PACCAR, Inc. | 867 | 85807 |  |
|  Parker-Hannifin Corp. | 326 | 94866 |  |
|  Pentair plc | 491 | 22085 |  |
|  Snap-on, Inc. | 156 | 35645 |  |
|  Stanley Black & Decker, Inc. | 403 | 30273 |  |
|  Westinghouse Air Brake Technologies Corp. | 481 | 48009 |  |
|  Xylem, Inc. | 481 | 53184 |  |
|  |  | 1596464 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  CoStar Group, Inc.\* | 16 | 1236 |  |
|  Equifax, Inc. | 310 | 60252 |  |
|  Jacobs Solutions, Inc. | 336 | 40344 |  |
|  Leidos Holdings, Inc. | 326 | 34292 |  |
|  Robert Half International, Inc. | 336 | 24807 |  |
|  Verisk Analytics, Inc. | 403 | 71097 |  |
|  |  | 232028 |  |
|  ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | **** |
|  CSX Corp. | 6067 | 187956 |  |
|  JB Hunt Transport Services, Inc. | 243 | 42369 |  |
|  Norfolk Southern Corp. | 681 | 167812 |  |
|  Old Dominion Freight Line, Inc. | 305 | 86553 |  |
|  Union Pacific Corp. | 1760 | 364443 |  |
|  |  | 849133 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Fastenal Co. | 1404 | 66437 |  |
|  United Rentals, Inc.\* | 207 | 73572 |  |
|  WW Grainger, Inc. | 119 | 66194 |  |
|  |  | 206203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 7227826 |  |

---

See Notes to Financial Statements.

968

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Information Technology (9.6%)** | **Information Technology (9.6%)** | **Information Technology (9.6%)** |  |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | **** |
|  Arista Networks, Inc.\* | 610 | $74023 |  |
|  Cisco Systems, Inc. | 10639 | 506842 |  |
|  F5, Inc.\* | 156 | 22388 |  |
|  Juniper Networks, Inc. | 785 | 25089 |  |
|  Motorola Solutions, Inc. | 403 | 103857 |  |
|  |  | 732199 |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | **** |
|  Amphenol Corp., Class A | 1471 | 112002 |  |
|  CDW Corp. | 382 | 68217 |  |
|  Corning, Inc. | 1957 | 62506 |  |
|  Keysight Technologies, Inc.\* | 455 | 77837 |  |
|  TE Connectivity Ltd. | 851 | 97695 |  |
|  Teledyne Technologies, Inc.\* | 134 | 53588 |  |
|  Trimble, Inc.\* | 578 | 29224 |  |
|  Zebra Technologies Corp., Class A\* | 134 | 34359 |  |
|  |  | 535428 |  |
|  ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | **** |
|  Accenture plc, Class A | 1580 | 421607 |  |
|  Akamai Technologies, Inc.\* | 455 | 38357 |  |
|  Automatic Data Processing, Inc. | 1094 | 261313 |  |
|  Broadridge Financial Solutions, Inc. | 243 | 32594 |  |
|  Cognizant Technology Solutions Corp., Class A | 1404 | 80295 |  |
|  DXC Technology Co.\* | 722 | 19133 |  |
|  EPAM Systems, Inc.\* | 156 | 51127 |  |
|  Fidelity National Information Services, Inc. | 1538 | 104353 |  |
|  Fiserv, Inc.\* | 1404 | 141902 |  |
|  FleetCor Technologies, Inc.\* | 243 | 44634 |  |
|  Gartner, Inc.\* | 243 | 81682 |  |
|  Global Payments, Inc. | 748 | 74291 |  |
|  International Business Machines Corp. | 2190 | 308549 |  |
|  Jack Henry & Associates, Inc. | 207 | 36341 |  |
|  Mastercard, Inc., Class A | 2231 | 775786 |  |
|  Paychex, Inc. | 785 | 90715 |  |
|  PayPal Holdings, Inc.\* | 2963 | 211025 |  |
|  VeriSign, Inc.\* | 243 | 49922 |  |
|  Visa, Inc., Class A | 4316 | 896692 |  |
|  |  | 3720318 |  |
|  ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 3738 | 242110 |  |
|  Analog Devices, Inc. | 1378 | 226033 |  |
|  Applied Materials, Inc. | 2256 | 219689 |  |
|  Broadcom, Inc. | 1011 | 565280 |  |
|  Enphase Energy, Inc.\* | 310 | 82138 |  |
|  First Solar, Inc.\* | 270 | 40443 |  |
|  Intel Corp. | 11207 | 296201 |  |
|  KLA Corp. | 403 | 151943 |  |
|  Lam Research Corp. | 382 | 160555 |  |
|  Microchip Technology, Inc. | 1130 | 79383 |  |
|  Micron Technology, Inc. | 2752 | 137545 |  |
|  Monolithic Power Systems, Inc. | 119 | 42080 |  |
|  NVIDIA Corp. | 6165 | 900953 |  |
|  NXP Semiconductors NV | 712 | 112517 |  |
|  ON Semiconductor Corp.\* | 1038 | 64740 |  |
|  Qorvo, Inc.\* | 326 | 29549 |  |
|  QUALCOMM, Inc. | 3071 | 337626 |  |
|  Skyworks Solutions, Inc. | 444 | 40462 |  |
|  SolarEdge Technologies, Inc.\* | 134 | 37958 |  |
|  Teradyne, Inc. | 444 | 38783 |  |
|  Texas Instruments, Inc. | 2355 | 389093 |  |
|  |  | 4195081 |  |
|  ***Software (3.1%)*** | ***Software (3.1%)*** | ***Software (3.1%)*** | **** |
|  Adobe, Inc.\* | 1223 | 411576 |  |
|  ANSYS, Inc.\* | 222 | 53633 |  |
|  Autodesk, Inc.\* | 542 | 101283 |  |
|  Cadence Design Systems, Inc.\* | 722 | 115982 |  |
|  Ceridian HCM Holding, Inc.\* | 341 | 21875 |  |
|  Fortinet, Inc.\* | 1621 | 79251 |  |
|  Gen Digital, Inc. | 1461 | 31309 |  |
|  Intuit, Inc. | 640 | 249101 |  |
|  Microsoft Corp. | 19263 | 4619653 |  |
|  Oracle Corp. | 5525 | 451613 |  |
|  Paycom Software, Inc.\* | 134 | 41582 |  |
|  PTC, Inc.\* | 248 | 29770 |  |
|  Roper Technologies, Inc. | 243 | 104998 |  |
|  Salesforce, Inc.\* | 2190 | 290372 |  |
|  ServiceNow, Inc.\* | 542 | 210442 |  |
|  Synopsys, Inc.\* | 382 | 121969 |  |
|  Tyler Technologies, Inc.\* | 109 | 35143 |  |
|  |  | 6969552 |  |
|  ***Technology Hardware, Storage & Peripherals (2.6%)*** | ***Technology Hardware, Storage & Peripherals (2.6%)*** | ***Technology Hardware, Storage & Peripherals (2.6%)*** | **** |
|  Apple, Inc. | 42773 | 5557496 |  |
|  Hewlett Packard Enterprise Co. | 3262 | 52061 |  |
|  HP, Inc. | 3820 | 102643 |  |
|  NetApp, Inc. | 610 | 36637 |  |
|  Seagate Technology Holdings plc | 583 | 30672 |  |
|  Western Digital Corp.\* | 769 | 24262 |  |
|  |  | 5803771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 21956349 |  |
|  **Materials (1.0%)** | **Materials (1.0%)** | **Materials (1.0%)** |  |
|  ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | ***Chemicals (0.7%)*** | **** |
|  Air Products and Chemicals, Inc. | 568 | 175092 |  |
|  Albemarle Corp. | 326 | 70696 |  |
|  Celanese Corp. | 326 | 33330 |  |
|  CF Industries Holdings, Inc. | 593 | 50524 |  |
|  Corteva, Inc. | 1993 | 117149 |  |
|  Dow, Inc. | 1848 | 93121 |  |
|  DuPont de Nemours, Inc. | 892 | 61218 |  |
|  Eastman Chemical Co. | 341 | 27771 |  |
|  Ecolab, Inc. | 640 | 93158 |  |
|  FMC Corp. | 326 | 40685 |  |
|  International Flavors & Fragrances, Inc. | 996 | 104421 |  |
|  Linde plc | 1322 | 431210 |  |
|  LyondellBasell Industries NV, Class A | 681 | 56543 |  |
|  Mosaic Co. (The) | 986 | 43256 |  |
|  PPG Industries, Inc. | 610 | 76701 |  |
|  Sherwin-Williams Co. (The) | 640 | 151891 |  |
|  |  | 1626766 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc. | 156 | 52723 |  |
|  Vulcan Materials Co. | 326 | 57086 |  |
|  |  | 109809 |  |

---

See Notes to Financial Statements.

969

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 4120 | $49070 |  |
|  Avery Dennison Corp. | 222 | 40182 |  |
|  Ball Corp. | 800 | 40912 |  |
|  International Paper Co. | 919 | 31825 |  |
|  Packaging Corp. of America | 243 | 31082 |  |
|  Sealed Air Corp. | 326 | 16261 |  |
|  Westrock Co. | 707 | 24858 |  |
|  |  | 234190 |  |
|  ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | ***Metals & Mining (0.2%)*** | **** |
|  Freeport-McMoRan, Inc. | 3923 | 149074 |  |
|  Newmont Corp. | 2024 | 95533 |  |
|  Nucor Corp. | 748 | 98594 |  |
|  Steel Dynamics, Inc. | 425 | 41522 |  |
|  |  | 384723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2355488 |  |
|  **Real Estate (0.9%)** | **Real Estate (0.9%)** | **Real Estate (0.9%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.9%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 310 | 45158 |  |
|  American Tower Corp. (REIT) | 1094 | 231775 |  |
|  AvalonBay Communities, Inc. (REIT) | 382 | 61701 |  |
|  Boston Properties, Inc. (REIT) | 336 | 22707 |  |
|  Camden Property Trust (REIT) | 284 | 31774 |  |
|  Crown Castle, Inc. (REIT) | 1028 | 139438 |  |
|  Digital Realty Trust, Inc. (REIT) | 491 | 49232 |  |
|  Equinix, Inc. (REIT) | 222 | 145417 |  |
|  Equity Residential (REIT) | 909 | 53631 |  |
|  Essex Property Trust, Inc. (REIT) | 176 | 37298 |  |
|  Extra Space Storage, Inc. (REIT) | 310 | 45626 |  |
|  Federal Realty Investment Trust (REIT) | 207 | 20915 |  |
|  Healthpeak Properties, Inc. (REIT) | 1291 | 32365 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 1993 | 31988 |  |
|  Invitation Homes, Inc. (REIT) | 42 | 1245 |  |
|  Iron Mountain, Inc. (REIT) | 785 | 39132 |  |
|  Kimco Realty Corp. (REIT) | 960 | 20333 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 310 | 48667 |  |
|  Prologis, Inc. (REIT) | 2071 | 233464 |  |
|  Public Storage (REIT) | 382 | 107033 |  |
|  Realty Income Corp. (REIT) | 800 | 50744 |  |
|  Regency Centers Corp. (REIT) | 403 | 25187 |  |
|  SBA Communications Corp. (REIT) | 243 | 68115 |  |
|  Simon Property Group, Inc. (REIT) | 769 | 90342 |  |
|  UDR, Inc. (REIT) | 681 | 26375 |  |
|  Ventas, Inc. (REIT) | 909 | 40950 |  |
|  VICI Properties, Inc. (REIT) | 2256 | 73094 |  |
|  Vornado Realty Trust (REIT) | 433 | 9011 |  |
|  Welltower, Inc. (REIT) | 986 | 64632 |  |
|  Weyerhaeuser Co. (REIT) | 1813 | 56203 |  |
|  |  | 1903552 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 877 | 67494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1971046 |  |
|  **Utilities (1.1%)** | **Utilities (1.1%)** | **Utilities (1.1%)** |  |
|  ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | **** |
|  Alliant Energy Corp. | 640 | 35334 |  |
|  American Electric Power Co., Inc. | 1254 | 119067 |  |
|  Constellation Energy Corp. | 821 | 70778 |  |
|  Duke Energy Corp. | 1807 | 186103 |  |
|  Edison International | 909 | 57831 |  |
|  Entergy Corp. | 491 | 55238 |  |
|  Evergy, Inc. | 640 | 40275 |  |
|  Eversource Energy | 785 | 65814 |  |
|  Exelon Corp. | 2458 | 106259 |  |
|  FirstEnergy Corp. | 1347 | 56493 |  |
|  NextEra Energy, Inc. | 4946 | 413486 |  |
|  NRG Energy, Inc. | 640 | 20365 |  |
|  PG&E Corp.\* | 4517 | 73446 |  |
|  Pinnacle West Capital Corp. | 299 | 22736 |  |
|  PPL Corp. | 1786 | 52187 |  |
|  Southern Co. (The) | 2602 | 185809 |  |
|  Xcel Energy, Inc. | 1322 | 92686 |  |
|  |  | 1653907 |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  Atmos Energy Corp. | 310 | 34742 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 1580 | 45441 |  |
|  ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | ***Multi-Utilities (0.3%)*** | **** |
|  Ameren Corp. | 610 | 54241 |  |
|  CenterPoint Energy, Inc. | 1347 | 40396 |  |
|  CMS Energy Corp. | 733 | 46421 |  |
|  Consolidated Edison, Inc. | 851 | 81109 |  |
|  Dominion Energy, Inc. | 2024 | 124112 |  |
|  DTE Energy Co. | 481 | 56532 |  |
|  NiSource, Inc. | 950 | 26049 |  |
|  Public Service Enterprise Group, Inc. | 1239 | 75913 |  |
|  Sempra Energy | 707 | 109260 |  |
|  WEC Energy Group, Inc. | 785 | 73602 |  |
|  |  | 687635 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 444 | 67674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2489399 |  |
|  **Total Common Stocks (36.9%)**<br> *(Cost $79,699,661)* |  | 83914862 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (1.1%)** | **Equity (1.1%)** | **Equity (1.1%)** |  |
|  iShares Core S&P 500 ETF | 5799 | 2228034 |  |
|  iShares Core S&P Mid-Cap ETF | 787 | 190367 |  |
|  iShares MSCI EAFE ETF | 1040 | 68266 |  |
|  iShares Russell 2000 ETF | 378 | 65908 |  |
|  **Total Exchange Traded Funds (1.1%)**<br> *(Cost $2,433,580)*  | **Total Exchange Traded Funds (1.1%)**<br> *(Cost $2,433,580)*  | 2552575 |  |

---

See Notes to Financial Statements.

970

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Corporate Bonds (39.7%)** | **Corporate Bonds (39.7%)** | **Corporate Bonds (39.7%)** |  |
|  **Communication Services (4.1%)** | **Communication Services (4.1%)** |  |  |
|  ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | **** |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/28 | $100000 | $84714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 400000 | 381706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 500000 | 472163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/31 | 200000 | 166391 |  |
|  British Telecommunications plc<br>9.625%, 12/15/30 (e) | 175000 | 209781 |  |
|  Deutsche Telekom International Finance BV<br>8.750%, 6/15/30 (e) | 300000 | 354544 |  |
|  Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 | 600000 | 579094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.016%, 12/3/29 | 620000 | 580439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/22/30 | 125000 | 110730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 500000 | 412700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 3/15/32 | 550000 | 434881 |  |
|  |  | 3787143 |  |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | **** |
|  Walt Disney Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/29 | 110000 | 92245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/13/31 | 400000 | 342866 |  |
|  Warnermedia Holdings, Inc.<br>4.279%, 3/15/32§ | 1000000 | 821265 |  |
|  |  | 1256376 |  |
|  ***Media (1.1%)*** | ***Media (1.1%)*** | ***Media (1.1%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/30/29 | 300000 | 283125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 4/1/31 | 375000 | 291941 |  |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 2/15/28 | 300000 | 277045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 690000 | 662935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/30 | 225000 | 205691 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/30 | 200000 | 192325 |  |
|  Discovery Communications LLC<br>3.950%, 3/20/28 | 186000 | 165475 |  |
|  Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 7/30/30 | 100000 | 107023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 | 250000 | 223060 |  |
|  |  | 2408620 |  |
|  ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** | **** |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 1220000 | 1110720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 2/15/31 | 970000 | 796068 |  |
|  |  | 1906788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 9358927 |  |
|  **Consumer Discretionary (2.1%)** | **Consumer Discretionary (2.1%)** |  |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28 | 200000 | 192008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/32 | 300000 | 280093 |  |
|  |  | 472101 |  |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | **** |
|  Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/28 | 100000 | 91666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 | 190000 | 161808 |  |
|  Marriott International, Inc.<br>Series FF<br>4.625%, 6/15/30 | 134000 | 125686 |  |
|  McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 100000 | 95869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 | 150000 | 131847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/1/30 | 150000 | 125791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 7/1/30 | 200000 | 184013 |  |
|  Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 8/15/29 | 345000 | 319185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/15/30 | 250000 | 211049 |  |
|  |  | 1446914 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/12/31 | 452000 | 371910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 | 300000 | 276321 |  |
|  |  | 648231 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Target Corp.<br>4.500%, 9/15/32 | 200000 | 195289 |  |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | **** |
|  Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 12/6/28 | 200000 | 192838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 | 400000 | 362966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 4/15/30 | 200000 | 173857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 | 170000 | 151778 |  |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 | 350000 | 324572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 10/15/30 | 175000 | 137591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/31 | 390000 | 323429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/32 | 200000 | 178690 |  |
|  |  | 1845721 |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | **** |
|  NIKE, Inc.<br>2.850%, 3/27/30 | 50000 | 44819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 4653075 |  |
|  **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |  |  |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | **** |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/13/28 | 300000 | 286663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 | 600000 | 594175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 1/23/31 | 140000 | 140208 |  |
|  Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 | 170000 | 146171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 6/1/30 | 250000 | 205152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/15/31 | 320000 | 250990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/5/32 | 100000 | 84113 |  |
|  Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/1/29 | 175000 | 154005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/1/31 | 250000 | 198418 |  |
|  Keurig Dr Pepper, Inc.<br>4.597%, 5/25/28 | 201000 | 197324 |  |

---

See Notes to Financial Statements.

971

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 | 300000 | 266827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/1/30 | 175000 | 143151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/18/32 | 400000 | 379252 |  |
|  |  | 3046449 |  |
|  ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | ***Food & Staples Retailing (0.5%)*** | **** |
|  Costco Wholesale Corp.<br>1.600%, 4/20/30 | 163000 | 133996 |  |
|  Kroger Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 | 100000 | 96580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 5/1/30 | 100000 | 81395 |  |
|  Sysco Corp.<br>2.400%, 2/15/30 | 150000 | 125230 |  |
|  Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/26/28 | 375000 | 362395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 | 480000 | 392685 |  |
|  |  | 1192281 |  |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | **** |
|  Conagra Brands, Inc.<br>4.850%, 11/1/28 | 206000 | 201019 |  |
|  General Mills, Inc.<br>4.200%, 4/17/28 | 200000 | 193835 |  |
|  Unilever Capital Corp.<br>3.500%, 3/22/28 | 200000 | 188938 |  |
|  |  | 583792 |  |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | **** |
|  Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/25/30 | 220000 | 201143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 | 200000 | 157499 |  |
|  |  | 358642 |  |
|  ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | ***Tobacco (0.4%)*** | **** |
|  Altria Group, Inc.<br>4.800%, 2/14/29 | 260000 | 250425 |  |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | 100000 | 83274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.726%, 3/25/31 | 440000 | 341023 |  |
|  Philip Morris International, Inc.<br>3.375%, 8/15/29 | 164000 | 148134 |  |
|  |  | 822856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6004020 |  |
|  **Energy (3.2%)** | **Energy (3.2%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | **** |
|  BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 | 400000 | 386642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.749%, 8/10/30 | 155000 | 123998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.721%, 1/12/32 | 420000 | 351034 |  |
|  Cheniere Energy Partners LP<br>4.500%, 10/1/29 | 219000 | 197632 |  |
|  Chevron Corp.<br>2.236%, 5/11/30 | 220000 | 188768 |  |
|  ConocoPhillips Co.<br>6.950%, 4/15/29 | 370000 | 409345 |  |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 6/15/28 | 100000 | 96495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/29 | 350000 | 339660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/30 | 280000 | 247877 |  |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/16/28 | 200000 | 189642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 250000 | 213005 |  |
|  Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.482%, 3/19/30 | 300000 | 280184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.610%, 10/15/30 | 325000 | 284707 |  |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/1/28 | 350000 | 335474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/31 | 100000 | 77633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 1/15/32 | 100000 | 113202 |  |
|  MPLX LP | MPLX LP | MPLX LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 355000 | 330928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 8/15/30 | 325000 | 264676 |  |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/15/28 | 200000 | 188881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 3/15/30 | 125000 | 104858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/31 | 100000 | 102236 |  |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/28 | 150000 | 141103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/30 | 285000 | 265346 |  |
|  Targa Resources Partners LP | Targa Resources Partners LP | Targa Resources Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/30 | 200000 | 187684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 2/1/31 | 300000 | 270602 |  |
|  TotalEnergies Capital International SA | TotalEnergies Capital International SA | TotalEnergies Capital International SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 | 200000 | 186397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.829%, 1/10/30 | 205000 | 180746 |  |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | 200000 | 189963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 4/15/30 | 180000 | 165881 |  |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 12/1/31 | 200000 | 163765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/15/32 | 150000 | 169845 |  |
|  Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 450000 | 366439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 8/15/32 | 250000 | 233778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 7348426 |  |
|  **Financials (13.7%)** | **Financials (13.7%)** | **Financials (13.7%)** |  |
|  ***Banks (9.0%)*** | ***Banks (9.0%)*** | ***Banks (9.0%)*** | **** |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 4/12/28 | 400000 | 372374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 200000 | 152094 |  |
|  Bank of America Corp. | Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.04%), 3.419%, 12/20/28 (k) | 975000 | 884648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 2.496%, 2/13/31 (k) | 500000 | 405667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.53%),<br>1.898%, 7/23/31 (k) | 200000 | 154199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>2.687%, 4/22/32 (k) | 1100000 | 882168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br>2.299%, 7/21/32 (k) | 325000 | 251475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br> 4.571%, 4/27/33 (k) | 1000000 | 914428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br>5.015%, 7/22/33 (k) | 1000000 | 948924 |  |
|  Barclays plc<br>4.836%, 5/9/28 | 200000 | 184126 |  |

---

See Notes to Financial Statements.

972

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.90%), 4.972%, 5/16/29 (k) | $| 400000 | $| 374943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.645%, 6/24/31 (k) |  | 250000 |  | 194911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%), 7.437%, 11/2/33 (k) |  | 200000 |  | 209591 |  |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.91%),<br>4.412%, 3/31/31 (k) |  | 850000 |  | 782434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>2.572%, 6/3/31 (k) |  | 850000 |  | 688420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.35%),<br>3.057%, 1/25/33 (k) |  | 250000 |  | 203017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br>3.785%, 3/17/33 (k) |  | 700000 |  | 601590 |  |
|  HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.53%), 4.583%, 6/19/29 (k) |  | 550000 |  | 507953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.973%, 5/22/30 (k) |  | 400000 |  | 351162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%), 2.804%, 5/24/32 (k) |  | 550000 |  | 426253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%), 5.402%, 8/11/33 (k) |  | 200000 |  | 185035 |  |
|  ING Groep NV<br>4.550%, 10/2/28 |  | 300000 |  | 286965 |  |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.33%), 4.452%, 12/5/29 (k) |  | 560000 |  | 527218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>2.739%, 10/15/30 (k) |  | 700000 |  | 586965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.580%, 4/22/32 (k) |  | 800000 |  | 643373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.963%, 1/25/33 (k) |  | 650000 |  | 531639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br> 4.912%, 7/25/33 (k) |  | 900000 |  | 852345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>5.717%, 9/14/33 (k) |  | 800000 |  | 786851 |  |
|  Lloyds Banking Group plc<br>4.375%, 3/22/28 |  | 200000 |  | 189184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 4.976%, 8/11/33 (k) |  | 200000 |  | 184282 |  |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 |  | 325000 |  | 300788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195%, 7/18/29 |  | 400000 |  | 352802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.13%), 5.133%, 7/20/33 (k) |  | 400000 |  | 383553 |  |
|  Mizuho Financial Group, Inc.<br>4.018%, 3/5/28 |  | 500000 |  | 470948 |  |
|  NatWest Group plc | NatWest Group plc | NatWest Group plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.91%), 5.076%, 1/27/30 (k) |  | 400000 |  | 377217 |  |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/23/29 |  | 250000 |  | 228872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 1/22/30 |  | 270000 |  | 228832 |  |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902%, 9/17/28 |  | 400000 |  | 329452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.040%, 7/16/29 |  | 450000 |  | 390693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130%, 7/8/30 |  | 200000 |  | 158843 |  |
|  Toronto-Dominion Bank (The)<br>4.456%, 6/8/32 |  | 100000 |  | 95337 |  |
|  Truist Financial Corp.<br>3.875%, 3/19/29 |  | 100000 |  | 92303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br>1.887%, 6/7/29 (k) |  | 150000 |  | 126405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br>4.916%, 7/28/33 (k) |  | 100000 |  | 93975 |  |
|  US Bancorp<br>1.375%, 7/22/30 |  | 200000 |  | 155173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.11%),<br>4.967%, 7/22/33 (k) |  | 200000 |  | 190450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.09%),<br>5.850%, 10/21/33 (k) |  | 150000 |  | 156258 |  |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 2.879%, 10/30/30 (k) |  | 555000 |  | 473504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br>3.350%, 3/2/33 (k) |  | 530000 |  | 448268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%),<br>4.897%, 7/25/33 (k) |  | 600000 |  | 569639 |  |
|  Westpac Banking Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/16/30 |  | 200000 |  | 174177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 6/3/31 |  | 150000 |  | 124454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.110%, 7/24/34 (k) |  | 400000 |  | 343862 |  |
|  |  |  |  | 20530039 |  |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | **** |
|  Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/28/28 |  | 200000 |  | 191522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 8/23/29 |  | 200000 |  | 179447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.07%), 5.834%, 10/25/33 (k) |  | 100000 |  | 104372 |  |
|  BlackRock, Inc.<br>1.900%, 1/28/31 |  | 173000 |  | 140726 |  |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/20/28 |  | 300000 |  | 263867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/22/29 |  | 150000 |  | 136180 |  |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.04%),<br>3.547%, 9/18/31 (k) |  | 500000 |  | 402719 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.30%), 4.223%, 5/1/29 (k) |  | 400000 |  | 371852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/30 |  | 450000 |  | 405330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>2.615%, 4/22/32 (k) |  | 510000 |  | 406578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.383%, 7/21/32 (k) |  | 650000 |  | 505833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br>3.102%, 2/24/33 (k) |  | 200000 |  | 162608 |  |
|  Intercontinental Exchange, Inc.<br>4.350%, 6/15/29 |  | 120000 |  | 116328 |  |

---

See Notes to Financial Statements.

973

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  Morgan Stanley | Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.63%), 4.431%, 1/23/30 (k) | 500000 | 467957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br>2.699%, 1/22/31 (k) | 600000 | 497304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.12%),<br> 3.622%, 4/1/31 (k) | 700000 | 611273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br>2.239%, 7/21/32 (k) | 800000 | 611655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br>6.342%, 10/18/33 (k) | 500000 | 523014 |  |
|  Nomura Holdings, Inc.<br>3.103%, 1/16/30 | 400000 | 334959 |  |
|  S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 3/1/29§ | 200000 | 176384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/32§ | 450000 | 384397 |  |
|  State Street Corp.<br>2.400%, 1/24/30 | 165000 | 140402 |  |
|  |  | 7134707 |  |
|  ***Consumer Finance (1.1%)*** |  |  |  |
|  AerCap Ireland Capital DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/29/28 | 400000 | 335824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/30/32 | 500000 | 390612 |  |
|  Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 | 60000 | 46945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/1/31 | 100000 | 103449 |  |
|  Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 | 325000 | 304652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br>3.273%, 3/1/30 (k) | 200000 | 172354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.37%),<br>5.268%, 5/10/33 (k) | 100000 | 92789 |  |
|  General Motors Financial Co., Inc.<br>3.600%, 6/21/30 | 300000 | 253194 |  |
|  John Deere Capital Corp.<br>1.450%, 1/15/31 | 130000 | 101880 |  |
|  Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/29/29 | 300000 | 294818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/1/30 | 490000 | 446364 |  |
|  |  | 2542881 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/13/28 | 200000 | 192947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/7/29 | 240000 | 208347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/6/30 | 200000 | 176396 |  |
|  |  | 577690 |  |
|  ***Insurance (0.2%)*** | ***Insurance (0.2%)*** | ***Insurance (0.2%)*** | **** |
|  Aon Corp.<br>2.800%, 5/15/30 | 300000 | 256447 |  |
|  Prudential Financial, Inc. | Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52 (k) | 180000 | 174825 |  |
|  |  | 431272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 31216589 |  |
|  **Health Care (4.3%)** | **Health Care (4.3%)** |  |  |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | **** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/14/28 | 300000 | 290644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/21/29 | 550000 | 496914 |  |
|  Amgen, Inc. | Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/18/29 | 300000 | 281714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/25/31 | 500000 | 409504 |  |
|  |  | 1478776 |  |
|  ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | ***Health Care Equipment & Supplies (0.2%)*** | **** |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272%, 12/1/28 | 100000 | 85418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.539%, 2/1/32 | 280000 | 223517 |  |
|  Becton Dickinson and Co.<br>1.957%, 2/11/31 | 50000 | 39741 |  |
|  |  | 348676 |  |
|  ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | **** |
|  Centene Corp. | Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 7/15/28 | 200000 | 168668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 1330000 | 1215327 |  |
|  Cigna Corp.<br>4.375%, 10/15/28 | 470000 | 454421 |  |
|  CVS Health Corp. | CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 625000 | 604138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 | 300000 | 269364 |  |
|  Elevance Health, Inc. | Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/15/31 | 200000 | 168248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/15/32 | 50000 | 46676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/32 | 400000 | 411142 |  |
|  HCA, Inc. | HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | 465000 | 422360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/30 | 530000 | 456696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/32§ | 300000 | 253598 |  |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 2/15/30 | 200000 | 206243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 | 375000 | 313175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 5/15/32 | 400000 | 381845 |  |
|  |  | 5371901 |  |
|  ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | ***Pharmaceuticals (1.1%)*** | **** |
|  Astrazeneca Finance LLC<br>1.750%, 5/28/28 | 150000 | 128933 |  |
|  AstraZeneca plc<br>1.375%, 8/6/30 | 150000 | 118911 |  |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 | 439000 | 408807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/32 | 200000 | 174181 |  |
|  Johnson & Johnson | Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 1/15/28 | 100000 | 93309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/1/30 | 150000 | 120895 |  |
|  Merck & Co., Inc. | Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 | 231000 | 215326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/10/31 | 220000 | 179680 |  |
|  Novartis Capital Corp.<br>2.200%, 8/14/30 | 75000 | 63711 |  |
|  Pfizer, Inc. | Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 | 350000 | 330282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 4/1/30 | 350000 | 307682 |  |
|  Takeda Pharmaceutical Co. Ltd.<br>2.050%, 3/31/30 | 400000 | 327354 |  |

---

See Notes to Financial Statements.

974

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Viatris, Inc.<br>2.700%, 6/22/30 | $| 75000 | $| 58609 |  |
|  |  |  |  | 2527680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 9727033 |  |
|  **Industrials (2.4%)** | **Industrials (2.4%)** | **Industrials (2.4%)** |  |  |  |
|  ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | ***Aerospace & Defense (1.1%)*** | **** |
|  Boeing Co. (The)<br>5.150%, 5/1/30 |  | 1100000 |  | 1072284 |  |
|  General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/28 |  | 100000 |  | 95414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/30 |  | 150000 |  | 140217 |  |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 |  | 150000 |  | 144883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 |  | 200000 |  | 192884 |  |
|  Northrop Grumman Corp.<br>3.250%, 1/15/28 |  | 300000 |  | 278580 |  |
|  Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/28 |  | 480000 |  | 460805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 7/1/30 |  | 250000 |  | 208682 |  |
|  |  |  |  | 2593749 |  |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | **** |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/5/29 |  | 200000 |  | 176649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 5/15/31 |  | 250000 |  | 202897 |  |
|  United Parcel Service, Inc.<br>4.450%, 4/1/30 |  | 200000 |  | 197225 |  |
|  |  |  |  | 576771 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  Carrier Global Corp.<br>2.722%, 2/15/30 |  | 300000 |  | 253418 |  |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | **** |
|  3M Co. | 3M Co. | 3M Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/1/29 |  | 150000 |  | 138282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/26/29 |  | 100000 |  | 85173 |  |
|  General Electric Co.<br>6.750%, 3/15/32 |  | 160000 |  | 177722 |  |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/1/30 |  | 320000 |  | 263837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/1/31 |  | 100000 |  | 79415 |  |
|  |  |  |  | 744429 |  |
|  ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | ***Machinery (0.3%)*** | **** |
|  Deere & Co. | Deere & Co. | Deere & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 10/16/29 |  | 275000 |  | 286027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 4/15/30 |  | 500000 |  | 449209 |  |
|  |  |  |  | 735236 |  |
|  ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | ***Road & Rail (0.3%)*** | **** |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/29 |  | 315000 |  | 297874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 |  | 120000 |  | 101404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 2/14/32 |  | 200000 |  | 172944 |  |
|  |  |  |  | 572222 |  |
|  ***Trading Companies & Distributors (0.0%)†*** | ***Trading Companies & Distributors (0.0%)†*** | ***Trading Companies & Distributors (0.0%)†*** | ***Trading Companies & Distributors (0.0%)†*** | ***Trading Companies & Distributors (0.0%)†*** | **** |
|  Air Lease Corp.<br>3.000%, 2/1/30 |  | 100000 |  | 83332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 5559157 |  |
|  **Information Technology (2.5%)** | **Information Technology (2.5%)** | **Information Technology (2.5%)** |  |  |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | **** |
|  Motorola Solutions, Inc.<br>4.600%, 5/23/29 |  | 200000 |  | 190747 |  |
|  ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | **** |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/1/28 |  | 100000 |  | 94908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 |  | 425000 |  | 383721 |  |
|  Global Payments, Inc.<br>3.200%, 8/15/29 |  | 125000 |  | 106936 |  |
|  International Business Machines Corp.<br>3.500%, 5/15/29 |  | 450000 |  | 415497 |  |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/29 |  | 125000 |  | 113142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/26/30 |  | 200000 |  | 183155 |  |
|  PayPal Holdings, Inc.<br>2.850%, 10/1/29 |  | 209000 |  | 182479 |  |
|  Visa, Inc.<br>2.050%, 4/15/30 |  | 75000 |  | 63330 |  |
|  |  |  |  | 1543168 |  |
|  ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | ***Semiconductors & Semiconductor Equipment (0.6%)*** | **** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/29 |  | 300000 |  | 286981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/30 |  | 200000 |  | 179185 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ |  | 500000 |  | 395389 |  |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 |  | 100000 |  | 86037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/25/30 |  | 175000 |  | 164581 |  |
|  NVIDIA Corp.<br>2.850%, 4/1/30 |  | 100000 |  | 87641 |  |
|  QUALCOMM, Inc.<br>1.650%, 5/20/32 |  | 150000 |  | 116235 |  |
|  |  |  |  | 1316049 |  |
|  ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | **** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/1/30 |  | 300000 |  | 256622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/25/31 |  | 300000 |  | 249908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 11/9/32 |  | 325000 |  | 340280 |  |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 200000 |  | 173710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/15/31 |  | 200000 |  | 153974 |  |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/11/28 |  | 125000 |  | 119844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 |  | 100000 |  | 80198 |  |
|  |  |  |  | 1374536 |  |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | **** |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 2/8/28 |  | 500000 |  | 424857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/5/28 |  | 450000 |  | 382025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/20/30 |  | 50000 |  | 39558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 |  | 250000 |  | 201852 |  |
|  Dell International LLC<br>5.300%, 10/1/29 |  | 50000 |  | 48815 |  |
|  HP, Inc.<br>4.000%, 4/15/29 |  | 92000 |  | 84440 |  |
|  |  |  |  | 1181547 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 5606047 |  |

---

See Notes to Financial Statements.

975

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  **Materials (0.3%)** | **Materials (0.3%)** |  |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | **** |
|  Dow Chemical Co. (The) | Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/1/29 | $75000 | $83730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 11/15/30 | 100000 | 80750 |  |
|  |  | 164480 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  WRKCo., Inc.<br>4.900%, 3/15/29 | 380000 | 366838 |  |
|  ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | ***Metals & Mining (0.1%)*** | **** |
|  Freeport-McMoRan, Inc.<br>4.625%, 8/1/30 | 270000 | 250339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 781657 |  |
|  **Real Estate (1.3%)** | **Real Estate (1.3%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.3%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT)<br>3.950%, 1/15/28 | 65000 | 61094 |  |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 1/15/28 | 150000 | 138136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/15/29 | 300000 | 273008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 110000 | 85107 |  |
|  AvalonBay Communities, Inc. (REIT)<br>2.050%, 1/15/32 | 110000 | 86738 |  |
|  Boston Properties LP (REIT)<br>3.250%, 1/30/31 | 100000 | 82791 |  |
|  Crown Castle, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/28 | 225000 | 209118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/31 | 250000 | 201551 |  |
|  Equinix, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 | 315000 | 274838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 | 150000 | 133765 |  |
|  Prologis LP (REIT)<br>2.250%, 4/15/30 | 300000 | 251682 |  |
|  Realty Income Corp. (REIT)<br>3.250%, 1/15/31 | 150000 | 130393 |  |
|  Simon Property Group LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/1/28 | 200000 | 170312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/13/29 | 200000 | 167755 |  |
|  Ventas Realty LP (REIT)<br>4.400%, 1/15/29 | 100000 | 93408 |  |
|  VICI Properties LP (REIT)<br>5.125%, 5/15/32 | 350000 | 323680 |  |
|  Welltower, Inc. (REIT)<br>2.800%, 6/1/31 | 400000 | 319703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 3003079 |  |
|  **Utilities (3.2%)** | **Utilities (3.2%)** |  |  |
|  ***Electric Utilities (2.7%)*** | ***Electric Utilities (2.7%)*** | ***Electric Utilities (2.7%)*** | **** |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 | 190000 | 155933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>4.300%, 12/1/28 | 225000 | 215056 |  |
|  Appalachian Power Co.<br>Series AA<br>2.700%, 4/1/31 | 200000 | 165310 |  |
|  Duke Energy Carolinas LLC<br>3.950%, 11/15/28 | 100000 | 96007 |  |
|  Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 | 400000 | 384792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/1/30 | 455000 | 375717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 400000 | 327859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/32 | 580000 | 547582 |  |
|  Entergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 6/15/28 | 300000 | 253976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 6/15/30 | 290000 | 244627 |  |
|  Eversource Energy<br>Series R<br>1.650%, 8/15/30 | 400000 | 312142 |  |
|  Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/30 | 150000 | 139380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/15/32§ | 250000 | 217733 |  |
|  Georgia Power Co.<br>4.700%, 5/15/32 | 250000 | 241404 |  |
|  Nevada Power Co.<br>Series CC<br>3.700%, 5/1/29 | 80000 | 74841 |  |
|  NextEra Energy Capital Holdings, Inc.<br>2.250%, 6/1/30 | 1080000 | 892218 |  |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 7/1/30 | 425000 | 386880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/31 | 200000 | 155852 |  |
|  Public Service Electric & Gas Co.<br>1.900%, 8/15/31 | 150000 | 119905 |  |
|  Southern California Edison Co.<br>2.250%, 6/1/30 | 200000 | 165007 |  |
|  Southern Co. (The) | Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>3.700%, 4/30/30 | 285000 | 258140 |  |
|  Xcel Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 12/1/29 | 350000 | 299450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/1/32 | 100000 | 95314 |  |
|  |  | 6125125 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Ameren Corp.<br>3.500%, 1/15/31 | 150000 | 132461 |  |
|  Berkshire Hathaway Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/28 | 80000 | 74283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/15/30 | 150000 | 138090 |  |
|  Dominion Energy, Inc.<br>4.250%, 6/1/28 | 175000 | 167186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>3.375%, 4/1/30 | 400000 | 353790 |  |
|  Sempra Energy<br>3.400%, 2/1/28 | 180000 | 167249 |  |
|  |  | 1033059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 7158184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 90416194 |  |
|  **Total Long-Term Debt Securities (39.7%)**<br> *(Cost $95,294,532)* | **Total Long-Term Debt Securities (39.7%)**<br> *(Cost $95,294,532)* | 90416194 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | ***Health Care Equipment & Supplies (0.0%)†*** | **** |
|  ABIOMED, Inc., CVR\* <br>*(Cost $121)* | 119 | $179 |  |

---

See Notes to Financial Statements.

976

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |
|  **Investment Company (20.0%)** | **Investment Company (20.0%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 45468903 | $45491638 |
|  **Total Short-Term Investment (20.0%)**<br> *(Cost $45,483,532)* | **Total Short-Term Investment (20.0%)**<br> *(Cost $45,483,532)* | 45491638 |
|  **Total Investments in Securities (97.7%)**<br> *(Cost $222,911,426)* | **Total Investments in Securities (97.7%)**<br> *(Cost $222,911,426)* | 222375448 |
|  **Other Assets Less Liabilities (2.3%)** | **Other Assets Less Liabilities (2.3%)** | 5280303 |
|  **Net Assets (100%)** |  | $227655751 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $2,248,766 or 1.0% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *CME* | | *—* | | *Chicago Mercantile Exchange* |
|  *CVR* | | *—* | | *Contingent Value Right* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *USD* | | *—* | | *United States Dollar* |

---

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Expiration**<br>**Date** | **Trading**<br>**Currency** | **Notional**<br>**Amount<br>($)** | **Value and**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**($)** |
|  Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts |
|  MSCI EAFE E-Mini Index | 384 | 3/2023 | USD | 37428480 | (848744) |
|  Russell 2000 E-Mini Index | 66 | 3/2023 | USD | 5843970 | (207504) |
|  S&P Midcap 400 E-Mini Index | 22 | 3/2023 | USD | 5373720 | (157169) |
|  |  |  |  |  | (1213417) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $6069871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6069871 |
|  Consumer Discretionary | 8299528 |  |  | 8299528 |
|  Consumer Staples | 5895693 |  |  | 5895693 |
|  Energy | 4343159 |  |  | 4343159 |
|  Financials | 10089672 |  |  | 10089672 |
|  Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13216831 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13216831 |
|  Industrials | 7227826 |  |  | 7227826 |
|  Information Technology | 21956349 |  |  | 21956349 |
|  Materials | 2355488 |  |  | 2355488 |
|  Real Estate | 1971046 |  |  | 1971046 |
|  Utilities | 2489399 |  |  | 2489399 |

---

See Notes to Financial Statements.

977

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $9358927 | $— | $9358927 |
|  Consumer Discretionary |  | 4653075 |  | 4653075 |
|  Consumer Staples |  | 6004020 |  | 6004020 |
|  Energy |  | 7348426 |  | 7348426 |
|  Financials |  | 31216589 |  | 31216589 |
|  Health Care |  | 9727033 |  | 9727033 |
|  Industrials |  | 5559157 |  | 5559157 |
|  Information Technology |  | 5606047 |  | 5606047 |
|  Materials |  | 781657 |  | 781657 |
|  Real Estate |  | 3003079 |  | 3003079 |
|  Utilities |  | 7158184 |  | 7158184 |
|  **Exchange Traded Funds** | 2552575 |  |  | 2552575 |
|  **Right** |  |  |  |  |
|  Health Care |  | 179 |  | 179 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 45491638 |  |  | 45491638 |
|  **Total Assets** | $**131959075** | $**90416373** | $**—** | $**222375448** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(1213417) | $— | $— | $(1213417) |
|  **Total Liabilities** | $**(1213417)** | $**—** | $**—** | $**(1213417)** |
|  **Total** | $**130745658** | $**90416373** | $**—** | $**221162031** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(1213417) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1213417 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1274346) | $(1274346) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274346) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1274346) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1539182) | $(1539182) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539182) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

978

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held futures contracts with an average notional balance of approximately $32,972,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $140744878 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116234004 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $7954594 |
|  Aggregate gross unrealized depreciation | (8747699) |
|  Net unrealized depreciation | $(793105) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221955136 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $21 as brokerage commissions with Invesco Capital Markets, Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

979

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $222,911,426) | $222375448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 481806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 5150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1167855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 218369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 11789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 229405267 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1004814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 435861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 118858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 48602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 25268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 116094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1749516 |
|  **NET ASSETS** | $227655751 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $248252620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (20596869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $227655751 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $227,655,751 / 23,460,009 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.70 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $1634242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $1,109 foreign withholding tax) | 1277353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2911595 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 969325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 302165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 26200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1535444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (131490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1403954 |
|  **NET INVESTMENT INCOME (LOSS)** | 1507641 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (6357355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1274346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7631701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (6696203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1539182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8235385) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (15867086) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14359445) |

---

See Notes to Financial Statements.

980

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1507641 | $216200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7631701) | 2859180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8235385) | 4608034 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (14359445) | 7683414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1695347) | (7333000) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,943,810 and 2,806,747 shares, respectively ] | 39820926 | 33416442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 10,916,089 and 0 shares, respectively ] | 103979580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 170,807 and 634,229 shares, respectively ] | 1695347 | 7333000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (238257) and (165507) shares, respectively ] | (2420369) | (1956259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 143075484 | 38793183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K (b)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (1080146) shares, respectively ] |  | (12480107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions |  | (12480107) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 143075484 | 26313076 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 127020692 | 26663490 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 100635059 | 73971569 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $227655751 | $100635059 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp;(b) After the close of business on March 22, 2021, operations for Class K ceased and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

981

------

**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **February 1, 2019\* to<br>December 31, 2019** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **February 1, 2019\* to<br>December 31, 2019** |
|  Net asset value, beginning of period | $11.61 | $11.43 | $10.99 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.13 | 0.03 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.96) | 1.11 | 0.92 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.83) | 1.14 | 0.99 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.03) | (0.06) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (0.93) | (0.49) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.08) | (0.96) | (0.55) | (0.38) |
|  Net asset value, end of period | $9.70 | $11.61 | $11.43 | $10.99 |
|  Total return (b) | (15.73)% | 10.13% | 9.14% | 13.75% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30019 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.16 %(j) | 1.17 %(k) | 1.17 %(k) | 1.15 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.27% | 1.29% | 1.38% | 1.64% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.25% | 0.25% | 0.67% | 1.34 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.14% | 0.14% | 0.46% | 0.85 %(l) |
|  Portfolio turnover rate^ | 123% | 42% | 57% | 114 %(z) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class K** | **January 1, 2021 to<br>March 22, 2021‡** | **Year Ended<br>December 31, 2020** | **February 1, 2019\* to<br>December 31, 2019** |
|  Net asset value, beginning of period | $11.43 | $10.99 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.11 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | 0.91 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.12 | 1.02 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.09) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.49) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (0.58) | (0.40) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 | $11.43 | $10.99 |
|  Total return (b) | 1.05% | 9.39% | 14.00% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 |
|  Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.92 %(k) | 0.92 %(k) | 0.90 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.06% | 1.13% | 1.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.58% | 0.97% | 1.70 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.44% | 0.76% | 1.02 %(l) |
|  Portfolio turnover rate^ | 42% | 57% | 114 %(z) |

---

See Notes to Financial Statements.

982

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**EQ ADVISORS TRUST** 

EQ/INVESCO MODERATE GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*‡* *After the close of business on March 22, 2021 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

983

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**EQ/JANUS ENTERPRISE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Janus Henderson Investors US LLC

PERFORMANCE RESULTS

![LOGO](g401674g97z30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (16.54)% | 9.20% | 9.46 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (16.57) | 9.19 | 9.46 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (16.39) | 9.47 | 9.73 |  |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Growth Index | (26.72) | 7.64 | 11.41 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (16.57)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Midcap<sup>®</sup> Growth Index, which returned (26.72)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• While the Portfolio's Information Technology stocks had negative returns on an absolute basis, they were positive
contributors on a relative basis. This was due primarily to stock selection.

• Financials investments were also relative contributors despite detracting on an absolute basis. Stock selection drove the
relative outperformance.

• Stock selection and an underweight in the Communication Services sector contributed positively to relative performance,
even though sector holdings were negative contributors to absolute performance.

• Top individual contributors to relative performance included LPL Financial Holdings, Inc., W R Berkley Corp., and Amdocs
Ltd.

***What hurt performance during the year:***

• Lack of exposure to the outperforming Energy sector hindered relative performance.

• Not holding investments from the Consumer Staples sector also dampened relative performance.

• The Portfolio's Consumer Discretionary holdings detracted from both absolute and relative performance, due to stock
selection.

• Individual detractors on a relative basis included CarMax, Inc., Catalent, Inc., and Wayfair, Inc.

**Portfolio Positioning and Outlook — Janus Henderson Investors US LLC** 

While we welcome signs of moderating price pressures, we expect that the Federal Reserve (Fed) may need to raise rates further in 2023 to curb inflation. We are alert to risks that wage pressures or unforeseen supply-side shocks could complicate the inflation outlook and the Fed's task in trying to achieve a soft landing. We recognize that it will take time for Fed rate hikes to work their way through the economy, all of which could set the stage for slower-than-expected economic and earnings growth in 2023.

In this environment, we remain highly selective in our investments and continue to look for companies with robust balance sheets, experienced management teams, and healthy free cash flows that can help fund operations without relying on jittery capital markets. We continue to keep a close eye on valuations, as we favor companies whose stock prices are supported by demonstrated earnings growth. While we recognize the challenges of the near-term environment, we remain excited about growth opportunities that we have identified across a broad range of industries including companies that may capitalize on long-term trends such as deglobalization and investments in energy transition. We believe this environment will work with our strengths as bottom-up, diversified investment managers focused on providing our investors with positive long-term performance.

984

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**EQ/JANUS ENTERPRISE PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; Information Technology | 38.2 | % |
| &nbsp;&nbsp;&nbsp; Health Care | 17.9 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 16.2 |  |
| &nbsp;&nbsp;&nbsp; Financials | 10.3 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 7.4 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.5 |  |
| &nbsp;&nbsp;&nbsp; Investment Company | 2.0 |  |
| &nbsp;&nbsp;&nbsp; Materials | 1.7 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 0.8 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.0 | # |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.0 |  |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.3 |  |
|  | 100.0 | % |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1049.30 | $5.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1048.60 | 5.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1049.90 | 4.13 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.07 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

985

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**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.5%)** | **Communication Services (2.5%)** | **Communication Services (2.5%)** |  |
|  ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | **** |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 412529 | $24660984 |  |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | **** |
|  Ziff Davis, Inc.\* | 96690 | 7648179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 32309163 |  |
|  **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** |  |
|  ***Auto Components (0.5%)*** | ***Auto Components (0.5%)*** | ***Auto Components (0.5%)*** | **** |
|  Visteon Corp.\* | 51630 | 6754753 |  |
|  ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | **** |
|  Frontdoor, Inc.\* | 317221 | 6598197 |  |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | **** |
|  Aramark | 518115 | 21418874 |  |
|  Entain plc | 843487 | 13475780 |  |
|  |  | 34894654 |  |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  Wayfair, Inc., Class A (x)\* | 19767 | 650137 |  |
|  ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | ***Multiline Retail (0.5%)*** | **** |
|  Dollar Tree, Inc.\* | 40044 | 5663823 |  |
|  ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | ***Specialty Retail (2.2%)*** | **** |
|  Burlington Stores, Inc.\* | 58172 | 11794955 |  |
|  CarMax, Inc.\* | 269322 | 16399016 |  |
|  |  | 28193971 |  |
|  ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | ***Textiles, Apparel & Luxury Goods (0.9%)*** | **** |
|  Gildan Activewear, Inc. | 441361 | 12093291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 94848826 |  |
|  **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** | **Consumer Staples (0.0%)** |  |
|  ***Food & Staples Retailing (0.0%)*** | ***Food & Staples Retailing (0.0%)*** | ***Food & Staples Retailing (0.0%)*** | **** |
|  Fresh Market, Inc. (The) (r)\* | 1887 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  |
|  **Financials (10.3%)** | **Financials (10.3%)** | **Financials (10.3%)** |  |
|  ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** | ***Capital Markets (4.7%)*** | **** |
|  Cboe Global Markets, Inc. | 63557 | 7974497 |  |
|  Charles Schwab Corp. (The) | 206374 | 17182699 |  |
|  LPL Financial Holdings, Inc. | 134138 | 28996611 |  |
|  MSCI, Inc. | 13688 | 6367247 |  |
|  |  | 60521054 |  |
|  ***Insurance (5.6%)*** | ***Insurance (5.6%)*** | ***Insurance (5.6%)*** | **** |
|  Intact Financial Corp. | 253067 | 36429313 |  |
|  Ryan Specialty Holdings, Inc., Class A\* | 238579 | 9903414 |  |
|  W R Berkley Corp. | 356774 | 25891089 |  |
|  |  | 72223816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 132744870 |  |
|  **Health Care (17.9%)** | **Health Care (17.9%)** | **Health Care (17.9%)** |  |
|  ***Biotechnology (3.4%)*** | ***Biotechnology (3.4%)*** | ***Biotechnology (3.4%)*** | **** |
|  Abcam plc (ADR)\* | 226515 | 3524573 |  |
|  Argenx SE (ADR)\* | 16123 | 6107876 |  |
|  Ascendis Pharma A/S (ADR) (x)\* | 77413 | 9454450 |  |
|  BioMarin Pharmaceutical, Inc.\* | 134974 | 13968459 |  |
|  Sarepta Therapeutics, Inc.\* | 86186 | 11167982 |  |
|  |  | 44223340 |  |
|  ***Health Care Equipment & Supplies (9.4%)*** | ***Health Care Equipment & Supplies (9.4%)*** | ***Health Care Equipment & Supplies (9.4%)*** | **** |
|  Boston Scientific Corp.\* | 878536 | 40649861 |  |
|  Cooper Cos., Inc. (The) | 35201 | 11639915 |  |
|  Dentsply Sirona, Inc. | 316224 | 10068572 |  |
|  ICU Medical, Inc.\* | 101176 | 15933196 |  |
|  STERIS plc | 78602 | 14517003 |  |
|  Teleflex, Inc. | 113860 | 28422872 |  |
|  |  | 121231419 |  |
|  ***Life Sciences Tools & Services (3.8%)*** | ***Life Sciences Tools & Services (3.8%)*** | ***Life Sciences Tools & Services (3.8%)*** | **** |
|  Avantor, Inc.\* | 655973 | 13834471 |  |
|  Illumina, Inc.\* | 51392 | 10391462 |  |
|  PerkinElmer, Inc. | 111761 | 15671127 |  |
|  Waters Corp.\* | 25018 | 8570667 |  |
|  |  | 48467727 |  |
|  ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | ***Pharmaceuticals (1.3%)*** | **** |
|  Catalent, Inc.\* | 247040 | 11119271 |  |
|  Elanco Animal Health, Inc.\* | 487159 | 5953083 |  |
|  |  | 17072354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 230994840 |  |
|  **Industrials (16.2%)** | **Industrials (16.2%)** | **Industrials (16.2%)** |  |
|  ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | ***Aerospace & Defense (1.6%)*** | **** |
|  L3Harris Technologies, Inc. | 100074 | 20836408 |  |
|  ***Airlines (1.0%)*** | ***Airlines (1.0%)*** | ***Airlines (1.0%)*** | **** |
|  Ryanair Holdings plc (ADR)\* | 165382 | 12363958 |  |
|  ***Commercial Services & Supplies (2.6%)*** | ***Commercial Services & Supplies (2.6%)*** | ***Commercial Services & Supplies (2.6%)*** | **** |
|  Cimpress plc\* | 127154 | 3510722 |  |
|  Rentokil Initial plc | 349640 | 2147302 |  |
|  Rentokil Initial plc (ADR) | 463856 | 14291404 |  |
|  Ritchie Bros Auctioneers, Inc. | 240069 | 13883190 |  |
|  |  | 33832618 |  |
|  ***Electrical Equipment (2.7%)*** | ***Electrical Equipment (2.7%)*** | ***Electrical Equipment (2.7%)*** | **** |
|  Regal Rexnord Corp. | 47341 | 5679973 |  |
|  Sensata Technologies Holding plc | 729374 | 29452122 |  |
|  |  | 35132095 |  |
|  ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | **** |
|  Ingersoll Rand, Inc. | 498122 | 26026875 |  |
|  Westinghouse Air Brake Technologies Corp. | 205968 | 20557666 |  |
|  |  | 46584541 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  Upwork, Inc.\* | 142240 | 1484986 |  |
|  ***Road & Rail (3.1%)*** | ***Road & Rail (3.1%)*** | ***Road & Rail (3.1%)*** | **** |
|  JB Hunt Transport Services, Inc. | 173617 | 30271860 |  |
|  TFI International, Inc. | 87405 | 8761477 |  |
|  |  | 39033337 |  |
|  ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | ***Trading Companies & Distributors (1.5%)*** | **** |
|  Ferguson plc | 154859 | 19662447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 208930390 |  |

---

See Notes to Financial Statements.

986

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**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value**<br> **(Note 1)** | |
|  **Information Technology (38.2%)** | **Information Technology (38.2%)** | **Information Technology (38.2%)** |  |
|  ***Electronic Equipment, Instruments & Components (8.6%)*** | ***Electronic Equipment, Instruments & Components (8.6%)*** | ***Electronic Equipment, Instruments & Components (8.6%)*** | **** |
|  Flex Ltd.\* | 1341889 | $28796938 |  |
|  National Instruments Corp. | 524219 | 19343681 |  |
|  TE Connectivity Ltd. | 310018 | 35590066 |  |
|  Teledyne Technologies, Inc.\* | 68839 | 27529405 |  |
|  |  | 111260090 |  |
|  ***IT Services (14.3%)*** | ***IT Services (14.3%)*** | ***IT Services (14.3%)*** | **** |
|  Amdocs Ltd. | 422108 | 38369617 |  |
|  Broadridge Financial Solutions, Inc. | 132208 | 17733059 |  |
|  Fidelity National Information Services, Inc. | 205042 | 13912100 |  |
|  Global Payments, Inc. | 144809 | 14382430 |  |
|  GoDaddy, Inc., Class A\* | 437676 | 32746918 |  |
|  SS&C Technologies Holdings, Inc. | 640343 | 33336257 |  |
|  WEX, Inc.\* | 202476 | 33135197 |  |
|  |  | 183615578 |  |
|  ***Semiconductors & Semiconductor Equipment (9.0%)*** | ***Semiconductors & Semiconductor Equipment (9.0%)*** | ***Semiconductors & Semiconductor Equipment (9.0%)*** | **** |
|  KLA Corp. | 33503 | 12631636 |  |
|  Lam Research Corp. | 24362 | 10239349 |  |
|  Microchip Technology, Inc. | 314202 | 22072690 |  |
|  NXP Semiconductors NV | 141872 | 22420032 |  |
|  ON Semiconductor Corp.\* | 776481 | 48429120 |  |
|  |  | 115792827 |  |
|  ***Software (6.3%)*** | ***Software (6.3%)*** | ***Software (6.3%)*** | **** |
|  Atlassian Corp., Class A\* | 39532 | 5086978 |  |
|  Ceridian HCM Holding, Inc.\* | 273616 | 17552466 |  |
|  Constellation Software, Inc. | 26549 | 41450166 |  |
|  Dynatrace, Inc.\* | 108835 | 4168381 |  |
|  Nice Ltd. (ADR)\* | 51321 | 9869028 |  |
|  Topicus.com, Inc.\* | 69320 | 3639556 |  |
|  |  | 81766575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 492435070 |  |
|  **Materials (1.7%)** | **Materials (1.7%)** | **Materials (1.7%)** |  |
|  ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | ***Chemicals (0.8%)*** | **** |
|  Corteva, Inc. | 169506 | 9963563 |  |
|  ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | **** |
|  Sealed Air Corp. | 240021 | 11972247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 21935810 |  |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | **** |
|  Lamar Advertising Co. (REIT), Class A | 223853 | 21131723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 21131723 |  |
|  **Utilities (0.8%)** | **Utilities (0.8%)** | **Utilities (0.8%)** |  |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | **** |
|  Alliant Energy Corp. | 190629 | 10524627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 10524627 |  |
|  **Total Common Stocks (96.7%)**<br> *(Cost $981,694,637)* |  | 1245855319 |  |
|  | **Number of<br>Rights** | **Value**<br> **(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)** | **Health Care (0.0%)** | **Health Care (0.0%)** |  |
|  ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | **** |
|  Oncternal Therapeutics, Inc., CVR (r)\*<br>*(Cost $—)* | 29 |  |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (2.0%**) | **Investment Company (2.0%**) |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 24846994 | 24859417 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreement (0.0%)†** | **Repurchase Agreement (0.0%)†** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $499,343, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $509,092. (xx) | $499110 | 499110 |  |
|  **Total Short-Term Investments (2.0%)**<br> *(Cost $25,358,622)* | **Total Short-Term Investments (2.0%)**<br> *(Cost $25,358,622)* | 25358527 |  |
|  **Total Investments in Securities (98.7%)**<br> *(Cost $1,007,053,259)* | **Total Investments in Securities (98.7%)**<br> *(Cost $1,007,053,259)* | 1271213846 |  |
|  **Other Assets Less Liabilities (1.3%)** | **Other Assets Less Liabilities (1.3%)** | 16524443 |  |
|  **Net Assets (100%)** |  | $1287738289 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,215,190. This was collateralized by $3,775,627 of various U.S. Government Treasury Securities, ranging from 0.750% – 5.250%, maturing 3/31/26 – 8/15/51 and by cash of $499,110 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

See Notes to Financial Statements.

987

------

**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Canada | 8.7% |
| &nbsp;&nbsp;&nbsp; China | 1.7 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.7 |
| &nbsp;&nbsp;&nbsp; Ireland | 1.2 |
| &nbsp;&nbsp;&nbsp; Israel | 0.8 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.8 |
| &nbsp;&nbsp;&nbsp; Switzerland | 2.8 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.6 |
| &nbsp;&nbsp;&nbsp; United States | 79.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.3 |
|  | 100.0% |

---

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $32309163 | $— | $— | $32309163 |
|  Consumer Discretionary | 81373046 | 13475780 |  | 94848826 |
|  Consumer Staples |  |  | — (a) | — (a) |
|  Financials | 132744870 |  |  | 132744870 |
|  Health Care | 230994840 |  |  | 230994840 |
|  Industrials | 206783088 | 2147302 |  | 208930390 |
|  Information Technology | 492435070 |  |  | 492435070 |
|  Materials | 21935810 |  |  | 21935810 |
|  Real Estate | 21131723 |  |  | 21131723 |
|  Utilities | 10524627 |  |  | 10524627 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | — (a) | — (a) |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 24859417 |  |  | 24859417 |
|  Repurchase Agreement |  | 499110 |  | 499110 |
|  **Total Assets** | $**1255091654** | $**16122192** | $**—** | $**1271213846** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1255091654** | $**16122192** | $**—** | $**1271213846** |

---

(a) Value is zero.

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

See Notes to Financial Statements.

988

------

**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $256913358 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305249101 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $340820755 |
|  Aggregate gross unrealized depreciation | (76852004) |
|  Net unrealized appreciation | $263968751 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007245095 |

---

See Notes to Financial Statements.

989

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**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,006,554,149) | $1270714736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $499,110) | 499110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 24669000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 5361241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 724753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 468148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1302445687 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 12454623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 755282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 577405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 499110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 217675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 105776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 72908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 14707398 |
|  **NET ASSETS** | $1287738289 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $992236523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 295501766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1287738289 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $113,778,598 / 6,072,962 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.74 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,007,762,270 / 54,947,398 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.34 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $166,197,421 / 8,583,054 shares outstanding (unlimited amount authorized: $0.01 par value) | $19.36 |

---

*(x)* *Includes value of securities on loan of $4,215,190.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $12146973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 307088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 43220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 12497281 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9247185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2692554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1265939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 298491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 100660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 93100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 57475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 44538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 40503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13840445 |
|  **NET INVESTMENT INCOME (LOSS)** | (1343164) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 93591685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (17524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 93574161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (357042951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (357043488) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (263469327) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(264812491) |

---

See Notes to Financial Statements.

990

------

**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1343164) | $(5082330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 93574161 | 175971144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (357043488) | 72660476 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (264812491) | 243549290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (7774291) | (14620145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (70788863) | (133767603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (11174338) | (18539724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (89737492) | (166927472) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 356,647 and 223,252 shares, respectively ] | 7218066 | 5559960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 403,106 and 618,635 shares, respectively ] | 7774291 | 14620145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (649811) and (696292) shares, respectively ] | (13387581) | (17252934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 1604776 | 2927171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,057,897 and 1,696,852 shares, respectively ] | 41573714 | 41367981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,748,637 and 5,772,263 shares, respectively ] | 70788863 | 133767603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5612208) and (5588671) shares, respectively ] | (112914059) | (135846677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (551482) | 39288907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,556,899 and 166,362 shares, respectively ] | 32021569 | 4223356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 561,161 and 762,247 shares, respectively ] | 11174338 | 18539724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (945801) and (1789410) shares, respectively ] | (19893940) | (44009464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 23301967 | (21246384) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 24355261 | 20969694 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (330194722) | 97591512 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1617933011 | 1520341499 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1287738289 | $1617933011 |

---

See Notes to Financial Statements.

991

------

**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $24.05 | $22.95 | $21.44 | $16.72 | $18.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.09) | (0.04) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.93) | 3.86 | 3.95 | 6.08 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.96) | 3.77 | 3.91 | 6.07 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.35) | (2.65) | (2.40) | (1.35) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.35) | (2.67) | (2.40) | (1.35) | (1.06) |
|  Net asset value, end of year | $18.74 | $24.05 | $22.95 | $21.44 | $16.72 |
|  Total return | (16.54)% | 16.84% | 18.78% | 36.48 | (1.79)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $113779 | $143434 | $133526 | $87386 | $70224 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.04% | 1.05% | 1.05 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.05% | 1.04% | 1.06% | 1.07 | 1.07% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.13)% | (0.35)% | (0.17)% | (0.04) | (0.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.13)% | (0.35)% | (0.18)% | (0.06) | (0.12)% |
|  Portfolio turnover rate^ | 19% | 18% | 40% | 10 | 13% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $23.58 | $22.55 | $21.10 | $16.47 | $17.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.09) | (0.03) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.86) | 3.79 | 3.88 | 5.99 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.89) | 3.70 | 3.85 | 5.98 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.35) | (2.65) | (2.40) | (1.35) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.35) | (2.67) | (2.40) | (1.35) | (1.06) |
|  Net asset value, end of year | $18.34 | $23.58 | $22.55 | $21.10 | $16.47 |
|  Total return | (16.57)% | 16.83% | 18.81% | 36.49 | (1.81)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1007762 | $1291116 | $1192164 | $963278 | $756220 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.04% | 1.05% | 1.05 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.05% | 1.04% | 1.06% | 1.07 | 1.07% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.13)% | (0.35)% | (0.17)% | (0.04) | (0.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.13)% | (0.35)% | (0.17)% | (0.06) | (0.12)% |
|  Portfolio turnover rate^ | 19% | 18% | 40% | 10 | 13% |

---

See Notes to Financial Statements.

992

------

**EQ ADVISORS TRUST** 

EQ/JANUS ENTERPRISE PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $24.75 | $23.53 | $21.87 | $17.03 | $18.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.03 | (0.03) | 0.01 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.07) | 3.98 | 4.05 | 6.20 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.04) | 3.95 | 4.06 | 6.24 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.08) |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.35) | (2.65) | (2.40) | (1.35) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.35) | (2.73) | (2.40) | (1.40) | (1.06) |
|  Net asset value, end of year | $19.36 | $24.75 | $23.53 | $21.87 | $17.03 |
|  Total return | (16.39) | 17.17% | 19.11 | 36.82 %(cc) | (1.54)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37503 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 | 0.79% | 0.80 | 0.80% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.80 | 0.79% | 0.81 | 0.82% | 0.82% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.13 | (0.11)% | 0.06 | 0.20% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.13 | (0.11)% | 0.06 | 0.19% | 0.13% |
|  Portfolio turnover rate^ | 19 | 18% | 40 | 10% | 13% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(cc)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 36.29% for Class IA, 36.29% for Class IB and 36.63% for Class K.* 

See Notes to Financial Statements.

993

------

**EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> J.P. Morgan Investment Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g01z08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (13.50)% | 3.22% | 3.47 | % |
| &nbsp;&nbsp;&nbsp; EQ/JPMorgan Growth Allocation Index | (12.49) | 5.41 | 5.62 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 9.95 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.43 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 11/13/17.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.50)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the EQ/JPMorgan Growth Allocation Index, the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Intermediate Government Bond Index, which returned (12.49)%, (18.11)% and (7.73)%, respectively.

**Asset Class Overview** 

**Portfolio Highlights** 

The Portfolio's risk managed framework detracted -1.41% during the period, strategic asset allocation contributed 3.25% and manager selection and interaction detracted -1.37%.

**Portfolio Positioning and Outlook — J.P. Morgan Investment Management Inc.** 

We believe that 2023 will see an extended period of subtrend global growth. Risk of a mild recession in the U.S. has increased. Europe may already be in recession, even if its severity turns out to be less than initially feared. Inflation is cooling but remains uncomfortably high, in turn suggesting that policy rates are more likely to pause at a high level than to turn sharply lower. We see the Federal Reserve (Fed) pausing its hikes at around 5.00%–5.25% in the first quarter of 2023, and then remain on hold throughout 2023. In our view, the U.S. economy is sufficiently resilient to withstand this level of rates. As inflation declines from above 7% to nearer 3% by year-end 2023, we would judge a real Federal funds rate of around 1.5% to be in line with the Fed's interpretation of restrictive policy. Under these conditions, the economy may very likely grow at a subtrend pace, with a mild contraction increasingly likely and no guarantee of averting a more severe recession. But a strong labor market, decent corporate and banking sector health, and residual excess savings from the pandemic create economic buffers that clearly embolden the Fed to take this gamble. Overall, Portfolio positioning reflects continued near-term caution and is unequivocally designed for a period of sluggish growth.

The Portfolio ended the year underweight equities by -14%, with most of the underweight coming from the U.S., spread across large and small caps. The prospect of a softer dollar as well as better valuation support leads us to a marginally more positive view on non-U.S. equity markets. The Portfolio ended the year neutral on non-U.S. developed equity markets. The Portfolio ended the year neutral on fixed income and overweight cash, due to the de-risking framework.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | N/A |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.90 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 3.74 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

994

------

**EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 50.4% |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 38.3 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 11.9 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.6) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $994.50 | $5.66 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.53 | 5.73 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

995

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (15.1%)** | **Equity (15.1%)** | **Equity (15.1%)** |
|  Vanguard S&P 500 ETF | 186505 | $65526667 |
|  **Fixed Income (35.3%)** | **Fixed Income (35.3%)** | **Fixed Income (35.3%)** |
|  iShares 1-3 Year Treasury Bond ETF | 753872 | 61191790 |
|  iShares 3-7 Year Treasury Bond ETF | 412989 | 47448306 |
|  iShares 7-10 Year Treasury Bond ETF | 160543 | 15376809 |
|  SPDR Portfolio Intermediate Term Treasury ETF | 1022098 | 28864047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 152880952 |
|  **Total Exchange Traded Funds (50.4%)**<br> *(Cost $221,067,551)* | **Total Exchange Traded Funds (50.4%)**<br> *(Cost $221,067,551)* | 218407619 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **U.S. Treasury Obligations (2.7%)** | **U.S. Treasury Obligations (2.7%)** | **U.S. Treasury Obligations (2.7%)** |
|  U.S. Treasury Notes<br>0.125%, 1/31/23# | $11669000 | 11632734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/31/24# | 175000 | 167881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 11800615 |
|  **Total Long-Term Debt Securities (2.7%)**<br> *(Cost $11,824,487)* | **Total Long-Term Debt Securities (2.7%)**<br> *(Cost $11,824,487)* | 11800615 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **U.S. Government Agency Securities (38.3%)** | **U.S. Government Agency Securities (38.3%)** |  |
|  FFCB<br>1.31%, 1/3/23 (o)(p) | 30000000 | 29996724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 1/11/23 (o)(p) | 6500000 | 6493555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 1/17/23 (o)(p) | 10000000 | 9983445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 1/25/23 (o)(p) | 10000000 | 9974450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 2/1/23 (o)(p) | 5000000 | 4983350 |
|  FHLB<br>3.06%, 1/9/23 (o)(p) | 30000000 | 29977032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 1/10/23 (o)(p) | 10000000 | 9991229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 1/13/23 (o)(p) | 10000000 | 9987945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 2/6/23 (o)(p) | 5000000 | 4980314 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 1/3/23 (o)(p) | 50000000 | 49994540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 166362584 |
|  **U.S. Treasury Obligation (9.2%)** | **U.S. Treasury Obligation (9.2%)** |  |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 2/2/23 (p) | 40000000 | 39874312 |
|  **Total Short-Term Investments (47.5%)**<br> *(Cost $206,205,265)* | **Total Short-Term Investments (47.5%)**<br> *(Cost $206,205,265)* | 206236896 |
|  **Total Investments in Securities (100.6%)**<br> *(Cost $439,097,303)* | **Total Investments in Securities (100.6%)**<br> *(Cost $439,097,303)* | 436445130 |
|  **Other Assets Less Liabilities (-0.6%)** | **Other Assets Less Liabilities (-0.6%)** | (2550162) |
|  **Net Assets (100%)** |  | $433894968 |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $11,637,255.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*EUR* *— European Currency Unit* 

*FFCB* *— Federal Farm Credit Bank* 

*FHLB* *— Federal Home Loan Bank* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*JPY* *— Japanese Yen* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  EURO STOXX 50 Index | 1070 | 3/2023 | EUR | 43352690 | (2613953) |
|  FTSE 100 Index | 216 | 3/2023 | GBP | 19496205 | (147678) |
|  Russell 2000 E-Mini Index | 404 | 3/2023 | USD | 35772180 | (1236130) |
|  S&P 500 E-Mini Index | 175 | 3/2023 | USD | 33783750 | (1439350) |
|  TOPIX Index | 156 | 3/2023 | JPY | 22483542 | (631891) |
|  |  |  |  |  | (6069002) |

---

See Notes to Financial Statements.

996

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Exchange Traded Funds** | $218407619 | $— | $— | $218407619 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 166362584 |  | 166362584 |
|  U.S. Treasury Obligation |  | 39874312 |  | 39874312 |
|  **U.S. Treasury Obligations** |  | 11800615 |  | 11800615 |
|  **Total Assets** | $**218407619** | $**218037511** | $**—** | $**436445130** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(6069002) | $— | $— | $(6069002) |
|  **Total Liabilities** | $**(6069002)** | $**—** | $**—** | $**(6069002)** |
|  **Total** | $**212338617** | $**218037511** | $**—** | $**430376128** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(6069002) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6069002 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15950430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15950430) |
|  **Total** | $(15950430) | $(15950430) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9921219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9921219) |
|  **Total** | $(9921219) | $(9921219) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

997

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held futures contracts with an average notional balance of approximately $133,717,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $144313666 |
|  Long-term U.S. government debt securities | 10221485 |
|  | $154535151 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $123678156 |
|  Long-term U.S. government debt securities | 11175531 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134853687 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6875573 |
|  Aggregate gross unrealized depreciation | (10811448) |
|  Net unrealized depreciation | $(3935875) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434312003 |

---

See Notes to Financial Statements.

998

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $439,097,303) | $436445130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3338014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 439829197 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 4822347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 588261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 247904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 92586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 48136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 30697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 104298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5934229 |
|  **NET ASSETS** | $433894968 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $469336694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (35441726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $433894968 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $433,894,968 / 43,298,043 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.02 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $2989996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2563505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5553501 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2847469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 889832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 440776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 21278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 15600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4305369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (256707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4048662 |
|  **NET INVESTMENT INCOME (LOSS)** | 1504839 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 1783541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15950430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 88504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14078385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (26445942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9921219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 5349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36361812) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (50440197) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(48935358) |

---

See Notes to Financial Statements.

999

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**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1504839 | $(2119752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14078385) | 24797386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36361812) | 11050431 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (48935358) | 33728065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2993695) | (35102028) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,877,739 and 5,745,146 shares, respectively ] | 92761534 | 70766032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 7,074,850 and 0 shares, respectively ] | 70694650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 295,351 and 2,996,132 shares, respectively ] | 2993695 | 35102028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2174630) and (245022) shares, respectively ] | (21814171) | (3036343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 144635708 | 102831717 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 144635708 | 102831717 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 92706655 | 101457754 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 341188313 | 239730559 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $433894968 | $341188313 |

---

See Notes to Financial Statements.

1000

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**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.67 | $11.57 | $10.85 | $9.60 | $10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.04 | (0.09) | (0.04) | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.62) | 1.54 | 0.97 | 1.43 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.58) | 1.45 | 0.93 | 1.53 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) |  |  | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (1.35) | (0.21) | (0.20) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.07) | (1.35) | (0.21) | (0.28) | (0.07) |
|  Net asset value, end of year | $10.02 | $11.67 | $11.57 | $10.85 | $9.60 |
|  Total return | (13.50)% | 12.77% | 8.76 | 15.92% | (4.73)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $433895 | $341188 | $239731 | $165453 | $69223 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.14 %(j) | 1.15 %(k) | 1.16 | 1.15 %(m) | 1.15 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.21% | 1.21% | 1.23 | 1.25% | 1.55% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(x) | 0.42% | (0.74)% | (0.40) | 0.92% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(x) | 0.35% | (0.79)% | (0.47) | 0.82% | 0.59% |
|  Portfolio turnover rate^ | 75% | 7% | 50 | 14% | 62% |

---

---

| | | |
|:---|:---|:---|
| **Class K** | **January 1, 2019 to<br>September 4, 2019‡** | **Year Ended<br>December 31, 2018** |
|  Net asset value, beginning of period | $9.60 | $10.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.83 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.91 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.02) |
|  Total dividends and distributions |  | (0.10) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | $9.60 |
|  Total return (b) | 9.48% | (4.48)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (000's) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9619 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.90 %(m) | 0.90 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.01% | 1.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f)(x) | 1.21 %(l) | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f)(x) | 1.11 %(l) | 0.34% |
|  Portfolio turnover rate^ | 14% | 62% |

---

See Notes to Financial Statements.

1001

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**EQ ADVISORS TRUST** 

EQ/JPMORGAN GROWTH ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*‡* *After the close of business on September 4, 2019 operations for Class K ceased and shares were fully redeemed. The shares are no longer operational, but are still registered.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB and 0.95% for Class K.* 

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

See Notes to Financial Statements.

1002

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**EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Funds Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> J.P. Morgan Investment Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g01z18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | 0.20% | 8.15% | 12.38 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | 0.20 | 8.15 | 12.37 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | 0.45 | 8.41 | 12.66 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 0.20% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Strong stock selection in the Health Care sector and an overweight to the Energy sector aided performance during the year.

• Health Care has been at the forefront of the market rotation into more value-oriented stocks. We had strong stock selection
after adding to attractively valued pharmaceuticals like Vertex Pharmaceuticals, Inc. (VRTX), which performed poorly in 2021 due to key pipeline failures disappointing investors. In 2022, VRTX has seen a nice resurgence as fundamentals improved and
investors started to show conviction in its pipeline. We have trimmed VRTX on strength, but continue to appreciate their clean balance sheet, large amount of cash on hand, robust Cystic Fibrosis franchise, and key products without significant
expiration risk.

***What hurt performance during the year:***

• Weak stock selection in the Technology and Utilities sectors detracted from performance.

• Turning to information technology, Seagate Technology Holdings plc (STX) has weighed on results after cuts to its earnings
and revenue forecasts, citing a worsening macroeconomic backdrop. While we expected earnings volatility as industry trends stabilize, the magnitude of the miss raised concerns that STX may have misjudged demand for mass capacity storage. However, we
see signs that this could be the earnings trough, and with valuations compressed to 10.5x forward earnings, we are maintaining a position in STX, especially considering their strong free cash flow generation profile.

**Portfolio Positioning and Outlook — J.P. Morgan Investment Management, Inc.** 

We are cautiously increasing the Portfolio's cyclical exposure by recycling profits from defensive sectors that have become more expensive (Health Care) into companies with attractive risk/reward upside. We are moving slowly as we expect volatility to persist and will look for opportunities as corporate earnings continue to be revised down.

• **Energy:** We remain constructive given constrained supply/dynamics and China's re-opening. However, our valuation
discipline has led us to take profits in winners after the sector's impressive performance during 2022.

• **Consumer**: Persistent inflation and deteriorating excess savings should more meaningfully weigh on consumer spending
during 2023, especially if unemployment ticks up. These concerns have led us to significantly decrease our exposure, especially trimming cyclical companies (Royal Caribbean Cruises Ltd.) and defensive companies that have done their job and gotten
expensive (The Coca-Cola Co.). At period end we had a defensive posture towards the space and remained focused on companies where pricing power and margins may remain resilient (Philip Morris International Inc.).

• **Industrials:** We have started adding to cyclical companies where we believe valuations have become compelling but
will look for opportunities to increase exposure as earnings guidance continues to adjust down. Alternatively, we remain invested in quality defensives at reasonable valuations (Raytheon Technologies Corp.).

1003

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**EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO (Unaudited)** 

• **Technology & Communication Services**: Even with the recent sell-off, these sectors remained our largest
underweights at period end (~5% combined) as we believe there may be further downside. This considered, we are looking for opportunities to add to companies that we believe are long term secular winners trading at attractive valuations (NXP
Semiconductors NV).

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 18.6% |
| &nbsp;&nbsp;&nbsp; Health Care | 16.9 |
| &nbsp;&nbsp;&nbsp; Industrials | 13.1 |
| &nbsp;&nbsp;&nbsp; Energy | 10.3 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 7.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.7 |
| &nbsp;&nbsp;&nbsp; Materials | 5.9 |
| &nbsp;&nbsp;&nbsp; Utilities | 5.4 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 4.5 |
| &nbsp;&nbsp;&nbsp; Information Technology | 3.6 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Security | 2.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.2 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1073.20 | $5.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.36 | 4.90 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1073.40 | 5.03 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.36 | 4.90 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1074.60 | 3.72 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.62 | 3.63 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.96%, 0.96% and 0.71%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.96%, 0.96% and 0.71%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.96%, 0.96% and 0.71%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.96%, 0.96% and 0.71%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1004

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**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.7%)** | **Communication Services (6.7%)** | **Communication Services (6.7%)** |  |
|  ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | ***Interactive Media & Services (2.4%)*** | **** |
|  Alphabet, Inc., Class C\* | 98700 | $8757651 |  |
|  Meta Platforms, Inc., Class A\* | 114600 | 13790964 |  |
|  |  | 22548615 |  |
|  ***Media (4.3%)*** | ***Media (4.3%)*** | ***Media (4.3%)*** | **** |
|  Charter Communications, Inc., Class A\* | 76200 | 25839420 |  |
|  Comcast Corp., Class A | 397042 | 13884559 |  |
|  |  | 39723979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 62272594 |  |
|  **Consumer Discretionary (4.6%)** | **Consumer Discretionary (4.6%)** | **Consumer Discretionary (4.6%)** |  |
|  ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | ***Hotels, Restaurants & Leisure (1.1%)*** | **** |
|  Domino's Pizza, Inc. | 5100 | 1766640 |  |
|  Royal Caribbean Cruises Ltd.\* | 141800 | 7009174 |  |
|  Yum! Brands, Inc. | 14900 | 1908392 |  |
|  |  | 10684206 |  |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | **** |
|  DR Horton, Inc. | 58000 | 5170120 |  |
|  KB Home | 78400 | 2497040 |  |
|  |  | 7667160 |  |
|  ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | ***Specialty Retail (0.9%)*** | **** |
|  Lowe's Cos., Inc. | 40500 | 8069220 |  |
|  ***Textiles, Apparel & Luxury Goods (1.8%)*** | ***Textiles, Apparel & Luxury Goods (1.8%)*** | ***Textiles, Apparel & Luxury Goods (1.8%)*** | **** |
|  Kontoor Brands, Inc. | 118005 | 4719020 |  |
|  Tapestry, Inc. | 323467 | 12317623 |  |
|  |  | 17036643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 43457229 |  |
|  **Consumer Staples (7.5%)** | **Consumer Staples (7.5%)** | **Consumer Staples (7.5%)** |  |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | **** |
|  Coca-Cola Co. (The) | 57800 | 3676658 |  |
|  Keurig Dr Pepper, Inc. | 95600 | 3409096 |  |
|  |  | 7085754 |  |
|  ***Food & Staples Retailing (3.7%)*** | ***Food & Staples Retailing (3.7%)*** | ***Food & Staples Retailing (3.7%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 105900 | 7006344 |  |
|  Performance Food Group Co.\* | 145300 | 8484067 |  |
|  US Foods Holding Corp.\* | 305460 | 10391749 |  |
|  Walmart, Inc. | 61700 | 8748443 |  |
|  |  | 34630603 |  |
|  ***Food Products (1.8%)*** | ***Food Products (1.8%)*** | ***Food Products (1.8%)*** | **** |
|  Bunge Ltd. | 75600 | 7542612 |  |
|  Lamb Weston Holdings, Inc. | 52440 | 4686039 |  |
|  Mondelez International, Inc., Class A | 74700 | 4978755 |  |
|  |  | 17207406 |  |
|  ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | ***Tobacco (1.2%)*** | **** |
|  Philip Morris International, Inc. | 112200 | 11355762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 70279525 |  |
|  **Energy (10.3%)** | **Energy (10.3%)** | **Energy (10.3%)** |  |
|  ***Oil, Gas & Consumable Fuels (10.3%)*** | ***Oil, Gas & Consumable Fuels (10.3%)*** | ***Oil, Gas & Consumable Fuels (10.3%)*** | **** |
|  Chevron Corp. | 131800 | 23656782 |  |
|  Diamondback Energy, Inc. | 100400 | 13732712 |  |
|  EOG Resources, Inc. | 54400 | 7045888 |  |
|  EQT Corp. | 125100 | 4232133 |  |
|  Exxon Mobil Corp. | 190600 | 21023180 |  |
|  Hess Corp. | 155900 | 22109738 |  |
|  Pioneer Natural Resources Co. | 20500 | 4681995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 96482428 |  |
|  **Financials (18.6%)** | **Financials (18.6%)** | **Financials (18.6%)** |  |
|  ***Banks (10.1%)*** | ***Banks (10.1%)*** | ***Banks (10.1%)*** | **** |
|  Bank of America Corp. | 605700 | 20060784 |  |
|  Citigroup, Inc. | 309000 | 13976070 |  |
|  Fifth Third Bancorp | 382900 | 12562949 |  |
|  US Bancorp | 408300 | 17805963 |  |
|  Wells Fargo & Co. | 736200 | 30397698 |  |
|  |  | 94803464 |  |
|  ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** | ***Capital Markets (2.2%)*** | **** |
|  BlackRock, Inc. | 6800 | 4818684 |  |
|  Intercontinental Exchange, Inc. | 53800 | 5519342 |  |
|  Morgan Stanley | 55600 | 4727112 |  |
|  Raymond James Financial, Inc. | 49500 | 5289075 |  |
|  |  | 20354213 |  |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | **** |
|  American Express Co. | 61600 | 9101400 |  |
|  ***Diversified Financial Services (2.9%)*** | ***Diversified Financial Services (2.9%)*** | ***Diversified Financial Services (2.9%)*** | **** |
|  Berkshire Hathaway, Inc., Class B\* | 86600 | 26750740 |  |
|  ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | ***Insurance (2.4%)*** | **** |
|  Hartford Financial Services Group, Inc. (The) | 96000 | 7279680 |  |
|  Progressive Corp. (The) | 120700 | 15655997 |  |
|  |  | 22935677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 173945494 |  |
|  **Health Care (16.9%)** | **Health Care (16.9%)** | **Health Care (16.9%)** |  |
|  ***Biotechnology (7.0%)*** | ***Biotechnology (7.0%)*** | ***Biotechnology (7.0%)*** | **** |
|  AbbVie, Inc. | 130500 | 21090105 |  |
|  Biogen, Inc.\* | 16000 | 4430720 |  |
|  BioMarin Pharmaceutical, Inc.\* | 77800 | 8051522 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 33400 | 24097766 |  |
|  Vertex Pharmaceuticals, Inc.\* | 25600 | 7392768 |  |
|  |  | 65062881 |  |
|  ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | **** |
|  Baxter International, Inc. | 174300 | 8884071 |  |
|  Zimmer Biomet Holdings, Inc. | 40800 | 5202000 |  |
|  |  | 14086071 |  |
|  ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | ***Health Care Providers & Services (3.4%)*** | **** |
|  Cardinal Health, Inc. | 71300 | 5480831 |  |
|  Centene Corp.\* | 251800 | 20650118 |  |
|  CVS Health Corp. | 64900 | 6048031 |  |
|  |  | 32178980 |  |
|  ***Pharmaceuticals (5.0%)*** | ***Pharmaceuticals (5.0%)*** | ***Pharmaceuticals (5.0%)*** | **** |
|  Bristol-Myers Squibb Co. | 478479 | 34426564 |  |
|  Elanco Animal Health, Inc.\* | 300000 | 3666000 |  |
|  Pfizer, Inc. | 177200 | 9079728 |  |
|  |  | 47172292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 158500224 |  |

---

See Notes to Financial Statements.

1005

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Industrials (13.1%)** | **Industrials (13.1%)** | **Industrials (13.1%)** |  |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | **** |
|  Raytheon Technologies Corp. | 203600 | $20547312 |  |
|  ***Air Freight & Logistics (1.2%)*** | ***Air Freight & Logistics (1.2%)*** | ***Air Freight & Logistics (1.2%)*** | **** |
|  FedEx Corp. | 59400 | 10288080 |  |
|  GXO Logistics, Inc.\* | 20700 | 883683 |  |
|  |  | 11171763 |  |
|  ***Airlines (1.1%)*** | ***Airlines (1.1%)*** | ***Airlines (1.1%)*** | **** |
|  Delta Air Lines, Inc.\* | 305500 | 10038730 |  |
|  ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | **** |
|  Carrier Global Corp. | 226700 | 9351375 |  |
|  ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | ***Electrical Equipment (0.8%)*** | **** |
|  Rockwell Automation, Inc. | 27200 | 7005904 |  |
|  ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | **** |
|  Honeywell International, Inc. | 62600 | 13415180 |  |
|  ***Machinery (3.4%)*** | ***Machinery (3.4%)*** | ***Machinery (3.4%)*** | **** |
|  AGCO Corp. | 37600 | 5214744 |  |
|  Deere & Co. | 24300 | 10418868 |  |
|  Parker-Hannifin Corp. | 36100 | 10505100 |  |
|  Stanley Black & Decker, Inc. | 80360 | 6036643 |  |
|  |  | 32175355 |  |
|  ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | **** |
|  CSX Corp. | 185300 | 5740594 |  |
|  Knight-Swift Transportation Holdings, Inc. | 35200 | 1844832 |  |
|  |  | 7585426 |  |
|  ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | ***Trading Companies & Distributors (1.2%)*** | **** |
|  WESCO International, Inc.\* | 86200 | 10792240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 122083285 |  |
|  **Information Technology (3.6%)** | **Information Technology (3.6%)** | **Information Technology (3.6%)** |  |
|  ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | ***IT Services (0.9%)*** | **** |
|  Fiserv, Inc.\* | 43000 | 4346010 |  |
|  FleetCor Technologies, Inc.\* | 23500 | 4316480 |  |
|  |  | 8662490 |  |
|  ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | ***Semiconductors & Semiconductor Equipment (1.4%)*** | **** |
|  NXP Semiconductors NV | 57500 | 9086725 |  |
|  Qorvo, Inc.\* | 46600 | 4223824 |  |
|  |  | 13310549 |  |
|  ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** | **** |
|  Oracle Corp. | 35400 | 2893596 |  |
|  ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** | ***Technology Hardware, Storage & Peripherals (1.0%)*** | **** |
|  Seagate Technology Holdings plc | 168000 | 8838480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 33705115 |  |
|  **Materials (5.9%)** | **Materials (5.9%)** | **Materials (5.9%)** |  |
|  ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | **** |
|  Axalta Coating Systems Ltd.\* | 187500 | 4775625 |  |
|  Chemours Co. (The) | 338700 | 10370994 |  |
|  PPG Industries, Inc. | 74600 | 9380204 |  |
|  |  | 24526823 |  |
|  ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | **** |
|  Sealed Air Corp. | 89700 | 4474236 |  |
|  ***Metals & Mining (2.8%)*** | ***Metals & Mining (2.8%)*** | ***Metals & Mining (2.8%)*** | **** |
|  Alcoa Corp. | 255200 | 11603944 |  |
|  Freeport-McMoRan, Inc. | 377400 | 14341200 |  |
|  |  | 25945144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 54946203 |  |
|  **Real Estate (4.5%)** | **Real Estate (4.5%)** | **Real Estate (4.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (4.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.5%)*** | **** |
|  Equity LifeStyle Properties, Inc. (REIT) | 239400 | 15465240 |  |
|  Prologis, Inc. (REIT) | 78300 | 8826759 |  |
|  SBA Communications Corp. (REIT) | 20700 | 5802417 |  |
|  Ventas, Inc. (REIT) | 265481 | 11959919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 42054335 |  |
|  **Utilities (5.4%)** | **Utilities (5.4%)** | **Utilities (5.4%)** |  |
|  ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | **** |
|  NextEra Energy, Inc. | 172900 | 14454440 |  |
|  ***Multi-Utilities (3.9%)*** | ***Multi-Utilities (3.9%)*** | ***Multi-Utilities (3.9%)*** | **** |
|  Ameren Corp. | 160500 | 14271660 |  |
|  CenterPoint Energy, Inc. | 377500 | 11321225 |  |
|  Public Service Enterprise Group, Inc. | 172300 | 10556821 |  |
|  |  | 36149706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 50604146 |  |
|  **Total Common Stocks (97.1%)**<br> *(Cost $823,462,076)* |  | 908330578 |  |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **U.S. Government Agency Security (2.7%)** | **U.S. Government Agency Security (2.7%)** |  |  |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 1/3/23 (o)(p) | $25093000 | 25090260 |  |
|  **Total Short-Term Investment (2.7%)**<br> *(Cost $25,087,563)* | **Total Short-Term Investment (2.7%)**<br> *(Cost $25,087,563)* | 25090260 |  |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $848,549,639)* | **Total Investments in Securities (99.8%)**<br> *(Cost $848,549,639)* | 933420838 |  |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 1803555 |  |
|  **Net Assets (100%)** |  | $935224393 |  |

---

*\** *Non-income producing.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*Glossary:* 

*FHLB* *— Federal Home Loan Bank* 

See Notes to Financial Statements.

1006

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $62272594 | $— | $— | $62272594 |
|  Consumer Discretionary | 43457229 |  |  | 43457229 |
|  Consumer Staples | 70279525 |  |  | 70279525 |
|  Energy | 96482428 |  |  | 96482428 |
|  Financials | 173945494 |  |  | 173945494 |
|  Health Care | 158500224 |  |  | 158500224 |
|  Industrials | 122083285 |  |  | 122083285 |
|  Information Technology | 33705115 |  |  | 33705115 |
|  Materials | 54946203 |  |  | 54946203 |
|  Real Estate | 42054335 |  |  | 42054335 |
|  Utilities | 50604146 |  |  | 50604146 |
|  **Short-Term Investment** |  |  |  |  |
|  U.S. Government Agency Security |  | 25090260 |  | 25090260 |
|  **Total Assets** | $**908330578** | $**25090260** | $**—** | $**933420838** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**908330578** | $**25090260** | $**—** | $**933420838** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1222986823 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188016056 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $109929541 |
|  Aggregate gross unrealized depreciation | (26620531) |
|  Net unrealized appreciation | $83309010 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850111828 |

---

See Notes to Financial Statements.

1007

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**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $848,549,639) | $933420838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1361147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1222463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 198157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 936206774 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 471618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 277538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 119394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 75991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 27576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 982381 |
|  **NET ASSETS** | $935224393 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $847663965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 87560428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $935224393 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $45,974,134 / 2,522,991 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.22 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $560,858,471 / 30,649,437 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.30 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $328,391,788 / 18,009,088 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.23 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $7,288 foreign withholding tax) | $18184786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 490774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18675560 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5312449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1258641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 832990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 97693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 75443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 53300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 39452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7716836 |
|  **NET INVESTMENT INCOME (LOSS)** | 10958724 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 64461318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (73021507) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (8560189) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2398535 |

---

See Notes to Financial Statements.

1008

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10958724 | $6670190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 64461318 | 175854349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (73021507) | (7935962) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2398535 | 174588577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (3965747) | (7086641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (48655999) | (89194612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (29905089) | (77229553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (82526835) | (173510806) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 945,389 and 427,800 shares, respectively ] | 19068524 | 10072067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 213,513 and 366,932 shares, respectively ] | 3965747 | 7086641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (490550) and (324914) shares, respectively ] | (9892441) | (7639940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 13141830 | 9518768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,926,376 and 3,956,179 shares, respectively ] | 137784971 | 93799379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,608,664 and 4,600,715 shares, respectively ] | 48655999 | 89194612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2200937) and (1807404) shares, respectively ] | (43551676) | (42328788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 142889294 | 140665203 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 515,572 and 343,673 shares, respectively ] | 10260787 | 8244837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,608,726 and 3,996,333 shares, respectively ] | 29905089 | 77229553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3927811) and (5180593) shares, respectively ] | (78482639) | (119000222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (38316763) | (33525832) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 117714361 | 116658139 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 37586061 | 117735910 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 897638332 | 779902422 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $935224393 | $897638332 |

---

See Notes to Financial Statements.

1009

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.91 | $20.17 | $18.67 | $15.01 | $19.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.23 | 0.15 | 0.18 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.17) | 4.36 | 1.81 | 3.91 | (3.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | 4.51 | 1.99 | 4.12 | (2.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.16) | (0.19) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.54) | (4.61) | (0.30) | (0.24) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.75) | (4.77) | (0.49) | (0.46) | (1.68) |
|  Net asset value, end of year | $18.22 | $19.91 | $20.17 | $18.67 | $15.01 |
|  Total return | 0.20% | 23.22% | 11.07% | 27.49% | (15.38)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $45974 | $36926 | $27936 | $23296 | $16030 |
|  Ratio of expenses to average net assets (f) | 0.96% | 0.96% | 0.98% | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.14% | 0.66% | 1.10% | 1.20% | 1.04% |
|  Portfolio turnover rate^ | 137% | 97% | 146% | 153% | 151% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.99 | $20.24 | $18.73 | $15.05 | $19.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.16 | 0.18 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.16) | 4.36 | 1.82 | 3.93 | (3.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 | 4.52 | 2.00 | 4.14 | (2.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.16) | (0.19) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.54) | (4.61) | (0.30) | (0.24) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.75) | (4.77) | (0.49) | (0.46) | (1.68) |
|  Net asset value, end of year | $18.30 | $19.99 | $20.24 | $18.73 | $15.05 |
|  Total return | 0.20% | 23.18% | 11.09% | 27.55% | (15.39)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205941 |
|  Ratio of expenses to average net assets (f) | 0.96% | 0.96% | 0.98% | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.13% | 0.66% | 1.11% | 1.19% | 1.04% |
|  Portfolio turnover rate^ | 137% | 97% | 146% | 153% | 151% |

---

See Notes to Financial Statements.

1010

------

**EQ ADVISORS TRUST** 

EQ/JPMORGAN VALUE OPPORTUNITIES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.92 | $20.18 | $18.67 | $15.00 | $19.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.27 | 0.21 | 0.23 | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.16) | 4.36 | 1.81 | 3.92 | (3.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.11 | 4.57 | 2.04 | 4.17 | (2.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.22) | (0.23) | (0.26) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.54) | (4.61) | (0.30) | (0.24) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.80) | (4.83) | (0.53) | (0.50) | (1.73) |
|  Net asset value, end of year | $18.23 | $19.92 | $20.18 | $18.67 | $15.00 |
|  Total return | 0.45% | 23.48% | 11.35% | 27.87% | (15.19)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350611 |
|  Ratio of expenses to average net assets (f) | 0.71% | 0.71% | 0.73% | 0.73% | 0.73% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.35% | 0.89% | 1.36% | 1.43% | 1.28% |
|  Portfolio turnover rate^ | 137% | 97% | 146% | 153% | 151% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1011

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**EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Capital International, Inc.

<sub>⮚</sub> GQG Partners LLC

<sub>⮚</sub> Vaughan Nelson Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g10r26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (18.36)% | 8.01% | 11.24 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (18.42) | 8.00 | 11.24 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (18.20) | 8.28 | 11.52 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 9.42 | 12.56 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (18.42)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P 500<sup>®</sup> Index, which returned (18.11)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• Security selection and an above-benchmark exposure in the Energy and Utilities sectors added to relative performance.

• Also adding to relative performance was security selection and a less than benchmark exposure in the Consumer Discretionary
sector.

• A relative overweight to Occidental Petroleum Corp., an oil and gas producer, pipeline operator and chemicals manufacturer,
benefitted performance.

• Avoidance of Tesla, Inc. was helpful to relative results. The electric carmaker's stock fell on concerns that Twitter
was a distraction for CEO Elon Musk.

• A relative overweight to Exxon Mobil Corp., a Texas based oil and natural gas producer, helped. The company also operates a
refining business and markets petroleum, petrochemical and other specialty products. The stock increased after reporting record earnings during the year.

• A less than benchmark weight in the Consumer Discretionary sector was additive.

• A relative overweight to Devon Energy Corp., an oil and natural gas producer based in Oklahoma, added to relative results.

***What hurt performance during the year?***

• Both sector allocation and security selection in the Industrials sector detracted from results, with SAIA, Inc. the largest
detractor.

• Stock selection was negative in most sectors, including Consumer Staples, Financials, Information Technology and
Communications.

• Underweighting Merck & Co., Inc and Abbvie, Inc. in the Health Care sector detracted from relative results.

• In the Information Technology sector, a relative overweight to LAM Research Corp., a California company which designs,
manufactures and services semiconductor processing equipment used in the fabrication of integrated circuits, detracted from performance.

• During the year, the Portfolio reduced its equity exposure for 105 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 17.9% |
| &nbsp;&nbsp;&nbsp; Health Care | 13.5 |
| &nbsp;&nbsp;&nbsp; Financials | 9.3 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 9.0 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 7.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 6.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.5 |
| &nbsp;&nbsp;&nbsp; Energy | 5.1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 5.1 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.9 |
| &nbsp;&nbsp;&nbsp; Materials | 3.1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.7 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 4.6 |
|  | 100.0% |

---

1012

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**EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1010.20 | $4.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.76 | 4.49 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1010.20 | 4.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.76 | 4.49 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1011.90 | 3.21 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.02 | 3.22 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.88%, 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.88%, 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.88%, 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.88%, 0.88% and 0.63%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1013

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (5.1%)** | **Communication Services (5.1%)** | **Communication Services (5.1%)** |  |
|  ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | ***Diversified Telecommunication Services (0.8%)*** | **** |
|  AT&T, Inc. | 209610 | $3858920 |  |
|  Cogent Communications Holdings, Inc. | 97570 | 5569296 |  |
|  Lumen Technologies, Inc. | 29717 | 155123 |  |
|  Verizon Communications, Inc. | 123520 | 4866688 |  |
|  |  | 14450027 |  |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | **** |
|  Activision Blizzard, Inc. | 21113 | 1616200 |  |
|  Electronic Arts, Inc. | 7782 | 950805 |  |
|  Live Nation Entertainment, Inc.\* | 4274 | 298069 |  |
|  Netflix, Inc.\* | 19420 | 5726569 |  |
|  Take-Two Interactive Software, Inc.\* | 22325 | 2324702 |  |
|  Walt Disney Co. (The)\* | 53617 | 4658245 |  |
|  Warner Bros Discovery, Inc.\* | 64093 | 607602 |  |
|  |  | 16182192 |  |
|  ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** | ***Interactive Media & Services (2.7%)*** | **** |
|  Alphabet, Inc., Class A\* | 253970 | 22407773 |  |
|  Alphabet, Inc., Class C\* | 195830 | 17375996 |  |
|  Match Group, Inc.\* | 8333 | 345736 |  |
|  Meta Platforms, Inc., Class A\* | 87061 | 10476921 |  |
|  Pinterest, Inc., Class A\* | 29852 | 724806 |  |
|  Snap, Inc., Class A\* | 44065 | 394382 |  |
|  |  | 51725614 |  |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** | **** |
|  Charter Communications, Inc., Class A\* | 9871 | 3347256 |  |
|  Comcast Corp., Class A | 179387 | 6273163 |  |
|  DISH Network Corp., Class A (x)\* | 6581 | 92397 |  |
|  Fox Corp., Class A | 8544 | 259481 |  |
|  Fox Corp., Class B | 3926 | 111695 |  |
|  Interpublic Group of Cos., Inc. (The) | 11800 | 393058 |  |
|  News Corp., Class A | 10698 | 194704 |  |
|  News Corp., Class B | 4207 | 77577 |  |
|  Omnicom Group, Inc. | 5961 | 486239 |  |
|  Paramount Global, Class B (x) | 14149 | 238835 |  |
|  |  | 11474405 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  T-Mobile US, Inc.\* | 17564 | 2458960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 96291198 |  |
|  **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** | **Consumer Discretionary (7.2%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aptiv plc\* | 22317 | 2078382 |  |
|  BorgWarner, Inc. | 7177 | 288875 |  |
|  Luminar Technologies, Inc. (x)\* | 238015 | 1178174 |  |
|  |  | 3545431 |  |
|  ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | **** |
|  Ford Motor Co. | 117130 | 1362222 |  |
|  General Motors Co. | 41784 | 1405614 |  |
|  Tesla, Inc.\* | 78992 | 9730234 |  |
|  |  | 12498070 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 4119 | 714687 |  |
|  LKQ Corp. | 7602 | 406023 |  |
|  Pool Corp. | 1115 | 337098 |  |
|  |  | 1457808 |  |
|  ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | **** |
|  Aramark | 79904 | 3303231 |  |
|  Booking Holdings, Inc.\* | 1141 | 2299434 |  |
|  Caesars Entertainment, Inc.\* | 6221 | 258794 |  |
|  Carnival Corp. (x)\* | 27912 | 224971 |  |
|  Chipotle Mexican Grill, Inc.\* | 3160 | 4384468 |  |
|  Darden Restaurants, Inc. | 3518 | 486645 |  |
|  Domino's Pizza, Inc. | 1053 | 364759 |  |
|  Expedia Group, Inc.\* | 4457 | 390433 |  |
|  Hilton Worldwide Holdings, Inc. | 7881 | 995843 |  |
|  Las Vegas Sands Corp.\* | 9619 | 462385 |  |
|  Marriott International, Inc., Class A | 7913 | 1178167 |  |
|  McDonald's Corp. | 21541 | 5676700 |  |
|  MGM Resorts International | 9157 | 307034 |  |
|  Norwegian Cruise Line Holdings<br>Ltd. (x)\* | 179273 | 2194302 |  |
|  Royal Caribbean Cruises Ltd.\* | 23647 | 1168871 |  |
|  Starbucks Corp. | 33738 | 3346810 |  |
|  Wynn Resorts Ltd.\* | 2942 | 242627 |  |
|  Yum! Brands, Inc. | 22686 | 2905623 |  |
|  |  | 30191097 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  DR Horton, Inc. | 21871 | 1949581 |  |
|  Garmin Ltd. | 4482 | 413644 |  |
|  Lennar Corp., Class A | 7399 | 669609 |  |
|  Mohawk Industries, Inc.\* | 1534 | 156805 |  |
|  Newell Brands, Inc. | 10576 | 138334 |  |
|  NVR, Inc.\* | 86 | 396682 |  |
|  PulteGroup, Inc. | 6741 | 306918 |  |
|  Whirlpool Corp. | 1575 | 222800 |  |
|  |  | 4254373 |  |
|  ***Internet & Direct Marketing Retail (1.6%)*** | ***Internet & Direct Marketing Retail (1.6%)*** | ***Internet & Direct Marketing Retail (1.6%)*** | **** |
|  Amazon.com, Inc.\* | 339553 | 28522452 |  |
|  eBay, Inc. | 15956 | 661695 |  |
|  Etsy, Inc.\* | 3636 | 435520 |  |
|  |  | 29619667 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Hasbro, Inc. | 3774 | 230252 |  |
|  ***Multiline Retail (1.0%)*** | ***Multiline Retail (1.0%)*** | ***Multiline Retail (1.0%)*** | **** |
|  Dollar General Corp. | 57568 | 14176120 |  |
|  Dollar Tree, Inc.\* | 18054 | 2553558 |  |
|  Target Corp. | 13537 | 2017554 |  |
|  |  | 18747232 |  |
|  ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | ***Specialty Retail (1.4%)*** | **** |
|  Advance Auto Parts, Inc. | 1806 | 265536 |  |
|  AutoZone, Inc.\* | 558 | 1376129 |  |
|  Bath & Body Works, Inc. | 6415 | 270328 |  |
|  Best Buy Co., Inc. | 5737 | 460165 |  |
|  Burlington Stores, Inc.\* | 7823 | 1586192 |  |
|  CarMax, Inc.\* | 4628 | 281799 |  |
|  Home Depot, Inc. (The) | 39521 | 12483103 |  |

---

See Notes to Financial Statements.

1014

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lowe's Cos., Inc. | 18255 | $| 3637126 |  |
|  O'Reilly Automotive, Inc.\* | 1840 |  | 1553015 |  |
|  Ross Stores, Inc. | 10297 |  | 1195173 |  |
|  TJX Cos., Inc. (The) | 34147 |  | 2718101 |  |
|  Tractor Supply Co. | 3226 |  | 725753 |  |
|  Ulta Beauty, Inc.\* | 1506 |  | 706419 |  |
|  |  |  | 27258839 |  |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | **** |
|  NIKE, Inc., Class B | 53739 |  | 6288000 |  |
|  Ralph Lauren Corp. | 1114 |  | 117716 |  |
|  Tapestry, Inc. | 6856 |  | 261077 |  |
|  VF Corp. | 9660 |  | 266713 |  |
|  |  |  | 6933506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 134736275 |  |
|  **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** | **Consumer Staples (6.5%)** |  |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | **** |
|  Brown-Forman Corp., Class B | 5541 |  | 363933 |  |
|  Coca-Cola Co. (The) | 114468 |  | 7281309 |  |
|  Constellation Brands, Inc., Class A | 15624 |  | 3620862 |  |
|  Keurig Dr Pepper, Inc. | 25000 |  | 891500 |  |
|  Molson Coors Beverage Co., Class B | 41179 |  | 2121542 |  |
|  Monster Beverage Corp.\* | 11067 |  | 1123632 |  |
|  PepsiCo, Inc. | 40519 |  | 7320163 |  |
|  |  |  | 22722941 |  |
|  ***Food & Staples Retailing (1.2%)*** | ***Food & Staples Retailing (1.2%)*** | ***Food & Staples Retailing (1.2%)*** | ***Food & Staples Retailing (1.2%)*** | **** |
|  Costco Wholesale Corp. | 13017 |  | 5942261 |  |
|  Kroger Co. (The) | 19148 |  | 853618 |  |
|  Sysco Corp. | 14741 |  | 1126949 |  |
|  Walgreens Boots Alliance, Inc. | 21275 |  | 794834 |  |
|  Walmart, Inc. | 95342 |  | 13518542 |  |
|  |  |  | 22236204 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Archer-Daniels-Midland Co. | 16156 |  | 1500085 |  |
|  Campbell Soup Co. | 6103 |  | 346345 |  |
|  Conagra Brands, Inc. | 13792 |  | 533750 |  |
|  General Mills, Inc. | 17325 |  | 1452701 |  |
|  Hershey Co. (The) | 4329 |  | 1002467 |  |
|  Hormel Foods Corp. | 8770 |  | 399473 |  |
|  J M Smucker Co. (The) | 3190 |  | 505487 |  |
|  Kellogg Co. | 7327 |  | 521975 |  |
|  Kraft Heinz Co. (The) | 85859 |  | 3495320 |  |
|  Lamb Weston Holdings, Inc. | 4355 |  | 389163 |  |
|  McCormick & Co., Inc. (Non-Voting) | 111246 |  | 9221181 |  |
|  Mondelez International, Inc., Class A | 40164 |  | 2676931 |  |
|  Tyson Foods, Inc., Class A | 8686 |  | 540704 |  |
|  |  |  | 22585582 |  |
|  ***Household Products (1.3%)*** | ***Household Products (1.3%)*** | ***Household Products (1.3%)*** | ***Household Products (1.3%)*** | **** |
|  Church & Dwight Co., Inc. | 6999 |  | 564189 |  |
|  Clorox Co. (The) | 64377 |  | 9034025 |  |
|  Colgate-Palmolive Co. | 24738 |  | 1949107 |  |
|  Kimberly-Clark Corp. | 10004 |  | 1358043 |  |
|  Procter & Gamble Co. (The) | 69695 |  | 10562974 |  |
|  |  |  | 23468338 |  |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 13505 |  | 3350726 |  |
|  ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | **** |
|  Altria Group, Inc. | 235874 |  | 10781800 |  |
|  Philip Morris International, Inc. | 157623 |  | 15953024 |  |
|  |  |  | 26734824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 121098615 |  |
|  **Energy (5.1%)** | **Energy (5.1%)** | **Energy (5.1%)** | **Energy (5.1%)** |  |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | **** |
|  Baker Hughes Co. | 29709 |  | 877307 |  |
|  Halliburton Co. | 26898 |  | 1058436 |  |
|  Schlumberger Ltd. | 215346 |  | 11512397 |  |
|  |  |  | 13448140 |  |
|  ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | **** |
|  APA Corp. | 9540 |  | 445327 |  |
|  Arch Resources, Inc. | 33478 |  | 4780324 |  |
|  Chevron Corp. | 52320 |  | 9390917 |  |
|  ConocoPhillips | 36648 |  | 4324464 |  |
|  Coterra Energy, Inc. | 22723 |  | 558304 |  |
|  Devon Energy Corp. | 19420 |  | 1194524 |  |
|  Diamondback Energy, Inc. | 5208 |  | 712350 |  |
|  EOG Resources, Inc. | 17381 |  | 2251187 |  |
|  EQT Corp. | 10957 |  | 370675 |  |
|  Equitrans Midstream Corp. | 163316 |  | 1094217 |  |
|  Exxon Mobil Corp. | 284432 |  | 31372850 |  |
|  Hess Corp. | 8240 |  | 1168597 |  |
|  Kinder Morgan, Inc. | 58484 |  | 1057391 |  |
|  Kosmos Energy Ltd.\* | 797250 |  | 5070510 |  |
|  Marathon Oil Corp. | 18678 |  | 505613 |  |
|  Marathon Petroleum Corp. | 13784 |  | 1604320 |  |
|  Occidental Petroleum Corp. | 163076 |  | 10272157 |  |
|  ONEOK, Inc. | 13097 |  | 860473 |  |
|  Phillips 66 | 13900 |  | 1446712 |  |
|  Pioneer Natural Resources Co. | 6945 |  | 1586169 |  |
|  Targa Resources Corp. | 6726 |  | 494361 |  |
|  Valero Energy Corp. | 11339 |  | 1438466 |  |
|  Williams Cos., Inc. (The) | 36067 |  | 1186604 |  |
|  |  |  | 83186512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 96634652 |  |
|  **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** | **Financials (9.3%)** |  |
|  ***Banks (2.3%)*** | ***Banks (2.3%)*** | ***Banks (2.3%)*** | ***Banks (2.3%)*** | **** |
|  Bank of America Corp. | 205272 |  | 6798609 |  |
|  Citigroup, Inc. | 56802 |  | 2569154 |  |
|  Citizens Financial Group, Inc. | 14275 |  | 562007 |  |
|  Comerica, Inc. | 3808 |  | 254565 |  |
|  Fifth Third Bancorp | 19892 |  | 652657 |  |
|  First Republic Bank | 5297 |  | 645651 |  |
|  Huntington Bancshares, Inc. | 42430 |  | 598263 |  |
|  JPMorgan Chase & Co. | 113945 |  | 15280025 |  |
|  KeyCorp | 28262 |  | 492324 |  |
|  M&T Bank Corp. | 5153 |  | 747494 |  |
|  PNC Financial Services Group, Inc. (The)‡ | 11862 |  | 1873484 |  |
|  Regions Financial Corp. | 27418 |  | 591132 |  |
|  Signature Bank | 1771 |  | 204055 |  |
|  SVB Financial Group\* | 1727 |  | 397452 |  |
|  Truist Financial Corp. | 39338 |  | 1692714 |  |
|  US Bancorp | 40099 |  | 1748717 |  |
|  Wells Fargo & Co. | 111797 |  | 4616098 |  |
|  Western Alliance Bancorp | 50733 |  | 3021657 |  |
|  Zions Bancorp NA | 4173 |  | 205145 |  |
|  |  |  | 42951203 |  |

---

See Notes to Financial Statements.

1015

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | ***Capital Markets (3.1%)*** | **** |
|  Ameriprise Financial, Inc. | 3097 | $964313 |  |
|  Bank of New York Mellon Corp. (The) | 21618 | 984051 |  |
|  BlackRock, Inc.‡ | 4418 | 3130727 |  |
|  Brookfield Asset Management Ltd., Class A\* | 8600 | 246562 |  |
|  Brookfield Corp. | 34403 | 1082318 |  |
|  Cboe Global Markets, Inc. | 3143 | 394352 |  |
|  Charles Schwab Corp. (The) | 159701 | 13296705 |  |
|  CME Group, Inc. | 10493 | 1764503 |  |
|  FactSet Research Systems, Inc. | 1146 | 459787 |  |
|  Franklin Resources, Inc. | 8317 | 219403 |  |
|  Goldman Sachs Group, Inc. (The) | 9959 | 3419721 |  |
|  Intercontinental Exchange, Inc. | 106948 | 10971795 |  |
|  Invesco Ltd. | 12859 | 231333 |  |
|  LPL Financial Holdings, Inc. | 14346 | 3101175 |  |
|  MarketAxess Holdings, Inc. | 1087 | 303153 |  |
|  Moody's Corp. | 4675 | 1302549 |  |
|  Morgan Stanley | 38772 | 3296396 |  |
|  MSCI, Inc. | 8318 | 3869284 |  |
|  Nasdaq, Inc. | 43225 | 2651854 |  |
|  Northern Trust Corp. | 6222 | 550585 |  |
|  Raymond James Financial, Inc. | 5809 | 620692 |  |
|  S&P Global, Inc. | 9794 | 3280402 |  |
|  State Street Corp. | 10767 | 835196 |  |
| T. Rowe Price Group, Inc. | 6545 | 713798 |  |
|  |  | 57690654 |  |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | **** |
|  American Express Co. | 17581 | 2597593 |  |
|  Capital One Financial Corp. | 11353 | 1055375 |  |
|  Discover Financial Services | 7997 | 782346 |  |
|  Synchrony Financial | 13110 | 430795 |  |
|  |  | 4866109 |  |
|  ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | ***Diversified Financial Services (1.6%)*** | **** |
|  Apollo Global Management, Inc. | 31485 | 2008428 |  |
|  Berkshire Hathaway, Inc., Class A\* | 7 | 3280977 |  |
|  Berkshire Hathaway, Inc., Class B\* | 82679 | 25539543 |  |
|  |  | 30828948 |  |
|  ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | ***Insurance (2.0%)*** | **** |
|  Aflac, Inc. | 16589 | 1193413 |  |
|  Allstate Corp. (The) | 7743 | 1049951 |  |
|  American International Group, Inc. | 21852 | 1381920 |  |
|  Aon plc, Class A | 28139 | 8445639 |  |
|  Arch Capital Group Ltd.\* | 11137 | 699181 |  |
|  Arthur J Gallagher & Co. | 6225 | 1173661 |  |
|  Assurant, Inc. | 1604 | 200596 |  |
|  Brown & Brown, Inc. | 7104 | 404715 |  |
|  Chubb Ltd. | 23968 | 5287341 |  |
|  Cincinnati Financial Corp. | 4548 | 465670 |  |
|  Everest Re Group Ltd. | 1184 | 392224 |  |
|  Globe Life, Inc. | 2579 | 310898 |  |
|  Hartford Financial Services Group, Inc. (The) | 9544 | 723722 |  |
|  Lincoln National Corp. | 4827 | 148285 |  |
|  Loews Corp. | 5972 | 348347 |  |
|  Marsh & McLennan Cos., Inc. | 32709 | 5412685 |  |
|  MetLife, Inc. | 19384 | 1402820 |  |
|  Principal Financial Group, Inc. | 6693 | 561677 |  |
|  Progressive Corp. (The) | 33013 | 4282116 |  |
|  Prudential Financial, Inc. | 10711 | 1065316 |  |
|  Travelers Cos., Inc. (The) | 6878 | 1289556 |  |
|  W R Berkley Corp. | 6108 | 443258 |  |
|  Willis Towers Watson plc | 3184 | 778743 |  |
|  |  | 37461734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 173798648 |  |
|  **Health Care (13.5%)** | **Health Care (13.5%)** | **Health Care (13.5%)** |  |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | **** |
|  AbbVie, Inc. | 52012 | 8405659 |  |
|  Amgen, Inc. | 15693 | 4121609 |  |
|  Biogen, Inc.\* | 4195 | 1161679 |  |
|  Gilead Sciences, Inc. | 36834 | 3162199 |  |
|  Incyte Corp.\* | 5553 | 446017 |  |
|  Moderna, Inc.\* | 9717 | 1745368 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 6016 | 4340484 |  |
|  Seagen, Inc.\* | 18664 | 2398511 |  |
|  Vertex Pharmaceuticals, Inc.\* | 29661 | 8565504 |  |
|  |  | 34347030 |  |
|  ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | ***Health Care Equipment & Supplies (1.9%)*** | **** |
|  Abbott Laboratories | 67461 | 7406543 |  |
|  Align Technology, Inc.\* | 2088 | 440359 |  |
|  Baxter International, Inc. | 14702 | 749361 |  |
|  Becton Dickinson and Co. | 8341 | 2121116 |  |
|  Boston Scientific Corp.\* | 42459 | 1964578 |  |
|  Cooper Cos., Inc. (The) | 1495 | 494352 |  |
|  Dentsply Sirona, Inc. | 6082 | 193651 |  |
|  Dexcom, Inc.\* | 11360 | 1286406 |  |
|  Edwards Lifesciences Corp.\* | 41804 | 3118996 |  |
|  Hologic, Inc.\* | 7173 | 536612 |  |
|  IDEXX Laboratories, Inc.\* | 2449 | 999094 |  |
|  Intuitive Surgical, Inc.\* | 10393 | 2757783 |  |
|  Medtronic plc | 39036 | 3033878 |  |
|  ResMed, Inc. | 4304 | 895792 |  |
|  STERIS plc | 2881 | 532092 |  |
|  Stryker Corp. | 30921 | 7559875 |  |
|  Teleflex, Inc. | 1350 | 337001 |  |
|  Zimmer Biomet Holdings, Inc. | 6215 | 792412 |  |
|  |  | 35219901 |  |
|  ***Health Care Providers & Services (4.4%)*** | ***Health Care Providers & Services (4.4%)*** | ***Health Care Providers & Services (4.4%)*** | **** |
|  AmerisourceBergen Corp. | 4710 | 780494 |  |
|  Cardinal Health, Inc. | 7710 | 592668 |  |
|  Centene Corp.\* | 45364 | 3720302 |  |
|  Chemed Corp. | 8575 | 4376937 |  |
|  Cigna Corp. | 32899 | 10900755 |  |
|  CVS Health Corp. | 38642 | 3601048 |  |
|  DaVita, Inc.\* | 1568 | 117083 |  |
|  Elevance Health, Inc. | 23343 | 11974259 |  |
|  HCA Healthcare, Inc. | 6236 | 1496391 |  |
|  Henry Schein, Inc.\* | 4035 | 322275 |  |
|  Humana, Inc. | 19331 | 9901145 |  |
|  Laboratory Corp. of America Holdings | 2606 | 613661 |  |
|  McKesson Corp. | 4170 | 1564250 |  |
|  Molina Healthcare, Inc.\* | 1741 | 574913 |  |
|  Quest Diagnostics, Inc. | 3332 | 521258 |  |
|  UnitedHealth Group, Inc. | 59575 | 31585473 |  |
|  Universal Health Services, Inc., Class B | 1880 | 264873 |  |
|  |  | 82907785 |  |

---

See Notes to Financial Statements.

1016

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | ***Life Sciences Tools & Services (1.7%)*** | **** |
|  Agilent Technologies, Inc. | 8658 | $1295670 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 611 | 256919 |  |
|  Bio-Techne Corp. | 4496 | 372629 |  |
|  Charles River Laboratories International, Inc.\* | 1489 | 324453 |  |
|  Danaher Corp. | 64428 | 17100480 |  |
|  Illumina, Inc.\* | 4631 | 936388 |  |
|  IQVIA Holdings, Inc.\* | 5514 | 1129763 |  |
|  Mettler-Toledo International, Inc.\* | 1989 | 2875000 |  |
|  PerkinElmer, Inc. | 3722 | 521899 |  |
|  Thermo Fisher Scientific, Inc. | 11535 | 6352209 |  |
|  Waters Corp.\* | 1727 | 591636 |  |
|  West Pharmaceutical Services, Inc. | 2244 | 528125 |  |
|  |  | 32285171 |  |
|  ***Pharmaceuticals (3.7%)*** | ***Pharmaceuticals (3.7%)*** | ***Pharmaceuticals (3.7%)*** | **** |
|  AstraZeneca plc (ADR) | 89103 | 6041183 |  |
|  Bristol-Myers Squibb Co. | 92671 | 6667678 |  |
|  Catalent, Inc.\* | 5571 | 250751 |  |
|  Eli Lilly and Co. | 39625 | 14496410 |  |
|  Johnson & Johnson | 109974 | 19426907 |  |
|  Merck & Co., Inc. | 74568 | 8273319 |  |
|  Organon & Co. | 7877 | 220005 |  |
|  Pfizer, Inc. | 203490 | 10426828 |  |
|  Viatris, Inc. | 36745 | 408972 |  |
|  Zoetis, Inc. | 13692 | 2006563 |  |
|  |  | 68218616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 252978503 |  |
|  **Industrials (6.9%)** | **Industrials (6.9%)** | **Industrials (6.9%)** |  |
|  ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | **** |
|  Axon Enterprise, Inc.\* | 13584 | 2253993 |  |
|  Boeing Co. (The)\* | 16554 | 3153371 |  |
|  General Dynamics Corp. | 6669 | 1654645 |  |
|  Howmet Aerospace, Inc. | 10628 | 418849 |  |
|  Huntington Ingalls Industries, Inc. | 1176 | 271280 |  |
|  L3Harris Technologies, Inc. | 5537 | 1152859 |  |
|  Lockheed Martin Corp. | 21187 | 10307264 |  |
|  Northrop Grumman Corp. | 15656 | 8542070 |  |
|  Raytheon Technologies Corp. | 64203 | 6479367 |  |
|  Textron, Inc. | 6277 | 444412 |  |
|  TransDigm Group, Inc. | 6924 | 4359697 |  |
|  |  | 39037807 |  |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | **** |
|  CH Robinson Worldwide, Inc. | 3462 | 316981 |  |
|  Expeditors International of Washington, Inc. | 4804 | 499232 |  |
|  FedEx Corp. | 7066 | 1223831 |  |
|  United Parcel Service, Inc., Class B | 21465 | 3731475 |  |
|  |  | 5771519 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 3823 | 164160 |  |
|  American Airlines Group, Inc.\* | 19692 | 250482 |  |
|  Delta Air Lines, Inc.\* | 19336 | 635381 |  |
|  Southwest Airlines Co.\* | 17558 | 591178 |  |
|  United Airlines Holdings, Inc.\* | 39026 | 1471280 |  |
|  |  | 3112481 |  |
|  ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | ***Building Products (0.4%)*** | **** |
|  A O Smith Corp. | 3736 | 213849 |  |
|  Allegion plc | 2724 | 286728 |  |
|  Armstrong World Industries, Inc. | 28760 | 1972648 |  |
|  Carrier Global Corp. | 66162 | 2729183 |  |
|  Johnson Controls International plc | 20429 | 1307456 |  |
|  Masco Corp. | 6587 | 307415 |  |
|  Trane Technologies plc | 6852 | 1151753 |  |
|  |  | 7969032 |  |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | **** |
|  Cintas Corp. | 2539 | 1146663 |  |
|  Copart, Inc.\* | 12490 | 760516 |  |
|  Republic Services, Inc. | 6127 | 790322 |  |
|  Rollins, Inc. | 6702 | 244891 |  |
|  Waste Connections, Inc. | 13873 | 1839005 |  |
|  Waste Management, Inc. | 10977 | 1722072 |  |
|  |  | 6503469 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  Arcosa, Inc. | 34210 | 1858971 |  |
|  Quanta Services, Inc. | 4128 | 588240 |  |
|  |  | 2447211 |  |
|  ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | ***Electrical Equipment (0.4%)*** | **** |
|  AMETEK, Inc. | 20298 | 2836037 |  |
|  Eaton Corp. plc | 11631 | 1825485 |  |
|  Emerson Electric Co. | 17537 | 1684604 |  |
|  Generac Holdings, Inc.\* | 1739 | 175048 |  |
|  Rockwell Automation, Inc. | 3386 | 872132 |  |
|  |  | 7393306 |  |
|  ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | ***Industrial Conglomerates (0.5%)*** | **** |
|  3M Co. | 16185 | 1940905 |  |
|  General Electric Co. | 32136 | 2692675 |  |
|  Honeywell International, Inc. | 19773 | 4237354 |  |
|  |  | 8870934 |  |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | **** |
|  Caterpillar, Inc. | 26249 | 6288210 |  |
|  Cummins, Inc. | 4154 | 1006473 |  |
|  Deere & Co. | 8078 | 3463523 |  |
|  Dover Corp. | 4049 | 548275 |  |
|  Fortive Corp. | 10343 | 664538 |  |
|  IDEX Corp. | 2251 | 513971 |  |
|  Illinois Tool Works, Inc. | 8221 | 1811086 |  |
|  Ingersoll Rand, Inc. | 11884 | 620939 |  |
|  Nordson Corp. | 1638 | 389385 |  |
|  Otis Worldwide Corp. | 12348 | 966972 |  |
|  PACCAR, Inc. | 10256 | 1015036 |  |
|  Parker-Hannifin Corp. | 3792 | 1103472 |  |
|  Pentair plc | 4918 | 221212 |  |
|  Snap-on, Inc. | 1532 | 350047 |  |
|  Stanley Black & Decker, Inc. | 4541 | 341120 |  |
|  Westinghouse Air Brake Technologies Corp. | 5411 | 540072 |  |
|  Xylem, Inc. | 5229 | 578171 |  |
|  |  | 20422502 |  |
|  ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | ***Professional Services (0.2%)*** | **** |
|  CoStar Group, Inc.\* | 12008 | 927978 |  |
|  Dun & Bradstreet Holdings, Inc. | 67825 | 831535 |  |

---

See Notes to Financial Statements.

1017

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Equifax, Inc. | 3550 | $| 689978 |  |
|  Jacobs Solutions, Inc. | 3676 |  | 441378 |  |
|  Leidos Holdings, Inc. | 4138 |  | 435276 |  |
|  Robert Half International, Inc. | 3269 |  | 241350 |  |
|  Verisk Analytics, Inc. | 4655 |  | 821235 |  |
|  |  |  | 4388730 |  |
|  ***Road & Rail (1.2%)*** | ***Road & Rail (1.2%)*** | ***Road & Rail (1.2%)*** | ***Road & Rail (1.2%)*** | **** |
|  CSX Corp. | 61833 |  | 1915586 |  |
|  JB Hunt Transport Services, Inc. | 2505 |  | 436772 |  |
|  Norfolk Southern Corp. | 6809 |  | 1677874 |  |
|  Old Dominion Freight Line, Inc. | 2664 |  | 755990 |  |
|  Saia, Inc.\* | 26014 |  | 5454615 |  |
|  Union Pacific Corp. | 55198 |  | 11429850 |  |
|  |  |  | 21670687 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Fastenal Co. | 16840 |  | 796869 |  |
|  United Rentals, Inc.\* | 2032 |  | 722213 |  |
|  WW Grainger, Inc. | 1321 |  | 734806 |  |
|  |  |  | 2253888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 129841566 |  |
|  **Information Technology (17.9%)** | **Information Technology (17.9%)** | **Information Technology (17.9%)** | **Information Technology (17.9%)** |  |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | **** |
|  Arista Networks, Inc.\* | 7240 |  | 878574 |  |
|  Cisco Systems, Inc. | 120759 |  | 5752959 |  |
|  F5, Inc.\* | 1819 |  | 261044 |  |
|  Juniper Networks, Inc. | 9882 |  | 315829 |  |
|  Motorola Solutions, Inc. | 38026 |  | 9799680 |  |
|  |  |  | 17008086 |  |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | **** |
|  Amphenol Corp., Class A | 17641 |  | 1343186 |  |
|  CDW Corp. | 3935 |  | 702712 |  |
|  Corning, Inc. | 22180 |  | 708429 |  |
|  Keysight Technologies, Inc.\* | 5259 |  | 899657 |  |
|  TE Connectivity Ltd. | 9446 |  | 1084401 |  |
|  Teledyne Technologies, Inc.\* | 1349 |  | 539479 |  |
|  Trimble, Inc.\* | 44492 |  | 2249516 |  |
|  Zebra Technologies Corp., Class A\* | 1489 |  | 381794 |  |
|  |  |  | 7909174 |  |
|  ***IT Services (3.6%)*** | ***IT Services (3.6%)*** | ***IT Services (3.6%)*** | ***IT Services (3.6%)*** | **** |
|  Accenture plc, Class A | 18531 |  | 4944812 |  |
|  Akamai Technologies, Inc.\* | 4790 |  | 403797 |  |
|  Automatic Data Processing, Inc. | 12200 |  | 2914092 |  |
|  Block, Inc., Class A\* | 14601 |  | 917527 |  |
|  Broadridge Financial Solutions, Inc. | 3377 |  | 452957 |  |
|  Cognizant Technology Solutions Corp., Class A | 15171 |  | 867630 |  |
|  DXC Technology Co.\* | 6625 |  | 175563 |  |
|  EPAM Systems, Inc.\* | 1656 |  | 542737 |  |
|  Fidelity National Information Services, Inc. | 17452 |  | 1184118 |  |
|  Fiserv, Inc.\* | 18676 |  | 1887583 |  |
|  FleetCor Technologies, Inc.\* | 2208 |  | 405565 |  |
|  Gartner, Inc.\* | 2368 |  | 795980 |  |
|  Global Payments, Inc. | 7953 |  | 789892 |  |
|  GoDaddy, Inc., Class A\* | 14169 |  | 1060125 |  |
|  International Business Machines Corp. | 26588 |  | 3745983 |  |
|  Jack Henry & Associates, Inc. | 21616 |  | 3794905 |  |
|  Mastercard, Inc., Class A | 35688 |  | 12409788 |  |
|  Paychex, Inc. | 9462 |  | 1093429 |  |
|  PayPal Holdings, Inc.\* | 33529 |  | 2387935 |  |
|  Toast, Inc., Class A(x)\* | 62731 |  | 1131040 |  |
|  VeriSign, Inc.\* | 25041 |  | 5144423 |  |
|  Visa, Inc., Class A | 98422 |  | 20448155 |  |
|  |  |  | 67498036 |  |
|  ***Semiconductors & Semiconductor Equipment (3.8%)*** | ***Semiconductors & Semiconductor Equipment (3.8%)*** | ***Semiconductors & Semiconductor Equipment (3.8%)*** | ***Semiconductors & Semiconductor Equipment (3.8%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 47421 |  | 3071458 |  |
|  Analog Devices, Inc. | 15127 |  | 2481282 |  |
|  Applied Materials, Inc. | 25302 |  | 2463909 |  |
|  ASML Holding NV (Registered) (NYRS) | 8406 |  | 4593038 |  |
|  Broadcom, Inc. | 18594 |  | 10396463 |  |
|  Enphase Energy, Inc.\* | 7802 |  | 2067218 |  |
|  Entegris, Inc. | 42100 |  | 2761339 |  |
|  First Solar, Inc.\* | 2916 |  | 436788 |  |
|  Intel Corp. | 121775 |  | 3218513 |  |
|  KLA Corp. | 10043 |  | 3786512 |  |
|  Lam Research Corp. | 3999 |  | 1680780 |  |
|  Microchip Technology, Inc. | 16320 |  | 1146480 |  |
|  Micron Technology, Inc. | 67070 |  | 3352159 |  |
|  Monolithic Power Systems, Inc. | 8650 |  | 3058726 |  |
|  NVIDIA Corp. | 94843 |  | 13860356 |  |
|  NXP Semiconductors NV | 7603 |  | 1201502 |  |
|  ON Semiconductor Corp.\* | 12688 |  | 791350 |  |
|  Qorvo, Inc.\* | 2980 |  | 270107 |  |
|  QUALCOMM, Inc. | 32969 |  | 3624612 |  |
|  Skyworks Solutions, Inc. | 4659 |  | 424575 |  |
|  SolarEdge Technologies, Inc.\* | 1685 |  | 477310 |  |
|  Teradyne, Inc. | 4505 |  | 393512 |  |
|  Texas Instruments, Inc. | 26692 |  | 4410052 |  |
|  Wolfspeed, Inc.\* | 15315 |  | 1057348 |  |
|  |  |  | 71025389 |  |
|  ***Software (5.9%)*** | ***Software (5.9%)*** | ***Software (5.9%)*** | ***Software (5.9%)*** | **** |
|  Adobe, Inc.\* | 16427 |  | 5528178 |  |
|  ANSYS, Inc.\* | 2521 |  | 609048 |  |
|  Autodesk, Inc.\* | 6292 |  | 1175786 |  |
|  Cadence Design Systems, Inc.\* | 8109 |  | 1302630 |  |
|  Ceridian HCM Holding, Inc.\* | 33332 |  | 2138248 |  |
|  DocuSign, Inc.\* | 13816 |  | 765683 |  |
|  Fortinet, Inc.\* | 19270 |  | 942110 |  |
|  Gen Digital, Inc. | 17412 |  | 373139 |  |
|  Intuit, Inc. | 8290 |  | 3226634 |  |
|  Microsoft Corp. | 302394 |  | 72520129 |  |
|  Oracle Corp. | 45050 |  | 3682387 |  |
|  Paycom Software, Inc.\* | 1468 |  | 455535 |  |
|  PTC, Inc.\* | 3090 |  | 370924 |  |
|  Roper Technologies, Inc. | 3144 |  | 1358491 |  |
|  Salesforce, Inc.\* | 79520 |  | 10543557 |  |
|  ServiceNow, Inc.\* | 10283 |  | 3992580 |  |
|  Synopsys, Inc.\* | 4537 |  | 1448619 |  |
|  Tyler Technologies, Inc.\* | 1214 |  | 391406 |  |
|  |  |  | 110825084 |  |
|  ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** | ***Technology Hardware, Storage & Peripherals (3.3%)*** | **** |
|  Apple, Inc. | 456942 |  | 59370474 |  |
|  Hewlett Packard Enterprise Co. | 37546 |  | 599234 |  |

---

See Notes to Financial Statements.

1018

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  HP, Inc. | 26035 | $| 699561 |  |
|  NetApp, Inc. | 6238 |  | 374654 |  |
|  Seagate Technology Holdings plc(x) | 5947 |  | 312872 |  |
|  Western Digital Corp.\* | 8935 |  | 281899 |  |
|  |  |  | 61638694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 335904463 |  |
|  **Materials (3.1%)** | **Materials (3.1%)** | **Materials (3.1%)** | **Materials (3.1%)** |  |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | **** |
|  Air Products and Chemicals, Inc. | 6578 |  | 2027734 |  |
|  Albemarle Corp. | 10716 |  | 2323872 |  |
|  Celanese Corp. | 2843 |  | 290668 |  |
|  CF Industries Holdings, Inc. | 5910 |  | 503532 |  |
|  Corteva, Inc. | 44538 |  | 2617944 |  |
|  Dow, Inc. | 20521 |  | 1034053 |  |
|  DuPont de Nemours, Inc. | 14760 |  | 1012979 |  |
|  Eastman Chemical Co. | 3675 |  | 299292 |  |
|  Ecolab, Inc. | 7313 |  | 1064480 |  |
|  FMC Corp. | 3770 |  | 470496 |  |
|  International Flavors & Fragrances, Inc. | 7419 |  | 777808 |  |
|  Linde plc | 23416 |  | 7637831 |  |
|  LyondellBasell Industries NV, Class A | 7565 |  | 628122 |  |
|  Mosaic Co. (The) | 9735 |  | 427075 |  |
|  PPG Industries, Inc. | 6899 |  | 867480 |  |
|  Sherwin-Williams Co. (The) | 49425 |  | 11730035 |  |
|  |  |  | 33713401 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Martin Marietta Materials, Inc. | 1806 |  | 610374 |  |
|  Vulcan Materials Co. | 3975 |  | 696062 |  |
|  |  |  | 1306436 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor plc | 43175 |  | 514214 |  |
|  Avery Dennison Corp. | 2391 |  | 432771 |  |
|  Ball Corp. | 9145 |  | 467676 |  |
|  International Paper Co. | 10454 |  | 362022 |  |
|  Packaging Corp. of America | 2756 |  | 352520 |  |
|  Sealed Air Corp. | 4531 |  | 226006 |  |
|  Westrock Co. | 7372 |  | 259200 |  |
|  |  |  | 2614409 |  |
|  ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | ***Metals & Mining (1.1%)*** | **** |
|  ATI, Inc.\* | 162489 |  | 4851922 |  |
|  Freeport-McMoRan, Inc. | 41655 |  | 1582890 |  |
|  Newmont Corp. | 23404 |  | 1104669 |  |
|  Nucor Corp. | 7520 |  | 991211 |  |
|  Steel Dynamics, Inc. | 4907 |  | 479414 |  |
|  United States Steel Corp. | 55808 |  | 1397990 |  |
|  Wheaton Precious Metals Corp.(x) | 266530 |  | 10415992 |  |
|  |  |  | 20824088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 58458334 |  |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.7%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 4466 |  | 650562 |  |
|  American Tower Corp. (REIT) | 13675 |  | 2897186 |  |
|  AvalonBay Communities, Inc. (REIT) | 4060 |  | 655771 |  |
|  Boston Properties, Inc. (REIT) | 4166 |  | 281538 |  |
|  Camden Property Trust (REIT) | 3056 |  | 341905 |  |
|  Crown Castle, Inc. (REIT) | 20906 |  | 2835690 |  |
|  Digital Realty Trust, Inc. (REIT) | 8420 |  | 844273 |  |
|  Equinix, Inc. (REIT) | 5160 |  | 3379955 |  |
|  Equity Residential (REIT) | 10196 |  | 601564 |  |
|  Essex Property Trust, Inc. (REIT) | 1850 |  | 392052 |  |
|  Extra Space Storage, Inc. (REIT) | 3869 |  | 569439 |  |
|  Federal Realty Investment Trust (REIT) | 2243 |  | 226633 |  |
|  Healthpeak Properties, Inc. (REIT) | 16351 |  | 409920 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 21471 |  | 344610 |  |
|  Invitation Homes, Inc. (REIT) | 17389 |  | 515410 |  |
|  Iron Mountain, Inc. (REIT) | 8809 |  | 439129 |  |
|  Kimco Realty Corp. (REIT) | 18700 |  | 396066 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 3452 |  | 541930 |  |
|  Prologis, Inc. (REIT) | 63665 |  | 7176955 |  |
|  Public Storage (REIT) | 4686 |  | 1312970 |  |
|  Realty Income Corp. (REIT) | 18270 |  | 1158866 |  |
|  Regency Centers Corp. (REIT) | 4582 |  | 286375 |  |
|  SBA Communications Corp. (REIT) | 3166 |  | 887461 |  |
|  Simon Property Group, Inc. (REIT) | 9671 |  | 1136149 |  |
|  UDR, Inc. (REIT) | 9115 |  | 353024 |  |
|  Ventas, Inc. (REIT) | 11835 |  | 533167 |  |
|  VICI Properties, Inc. (REIT) | 28295 |  | 916758 |  |
|  Vornado Realty Trust (REIT) | 4899 |  | 101948 |  |
|  Welltower, Inc. (REIT) | 13619 |  | 892725 |  |
|  Weyerhaeuser Co. (REIT) | 21501 |  | 666531 |  |
|  |  |  | 31746562 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 9205 |  | 708417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 32454979 |  |
|  **Utilities (3.9%)** | **Utilities (3.9%)** | **Utilities (3.9%)** | **Utilities (3.9%)** |  |
|  ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | ***Electric Utilities (2.8%)*** | **** |
|  Alliant Energy Corp. | 7417 |  | 409493 |  |
|  American Electric Power Co., Inc. | 89624 |  | 8509799 |  |
|  Constellation Energy Corp. | 9583 |  | 826150 |  |
|  Duke Energy Corp. | 22548 |  | 2322219 |  |
|  Edison International | 11094 |  | 705800 |  |
|  Entergy Corp. | 5899 |  | 663637 |  |
|  Evergy, Inc. | 6846 |  | 430819 |  |
|  Eversource Energy | 10152 |  | 851144 |  |
|  Exelon Corp. | 282523 |  | 12213469 |  |
|  FirstEnergy Corp. | 15681 |  | 657661 |  |
|  NextEra Energy, Inc. | 190921 |  | 15960996 |  |
|  NRG Energy, Inc. | 7126 |  | 226749 |  |
|  PG&E Corp.\* | 290407 |  | 4722018 |  |
|  Pinnacle West Capital Corp. | 3333 |  | 253441 |  |
|  PPL Corp. | 21592 |  | 630918 |  |
|  Southern Co. (The) | 32019 |  | 2286477 |  |
|  Xcel Energy, Inc. | 16147 |  | 1132066 |  |
|  |  |  | 52802856 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  Atmos Energy Corp. | 30368 |  | 3403342 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  AES Corp. (The) | 132272 |  | 3804143 |  |

---

See Notes to Financial Statements.

1019

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | ***Multi-Utilities (0.6%)*** | **** |
|  Ameren Corp. | 7723 | $686729 |  |
|  CenterPoint Energy, Inc. | 121541 | 3645015 |  |
|  CMS Energy Corp. | 8366 | 529819 |  |
|  Consolidated Edison, Inc. | 10425 | 993607 |  |
|  Dominion Energy, Inc. | 24690 | 1513991 |  |
|  DTE Energy Co. | 5599 | 658050 |  |
|  NiSource, Inc. | 12217 | 334990 |  |
|  Public Service Enterprise Group, Inc. | 14627 | 896196 |  |
|  Sempra Energy | 9322 | 1440622 |  |
|  WEC Energy Group, Inc. | 9246 | 866905 |  |
|  |  | 11565924 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 5322 | 811179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 72387444 |  |
|  **Total Common Stocks (80.2%)**<br> *(Cost $772,486,588)* |  | 1504584677 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (9.0%)** | **Equity (9.0%)** | **Equity (9.0%)** |  |
|  iShares Core S&P 500 ETF | 152244 | 58493667 |  |
|  iShares Morningstar Growth ETF(x) | 67890 | 3304885 |  |
|  iShares Morningstar U.S. Equity ETF‡ | 612908 | 32263477 |  |
|  iShares Morningstar Value ETF(x) | 9526 | 602329 |  |
|  iShares Russell 1000 ETF(x) | 150899 | 31767258 |  |
|  SPDR Portfolio S&P 500 Growth ETF(x) | 50400 | 2553768 |  |
|  SPDR Portfolio S&P 500 Value ETF(x) | 5600 | 217784 |  |
|  Vanguard Growth ETF | 13800 | 2940918 |  |
|  Vanguard Large-Cap ETF(x) | 184613 | 32159585 |  |
|  Vanguard Russell 1000 Growth ETF | 56500 | 3114280 |  |
|  Vanguard Russell 1000 Value(x) | 4900 | 326242 |  |
|  Vanguard Value ETF(x) | 3400 | 477258 |  |
|  **Total Exchange Traded Funds (9.0%)<br>(***Cost $63,422,341***)** | **Total Exchange Traded Funds (9.0%)<br>(***Cost $63,422,341***)** | 168221451 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (4.1%)** | **Investment Companies (4.1%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 74421156 | 74458366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 76458366 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (2.1%)** | **Repurchase Agreements (2.1%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |  |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $11,804,729, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $12,035,207. (xx) | 11799223 | 11799223 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $15,007,167, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $15,307,951. (xx) | 15000000 | 15000000 |  |
|  National Bank of Canada, 4.45%, dated 12/30/22, due 1/6/23, repurchase price $12,010,383, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $13,065,942. (xx) | 12000000 | 12000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 39799223 |  |
|  **Total Short-Term Investments (6.2%)**<br> *(Cost $116,235,471)* | **Total Short-Term Investments (6.2%)**<br> *(Cost $116,235,471)* | 116257589 |  |
|  **Total Investments in Securities (95.4%)**<br> *(Cost $952,144,400)* | **Total Investments in Securities (95.4%)**<br> *(Cost $952,144,400)* | 1789063717 |  |
|  **Other Assets Less Liabilities (4.6%)** | **Other Assets Less Liabilities (4.6%)** | 86830347 |  |
|  **Net Assets (100%)** |  | $1875894064 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $41,657,606. This was collateralized by $945,953 of various U.S. Government Treasury Securities, ranging from 0.000% – 3.875%, maturing 2/9/23 – 5/15/47 and by cash of $41,799,223 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1020

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the six months ended June 30, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Banks** |  |  |  |  |  |  |  |  |  |
|  PNC Financial Services Group, Inc. (The) | 11862 | 2944436 |  | (496719) | 384455 | (958688) | 1873484 | 77554 |  |
|  **Capital Markets** |  |  |  |  |  |  |  |  |  |
|  BlackRock, Inc. | 4418 | 4526529 | 170477 | (573137) | 271861 | (1265003) | 3130727 | 89329 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar U.S. Equity ETF | 612908 | 43638542 |  | (2723719) | 1470124 | (10121470) | 32263477 | 534710 |  |
|  **Total** |  | **51109507** | **170477** | **(3793575)** | **2126440** | **(12345161)** | **37267688** | **701593** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 947 | 3/2023 | USD | 182818350 | (5585830) |
|  |  |  |  |  | (5585830) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96291198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96291198 |
|  Consumer Discretionary | 134736275 |  |  | 134736275 |
|  Consumer Staples | 121098615 |  |  | 121098615 |
|  Energy | 96634652 |  |  | 96634652 |
|  Financials | 173798648 |  |  | 173798648 |
|  Health Care | 252978503 |  |  | 252978503 |
|  Industrials | 129841566 |  |  | 129841566 |
|  Information Technology | 335904463 |  |  | 335904463 |
|  Materials | 58458334 |  |  | 58458334 |
|  Real Estate | 32454979 |  |  | 32454979 |
|  Utilities | 72387444 |  |  | 72387444 |
|  **Exchange Traded Funds** | 168221451 |  |  | 168221451 |

---

See Notes to Financial Statements.

1021

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $76458366 | $— | $— | $76458366 |
|  Repurchase Agreements |  | 39799223 |  | 39799223 |
|  **Total Assets** | $**1749264494** | $**39799223** | $**—** | $**1789063717** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(5585830) | $— | $— | $(5585830) |
|  **Total Liabilities** | $**(5585830)** | $**—** | $**—** | $**(5585830)** |
|  **Total** | $**1743678664** | $**39799223** | $**—** | $**1783477887** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(5585830) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5585830 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(72144661) | $(72144661) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72144661) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72144661) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(9713478) | $(9713478) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9713478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9713478) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $166,128,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 2%)\* | $614304651 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 1%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970649371 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

See Notes to Financial Statements.

1022

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $889510033 |
|  Aggregate gross unrealized depreciation | (54591675) |
|  Net unrealized appreciation | $834918358 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948559529 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $7,780 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1023

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $13,833,549) | $37267688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $898,511,628) | 1711996806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $39,799,223) | 39799223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 118194075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 10138600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1623867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1110990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 49767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1920206732 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 41799223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 781997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 509010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 413616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 284194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 212071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 147771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 4613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 158859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 44312668 |
|  **NET ASSETS** | $1875894064 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1100298494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 775595570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1875894064 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $5,995,401 / 631,830 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.49 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,306,855,559 / 137,681,236 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.49 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $563,043,104 / 59,270,158 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.50 |

---

*(x)* *Includes value of securities on loan of $41,657,606.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($701,593 of dividend income received from affiliates) | $33348836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1507162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 223584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 35079582 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 10340503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3725542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2676782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 180200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 115907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 85999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 72026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 16602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 73810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17287371 |
|  **NET INVESTMENT INCOME (LOSS)** | 17792211 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($2,126,440 realized gain (loss) from affiliates) | 191593791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (72144661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119449477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(12345161) of change in unrealized appreciation (depreciation) from affiliates) | (601422687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9713478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (611136165) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (491686688) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(473894477) |

---

See Notes to Financial Statements.

1024

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17792211 | $11969440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119449477 | 404025959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (611136165) | 214336612 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (473894477) | 630332011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (580071) | (1011607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (123452495) | (250629530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (56271657) | (121093565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (180304223) | (372734702) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 56,206 and 30,131 shares, respectively ] | 639496 | 396601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 59,278 and 79,619 shares, respectively ] | 580071 | 1011607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (65876) and (33778) shares, respectively ] | (682713) | (441561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 536854 | 966647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,439,787 and 1,079,543 shares, respectively ] | 15968874 | 14089221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 12,611,482 and 19,717,188 shares, respectively ] | 123452495 | 250629530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (19489774) and (20224364) shares, respectively ] | (214102784) | (264688236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (74681415) | 30515 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 72,596 and 139,683 shares, respectively ] | 805616 | 1814744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,737,470 and 9,517,795 shares, respectively ] | 56271657 | 121093565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14927440) and (10960029) shares, respectively ] | (163101963) | (142508970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (106024690) | (19600661) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (180169251) | (18603499) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (834367951) | 238993810 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2710262015 | 2471268205 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1875894064 | $2710262015 |

---

See Notes to Financial Statements.

1025

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.77 | $11.61 | $11.26 | $9.37 | $11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.05 | 0.07 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.42) | 3.07 | 1.71 | 2.66 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.34) | 3.12 | 1.78 | 2.80 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.07) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.94) | (1.91) | (1.36) | (0.76) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.94) | (1.96) | (1.43) | (0.91) | (1.03) |
|  Net asset value, end of year | $9.49 | $12.77 | $11.61 | $11.26 | $9.37 |
|  Total return | (18.36) | 27.32% | 16.27% | 29.98% | (6.44)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $5995 | $7436 | $5879 | $5265 | $4362 |
|  Ratio of expenses to average net assets (f) | 0.87 | 0.86% | 0.87% | 0.87% | 0.87% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.76 | 0.38% | 0.66% | 1.27% | 1.01% |
|  Portfolio turnover rate^ | 31 | 31% | 31% | 14% | 16% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.78 | $11.62 | $11.26 | $9.37 | $11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.05 | 0.07 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.43) | 3.07 | 1.72 | 2.66 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.35) | 3.12 | 1.79 | 2.80 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.05) | (0.07) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.94) | (1.91) | (1.36) | (0.76) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.94) | (1.96) | (1.43) | (0.91) | (1.03) |
|  Net asset value, end of year | $9.49 | $12.78 | $11.62 | $11.26 | $9.37 |
|  Total return | (18.42) | 27.31% | 16.36% | 29.98% | (6.44)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429796 |
|  Ratio of expenses to average net assets (f) | 0.87 | 0.86% | 0.87% | 0.87% | 0.87% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.74 | 0.38% | 0.67% | 1.26% | 1.00% |
|  Portfolio turnover rate^ | 31 | 31% | 31% | 14% | 16% |

---

See Notes to Financial Statements.

1026

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP CORE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.79 | $11.62 | $11.26 | $9.37 | $11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.08 | 0.10 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.43) | 3.08 | 1.72 | 2.66 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.32) | 3.16 | 1.82 | 2.82 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.08) | (0.10) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.94) | (1.91) | (1.36) | (0.76) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (1.99) | (1.46) | (0.93) | (1.06) |
|  Net asset value, end of year | $9.50 | $12.79 | $11.62 | $11.26 | $9.37 |
|  Total return | (18.20)% | 27.66% | 16.61% | 30.28% | (6.19)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748561 |
|  Ratio of expenses to average net assets (f) | 0.62% | 0.61% | 0.62% | 0.62% | 0.62% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.98% | 0.63% | 0.92% | 1.51% | 1.25% |
|  Portfolio turnover rate^ | 31% | 31% | 31% | 14% | 16% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1027

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**EQ/LARGE CAP GROWTH INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g10r41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (29.53)% | 10.16% | 13.27 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (29.53) | 10.17 | 13.27 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (29.38) | 10.43 | 13.54 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | (29.14) | 10.96 | 14.10 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (29.53)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Growth Index, which returned (29.14)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sectors that contributed the most to performance were Energy and Utilities.

• The stocks that contributed most to performance were Eli Lilly & Co., AbbVie, Inc., UnitedHealth Group, Inc., Lockheed
Martin Corp. and Amgen, Inc.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Consumer Discretionary, Communication Services,
Health Care and Real Estate.

• The stocks that detracted most from performance were Apple, Inc., Amazon.com, Inc., Microsoft Corp., Tesla, Inc. and Meta
Platforms, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 42.8% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 14.1 |
| &nbsp;&nbsp;&nbsp; Health Care | 13.3 |
| &nbsp;&nbsp;&nbsp; Industrials | 8.1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.1 |
| &nbsp;&nbsp;&nbsp; Financials | 3.2 |
| &nbsp;&nbsp;&nbsp; Energy | 1.7 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.6 |
| &nbsp;&nbsp;&nbsp; Materials | 1.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.2 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.7 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

1028

------

**EQ/LARGE CAP GROWTH INDEX PORTFOLIO (Unaudited)** 

in the first line under the heading entitled ''Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $981.90 | $3.61 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.57 | 3.68 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 982.30 | 3.61 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.57 | 3.68 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 982.80 | 2.36 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.83 | 2.40 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.72%, 0.72% and 0.47%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.72%, 0.72% and 0.47%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.72%, 0.72% and 0.47%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.72%, 0.72% and 0.47%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1029

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.7%)** | **Communication Services (6.7%)** | **Communication Services (6.7%)** |  |
|  ***Entertainment (0.8%)*** | ***Entertainment (0.8%)*** | ***Entertainment (0.8%)*** | **** |
|  Electronic Arts, Inc. | 1580 | $193045 |  |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 216 | 11541 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 2066 | 123505 |  |
|  Live Nation Entertainment, Inc.\* | 7080 | 493759 |  |
|  Madison Square Garden Sports Corp., Class A | 875 | 160414 |  |
|  Netflix, Inc.\* | 18169 | 5357675 |  |
|  Playtika Holding Corp.\* | 8685 | 73909 |  |
|  ROBLOX Corp., Class A (x)\* | 40470 | 1151776 |  |
|  Roku, Inc.\* | 3116 | 126821 |  |
|  Spotify Technology SA\* | 12870 | 1016087 |  |
|  Take-Two Interactive Software, Inc.\* | 12433 | 1294648 |  |
|  Walt Disney Co. (The)\* | 11235 | 976097 |  |
|  Warner Bros Discovery, Inc.\* | 159213 | 1509339 |  |
|  World Wrestling Entertainment, Inc., Class A | 3956 | 271065 |  |
|  |  | 12759681 |  |
|  ***Interactive Media & Services (5.5%)*** | ***Interactive Media & Services (5.5%)*** | ***Interactive Media & Services (5.5%)*** | **** |
|  Alphabet, Inc., Class A\* | 481621 | 42493421 |  |
|  Alphabet, Inc., Class C\* | 432514 | 38376967 |  |
|  Match Group, Inc.\* | 24543 | 1018289 |  |
|  Meta Platforms, Inc., Class A\* | 44947 | 5408922 |  |
|  Pinterest, Inc., Class A\* | 11296 | 274267 |  |
|  TripAdvisor, Inc.\* | 760 | 13665 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 25266 | 760759 |  |
|  |  | 88346290 |  |
|  ***Media (0.4%)*** | ***Media (0.4%)*** | ***Media (0.4%)*** | **** |
|  Cable One, Inc. | 329 | 234202 |  |
|  Charter Communications, Inc., Class A\* | 10182 | 3452716 |  |
|  Liberty Broadband Corp., Class A\* | 783 | 59391 |  |
|  Liberty Broadband Corp., Class C\* | 5278 | 402553 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 1918 | 75397 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 3955 | 154759 |  |
|  Nexstar Media Group, Inc., Class A | 312 | 54609 |  |
|  Trade Desk, Inc. (The), Class A\* | 40348 | 1808801 |  |
|  |  | 6242428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 107348399 |  |
|  **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** | **Consumer Discretionary (14.1%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 6239 | 581038 |  |
|  ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** | ***Automobiles (1.9%)*** | **** |
|  Lucid Group, Inc. (x)\* | 45888 | 313415 |  |
|  Tesla, Inc.\* | 238948 | 29433615 |  |
|  |  | 29747030 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 1034 | 179409 |  |
|  Pool Corp. | 3546 | 1072062 |  |
|  |  | 1251471 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Bright Horizons Family Solutions, Inc.\* | 1491 | 94082 |  |
|  H&R Block, Inc. | 12107 | 442026 |  |
|  Mister Car Wash, Inc. (x)\* | 5242 | 48384 |  |
|  |  | 584492 |  |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | **** |
|  Airbnb, Inc., Class A\* | 35929 | 3071930 |  |
|  Booking Holdings, Inc.\* | 3653 | 7361818 |  |
|  Caesars Entertainment, Inc.\* | 12938 | 538221 |  |
|  Chipotle Mexican Grill, Inc.\* | 2558 | 3549199 |  |
|  Choice Hotels International, Inc. | 3094 | 348508 |  |
|  Churchill Downs, Inc. | 3334 | 704908 |  |
|  Darden Restaurants, Inc. | 8216 | 1136519 |  |
|  Domino's Pizza, Inc. | 2414 | 836210 |  |
|  DraftKings, Inc., Class A (x)\* | 29776 | 339149 |  |
|  Expedia Group, Inc.\* | 13902 | 1217815 |  |
|  Hilton Worldwide Holdings, Inc. | 17961 | 2269552 |  |
|  Las Vegas Sands Corp.\* | 11343 | 545258 |  |
|  Marriott International, Inc., Class A | 25245 | 3758728 |  |
|  McDonald's Corp. | 16527 | 4355360 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 2845 | 34823 |  |
|  Planet Fitness, Inc., Class A\* | 5717 | 450500 |  |
|  Six Flags Entertainment Corp.\* | 3416 | 79422 |  |
|  Starbucks Corp. | 37990 | 3768608 |  |
|  Travel + Leisure Co. | 5436 | 197870 |  |
|  Vail Resorts, Inc. | 3498 | 833748 |  |
|  Wendy's Co. (The) | 15675 | 354725 |  |
|  Wyndham Hotels & Resorts, Inc. | 5663 | 403829 |  |
|  Wynn Resorts Ltd.\* | 1207 | 99541 |  |
|  Yum! Brands, Inc. | 3027 | 387698 |  |
|  |  | 36643939 |  |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | **** |
|  DR Horton, Inc. | 15357 | 1368923 |  |
|  NVR, Inc.\* | 199 | 917903 |  |
|  PulteGroup, Inc. | 8279 | 376943 |  |
|  Toll Brothers, Inc. | 5129 | 256040 |  |
|  TopBuild Corp.\* | 2506 | 392164 |  |
|  |  | 3311973 |  |
|  ***Internet & Direct Marketing Retail (4.5%)*** | ***Internet & Direct Marketing Retail (4.5%)*** | ***Internet & Direct Marketing Retail (4.5%)*** | **** |
|  Amazon.com, Inc.\* | 817985 | 68710740 |  |
|  DoorDash, Inc., Class A\* | 20333 | 992657 |  |
|  eBay, Inc. | 6570 | 272458 |  |
|  Etsy, Inc.\* | 11625 | 1392443 |  |
|  Wayfair, Inc., Class A (x)\* | 4551 | 149682 |  |
|  |  | 71517980 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Brunswick Corp. | 1185 | 85415 |  |
|  Mattel, Inc.\* | 15574 | 277840 |  |
|  Polaris, Inc. | 3848 | 388648 |  |
|  YETI Holdings, Inc.\* | 7928 | 327506 |  |
|  |  | 1079409 |  |
|  ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | **** |
|  Dollar General Corp. | 21040 | 5181100 |  |
|  Dollar Tree, Inc.\* | 6056 | 856561 |  |
|  Nordstrom, Inc. | 8792 | 141903 |  |

---

See Notes to Financial Statements.

1030

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 292 | $| 13677 |  |
|  Target Corp. | 23483 |  | 3499906 |  |
|  |  |  | 9693147 |  |
|  ***Specialty Retail (3.3%)*** | ***Specialty Retail (3.3%)*** | ***Specialty Retail (3.3%)*** | ***Specialty Retail (3.3%)*** | **** |
|  Advance Auto Parts, Inc. | 443 |  | 65134 |  |
|  AutoZone, Inc.\* | 1625 |  | 4007542 |  |
|  Best Buy Co., Inc. | 5784 |  | 463935 |  |
|  Burlington Stores, Inc.\* | 5671 |  | 1149852 |  |
|  CarMax, Inc.\* | 1710 |  | 104122 |  |
|  Carvana Co. (x)\* | 9588 |  | 45447 |  |
|  Five Below, Inc.\* | 5017 |  | 887357 |  |
|  Floor & Decor Holdings, Inc., Class A\* | 9488 |  | 660649 |  |
|  Home Depot, Inc. (The) | 55153 |  | 17420627 |  |
|  Leslie's, Inc.\* | 12958 |  | 158217 |  |
|  Lowe's Cos., Inc. | 50785 |  | 10118403 |  |
|  O'Reilly Automotive, Inc.\* | 2354 |  | 1986847 |  |
|  RH (x)\* | 680 |  | 181689 |  |
|  Ross Stores, Inc. | 13458 |  | 1562070 |  |
|  TJX Cos., Inc. (The) | 108043 |  | 8600223 |  |
|  Tractor Supply Co. | 10283 |  | 2313367 |  |
|  Ulta Beauty, Inc.\* | 4725 |  | 2216356 |  |
|  Victoria's Secret & Co.\* | 5435 |  | 194464 |  |
|  Williams-Sonoma, Inc. | 4966 |  | 570693 |  |
|  |  |  | 52706994 |  |
|  ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | **** |
|  Deckers Outdoor Corp.\* | 2137 |  | 853005 |  |
|  Lululemon Athletica, Inc.\* | 10270 |  | 3290302 |  |
|  NIKE, Inc., Class B | 112765 |  | 13194633 |  |
|  Skechers USA, Inc., Class A\* | 1857 |  | 77901 |  |
|  Tapestry, Inc. | 3126 |  | 119038 |  |
|  |  |  | 17534879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 224652352 |  |
|  **Consumer Staples (6.1%)** | **Consumer Staples (6.1%)** | **Consumer Staples (6.1%)** | **Consumer Staples (6.1%)** |  |
|  ***Beverages (2.6%)*** | ***Beverages (2.6%)*** | ***Beverages (2.6%)*** | ***Beverages (2.6%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 824 |  | 271524 |  |
|  Brown-Forman Corp., Class A | 2458 |  | 161638 |  |
|  Brown-Forman Corp., Class B | 9921 |  | 651611 |  |
|  Coca-Cola Co. (The) | 269501 |  | 17142959 |  |
|  Monster Beverage Corp.\* | 31626 |  | 3210988 |  |
|  PepsiCo, Inc. | 107507 |  | 19422215 |  |
|  |  |  | 40860935 |  |
|  ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | ***Food & Staples Retailing (1.5%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 7772 |  | 514196 |  |
|  Costco Wholesale Corp. | 40746 |  | 18600549 |  |
|  Grocery Outlet Holding Corp.\* | 600 |  | 17514 |  |
|  Performance Food Group Co.\* | 4319 |  | 252186 |  |
|  Sysco Corp. | 46715 |  | 3571362 |  |
|  |  |  | 22955807 |  |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | **** |
|  Darling Ingredients, Inc.\* | 1015 |  | 63529 |  |
|  Freshpet, Inc.\* | 2336 |  | 123271 |  |
|  Hershey Co. (The) | 11636 |  | 2694548 |  |
|  Kellogg Co. | 12717 |  | 905959 |  |
|  Lamb Weston Holdings, Inc. | 13250 |  | 1184020 |  |
|  Pilgrim's Pride Corp.\* | 2266 |  | 53772 |  |
|  |  |  | 5025099 |  |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Church & Dwight Co., Inc. | 10113 |  | 815209 |  |
|  Clorox Co. (The) | 9392 |  | 1317979 |  |
|  Colgate-Palmolive Co. | 46852 |  | 3691469 |  |
|  Kimberly-Clark Corp. | 18356 |  | 2491827 |  |
|  Procter & Gamble Co. (The) | 93700 |  | 14201172 |  |
|  |  |  | 22517656 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 21115 |  | 5238843 |  |
|  Olaplex Holdings, Inc.\* | 11424 |  | 59519 |  |
|  |  |  | 5298362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 96657859 |  |
|  **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Halliburton Co. | 37424 |  | 1472634 |  |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | **** |
|  Antero Resources Corp.\* | 17309 |  | 536406 |  |
|  Cheniere Energy, Inc. | 13160 |  | 1973474 |  |
|  Coterra Energy, Inc. | 11761 |  | 288968 |  |
|  Devon Energy Corp. | 29581 |  | 1819527 |  |
|  Diamondback Energy, Inc. | 9085 |  | 1242646 |  |
|  Enviva, Inc. | 2813 |  | 149005 |  |
|  EOG Resources, Inc. | 39339 |  | 5095187 |  |
|  Hess Corp. | 20273 |  | 2875117 |  |
|  New Fortress Energy, Inc. (x) | 4420 |  | 187496 |  |
|  Occidental Petroleum Corp. | 62176 |  | 3916466 |  |
|  ONEOK, Inc. | 4619 |  | 303468 |  |
|  Ovintiv, Inc. | 16726 |  | 848176 |  |
|  PDC Energy, Inc. | 4661 |  | 295880 |  |
|  Pioneer Natural Resources Co. | 12025 |  | 2746390 |  |
|  Range Resources Corp. | 15543 |  | 388886 |  |
|  Southwestern Energy Co.\* | 7263 |  | 42489 |  |
|  Targa Resources Corp. | 20772 |  | 1526742 |  |
|  Texas Pacific Land Corp. | 526 |  | 1233065 |  |
|  |  |  | 25469388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 26942022 |  |
|  **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** | **Financials (3.2%)** |  |
|  ***Banks (0.1%)*** | ***Banks (0.1%)*** | ***Banks (0.1%)*** | ***Banks (0.1%)*** | **** |
|  First Citizens BancShares, Inc., Class A | 277 |  | 210065 |  |
|  Signature Bank | 290 |  | 33414 |  |
|  SVB Financial Group\* | 3443 |  | 792372 |  |
|  Western Alliance Bancorp | 5948 |  | 354263 |  |
|  |  |  | 1390114 |  |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | **** |
|  Ameriprise Financial, Inc. | 6338 |  | 1973463 |  |
|  Ares Management Corp. | 13944 |  | 954327 |  |
|  Blackstone, Inc., Class A | 64405 |  | 4778207 |  |
|  Blue Owl Capital, Inc. (x) | 38212 |  | 405047 |  |
|  Charles Schwab Corp. (The) | 77633 |  | 6463724 |  |
|  FactSet Research Systems, Inc. | 3489 |  | 1399822 |  |
|  LPL Financial Holdings, Inc. | 7318 |  | 1581932 |  |
|  MarketAxess Holdings, Inc. | 3414 |  | 952130 |  |
|  Moody's Corp. | 13866 |  | 3863345 |  |
|  Morningstar, Inc. | 2071 |  | 448558 |  |
|  MSCI, Inc. | 5458 |  | 2538898 |  |

---

See Notes to Financial Statements.

1031

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Raymond James Financial, Inc. | 1436 | $| 153437 |  |
|  Tradeweb Markets, Inc., Class A | 6256 |  | 406202 |  |
|  |  |  | 25919092 |  |
|  ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | **** |
|  American Express Co. | 3490 |  | 515648 |  |
|  Credit Acceptance Corp. (x)\* | 61 |  | 28938 |  |
|  Upstart Holdings, Inc. (x)\* | 1238 |  | 16366 |  |
|  |  |  | 560952 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Apollo Global Management, Inc. | 32175 |  | 2052443 |  |
|  ***Insurance (1.4%)*** | ***Insurance (1.4%)*** | ***Insurance (1.4%)*** | ***Insurance (1.4%)*** | **** |
|  Aon plc, Class A | 18234 |  | 5472753 |  |
|  Arch Capital Group Ltd.\* | 10583 |  | 664401 |  |
|  Arthur J Gallagher & Co. | 2181 |  | 411206 |  |
|  Assurant, Inc. | 298 |  | 37268 |  |
|  Brown & Brown, Inc. | 1652 |  | 94114 |  |
|  Erie Indemnity Co., Class A | 1705 |  | 424068 |  |
|  Everest Re Group Ltd. | 1105 |  | 366053 |  |
|  Lincoln National Corp. | 3228 |  | 99164 |  |
|  Markel Corp.\* | 281 |  | 370215 |  |
|  Marsh & McLennan Cos., Inc. | 41189 |  | 6815956 |  |
|  Progressive Corp. (The) | 46740 |  | 6062645 |  |
|  RenaissanceRe Holdings Ltd. | 2165 |  | 398858 |  |
|  Ryan Specialty Holdings, Inc., Class A\* | 7560 |  | 313815 |  |
|  |  |  | 21530516 |  |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  Rocket Cos., Inc., Class A (x) | 5829 |  | 40803 |  |
|  UWM Holdings Corp. (x) | 7738 |  | 25613 |  |
|  |  |  | 66416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 51519533 |  |
|  **Health Care (13.3%)** | **Health Care (13.3%)** | **Health Care (13.3%)** | **Health Care (13.3%)** |  |
|  ***Biotechnology (3.5%)*** | ***Biotechnology (3.5%)*** | ***Biotechnology (3.5%)*** | ***Biotechnology (3.5%)*** | **** |
|  AbbVie, Inc. | 162649 |  | 26285705 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 11098 |  | 2637440 |  |
|  Amgen, Inc. | 41279 |  | 10841516 |  |
|  Exact Sciences Corp.\* | 2909 |  | 144025 |  |
|  Exelixis, Inc.\* | 25153 |  | 403454 |  |
|  Horizon Therapeutics plc\* | 19200 |  | 2184960 |  |
|  Incyte Corp.\* | 14512 |  | 1165604 |  |
|  Ionis Pharmaceuticals, Inc.\* | 11931 |  | 450634 |  |
|  Moderna, Inc.\* | 1865 |  | 334991 |  |
|  Natera, Inc.\* | 8242 |  | 331081 |  |
|  Neurocrine Biosciences, Inc.\* | 8712 |  | 1040561 |  |
|  Novavax, Inc. (x)\* | 7174 |  | 73749 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 1393 |  | 1005036 |  |
|  Sarepta Therapeutics, Inc.\* | 7735 |  | 1002301 |  |
|  Seagen, Inc.\* | 12499 |  | 1606246 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 4781 |  | 221504 |  |
|  Vertex Pharmaceuticals, Inc.\* | 22214 |  | 6414959 |  |
|  |  |  | 56143766 |  |
|  ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | ***Health Care Equipment & Supplies (2.2%)*** | **** |
|  Abbott Laboratories | 20831 |  | 2287036 |  |
|  Align Technology, Inc.\* | 5410 |  | 1140969 |  |
|  Baxter International, Inc. | 7221 |  | 368054 |  |
|  Dexcom, Inc.\* | 36013 |  | 4078112 |  |
|  Edwards Lifesciences Corp.\* | 56832 |  | 4240236 |  |
|  Globus Medical, Inc., Class A\* | 470 |  | 34907 |  |
|  ICU Medical, Inc.\* | 345 |  | 54331 |  |
|  IDEXX Laboratories, Inc.\* | 7666 |  | 3127421 |  |
|  Insulet Corp.\* | 6329 |  | 1863194 |  |
|  Intuitive Surgical, Inc.\* | 30329 |  | 8047800 |  |
|  Masimo Corp.\* | 3336 |  | 493561 |  |
|  Novocure Ltd.\* | 9497 |  | 696605 |  |
|  Penumbra, Inc.\* | 3278 |  | 729224 |  |
|  ResMed, Inc. | 13285 |  | 2765007 |  |
|  Stryker Corp. | 17298 |  | 4229188 |  |
|  Tandem Diabetes Care, Inc.\* | 5484 |  | 246506 |  |
|  |  |  | 34402151 |  |
|  ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | ***Health Care Providers & Services (3.6%)*** | **** |
|  agilon health, Inc.\* | 16231 |  | 261968 |  |
|  AmerisourceBergen Corp. | 14269 |  | 2364516 |  |
|  Chemed Corp. | 478 |  | 243986 |  |
|  Cigna Corp. | 4380 |  | 1451269 |  |
|  DaVita, Inc.\* | 5181 |  | 386865 |  |
|  Elevance Health, Inc. | 6744 |  | 3459470 |  |
|  Guardant Health, Inc.\* | 8958 |  | 243658 |  |
|  HCA Healthcare, Inc. | 1229 |  | 294911 |  |
|  Humana, Inc. | 8212 |  | 4206104 |  |
|  McKesson Corp. | 2616 |  | 981314 |  |
|  Molina Healthcare, Inc.\* | 4086 |  | 1349279 |  |
|  Signify Health, Inc., Class A\* | 359 |  | 10289 |  |
|  UnitedHealth Group, Inc. | 78335 |  | 41531650 |  |
|  |  |  | 56785279 |  |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | **** |
|  Certara, Inc.\* | 6901 |  | 110899 |  |
|  Definitive Healthcare Corp.\* | 1535 |  | 16870 |  |
|  Doximity, Inc., Class A (x)\* | 4659 |  | 156356 |  |
|  Teladoc Health, Inc.\* | 1417 |  | 33512 |  |
|  Veeva Systems, Inc., Class A\* | 12812 |  | 2067600 |  |
|  |  |  | 2385237 |  |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | **** |
|  10X Genomics, Inc., Class A\* | 7579 |  | 276179 |  |
|  Agilent Technologies, Inc. | 24762 |  | 3705633 |  |
|  Avantor, Inc.\* | 52083 |  | 1098430 |  |
|  Bio-Techne Corp. | 14302 |  | 1185350 |  |
|  Bruker Corp. | 10001 |  | 683568 |  |
|  Charles River Laboratories International, Inc.\* | 4325 |  | 942418 |  |
|  Danaher Corp. | 4051 |  | 1075216 |  |
|  IQVIA Holdings, Inc.\* | 17059 |  | 3495219 |  |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 10093 |  | 144431 |  |
|  Mettler-Toledo International, Inc.\* | 2057 |  | 2973291 |  |
|  Repligen Corp.\* | 3620 |  | 612902 |  |
|  Sotera Health Co.\* | 9084 |  | 75670 |  |
|  Syneos Health, Inc.\* | 1648 |  | 60449 |  |
|  Thermo Fisher Scientific, Inc. | 4393 |  | 2419181 |  |
|  Waters Corp.\* | 5506 |  | 1886245 |  |
|  West Pharmaceutical Services, Inc. | 6808 |  | 1602263 |  |
|  |  |  | 22236445 |  |
|  ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | **** |
|  Catalent, Inc.\* | 5006 |  | 225320 |  |
|  Eli Lilly and Co. | 63122 |  | 23092552 |  |

---

See Notes to Financial Statements.

1032

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Merck & Co., Inc. | 97547 | $| 10822840 |  |
|  Zoetis, Inc. | 43329 |  | 6349865 |  |
|  |  |  | 40490577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 212443455 |  |
|  **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** |  |
|  ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | ***Aerospace & Defense (1.2%)*** | **** |
|  Axon Enterprise, Inc.\* | 4806 |  | 797460 |  |
|  Boeing Co. (The)\* | 15683 |  | 2987455 |  |
|  BWX Technologies, Inc. | 3273 |  | 190096 |  |
|  HEICO Corp. | 3872 |  | 594894 |  |
|  HEICO Corp., Class A | 6800 |  | 814980 |  |
|  Howmet Aerospace, Inc. | 3377 |  | 133088 |  |
|  Huntington Ingalls Industries, Inc. | 796 |  | 183621 |  |
|  Lockheed Martin Corp. | 21843 |  | 10626401 |  |
|  Northrop Grumman Corp. | 1576 |  | 859881 |  |
|  Spirit AeroSystems Holdings, Inc., Class A | 9103 |  | 269449 |  |
|  TransDigm Group, Inc. | 1827 |  | 1150370 |  |
|  |  |  | 18607695 |  |
|  ***Air Freight & Logistics (0.7%)*** | ***Air Freight & Logistics (0.7%)*** | ***Air Freight & Logistics (0.7%)*** | ***Air Freight & Logistics (0.7%)*** | **** |
|  CH Robinson Worldwide, Inc. | 3020 |  | 276511 |  |
|  Expeditors International of Washington, Inc. | 4633 |  | 481461 |  |
|  GXO Logistics, Inc.\* | 1058 |  | 45166 |  |
|  United Parcel Service, Inc., Class B | 60345 |  | 10490375 |  |
|  |  |  | 11293513 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Delta Air Lines, Inc.\* | 58854 |  | 1933942 |  |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | **** |
|  A O Smith Corp. | 2807 |  | 160673 |  |
|  Advanced Drainage Systems, Inc. | 5889 |  | 482721 |  |
|  Allegion plc | 6380 |  | 671559 |  |
|  Armstrong World Industries, Inc. | 2445 |  | 167702 |  |
|  Carlisle Cos., Inc. | 3985 |  | 939065 |  |
|  Fortune Brands Innovations, Inc. | 4094 |  | 233808 |  |
|  Masco Corp. | 1077 |  | 50264 |  |
|  Masterbrand, Inc.\* | 4094 |  | 30910 |  |
|  Trane Technologies plc | 12465 |  | 2095242 |  |
|  Trex Co., Inc.\* | 10126 |  | 428634 |  |
|  |  |  | 5260578 |  |
|  ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | ***Commercial Services & Supplies (0.8%)*** | **** |
|  Cintas Corp. | 7427 |  | 3354182 |  |
|  Copart, Inc.\* | 39191 |  | 2386340 |  |
|  Driven Brands Holdings, Inc.\* | 294 |  | 8029 |  |
|  IAA, Inc.\* | 10199 |  | 407960 |  |
|  MSA Safety, Inc. | 1310 |  | 188889 |  |
|  Republic Services, Inc. | 1214 |  | 156594 |  |
|  Rollins, Inc. | 19722 |  | 720642 |  |
|  Tetra Tech, Inc. | 2013 |  | 292267 |  |
|  Waste Management, Inc. | 35777 |  | 5612696 |  |
|  |  |  | 13127599 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  AECOM | 738 |  | 62678 |  |
|  Quanta Services, Inc. | 7143 |  | 1017877 |  |
|  Valmont Industries, Inc. | 268 |  | 88620 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 10175 |  | 459605 |  |
|  |  |  | 1628780 |  |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | **** |
|  ChargePoint Holdings, Inc. (x)\* | 22995 |  | 219142 |  |
|  Emerson Electric Co. | 17331 |  | 1664816 |  |
|  Generac Holdings, Inc.\* | 5727 |  | 576480 |  |
|  Plug Power, Inc. (x)\* | 23729 |  | 293528 |  |
|  Rockwell Automation, Inc. | 7217 |  | 1858882 |  |
|  Vertiv Holdings Co. | 4409 |  | 60227 |  |
|  |  |  | 4673075 |  |
|  ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | ***Industrial Conglomerates (0.3%)*** | **** |
|  General Electric Co. | 5644 |  | 472911 |  |
|  Honeywell International, Inc. | 18234 |  | 3907546 |  |
|  |  |  | 4380457 |  |
|  ***Machinery (2.0%)*** | ***Machinery (2.0%)*** | ***Machinery (2.0%)*** | ***Machinery (2.0%)*** | **** |
|  AGCO Corp. | 753 |  | 104434 |  |
|  Allison Transmission Holdings, Inc. | 7028 |  | 292365 |  |
|  Caterpillar, Inc. | 42313 |  | 10136502 |  |
|  Deere & Co. | 25797 |  | 11060722 |  |
|  Donaldson Co., Inc. | 1905 |  | 112147 |  |
|  Graco, Inc. | 10584 |  | 711880 |  |
|  IDEX Corp. | 1243 |  | 283814 |  |
|  Illinois Tool Works, Inc. | 25631 |  | 5646509 |  |
|  Lincoln Electric Holdings, Inc. | 5150 |  | 744124 |  |
|  Middleby Corp. (The)\* | 339 |  | 45392 |  |
|  Nordson Corp. | 1246 |  | 296199 |  |
|  Otis Worldwide Corp. | 4747 |  | 371738 |  |
|  Parker-Hannifin Corp. | 2671 |  | 777261 |  |
|  Toro Co. (The) | 9592 |  | 1085814 |  |
|  Xylem, Inc. | 2306 |  | 254974 |  |
|  |  |  | 31923875 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  Booz Allen Hamilton Holding Corp. | 12068 |  | 1261347 |  |
|  CoStar Group, Inc.\* | 5167 |  | 399306 |  |
|  Equifax, Inc. | 5587 |  | 1085889 |  |
|  FTI Consulting, Inc.\* | 1301 |  | 206599 |  |
|  KBR, Inc. | 8257 |  | 435970 |  |
|  Robert Half International, Inc. | 8728 |  | 644388 |  |
|  TransUnion | 12968 |  | 735934 |  |
|  Verisk Analytics, Inc. | 14282 |  | 2519631 |  |
|  |  |  | 7289064 |  |
|  ***Road & Rail (1.4%)*** | ***Road & Rail (1.4%)*** | ***Road & Rail (1.4%)*** | ***Road & Rail (1.4%)*** | **** |
|  CSX Corp. | 49605 |  | 1536763 |  |
|  JB Hunt Transport Services, Inc. | 6832 |  | 1191228 |  |
|  Landstar System, Inc. | 2962 |  | 482510 |  |
|  Lyft, Inc., Class A\* | 22818 |  | 251454 |  |
|  Old Dominion Freight Line, Inc. | 9230 |  | 2619289 |  |
|  RXO, Inc.\* | 715 |  | 12298 |  |
|  Uber Technologies, Inc.\* | 150568 |  | 3723547 |  |
|  Union Pacific Corp. | 57775 |  | 11963469 |  |
|  XPO, Inc.\* | 715 |  | 23802 |  |
|  |  |  | 21804360 |  |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | **** |
|  Core & Main, Inc., Class A\* | 2240 |  | 43254 |  |
|  Fastenal Co. | 52928 |  | 2504553 |  |
|  SiteOne Landscape Supply, Inc.\* | 2486 |  | 291658 |  |
|  United Rentals, Inc.\* | 2947 |  | 1047423 |  |
|  Watsco, Inc. | 1602 |  | 399539 |  |

---

See Notes to Financial Statements.

1033

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  WESCO International, Inc.\* | 2166 | $| 271183 |  |
|  WW Grainger, Inc. | 4190 |  | 2330687 |  |
|  |  |  | 6888297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 128811235 |  |
|  **Information Technology (42.8%)** | **Information Technology (42.8%)** | **Information Technology (42.8%)** | **Information Technology (42.8%)** |  |
|  ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | ***Communications Equipment (0.2%)*** | **** |
|  Arista Networks, Inc.\* | 22625 |  | 2745544 |  |
|  Ubiquiti, Inc. (x) | 159 |  | 43491 |  |
|  |  |  | 2789035 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 40605 |  | 3091665 |  |
|  Arrow Electronics, Inc.\* | 294 |  | 30744 |  |
|  CDW Corp. | 12431 |  | 2219928 |  |
|  Cognex Corp. | 14870 |  | 700526 |  |
|  Coherent Corp.\* | 1853 |  | 65040 |  |
|  Corning, Inc. | 4096 |  | 130826 |  |
|  Jabil, Inc. | 10072 |  | 686910 |  |
|  Keysight Technologies, Inc.\* | 15260 |  | 2610528 |  |
|  National Instruments Corp. | 1563 |  | 57675 |  |
|  Vontier Corp. | 9040 |  | 174743 |  |
|  Zebra Technologies Corp., Class A\* | 1945 |  | 498717 |  |
|  |  |  | 10267302 |  |
|  ***IT Services (7.2%)*** | ***IT Services (7.2%)*** | ***IT Services (7.2%)*** | ***IT Services (7.2%)*** | **** |
|  Accenture plc, Class A | 58313 |  | 15560241 |  |
|  Automatic Data Processing, Inc. | 35275 |  | 8425786 |  |
|  Broadridge Financial Solutions, Inc. | 9740 |  | 1306426 |  |
|  Cloudflare, Inc., Class A\* | 25688 |  | 1161354 |  |
|  EPAM Systems, Inc.\* | 5046 |  | 1653776 |  |
|  Euronet Worldwide, Inc.\* | 3264 |  | 308056 |  |
|  Fiserv, Inc.\* | 4930 |  | 498275 |  |
|  FleetCor Technologies, Inc.\* | 6714 |  | 1233228 |  |
|  Gartner, Inc.\* | 7057 |  | 2372140 |  |
|  Genpact Ltd. | 8762 |  | 405856 |  |
|  Globant SA\* | 3742 |  | 629255 |  |
|  GoDaddy, Inc., Class A\* | 1985 |  | 148518 |  |
|  International Business Machines Corp. | 55324 |  | 7794598 |  |
|  Jack Henry & Associates, Inc. | 6672 |  | 1171336 |  |
|  Mastercard, Inc., Class A | 79223 |  | 27548214 |  |
|  MongoDB, Inc.\* | 5995 |  | 1180056 |  |
|  Okta, Inc.\* | 1865 |  | 127435 |  |
|  Paychex, Inc. | 29661 |  | 3427625 |  |
|  PayPal Holdings, Inc.\* | 32815 |  | 2337084 |  |
|  Shift4 Payments, Inc., Class A\* | 4639 |  | 259459 |  |
|  Snowflake, Inc., Class A\* | 26400 |  | 3789456 |  |
|  Thoughtworks Holding, Inc. (x)\* | 7825 |  | 79737 |  |
|  Toast, Inc., Class A\* | 22827 |  | 411571 |  |
|  Twilio, Inc., Class A (x)\* | 5961 |  | 291851 |  |
|  VeriSign, Inc.\* | 924 |  | 189827 |  |
|  Visa, Inc., Class A | 151510 |  | 31477718 |  |
|  Western Union Co. (The) | 11884 |  | 163643 |  |
|  WEX, Inc.\* | 2935 |  | 480313 |  |
|  Wix.com Ltd.\* | 3840 |  | 295027 |  |
|  |  |  | 114727861 |  |
|  ***Semiconductors & Semiconductor Equipment (7.2%)*** | ***Semiconductors & Semiconductor Equipment (7.2%)*** | ***Semiconductors & Semiconductor Equipment (7.2%)*** | ***Semiconductors & Semiconductor Equipment (7.2%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 117132 |  | 7586640 |  |
|  Allegro MicroSystems, Inc.\* | 6114 |  | 183542 |  |
|  Analog Devices, Inc. | 9656 |  | 1583874 |  |
|  Applied Materials, Inc. | 79909 |  | 7781538 |  |
|  Broadcom, Inc. | 36348 |  | 20323257 |  |
|  Enphase Energy, Inc.\* | 12034 |  | 3188529 |  |
|  Entegris, Inc. | 13643 |  | 894844 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 1410 |  | 75985 |  |
|  KLA Corp. | 13047 |  | 4919110 |  |
|  Lam Research Corp. | 12590 |  | 5291577 |  |
|  Lattice Semiconductor Corp.\* | 12474 |  | 809313 |  |
|  Microchip Technology, Inc. | 42254 |  | 2968343 |  |
|  Micron Technology, Inc. | 19162 |  | 957717 |  |
|  Monolithic Power Systems, Inc. | 4172 |  | 1475261 |  |
|  NVIDIA Corp. | 221631 |  | 32389154 |  |
|  ON Semiconductor Corp.\* | 24892 |  | 1552514 |  |
|  QUALCOMM, Inc. | 103120 |  | 11337013 |  |
|  Teradyne, Inc. | 13059 |  | 1140704 |  |
|  Texas Instruments, Inc. | 58125 |  | 9603413 |  |
|  Universal Display Corp. | 3993 |  | 431404 |  |
|  |  |  | 114493732 |  |
|  ***Software (16.1%)*** | ***Software (16.1%)*** | ***Software (16.1%)*** | ***Software (16.1%)*** | **** |
|  Adobe, Inc.\* | 43429 |  | 14615161 |  |
|  Alteryx, Inc., Class A\* | 5451 |  | 276202 |  |
|  ANSYS, Inc.\* | 4214 |  | 1018060 |  |
|  AppLovin Corp., Class A (x)\* | 20116 |  | 211821 |  |
|  Aspen Technology, Inc.\* | 2478 |  | 508981 |  |
|  Atlassian Corp., Class A\* | 12581 |  | 1618923 |  |
|  Autodesk, Inc.\* | 20017 |  | 3740577 |  |
|  Bentley Systems, Inc., Class B | 15498 |  | 572806 |  |
|  Black Knight, Inc.\* | 1321 |  | 81572 |  |
|  Cadence Design Systems, Inc.\* | 25086 |  | 4029815 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 6031 |  | 52470 |  |
|  Ceridian HCM Holding, Inc.\* | 2390 |  | 153319 |  |
|  Confluent, Inc., Class A\* | 11417 |  | 253914 |  |
|  Coupa Software, Inc.\* | 3845 |  | 304409 |  |
|  Crowdstrike Holdings, Inc., Class A\* | 19332 |  | 2035466 |  |
|  Datadog, Inc., Class A\* | 24410 |  | 1794135 |  |
|  DocuSign, Inc.\* | 18161 |  | 1006483 |  |
|  DoubleVerify Holdings, Inc.\* | 5864 |  | 128773 |  |
|  Dropbox, Inc., Class A\* | 23456 |  | 524945 |  |
|  Dynatrace, Inc.\* | 18283 |  | 700239 |  |
|  Elastic NV\* | 7113 |  | 366320 |  |
|  Fair Isaac Corp.\* | 2257 |  | 1350995 |  |
|  Five9, Inc.\* | 6349 |  | 430843 |  |
|  Fortinet, Inc.\* | 59335 |  | 2900888 |  |
|  Gen Digital, Inc. | 18801 |  | 402905 |  |
|  HubSpot, Inc.\* | 4186 |  | 1210298 |  |
|  Informatica, Inc., Class A (x)\* | 574 |  | 9350 |  |
|  Intuit, Inc. | 25361 |  | 9871008 |  |
|  Jamf Holding Corp.\* | 5143 |  | 109546 |  |
|  Manhattan Associates, Inc.\* | 3559 |  | 432063 |  |
|  Microsoft Corp.# | 688616 |  | 165143889 |  |
|  nCino, Inc.\* | 1267 |  | 33499 |  |
|  NCR Corp.\* | 608 |  | 14233 |  |
|  New Relic, Inc.\* | 4824 |  | 272315 |  |
|  Nutanix, Inc., Class A\* | 10254 |  | 267117 |  |
|  Oracle Corp. | 95639 |  | 7817532 |  |
|  Palantir Technologies, Inc., Class A\* | 166297 |  | 1067627 |  |
|  Palo Alto Networks, Inc.\* | 27044 |  | 3773720 |  |
|  Paycom Software, Inc.\* | 4707 |  | 1460629 |  |
|  Paylocity Holding Corp.\* | 3649 |  | 708855 |  |

---

See Notes to Financial Statements.

1034

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Pegasystems, Inc. | 3800 | $| 130112 |  |
|  Procore Technologies, Inc.\* | 4623 |  | 218113 |  |
|  PTC, Inc.\* | 9682 |  | 1162227 |  |
|  RingCentral, Inc., Class A\* | 7832 |  | 277253 |  |
|  Salesforce, Inc.\* | 18954 |  | 2513111 |  |
|  SentinelOne, Inc., Class A\* | 11947 |  | 174307 |  |
|  ServiceNow, Inc.\* | 18426 |  | 7154263 |  |
|  Smartsheet, Inc., Class A\* | 11530 |  | 453821 |  |
|  Splunk, Inc.\* | 14797 |  | 1273874 |  |
|  Synopsys, Inc.\* | 14020 |  | 4476446 |  |
|  Teradata Corp.\* | 5098 |  | 171599 |  |
|  Tyler Technologies, Inc.\* | 3303 |  | 1064920 |  |
|  UiPath, Inc., Class A\* | 3155 |  | 40100 |  |
|  Unity Software, Inc. (x)\* | 15351 |  | 438885 |  |
|  VMware, Inc., Class A\* | 9354 |  | 1148297 |  |
|  Workday, Inc., Class A\* | 18153 |  | 3037542 |  |
|  Zoom Video Communications, Inc., Class A\* | 11702 |  | 792693 |  |
|  Zscaler, Inc.\* | 7652 |  | 856259 |  |
|  |  |  | 256655525 |  |
|  ***Technology Hardware, Storage & Peripherals (11.5%)*** | ***Technology Hardware, Storage & Peripherals (11.5%)*** | ***Technology Hardware, Storage & Peripherals (11.5%)*** | ***Technology Hardware, Storage & Peripherals (11.5%)*** | **** |
|  Apple, Inc. | 1389537 |  | 180542543 |  |
|  Dell Technologies, Inc., Class C | 3643 |  | 146522 |  |
|  HP, Inc. | 43667 |  | 1173332 |  |
|  NetApp, Inc. | 20196 |  | 1212972 |  |
|  Pure Storage, Inc., Class A\* | 25862 |  | 692067 |  |
|  |  |  | 183767436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 682700891 |  |
|  **Materials (1.4%)** | **Materials (1.4%)** | **Materials (1.4%)** | **Materials (1.4%)** |  |
|  ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | ***Chemicals (1.1%)*** | **** |
|  Albemarle Corp. | 5542 |  | 1201838 |  |
|  Axalta Coating Systems Ltd.\* | 4932 |  | 125618 |  |
|  CF Industries Holdings, Inc. | 18282 |  | 1557626 |  |
|  Chemours Co. (The) | 8556 |  | 261985 |  |
|  Ecolab, Inc. | 20148 |  | 2932743 |  |
|  FMC Corp. | 3960 |  | 494208 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 15252 |  | 25776 |  |
|  Linde plc | 9709 |  | 3166881 |  |
|  Mosaic Co. (The) | 3900 |  | 171093 |  |
|  PPG Industries, Inc. | 11505 |  | 1446639 |  |
|  RPM International, Inc. | 598 |  | 58275 |  |
|  Scotts Miracle-Gro Co. (The) | 1269 |  | 61661 |  |
|  Sherwin-Williams Co. (The) | 22005 |  | 5222447 |  |
|  Valvoline, Inc. | 16253 |  | 530660 |  |
|  |  |  | 17257450 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Eagle Materials, Inc. | 2852 |  | 378888 |  |
|  Martin Marietta Materials, Inc. | 503 |  | 169999 |  |
|  Vulcan Materials Co. | 5940 |  | 1040153 |  |
|  |  |  | 1589040 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  Ardagh Metal Packaging SA (x) | 4482 |  | 21559 |  |
|  Avery Dennison Corp. | 4585 |  | 829885 |  |
|  Ball Corp. | 11284 |  | 577064 |  |
|  Berry Global Group, Inc. | 5559 |  | 335930 |  |
|  Crown Holdings, Inc. | 9416 |  | 774089 |  |
|  Graphic Packaging Holding Co. | 21674 |  | 482247 |  |
|  Sealed Air Corp. | 13398 |  | 668292 |  |
|  |  |  | 3689066 |  |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | **** |
|  MP Materials Corp.\* | 8340 |  | 202495 |  |
|  Royal Gold, Inc. | 392 |  | 44186 |  |
|  Southern Copper Corp. | 5166 |  | 311975 |  |
|  |  |  | 558656 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 653 |  | 38658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 23132870 |  |
|  **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** | **Real Estate (1.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.5%)*** | **** |
|  American Tower Corp. (REIT) | 32750 |  | 6938415 |  |
|  Apartment Income REIT Corp. (REIT) | 1146 |  | 39319 |  |
|  Camden Property Trust (REIT) | 800 |  | 89504 |  |
|  Crown Castle, Inc. (REIT) | 39704 |  | 5385450 |  |
|  Equinix, Inc. (REIT) | 6303 |  | 4128654 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 10008 |  | 646517 |  |
|  Extra Space Storage, Inc. (REIT) | 1450 |  | 213411 |  |
|  Iron Mountain, Inc. (REIT) | 19876 |  | 990819 |  |
|  Lamar Advertising Co. (REIT), Class A | 6994 |  | 660234 |  |
|  Public Storage (REIT) | 11416 |  | 3198649 |  |
|  SBA Communications Corp. (REIT) | 2236 |  | 626773 |  |
|  Simon Property Group, Inc. (REIT) | 14547 |  | 1708982 |  |
|  |  |  | 24626727 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 14377 |  | 1106454 |  |
|  Opendoor Technologies, Inc. (x)\* | 11638 |  | 13500 |  |
|  Zillow Group, Inc., Class A\* | 320 |  | 9987 |  |
|  Zillow Group, Inc., Class C\* | 899 |  | 28957 |  |
|  |  |  | 1158898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 25785625 |  |
|  **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  National Fuel Gas Co. | 652 |  | 41272 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 11040 |  | 317510 |  |
|  Vistra Corp. | 21801 |  | 505783 |  |
|  |  |  | 823293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 864565 |  |
|  **Total Common Stocks (99.1%)**<br> *(Cost $568,220,280)* |  |  | 1580858806 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  **Repurchase Agreements (0.2%)** | **Repurchase Agreements (0.2%)** |  |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $347,944, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $354,737. (xx) | $347782 |  | 347782 |  |

---

See Notes to Financial Statements.

1035

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,701,471, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,851,008. (xx) | $| 1700000 | $1700000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $1,000,490, collateralized by various Common Stocks; total market value $1,112,847. (xx) |  | 1000000 | 1000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $100,049, collateralized by various Common Stocks; total market value $111,285. (xx) |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 3147782 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $3,147,782)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $3,147,782)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $3,147,782)* | 3147782 |
|  **Total Investments in Securities (99.3%)**<br> *(Cost $571,368,062)* | **Total Investments in Securities (99.3%)**<br> *(Cost $571,368,062)* | **Total Investments in Securities (99.3%)**<br> *(Cost $571,368,062)* | 1584006588 |
|  **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | **Other Assets Less Liabilities (0.7%)** | 10905935 |
|  **Net Assets (100%)** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594912523 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $8,633,520.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $3,375,433. This was collateralized by $241,226 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $3,147,782 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 70 | 3/2023 | USD | 13513500 | (498391) |
|  |  |  |  |  | (498391) |

---

See Notes to Financial Statements.

1036

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $107348399 | $— | $— | $107348399 |
|  Consumer Discretionary | 224652352 |  |  | 224652352 |
|  Consumer Staples | 96657859 |  |  | 96657859 |
|  Energy | 26942022 |  |  | 26942022 |
|  Financials | 51519533 |  |  | 51519533 |
|  Health Care | 212443455 |  |  | 212443455 |
|  Industrials | 128811235 |  |  | 128811235 |
|  Information Technology | 682700891 |  |  | 682700891 |
|  Materials | 23132870 |  |  | 23132870 |
|  Real Estate | 25785625 |  |  | 25785625 |
|  Utilities | 864565 |  |  | 864565 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 3147782 |  | 3147782 |
|  **Total Assets** | $**1580858806** | $**3147782** | $**—** | $**1584006588** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(498391) | $— | $— | $(498391) |
|  **Total Liabilities** | $**(498391)** | $**—** | $**—** | $**(498391)** |
|  **Total** | $**1580360415** | $**3147782** | $**—** | $**1583508197** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(498391) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498391 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(2902401) | $(2902401) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2902401) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2902401) |

---

See Notes to Financial Statements.

1037

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(743101) | $(743101) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743101) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743101) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $11,332,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $230193521 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330796120 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1065545596 |
|  Aggregate gross unrealized depreciation | (52503400) |
|  Net unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013042196 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $570466001 |

---

See Notes to Financial Statements.

1038

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $568,220,280) | $1580858806.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $3,147,782) | 3147782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 14363442.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 831552.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 557036.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3977.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 78187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1599840782.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3147782.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 705388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 490847.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 320036.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 133285.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 48481.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 20278.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1246.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 60916.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4928259.0 |
|  **NET ASSETS** | $1594912523.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $572495512.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1022417011.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1594912523.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $92,105,904 / 5,628,067 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.37 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,456,692,708 / 92,919,684 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.68 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $46,113,911 / 2,813,286 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.39 |

---

*(x)* *Includes value of securities on loan of $3,375,433.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $29,326 foreign withholding tax) | $17596952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 136312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 94047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17827311 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6426124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 4195253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1706186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 271294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 85100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 73670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 61532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 179134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13094674 |
|  **NET INVESTMENT INCOME (LOSS)** | 4732637 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 122755464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2902401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119853063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (815782666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (743101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (816525767) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (696672704) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(691940067) |

---

See Notes to Financial Statements.

1039

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4732637 | $1319122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 119853063 | 208612016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (816525767) | 313622119 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (691940067) | 523553257 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (7559783) | (11330939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (124021796) | (176981885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3957543) | (5633276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (135539122) | (193946100) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 521,571 and 837,027 shares, respectively ] | 10496132 | 20074666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 432,667 and 453,420 shares, respectively ] | 7559783 | 11330939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1057368) and (1247790) shares, respectively ] | (21392004) | (28854977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (3336089) | 2550628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,583,131 and 6,794,202 shares, respectively ] | 125765472 | 157231554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,406,954 and 7,367,832 shares, respectively ] | 124021796 | 176981885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11260081) and (13583360) shares, respectively ] | (218073031) | (311786274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 31714237 | 22427165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 408,821 and 354,917 shares, respectively ] | 8225946 | 8335735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 226,157 and 225,118 shares, respectively ] | 3957543 | 5633276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (597081) and (1309145) shares, respectively ] | (12045654) | (33524329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 137835 | (19555318) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 28515983 | 5422475 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (798963206) | 335029632 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2393875729 | 2058846097 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1594912523 | $2393875729 |

---

See Notes to Financial Statements.

1040

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $25.15 | $21.54 | $16.68 | $13.29 | $14.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.01 | 0.06 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.40) | 5.73 | 6.12 | 4.55 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.35) | 5.74 | 6.18 | 4.65 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.01) | (0.06) | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (2.12) | (1.26) | (1.16) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.43) | (2.13) | (1.32) | (1.26) | (1.03) |
|  Net asset value, end of year | $16.37 | $25.15 | $21.54 | $16.68 | $13.29 |
|  Total return | (29.53)% | 26.72% | 37.36% | 35.27% | (2.24)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $92106 | $144122 | $122510 | $98735 | $67106 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.72% | 0.71% | 0.73% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.72% | 0.71% | 0.73% | 0.73% | 0.74% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.25% | 0.05% | 0.31% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.25% | 0.05% | 0.31% | 0.64% | 0.64% |
|  Portfolio turnover rate^ | 12% | 14% | 13% | 15% | 13% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $24.17 | $20.77 | $16.12 | $12.87 | $14.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.01 | 0.06 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.11) | 5.52 | 5.91 | 4.41 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.06) | 5.53 | 5.97 | 4.51 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.01) | (0.06) | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (2.12) | (1.26) | (1.16) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.43) | (2.13) | (1.32) | (1.26) | (1.03) |
|  Net asset value, end of year | $15.68 | $24.17 | $20.77 | $16.12 | $12.87 |
|  Total return | (29.53)% | 26.70% | 37.36% | 35.33% | (2.24)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145248 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.72% | 0.71% | 0.73% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.72% | 0.71% | 0.73% | 0.73% | 0.74% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.25% | 0.05% | 0.31% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.25% | 0.05% | 0.31% | 0.63% | 0.63% |
|  Portfolio turnover rate^ | 12% | 14% | 13% | 15% | 13% |

---

See Notes to Financial Statements.

1041

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $25.19 | $21.56 | $16.69 | $13.29 | $14.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.07 | 0.10 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.43) | 5.74 | 6.13 | 4.56 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.33) | 5.81 | 6.23 | 4.70 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.06) | (0.10) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.38) | (2.12) | (1.26) | (1.16) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.47) | (2.18) | (1.36) | (1.30) | (1.07) |
|  Net asset value, end of year | $16.39 | $25.19 | $21.56 | $16.69 | $13.29 |
|  Total return | (29.38)% | 27.04% | 37.68% | 35.65% | (1.99)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68699 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.47% | 0.47% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.47% | 0.47% | 0.48% | 0.48% | 0.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.50% | 0.30% | 0.56% | 0.87% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.50% | 0.30% | 0.56% | 0.87% | 0.90% |
|  Portfolio turnover rate^ | 12% | 14% | 13% | 15% | 13% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1042

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**EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> HS Management Partners, LLC

<sub>⮚</sub> Loomis, Sayles & Company, L.P.

<sub>⮚</sub> Polen Capital Management, LLC

<sub>⮚</sub> T. Rowe Price Associates, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g01n55.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (30.58)% | 8.14% | 12.17 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (30.57) | 8.14 | 12.18 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (30.39) | 8.41 | 12.45 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | (29.14) | 10.96 | 14.10 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (30.57)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Growth Index, which returned (29.14)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• Stock selection in the Consumer Discretionary sector contributed positively to relative performance.

• A relative overweight to Schlumberger NV in the Energy sector added to performance.

• Within the Health Care sector, overweights to Alnylam Pharmaceuticals, Inc., a leader in gene therapies based on its
pioneering small-interfering RNA (siRNA) approach to disease treatment, and Regeneron Pharmaceuticals, Inc., a fully integrated biopharmaceutical company, were additive.

• Avoidance of Tesla, Inc. was helpful to relative results. The electric carmaker's stock fell on concerns that Twitter
was a distraction for CEO Elon Musk.

• Also adding to results were relative overweights in digital payments services provider Visa, Inc. and Monster Beverage
Corp., a leading marketer and distributor of energy drinks in the U.S. and internationally.

***What hurt performance during the year?***

• Both sector allocation and security selection in the Communications sector detracted from results, with Meta Platforms,
Inc., operator of online social networking platforms that allow people to connect, share, and interact with friends and communities, the largest detractor.

• From a sector allocation perspective, underweighting Industrials and overweighting Consumer Discretionary detracted from
relative results.

• Security selection in the Information Technology sector was negative.

• Underweighting Abbvie, Inc. in the Health Care sector detracted as well.

• During the year, the Portfolio reduced its equity exposure for 105 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** | |
| &nbsp;&nbsp;&nbsp; Information Technology | 27.6 | % |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 20.3 |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 11.9 |  |
| &nbsp;&nbsp;&nbsp; Health Care | 9.8 |  |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.5 |  |
| &nbsp;&nbsp;&nbsp; Industrials | 5 |  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.3 |  |
| &nbsp;&nbsp;&nbsp; Investment Company | 3.4 |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2 |  |
| &nbsp;&nbsp;&nbsp; Financials | 1.9 |  |
| &nbsp;&nbsp;&nbsp; Energy | 1 |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.7 |  |
| &nbsp;&nbsp;&nbsp; Materials | 0.6 |  |
| &nbsp;&nbsp;&nbsp; Utilities | 0 | # |
| &nbsp;&nbsp;&nbsp; Cash and Other | 5 |  |
|  | 100 | % |

---

*#* *Less than 0.05%* 

1043

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**EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $980.10 | $4.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.89 | 4.36 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 980.30 | 4.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.89 | 4.36 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 981.40 | 3.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.15 | 3.09 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1044

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (6.5%)** | **Communication Services (6.5%)** | **Communication Services (6.5%)** |  |
|  ***Entertainment (1.5%)*** | ***Entertainment (1.5%)*** | ***Entertainment (1.5%)*** | **** |
|  Activision Blizzard, Inc. | 20567 | $1574404 |  |
|  Electronic Arts, Inc. | 1503 | 183637 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 1943 | 116153 |  |
|  Live Nation Entertainment, Inc.\* | 6289 | 438595 |  |
|  Madison Square Garden Sports Corp., Class A | 823 | 150881 |  |
|  Netflix, Inc.\* | 116495 | 34352046 |  |
|  Playtika Holding Corp.\* | 5443 | 46320 |  |
|  ROBLOX Corp., Class A (x)\* | 36343 | 1034322 |  |
|  Roku, Inc.\* | 2930 | 119251 |  |
|  Sea Ltd. (ADR)\* | 33741 | 1755544 |  |
|  Spotify Technology SA\* | 36657 | 2894070 |  |
|  Take-Two Interactive Software, Inc.\* | 11166 | 1162713 |  |
|  Walt Disney Co. (The)\* | 110663 | 9614401 |  |
|  Warner Bros Discovery, Inc.\* | 142974 | 1355393 |  |
|  World Wrestling Entertainment, Inc., Class A | 3422 | 234475 |  |
|  |  | 55032205 |  |
|  ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** | ***Interactive Media & Services (4.8%)*** | **** |
|  Alphabet, Inc., Class A\* | 715273 | 63108537 |  |
|  Alphabet, Inc., Class C\* | 835357 | 74121227 |  |
|  Match Group, Inc.\* | 54249 | 2250791 |  |
|  Meta Platforms, Inc., Class A\* | 218784 | 26328467 |  |
|  Pinterest, Inc., Class A\* | 70573 | 1713512 |  |
|  TripAdvisor, Inc.\* | 715 | 12856 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 22876 | 688796 |  |
|  |  | 168224186 |  |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** | **** |
|  Cable One, Inc. | 281 | 200033 |  |
|  Charter Communications, Inc., Class A\* | 8819 | 2990523 |  |
|  Liberty Broadband Corp., Class A\* | 837 | 63487 |  |
|  Liberty Broadband Corp., Class C\* | 4409 | 336274 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 1803 | 70876 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 3719 | 145524 |  |
|  Nexstar Media Group, Inc., Class A | 327 | 57235 |  |
|  Trade Desk, Inc. (The), Class A\* | 72979 | 3271648 |  |
|  |  | 7135600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 230391991 |  |
|  **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** | **Consumer Discretionary (11.9%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 5547 | 516592 |  |
|  Mobileye Global, Inc., Class A (x)\* | 26391 | 925269 |  |
|  |  | 1441861 |  |
|  ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** | ***Automobiles (1.4%)*** | **** |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 31323 | 3176940 |  |
|  Ferrari NV | 20666 | 4427070 |  |
|  Lucid Group, Inc. (x)\* | 41318 | 282202 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 334353 | 6162126 |  |
|  Tesla, Inc.\* | 277125 | 34136257 |  |
|  |  | 48184595 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Genuine Parts Co. | 972 | 168652 |  |
|  Pool Corp. | 3091 | 934502 |  |
|  |  | 1103154 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Bright Horizons Family Solutions, Inc.\* | 1440 | 90864 |  |
|  H&R Block, Inc. | 10383 | 379083 |  |
|  Mister Car Wash, Inc. (x)\* | 3582 | 33062 |  |
|  |  | 503009 |  |
|  ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** | ***Hotels, Restaurants & Leisure (3.0%)*** | **** |
|  Airbnb, Inc., Class A\* | 92325 | 7893787 |  |
|  Booking Holdings, Inc.\* | 8186 | 16497082 |  |
|  Caesars Entertainment, Inc.\* | 11626 | 483642 |  |
|  Chipotle Mexican Grill, Inc.\* | 4252 | 5899607 |  |
|  Choice Hotels International, Inc. | 2684 | 302326 |  |
|  Churchill Downs, Inc. | 2994 | 633021 |  |
|  Darden Restaurants, Inc. | 7378 | 1020599 |  |
|  Domino's Pizza, Inc. | 2125 | 736100 |  |
|  DraftKings, Inc., Class A (x)\* | 27363 | 311665 |  |
|  Expedia Group, Inc.\* | 31759 | 2782088 |  |
|  Hilton Worldwide Holdings, Inc. | 15829 | 2000152 |  |
|  Las Vegas Sands Corp.\* | 90465 | 4348653 |  |
|  Marriott International, Inc., Class A | 79223 | 11795512 |  |
|  McDonald's Corp. | 36911 | 9727156 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 2675 | 32742 |  |
|  Planet Fitness, Inc., Class A\* | 4932 | 388642 |  |
|  Six Flags Entertainment Corp.\* | 2458 | 57149 |  |
|  Starbucks Corp. | 170053 | 16869258 |  |
|  Travel + Leisure Co. | 5033 | 183201 |  |
|  Vail Resorts, Inc. | 3148 | 750326 |  |
|  Wendy's Co. (The) | 14618 | 330805 |  |
|  Wyndham Hotels & Resorts, Inc. | 5124 | 365392 |  |
|  Wynn Resorts Ltd.\* | 30824 | 2542055 |  |
|  Yum China Holdings, Inc. | 115589 | 6316939 |  |
|  Yum! Brands, Inc. | 105001 | 13448528 |  |
|  |  | 105716427 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 13446 | 1198577 |  |
|  NVR, Inc.\* | 173 | 797976 |  |
|  PulteGroup, Inc. | 7255 | 330320 |  |
|  Toll Brothers, Inc. | 4325 | 215904 |  |
|  TopBuild Corp.\* | 2161 | 338175 |  |
|  |  | 2880952 |  |
|  ***Internet & Direct Marketing Retail (3.5%)*** | ***Internet & Direct Marketing Retail (3.5%)*** | ***Internet & Direct Marketing Retail (3.5%)*** | **** |
|  Alibaba Group Holding Ltd. (ADR)\* | 56302 | 4959643 |  |
|  Amazon.com, Inc.\* | 1348045 | 113235780 |  |
|  Coupang, Inc.\* | 102681 | 1510437 |  |
|  DoorDash, Inc., Class A\* | 17991 | 878321 |  |
|  eBay, Inc. | 5560 | 230573 |  |
|  Etsy, Inc.\* | 10287 | 1232177 |  |
|  Wayfair, Inc., Class A (x)\* | 3945 | 129751 |  |
|  |  | 122176682 |  |

---

See Notes to Financial Statements.

1045

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Brunswick Corp. | 1197 | $86280 |  |
|  Mattel, Inc.\* | 14645 | 261267 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 109743 | 871359 |  |
|  Polaris, Inc. | 3377 | 341077 |  |
|  YETI Holdings, Inc.\* | 6859 | 283345 |  |
|  |  | 1843328 |  |
|  ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | ***Multiline Retail (0.2%)*** | **** |
|  Dollar General Corp. | 18534 | 4563998 |  |
|  Dollar Tree, Inc.\* | 5492 | 776788 |  |
|  Nordstrom, Inc. | 7313 | 118032 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 511 | 23935 |  |
|  Target Corp. | 21088 | 3142956 |  |
|  |  | 8625709 |  |
|  ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | ***Specialty Retail (2.4%)*** | **** |
|  Advance Auto Parts, Inc. | 417 | 61311 |  |
|  AutoZone, Inc.\* | 1415 | 3489645 |  |
|  Best Buy Co., Inc. | 5014 | 402173 |  |
|  Burlington Stores, Inc.\* | 5096 | 1033265 |  |
|  CarMax, Inc.\* | 1723 | 104913 |  |
|  Carvana Co. (x)\* | 9015 | 42731 |  |
|  Dick's Sporting Goods, Inc. | 106775 | 12843965 |  |
|  Five Below, Inc.\* | 4449 | 786895 |  |
|  Floor & Decor Holdings, Inc., Class A\* | 24962 | 1738104 |  |
|  Home Depot, Inc. (The) | 64761 | 20455409 |  |
|  Leslie's, Inc. (x)\* | 11492 | 140317 |  |
|  Lowe's Cos., Inc. | 44083 | 8783097 |  |
|  O'Reilly Automotive, Inc.\* | 2077 | 1753050 |  |
|  RH (x)\* | 562 | 150161 |  |
|  Ross Stores, Inc. | 82372 | 9560918 |  |
|  TJX Cos., Inc. (The) | 95468 | 7599253 |  |
|  Tractor Supply Co. | 9075 | 2041603 |  |
|  Ulta Beauty, Inc.\* | 4142 | 1942888 |  |
|  Victoria's Secret & Co.\* | 5111 | 182872 |  |
|  Williams-Sonoma, Inc. | 106678 | 12259436 |  |
|  |  | 85372006 |  |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | **** |
|  Deckers Outdoor Corp.\* | 1919 | 765988 |  |
|  Lululemon Athletica, Inc.\* | 12472 | 3995780 |  |
|  NIKE, Inc., Class B | 177013 | 20712291 |  |
|  Ralph Lauren Corp. | 125499 | 13261479 |  |
|  Skechers USA, Inc., Class A\* | 1723 | 72280 |  |
|  Tapestry, Inc. | 2309 | 87927 |  |
|  Under Armour, Inc., Class A\* | 430952 | 4378472 |  |
|  |  | 43274217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 421121940 |  |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |  |
|  ***Beverages (2.3%)*** | ***Beverages (2.3%)*** | ***Beverages (2.3%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 14183 | 4673582 |  |
|  Brown-Forman Corp., Class A | 2366 | 155588 |  |
|  Brown-Forman Corp., Class B | 8878 | 583107 |  |
|  Coca-Cola Co. (The) | 351705 | 22371955 |  |
|  Diageo plc (ADR) (x) | 37915 | 6756074 |  |
|  Heineken NV (ADR) | 93225 | 4383440 |  |
|  Monster Beverage Corp.\* | 203517 | 20663081 |  |
|  PepsiCo, Inc. | 128315 | 23181388 |  |
|  |  | 82768215 |  |
|  ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 6931 | 458555 |  |
|  Costco Wholesale Corp. | 36418 | 16624817 |  |
|  Performance Food Group Co.\* | 4062 | 237180 |  |
|  Sysco Corp. | 41585 | 3179173 |  |
|  |  | 20499725 |  |
|  ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | ***Food Products (0.5%)*** | **** |
|  Darling Ingredients, Inc.\* | 1048 | 65594 |  |
|  Freshpet, Inc.\* | 2196 | 115883 |  |
|  Hershey Co. (The) | 10449 | 2419675 |  |
|  Kellogg Co. | 11505 | 819616 |  |
|  Lamb Weston Holdings, Inc. | 11699 | 1045423 |  |
|  Mondelez International, Inc., Class A | 129325 | 8619511 |  |
|  Nestle SA (Registered) | 42779 | 4956840 |  |
|  Pilgrim's Pride Corp.\* | 2468 | 58566 |  |
|  |  | 18101108 |  |
|  ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | **** |
|  Church & Dwight Co., Inc. | 9130 | 735969 |  |
|  Clorox Co. (The) | 8434 | 1183543 |  |
|  Colgate-Palmolive Co. | 41692 | 3284913 |  |
|  Kimberly-Clark Corp. | 16484 | 2237703 |  |
|  Procter & Gamble Co. (The) | 82716 | 12536437 |  |
|  |  | 19978565 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 42324 | 10501008 |  |
|  Olaplex Holdings, Inc.\* | 10742 | 55966 |  |
|  |  | 10556974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 151904587 |  |
|  **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | **** |
|  Halliburton Co. | 33248 | 1308309 |  |
|  Schlumberger Ltd. | 188675 | 10086565 |  |
|  |  | 11394874 |  |
|  ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** | ***Oil, Gas & Consumable Fuels (0.7%)*** | **** |
|  Antero Resources Corp.\* | 15544 | 481709 |  |
|  Cheniere Energy, Inc. | 11818 | 1772227 |  |
|  Coterra Energy, Inc. | 10377 | 254963 |  |
|  Devon Energy Corp. | 26078 | 1604058 |  |
|  Diamondback Energy, Inc. | 8158 | 1115851 |  |
|  Enviva, Inc. (x) | 2645 | 140106 |  |
|  EOG Resources, Inc. | 35088 | 4544598 |  |
|  Hess Corp. | 17986 | 2550775 |  |
|  New Fortress Energy, Inc. (x) | 4165 | 176679 |  |
|  Occidental Petroleum Corp. | 53912 | 3395917 |  |
|  ONEOK, Inc. | 4343 | 285335 |  |
|  Ovintiv, Inc. | 14561 | 738388 |  |
|  PDC Energy, Inc. | 3979 | 252587 |  |
|  Pioneer Natural Resources Co. | 10799 | 2466384 |  |
|  Range Resources Corp. | 12770 | 319505 |  |
|  Southwestern Energy Co.\* | 6830 | 39955 |  |
|  Targa Resources Corp. | 18620 | 1368570 |  |
|  Texas Pacific Land Corp. | 464 | 1087723 |  |
|  |  | 22595330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 33990204 |  |

---

See Notes to Financial Statements.

1046

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Financials (1.9%)** | **Financials (1.9%)** | **Financials (1.9%)** |  |
|  ***Banks (0.0%)†*** | ***Banks (0.0%)†*** | ***Banks (0.0%)†*** | **** |
|  First Citizens BancShares, Inc., Class A | 220 | $166839 |  |
|  Signature Bank | 273 | 31455 |  |
|  SVB Financial Group\* | 3026 | 696404 |  |
|  Western Alliance Bancorp | 5164 | 307568 |  |
|  |  | 1202266 |  |
|  ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** | **** |
|  Ameriprise Financial, Inc. | 5574 | 1735576 |  |
|  Ares Management Corp. | 12645 | 865424 |  |
|  Blackstone, Inc., Class A | 57476 | 4264145 |  |
|  Blue Owl Capital, Inc. (x) | 34831 | 369209 |  |
|  Charles Schwab Corp. (The) | 69328 | 5772249 |  |
|  FactSet Research Systems, Inc. | 20282 | 8137341 |  |
|  LPL Financial Holdings, Inc. | 6572 | 1420669 |  |
|  MarketAxess Holdings, Inc. | 3087 | 860933 |  |
|  Moody's Corp. | 12352 | 3441514 |  |
|  Morningstar, Inc. | 1908 | 413254 |  |
|  MSCI, Inc. | 18996 | 8836369 |  |
|  Raymond James Financial, Inc. | 1350 | 144248 |  |
|  SEI Investments Co. | 107038 | 6240315 |  |
|  Tradeweb Markets, Inc., Class A | 5357 | 347830 |  |
|  |  | 42849076 |  |
|  ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | **** |
|  American Express Co. | 3083 | 455513 |  |
|  Credit Acceptance Corp. (x)\* | 36 | 17078 |  |
|  Upstart Holdings, Inc. (x)\* | 1211 | 16010 |  |
|  |  | 488601 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Apollo Global Management, Inc. | 30282 | 1931689 |  |
|  ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | ***Insurance (0.6%)*** | **** |
|  Aon plc, Class A | 15873 | 4764122 |  |
|  Arch Capital Group Ltd.\* | 9503 | 596598 |  |
|  Arthur J Gallagher & Co. | 1894 | 357095 |  |
|  Assurant, Inc. | 274 | 34266 |  |
|  Brown & Brown, Inc. | 1414 | 80556 |  |
|  Erie Indemnity Co., Class A | 1549 | 385267 |  |
|  Everest Re Group Ltd. | 946 | 313381 |  |
|  Lincoln National Corp. | 3066 | 94188 |  |
|  Markel Corp.\* | 240 | 316198 |  |
|  Marsh & McLennan Cos., Inc. | 36382 | 6020493 |  |
|  Progressive Corp. (The) | 41738 | 5413836 |  |
|  RenaissanceRe Holdings Ltd. | 1868 | 344142 |  |
|  Ryan Specialty Holdings, Inc., Class A\* | 6460 | 268155 |  |
|  |  | 18988297 |  |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  Rocket Cos., Inc., Class A (x) | 5708 | 39956 |  |
|  UWM Holdings Corp. (x) | 2718 | 8996 |  |
|  |  | 48952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 65508881 |  |
|  **Health Care (9.8%)** | **Health Care (9.8%)** | **Health Care (9.8%)** |  |
|  ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | ***Biotechnology (2.3%)*** | **** |
|  AbbVie, Inc. | 145376 | 23494215 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 72000 | 17110800 |  |
|  Amgen, Inc. | 36895 | 9690103 |  |
|  Argenx SE (ADR)\* | 6294 | 2384356 |  |
|  BioMarin Pharmaceutical, Inc.\* | 23345 | 2415974 |  |
|  CRISPR Therapeutics AG\* | 70183 | 2852939 |  |
|  Exact Sciences Corp.\* | 2735 | 135410 |  |
|  Exelixis, Inc.\* | 22974 | 368503 |  |
|  Horizon Therapeutics plc\* | 16917 | 1925155 |  |
|  Incyte Corp.\* | 12834 | 1030827 |  |
|  Ionis Pharmaceuticals, Inc.\* | 10599 | 400324 |  |
|  Moderna, Inc.\* | 1594 | 286314 |  |
|  Natera, Inc.\* | 6529 | 262270 |  |
|  Neurocrine Biosciences, Inc.\* | 7837 | 936051 |  |
|  Novavax, Inc. (x)\* | 6483 | 66645 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 15603 | 11257409 |  |
|  Sarepta Therapeutics, Inc.\* | 7039 | 912114 |  |
|  Seagen, Inc.\* | 11224 | 1442396 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 4548 | 210709 |  |
|  Vertex Pharmaceuticals, Inc.\* | 19850 | 5732283 |  |
|  |  | 82914797 |  |
|  ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | ***Health Care Equipment & Supplies (1.5%)*** | **** |
|  Abbott Laboratories | 85921 | 9433267 |  |
|  Align Technology, Inc. (x)\* | 16569 | 3494402 |  |
|  Baxter International, Inc. | 6245 | 318308 |  |
|  Dexcom, Inc.\* | 31677 | 3587103 |  |
|  Edwards Lifesciences Corp.\* | 50640 | 3778250 |  |
|  Globus Medical, Inc., Class A\* | 544 | 40403 |  |
|  ICU Medical, Inc.\* | 324 | 51024 |  |
|  IDEXX Laboratories, Inc.\* | 6755 | 2755770 |  |
|  Insulet Corp.\* | 10736 | 3160571 |  |
|  Intuitive Surgical, Inc.\* | 63615 | 16880240 |  |
|  Masimo Corp.\* | 2996 | 443258 |  |
|  Novocure Ltd.\* | 8557 | 627656 |  |
|  Penumbra, Inc.\* | 2872 | 638905 |  |
|  ResMed, Inc. | 11795 | 2454893 |  |
|  Stryker Corp. | 25067 | 6128631 |  |
|  Tandem Diabetes Care, Inc.\* | 5054 | 227177 |  |
|  |  | 54019858 |  |
|  ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | ***Health Care Providers & Services (2.3%)*** | **** |
|  agilon health, Inc.\* | 13792 | 222603 |  |
|  AmerisourceBergen Corp. | 12814 | 2123408 |  |
|  Chemed Corp. | 449 | 229183 |  |
|  Cigna Corp. | 13522 | 4480379 |  |
|  DaVita, Inc.\* | 4629 | 345647 |  |
|  Elevance Health, Inc. | 6056 | 3106546 |  |
|  Guardant Health, Inc.\* | 7975 | 216920 |  |
|  HCA Healthcare, Inc. | 11179 | 2682513 |  |
|  Humana, Inc. | 14811 | 7586046 |  |
|  McKesson Corp. | 2280 | 855274 |  |
|  Molina Healthcare, Inc.\* | 3670 | 1211907 |  |
|  Signify Health, Inc., Class A\* | 324 | 9286 |  |
|  UnitedHealth Group, Inc. | 110475 | 58571636 |  |
|  |  | 81641348 |  |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | **** |
|  Certara, Inc.\* | 6967 | 111959 |  |
|  Definitive Healthcare Corp.\* | 1702 | 18705 |  |
|  Doximity, Inc., Class A (x)\* | 232032 | 7786994 |  |
|  Teladoc Health, Inc.\* | 1332 | 31502 |  |
|  Veeva Systems, Inc., Class A\* | 51215 | 8265077 |  |
|  |  | 16214237 |  |

---

See Notes to Financial Statements.

1047

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Life Sciences Tools & Services (1.2%)*** | ***Life Sciences Tools & Services (1.2%)*** | ***Life Sciences Tools & Services (1.2%)*** | **** |
|  10X Genomics, Inc., Class A\* | 7043 | $256647 |  |
|  Agilent Technologies, Inc. | 21832 | 3267159 |  |
|  Avantor, Inc.\* | 119982 | 2530420 |  |
|  Bio-Techne Corp. | 12720 | 1054234 |  |
|  Bruker Corp. | 8864 | 605854 |  |
|  Charles River Laboratories International, Inc.\* | 3883 | 846106 |  |
|  Danaher Corp. | 8085 | 2145921 |  |
|  Illumina, Inc.\* | 62615 | 12660753 |  |
|  IQVIA Holdings, Inc.\* | 15319 | 3138710 |  |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 9728 | 139208 |  |
|  Mettler-Toledo International, Inc.\* | 1807 | 2611928 |  |
|  Repligen Corp.\* | 3247 | 549749 |  |
|  Sartorius AG (Preference) (q) | 2810 | 1111142 |  |
|  Sotera Health Co.\* | 7287 | 60701 |  |
|  Syneos Health, Inc.\* | 1673 | 61366 |  |
|  Thermo Fisher Scientific, Inc. | 14828 | 8165631 |  |
|  Waters Corp.\* | 4854 | 1662883 |  |
|  West Pharmaceutical Services, Inc. | 6114 | 1438930 |  |
|  |  | 42307342 |  |
|  ***Pharmaceuticals (2.0%)*** | ***Pharmaceuticals (2.0%)*** | ***Pharmaceuticals (2.0%)*** | **** |
|  AstraZeneca plc (ADR) | 17926 | 1215383 |  |
|  Catalent, Inc.\* | 4707 | 211862 |  |
|  Eli Lilly and Co. | 76396 | 27948713 |  |
|  Merck & Co., Inc. | 87188 | 9673508 |  |
|  Novartis AG (ADR) | 97811 | 8873414 |  |
|  Novo Nordisk A/S (ADR) | 44175 | 5978644 |  |
|  Roche Holding AG (ADR) | 158826 | 6218038 |  |
|  Zoetis, Inc. | 67485 | 9889927 |  |
|  |  | 70009489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 347107071 |  |
|  **Industrials (5.0%)** | **Industrials (5.0%)** | **Industrials (5.0%)** |  |
|  ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | ***Aerospace & Defense (1.4%)*** | **** |
|  Airbus SE | 29185 | 3468385 |  |
|  Axon Enterprise, Inc.\* | 4316 | 716154 |  |
|  Boeing Co. (The)\* | 119303 | 22726028 |  |
|  BWX Technologies, Inc. | 3078 | 178770 |  |
|  HEICO Corp. | 3459 | 531441 |  |
|  HEICO Corp., Class A | 6132 | 734920 |  |
|  Howmet Aerospace, Inc. | 3216 | 126743 |  |
|  Huntington Ingalls Industries, Inc. | 748 | 172549 |  |
|  Lockheed Martin Corp. | 36337 | 17677587 |  |
|  Northrop Grumman Corp. | 1412 | 770401 |  |
|  Spirit AeroSystems Holdings, Inc., Class A | 8560 | 253376 |  |
|  TransDigm Group, Inc. | 1641 | 1033256 |  |
|  |  | 48389610 |  |
|  ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | ***Air Freight & Logistics (0.8%)*** | **** |
|  CH Robinson Worldwide, Inc. | 2618 | 239704 |  |
|  Expeditors International of Washington, Inc. | 58472 | 6076410 |  |
|  FedEx Corp. | 11143 | 1929968 |  |
|  GXO Logistics, Inc.\* | 995 | 42476 |  |
|  United Parcel Service, Inc., Class B | 124112 | 21575630 |  |
|  |  | 29864188 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  Delta Air Lines, Inc.\* | 52851 | 1736684 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  A O Smith Corp. | 2671 | 152888 |  |
|  Advanced Drainage Systems, Inc. | 5167 | 423539 |  |
|  Allegion plc | 5738 | 603982 |  |
|  Armstrong World Industries, Inc. | 2192 | 150349 |  |
|  Carlisle Cos., Inc. | 3515 | 828310 |  |
|  Fortune Brands Innovations, Inc. | 3894 | 222386 |  |
|  Masco Corp. | 1059 | 49424 |  |
|  Masterbrand, Inc.\* | 3894 | 29400 |  |
|  Trane Technologies plc | 10972 | 1844283 |  |
|  Trex Co., Inc.\* | 9093 | 384907 |  |
|  |  | 4689468 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Cintas Corp. | 9187 | 4149033 |  |
|  Copart, Inc.\* | 35194 | 2142963 |  |
|  Driven Brands Holdings, Inc.\* | 22 | 601 |  |
|  IAA, Inc.\* | 8845 | 353800 |  |
|  MSA Safety, Inc. | 1099 | 158465 |  |
|  Republic Services, Inc. | 1141 | 147178 |  |
|  Rollins, Inc. | 17875 | 653152 |  |
|  Tetra Tech, Inc. | 1697 | 246387 |  |
|  Waste Management, Inc. | 31613 | 4959447 |  |
|  |  | 12811026 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  AECOM | 703 | 59706 |  |
|  Quanta Services, Inc. | 6476 | 922830 |  |
|  Valmont Industries, Inc. | 252 | 83329 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 9137 | 412718 |  |
|  |  | 1478583 |  |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | **** |
|  ChargePoint Holdings, Inc. (x)\* | 21132 | 201388 |  |
|  Emerson Electric Co. | 15564 | 1495078 |  |
|  Generac Holdings, Inc.\* | 5004 | 503703 |  |
|  Plug Power, Inc. (x)\* | 20447 | 252929 |  |
|  Rockwell Automation, Inc. | 6370 | 1640721 |  |
|  Vertiv Holdings Co. | 4146 | 56634 |  |
|  |  | 4150453 |  |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | **** |
|  General Electric Co. | 4932 | 413252 |  |
|  Honeywell International, Inc. | 16375 | 3509163 |  |
|  |  | 3922415 |  |
|  ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | **** |
|  AGCO Corp. | 736 | 102076 |  |
|  Allison Transmission Holdings, Inc. | 5906 | 245689 |  |
|  Caterpillar, Inc. | 37282 | 8931276 |  |
|  Deere & Co. | 31606 | 13551388 |  |
|  Donaldson Co., Inc. | 1556 | 91602 |  |
|  Graco, Inc. | 9504 | 639239 |  |
|  IDEX Corp. | 1169 | 266918 |  |
|  Illinois Tool Works, Inc. | 22596 | 4977899 |  |
|  Lincoln Electric Holdings, Inc. | 4624 | 668122 |  |
|  Middleby Corp. (The)\* | 324 | 43384 |  |
|  Nordson Corp. | 1045 | 248417 |  |

---

See Notes to Financial Statements.

1048

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Otis Worldwide Corp. | 4053 | $| 317390 |  |
|  Parker-Hannifin Corp. | 2396 |  | 697236 |  |
|  Toro Co. (The) | 8457 |  | 957332 |  |
|  Xylem, Inc. | 2168 |  | 239716 |  |
|  |  |  | 31977684 |  |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | **** |
|  Booz Allen Hamilton Holding Corp. | 10727 |  | 1121186 |  |
|  CoStar Group, Inc.\* | 4497 |  | 347528 |  |
|  Equifax, Inc. | 4948 |  | 961693 |  |
|  FTI Consulting, Inc.\* | 1223 |  | 194212 |  |
|  KBR, Inc. | 7172 |  | 378682 |  |
|  Robert Half International, Inc. | 7777 |  | 574176 |  |
|  TransUnion | 52001 |  | 2951057 |  |
|  Verisk Analytics, Inc. | 16994 |  | 2998082 |  |
|  |  |  | 9526616 |  |
|  ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | **** |
|  CSX Corp. | 43533 |  | 1348652 |  |
|  JB Hunt Transport Services, Inc. | 6072 |  | 1058714 |  |
|  Landstar System, Inc. | 2643 |  | 430545 |  |
|  Lyft, Inc., Class A\* | 21195 |  | 233569 |  |
|  Old Dominion Freight Line, Inc. | 15468 |  | 4389509 |  |
|  RXO, Inc.\* | 672 |  | 11558 |  |
|  Uber Technologies, Inc.\* | 136685 |  | 3380220 |  |
|  Union Pacific Corp. | 50552 |  | 10467803 |  |
|  XPO, Inc.\* | 672 |  | 22371 |  |
|  |  |  | 21342941 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Core & Main, Inc., Class A\* | 1999 |  | 38601 |  |
|  Fastenal Co. | 47530 |  | 2249120 |  |
|  SiteOne Landscape Supply, Inc.\* | 2338 |  | 274294 |  |
|  United Rentals, Inc.\* | 2640 |  | 938309 |  |
|  Watsco, Inc. | 1398 |  | 348661 |  |
|  WESCO International, Inc.\* | 2037 |  | 255032 |  |
|  WW Grainger, Inc. | 3703 |  | 2059794 |  |
|  |  |  | 6163811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 176053479 |  |
|  **Information Technology (27.6%)** | **Information Technology (27.6%)** | **Information Technology (27.6%)** | **Information Technology (27.6%)** |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | **** |
|  Arista Networks, Inc.\* | 20318 |  | 2465589 |  |
|  Ubiquiti, Inc. (x) | 149 |  | 40756 |  |
|  |  |  | 2506345 |  |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | **** |
|  Amphenol Corp., Class A | 36096 |  | 2748350 |  |
|  Arrow Electronics, Inc.\* | 284 |  | 29698 |  |
|  CDW Corp. | 11163 |  | 1993489 |  |
|  Cognex Corp. | 13339 |  | 628400 |  |
|  Coherent Corp.\* | 1705 |  | 59857 |  |
|  Corning, Inc. | 3852 |  | 123033 |  |
|  Jabil, Inc. | 8961 |  | 611140 |  |
|  Keysight Technologies, Inc.\* | 13541 |  | 2316459 |  |
|  National Instruments Corp. | 1469 |  | 54206 |  |
|  Teledyne Technologies, Inc.\* | 14087 |  | 5633532 |  |
|  Vontier Corp. | 7922 |  | 153132 |  |
|  Zebra Technologies Corp., Class A\* | 1731 |  | 443846 |  |
|  |  |  | 14795142 |  |
|  ***IT Services (5.8%)*** | ***IT Services (5.8%)*** | ***IT Services (5.8%)*** | ***IT Services (5.8%)*** | **** |
|  Accenture plc, Class A | 76840 |  | 20503986 |  |
|  Adyen NV(m)\* | 321 |  | 442713 |  |
|  Automatic Data Processing, Inc. | 31529 |  | 7531017 |  |
|  Block, Inc., Class A\* | 71957 |  | 4521778 |  |
|  Broadridge Financial Solutions, Inc. | 8747 |  | 1173235 |  |
|  Cloudflare, Inc., Class A\* | 22963 |  | 1038157 |  |
|  EPAM Systems, Inc.\* | 4531 |  | 1484990 |  |
|  Euronet Worldwide, Inc.\* | 2787 |  | 263037 |  |
|  Fiserv, Inc.\* | 62170 |  | 6283522 |  |
|  FleetCor Technologies, Inc.\* | 5871 |  | 1078385 |  |
|  Gartner, Inc.\* | 21351 |  | 7176925 |  |
|  Genpact Ltd. | 7638 |  | 353792 |  |
|  Global Payments, Inc. | 11935 |  | 1185384 |  |
|  Globant SA\* | 3316 |  | 557619 |  |
|  GoDaddy, Inc., Class A\* | 1931 |  | 144477 |  |
|  International Business Machines Corp. | 49448 |  | 6966729 |  |
|  Jack Henry & Associates, Inc. | 5967 |  | 1047567 |  |
|  Mastercard, Inc., Class A | 123499 |  | 42944307 |  |
|  MongoDB, Inc.\* | 9115 |  | 1794197 |  |
|  Okta, Inc.\* | 1460 |  | 99762 |  |
|  Paychex, Inc. | 26636 |  | 3078056 |  |
|  PayPal Holdings, Inc.\* | 165167 |  | 11763194 |  |
|  Shift4 Payments, Inc., Class A\* | 4166 |  | 233004 |  |
|  Shopify, Inc., Class A\* | 113048 |  | 3923896 |  |
|  Snowflake, Inc., Class A\* | 23708 |  | 3403046 |  |
|  Thoughtworks Holding, Inc. (x)\* | 7358 |  | 74978 |  |
|  Toast, Inc., Class A (x)\* | 21027 |  | 379117 |  |
|  Twilio, Inc., Class A\* | 5215 |  | 255326 |  |
|  VeriSign, Inc.\* | 887 |  | 182225 |  |
|  Visa, Inc., Class A | 349883 |  | 72691692 |  |
|  Western Union Co. (The) | 11683 |  | 160875 |  |
|  WEX, Inc.\* | 2517 |  | 411907 |  |
|  Wix.com Ltd.\* | 3260 |  | 250466 |  |
|  |  |  | 203399361 |  |
|  ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | ***Semiconductors & Semiconductor Equipment (4.4%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 178032 |  | 11531133 |  |
|  Allegro MicroSystems, Inc.\* | 4547 |  | 136501 |  |
|  Analog Devices, Inc. | 8482 |  | 1391302 |  |
|  Applied Materials, Inc. | 70632 |  | 6878144 |  |
|  ASML Holding NV (Registered) (NYRS) | 16538 |  | 9036363 |  |
|  Broadcom, Inc. | 32488 |  | 18165015 |  |
|  Enphase Energy, Inc.\* | 10807 |  | 2863423 |  |
|  Entegris, Inc. | 12172 |  | 798362 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 1307 |  | 70434 |  |
|  Intel Corp. | 158675 |  | 4193780 |  |
|  KLA Corp. | 11642 |  | 4389383 |  |
|  Lam Research Corp. | 16342 |  | 6868543 |  |
|  Lattice Semiconductor Corp.\* | 11185 |  | 725683 |  |
|  Microchip Technology, Inc. | 37360 |  | 2624540 |  |
|  Micron Technology, Inc. | 17164 |  | 857857 |  |
|  Monolithic Power Systems, Inc. | 3746 |  | 1324623 |  |
|  NVIDIA Corp. | 365795 |  | 53457281 |  |
|  ON Semiconductor Corp.\* | 22354 |  | 1394219 |  |
|  QUALCOMM, Inc. | 157709 |  | 17338528 |  |
|  Teradyne, Inc. | 11727 |  | 1024353 |  |
|  Texas Instruments, Inc. | 51131 |  | 8447864 |  |
|  Universal Display Corp. | 3488 |  | 376844 |  |
|  |  |  | 153894175 |  |

---

See Notes to Financial Statements.

1049

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Software (11.6%)*** | ***Software (11.6%)*** | ***Software (11.6%)*** | **** |
|  Adobe, Inc.\* | 68948 | $23203070 |  |
|  Alteryx, Inc., Class A\* | 4670 | 236629 |  |
|  ANSYS, Inc.\* | 3724 | 899681 |  |
|  AppLovin Corp., Class A (x)\* | 18504 | 194847 |  |
|  Aspen Technology, Inc.\* | 2225 | 457015 |  |
|  Atlassian Corp., Class A\* | 27262 | 3508074 |  |
|  Autodesk, Inc.\* | 122524 | 22896060 |  |
|  Bentley Systems, Inc., Class B | 13717 | 506980 |  |
|  Black Knight, Inc.\* | 19514 | 1204990 |  |
|  Cadence Design Systems, Inc.\* | 22528 | 3618898 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 5671 | 49338 |  |
|  Ceridian HCM Holding, Inc.\* | 26558 | 1703696 |  |
|  Confluent, Inc., Class A\* | 9597 | 213437 |  |
|  Coupa Software, Inc.\* | 3616 | 286279 |  |
|  Crowdstrike Holdings, Inc., Class A\* | 17360 | 1827834 |  |
|  Datadog, Inc., Class A\* | 21920 | 1611120 |  |
|  DocuSign, Inc.\* | 61031 | 3382338 |  |
|  DoubleVerify Holdings, Inc.\* | 4062 | 89202 |  |
|  Dropbox, Inc., Class A\* | 21063 | 471390 |  |
|  Dynatrace, Inc.\* | 16341 | 625860 |  |
|  Elastic NV\* | 6580 | 338870 |  |
|  Fair Isaac Corp.\* | 1978 | 1183991 |  |
|  Five9, Inc.\* | 5765 | 391213 |  |
|  Fortinet, Inc.\* | 52733 | 2578116 |  |
|  Gen Digital, Inc. | 16164 | 346395 |  |
|  HashiCorp, Inc., Class A (x)\* | 4066 | 111164 |  |
|  HubSpot, Inc.\* | 3726 | 1077298 |  |
|  Informatica, Inc., Class A (x)\* | 540 | 8797 |  |
|  Intuit, Inc. | 45133 | 17566666 |  |
|  Jamf Holding Corp.\* | 4959 | 105627 |  |
|  Manhattan Associates, Inc.\* | 3202 | 388723 |  |
|  Microsoft Corp. | 924531 | 221721024 |  |
|  Monday.com Ltd. (x)\* | 4170 | 508740 |  |
|  nCino, Inc.\* | 964 | 25488 |  |
|  NCR Corp.\* | 571 | 13367 |  |
|  New Relic, Inc.\* | 4171 | 235453 |  |
|  Nutanix, Inc., Class A\* | 9482 | 247006 |  |
|  Oracle Corp. | 281098 | 22976951 |  |
|  Palantir Technologies, Inc., Class A\* | 149336 | 958737 |  |
|  Palo Alto Networks, Inc.\* | 24098 | 3362635 |  |
|  Paycom Software, Inc.\* | 4213 | 1307336 |  |
|  Paylocity Holding Corp.\* | 3269 | 635036 |  |
|  Pegasystems, Inc. | 3599 | 123230 |  |
|  Procore Technologies, Inc.\* | 4209 | 198581 |  |
|  PTC, Inc.\* | 8586 | 1030664 |  |
|  RingCentral, Inc., Class A\* | 6827 | 241676 |  |
|  Roper Technologies, Inc. | 10415 | 4500217 |  |
|  Salesforce, Inc.\* | 152212 | 20181789 |  |
|  SentinelOne, Inc., Class A (x)\* | 72458 | 1057162 |  |
|  ServiceNow, Inc.\* | 54651 | 21219344 |  |
|  Smartsheet, Inc., Class A\* | 9980 | 392813 |  |
|  Splunk, Inc.\* | 13238 | 1139659 |  |
|  Synopsys, Inc.\* | 12501 | 3991444 |  |
|  Teradata Corp.\* | 4883 | 164362 |  |
|  Tyler Technologies, Inc.\* | 2942 | 948530 |  |
|  UiPath, Inc., Class A\* | 2967 | 37711 |  |
|  Unity Software, Inc. (x)\* | 13721 | 392283 |  |
|  VMware, Inc., Class A\* | 8508 | 1044442 |  |
|  Workday, Inc., Class A\* | 59600 | 9972868 |  |
|  Zoom Video Communications, Inc., Class A\* | 10328 | 699619 |  |
|  Zscaler, Inc.\* | 6871 | 768865 |  |
|  |  | 411180630 |  |
|  ***Technology Hardware, Storage & Peripherals (5.3%)*** | ***Technology Hardware, Storage & Peripherals (5.3%)*** | ***Technology Hardware, Storage & Peripherals (5.3%)*** | **** |
|  Apple, Inc. | 1412993 | 183590180 |  |
|  Dell Technologies, Inc., Class C | 3537 | 142258 |  |
|  HP, Inc. | 37965 | 1020120 |  |
|  NetApp, Inc. | 17672 | 1061380 |  |
|  Pure Storage, Inc., Class A\* | 23459 | 627763 |  |
|  |  | 186441701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 972217354 |  |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |  |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | **** |
|  Albemarle Corp. | 4969 | 1077577 |  |
|  Axalta Coating Systems Ltd.\* | 4637 | 118105 |  |
|  CF Industries Holdings, Inc. | 16089 | 1370783 |  |
|  Chemours Co. (The) | 7561 | 231518 |  |
|  Ecolab, Inc. | 17896 | 2604942 |  |
|  FMC Corp. | 3479 | 434179 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 14328 | 24214 |  |
|  Linde plc | 8534 | 2783620 |  |
|  Mosaic Co. (The) | 3307 | 145078 |  |
|  PPG Industries, Inc. | 10303 | 1295499 |  |
|  RPM International, Inc. | 563 | 54864 |  |
|  Scotts Miracle-Gro Co. (The) | 1193 | 57968 |  |
|  Sherwin-Williams Co. (The) | 19643 | 4661873 |  |
|  Valvoline, Inc. | 14496 | 473295 |  |
|  |  | 15333515 |  |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | **** |
|  Eagle Materials, Inc. | 2561 | 340229 |  |
|  Martin Marietta Materials, Inc. | 473 | 159860 |  |
|  Vulcan Materials Co. | 5382 | 942442 |  |
|  |  | 1442531 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Ardagh Metal Packaging SA (x) | 4940 | 23761 |  |
|  Avery Dennison Corp. | 4153 | 751693 |  |
|  Ball Corp. | 10340 | 528787 |  |
|  Berry Global Group, Inc. | 4832 | 291998 |  |
|  Crown Holdings, Inc. | 8289 | 681439 |  |
|  Graphic Packaging Holding Co. | 19104 | 425064 |  |
|  Sealed Air Corp. | 12052 | 601154 |  |
|  |  | 3303896 |  |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | **** |
|  MP Materials Corp. (x)\* | 7842 | 190404 |  |
|  Royal Gold, Inc. | 368 | 41481 |  |
|  Southern Copper Corp. | 4858 | 293374 |  |
|  |  | 525259 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 430 | 25456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 20630657 |  |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.6%)*** | **** |
|  American Tower Corp. (REIT) | 29272 | 6201566 |  |

---

See Notes to Financial Statements.

1050

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  Apartment Income REIT Corp. (REIT) | 1098 | $37672 |  |
|  Camden Property Trust (REIT) | 753 | 84246 |  |
|  Crown Castle, Inc. (REIT) | 35445 | 4807760 |  |
|  Equinix, Inc. (REIT) | 5727 | 3751357 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 8956 | 578557 |  |
|  Extra Space Storage, Inc. (REIT) | 1363 | 200606 |  |
|  Iron Mountain, Inc. (REIT) | 17529 | 873821 |  |
|  Lamar Advertising Co. (REIT), Class A | 6308 | 595475 |  |
|  Public Storage (REIT) | 10152 | 2844489 |  |
|  SBA Communications Corp. (REIT) | 2002 | 561180 |  |
|  Simon Property Group, Inc. (REIT) | 13064 | 1534759 |  |
|  |  | 22071488 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 12533 | 964540 |  |
|  Opendoor Technologies, Inc. (x)\* | 8138 | 9440 |  |
|  Zillow Group, Inc., Class A\* | 307 | 9582 |  |
|  Zillow Group, Inc., Class C\* | 864 | 27829 |  |
|  |  | 1011391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 23082879 |  |
|  **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  National Fuel Gas Co. | 614 | 38866 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  AES Corp. (The) | 10382 | 298586 |  |
|  Vistra Corp. | 18340 | 425488 |  |
|  |  | 724074 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 762940 |  |
|  **Total Common Stocks (69.3%)**<br> *(Cost $1,252,226,031)* |  | 2442771983 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (20.3%)** | **Equity (20.3%)** | **Equity (20.3%)** |  |
|  iShares Core S&P 500 ETF | 2079 | 798773 |  |
|  iShares Morningstar Growth ETF‡ | 3309525 | 161107677 |  |
|  iShares Morningstar U.S. Equity ETF | 15692 | 826027 |  |
|  iShares Morningstar Value ETF | 33736 | 2133127 |  |
|  iShares Russell 1000 ETF (x) | 3225 | 678927 |  |
|  iShares Russell 1000 Growth ETF (x) | 351573 | 75321000 |  |
|  iShares S&P 500 Growth ETF (x) | 775900 | 45390150 |  |
|  SPDR Portfolio S&P 500 Growth ETF (x) | 2045500 | 103645485 |  |
|  SPDR Portfolio S&P 500 Value ETF (x) | 47800 | 1858942 |  |
|  Vanguard Growth ETF (x) | 735622 | 156768404 |  |
|  Vanguard Large-Cap ETF | 600 | 104520 |  |
|  Vanguard Russell 1000 Growth ETF (x) | 2975000 | 163982000 |  |
|  Vanguard Russell 1000 Value (x) | 29600 | 1970768 |  |
|  Vanguard Value ETF | 11700 | 1642329 |  |
|  **Total Exchange Traded Funds (20.3%)<br>(***Cost $565,644,698***)** | **Total Exchange Traded Funds (20.3%)<br>(***Cost $565,644,698***)** | 716228129 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (3.4%**) | **Investment Company (3.4%**) |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 120140108 | 120200178 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (2.0%)** | **Repurchase Agreements (2.0%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $9,926,949, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $10,120,765. (xx) | $9922319 | 9922319 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $23,820,594, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $25,914,119. (xx) | 23800000 | 23800000 |  |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $8,003,920, collateralized by various Common Stocks; total market value $8,902,777. (xx) | 8000000 | 8000000 |  |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $15,007,350, collateralized by various Common Stocks; total market value $16,692,706. (xx) | 15000000 | 15000000 |  |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $15,007,333, collateralized by various Common Stocks; total market value $16,659,701. (xx) | 15000000 | 15000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 71722319 |  |
|  **Total Short-Term Investments (5.4%)**<br> *(Cost $191,897,453)* | **Total Short-Term Investments (5.4%)**<br> *(Cost $191,897,453)* | 191922497 |  |
|  **Total Investments in Securities (95.0%)**<br> *(Cost $2,009,768,182)* | **Total Investments in Securities (95.0%)**<br> *(Cost $2,009,768,182)* | 3350922609 |  |
|  **Other Assets Less Liabilities (5.0%)** | **Other Assets Less Liabilities (5.0%)** | 175964968 |  |
|  **Net Assets (100%)** |  | $3526887577 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

See Notes to Financial Statements.

1051

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $442,713 or 0.0% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $71,825,101. This was collateralized by $1,895,175 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $71,722,319 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend<br>/Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Growth ETF | 3309525 | 227814836 | 11591963 | (4793744) | 265149 | (73770527) | 161107677 | 1190505 |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  NASDAQ 100 E-Mini Index | 313 | 3/2023 | USD | 68999285 | (4310921) |
|  S&P 500 E-Mini Index | 1452 | 3/2023 | USD | 280308600 | (8704703) |
|  |  |  |  |  | (13015624) |

---

See Notes to Financial Statements.

1052

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $230391991 | $— | $— | $230391991 |
|  Consumer Discretionary | 417945000 | 3176940 |  | 421121940 |
|  Consumer Staples | 146947747 | 4956840 |  | 151904587 |
|  Energy | 33990204 |  |  | 33990204 |
|  Financials | 65508881 |  |  | 65508881 |
|  Health Care | 345995929 | 1111142 |  | 347107071 |
|  Industrials | 172585094 | 3468385 |  | 176053479 |
|  Information Technology | 971774641 | 442713 |  | 972217354 |
|  Materials | 20630657 |  |  | 20630657 |
|  Real Estate | 23082879 |  |  | 23082879 |
|  Utilities | 762940 |  |  | 762940 |
|  **Exchange Traded Funds** | 716228129 |  |  | 716228129 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 120200178 |  |  | 120200178 |
|  Repurchase Agreements |  | 71722319 |  | 71722319 |
|  **Total Assets** | $**3266044270** | $**84878339** | $**—** | $**3350922609** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(13015624) | $— | $— | $(13015624) |
|  **Total Liabilities** | $**(13015624)** | $**—** | $**—** | $**(13015624)** |
|  **Total** | $**3253028646** | $**84878339** | $**—** | $**3337906985** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(13015624) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13015624 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(155229518) | $(155229518) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155229518) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155229518) |

---

See Notes to Financial Statements.

1053

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(20992548) | $(20992548) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20992548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20992548) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $331,606,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 21%)\* | $773642535 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 11%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125516930 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1485626687 |
|  Aggregate gross unrealized depreciation | (174787652) |
|  Net unrealized appreciation | $1310839035 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027067950 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $13,548 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1054

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $105,874,498) | $161107677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,832,171,365) | 3118092613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $71,722,319) | 71722319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 230314131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,026) | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 20594200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1326852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1210712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 104326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 38456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3604529623 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 71722319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1417486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 1400251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 851504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 780519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 752854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 402661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 12648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 6050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 295754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 77642046 |
|  **NET ASSETS** | $3526887577 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2338395791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1188491786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3526887577 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $57,798,771 / 2,379,402 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.29 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $3,428,797,359 / 148,978,030 shares outstanding (unlimited amount authorized: $0.01 par value) | $23.02 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $40,291,447 / 1,650,150 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.42 |

---

*(x)* *Includes value of securities on loan of $71,825,101.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,190,505 of dividend income received from affiliates) (net of $256,298 foreign withholding tax) | $33897490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3037805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 527819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 37463114 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 19029313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 10210587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5170872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 284700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 169936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 168374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 159605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 142912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 129711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 35466010 |
|  **NET INVESTMENT INCOME (LOSS)** | 1997104 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($265,149 realized gain (loss) from affiliates) | 312333111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (155229518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 26683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 157130276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(73770527) of change in unrealized appreciation (depreciation) from affiliates) | (1796550516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (20992548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1817546775) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1660416499) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1658419395) |

---

See Notes to Financial Statements.

1055

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1997104 | $(8610553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 157130276 | 1654304233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1817546775) | (374184879) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (1658419395) | 1271508801 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (7646025) | (19642440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (480009317) | (1268598730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (5630908) | (23840576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (493286250) | (1312081746) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 79,851 and 62,479 shares, respectively ] | 2602254 | 2820018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 297,389 and 489,016 shares, respectively ] | 7646025 | 19642440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (188627) and (205979) shares, respectively ] | (5931126) | (9340178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 4317153 | 13122280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,532,102 and 630,666 shares, respectively ] | 44470938 | 27054861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 19,683,260 and 33,084,258 shares, respectively ] | 480009317 | 1268598730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14838264) and (15830951) shares, respectively ] | (434822555) | (693044780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 89657700 | 602608811 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 40,671 and 116,069 shares, respectively ] | 1275561 | 5404012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 217,535 and 562,185 shares, respectively ] | 5630908 | 23840576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (248697) and (11812070) shares, respectively ] | (7552674) | (585895871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (646205) | (556651283) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 93328648 | 59079808 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2058376997) | 18506863 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5585264574 | 5566757711 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3526887577 | $5585264574 |

---

See Notes to Financial Statements.

1056

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $39.93 | $41.27 | $36.07 | $29.30 | $33.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | (0.08) | 0.02 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (12.09) | 10.01 | 11.26 | 9.67 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (12.08) | 9.93 | 11.28 | 9.81 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  | (0.03) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.54) | (11.27) | (6.05) | (2.89) | (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.56) | (11.27) | (6.08) | (3.04) | (3.11) |
|  Net asset value, end of year | $24.29 | $39.93 | $41.27 | $36.07 | $29.30 |
|  Total return | (30.58)% | 24.38% | 32.00% | 33.73% | (2.96)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $57799 | $87478 | $76155 | $61670 | $49705 |
|  Ratio of expenses to average net assets (f) | 0.85% | 0.82% | 0.84% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.05% | (0.17)% | 0.06% | 0.41% | 0.49% |
|  Portfolio turnover rate^ | 20% | 29% | 20% | 17% | 20% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $38.09 | $39.79 | $34.95 | $28.46 | $32.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | (0.07) | 0.02 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (11.52) | 9.64 | 10.90 | 9.39 | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (11.51) | 9.57 | 10.92 | 9.53 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  | (0.03) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.54) | (11.27) | (6.05) | (2.89) | (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.56) | (11.27) | (6.08) | (3.04) | (3.11) |
|  Net asset value, end of year | $23.02 | $38.09 | $39.79 | $34.95 | $28.46 |
|  Total return | (30.57)% | 24.38% | 31.99% | 33.74% | (2.97)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695987 |
|  Ratio of expenses to average net assets (f) | 0.85% | 0.82% | 0.84% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.04% | (0.17)% | 0.06% | 0.41% | 0.48% |
|  Portfolio turnover rate^ | 20% | 29% | 20% | 17% | 20% |

---

See Notes to Financial Statements.

1057

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP GROWTH MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $40.11 | $41.32 | $36.09 | $29.31 | $33.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.03 | 0.13 | 0.23 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (12.15) | 10.03 | 11.28 | 9.67 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (12.06) | 10.06 | 11.41 | 9.90 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) |  | (0.13) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (3.54) | (11.27) | (6.05) | (2.89) | (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.63) | (11.27) | (6.18) | (3.12) | (3.20) |
|  Net asset value, end of year | $24.42 | $40.11 | $41.32 | $36.09 | $29.31 |
|  Total return | (30.39)% | 24.66 | 32.34% | 34.04% | (2.71)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609544 |
|  Ratio of expenses to average net assets (f) | 0.60% | 0.57 | 0.59% | 0.60% | 0.59% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.30% | 0.06 | 0.33% | 0.66% | 0.74% |
|  Portfolio turnover rate^ | 20% | 29 | 20% | 17% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1058

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**EQ/LARGE CAP VALUE INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g01n70.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (8.20)% | 5.95% | 9.55 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (8.16) | 5.95 | 9.55 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (8.02) | 6.21 | 9.77 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; *\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses, for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses, for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses, for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses, for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (8.16)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sectors that contributed the most to performance were Energy, Health Care and Consumer Staples.

• The stocks that contributed most to performance were ExxonMobil Corp., Chevron Corp., Merck & Co., Inc., ConocoPhillips
Co. and Schlumberger NV.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Communication Services, Financials, Real Estate and
Consumer Discretionary.

• The stocks that detracted most from performance were The Walt Disney Co., Meta Platforms, Inc., Intel Corp., Salesforce,
Inc. and Bank of America Corp.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 19.9% |
| &nbsp;&nbsp;&nbsp; Health Care | 17.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.4 |
| &nbsp;&nbsp;&nbsp; Energy | 8.4 |
| &nbsp;&nbsp;&nbsp; Information Technology | 8.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 7.3 |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.9 |
| &nbsp;&nbsp;&nbsp; Utilities | 5.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 4.4 |
| &nbsp;&nbsp;&nbsp; Materials | 4.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.4 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.5 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

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**EQ/LARGE CAP VALUE INDEX PORTFOLIO (Unaudited)** 

in the first line under the heading entitled ''Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1056.90 | $3.85 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.46 | 3.78 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1057.00 | 3.85 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.46 | 3.78 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1057.50 | 2.55 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.72 | 2.51 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.74%, 0.74% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.74%, 0.74% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.74%, 0.74% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.74%, 0.74% and 0.49%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.2%)** | **Communication Services (7.2%)** | **Communication Services (7.2%)** |  |
|  ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | **** |
|  AT&T, Inc. | 296441 | $5457479 |  |
|  Frontier Communications Parent, Inc.\* | 10129 | 258087 |  |
|  Lumen Technologies, Inc. | 42488 | 221787 |  |
|  Verizon Communications, Inc. | 174023 | 6856506 |  |
|  |  | 12793859 |  |
|  ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | ***Entertainment (1.9%)*** | **** |
|  Activision Blizzard, Inc. | 32153 | 2461312 |  |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 21373 | 86988 |  |
|  Electronic Arts, Inc. | 10754 | 1313924 |  |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 772 | 41248 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 7370 | 440578 |  |
|  Live Nation Entertainment, Inc.\* | 3225 | 224911 |  |
|  Madison Square Garden Sports Corp., Class A | 390 | 71499 |  |
|  Netflix, Inc.\* | 9951 | 2934351 |  |
|  Playtika Holding Corp.\* | 322 | 2740 |  |
|  Roku, Inc.\* | 3611 | 146968 |  |
|  Take-Two Interactive Software, Inc.\* | 1162 | 120999 |  |
|  Walt Disney Co. (The)\* | 70386 | 6115136 |  |
|  Warner Bros Discovery, Inc.\* | 25958 | 246082 |  |
|  |  | 14206736 |  |
|  ***Interactive Media & Services (1.9%)*** | ***Interactive Media & Services (1.9%)*** | ***Interactive Media & Services (1.9%)*** | **** |
|  Alphabet, Inc., Class A\* | 32377 | 2856623 |  |
|  Alphabet, Inc., Class C\* | 28713 | 2547705 |  |
|  IAC, Inc.\* | 3178 | 141103 |  |
|  Match Group, Inc.\* | 726 | 30122 |  |
|  Meta Platforms, Inc., Class A\* | 73255 | 8815507 |  |
|  Pinterest, Inc., Class A\* | 19004 | 461417 |  |
|  TripAdvisor, Inc.\* | 3881 | 69780 |  |
|  |  | 14922257 |  |
|  ***Media (1.3%)*** | ***Media (1.3%)*** | ***Media (1.3%)*** | **** |
|  Altice USA, Inc., Class A\* | 8652 | 39799 |  |
|  Cable One, Inc. | 92 | 65491 |  |
|  Comcast Corp., Class A | 177619 | 6211336 |  |
|  DISH Network Corp., Class A (x)\* | 10362 | 145483 |  |
|  Fox Corp., Class A | 12290 | 373247 |  |
|  Fox Corp., Class B | 5890 | 167571 |  |
|  Interpublic Group of Cos., Inc. (The) | 16049 | 534592 |  |
|  Liberty Broadband Corp., Class A\* | 386 | 29278 |  |
|  Liberty Broadband Corp., Class C\* | 2638 | 201200 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 2241 | 88094 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 4621 | 180820 |  |
|  New York Times Co. (The), Class A | 6716 | 218001 |  |
|  News Corp., Class A | 15710 | 285922 |  |
|  News Corp., Class B | 4894 | 90245 |  |
|  Nexstar Media Group, Inc., Class A | 1362 | 238391 |  |
|  Omnicom Group, Inc. | 8416 | 686493 |  |
|  Paramount Global, Class A (x) | 379 | 7432 |  |
|  Paramount Global, Class B (x) | 23853 | 402639 |  |
|  Sirius XM Holdings, Inc. (x) | 29022 | 169489 |  |
|  |  | 10135523 |  |
|  ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | ***Wireless Telecommunication Services (0.4%)*** | **** |
|  T-Mobile US, Inc.\* | 24666 | 3453240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 55511615 |  |
|  **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** | **Consumer Discretionary (5.9%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Aptiv plc\* | 8376 | 780057 |  |
|  BorgWarner, Inc. | 9652 | 388493 |  |
|  Gentex Corp. | 9716 | 264955 |  |
|  Lear Corp. | 2433 | 301741 |  |
|  QuantumScape Corp. (x)\* | 10661 | 60448 |  |
|  |  | 1795694 |  |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | **** |
|  Ford Motor Co. | 163155 | 1897493 |  |
|  General Motors Co. | 58652 | 1973053 |  |
|  Harley-Davidson, Inc. | 5563 | 231421 |  |
|  Lucid Group, Inc. (x)\* | 1341 | 9159 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 21493 | 396116 |  |
|  Thor Industries, Inc. (x) | 2135 | 161171 |  |
|  |  | 4668413 |  |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | **** |
|  Genuine Parts Co. | 5278 | 915786 |  |
|  LKQ Corp. | 10339 | 552206 |  |
|  |  | 1467992 |  |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | **** |
|  ADT, Inc. | 8643 | 78392 |  |
|  Bright Horizons Family Solutions, Inc.\* | 1708 | 107775 |  |
|  Grand Canyon Education, Inc.\* | 1268 | 133977 |  |
|  H&R Block, Inc. | 1118 | 40818 |  |
|  Mister Car Wash, Inc. (x)\* | 903 | 8335 |  |
|  Service Corp. International | 6186 | 427700 |  |
|  |  | 796997 |  |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | **** |
|  Aramark | 9587 | 396327 |  |
|  Boyd Gaming Corp. | 3157 | 172151 |  |
|  Caesars Entertainment, Inc.\* | 2664 | 110822 |  |
|  Carnival Corp. (x)\* | 40347 | 325197 |  |
|  Darden Restaurants, Inc. | 1367 | 189097 |  |
|  Domino's Pizza, Inc. | 392 | 135789 |  |
|  Hilton Worldwide Holdings, Inc. | 3053 | 385777 |  |
|  Hyatt Hotels Corp., Class A\* | 1958 | 177101 |  |
|  Las Vegas Sands Corp.\* | 8578 | 412345 |  |
|  Marriott Vacations Worldwide Corp. | 1546 | 208076 |  |
|  McDonald's Corp. | 23163 | 6104145 |  |
|  MGM Resorts International | 13266 | 444809 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 16016 | 196036 |  |
|  Penn Entertainment, Inc.\* | 6388 | 189724 |  |
|  Planet Fitness, Inc., Class A\* | 908 | 71550 |  |
|  Royal Caribbean Cruises Ltd.\* | 9110 | 450307 |  |
|  Six Flags Entertainment Corp.\* | 1537 | 35735 |  |
|  Starbucks Corp. | 30385 | 3014192 |  |
|  Travel + Leisure Co. | 927 | 33743 |  |
|  Vail Resorts, Inc. | 90 | 21452 |  |
|  Wyndham Hotels & Resorts, Inc. | 1098 | 78298 |  |
|  Wynn Resorts Ltd.\* | 3767 | 310665 |  |
|  Yum! Brands, Inc. | 10324 | 1322298 |  |
|  |  | 14785636 |  |

---

See Notes to Financial Statements.

1061

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | ***Household Durables (0.5%)*** | **** |
|  DR Horton, Inc. | 6213 | $553827 |  |
|  Garmin Ltd. | 6376 | 588441 |  |
|  Leggett & Platt, Inc. | 5502 | 177329 |  |
|  Lennar Corp., Class A | 10373 | 938757 |  |
|  Lennar Corp., Class B | 612 | 45765 |  |
|  Mohawk Industries, Inc.\* | 2175 | 222328 |  |
|  Newell Brands, Inc. | 15612 | 204205 |  |
|  NVR, Inc.\* | 34 | 156828 |  |
|  PulteGroup, Inc. | 5709 | 259931 |  |
|  Tempur Sealy International, Inc. | 6949 | 238559 |  |
|  Toll Brothers, Inc. | 2116 | 105631 |  |
|  TopBuild Corp.\* | 206 | 32237 |  |
|  Whirlpool Corp. | 2206 | 312061 |  |
|  |  | 3835899 |  |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  DoorDash, Inc., Class A\* | 1189 | 58047 |  |
|  eBay, Inc. | 19541 | 810365 |  |
|  Wayfair, Inc., Class A (x)\* | 1190 | 39139 |  |
|  |  | 907551 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Brunswick Corp. | 2468 | 177894 |  |
|  Hasbro, Inc. | 5434 | 331528 |  |
|  Mattel, Inc.\* | 7530 | 134335 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 12745 | 101195 |  |
|  Polaris, Inc. | 589 | 59489 |  |
|  |  | 804441 |  |
|  ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | **** |
|  Dollar Tree, Inc.\* | 6065 | 857834 |  |
|  Kohl's Corp. | 4800 | 121200 |  |
|  Macy's, Inc. | 11145 | 230144 |  |
|  Nordstrom, Inc. (x) | 671 | 10830 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 2449 | 114711 |  |
|  Target Corp. | 8609 | 1283085 |  |
|  |  | 2617804 |  |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | **** |
|  Advance Auto Parts, Inc. | 2289 | 336552 |  |
|  AutoNation, Inc.\* | 1394 | 149576 |  |
|  AutoZone, Inc.\* | 72 | 177565 |  |
|  Bath & Body Works, Inc. | 9462 | 398729 |  |
|  Best Buy Co., Inc. | 5712 | 458160 |  |
|  Burlington Stores, Inc.\* | 172 | 34875 |  |
|  CarMax, Inc.\* | 5772 | 351457 |  |
|  Dick's Sporting Goods, Inc. | 2198 | 264397 |  |
|  GameStop Corp., Class A (x)\* | 11102 | 204943 |  |
|  Gap, Inc. (The) | 8044 | 90736 |  |
|  Home Depot, Inc. (The) | 17968 | 5675372 |  |
|  Leslie's, Inc.\* | 721 | 8803 |  |
|  Lithia Motors, Inc., Class A | 1121 | 229514 |  |
|  Lowe's Cos., Inc. | 3522 | 701723 |  |
|  O'Reilly Automotive, Inc.\* | 1519 | 1282082 |  |
|  Penske Automotive Group, Inc. | 1067 | 122630 |  |
|  Petco Health & Wellness Co., Inc.\* | 3328 | 31549 |  |
|  RH\* | 492 | 131457 |  |
|  Ross Stores, Inc. | 8124 | 942953 |  |
|  Victoria's Secret & Co.\* | 956 | 34206 |  |
|  Williams-Sonoma, Inc. | 573 | 65849 |  |
|  |  | 11693128 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Capri Holdings Ltd.\* | 5193 | 297663 |  |
|  Carter's, Inc. | 1543 | 115123 |  |
|  Columbia Sportswear Co. | 1489 | 130406 |  |
|  Deckers Outdoor Corp.\* | 127 | 50693 |  |
|  Hanesbrands, Inc. | 14413 | 91667 |  |
|  PVH Corp. | 2683 | 189393 |  |
|  Ralph Lauren Corp. | 1676 | 177103 |  |
|  Skechers USA, Inc., Class A\* | 4697 | 197039 |  |
|  Tapestry, Inc. | 8662 | 329849 |  |
|  Under Armour, Inc., Class A\* | 7792 | 79167 |  |
|  Under Armour, Inc., Class C\* | 8160 | 72787 |  |
|  VF Corp. | 14459 | 399213 |  |
|  |  | 2130103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 45503658 |  |
|  **Consumer Staples (7.3%)** | **Consumer Staples (7.3%)** | **Consumer Staples (7.3%)** |  |
|  ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | ***Beverages (1.0%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 20 | 6590 |  |
|  Brown-Forman Corp., Class A | 775 | 50964 |  |
|  Brown-Forman Corp., Class B | 3127 | 205381 |  |
|  Coca-Cola Co. (The) | 40416 | 2570862 |  |
|  Constellation Brands, Inc., Class A | 6269 | 1452841 |  |
|  Keurig Dr Pepper, Inc. | 35480 | 1265217 |  |
|  Molson Coors Beverage Co., Class B | 7239 | 372953 |  |
|  Monster Beverage Corp.\* | 1136 | 115338 |  |
|  PepsiCo, Inc. | 8872 | 1602816 |  |
|  |  | 7642962 |  |
|  ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | **** |
|  Albertsons Cos., Inc., Class A | 6960 | 144350 |  |
|  BJ's Wholesale Club Holdings, Inc.\* | 2045 | 135297 |  |
|  Casey's General Stores, Inc. | 1533 | 343929 |  |
|  Grocery Outlet Holding Corp.\* | 3378 | 98604 |  |
|  Kroger Co. (The) | 27126 | 1209277 |  |
|  Performance Food Group Co.\* | 4346 | 253763 |  |
|  US Foods Holding Corp.\* | 8346 | 283931 |  |
|  Walgreens Boots Alliance, Inc. | 29681 | 1108882 |  |
|  Walmart, Inc. | 58852 | 8344625 |  |
|  |  | 11922658 |  |
|  ***Food Products (2.0%)*** | ***Food Products (2.0%)*** | ***Food Products (2.0%)*** | **** |
|  Archer-Daniels-Midland Co. | 22627 | 2100917 |  |
|  Bunge Ltd. | 5721 | 570784 |  |
|  Campbell Soup Co. | 8017 | 454965 |  |
|  Conagra Brands, Inc. | 19470 | 753489 |  |
|  Darling Ingredients, Inc.\* | 6160 | 385554 |  |
|  Flowers Foods, Inc. | 7751 | 222764 |  |
|  Freshpet, Inc.\* | 829 | 43746 |  |
|  General Mills, Inc. | 24658 | 2067573 |  |
|  Hershey Co. (The) | 803 | 185951 |  |
|  Hormel Foods Corp. | 11858 | 540132 |  |
|  Ingredion, Inc. | 2710 | 265390 |  |
|  J M Smucker Co. (The) | 4264 | 675674 |  |
|  Kellogg Co. | 4767 | 339601 |  |
|  Kraft Heinz Co. (The) | 28914 | 1177089 |  |
|  McCormick & Co., Inc. (Non-Voting) | 10369 | 859487 |  |
|  Mondelez International, Inc., Class A | 56449 | 3762326 |  |
|  Pilgrim's Pride Corp.\* | 922 | 21879 |  |
|  Post Holdings, Inc.\* | 2262 | 204168 |  |
|  Seaboard Corp. | 10 | 37752 |  |
|  Tyson Foods, Inc., Class A | 11783 | 733492 |  |
|  |  | 15402733 |  |

---

See Notes to Financial Statements.

1062

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | ***Household Products (1.4%)*** | **** |
|  Church & Dwight Co., Inc. | 5494 | $442871 |  |
|  Clorox Co. (The) | 872 | 122368 |  |
|  Colgate-Palmolive Co. | 13196 | 1039713 |  |
|  Kimberly-Clark Corp. | 5668 | 769431 |  |
|  Procter & Gamble Co. (The) | 56100 | 8502516 |  |
|  Reynolds Consumer Products, Inc. | 2246 | 67335 |  |
|  Spectrum Brands Holdings, Inc. | 1648 | 100396 |  |
|  |  | 11044630 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Coty, Inc., Class A\* | 14532 | 124394 |  |
|  ***Tobacco (1.3%)*** | ***Tobacco (1.3%)*** | ***Tobacco (1.3%)*** | **** |
|  Altria Group, Inc. | 74228 | 3392962 |  |
|  Philip Morris International, Inc. | 64159 | 6493532 |  |
|  |  | 9886494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 56023871 |  |
|  **Energy (8.4%)** | **Energy (8.4%)** | **Energy (8.4%)** |  |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | **** |
|  Baker Hughes Co. | 38959 | 1150459 |  |
|  Halliburton Co. | 20331 | 800025 |  |
|  NOV, Inc. | 16186 | 338126 |  |
|  Schlumberger Ltd. | 58475 | 3126073 |  |
|  |  | 5414683 |  |
|  ***Oil, Gas & Consumable Fuels (7.7%)*** | ***Oil, Gas & Consumable Fuels (7.7%)*** | ***Oil, Gas & Consumable Fuels (7.7%)*** | **** |
|  Antero Midstream Corp. | 13905 | 150035 |  |
|  Antero Resources Corp.\* | 4093 | 126842 |  |
|  APA Corp. | 13250 | 618510 |  |
|  Cheniere Energy, Inc. | 4376 | 656225 |  |
|  Chesapeake Energy Corp. (x) | 5009 | 472699 |  |
|  Chevron Corp. | 80077 | 14373021 |  |
|  ConocoPhillips | 51607 | 6089626 |  |
|  Coterra Energy, Inc. | 27170 | 667567 |  |
|  Devon Energy Corp. | 13750 | 845763 |  |
|  Diamondback Energy, Inc. | 3116 | 426206 |  |
|  DT Midstream, Inc. | 4008 | 221482 |  |
|  EOG Resources, Inc. | 6513 | 843564 |  |
|  EQT Corp. | 15242 | 515637 |  |
|  Exxon Mobil Corp. | 170627 | 18820158 |  |
|  Hess Corp. | 2528 | 358521 |  |
|  HF Sinclair Corp. | 5579 | 289494 |  |
|  Kinder Morgan, Inc. | 82217 | 1486483 |  |
|  Marathon Oil Corp. | 26185 | 708828 |  |
|  Marathon Petroleum Corp. | 19369 | 2254358 |  |
|  Occidental Petroleum Corp. | 5716 | 360051 |  |
|  ONEOK, Inc. | 16311 | 1071633 |  |
|  Ovintiv, Inc. | 2965 | 150355 |  |
|  PDC Energy, Inc. | 1685 | 106964 |  |
|  Phillips 66 | 19558 | 2035597 |  |
|  Pioneer Natural Resources Co. | 4426 | 1010854 |  |
|  Range Resources Corp. | 3311 | 82841 |  |
|  Southwestern Energy Co.\* | 42274 | 247303 |  |
|  Valero Energy Corp. | 15920 | 2019611 |  |
|  Williams Cos., Inc. (The) | 50390 | 1657831 |  |
|  |  | 58668059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 64082742 |  |
|  **Financials (19.9%)** | **Financials (19.9%)** | **Financials (19.9%)** |  |
|  ***Banks (7.2%)*** | ***Banks (7.2%)*** | ***Banks (7.2%)*** | **** |
|  Bank of America Corp. | 290798 | 9631230 |  |
|  Bank of Hawaii Corp. | 1635 | 126811 |  |
|  Bank OZK | 4624 | 185237 |  |
|  BOK Financial Corp. | 1200 | 124548 |  |
|  Citigroup, Inc. | 80146 | 3625004 |  |
|  Citizens Financial Group, Inc. | 20196 | 795116 |  |
|  Comerica, Inc. | 5402 | 361124 |  |
|  Commerce Bancshares, Inc. | 4732 | 322107 |  |
|  Cullen/Frost Bankers, Inc. | 2412 | 322484 |  |
|  East West Bancorp, Inc. | 5848 | 385383 |  |
|  Fifth Third Bancorp | 28183 | 924684 |  |
|  First Citizens BancShares, Inc., Class A | 342 | 259359 |  |
|  First Hawaiian, Inc. | 5282 | 137543 |  |
|  First Horizon Corp. | 21885 | 536182 |  |
|  First Republic Bank | 7521 | 916735 |  |
|  FNB Corp. | 14431 | 188325 |  |
|  Huntington Bancshares, Inc. | 59361 | 836990 |  |
|  JPMorgan Chase & Co. | 120768 | 16194989 |  |
|  KeyCorp | 38432 | 669485 |  |
|  M&T Bank Corp. | 7111 | 1031522 |  |
|  PacWest Bancorp | 4806 | 110298 |  |
|  Pinnacle Financial Partners, Inc. | 3099 | 227467 |  |
|  PNC Financial Services Group, Inc. (The) | 16667 | 2632386 |  |
|  Popular, Inc. | 2946 | 195379 |  |
|  Prosperity Bancshares, Inc. | 3621 | 263174 |  |
|  Regions Financial Corp. | 38662 | 833553 |  |
|  Signature Bank | 2432 | 280215 |  |
|  SVB Financial Group\* | 879 | 202293 |  |
|  Synovus Financial Corp. | 5954 | 223573 |  |
|  Truist Financial Corp. | 55034 | 2368113 |  |
|  Umpqua Holdings Corp. | 8935 | 159490 |  |
|  US Bancorp | 55555 | 2422753 |  |
|  Webster Financial Corp. | 7147 | 338339 |  |
|  Wells Fargo & Co. | 157025 | 6483562 |  |
|  Western Alliance Bancorp | 1696 | 101014 |  |
|  Wintrust Financial Corp. | 2478 | 209441 |  |
|  Zions Bancorp NA | 6088 | 299286 |  |
|  |  | 54925194 |  |
|  ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | **** |
|  Affiliated Managers Group, Inc. | 1546 | 244933 |  |
|  Ameriprise Financial, Inc. | 1592 | 495701 |  |
|  Bank of New York Mellon Corp. (The) | 30388 | 1383262 |  |
|  BlackRock, Inc. | 6213 | 4402718 |  |
|  Carlyle Group, Inc. (The) | 8562 | 255490 |  |
|  Cboe Global Markets, Inc. | 4379 | 549433 |  |
|  Charles Schwab Corp. (The) | 28005 | 2331696 |  |
|  CME Group, Inc. | 14847 | 2496671 |  |
|  Coinbase Global, Inc., Class A (x)\* | 6604 | 233716 |  |
|  Evercore, Inc., Class A | 1508 | 164493 |  |
|  Franklin Resources, Inc. | 11801 | 311310 |  |
|  Goldman Sachs Group, Inc. (The) | 13580 | 4663100 |  |
|  Interactive Brokers Group, Inc., Class A | 3840 | 277824 |  |
|  Intercontinental Exchange, Inc. | 22844 | 2343566 |  |
|  Invesco Ltd. | 15442 | 277802 |  |
|  Janus Henderson Group plc | 5624 | 132276 |  |
|  Jefferies Financial Group, Inc. | 8284 | 283976 |  |
|  KKR & Co., Inc. | 23659 | 1098251 |  |

---

See Notes to Financial Statements.

1063

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Lazard Ltd., Class A | 3423 | $| 118675 |  |
|  Moody's Corp. | 377 |  | 105040 |  |
|  Morgan Stanley | 51044 |  | 4339761 |  |
|  Morningstar, Inc. | 97 |  | 21009 |  |
|  MSCI, Inc. | 794 |  | 369345 |  |
|  Nasdaq, Inc. | 14222 |  | 872520 |  |
|  Northern Trust Corp. | 8502 |  | 752342 |  |
|  Raymond James Financial, Inc. | 7406 |  | 791331 |  |
|  Robinhood Markets, Inc., Class A (x)\* | 23242 |  | 189190 |  |
|  S&P Global, Inc. | 13479 |  | 4514656 |  |
|  SEI Investments Co. | 4253 |  | 247950 |  |
|  State Street Corp. | 15177 |  | 1177280 |  |
|  Stifel Financial Corp. | 4272 |  | 249357 |  |
| T. Rowe Price Group, Inc. | 9101 |  | 992555 |  |
|  Tradeweb Markets, Inc., Class A | 1639 |  | 106420 |  |
|  Virtu Financial, Inc., Class A | 3901 |  | 79619 |  |
|  |  |  | 36873268 |  |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | **** |
|  Ally Financial, Inc. | 12340 |  | 301713 |  |
|  American Express Co. | 23356 |  | 3450849 |  |
|  Capital One Financial Corp. | 15754 |  | 1464492 |  |
|  Credit Acceptance Corp. (x)\* | 250 |  | 118600 |  |
|  Discover Financial Services | 11288 |  | 1104305 |  |
|  OneMain Holdings, Inc. | 4747 |  | 158123 |  |
|  SLM Corp. | 10342 |  | 171677 |  |
|  SoFi Technologies, Inc. (x)\* | 33317 |  | 153591 |  |
|  Synchrony Financial | 18570 |  | 610210 |  |
|  Upstart Holdings, Inc. (x)\* | 2359 |  | 31186 |  |
|  |  |  | 7564746 |  |
|  ***Diversified Financial Services (3.1%)*** | ***Diversified Financial Services (3.1%)*** | ***Diversified Financial Services (3.1%)*** | ***Diversified Financial Services (3.1%)*** | **** |
|  Apollo Global Management, Inc. | 4761 |  | 303704 |  |
|  Berkshire Hathaway, Inc., Class B\* | 74699 |  | 23074521 |  |
|  Corebridge Financial, Inc. (x) | 3316 |  | 66519 |  |
|  Equitable Holdings, Inc.‡ | 15244 |  | 437503 |  |
|  Voya Financial, Inc. (x) | 4025 |  | 247497 |  |
|  |  |  | 24129744 |  |
|  ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | ***Insurance (3.6%)*** | **** |
|  Aflac, Inc. | 25508 |  | 1835046 |  |
|  Allstate Corp. (The) | 10935 |  | 1482786 |  |
|  American Financial Group, Inc. | 2783 |  | 382050 |  |
|  American International Group, Inc. | 30760 |  | 1945262 |  |
|  Aon plc, Class A | 492 |  | 147669 |  |
|  Arch Capital Group Ltd.\* | 9889 |  | 620831 |  |
|  Arthur J Gallagher & Co. | 7626 |  | 1437806 |  |
|  Assurant, Inc. | 2066 |  | 258374 |  |
|  Assured Guaranty Ltd. | 2382 |  | 148303 |  |
|  Axis Capital Holdings Ltd. | 3218 |  | 174319 |  |
|  Brighthouse Financial, Inc.\* | 2838 |  | 145504 |  |
|  Brown & Brown, Inc. | 9034 |  | 514667 |  |
|  Chubb Ltd. | 17206 |  | 3795644 |  |
|  Cincinnati Financial Corp. | 6341 |  | 649255 |  |
|  CNA Financial Corp. | 1128 |  | 47692 |  |
|  Erie Indemnity Co., Class A | 270 |  | 67154 |  |
|  Everest Re Group Ltd. | 1112 |  | 368372 |  |
|  F&G Annuities & Life, Inc.\* | 742 |  | 14847 |  |
|  Fidelity National Financial, Inc. | 10743 |  | 404152 |  |
|  First American Financial Corp. | 4172 |  | 218363 |  |
|  Globe Life, Inc. | 3698 |  | 445794 |  |
|  Hanover Insurance Group, Inc. (The) | 1464 |  | 197830 |  |
|  Hartford Financial Services Group, Inc. (The) | 13133 |  | 995875 |  |
|  Kemper Corp. | 2627 |  | 129248 |  |
|  Lincoln National Corp. | 5564 |  | 170926 |  |
|  Loews Corp. | 8125 |  | 473931 |  |
|  Markel Corp.\* | 426 |  | 561251 |  |
|  Marsh & McLennan Cos., Inc. | 2194 |  | 363063 |  |
|  MetLife, Inc. | 27345 |  | 1978958 |  |
|  Old Republic International Corp. | 11546 |  | 278836 |  |
|  Primerica, Inc. | 1516 |  | 214999 |  |
|  Principal Financial Group, Inc. | 10016 |  | 840543 |  |
|  Progressive Corp. (The) | 3142 |  | 407549 |  |
|  Prudential Financial, Inc. | 15234 |  | 1515174 |  |
|  Reinsurance Group of America, Inc. | 2763 |  | 392595 |  |
|  RenaissanceRe Holdings Ltd. | 806 |  | 148489 |  |
|  Travelers Cos., Inc. (The) | 9682 |  | 1815278 |  |
|  Unum Group | 8194 |  | 336200 |  |
|  W R Berkley Corp. | 8515 |  | 617934 |  |
|  White Mountains Insurance Group Ltd. | 103 |  | 145676 |  |
|  Willis Towers Watson plc | 4453 |  | 1089115 |  |
|  |  |  | 27777360 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | **** |
|  AGNC Investment Corp. (REIT) (x) | 23594 |  | 244198 |  |
|  Annaly Capital Management, Inc. (REIT) (x) | 19330 |  | 407476 |  |
|  Rithm Capital Corp. (REIT) | 17903 |  | 146268 |  |
|  Starwood Property Trust, Inc. (REIT) | 12079 |  | 221408 |  |
|  |  |  | 1019350 |  |
|  ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | **** |
|  MGIC Investment Corp. | 12213 |  | 158769 |  |
|  New York Community Bancorp, Inc. | 27680 |  | 238048 |  |
|  Rocket Cos., Inc., Class A (x) | 2069 |  | 14483 |  |
|  TFS Financial Corp. | 2071 |  | 29843 |  |
|  UWM Holdings Corp. (x) | 353 |  | 1169 |  |
|  |  |  | 442312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 152731974 |  |
|  **Health Care (17.2%)** | **Health Care (17.2%)** | **Health Care (17.2%)** | **Health Care (17.2%)** |  |
|  ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | ***Biotechnology (1.8%)*** | **** |
|  Amgen, Inc. | 3537 |  | 928958 |  |
|  Biogen, Inc.\* | 5930 |  | 1642136 |  |
|  BioMarin Pharmaceutical, Inc.\* | 7633 |  | 789939 |  |
|  Exact Sciences Corp.\* | 5921 |  | 293149 |  |
|  Exelixis, Inc.\* | 1751 |  | 28086 |  |
|  Gilead Sciences, Inc. | 51974 |  | 4461968 |  |
|  Horizon Therapeutics plc\* | 641 |  | 72946 |  |
|  Incyte Corp.\* | 1019 |  | 81846 |  |
|  Ionis Pharmaceuticals, Inc.\* | 473 |  | 17865 |  |
|  Mirati Therapeutics, Inc.\* | 1845 |  | 83597 |  |
|  Moderna, Inc.\* | 12913 |  | 2319433 |  |
|  Natera, Inc.\* | 287 |  | 11529 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 3665 |  | 2644261 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 610 |  | 28261 |  |
|  United Therapeutics Corp.\* | 1845 |  | 513076 |  |
|  Vertex Pharmaceuticals, Inc.\* | 593 |  | 171246 |  |
|  |  |  | 14088296 |  |

---

See Notes to Financial Statements.

1064

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Health Care Equipment & Supplies (3.3%)*** | ***Health Care Equipment & Supplies (3.3%)*** | ***Health Care Equipment & Supplies (3.3%)*** | **** |
|  Abbott Laboratories | 61626 | $6765918 |  |
|  Align Technology, Inc.\* | 811 | 171040 |  |
|  Baxter International, Inc. | 17577 | 895900 |  |
|  Becton Dickinson and Co. | 11755 | 2989296 |  |
|  Boston Scientific Corp.\* | 59074 | 2733354 |  |
|  Cooper Cos., Inc. (The) | 2009 | 664316 |  |
|  Dentsply Sirona, Inc. | 8861 | 282134 |  |
|  Enovis Corp.\* | 2094 | 112071 |  |
|  Envista Holdings Corp.\* | 6731 | 226633 |  |
|  Globus Medical, Inc., Class A\* | 2947 | 218874 |  |
|  Hologic, Inc.\* | 10175 | 761192 |  |
|  ICU Medical, Inc.\* | 679 | 106929 |  |
|  Integra LifeSciences Holdings Corp.\* | 2995 | 167930 |  |
|  Intuitive Surgical, Inc.\* | 1152 | 305683 |  |
|  Masimo Corp.\* | 461 | 68205 |  |
|  Medtronic plc | 55340 | 4301025 |  |
|  QuidelOrtho Corp.\* | 2016 | 172711 |  |
|  STERIS plc | 4128 | 762400 |  |
|  Stryker Corp. | 6764 | 1653730 |  |
|  Tandem Diabetes Care, Inc.\* | 171 | 7686 |  |
|  Teleflex, Inc. | 1941 | 484532 |  |
|  Zimmer Biomet Holdings, Inc. | 8678 | 1106445 |  |
|  |  | 24958004 |  |
|  ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | ***Health Care Providers & Services (3.3%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 3683 | 303185 |  |
|  agilon health, Inc. (x)\* | 516 | 8328 |  |
|  Amedisys, Inc.\* | 1322 | 110440 |  |
|  Cardinal Health, Inc. | 10839 | 833194 |  |
|  Centene Corp.\* | 23522 | 1929039 |  |
|  Chemed Corp. | 389 | 198557 |  |
|  Cigna Corp. | 10422 | 3453225 |  |
|  CVS Health Corp. | 54274 | 5057794 |  |
|  Elevance Health, Inc. | 6946 | 3563090 |  |
|  Encompass Health Corp. | 4050 | 242230 |  |
|  Enhabit, Inc.\* | 2025 | 26649 |  |
|  HCA Healthcare, Inc. | 8387 | 2012545 |  |
|  Henry Schein, Inc.\* | 5591 | 446553 |  |
|  Humana, Inc. | 1539 | 788260 |  |
|  Laboratory Corp. of America Holdings | 3663 | 862563 |  |
|  McKesson Corp. | 4722 | 1771317 |  |
|  Molina Healthcare, Inc.\* | 531 | 175347 |  |
|  Oak Street Health, Inc. (x)\* | 4817 | 103614 |  |
|  Premier, Inc., Class A | 4868 | 170283 |  |
|  Quest Diagnostics, Inc. | 4695 | 734486 |  |
|  Signify Health, Inc., Class A\* | 3163 | 90652 |  |
|  Tenet Healthcare Corp.\* | 4396 | 214481 |  |
|  UnitedHealth Group, Inc. | 3486 | 1848207 |  |
|  Universal Health Services, Inc., Class B | 2566 | 361524 |  |
|  |  | 25305563 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  Certara, Inc.\* | 1701 | 27335 |  |
|  Definitive Healthcare Corp.\* | 694 | 7627 |  |
|  Doximity, Inc., Class A\* | 2468 | 82826 |  |
|  Teladoc Health, Inc.\* | 6003 | 141971 |  |
|  |  | 259759 |  |
|  ***Life Sciences Tools & Services (2.4%)*** | ***Life Sciences Tools & Services (2.4%)*** | ***Life Sciences Tools & Services (2.4%)*** | **** |
|  10X Genomics, Inc., Class A\* | 396 | 14430 |  |
|  Agilent Technologies, Inc. | 1248 | 186763 |  |
|  Avantor, Inc.\* | 1791 | 37772 |  |
|  Azenta, Inc.\* | 3063 | 178328 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 884 | 371713 |  |
|  Charles River Laboratories International, Inc.\* | 140 | 30506 |  |
|  Danaher Corp. | 24980 | 6630192 |  |
|  Illumina, Inc.\* | 6503 | 1314907 |  |
|  PerkinElmer, Inc. | 5217 | 731528 |  |
|  QIAGEN NV\* | 9381 | 467830 |  |
|  Repligen Corp.\* | 659 | 111575 |  |
|  Syneos Health, Inc.\* | 3496 | 128233 |  |
|  Thermo Fisher Scientific, Inc. | 14224 | 7833015 |  |
|  |  | 18036792 |  |
|  ***Pharmaceuticals (6.4%)*** | ***Pharmaceuticals (6.4%)*** | ***Pharmaceuticals (6.4%)*** | **** |
|  Bristol-Myers Squibb Co. | 88179 | 6344479 |  |
|  Catalent, Inc.\* | 5040 | 226851 |  |
|  Elanco Animal Health, Inc.\* | 18415 | 225031 |  |
|  Eli Lilly and Co. | 6489 | 2373936 |  |
|  Jazz Pharmaceuticals plc\* | 2546 | 405603 |  |
|  Johnson & Johnson | 108967 | 19249021 |  |
|  Merck & Co., Inc. | 60854 | 6751751 |  |
|  Organon & Co. | 10509 | 293516 |  |
|  Perrigo Co. plc | 5554 | 189336 |  |
|  Pfizer, Inc. | 234015 | 11990929 |  |
|  Royalty Pharma plc, Class A | 15383 | 607936 |  |
|  Viatris, Inc. | 50118 | 557813 |  |
|  |  | 49216202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 131864616 |  |
|  **Industrials (10.4%)** | **Industrials (10.4%)** | **Industrials (10.4%)** |  |
|  ***Aerospace & Defense (2.5%)*** | ***Aerospace & Defense (2.5%)*** | ***Aerospace & Defense (2.5%)*** | **** |
|  Axon Enterprise, Inc.\* | 631 | 104702 |  |
|  Boeing Co. (The)\* | 15632 | 2977740 |  |
|  BWX Technologies, Inc. | 2303 | 133758 |  |
|  Curtiss-Wright Corp. | 1583 | 264345 |  |
|  General Dynamics Corp. | 10070 | 2498468 |  |
|  HEICO Corp. | 117 | 17976 |  |
|  HEICO Corp., Class A | 206 | 24689 |  |
|  Hexcel Corp. | 3465 | 203915 |  |
|  Howmet Aerospace, Inc. | 13845 | 545631 |  |
|  Huntington Ingalls Industries, Inc. | 1270 | 292964 |  |
|  L3Harris Technologies, Inc. | 7862 | 1636947 |  |
|  Mercury Systems, Inc.\* | 2034 | 91001 |  |
|  Northrop Grumman Corp. | 5352 | 2920105 |  |
|  Raytheon Technologies Corp. | 60859 | 6141890 |  |
|  Spirit AeroSystems Holdings, Inc., Class A | 220 | 6512 |  |
|  Textron, Inc. | 8625 | 610650 |  |
|  TransDigm Group, Inc. | 1302 | 819804 |  |
|  Woodward, Inc. | 2434 | 235149 |  |
|  |  | 19526246 |  |
|  ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | ***Air Freight & Logistics (0.4%)*** | **** |
|  CH Robinson Worldwide, Inc. | 3509 | 321284 |  |
|  Expeditors International of Washington, Inc. | 4534 | 471173 |  |
|  FedEx Corp. | 9938 | 1721262 |  |
|  GXO Logistics, Inc.\* | 3892 | 166150 |  |
|  United Parcel Service, Inc., Class B | 3287 | 571412 |  |
|  |  | 3251281 |  |

---

See Notes to Financial Statements.

1065

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | **** |
|  Alaska Air Group, Inc.\* | 5116 | $219681 |  |
|  American Airlines Group, Inc.\* | 26711 | 339764 |  |
|  Copa Holdings SA, Class A\* | 1186 | 98639 |  |
|  JetBlue Airways Corp.\* | 13264 | 85951 |  |
|  Southwest Airlines Co.\* | 24496 | 824780 |  |
|  United Airlines Holdings, Inc.\* | 13491 | 508611 |  |
|  |  | 2077426 |  |
|  ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | ***Building Products (0.8%)*** | **** |
|  A O Smith Corp. | 3927 | 224782 |  |
|  Allegion plc | 754 | 79366 |  |
|  Armstrong World Industries, Inc. | 790 | 54186 |  |
|  AZEK Co., Inc. (The)\* | 4600 | 93472 |  |
|  Builders FirstSource, Inc.\* | 6014 | 390188 |  |
|  Carlisle Cos., Inc. | 334 | 78707 |  |
|  Carrier Global Corp. | 34575 | 1426219 |  |
|  Fortune Brands Innovations, Inc. | 3480 | 198743 |  |
|  Hayward Holdings, Inc.\* | 2785 | 26179 |  |
|  Johnson Controls International plc | 28498 | 1823872 |  |
|  Lennox International, Inc. | 1321 | 316023 |  |
|  Masco Corp. | 8833 | 412236 |  |
|  Masterbrand, Inc.\* | 3480 | 26274 |  |
|  Owens Corning | 3858 | 329087 |  |
|  Trane Technologies plc | 3983 | 669503 |  |
|  |  | 6148837 |  |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | **** |
|  Cintas Corp. | 240 | 108389 |  |
|  Clean Harbors, Inc.\* | 2108 | 240565 |  |
|  Driven Brands Holdings, Inc.\* | 2423 | 66172 |  |
|  IAA, Inc.\* | 946 | 37840 |  |
|  MSA Safety, Inc. | 937 | 135106 |  |
|  Republic Services, Inc. | 7985 | 1029985 |  |
|  Rollins, Inc. | 709 | 25907 |  |
|  Stericycle, Inc.\* | 3790 | 189083 |  |
|  Tetra Tech, Inc. | 1281 | 185988 |  |
|  Waste Management, Inc. | 1070 | 167862 |  |
|  |  | 2186897 |  |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | **** |
|  AECOM | 5114 | 434332 |  |
|  MasTec, Inc.\* | 2521 | 215117 |  |
|  MDU Resources Group, Inc. | 8353 | 253430 |  |
|  Quanta Services, Inc. | 2672 | 380760 |  |
|  Valmont Industries, Inc. | 748 | 247341 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 3936 | 177789 |  |
|  |  | 1708769 |  |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | **** |
|  Acuity Brands, Inc. | 1326 | 219599 |  |
|  AMETEK, Inc. | 9532 | 1331811 |  |
|  Eaton Corp. plc | 16524 | 2593442 |  |
|  Emerson Electric Co. | 16646 | 1599015 |  |
|  Hubbell, Inc. | 2215 | 519816 |  |
|  nVent Electric plc | 6831 | 262789 |  |
|  Plug Power, Inc. (x)\* | 10805 | 133658 |  |
|  Regal Rexnord Corp. | 2736 | 328265 |  |
|  Rockwell Automation, Inc. | 1544 | 397688 |  |
|  Sensata Technologies Holding plc | 6253 | 252496 |  |
|  Sunrun, Inc.\* | 8613 | 206884 |  |
|  Vertiv Holdings Co. | 10570 | 144386 |  |
|  |  | 7989849 |  |
|  ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | ***Industrial Conglomerates (1.4%)*** | **** |
|  3M Co. | 22823 | 2736934 |  |
|  General Electric Co. | 42801 | 3586296 |  |
|  Honeywell International, Inc. | 19700 | 4221710 |  |
|  |  | 10544940 |  |
|  ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | ***Machinery (1.9%)*** | **** |
|  AGCO Corp. | 2228 | 309001 |  |
|  Allison Transmission Holdings, Inc. | 796 | 33114 |  |
|  Caterpillar, Inc. | 2779 | 665737 |  |
|  Crane Holdings Co. | 1945 | 195375 |  |
|  Cummins, Inc. | 5830 | 1412551 |  |
|  Donaldson Co., Inc. | 4244 | 249844 |  |
|  Dover Corp. | 5794 | 784566 |  |
|  Esab Corp. | 2096 | 98344 |  |
|  Flowserve Corp. | 5385 | 165212 |  |
|  Fortive Corp. | 14647 | 941070 |  |
|  Gates Industrial Corp. plc\* | 4462 | 50911 |  |
|  Graco, Inc. | 2180 | 146627 |  |
|  IDEX Corp. | 2583 | 589776 |  |
|  Illinois Tool Works, Inc. | 1278 | 281543 |  |
|  Ingersoll Rand, Inc. | 16803 | 877957 |  |
|  ITT, Inc. | 3452 | 279957 |  |
|  Middleby Corp. (The)\* | 2059 | 275700 |  |
|  Nordson Corp. | 1807 | 429560 |  |
|  Oshkosh Corp. | 2715 | 239436 |  |
|  Otis Worldwide Corp. | 15143 | 1185848 |  |
|  PACCAR, Inc. | 14114 | 1396863 |  |
|  Parker-Hannifin Corp. | 4093 | 1191063 |  |
|  Pentair plc | 6805 | 306089 |  |
|  Snap-on, Inc. | 2175 | 496966 |  |
|  Stanley Black & Decker, Inc. | 6107 | 458758 |  |
|  Timken Co. (The) | 2529 | 178724 |  |
|  Westinghouse Air Brake Technologies Corp. | 7487 | 747278 |  |
|  Xylem, Inc. | 6372 | 704552 |  |
|  |  | 14692422 |  |
|  ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | **** |
|  Kirby Corp.\* | 2469 | 158880 |  |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | **** |
|  CACI International, Inc., Class A\* | 958 | 287965 |  |
|  Clarivate plc\* | 19521 | 162805 |  |
|  CoStar Group, Inc.\* | 14299 | 1105027 |  |
|  Dun & Bradstreet Holdings, Inc. | 10397 | 127467 |  |
|  Equifax, Inc. | 2514 | 488621 |  |
|  FTI Consulting, Inc.\* | 808 | 128311 |  |
|  Jacobs Solutions, Inc. | 5286 | 634690 |  |
|  KBR, Inc. | 1984 | 104755 |  |
|  Leidos Holdings, Inc. | 5634 | 592641 |  |
|  ManpowerGroup, Inc. | 2078 | 172910 |  |
|  Robert Half International, Inc. | 516 | 38096 |  |
|  Science Applications International Corp. | 2273 | 252144 |  |
|  TransUnion | 2125 | 120594 |  |
|  |  | 4216026 |  |
|  ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | **** |
|  Avis Budget Group, Inc.\* | 1056 | 173110 |  |
|  CSX Corp. | 65041 | 2014970 |  |
|  Hertz Global Holdings, Inc.\* | 7807 | 120150 |  |

---

See Notes to Financial Statements.

1066

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  JB Hunt Transport Services, Inc. | 372 | $| 64862 |  |
|  Knight-Swift Transportation Holdings, Inc. | 6452 |  | 338149 |  |
|  Landstar System, Inc. | 161 |  | 26227 |  |
|  Lyft, Inc., Class A\* | 2627 |  | 28950 |  |
|  Norfolk Southern Corp. | 9563 |  | 2356514 |  |
|  RXO, Inc.\* | 3911 |  | 67269 |  |
|  Ryder System, Inc. | 2009 |  | 167892 |  |
|  Schneider National, Inc., Class B | 2234 |  | 52276 |  |
|  Uber Technologies, Inc.\* | 10646 |  | 263276 |  |
|  U-Haul Holding Co. (x) | 370 |  | 22270 |  |
|  U-Haul Holding Co. (New York stock exchange) | 3330 |  | 183083 |  |
|  XPO, Inc.\* | 3892 |  | 129565 |  |
|  |  |  | 6008563 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Air Lease Corp. | 4296 |  | 165052 |  |
|  Core & Main, Inc., Class A\* | 1939 |  | 37442 |  |
|  MSC Industrial Direct Co., Inc., Class A | 1911 |  | 156129 |  |
|  SiteOne Landscape Supply, Inc.\* | 721 |  | 84588 |  |
|  United Rentals, Inc.\* | 1563 |  | 555521 |  |
|  Univar Solutions, Inc.\* | 6649 |  | 211438 |  |
|  Watsco, Inc. | 642 |  | 160115 |  |
|  WESCO International, Inc.\* | 868 |  | 108674 |  |
|  |  |  | 1478959 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 79989095 |  |
|  **Information Technology (8.2%)** | **Information Technology (8.2%)** | **Information Technology (8.2%)** | **Information Technology (8.2%)** |  |
|  ***Communications Equipment (1.5%)*** | ***Communications Equipment (1.5%)*** | ***Communications Equipment (1.5%)*** | ***Communications Equipment (1.5%)*** | **** |
|  Ciena Corp.\* | 6093 |  | 310621 |  |
|  Cisco Systems, Inc. | 170152 |  | 8106041 |  |
|  F5, Inc.\* | 2462 |  | 353322 |  |
|  Juniper Networks, Inc. | 13217 |  | 422415 |  |
|  Lumentum Holdings, Inc.\* | 2817 |  | 146963 |  |
|  Motorola Solutions, Inc. | 6812 |  | 1755521 |  |
|  Ubiquiti, Inc. | 122 |  | 33371 |  |
|  Viasat, Inc.\* | 2971 |  | 94032 |  |
|  |  |  | 11222286 |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | ***Electronic Equipment, Instruments & Components (0.6%)*** | **** |
|  Amphenol Corp., Class A | 5944 |  | 452576 |  |
|  Arrow Electronics, Inc.\* | 2407 |  | 251700 |  |
|  Avnet, Inc. | 3761 |  | 156382 |  |
|  Cognex Corp. | 496 |  | 23367 |  |
|  Coherent Corp.\* | 4132 |  | 145033 |  |
|  Corning, Inc. | 29391 |  | 938749 |  |
|  IPG Photonics Corp.\* | 1348 |  | 127615 |  |
|  Jabil, Inc. | 1000 |  | 68200 |  |
|  Keysight Technologies, Inc.\* | 549 |  | 93917 |  |
|  Littelfuse, Inc. | 1000 |  | 220200 |  |
|  National Instruments Corp. | 4705 |  | 173615 |  |
|  TD SYNNEX Corp. | 1763 |  | 166974 |  |
|  Teledyne Technologies, Inc.\* | 1915 |  | 765828 |  |
|  Trimble, Inc.\* | 10183 |  | 514852 |  |
|  Vontier Corp. | 2461 |  | 47571 |  |
|  Zebra Technologies Corp., Class A\* | 1259 |  | 322820 |  |
|  |  |  | 4469399 |  |
|  ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | **** |
|  Affirm Holdings, Inc. (x)\* | 8997 |  | 87001 |  |
|  Akamai Technologies, Inc.\* | 6407 |  | 540110 |  |
|  Amdocs Ltd. | 4996 |  | 454136 |  |
|  Automatic Data Processing, Inc. | 1418 |  | 338703 |  |
|  Block, Inc., Class A\* | 22181 |  | 1393854 |  |
|  Broadridge Financial Solutions, Inc. | 444 |  | 59554 |  |
|  Cognizant Technology Solutions Corp., Class A | 21231 |  | 1214201 |  |
|  Concentrix Corp. | 1758 |  | 234095 |  |
|  DXC Technology Co.\* | 9513 |  | 252095 |  |
|  Euronet Worldwide, Inc.\* | 484 |  | 45680 |  |
|  Fidelity National Information Services, Inc. | 24533 |  | 1664564 |  |
|  Fiserv, Inc.\* | 22154 |  | 2239105 |  |
|  Genpact Ltd. | 3524 |  | 163232 |  |
|  Global Payments, Inc. | 11101 |  | 1102551 |  |
|  GoDaddy, Inc., Class A\* | 5579 |  | 417421 |  |
|  International Business Machines Corp. | 12370 |  | 1742809 |  |
|  Kyndryl Holdings, Inc.\* | 8452 |  | 93986 |  |
|  Okta, Inc.\* | 5406 |  | 369392 |  |
|  PayPal Holdings, Inc.\* | 32654 |  | 2325618 |  |
|  Snowflake, Inc., Class A\* | 812 |  | 116554 |  |
|  SS&C Technologies Holdings, Inc. | 9125 |  | 475048 |  |
|  Twilio, Inc., Class A\* | 4481 |  | 219390 |  |
|  VeriSign, Inc.\* | 3427 |  | 704043 |  |
|  Western Union Co. (The) | 10566 |  | 145494 |  |
|  WEX, Inc.\* | 497 |  | 81334 |  |
|  Wix.com Ltd.\* | 506 |  | 38876 |  |
|  |  |  | 16518846 |  |
|  ***Semiconductors & Semiconductor Equipment (2.1%)*** | ***Semiconductors & Semiconductor Equipment (2.1%)*** | ***Semiconductors & Semiconductor Equipment (2.1%)*** | ***Semiconductors & Semiconductor Equipment (2.1%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 14177 |  | 918244 |  |
|  Analog Devices, Inc. | 16972 |  | 2783917 |  |
|  Cirrus Logic, Inc.\* | 2266 |  | 168772 |  |
|  First Solar, Inc.\* | 4394 |  | 658177 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 1988 |  | 107133 |  |
|  Intel Corp. | 169434 |  | 4478140 |  |
|  Marvell Technology, Inc. | 35109 |  | 1300437 |  |
|  Microchip Technology, Inc. | 3215 |  | 225854 |  |
|  Micron Technology, Inc. | 36456 |  | 1822071 |  |
|  MKS Instruments, Inc. | 2370 |  | 200810 |  |
|  ON Semiconductor Corp.\* | 6748 |  | 420873 |  |
|  Qorvo, Inc.\* | 4182 |  | 379056 |  |
|  Skyworks Solutions, Inc. | 6652 |  | 606197 |  |
|  Teradyne, Inc. | 602 |  | 52585 |  |
|  Texas Instruments, Inc. | 11835 |  | 1955379 |  |
|  Wolfspeed, Inc.\* | 5092 |  | 351552 |  |
|  |  |  | 16429197 |  |
|  ***Software (1.6%)*** | ***Software (1.6%)*** | ***Software (1.6%)*** | ***Software (1.6%)*** | **** |
|  ANSYS, Inc.\* | 1702 |  | 411186 |  |
|  Bill.com Holdings, Inc.\* | 4090 |  | 445646 |  |
|  Black Knight, Inc.\* | 5797 |  | 357965 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 4325 |  | 37628 |  |
|  Ceridian HCM Holding, Inc.\* | 4584 |  | 294064 |  |
|  Coupa Software, Inc.\* | 1381 |  | 109334 |  |
|  Dolby Laboratories, Inc., Class A | 2523 |  | 177972 |  |
|  DoubleVerify Holdings, Inc.\* | 394 |  | 8652 |  |
|  Dropbox, Inc., Class A\* | 754 |  | 16875 |  |
|  Gen Digital, Inc. | 14852 |  | 318278 |  |
|  Guidewire Software, Inc.\* | 3389 |  | 212016 |  |
|  Informatica, Inc., Class A (x)\* | 1260 |  | 20525 |  |

---

See Notes to Financial Statements.

1067

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Jamf Holding Corp.\* | 388 | $| 8264 |  |
|  Manhattan Associates, Inc.\* | 983 |  | 119336 |  |
|  nCino, Inc.\* | 2309 |  | 61050 |  |
|  NCR Corp.\* | 4983 |  | 116652 |  |
|  Nutanix, Inc., Class A\* | 4549 |  | 118501 |  |
|  Oracle Corp. | 19809 |  | 1619188 |  |
|  Paycor HCM, Inc.\* | 2265 |  | 55425 |  |
|  Procore Technologies, Inc.\* | 823 |  | 38829 |  |
|  Roper Technologies, Inc. | 4369 |  | 1887801 |  |
|  Salesforce, Inc.\* | 31320 |  | 4152719 |  |
|  SentinelOne, Inc., Class A\* | 2345 |  | 34214 |  |
|  Teradata Corp.\* | 1938 |  | 65233 |  |
|  Tyler Technologies, Inc.\* | 216 |  | 69641 |  |
|  UiPath, Inc., Class A\* | 14155 |  | 179910 |  |
|  Unity Software, Inc. (x)\* | 3356 |  | 95948 |  |
|  VMware, Inc., Class A\* | 4411 |  | 541494 |  |
|  Zoom Video Communications, Inc., Class A\* | 5181 |  | 350961 |  |
|  |  |  | 11925307 |  |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | **** |
|  Dell Technologies, Inc., Class C | 8851 |  | 355987 |  |
|  Hewlett Packard Enterprise Co. | 53169 |  | 848577 |  |
|  HP, Inc. | 22524 |  | 605220 |  |
|  Western Digital Corp.\* | 13147 |  | 414788 |  |
|  |  |  | 2224572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 62789607 |  |
|  **Materials (4.3%)** | **Materials (4.3%)** | **Materials (4.3%)** | **Materials (4.3%)** |  |
|  ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | ***Chemicals (2.6%)*** | **** |
|  Air Products and Chemicals, Inc. | 9166 |  | 2825511 |  |
|  Albemarle Corp. | 2348 |  | 509187 |  |
|  Ashland, Inc. | 2095 |  | 225275 |  |
|  Axalta Coating Systems Ltd.\* | 6912 |  | 176049 |  |
|  Celanese Corp. | 4479 |  | 457933 |  |
|  Chemours Co. (The) | 2460 |  | 75325 |  |
|  Corteva, Inc. | 29596 |  | 1739653 |  |
|  Dow, Inc. | 29139 |  | 1468314 |  |
|  DuPont de Nemours, Inc. | 20746 |  | 1423798 |  |
|  Eastman Chemical Co. | 4946 |  | 402802 |  |
|  Ecolab, Inc. | 1197 |  | 174235 |  |
|  Element Solutions, Inc. | 9323 |  | 169586 |  |
|  FMC Corp. | 3428 |  | 427815 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 29251 |  | 49434 |  |
|  Huntsman Corp. | 7539 |  | 207172 |  |
|  International Flavors & Fragrances, Inc. | 10543 |  | 1105328 |  |
|  Linde plc | 16160 |  | 5271069 |  |
|  LyondellBasell Industries NV, Class A | 10630 |  | 882609 |  |
|  Mosaic Co. (The) | 12336 |  | 541180 |  |
|  NewMarket Corp. | 241 |  | 74978 |  |
|  Olin Corp. | 5219 |  | 276294 |  |
|  PPG Industries, Inc. | 4572 |  | 574883 |  |
|  RPM International, Inc. | 5009 |  | 488127 |  |
|  Scotts Miracle-Gro Co. (The) | 1098 |  | 53352 |  |
|  Westlake Corp. | 1365 |  | 139967 |  |
|  |  |  | 19739876 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Eagle Materials, Inc. | 257 |  | 34142 |  |
|  Martin Marietta Materials, Inc. | 2346 |  | 792878 |  |
|  Vulcan Materials Co. | 2804 |  | 491008 |  |
|  |  |  | 1318028 |  |
|  ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | **** |
|  Amcor plc | 62041 |  | 738908 |  |
|  AptarGroup, Inc. | 2708 |  | 297826 |  |
|  Ardagh Metal Packaging SA (x) | 4150 |  | 19961 |  |
|  Avery Dennison Corp. | 1296 |  | 234576 |  |
|  Ball Corp. | 7679 |  | 392704 |  |
|  Berry Global Group, Inc. | 2677 |  | 161771 |  |
|  Crown Holdings, Inc. | 566 |  | 46531 |  |
|  Graphic Packaging Holding Co. | 2896 |  | 64436 |  |
|  International Paper Co. | 14690 |  | 508715 |  |
|  Packaging Corp. of America | 3774 |  | 482732 |  |
|  Silgan Holdings, Inc. | 3477 |  | 180248 |  |
|  Sonoco Products Co. | 4024 |  | 244297 |  |
|  Westrock Co. | 10482 |  | 368547 |  |
|  |  |  | 3741252 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Alcoa Corp. | 7311 |  | 332431 |  |
|  Cleveland-Cliffs, Inc.\* | 21133 |  | 340453 |  |
|  Freeport-McMoRan, Inc. | 59001 |  | 2242038 |  |
|  Newmont Corp. | 32881 |  | 1551983 |  |
|  Nucor Corp. | 10607 |  | 1398109 |  |
|  Reliance Steel & Aluminum Co. | 2415 |  | 488893 |  |
|  Royal Gold, Inc. | 2534 |  | 285632 |  |
|  Southern Copper Corp. | 1208 |  | 72951 |  |
|  SSR Mining, Inc. | 8519 |  | 133493 |  |
|  Steel Dynamics, Inc. | 6886 |  | 672762 |  |
|  United States Steel Corp. | 9599 |  | 240455 |  |
|  |  |  | 7759200 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 2654 |  | 157117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 32715473 |  |
|  **Real Estate (4.4%)** | **Real Estate (4.4%)** | **Real Estate (4.4%)** | **Real Estate (4.4%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (4.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (4.3%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 6701 |  | 976135 |  |
|  American Homes 4 Rent (REIT), Class A | 12730 |  | 383682 |  |
|  American Tower Corp. (REIT) | 4476 |  | 948285 |  |
|  Americold Realty Trust, Inc. (REIT) | 11116 |  | 314694 |  |
|  Apartment Income REIT Corp. (REIT) | 5690 |  | 195224 |  |
|  AvalonBay Communities, Inc. (REIT) | 5778 |  | 933263 |  |
|  Boston Properties, Inc. (REIT) | 6482 |  | 438054 |  |
|  Brixmor Property Group, Inc. (REIT) | 12335 |  | 279634 |  |
|  Camden Property Trust (REIT) | 3927 |  | 439353 |  |
|  Cousins Properties, Inc. (REIT) | 6246 |  | 157961 |  |
|  CubeSmart (REIT) | 9244 |  | 372071 |  |
|  Digital Realty Trust, Inc. (REIT) | 11868 |  | 1190004 |  |
|  Douglas Emmett, Inc. (REIT) | 6990 |  | 109603 |  |
|  EastGroup Properties, Inc. (REIT) | 1701 |  | 251850 |  |
|  EPR Properties (REIT) | 3062 |  | 115499 |  |
|  Equinix, Inc. (REIT) | 941 |  | 616383 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 2843 |  | 183658 |  |
|  Equity Residential (REIT) | 15319 |  | 903821 |  |
|  Essex Property Trust, Inc. (REIT) | 2688 |  | 569641 |  |
|  Extra Space Storage, Inc. (REIT) | 4828 |  | 710585 |  |

---

See Notes to Financial Statements.

1068

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Federal Realty Investment Trust (REIT) | 3319 | $| 335352 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 5448 |  | 262920 |  |
|  Gaming and Leisure Properties, Inc. (REIT) | 10098 |  | 526005 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 15680 |  | 302154 |  |
|  Healthpeak Properties, Inc. (REIT) | 22303 |  | 559136 |  |
|  Highwoods Properties, Inc. (REIT) | 4296 |  | 120202 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 29278 |  | 469912 |  |
|  Hudson Pacific Properties, Inc. (REIT) | 5689 |  | 55354 |  |
|  Invitation Homes, Inc. (REIT) | 25242 |  | 748173 |  |
|  Iron Mountain, Inc. (REIT) | 2997 |  | 149400 |  |
|  JBG SMITH Properties (REIT) | 4418 |  | 83854 |  |
|  Kilroy Realty Corp. (REIT) | 4806 |  | 185848 |  |
|  Kimco Realty Corp. (REIT) | 24980 |  | 529076 |  |
|  Lamar Advertising Co. (REIT), Class A | 429 |  | 40498 |  |
|  Life Storage, Inc. (REIT) | 3479 |  | 342682 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 24561 |  | 273610 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 4749 |  | 745546 |  |
|  National Retail Properties, Inc. (REIT) | 7372 |  | 337343 |  |
|  National Storage Affiliates Trust (REIT) | 3511 |  | 126817 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 9719 |  | 271646 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 9217 |  | 108668 |  |
|  Prologis, Inc. (REIT) | 38113 |  | 4296478 |  |
|  Public Storage (REIT) | 1333 |  | 373493 |  |
|  Rayonier, Inc. (REIT) | 6025 |  | 198584 |  |
|  Realty Income Corp. (REIT) | 25963 |  | 1646833 |  |
|  Regency Centers Corp. (REIT) | 7087 |  | 442937 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 7596 |  | 415045 |  |
|  SBA Communications Corp. (REIT) | 3406 |  | 954736 |  |
|  Simon Property Group, Inc. (REIT) | 6950 |  | 816486 |  |
|  SL Green Realty Corp. (REIT) (x) | 2647 |  | 89257 |  |
|  Spirit Realty Capital, Inc. (REIT) | 5755 |  | 229797 |  |
|  STORE Capital Corp. (REIT) | 10507 |  | 336854 |  |
|  Sun Communities, Inc. (REIT) | 5032 |  | 719576 |  |
|  UDR, Inc. (REIT) | 13391 |  | 518633 |  |
|  Ventas, Inc. (REIT) | 16514 |  | 743956 |  |
|  VICI Properties, Inc. (REIT) | 39792 |  | 1289261 |  |
|  Vornado Realty Trust (REIT) | 7297 |  | 151851 |  |
|  Welltower, Inc. (REIT) | 19570 |  | 1282814 |  |
|  Weyerhaeuser Co. (REIT) | 30440 |  | 943640 |  |
|  WP Carey, Inc. (REIT) | 8528 |  | 666463 |  |
|  |  |  | 32780290 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 6676 |  | 513785 |  |
|  Howard Hughes Corp. (The)\* | 1515 |  | 115776 |  |
|  Jones Lang LaSalle, Inc.\* | 1974 |  | 314596 |  |
|  Opendoor Technologies, Inc. (x)\* | 14013 |  | 16255 |  |
|  WeWork, Inc. (x)\* | 8834 |  | 12633 |  |
|  Zillow Group, Inc., Class A\* | 2188 |  | 68288 |  |
|  Zillow Group, Inc., Class C\* | 6130 |  | 197447 |  |
|  |  |  | 1238780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 34019070 |  |
|  **Utilities (5.8%)** | **Utilities (5.8%)** | **Utilities (5.8%)** | **Utilities (5.8%)** |  |
|  ***Electric Utilities (3.7%)*** | ***Electric Utilities (3.7%)*** | ***Electric Utilities (3.7%)*** | ***Electric Utilities (3.7%)*** | **** |
|  Alliant Energy Corp. | 10368 |  | 572417 |  |
|  American Electric Power Co., Inc. | 21281 |  | 2020631 |  |
|  Avangrid, Inc. (x) | 2931 |  | 125974 |  |
|  Constellation Energy Corp. | 13509 |  | 1164611 |  |
|  Duke Energy Corp. | 31877 |  | 3283012 |  |
|  Edison International | 15554 |  | 989546 |  |
|  Entergy Corp. | 8398 |  | 944775 |  |
|  Evergy, Inc. | 9195 |  | 578641 |  |
|  Eversource Energy | 14256 |  | 1195223 |  |
|  Exelon Corp. | 41095 |  | 1776537 |  |
|  FirstEnergy Corp. | 22463 |  | 942098 |  |
|  Hawaiian Electric Industries, Inc. | 4499 |  | 188283 |  |
|  IDACORP, Inc. | 2081 |  | 224436 |  |
|  NextEra Energy, Inc. | 82227 |  | 6874177 |  |
|  NRG Energy, Inc. | 9475 |  | 301495 |  |
|  OGE Energy Corp. | 8258 |  | 326604 |  |
|  PG&E Corp.\* | 68108 |  | 1107436 |  |
|  Pinnacle West Capital Corp. | 4669 |  | 355031 |  |
|  PPL Corp. | 30486 |  | 890801 |  |
|  Southern Co. (The) | 45019 |  | 3214807 |  |
|  Xcel Energy, Inc. | 22562 |  | 1581822 |  |
|  |  |  | 28658357 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  Atmos Energy Corp. | 5708 |  | 639696 |  |
|  National Fuel Gas Co. | 3331 |  | 210852 |  |
|  UGI Corp. | 8658 |  | 320952 |  |
|  |  |  | 1171500 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 22628 |  | 650781 |  |
|  Brookfield Renewable Corp. | 5281 |  | 145439 |  |
|  Vistra Corp. | 6818 |  | 158177 |  |
|  |  |  | 954397 |  |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | **** |
|  Ameren Corp. | 10647 |  | 946731 |  |
|  CenterPoint Energy, Inc. | 26064 |  | 781659 |  |
|  CMS Energy Corp. | 11976 |  | 758440 |  |
|  Consolidated Edison, Inc. | 14682 |  | 1399342 |  |
|  Dominion Energy, Inc. | 34453 |  | 2112658 |  |
|  DTE Energy Co. | 7980 |  | 937889 |  |
|  NiSource, Inc. | 16794 |  | 460492 |  |
|  Public Service Enterprise Group, Inc. | 20599 |  | 1262101 |  |
|  Sempra Energy | 13021 |  | 2012265 |  |
|  WEC Energy Group, Inc. | 13055 |  | 1224037 |  |
|  |  |  | 11895614 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  American Water Works Co., Inc. | 7526 |  | 1147113 |  |
|  Essential Utilities, Inc. | 9570 |  | 456776 |  |
|  |  |  | 1603889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 44283757 |  |
|  **Total Common Stocks (99.0%)**<br> *(Cost $545,695,862)* |  |  | 759515478 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 |  | 1000000 |  |

---

See Notes to Financial Statements.

1069

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreements (0.4%)** | **Repurchase Agreements (0.4%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,152,124, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24 - 11/15/50; total market value $2,194,143. (xx) | $2151120 | $2151120 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $800,692, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000% - 4.497%, maturing 3/2/23 - 5/15/52; total market value $871,063. (xx) | 800000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 2951120 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $3,951,120)* |  | 3951120 |
|  **Total Investments in Securities (99.5%)**<br> *(Cost $549,646,982)* |  | 763466598 |
|  **Other Assets Less Liabilities (0.5%)** | **Other Assets Less Liabilities (0.5%)** | 3473063 |
|  **Net Assets (100%)** |  | $766939661 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,942,903. This was collateralized by $1,135,793 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $3,951,120 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 15244 | 471848 | 55945 | (35423) | 4716 | (59583) | 437503 | 11628 |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 23 | 3/2023 | USD | 4440150 | (157199) |
|  S&P Midcap 400 E-Mini Index | 8 | 3/2023 | USD | 1954080 | (57411) |
|  |  |  |  |  | (214610) |

---

See Notes to Financial Statements.

1070

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $55511615 | $— | $— | $55511615 |
|  Consumer Discretionary | 45503658 |  |  | 45503658 |
|  Consumer Staples | 56023871 |  |  | 56023871 |
|  Energy | 64082742 |  |  | 64082742 |
|  Financials | 152731974 |  |  | 152731974 |
|  Health Care | 131864616 |  |  | 131864616 |
|  Industrials | 79989095 |  |  | 79989095 |
|  Information Technology | 62789607 |  |  | 62789607 |
|  Materials | 32715473 |  |  | 32715473 |
|  Real Estate | 34019070 |  |  | 34019070 |
|  Utilities | 44283757 |  |  | 44283757 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1000000 |  |  | 1000000 |
|  Repurchase Agreements |  | 2951120 |  | 2951120 |
|  **Total Assets** | $**760515478** | $**2951120** | $**—** | $**763466598** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(214610) | $— | $— | $(214610) |
|  **Total Liabilities** | $**(214610)** | $**—** | $**—** | $**(214610)** |
|  **Total** | $**760300868** | $**2951120** | $**—** | $**763251988** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | $(214610) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214610 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1146736) | $(1146736) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1146736) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1146736) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(313865) | $(313865) |
|  **Total** | $(313865) | $(313865) |

---

See Notes to Financial Statements.

1071

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $6,962,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $118571638 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104760503 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $267500043 |
|  Aggregate gross unrealized depreciation | (54309728) |
|  Net unrealized appreciation | $213190315 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550061673 |

---

See Notes to Financial Statements.

1072

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $325,878) | $437503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $546,369,984) | 760077975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $2,951,120) | 2951120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6270040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1080536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 452990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 363901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 6874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 771644419 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3951120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 272606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 230322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 148763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 62542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 15717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 23256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4704758 |
|  **NET ASSETS** | $766939661 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $553618312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 213321349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $766939661 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $72,970,724 / 7,741,922 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.43 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $693,797,840 / 73,912,141 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.39 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $171,097 / 18,237 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.38 |

---

*(x)* *Includes value of securities on loan of $4,942,903.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($11,628 of dividend income received from affiliates) (net of $3,786 foreign withholding tax) | $16683469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 86317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 84023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16853809 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2732788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1762213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 724331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 189351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 78600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 72984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 37048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 24798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 116102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5738215 |
|  **NET INVESTMENT INCOME (LOSS)** | 11115594 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($4,716 realized gain (loss) from affiliates) | 14682497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1146736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13535761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(59583) of change in unrealized appreciation (depreciation) from affiliates) | (93959970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (313865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (94273835) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (80738074) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(69622480) |

---

See Notes to Financial Statements.

1073

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EQ/LARGE CAP VALUE INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11115594 | $9559001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13535761 | 44517208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (94273835) | 112055108 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (69622480) | 166131317 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (2639974) | (5078686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (25026351) | (46550558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (6600) | (11879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (27672925) | (51641123) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 961,083 and 1,297,993 shares, respectively ] | 9616508 | 13543480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 275,777 and 486,855 shares, respectively ] | 2639974 | 5078686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1224487) and (1757882) shares, respectively ] | (12044601) | (18035846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 211881 | 586320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 10,354,896 and 7,622,304 shares, respectively ] | 102366955 | 78967461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 2,625,149 and 4,480,551 shares, respectively ] | 25026351 | 46550558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9933817) and (9508106) shares, respectively ] | (97333561) | (99011514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 30059745 | 26506505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 692 and 1,144 shares, respectively ] | 6600 | 11879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 6600 | 11879 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 30278226 | 27104704 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (67017179) | 141594898 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 833956840 | 692361942 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $766939661 | $833956840 |

---

See Notes to Financial Statements.

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EQ/LARGE CAP VALUE INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.65 | $9.14 | $9.20 | $7.90 | $9.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.13 | 0.16 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.01) | 2.08 | 0.04 | 1.83 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.87) | 2.21 | 0.20 | 2.02 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.14) | (0.16) | (0.21) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (0.56) | (0.10) | (0.51) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.70) | (0.26) | (0.72) | (0.57) |
|  Net asset value, end of year | $9.43 | $10.65 | $9.14 | $9.20 | $7.90 |
|  Total return | (8.20)% | 24.35% | 2.22% | 25.64% | (8.90)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $72971 | $82299 | $70420 | $74512 | $55404 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.74% | 0.73% | 0.74% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.74% | 0.73% | 0.75% | 0.74% | 0.74% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.42% | 1.22% | 1.91% | 2.13% | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.42% | 1.22% | 1.91% | 2.12% | 1.89% |
|  Portfolio turnover rate^ | 14% | 16% | 18% | 16% | 16% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.60 | $9.11 | $9.17 | $7.88 | $9.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.13 | 0.16 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.00) | 2.06 | 0.04 | 1.82 | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.86) | 2.19 | 0.20 | 2.01 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.14) | (0.16) | (0.21) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (0.56) | (0.10) | (0.51) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.70) | (0.26) | (0.72) | (0.57) |
|  Net asset value, end of year | $9.39 | $10.60 | $9.11 | $9.17 | $7.88 |
|  Total return | (8.16)% | 24.20% | 2.23% | 25.59% | (8.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520013 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.74% | 0.73% | 0.74% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.74% | 0.73% | 0.75% | 0.74% | 0.74% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.42% | 1.21% | 1.91% | 2.12% | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.42% | 1.21% | 1.91% | 2.12% | 1.89% |
|  Portfolio turnover rate^ | 14% | 16% | 18% | 16% | 16% |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.15 | 0.18 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.00) | 2.07 | 0.04 | 1.82 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.84) | 2.22 | 0.22 | 2.03 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.16) | (0.18) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.21) | (0.56) | (0.10) | (0.51) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.38) | (0.72) | (0.28) | (0.74) | (0.59) |
|  Net asset value, end of year | $9.38 | $10.60 | $9.10 | $9.16 | $7.87 |
|  Total return | (8.02)% | 24.61% | 2.46% | 25.91% | (8.59)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $171 | $186 | $149 | $146 | $116 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.49% | 0.48% | 0.49% | 0.48% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.49% | 0.48% | 0.50% | 0.49% | 0.49% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.67% | 1.47% | 2.16% | 2.37% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.67% | 1.47% | 2.16% | 2.37% | 2.15% |
|  Portfolio turnover rate^ | 14% | 16% | 18% | 16% | 16% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

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**EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> Aristotle Capital Management, LLC

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g10r87.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (11.60)% | 5.67% | 9.46 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (11.59) | 5.67 | 9.46 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (11.36) | 5.94 | 9.74 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.59)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• Stock selection and an underweight position in the Communications sector contributed to performance relative to the
benchmark. Within this sector, an underweight position in The Walt Disney Co. aided relative results.

• Sector allocation and stock selection were also positive in the Financials, Real Estate and Industrials sectors.

• Stock selection in the Information Technology sector contributed to performance, including relative underweights to
Salesforce, Inc. and Intel Corp.

• An overweight position in global security company Northrop Grumman Corp. also aided relative performance.

***What hurt performance during the year?***

• An underweight position in the Energy sector detracted from relative performance. Here, underweighting shares of integrated
energy companies Exxon Mobil Corp. and Chevron Corp. weakened relative returns.

• Overweighting the Information Technology and Consumer Discretionary sectors detracted from relative results. Within
Information Technology, relative overweights to Microsoft Corp., Apple, Inc. and Adobe, Inc. detracted.

• Security selection was negative in the Communications sector.

• During the year, the Portfolio reduced its equity exposure for 105 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 16.1% |
| &nbsp;&nbsp;&nbsp; Health Care | 14.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 9.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 9.2 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 9.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.0 |
| &nbsp;&nbsp;&nbsp; Energy | 5.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 5.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.4 |
| &nbsp;&nbsp;&nbsp; Materials | 3.9 |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.0 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2.5 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.6 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 4.5 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class IA and Class IB shares of the Portfolio), and other Portfolio expenses. These examples are intended to help you understand your

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ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1045.40 | $4.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.88 | 4.37 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1044.90 | 4.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.88 | 4.37 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1046.70 | 3.13 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.15 | 3.09 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.86%, 0.86% and 0.61%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

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PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (5.1%)** | **Communication Services (5.1%)** | **Communication Services (5.1%)** |  |
|  ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** | ***Diversified Telecommunication Services (1.0%)*** | **** |
|  AT&T, Inc. | 784477 | $14442222 |  |
|  Frontier Communications Parent, Inc.\* | 25999 | 662455 |  |
|  Lumen Technologies, Inc. | 109060 | 569293 |  |
|  Verizon Communications, Inc. | 520043 | 20489694 |  |
|  |  | 36163664 |  |
|  ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | ***Entertainment (1.1%)*** | **** |
|  Activision Blizzard, Inc. | 82532 | 6317825 |  |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 54862 | 223288 |  |
|  Electronic Arts, Inc. | 27603 | 3372534 |  |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 1981 | 105845 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 18917 | 1130858 |  |
|  Live Nation Entertainment, Inc.\* | 8177 | 570264 |  |
|  Madison Square Garden Sports Corp., Class A | 1002 | 183697 |  |
|  Netflix, Inc.\* | 25542 | 7531825 |  |
|  Playtika Holding Corp.\* | 944 | 8033 |  |
|  Roku, Inc.\* | 9116 | 371021 |  |
|  Take-Two Interactive Software, Inc.\* | 2983 | 310620 |  |
|  Walt Disney Co. (The)\* | 213853 | 18579549 |  |
|  Warner Bros Discovery, Inc.\* | 66631 | 631662 |  |
|  |  | 39337021 |  |
|  ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | ***Interactive Media & Services (1.5%)*** | **** |
|  Alphabet, Inc., Class A\* | 83108 | 7332619 |  |
|  Alphabet, Inc., Class C\* | 222148 | 19711192 |  |
|  IAC, Inc.\* | 8258 | 366655 |  |
|  Match Group, Inc.\* | 1906 | 79080 |  |
|  Meta Platforms, Inc., Class A\* | 218492 | 26293327 |  |
|  Pinterest, Inc., Class A\* | 48780 | 1184378 |  |
|  TripAdvisor, Inc.\* | 9963 | 179135 |  |
|  |  | 55146386 |  |
|  ***Media (1.2%)*** | ***Media (1.2%)*** | ***Media (1.2%)*** | **** |
|  Altice USA, Inc., Class A\* | 22208 | 102157 |  |
|  Cable One, Inc. | 239 | 170135 |  |
|  Charter Communications, Inc., Class A\* | 16376 | 5553102 |  |
|  Comcast Corp., Class A | 831756 | 29086507 |  |
|  DISH Network Corp., Class A (x)\* | 26597 | 373422 |  |
|  Fox Corp., Class A | 31964 | 970747 |  |
|  Fox Corp., Class B | 15119 | 430135 |  |
|  Interpublic Group of Cos., Inc. (The) | 41740 | 1390359 |  |
|  Liberty Broadband Corp., Class A\* | 1040 | 78884 |  |
|  Liberty Broadband Corp., Class C\* | 7013 | 534881 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 5752 | 226111 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 11861 | 464121 |  |
|  New York Times Co. (The), Class A | 17455 | 566589 |  |
|  News Corp., Class A | 40969 | 745636 |  |
|  News Corp., Class B | 12821 | 236419 |  |
|  Nexstar Media Group, Inc., Class A | 3598 | 629758 |  |
|  Omnicom Group, Inc. | 21601 | 1761994 |  |
|  Paramount Global, Class A (x) | 974 | 19100 |  |
|  Paramount Global, Class B (x) | 61227 | 1033512 |  |
|  Sirius XM Holdings, Inc. (x) | 74495 | 435051 |  |
|  |  | 44808620 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  T-Mobile US, Inc.\* | 93012 | 13021680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 188477371 |  |
|  **Consumer Discretionary (5.4%)** | **Consumer Discretionary (5.4%)** | **Consumer Discretionary (5.4%)** |  |
|  ***Auto Components (0.3%)*** | ***Auto Components (0.3%)*** | ***Auto Components (0.3%)*** | **** |
|  Aptiv plc\* | 21501 | 2002388 |  |
|  BorgWarner, Inc. | 25058 | 1008584 |  |
|  Cie Generale des Etablissements Michelin SCA (ADR) (x) | 498613 | 6925735 |  |
|  Gentex Corp. | 24940 | 680114 |  |
|  Goodyear Tire & Rubber Co. (The) (x)\* | 26317 | 267118 |  |
|  Lear Corp. | 6317 | 783434 |  |
|  QuantumScape Corp. (x)\* | 26843 | 152200 |  |
|  |  | 11819573 |  |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | **** |
|  Ford Motor Co. | 625645 | 7276252 |  |
|  General Motors Co. | 154530 | 5198389 |  |
|  Harley-Davidson, Inc. | 14280 | 594048 |  |
|  Lucid Group, Inc. (x)\* | 3442 | 23509 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 55170 | 1016783 |  |
|  Tesla, Inc.\* | 10940 | 1347589 |  |
|  Thor Industries, Inc. (x) | 5617 | 424027 |  |
|  |  | 15880597 |  |
|  ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | ***Distributors (0.1%)*** | **** |
|  Genuine Parts Co. | 13547 | 2350540 |  |
|  LKQ Corp. | 27255 | 1455690 |  |
|  |  | 3806230 |  |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | **** |
|  ADT, Inc. | 22185 | 201218 |  |
|  Bright Horizons Family Solutions, Inc.\* | 4383 | 276567 |  |
|  Grand Canyon Education, Inc.\* | 3339 | 352799 |  |
|  H&R Block, Inc. | 2945 | 107522 |  |
|  Mister Car Wash, Inc. (x)\* | 2319 | 21404 |  |
|  Service Corp. International | 16387 | 1132997 |  |
|  |  | 2092507 |  |
|  ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** | ***Hotels, Restaurants & Leisure (1.4%)*** | **** |
|  Aramark | 24609 | 1017336 |  |
|  Booking Holdings, Inc.\* | 1016 | 2047525 |  |
|  Boyd Gaming Corp. | 8296 | 452381 |  |
|  Caesars Entertainment, Inc.\* | 6839 | 284502 |  |
|  Carnival Corp. (x)\* | 101624 | 819089 |  |
|  Darden Restaurants, Inc. | 11831 | 1636582 |  |
|  Domino's Pizza, Inc. | 1026 | 355406 |  |
|  Expedia Group, Inc.\* | 7888 | 690989 |  |
|  Hilton Worldwide Holdings, Inc. | 7947 | 1004183 |  |
|  Hyatt Hotels Corp., Class A\* | 38649 | 3495802 |  |
|  Las Vegas Sands Corp.\* | 22019 | 1058453 |  |
|  Marriott International, Inc., Class A | 26629 | 3964792 |  |
|  Marriott Vacations Worldwide Corp. | 4069 | 547647 |  |
|  McDonald's Corp. | 59456 | 15668440 |  |
|  MGM Resorts International | 34858 | 1168789 |  |

---

See Notes to Financial Statements.

1079

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 41110 | $| 503186 |  |
|  Penn Entertainment, Inc.\* | 16762 |  | 497831 |  |
|  Planet Fitness, Inc., Class A\* | 2356 |  | 185653 |  |
|  Restaurant Brands International, Inc. | 46522 |  | 3008578 |  |
|  Royal Caribbean Cruises Ltd.\* | 23385 |  | 1155921 |  |
|  Six Flags Entertainment Corp.\* | 3945 |  | 91721 |  |
|  Starbucks Corp. | 77995 |  | 7737104 |  |
|  Travel + Leisure Co. | 2453 |  | 89289 |  |
|  Vail Resorts, Inc. | 231 |  | 55059 |  |
|  Wyndham Hotels & Resorts, Inc. | 2883 |  | 205587 |  |
|  Wynn Resorts Ltd.\* | 9670 |  | 797485 |  |
|  Yum! Brands, Inc. | 26906 |  | 3446120 |  |
|  |  |  | 51985450 |  |
|  ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | **** |
|  DR Horton, Inc. | 16110 |  | 1436045 |  |
|  Garmin Ltd. | 16368 |  | 1510603 |  |
|  Leggett & Platt, Inc. | 14124 |  | 455216 |  |
|  Lennar Corp., Class A | 142455 |  | 12892178 |  |
|  Lennar Corp., Class B | 1571 |  | 117479 |  |
|  Mohawk Industries, Inc.\* | 5583 |  | 570694 |  |
|  Newell Brands, Inc. | 40074 |  | 524168 |  |
|  NVR, Inc.\* | 89 |  | 410520 |  |
|  PulteGroup, Inc. | 109540 |  | 4987356 |  |
|  Sony Group Corp. (ADR) | 109490 |  | 8351897 |  |
|  Tempur Sealy International, Inc. | 17838 |  | 612379 |  |
|  Toll Brothers, Inc. | 5511 |  | 275109 |  |
|  TopBuild Corp.\* | 535 |  | 83722 |  |
|  Whirlpool Corp. | 9908 |  | 1401586 |  |
|  |  |  | 33628952 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  Amazon.com, Inc.\* | 70826 |  | 5949384 |  |
|  DoorDash, Inc., Class A\* | 3051 |  | 148950 |  |
|  eBay, Inc. | 131942 |  | 5471635 |  |
|  Wayfair, Inc., Class A (x)\* | 3021 |  | 99360 |  |
|  |  |  | 11669329 |  |
|  ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | ***Leisure Products (0.0%)†*** | **** |
|  Brunswick Corp. | 6497 |  | 468304 |  |
|  Hasbro, Inc. | 13947 |  | 850907 |  |
|  Mattel, Inc.\* | 19329 |  | 344829 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 32061 |  | 254564 |  |
|  Polaris, Inc. | 1553 |  | 156853 |  |
|  |  |  | 2075457 |  |
|  ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | **** |
|  Dollar Tree, Inc.\* | 15568 |  | 2201938 |  |
|  Kohl's Corp. | 13583 |  | 342971 |  |
|  Macy's, Inc. | 28606 |  | 590714 |  |
|  Nordstrom, Inc. (x) | 1722 |  | 27793 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 6286 |  | 294436 |  |
|  Target Corp. | 54239 |  | 8083780 |  |
|  |  |  | 11541632 |  |
|  ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** | ***Specialty Retail (1.3%)*** | **** |
|  Advance Auto Parts, Inc. | 5971 |  | 877916 |  |
|  AutoNation, Inc.\* | 17752 |  | 1904790 |  |
|  AutoZone, Inc.\* | 1647 |  | 4061798 |  |
|  Bath & Body Works, Inc. | 44829 |  | 1889094 |  |
|  Best Buy Co., Inc. | 14661 |  | 1175959 |  |
|  Burlington Stores, Inc.\* | 440 |  | 89214 |  |
|  CarMax, Inc.\* | 15053 |  | 916577 |  |
|  Dick's Sporting Goods, Inc. | 5775 |  | 694675 |  |
|  GameStop Corp., Class A (x)\* | 28497 |  | 526055 |  |
|  Gap, Inc. (The) | 20994 |  | 236812 |  |
|  Home Depot, Inc. (The) | 46122 |  | 14568095 |  |
|  Leslie's, Inc.\* | 1849 |  | 22576 |  |
|  Lithia Motors, Inc., Class A | 2878 |  | 589242 |  |
|  Lowe's Cos., Inc. | 54475 |  | 10853599 |  |
|  O'Reilly Automotive, Inc.\* | 6269 |  | 5291224 |  |
|  Penske Automotive Group, Inc. | 2849 |  | 327436 |  |
|  Petco Health & Wellness Co., Inc.\* | 8542 |  | 80978 |  |
|  RH (x)\* | 1314 |  | 351088 |  |
|  Ross Stores, Inc. | 21113 |  | 2450586 |  |
|  Victoria's Secret & Co.\* | 2502 |  | 89521 |  |
|  Williams-Sonoma, Inc. | 1515 |  | 174104 |  |
|  |  |  | 47171339 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Capri Holdings Ltd.\* | 14286 |  | 818874 |  |
|  Carter's, Inc. | 4046 |  | 301872 |  |
|  Columbia Sportswear Co. | 3823 |  | 334818 |  |
|  Deckers Outdoor Corp.\* | 327 |  | 130525 |  |
|  Hanesbrands, Inc. | 36995 |  | 235288 |  |
|  PVH Corp. | 7129 |  | 503236 |  |
|  Ralph Lauren Corp. | 4493 |  | 474775 |  |
|  Skechers USA, Inc., Class A\* | 12057 |  | 505791 |  |
|  Tapestry, Inc. | 168470 |  | 6415338 |  |
|  Under Armour, Inc., Class A\* | 20001 |  | 203210 |  |
|  Under Armour, Inc., Class C\* | 21221 |  | 189292 |  |
|  VF Corp. | 37114 |  | 1024718 |  |
|  |  |  | 11137737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 202808803 |  |
|  **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** | **Consumer Staples (6.0%)** |  |
|  ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 51 |  | 16805 |  |
|  Brown-Forman Corp., Class A | 1989 |  | 130797 |  |
|  Brown-Forman Corp., Class B | 8028 |  | 527279 |  |
|  Coca-Cola Co. (The) | 332592 |  | 21156177 |  |
|  Constellation Brands, Inc., Class A | 47157 |  | 10928635 |  |
|  Diageo plc | 136060 |  | 6003875 |  |
|  Keurig Dr Pepper, Inc. | 91071 |  | 3247592 |  |
|  Molson Coors Beverage Co., Class B | 44978 |  | 2317267 |  |
|  Monster Beverage Corp.\* | 2961 |  | 300630 |  |
|  PepsiCo, Inc. | 61932 |  | 11188635 |  |
|  |  |  | 55817692 |  |
|  ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | ***Food & Staples Retailing (1.4%)*** | **** |
|  Albertsons Cos., Inc., Class A | 17865 |  | 370520 |  |
|  BJ's Wholesale Club Holdings, Inc.\* | 5249 |  | 347274 |  |
|  Casey's General Stores, Inc. | 3935 |  | 882817 |  |
|  Grocery Outlet Holding Corp.\* | 8671 |  | 253107 |  |
|  Kroger Co. (The) | 117338 |  | 5230928 |  |
|  Performance Food Group Co.\* | 11155 |  | 651341 |  |
|  Sysco Corp. | 94069 |  | 7191575 |  |
|  US Foods Holding Corp.\* | 21422 |  | 728776 |  |
|  Walgreens Boots Alliance, Inc. | 110409 |  | 4124880 |  |
|  Walmart, Inc.# | 219677 |  | 31148002 |  |
|  |  |  | 50929220 |  |

---

See Notes to Financial Statements.

1080

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Archer-Daniels-Midland Co. | 74936 | $6957808 |  |
|  Bunge Ltd. | 14875 | 1484079 |  |
|  Campbell Soup Co. | 20580 | 1167915 |  |
|  Conagra Brands, Inc. | 49977 | 1934110 |  |
|  Darling Ingredients, Inc.\* | 15813 | 989736 |  |
|  Flowers Foods, Inc. | 19895 | 571782 |  |
|  Freshpet, Inc.\* | 2128 | 112294 |  |
|  General Mills, Inc. | 63294 | 5307202 |  |
|  Hershey Co. (The) | 2061 | 477266 |  |
|  Hormel Foods Corp. | 30438 | 1386451 |  |
|  Ingredion, Inc. | 6957 | 681299 |  |
|  J M Smucker Co. (The) | 10944 | 1734186 |  |
|  Kellogg Co. | 12113 | 862930 |  |
|  Kraft Heinz Co. (The) | 74217 | 3021374 |  |
|  McCormick & Co., Inc. (Non-Voting) | 26616 | 2206200 |  |
|  Mondelez International, Inc., Class A | 146838 | 9786753 |  |
|  Nestle SA (Registered) | 50105 | 5805710 |  |
|  Pilgrim's Pride Corp.\* | 2405 | 57071 |  |
|  Post Holdings, Inc.\* | 5806 | 524049 |  |
|  Seaboard Corp. | 27 | 101931 |  |
|  Tyson Foods, Inc., Class A | 30246 | 1882813 |  |
|  |  | 47052959 |  |
|  ***Household Products (1.2%)*** | ***Household Products (1.2%)*** | ***Household Products (1.2%)*** | **** |
|  Church & Dwight Co., Inc. | 14102 | 1136762 |  |
|  Clorox Co. (The) | 2237 | 313918 |  |
|  Colgate-Palmolive Co. | 33871 | 2668696 |  |
|  Kimberly-Clark Corp. | 39024 | 5297508 |  |
|  Procter & Gamble Co. (The) | 220713 | 33451262 |  |
|  Reckitt Benckiser Group plc | 28371 | 1973572 |  |
|  Reynolds Consumer Products, Inc. | 5764 | 172805 |  |
|  Spectrum Brands Holdings, Inc. | 4230 | 257692 |  |
|  |  | 45272215 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Coty, Inc., Class A\* | 36803 | 315034 |  |
|  ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | ***Tobacco (0.7%)*** | **** |
|  Altria Group, Inc. | 192486 | 8798535 |  |
|  Philip Morris International, Inc. | 164686 | 16667870 |  |
|  |  | 25466405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 224853525 |  |
|  **Energy (5.9%)** | **Energy (5.9%)** | **Energy (5.9%)** |  |
|  ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | ***Energy Equipment & Services (0.5%)*** | **** |
|  Baker Hughes Co. | 265860 | 7850846 |  |
|  Halliburton Co. | 52186 | 2053519 |  |
|  NOV, Inc. | 41548 | 867938 |  |
|  Schlumberger Ltd. | 150098 | 8024239 |  |
|  |  | 18796542 |  |
|  ***Oil, Gas & Consumable Fuels (5.4%)*** | ***Oil, Gas & Consumable Fuels (5.4%)*** | ***Oil, Gas & Consumable Fuels (5.4%)*** | **** |
|  Antero Midstream Corp. | 35691 | 385106 |  |
|  Antero Resources Corp.\* | 10716 | 332089 |  |
|  APA Corp. | 34542 | 1612420 |  |
|  Cameco Corp. | 44364 | 1005732 |  |
|  Cheniere Energy, Inc. | 11207 | 1680602 |  |
|  Chesapeake Energy Corp. (x) | 12856 | 1213221 |  |
|  Chevron Corp. | 226702 | 40690742 |  |
|  ConocoPhillips | 205561 | 24256198 |  |
|  Coterra Energy, Inc. | 421642 | 10359744 |  |
|  Devon Energy Corp. | 35698 | 2195784 |  |
|  Diamondback Energy, Inc. | 7882 | 1078100 |  |
|  DT Midstream, Inc. | 10287 | 568460 |  |
|  EOG Resources, Inc. | 75133 | 9731226 |  |
|  EQT Corp. | 39124 | 1323565 |  |
|  Exxon Mobil Corp. | 443222 | 48887386 |  |
|  Hess Corp. | 6488 | 920128 |  |
|  HF Sinclair Corp. | 15469 | 802686 |  |
|  Kinder Morgan, Inc. | 211039 | 3815585 |  |
|  Marathon Oil Corp. | 71712 | 1941244 |  |
|  Marathon Petroleum Corp. | 52895 | 6156449 |  |
|  Occidental Petroleum Corp. | 15125 | 952724 |  |
|  ONEOK, Inc. | 41867 | 2750662 |  |
|  Ovintiv, Inc. | 7813 | 396197 |  |
|  PDC Energy, Inc. | 4660 | 295817 |  |
|  Phillips 66 | 119214 | 12407793 |  |
|  Pioneer Natural Resources Co. | 38807 | 8863131 |  |
|  Range Resources Corp. | 9247 | 231360 |  |
|  Southwestern Energy Co.\* | 109750 | 642037 |  |
|  Valero Energy Corp. | 75002 | 9514754 |  |
|  Williams Cos., Inc. (The) | 129345 | 4255450 |  |
|  |  | 199266392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 218062934 |  |
|  **Financials (16.1%)** | **Financials (16.1%)** | **Financials (16.1%)** |  |
|  ***Banks (5.5%)*** | ***Banks (5.5%)*** | ***Banks (5.5%)*** | **** |
|  Bank of America Corp. | 958416 | 31742738 |  |
|  Bank of Hawaii Corp. | 4198 | 325597 |  |
|  Bank OZK | 11869 | 475472 |  |
|  BOK Financial Corp. | 3120 | 323825 |  |
|  Citigroup, Inc. | 293525 | 13276136 |  |
|  Citizens Financial Group, Inc. | 51840 | 2040941 |  |
|  Comerica, Inc. | 13867 | 927009 |  |
|  Commerce Bancshares, Inc. | 93255 | 6347868 |  |
|  Cullen/Frost Bankers, Inc. | 63590 | 8501983 |  |
|  East West Bancorp, Inc. | 15012 | 989291 |  |
|  Fifth Third Bancorp | 72341 | 2373508 |  |
|  First Citizens BancShares, Inc., Class A | 1972 | 1495486 |  |
|  First Hawaiian, Inc. | 13558 | 353050 |  |
|  First Horizon Corp. | 56175 | 1376287 |  |
|  First Republic Bank | 19306 | 2353208 |  |
|  FNB Corp. | 37042 | 483398 |  |
|  Huntington Bancshares, Inc. | 152370 | 2148417 |  |
|  JPMorgan Chase & Co. | 419256 | 56222230 |  |
|  KeyCorp | 98650 | 1718483 |  |
|  M&T Bank Corp. | 18571 | 2693909 |  |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) | 772651 | 5153582 |  |
|  PacWest Bancorp | 12336 | 283111 |  |
|  Pinnacle Financial Partners, Inc. | 7955 | 583897 |  |
|  PNC Financial Services Group, Inc. (The) | 123893 | 19567660 |  |
|  Popular, Inc. | 7802 | 517429 |  |
|  Prosperity Bancshares, Inc. | 9294 | 675488 |  |
|  Regions Financial Corp. | 99239 | 2139593 |  |
|  Signature Bank | 6242 | 719203 |  |
|  SVB Financial Group\* | 2256 | 519196 |  |
|  Synovus Financial Corp. | 15282 | 573839 |  |
|  Truist Financial Corp. | 188657 | 8117911 |  |
|  Umpqua Holdings Corp. | 22934 | 409372 |  |

---

See Notes to Financial Statements.

1081

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  US Bancorp | 142601 | $| 6218830 |  |
|  Webster Financial Corp. | 18538 |  | 877589 |  |
|  Wells Fargo & Co. | 554159 |  | 22881225 |  |
|  Western Alliance Bancorp | 4355 |  | 259384 |  |
|  Wintrust Financial Corp. | 6360 |  | 537547 |  |
|  Zions Bancorp NA | 15810 |  | 777220 |  |
|  |  |  | 206980912 |  |
|  ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** | ***Capital Markets (4.0%)*** | **** |
|  Affiliated Managers Group, Inc. | 4027 |  | 637998 |  |
|  Ameriprise Financial, Inc. | 45522 |  | 14174185 |  |
|  Bank of New York Mellon Corp. (The) | 106338 |  | 4840506 |  |
|  BlackRock, Inc. | 23143 |  | 16399824 |  |
|  Blackstone, Inc., Class A | 90172 |  | 6689861 |  |
|  Carlyle Group, Inc. (The) | 21977 |  | 655794 |  |
|  Cboe Global Markets, Inc. | 11239 |  | 1410157 |  |
|  Charles Schwab Corp. (The) | 71884 |  | 5985062 |  |
|  CME Group, Inc. | 38111 |  | 6408746 |  |
|  Coinbase Global, Inc., Class A (x)\* | 16760 |  | 593136 |  |
|  Evercore, Inc., Class A | 3870 |  | 422140 |  |
|  Franklin Resources, Inc. | 30291 |  | 799077 |  |
|  Goldman Sachs Group, Inc. (The) | 46185 |  | 15859005 |  |
|  Interactive Brokers Group, Inc., Class A | 9857 |  | 713154 |  |
|  Intercontinental Exchange, Inc. | 58637 |  | 6015570 |  |
|  Invesco Ltd. | 39638 |  | 713088 |  |
|  Janus Henderson Group plc | 14437 |  | 339558 |  |
|  Jefferies Financial Group, Inc. | 21586 |  | 739968 |  |
|  KKR & Co., Inc. | 104895 |  | 4869226 |  |
|  Lazard Ltd., Class A | 9486 |  | 328880 |  |
|  LPL Financial Holdings, Inc. | 6625 |  | 1432126 |  |
|  Moody's Corp. | 10507 |  | 2927460 |  |
|  Morgan Stanley | 265635 |  | 22584288 |  |
|  Morningstar, Inc. | 248 |  | 53714 |  |
|  MSCI, Inc. | 2067 |  | 961506 |  |
|  Nasdaq, Inc. | 141620 |  | 8688387 |  |
|  Northern Trust Corp. | 21823 |  | 1931117 |  |
|  Raymond James Financial, Inc. | 19010 |  | 2031218 |  |
|  Robinhood Markets, Inc., Class A (x)\* | 59658 |  | 485616 |  |
|  S&P Global, Inc. | 35417 |  | 11862570 |  |
|  SEI Investments Co. | 10916 |  | 636403 |  |
|  State Street Corp. | 38956 |  | 3021817 |  |
|  Stifel Financial Corp. | 10966 |  | 640085 |  |
| T. Rowe Price Group, Inc. | 23763 |  | 2591593 |  |
|  Tradeweb Markets, Inc., Class A | 4207 |  | 273160 |  |
|  Virtu Financial, Inc., Class A | 10339 |  | 211019 |  |
|  |  |  | 148927014 |  |
|  ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | ***Consumer Finance (1.0%)*** | **** |
|  Ally Financial, Inc. | 32724 |  | 800102 |  |
|  American Express Co. | 100316 |  | 14821689 |  |
|  Capital One Financial Corp. | 137323 |  | 12765546 |  |
|  Credit Acceptance Corp. (x)\* | 641 |  | 304090 |  |
|  Discover Financial Services | 28974 |  | 2834526 |  |
|  OneMain Holdings, Inc. | 12329 |  | 410679 |  |
|  SLM Corp. | 26546 |  | 440664 |  |
|  SoFi Technologies, Inc. (x)\* | 84393 |  | 389052 |  |
|  Synchrony Financial | 103567 |  | 3403212 |  |
|  Upstart Holdings, Inc. (x)\* | 6056 |  | 80060 |  |
|  |  |  | 36249620 |  |
|  ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | ***Diversified Financial Services (1.7%)*** | **** |
|  Apollo Global Management, Inc. | 11605 |  | 740283 |  |
|  Berkshire Hathaway, Inc., Class B\* | 191740 |  | 59228486 |  |
|  Corebridge Financial, Inc. (x) | 8423 |  | 168965 |  |
|  Equitable Holdings, Inc.‡ | 39719 |  | 1139935 |  |
|  Voya Financial, Inc. (x) | 10332 |  | 635315 |  |
|  |  |  | 61912984 |  |
|  ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | ***Insurance (3.8%)*** | **** |
|  Aflac, Inc. | 66543 |  | 4787103 |  |
|  Allstate Corp. (The) | 39635 |  | 5374506 |  |
|  American Financial Group, Inc. | 7143 |  | 980591 |  |
|  American International Group, Inc. | 120827 |  | 7641100 |  |
|  Aon plc, Class A | 32422 |  | 9731139 |  |
|  Arch Capital Group Ltd.\* | 35529 |  | 2230511 |  |
|  Arthur J Gallagher & Co. | 19574 |  | 3690482 |  |
|  Assurant, Inc. | 5304 |  | 663318 |  |
|  Assured Guaranty Ltd. | 6312 |  | 392985 |  |
|  Axis Capital Holdings Ltd. | 8259 |  | 447390 |  |
|  Brighthouse Financial, Inc.\* | 7567 |  | 387960 |  |
|  Brown & Brown, Inc. | 23190 |  | 1321134 |  |
|  Chubb Ltd. | 83427 |  | 18403996 |  |
|  Cincinnati Financial Corp. | 92825 |  | 9504352 |  |
|  CNA Financial Corp. | 2896 |  | 122443 |  |
|  Erie Indemnity Co., Class A | 692 |  | 172114 |  |
|  Everest Re Group Ltd. | 6850 |  | 2269200 |  |
|  F&G Annuities & Life, Inc.\* | 1903 |  | 38079 |  |
|  Fidelity National Financial, Inc. | 78026 |  | 2935338 |  |
|  First American Financial Corp. | 10709 |  | 560509 |  |
|  Globe Life, Inc. | 9493 |  | 1144381 |  |
|  Hanover Insurance Group, Inc. (The) | 3757 |  | 507683 |  |
|  Hartford Financial Services Group, Inc. (The) | 50823 |  | 3853908 |  |
|  Kemper Corp. | 6742 |  | 331706 |  |
|  Lincoln National Corp. | 14283 |  | 438774 |  |
|  Loews Corp. | 21165 |  | 1234555 |  |
|  Markel Corp.\* | 1094 |  | 1441334 |  |
|  Marsh & McLennan Cos., Inc. | 58925 |  | 9750909 |  |
|  MetLife, Inc. | 121098 |  | 8763862 |  |
|  Old Republic International Corp. | 30015 |  | 724862 |  |
|  Primerica, Inc. | 3950 |  | 560189 |  |
|  Principal Financial Group, Inc. | 26187 |  | 2197613 |  |
|  Progressive Corp. (The) | 116716 |  | 15139232 |  |
|  Prudential Financial, Inc. | 39848 |  | 3963282 |  |
|  Reinsurance Group of America, Inc. | 12783 |  | 1816337 |  |
|  RenaissanceRe Holdings Ltd. | 2070 |  | 381356 |  |
|  Travelers Cos., Inc. (The) | 56850 |  | 10658807 |  |
|  Unum Group | 21261 |  | 872339 |  |
|  W R Berkley Corp. | 21856 |  | 1586090 |  |
|  White Mountains Insurance Group Ltd. | 299 |  | 422885 |  |
|  Willis Towers Watson plc | 21933 |  | 5364373 |  |
|  |  |  | 142808727 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.1%)*** | **** |
|  AGNC Investment Corp. (REIT) (x) | 55442 |  | 573825 |  |
|  Annaly Capital Management, Inc. (REIT) (x) | 45716 |  | 963693 |  |
|  Rithm Capital Corp. (REIT) | 45282 |  | 369954 |  |
|  Starwood Property Trust, Inc. (REIT) | 31004 |  | 568303 |  |
|  |  |  | 2475775 |  |

---

See Notes to Financial Statements.

1082

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | ***Thrifts & Mortgage Finance (0.0%)†*** | **** |
|  MGIC Investment Corp. | 32027 | $416351 |  |
|  New York Community Bancorp, Inc. | 48899 | 420531 |  |
|  Rocket Cos., Inc., Class A (x) | 5310 | 37170 |  |
|  TFS Financial Corp. | 5316 | 76604 |  |
|  UWM Holdings Corp. (x) | 905 | 2996 |  |
|  |  | 953652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 600308684 |  |
|  **Health Care (14.1%)** | **Health Care (14.1%)** | **Health Care (14.1%)** |  |
|  ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | ***Biotechnology (1.6%)*** | **** |
|  AbbVie, Inc. | 32896 | 5316323 |  |
|  Amgen, Inc. | 57384 | 15071334 |  |
|  Biogen, Inc.\* | 17466 | 4836685 |  |
|  BioMarin Pharmaceutical, Inc.\* | 19592 | 2027576 |  |
|  Exact Sciences Corp.\* | 15199 | 752502 |  |
|  Exelixis, Inc.\* | 4494 | 72084 |  |
|  Gilead Sciences, Inc. | 168806 | 14491995 |  |
|  Horizon Therapeutics plc\* | 1669 | 189932 |  |
|  Incyte Corp.\* | 2616 | 210117 |  |
|  Ionis Pharmaceuticals, Inc.\* | 1214 | 45853 |  |
|  Mirati Therapeutics, Inc.\* | 4568 | 206976 |  |
|  Moderna, Inc.\* | 35718 | 6415667 |  |
|  Natera, Inc.\* | 650 | 26111 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 9407 | 6787056 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 1566 | 72553 |  |
|  United Therapeutics Corp.\* | 4735 | 1316756 |  |
|  Vertex Pharmaceuticals, Inc.\* | 1522 | 439523 |  |
|  |  | 58279043 |  |
|  ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | ***Health Care Equipment & Supplies (2.7%)*** | **** |
|  Abbott Laboratories | 211502 | 23220805 |  |
|  Alcon, Inc. | 105998 | 7266163 |  |
|  Align Technology, Inc.\* | 2083 | 439305 |  |
|  Baxter International, Inc. | 45117 | 2299613 |  |
|  Becton Dickinson and Co. | 30174 | 7673248 |  |
|  Boston Scientific Corp.\* | 251302 | 11627744 |  |
|  Cooper Cos., Inc. (The) | 5158 | 1705596 |  |
|  Dentsply Sirona, Inc. | 22746 | 724233 |  |
|  Enovis Corp.\* | 5374 | 287616 |  |
|  Envista Holdings Corp.\* | 17276 | 581683 |  |
|  Globus Medical, Inc., Class A\* | 7564 | 561778 |  |
|  Hologic, Inc.\* | 45443 | 3399591 |  |
|  ICU Medical, Inc.\* | 1743 | 274488 |  |
|  Integra LifeSciences Holdings Corp.\* | 7687 | 431010 |  |
|  Intuitive Surgical, Inc.\* | 3004 | 797111 |  |
|  Masimo Corp.\* | 1183 | 175025 |  |
|  Medtronic plc | 332144 | 25814232 |  |
|  QuidelOrtho Corp.\* | 5244 | 449253 |  |
|  STERIS plc | 10595 | 1956791 |  |
|  Stryker Corp. | 17362 | 4244835 |  |
|  Tandem Diabetes Care, Inc.\* | 440 | 19778 |  |
|  Teleflex, Inc. | 4981 | 1243407 |  |
|  Zimmer Biomet Holdings, Inc. | 40531 | 5167702 |  |
|  |  | 100361007 |  |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 9453 | 778171 |  |
|  agilon health, Inc.\* | 1324 | 21369 |  |
|  Amedisys, Inc.\* | 3394 | 283535 |  |
|  Cardinal Health, Inc. | 48953 | 3763017 |  |
|  Centene Corp.\* | 106711 | 8751369 |  |
|  Chemed Corp. | 999 | 509920 |  |
|  Cigna Corp. | 69609 | 23064246 |  |
|  CVS Health Corp. | 149550 | 13936564 |  |
|  DaVita, Inc.\* | 7177 | 535907 |  |
|  Elevance Health, Inc. | 22935 | 11764967 |  |
|  Encompass Health Corp. | 10395 | 621725 |  |
|  Enhabit, Inc.\* | 5197 | 68392 |  |
|  HCA Healthcare, Inc. | 25392 | 6093064 |  |
|  Henry Schein, Inc.\* | 14352 | 1146294 |  |
|  Humana, Inc. | 3949 | 2022638 |  |
|  Laboratory Corp. of America Holdings | 9593 | 2258960 |  |
|  McKesson Corp. | 32524 | 12200403 |  |
|  Molina Healthcare, Inc.\* | 1362 | 449760 |  |
|  Oak Street Health, Inc.\* | 12365 | 265971 |  |
|  Premier, Inc., Class A | 12496 | 437110 |  |
|  Quest Diagnostics, Inc. | 26114 | 4085274 |  |
|  Signify Health, Inc., Class A\* | 7119 | 204031 |  |
|  Tenet Healthcare Corp.\* | 11283 | 550498 |  |
|  UnitedHealth Group, Inc. | 26056 | 13814370 |  |
|  Universal Health Services, Inc., Class B | 6746 | 950444 |  |
|  |  | 108577999 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  Certara, Inc.\* | 4367 | 70178 |  |
|  Definitive Healthcare Corp.\* | 1703 | 18716 |  |
|  Doximity, Inc., Class A (x)\* | 6165 | 206897 |  |
|  Teladoc Health, Inc.\* | 15410 | 364446 |  |
|  |  | 660237 |  |
|  ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | ***Life Sciences Tools & Services (2.0%)*** | **** |
|  10X Genomics, Inc., Class A\* | 1016 | 37023 |  |
|  Agilent Technologies, Inc. | 3248 | 486063 |  |
|  Avantor, Inc.\* | 4597 | 96951 |  |
|  Azenta, Inc.\* | 7861 | 457668 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 2270 | 954512 |  |
|  Charles River Laboratories International, Inc.\* | 359 | 78226 |  |
|  Danaher Corp. | 124938 | 33161044 |  |
|  Illumina, Inc.\* | 16692 | 3375122 |  |
|  PerkinElmer, Inc. | 13391 | 1877686 |  |
|  QIAGEN NV\* | 24080 | 1200870 |  |
|  Repligen Corp.\* | 1691 | 286303 |  |
|  Syneos Health, Inc.\* | 8974 | 329166 |  |
|  Thermo Fisher Scientific, Inc. | 60753 | 33456070 |  |
|  |  | 75796704 |  |
|  ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** | **** |
|  Bristol-Myers Squibb Co. | 255159 | 18358690 |  |
|  Catalent, Inc.\* | 12340 | 555423 |  |
|  Elanco Animal Health, Inc.\* | 47268 | 577615 |  |
|  Eli Lilly and Co. | 16656 | 6093431 |  |
|  Jazz Pharmaceuticals plc\* | 6468 | 1030417 |  |
|  Johnson & Johnson# | 360763 | 63728784 |  |
|  Merck & Co., Inc. | 355909 | 39488104 |  |
|  Organon & Co. | 26975 | 753412 |  |
|  Perrigo Co. plc | 14255 | 485953 |  |
|  Pfizer, Inc.# | 866073 | 44377581 |  |
|  Roche Holding AG | 4452 | 1398698 |  |

---

See Notes to Financial Statements.

1083

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Roche Holding AG (ADR) | 59736 | $| 2338664 |  |
|  Royalty Pharma plc, Class A | 38968 |  | 1540015 |  |
|  Viatris, Inc. | 128646 |  | 1431830 |  |
|  |  |  | 182158617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 525833607 |  |
|  **Industrials (9.3%)** | **Industrials (9.3%)** | **Industrials (9.3%)** | **Industrials (9.3%)** |  |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | **** |
|  Axon Enterprise, Inc.\* | 1621 |  | 268973 |  |
|  Boeing Co. (The)\* | 40125 |  | 7643411 |  |
|  BWX Technologies, Inc. | 5912 |  | 343369 |  |
|  Curtiss-Wright Corp. | 4065 |  | 678814 |  |
|  General Dynamics Corp. | 96761 |  | 24007372 |  |
|  HEICO Corp. | 301 |  | 46245 |  |
|  HEICO Corp., Class A | 528 |  | 63281 |  |
|  Hexcel Corp. | 8895 |  | 523471 |  |
|  Howmet Aerospace, Inc. | 35899 |  | 1414780 |  |
|  Huntington Ingalls Industries, Inc. | 3259 |  | 751786 |  |
|  L3Harris Technologies, Inc. | 20443 |  | 4256437 |  |
|  Lockheed Martin Corp. | 2836 |  | 1379686 |  |
|  Mercury Systems, Inc.\* | 6037 |  | 270095 |  |
|  Northrop Grumman Corp. | 32673 |  | 17826715 |  |
|  Raytheon Technologies Corp. | 184600 |  | 18629832 |  |
|  Spirit AeroSystems Holdings, Inc., Class A | 27848 |  | 824301 |  |
|  Textron, Inc. | 22431 |  | 1588115 |  |
|  TransDigm Group, Inc. | 3343 |  | 2104920 |  |
|  Woodward, Inc. | 6248 |  | 603619 |  |
|  |  |  | 83225222 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 9479 |  | 867897 |  |
|  Expeditors International of Washington, Inc. | 11964 |  | 1243299 |  |
|  FedEx Corp. | 25509 |  | 4418159 |  |
|  GXO Logistics, Inc.\* | 9990 |  | 426473 |  |
|  United Parcel Service, Inc., Class B | 8437 |  | 1466688 |  |
|  |  |  | 8422516 |  |
|  ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | ***Airlines (0.2%)*** | **** |
|  Alaska Air Group, Inc.\* | 24220 |  | 1040007 |  |
|  American Airlines Group, Inc. (x)\* | 68564 |  | 872134 |  |
|  Copa Holdings SA, Class A\* | 3045 |  | 253253 |  |
|  JetBlue Airways Corp.\* | 34046 |  | 220618 |  |
|  Southwest Airlines Co.\* | 97337 |  | 3277337 |  |
|  United Airlines Holdings, Inc.\* | 34629 |  | 1305513 |  |
|  |  |  | 6968862 |  |
|  ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | ***Building Products (0.7%)*** | **** |
|  A O Smith Corp. | 10207 |  | 584249 |  |
|  Allegion plc | 1935 |  | 203678 |  |
|  Armstrong World Industries, Inc. | 2061 |  | 141364 |  |
|  AZEK Co., Inc. (The)\* | 11808 |  | 239939 |  |
|  Builders FirstSource, Inc.\* | 16371 |  | 1062150 |  |
|  Carlisle Cos., Inc. | 857 |  | 201952 |  |
|  Carrier Global Corp. | 90020 |  | 3713325 |  |
|  Fortune Brands Innovations, Inc. | 8976 |  | 512619 |  |
|  Hayward Holdings, Inc.\* | 7306 |  | 68676 |  |
|  Johnson Controls International plc | 157237 |  | 10063168 |  |
|  Lennox International, Inc. | 3391 |  | 811229 |  |
|  Masco Corp. | 69039 |  | 3222050 |  |
|  Masterbrand, Inc.\* | 8976 |  | 67769 |  |
|  Owens Corning | 10286 |  | 877396 |  |
|  Trane Technologies plc | 32722 |  | 5500241 |  |
|  |  |  | 27269805 |  |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |
|  Cintas Corp. | 616 |  | 278198 |  |
|  Clean Harbors, Inc.\* | 5411 |  | 617503 |  |
|  Driven Brands Holdings, Inc.\* | 5517 |  | 150669 |  |
|  IAA, Inc.\* | 2429 |  | 97160 |  |
|  MSA Safety, Inc. | 2406 |  | 346921 |  |
|  Republic Services, Inc. | 20497 |  | 2643908 |  |
|  Rollins, Inc. | 1820 |  | 66503 |  |
|  Stericycle, Inc.\* | 9729 |  | 485380 |  |
|  Tetra Tech, Inc. | 3331 |  | 483628 |  |
|  Waste Management, Inc. | 2778 |  | 435813 |  |
|  |  |  | 5605683 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  AECOM | 13126 |  | 1114791 |  |
|  MasTec, Inc.\* | 6471 |  | 552171 |  |
|  MDU Resources Group, Inc. | 21442 |  | 650550 |  |
|  Quanta Services, Inc. | 6859 |  | 977408 |  |
|  Valmont Industries, Inc. | 1920 |  | 634886 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 10337 |  | 466922 |  |
|  |  |  | 4396728 |  |
|  ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | ***Electrical Equipment (0.9%)*** | **** |
|  Acuity Brands, Inc. | 8334 |  | 1380194 |  |
|  AMETEK, Inc. | 24466 |  | 3418390 |  |
|  Eaton Corp. plc | 87962 |  | 13805636 |  |
|  Emerson Electric Co. | 49067 |  | 4713376 |  |
|  Hubbell, Inc. | 5684 |  | 1333921 |  |
|  nVent Electric plc | 17535 |  | 674571 |  |
|  Plug Power, Inc. (x)\* | 27734 |  | 343070 |  |
|  Regal Rexnord Corp. | 28574 |  | 3428309 |  |
|  Rockwell Automation, Inc. | 4013 |  | 1033628 |  |
|  Sensata Technologies Holding plc | 34958 |  | 1411604 |  |
|  Sunrun, Inc.\* | 21798 |  | 523588 |  |
|  Vertiv Holdings Co. | 27132 |  | 370623 |  |
|  |  |  | 32436910 |  |
|  ***Industrial Conglomerates (1.3%)*** | ***Industrial Conglomerates (1.3%)*** | ***Industrial Conglomerates (1.3%)*** | ***Industrial Conglomerates (1.3%)*** | **** |
|  3M Co. | 60313 |  | 7232735 |  |
|  General Electric Co. | 128777 |  | 10790225 |  |
|  Honeywell International, Inc. | 137945 |  | 29561613 |  |
|  |  |  | 47584573 |  |
|  ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | **** |
|  AGCO Corp. | 5719 |  | 793168 |  |
|  Allison Transmission Holdings, Inc. | 2144 |  | 89190 |  |
|  Caterpillar, Inc. | 7237 |  | 1733696 |  |
|  Crane Holdings Co. | 4993 |  | 501547 |  |
|  Cummins, Inc. | 14966 |  | 3626112 |  |
|  Donaldson Co., Inc. | 10893 |  | 641271 |  |
|  Dover Corp. | 15276 |  | 2068523 |  |
|  Esab Corp. | 5380 |  | 252430 |  |
|  Flowserve Corp. | 13821 |  | 424028 |  |
|  Fortive Corp. | 38090 |  | 2447283 |  |
|  Gates Industrial Corp. plc\* | 11454 |  | 130690 |  |
|  Graco, Inc. | 5594 |  | 376252 |  |
|  IDEX Corp. | 6630 |  | 1513828 |  |
|  Illinois Tool Works, Inc. | 30676 |  | 6757923 |  |

---

See Notes to Financial Statements.

1084

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Ingersoll Rand, Inc. | 43130 | $| 2253543 |  |
|  ITT, Inc. | 8862 |  | 718708 |  |
|  Middleby Corp. (The)\* | 5284 |  | 707528 |  |
|  Nordson Corp. | 4710 |  | 1119661 |  |
|  Oshkosh Corp. | 68474 |  | 6038722 |  |
|  Otis Worldwide Corp. | 55281 |  | 4329055 |  |
|  PACCAR, Inc. | 112200 |  | 11104434 |  |
|  Parker-Hannifin Corp. | 45815 |  | 13332165 |  |
|  Pentair plc | 17466 |  | 785621 |  |
|  Snap-on, Inc. | 5582 |  | 1275431 |  |
|  Stanley Black & Decker, Inc. | 15677 |  | 1177656 |  |
|  Timken Co. (The) | 6615 |  | 467482 |  |
|  Westinghouse Air Brake Technologies Corp.# | 19219 |  | 1918248 |  |
|  Xylem, Inc. | 99149 |  | 10962905 |  |
|  |  |  | 77547100 |  |
|  ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | ***Marine (0.0%)†*** | **** |
|  Kirby Corp.\* | 6336 |  | 407722 |  |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | **** |
|  CACI International, Inc., Class A\* | 2459 |  | 739151 |  |
|  Clarivate plc\* | 50108 |  | 417901 |  |
|  CoStar Group, Inc.\* | 35758 |  | 2763378 |  |
|  Dun & Bradstreet Holdings, Inc. | 26688 |  | 327195 |  |
|  Equifax, Inc. | 30147 |  | 5859371 |  |
|  FTI Consulting, Inc.\* | 2075 |  | 329510 |  |
|  Jacobs Solutions, Inc. | 13569 |  | 1629230 |  |
|  KBR, Inc. | 5180 |  | 273504 |  |
|  Leidos Holdings, Inc. | 14461 |  | 1521153 |  |
|  ManpowerGroup, Inc. | 5459 |  | 454243 |  |
|  Robert Half International, Inc. | 29875 |  | 2205671 |  |
|  Science Applications International Corp. | 5908 |  | 655374 |  |
|  TransUnion | 5455 |  | 309571 |  |
|  |  |  | 17485252 |  |
|  ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | ***Road & Rail (0.8%)*** | **** |
|  Avis Budget Group, Inc.\* | 3157 |  | 517527 |  |
|  Canadian National Railway Co. | 17523 |  | 2083134 |  |
|  CSX Corp. | 219566 |  | 6802155 |  |
|  Hertz Global Holdings, Inc.\* | 21623 |  | 332778 |  |
|  JB Hunt Transport Services, Inc. | 965 |  | 168257 |  |
|  Knight-Swift Transportation Holdings, Inc. | 16560 |  | 867910 |  |
|  Landstar System, Inc. | 418 |  | 68092 |  |
|  Lyft, Inc., Class A\* | 49089 |  | 540961 |  |
|  Norfolk Southern Corp. | 24903 |  | 6136597 |  |
|  RXO, Inc.\* | 10040 |  | 172688 |  |
|  Ryder System, Inc. | 5247 |  | 438492 |  |
|  Schneider National, Inc., Class B | 5733 |  | 134152 |  |
|  Uber Technologies, Inc.\* | 26905 |  | 665361 |  |
|  U-Haul Holding Co. (x) | 983 |  | 59167 |  |
|  U-Haul Holding Co. (New York stock exchange) | 8847 |  | 486408 |  |
|  Union Pacific Corp. | 40429 |  | 8371633 |  |
|  XPO, Inc.\* | 10040 |  | 334231 |  |
|  |  |  | 28179543 |  |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | **** |
|  Air Lease Corp. | 11027 |  | 423657 |  |
|  Core & Main, Inc., Class A\* | 4978 |  | 96125 |  |
|  MSC Industrial Direct Co., Inc., Class A | 4904 |  | 400657 |  |
|  SiteOne Landscape Supply, Inc.\* | 1851 |  | 217159 |  |
|  United Rentals, Inc.\* | 4011 |  | 1425590 |  |
|  Univar Solutions, Inc.\* | 17447 |  | 554815 |  |
|  Watsco, Inc. | 1647 |  | 410762 |  |
|  WESCO International, Inc.\* | 2227 |  | 278820 |  |
|  WW Grainger, Inc. | 4408 |  | 2451950 |  |
|  |  |  | 6259535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 345789451 |  |
|  **Information Technology (9.2%)** | **Information Technology (9.2%)** | **Information Technology (9.2%)** | **Information Technology (9.2%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Ciena Corp.\* | 15806 |  | 805790 |  |
|  Cisco Systems, Inc. | 441883 |  | 21051306 |  |
|  F5, Inc.\* | 6320 |  | 906983 |  |
|  Juniper Networks, Inc. | 33925 |  | 1084243 |  |
|  Lumentum Holdings, Inc. (x)\* | 7318 |  | 381780 |  |
|  Motorola Solutions, Inc. | 17484 |  | 4505802 |  |
|  Ubiquiti, Inc. (x) | 451 |  | 123362 |  |
|  Viasat, Inc.\* | 7627 |  | 241395 |  |
|  |  |  | 29100661 |  |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | **** |
|  Amphenol Corp., Class A | 15299 |  | 1164866 |  |
|  Arrow Electronics, Inc.\* | 23229 |  | 2429057 |  |
|  Avnet, Inc. | 9985 |  | 415176 |  |
|  Cognex Corp. | 1273 |  | 59971 |  |
|  Coherent Corp.\* | 11401 |  | 400175 |  |
|  Corning, Inc. | 75443 |  | 2409649 |  |
|  IPG Photonics Corp.\* | 3567 |  | 337688 |  |
|  Jabil, Inc. | 2623 |  | 178889 |  |
|  Keysight Technologies, Inc.\* | 1408 |  | 240867 |  |
|  Littelfuse, Inc. | 2566 |  | 565033 |  |
|  National Instruments Corp. | 12077 |  | 445641 |  |
|  TD SYNNEX Corp. | 4524 |  | 428468 |  |
|  Teledyne Technologies, Inc.\* | 4917 |  | 1966357 |  |
|  Trimble, Inc.\* | 26510 |  | 1340346 |  |
|  Vontier Corp. | 6317 |  | 122108 |  |
|  Zebra Technologies Corp., Class A\* | 3232 |  | 828717 |  |
|  |  |  | 13333008 |  |
|  ***IT Services (1.7%)*** | ***IT Services (1.7%)*** | ***IT Services (1.7%)*** | ***IT Services (1.7%)*** | **** |
|  Accenture plc, Class A | 25895 |  | 6909822 |  |
|  Affirm Holdings, Inc. (x)\* | 18845 |  | 182231 |  |
|  Akamai Technologies, Inc.\* | 16625 |  | 1401487 |  |
|  Amdocs Ltd. | 12823 |  | 1165611 |  |
|  Automatic Data Processing, Inc. | 3639 |  | 869212 |  |
|  Block, Inc., Class A\* | 56100 |  | 3525324 |  |
|  Broadridge Financial Solutions, Inc. | 1140 |  | 152908 |  |
|  Cognizant Technology Solutions Corp., Class A | 55266 |  | 3160663 |  |
|  Concentrix Corp. | 4582 |  | 610139 |  |
|  DXC Technology Co.\* | 24419 |  | 647103 |  |
|  Euronet Worldwide, Inc.\* | 1243 |  | 117314 |  |
|  Fidelity National Information Services, Inc. | 84390 |  | 5725861 |  |
|  Fiserv, Inc.\* | 56867 |  | 5747548 |  |
|  Genpact Ltd. | 9045 |  | 418964 |  |
|  Global Payments, Inc. | 29208 |  | 2900939 |  |
|  GoDaddy, Inc., Class A\* | 14320 |  | 1071422 |  |
|  International Business Machines Corp. | 38754 |  | 5460051 |  |
|  Kyndryl Holdings, Inc.\* | 21479 |  | 238846 |  |

---

See Notes to Financial Statements.

1085

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Mastercard, Inc., Class A | 10037 | $| 3490166 |  |
|  Okta, Inc.\* | 13681 |  | 934823 |  |
|  PayPal Holdings, Inc.\* | 127781 |  | 9100563 |  |
|  Snowflake, Inc., Class A\* | 2085 |  | 299281 |  |
|  SS&C Technologies Holdings, Inc. | 23690 |  | 1233301 |  |
|  Twilio, Inc., Class A\* | 11327 |  | 554570 |  |
|  VeriSign, Inc.\* | 8902 |  | 1828827 |  |
|  Visa, Inc., Class A | 21952 |  | 4560748 |  |
|  Western Union Co. (The) | 116576 |  | 1605252 |  |
|  WEX, Inc.\* | 1292 |  | 211436 |  |
|  Wix.com Ltd.\* | 1265 |  | 97190 |  |
|  |  |  | 64221602 |  |
|  ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | ***Semiconductors & Semiconductor Equipment (2.7%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 36391 |  | 2357045 |  |
|  Analog Devices, Inc. | 61627 |  | 10108677 |  |
|  Applied Materials, Inc. | 26767 |  | 2606570 |  |
|  Broadcom, Inc. | 3376 |  | 1887623 |  |
|  Cirrus Logic, Inc.\* | 5909 |  | 440102 |  |
|  First Solar, Inc.\* | 11278 |  | 1689332 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 5102 |  | 274947 |  |
|  Intel Corp. | 497181 |  | 13140494 |  |
|  KLA Corp. | 21603 |  | 8144979 |  |
|  Lam Research Corp. | 5320 |  | 2235996 |  |
|  Marvell Technology, Inc. | 90120 |  | 3338045 |  |
|  Microchip Technology, Inc. | 150478 |  | 10571079 |  |
|  Micron Technology, Inc. | 106106 |  | 5303178 |  |
|  MKS Instruments, Inc. | 6082 |  | 515328 |  |
|  NVIDIA Corp. | 12031 |  | 1758210 |  |
|  NXP Semiconductors NV | 52175 |  | 8245215 |  |
|  ON Semiconductor Corp.\* | 17321 |  | 1080311 |  |
|  Qorvo, Inc.\* | 22563 |  | 2045110 |  |
|  QUALCOMM, Inc. | 76166 |  | 8373690 |  |
|  Skyworks Solutions, Inc. | 17074 |  | 1555954 |  |
|  Teradyne, Inc. | 1546 |  | 135043 |  |
|  Texas Instruments, Inc. | 85497 |  | 14125814 |  |
|  Wolfspeed, Inc.\* | 12266 |  | 846845 |  |
|  |  |  | 100779587 |  |
|  ***Software (2.8%)*** | ***Software (2.8%)*** | ***Software (2.8%)*** | ***Software (2.8%)*** | **** |
|  Adobe, Inc.\* | 32933 |  | 11082942 |  |
|  ANSYS, Inc.\* | 41190 |  | 9951092 |  |
|  Autodesk, Inc.\* | 42693 |  | 7978041 |  |
|  Bill.com Holdings, Inc.\* | 10358 |  | 1128608 |  |
|  Black Knight, Inc.\* | 14880 |  | 918840 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 10985 |  | 95569 |  |
|  Ceridian HCM Holding, Inc.\* | 11767 |  | 754853 |  |
|  Coupa Software, Inc.\* | 3546 |  | 280737 |  |
|  Dolby Laboratories, Inc., Class A | 6477 |  | 456888 |  |
|  DoubleVerify Holdings, Inc.\* | 874 |  | 19193 |  |
|  Dropbox, Inc., Class A\* | 1976 |  | 44223 |  |
|  Gen Digital, Inc. | 161709 |  | 3465424 |  |
|  Guidewire Software, Inc.\* | 8877 |  | 555345 |  |
|  Informatica, Inc., Class A (x)\* | 3193 |  | 52014 |  |
|  Jamf Holding Corp.\* | 983 |  | 20938 |  |
|  Manhattan Associates, Inc.\* | 2551 |  | 309691 |  |
|  Microsoft Corp. | 150341 |  | 36054779 |  |
|  nCino, Inc.\* | 5928 |  | 156736 |  |
|  NCR Corp.\* | 12792 |  | 299461 |  |
|  Nutanix, Inc., Class A\* | 10887 |  | 283606 |  |
|  Oracle Corp. | 154240 |  | 12607578 |  |
|  Paycor HCM, Inc.\* | 5012 |  | 122644 |  |
|  Procore Technologies, Inc.\* | 2076 |  | 97946 |  |
|  Roper Technologies, Inc. | 11216 |  | 4846321 |  |
|  Salesforce, Inc.\* | 80393 |  | 10659308 |  |
|  SentinelOne, Inc., Class A\* | 5829 |  | 85045 |  |
|  Teradata Corp.\* | 4975 |  | 167458 |  |
|  Tyler Technologies, Inc.\* | 555 |  | 178937 |  |
|  UiPath, Inc., Class A\* | 35965 |  | 457115 |  |
|  Unity Software, Inc. (x)\* | 7440 |  | 212710 |  |
|  VMware, Inc., Class A\* | 11380 |  | 1397009 |  |
|  Zoom Video Communications, Inc., Class A\* | 13300 |  | 900942 |  |
|  |  |  | 105641993 |  |
|  ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | **** |
|  Apple, Inc. | 180138 |  | 23405330 |  |
|  Dell Technologies, Inc., Class C | 23293 |  | 936844 |  |
|  Hewlett Packard Enterprise Co. | 137903 |  | 2200932 |  |
|  HP, Inc. | 80860 |  | 2172708 |  |
|  Western Digital Corp.\* | 67550 |  | 2131203 |  |
|  |  |  | 30847017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 343923868 |  |
|  ***Materials (3.9%)*** | ***Materials (3.9%)*** | ***Materials (3.9%)*** | ***Materials (3.9%)*** | **** |
|  ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | **** |
|  Air Products and Chemicals, Inc. | 23527 |  | 7252433 |  |
|  Albemarle Corp. | 6027 |  | 1307015 |  |
|  Ashland, Inc. | 5377 |  | 578189 |  |
|  Axalta Coating Systems Ltd.\* | 17742 |  | 451889 |  |
|  Celanese Corp. | 11497 |  | 1175453 |  |
|  Chemours Co. (The) | 6505 |  | 199183 |  |
|  Corteva, Inc. | 308353 |  | 18124989 |  |
|  Dow, Inc. | 76327 |  | 3846118 |  |
|  DuPont de Nemours, Inc. | 132080 |  | 9064651 |  |
|  Eastman Chemical Co. | 12994 |  | 1058231 |  |
|  Ecolab, Inc. | 49975 |  | 7274361 |  |
|  Element Solutions, Inc. | 24252 |  | 441144 |  |
|  FMC Corp. | 8799 |  | 1098115 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 75083 |  | 126890 |  |
|  Huntsman Corp. | 20289 |  | 557542 |  |
|  International Flavors & Fragrances, Inc. | 41507 |  | 4351594 |  |
|  Linde plc | 42182 |  | 13758925 |  |
|  LyondellBasell Industries NV, Class A | 84960 |  | 7054229 |  |
|  Mosaic Co. (The) | 32109 |  | 1408622 |  |
|  NewMarket Corp. | 627 |  | 195066 |  |
|  Olin Corp. | 14194 |  | 751430 |  |
|  PPG Industries, Inc. | 54488 |  | 6851321 |  |
|  RPM International, Inc. | 100207 |  | 9765172 |  |
|  Scotts Miracle-Gro Co. (The) | 2819 |  | 136975 |  |
|  Sherwin-Williams Co. (The) | 17904 |  | 4249156 |  |
|  Westlake Corp. | 3503 |  | 359198 |  |
|  |  |  | 101437891 |  |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | **** |
|  Eagle Materials, Inc. | 674 |  | 89541 |  |
|  Martin Marietta Materials, Inc. | 33042 |  | 11167205 |  |
|  Vulcan Materials Co. | 7197 |  | 1260266 |  |
|  |  |  | 12517012 |  |

---

See Notes to Financial Statements.

1086

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Amcor plc | 159251 | $1896679 |  |
|  AptarGroup, Inc. | 6951 | 764471 |  |
|  Ardagh Metal Packaging SA (x) | 10653 | 51241 |  |
|  Avery Dennison Corp. | 3328 | 602368 |  |
|  Ball Corp. | 19711 | 1008021 |  |
|  Berry Global Group, Inc. | 6872 | 415275 |  |
|  Crown Holdings, Inc. | 1469 | 120766 |  |
|  Graphic Packaging Holding Co. | 7434 | 165406 |  |
|  International Paper Co. | 38379 | 1329065 |  |
|  Packaging Corp. of America | 9810 | 1254797 |  |
|  Silgan Holdings, Inc. | 8926 | 462724 |  |
|  Sonoco Products Co. | 10329 | 627074 |  |
|  Westrock Co. | 26905 | 945980 |  |
|  |  | 9643867 |  |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | **** |
|  Alcoa Corp. | 19083 | 867704 |  |
|  ATI, Inc.\* | 60097 | 1794496 |  |
|  Cleveland-Cliffs, Inc.\* | 54246 | 873903 |  |
|  Freeport-McMoRan, Inc. | 151447 | 5754986 |  |
|  Newmont Corp. | 84401 | 3983727 |  |
|  Nucor Corp. | 27783 | 3662077 |  |
|  Reliance Steel & Aluminum Co. | 6368 | 1289138 |  |
|  Royal Gold, Inc. | 6504 | 733131 |  |
|  Southern Copper Corp. | 3101 | 187269 |  |
|  SSR Mining, Inc. | 22504 | 352638 |  |
|  Steel Dynamics, Inc. | 18383 | 1796019 |  |
|  United States Steel Corp. (x) | 24951 | 625023 |  |
|  |  | 21920111 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 7019 | 415525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 145934406 |  |
|  **Real Estate (3.0%)** | **Real Estate (3.0%)** | **Real Estate (3.0%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.9%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 17200 | 2505524 |  |
|  American Homes 4 Rent (REIT), Class A | 32198 | 970448 |  |
|  American Tower Corp. (REIT) | 11489 | 2434060 |  |
|  Americold Realty Trust, Inc. (REIT) | 49562 | 1403100 |  |
|  Apartment Income REIT Corp. (REIT) | 15019 | 515302 |  |
|  AvalonBay Communities, Inc. (REIT) | 14831 | 2395503 |  |
|  Boston Properties, Inc. (REIT) | 16638 | 1124396 |  |
|  Brixmor Property Group, Inc. (REIT) | 31662 | 717778 |  |
|  Camden Property Trust (REIT) | 10081 | 1127862 |  |
|  Cousins Properties, Inc. (REIT) | 16031 | 405424 |  |
|  Crown Castle, Inc. (REIT) | 55595 | 7540906 |  |
|  CubeSmart (REIT) | 63695 | 2563724 |  |
|  Digital Realty Trust, Inc. (REIT) | 30161 | 3024243 |  |
|  Douglas Emmett, Inc. (REIT) | 17941 | 281315 |  |
|  EastGroup Properties, Inc. (REIT) | 4366 | 646430 |  |
|  EPR Properties (REIT) | 7858 | 296404 |  |
|  Equinix, Inc. (REIT) | 2375 | 1555696 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 86397 | 5581246 |  |
|  Equity Residential (REIT) | 39320 | 2319880 |  |
|  Essex Property Trust, Inc. (REIT) | 6900 | 1462248 |  |
|  Extra Space Storage, Inc. (REIT) | 12394 | 1824149 |  |
|  Federal Realty Investment Trust (REIT) | 8520 | 860861 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 13984 | 674868 |  |
|  Gaming and Leisure Properties, Inc. (REIT) | 25919 | 1350121 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 40248 | 775579 |  |
|  Healthpeak Properties, Inc. (REIT) | 57249 | 1435232 |  |
|  Highwoods Properties, Inc. (REIT) | 11027 | 308535 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 75153 | 1206206 |  |
|  Hudson Pacific Properties, Inc. (REIT) | 14603 | 142087 |  |
|  Invitation Homes, Inc. (REIT) | 64333 | 1906830 |  |
|  Iron Mountain, Inc. (REIT) | 7692 | 383446 |  |
|  JBG SMITH Properties (REIT) | 11207 | 212709 |  |
|  Kilroy Realty Corp. (REIT) | 12337 | 477072 |  |
|  Kimco Realty Corp. (REIT) | 64120 | 1358062 |  |
|  Lamar Advertising Co. (REIT), Class A | 1101 | 103934 |  |
|  Life Storage, Inc. (REIT) | 8930 | 879605 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 63044 | 702310 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 12189 | 1913551 |  |
|  National Retail Properties, Inc. (REIT) | 18623 | 852188 |  |
|  National Storage Affiliates Trust (REIT) | 9011 | 325477 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 24947 | 697269 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 23659 | 278940 |  |
|  Prologis, Inc. (REIT) | 128437 | 14478703 |  |
|  Public Storage (REIT) | 8487 | 2377973 |  |
|  Rayonier, Inc. (REIT) | 15466 | 509759 |  |
|  Realty Income Corp. (REIT) | 65625 | 4162594 |  |
|  Regency Centers Corp. (REIT) | 18191 | 1136937 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 18176 | 993137 |  |
|  SBA Communications Corp. (REIT) | 8742 | 2450470 |  |
|  Simon Property Group, Inc. (REIT) | 17839 | 2095726 |  |
|  SL Green Realty Corp. (REIT) (x) | 6795 | 229127 |  |
|  Spirit Realty Capital, Inc. (REIT) | 14421 | 575831 |  |
|  STORE Capital Corp. (REIT) | 26969 | 864626 |  |
|  Sun Communities, Inc. (REIT) | 18833 | 2693119 |  |
|  UDR, Inc. (REIT) | 34372 | 1331228 |  |
|  Ventas, Inc. (REIT) | 42389 | 1909624 |  |
|  VICI Properties, Inc. (REIT) | 168688 | 5465491 |  |
|  Vornado Realty Trust (REIT) | 18729 | 389750 |  |
|  Welltower, Inc. (REIT) | 49260 | 3228993 |  |
|  Weyerhaeuser Co. (REIT) | 79045 | 2450395 |  |
|  WP Carey, Inc. (REIT) | 20299 | 1586367 |  |
|  |  | 106470370 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  CBRE Group, Inc., Class A\* | 17419 | 1340566 |  |
|  Howard Hughes Corp. (The)\* | 3888 | 297121 |  |
|  Jones Lang LaSalle, Inc.\* | 5067 | 807528 |  |
|  Opendoor Technologies, Inc. (x)\* | 35433 | 41103 |  |
|  WeWork, Inc. (x)\* | 13796 | 19728 |  |
|  Zillow Group, Inc., Class A\* | 5691 | 177616 |  |
|  Zillow Group, Inc., Class C\* | 15976 | 514587 |  |
|  |  | 3198249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 109668619 |  |

---

See Notes to Financial Statements.

1087

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Utilities (4.4%)** | **Utilities (4.4%)** | **Utilities (4.4%)** |  |
|  ***Electric Utilities (2.9%)*** | ***Electric Utilities (2.9%)*** | ***Electric Utilities (2.9%)*** | **** |
|  Alliant Energy Corp. | 26613 | $1469304 |  |
|  American Electric Power Co., Inc. | 124063 | 11779782 |  |
|  Avangrid, Inc. (x) | 7524 | 323381 |  |
|  Constellation Energy Corp. | 34675 | 2989332 |  |
|  Duke Energy Corp. | 159526 | 16429583 |  |
|  Edison International | 39924 | 2539965 |  |
|  Entergy Corp. | 21555 | 2424937 |  |
|  Evergy, Inc. | 23602 | 1485274 |  |
|  Eversource Energy | 36594 | 3068041 |  |
|  Exelon Corp. | 129780 | 5610389 |  |
|  FirstEnergy Corp. | 57660 | 2418260 |  |
|  Hawaiian Electric Industries, Inc. | 11547 | 483242 |  |
|  IDACORP, Inc. | 5342 | 576135 |  |
|  NextEra Energy, Inc. | 208656 | 17443642 |  |
|  NRG Energy, Inc. | 68209 | 2170410 |  |
|  OGE Energy Corp. | 21198 | 838381 |  |
|  PG&E Corp.\* | 164703 | 2678071 |  |
|  Pinnacle West Capital Corp. | 11984 | 911263 |  |
|  PPL Corp. | 78253 | 2286553 |  |
|  Southern Co. (The) | 210896 | 15060083 |  |
|  Xcel Energy, Inc. | 222969 | 15632357 |  |
|  |  | 108618385 |  |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | **** |
|  Atmos Energy Corp. | 95777 | 10733728 |  |
|  National Fuel Gas Co. | 8550 | 541215 |  |
|  UGI Corp. | 22224 | 823844 |  |
|  |  | 12098787 |  |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | **** |
|  AES Corp. (The) | 58083 | 1670467 |  |
|  Brookfield Renewable Corp. | 13555 | 373305 |  |
|  Vistra Corp. | 18457 | 428202 |  |
|  |  | 2471974 |  |
|  ***Multi-Utilities (1.0%)*** | ***Multi-Utilities (1.0%)*** | ***Multi-Utilities (1.0%)*** | **** |
|  Ameren Corp. | 52609 | 4677992 |  |
|  CenterPoint Energy, Inc. | 66903 | 2006421 |  |
|  CMS Energy Corp. | 30741 | 1946828 |  |
|  Consolidated Edison, Inc. | 37685 | 3591757 |  |
|  Dominion Energy, Inc. | 175818 | 10781160 |  |
|  DTE Energy Co. | 20484 | 2407485 |  |
|  NiSource, Inc. | 43108 | 1182021 |  |
|  Public Service Enterprise Group, Inc. | 52875 | 3239651 |  |
|  Sempra Energy | 33423 | 5165191 |  |
|  WEC Energy Group, Inc. | 33511 | 3141991 |  |
|  |  | 38140497 |  |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | **** |
|  American Water Works Co., Inc. | 19228 | 2930732 |  |
|  Essential Utilities, Inc. | 24566 | 1172535 |  |
|  |  | 4103267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 165432910 |  |
|  **Total Common Stocks (82.4%)**<br> *(Cost $2,108,011,041)* |  | 3071094178 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (9.0%)** | **Equity (9.0%)** | **Equity (9.0%)** |  |
|  iShares Core S&P 500 ETF | 794 | 305063 |  |
|  iShares Morningstar Growth ETF | 56300 | 2740684 |  |
|  iShares Morningstar U.S. Equity ETF | 5416 | 285098 |  |
|  iShares Morningstar Value ETF‡ | 1129310 | 71406272 |  |
|  iShares Russell 1000 ETF (x) | 1631 | 343358 |  |
|  iShares Russell 1000 Value ETF (x) | 455188 | 69029260 |  |
|  iShares S&P 500 Value ETF (x) | 214891 | 31174237 |  |
|  SPDR Portfolio S&P 500 Growth ETF (x) | 56300 | 2852721 |  |
|  SPDR Portfolio S&P 500 Value ETF (x) | 946500 | 36809385 |  |
|  Vanguard Growth ETF | 15890 | 3386318 |  |
|  Vanguard Large-Cap ETF | 1464 | 255029 |  |
|  Vanguard Russell 1000 Growth ETF (x) | 50000 | 2756000 |  |
|  Vanguard Russell 1000 Value (x) | 691600 | 46046728 |  |
|  Vanguard Value ETF (x) | 483601 | 67883072 |  |
|  **Total Exchange Traded Funds (9.0%)**<br> *(Cost $256,163,651)* | **Total Exchange Traded Funds (9.0%)**<br> *(Cost $256,163,651)* | 335273225 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.5%)** | **Investment Companies (2.5%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 30000000 | 30000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 62690792 | 62722137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 92722137 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (1.6%)** | **Repurchase Agreements (1.6%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $17,448,027, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $17,788,686. (xx) | $17439888 | 17439888 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $15,007,167, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $15,307,951. (xx) | 15000000 | 15000000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $17,014,710, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $18,510,085. (xx) | 17000000 | 17000000 |  |

---

See Notes to Financial Statements.

1088

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value<br>(Note 1)** |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $2,001,672, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $2,040,000. (xx) | $| 2000000 | $2000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $10,004,889, collateralized by various Common Stocks; total market value $11,106,467. (xx) |  | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 61439888 |
|  **Total Short-Term Investments (4.1%)**<br> *(Cost $154,134,947)* | **Total Short-Term Investments (4.1%)**<br> *(Cost $154,134,947)* | **Total Short-Term Investments (4.1%)**<br> *(Cost $154,134,947)* | 154162025 |
|  **Total Investments in Securities (95.5%)**<br> *(Cost $2,518,309,639)* | **Total Investments in Securities (95.5%)**<br> *(Cost $2,518,309,639)* | **Total Investments in Securities (95.5%)**<br> *(Cost $2,518,309,639)* | 3560529428 |
|  **Other Assets Less Liabilities (4.5%)** | **Other Assets Less Liabilities (4.5%)** | **Other Assets Less Liabilities (4.5%)** | 166131003 |
|  **Net Assets (100%)** |  |  | $3726660431 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $31,161,965.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $92,985,291. This was collateralized by $3,872,636 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $91,439,888 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 39719 | 1470271 | 95784 | (260140) | 37413 | (203393) | 1139935 | 32030 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Value ETF | 1129310 | 84863976 | 2685577 | (8348821) | 12952 | (7807412) | 71406272 | 1737800 |  |
|  **Total** |  | **86334247** | **2781361** | **(8608961)** | **50365** | **(8010805)** | **72546207** | **1769830** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P 500 E-Mini Index | 1107 | 3/2023 | USD | 213706350 | (7566071) |
|  S&P Midcap 400 E-Mini Index | 357 | 3/2023 | USD | 87200820 | (2561936) |
|  |  |  |  |  | (10128007) |

---

See Notes to Financial Statements.

1089

------

**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $188477371 | $— | $— | $188477371 |
|  Consumer Discretionary | 202808803 |  |  | 202808803 |
|  Consumer Staples | 211070368 | 13783157 |  | 224853525 |
|  Energy | 218062934 |  |  | 218062934 |
|  Financials | 600308684 |  |  | 600308684 |
|  Health Care | 524434909 | 1398698 |  | 525833607 |
|  Industrials | 345789451 |  |  | 345789451 |
|  Information Technology | 343923868 |  |  | 343923868 |
|  Materials | 145934406 |  |  | 145934406 |
|  Real Estate | 109668619 |  |  | 109668619 |
|  Utilities | 165432910 |  |  | 165432910 |
|  **Exchange Traded Funds** | 335273225 |  |  | 335273225 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 92722137 |  |  | 92722137 |
|  Repurchase Agreements |  | 61439888 |  | 61439888 |
|  **Total Assets** | $**3483907685** | $**76621743** | $**—** | $**3560529428** |
|  **Liabilities:** |  |  |  |  |
|  **Futures** | $(10128007) | $— | $— | $(10128007) |
|  **Total Liabilities** | $**(10128007)** | $**—** | $**—** | $**(10128007)** |
|  **Total** | $**3473779678** | $**76621743** | $**—** | $**3550401421** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(10128007) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10128007 |

---

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

See Notes to Financial Statements.

1090

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109285492) | $(109285492) |
|  **Total** | $(109285492) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109285492) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16360365) | $(16360365) |
|  **Total** | $(16360365) | $(16360365) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $278,222,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $493308708 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019661081 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1157930135 |
|  Aggregate gross unrealized depreciation | (201673517) |
|  Net unrealized appreciation | $956256618 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594144803 |

---

See Notes to Financial Statements.

1091

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $57,043,675) | $72546207.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,399,826,076) | 3426543333.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $61,439,888) | 61439888.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 257054329.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4366721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 689872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 81672.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 48122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 194608.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3822964752.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 91439888.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 1476577.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 1073393.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 999207.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 504318.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 418130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 213808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 9753.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 169247.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 96304321.0 |
|  **NET ASSETS** | $3726660431.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2890165904.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 836494527.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3726660431.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $993,785,943 / 59,357,658 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.74 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $2,334,133,741 / 139,911,674 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.68 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $398,740,747 / 23,798,196 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.76 |

---

*(x)* *Includes value of securities on loan of $92,985,291.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($1,769,830 of dividend income received from affiliates) (net of $156,864 foreign withholding tax) | $80002506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3189632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 442891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 83635029 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 18600810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 6407695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5049451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 2641340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 257800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 193695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 163942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 133480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 116640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 33564853 |
|  **NET INVESTMENT INCOME (LOSS)** | 50070176 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($50,365 realized gain (loss) from affiliates) | 230884456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (109285492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (6998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 121591966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(8010805) of change in unrealized appreciation (depreciation) from affiliates) | (696958626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (16360365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (4120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (713323111) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (591731145) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(541660969) |

---

See Notes to Financial Statements.

1092

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $50070176 | $43550730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 121591966 | 527202272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (713323111) | 463660999 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (541660969) | 1034414001 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (52037714) | (133163359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (123663860) | (335831619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (22362525) | (69491654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (198064099) | (538486632) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 502,564 and 552,069 shares, respectively ] | 9000986 | 11185736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,067,457 and 6,750,013 shares, respectively ] | 52037714 | 133163359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4333625) and (4499254) shares, respectively ] | (77860980) | (92170921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (16822280) | 52178174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,461,424 and 1,234,664 shares, respectively ] | 26542548 | 25141063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 7,315,925 and 17,079,246 shares, respectively ] | 123663860 | 335831619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (19876304) and (19896411) shares, respectively ] | (356889762) | (406568752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (206683354) | (45596070) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 86,455 and 159,713 shares, respectively ] | 1592631 | 3261822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,316,435 and 3,520,062 shares, respectively ] | 22362525 | 69491654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8411438) and (6290071) shares, respectively ] | (153673948) | (128289884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (129718792) | (55536408) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (353224426) | (48954304) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1092949494) | 446973065 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4819609925 | 4372636860 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3726660431 | $4819609925 |

---

See Notes to Financial Statements.

1093

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.96 | $18.00 | $18.30 | $15.80 | $19.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.22 | 0.18 | 0.26 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.53) | 4.24 | 0.72 | 3.67 | (2.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.31) | 4.42 | 0.98 | 3.99 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.20) | (0.27) | (0.36) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.68) | (2.26) | (1.01) | (1.13) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.91) | (2.46) | (1.28) | (1.49) | (1.39) |
|  Net asset value, end of year | $16.74 | $19.96 | $18.00 | $18.30 | $15.80 |
|  Total return | (11.60)% | 24.84% | 5.68% | 25.45% | (9.96)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $993786 | $1200074 | $1031911 | $1054423 | $912284 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.84% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.85% | 0.84% | 0.85% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20% | 0.89% | 1.54% | 1.81% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 0.89% | 1.54% | 1.81% | 1.64% |
|  Portfolio turnover rate^ | 13% | 25% | 26% | 20% | 19% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.89 | $17.95 | $18.25 | $15.76 | $18.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.18 | 0.26 | 0.32 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.51) | 4.22 | 0.72 | 3.66 | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.30) | 4.40 | 0.98 | 3.98 | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.20) | (0.27) | (0.36) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.68) | (2.26) | (1.01) | (1.13) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.91) | (2.46) | (1.28) | (1.49) | (1.39) |
|  Net asset value, end of year | $16.68 | $19.89 | $17.95 | $18.25 | $15.76 |
|  Total return | (11.59)% | 24.80% | 5.70% | 25.46% | (9.94)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72578700 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.84% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.85% | 0.84% | 0.85% | 0.85% | 0.84% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.19% | 0.89% | 1.54% | 1.81% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.19% | 0.89% | 1.54% | 1.81% | 1.63% |
|  Portfolio turnover rate^ | 13% | 25% | 26% | 20% | 19% |

---

See Notes to Financial Statements.

1094

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**EQ ADVISORS TRUST** 

EQ/LARGE CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $19.98 | $18.01 | $18.30 | $15.80 | $19.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.23 | 0.30 | 0.37 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.52) | 4.25 | 0.73 | 3.67 | (2.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.26) | 4.48 | 1.03 | 4.04 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.25) | (0.31) | (0.41) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.68) | (2.26) | (1.01) | (1.13) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.96) | (2.51) | (1.32) | (1.54) | (1.44) |
|  Net asset value, end of year | $16.76 | $19.98 | $18.01 | $18.30 | $15.80 |
|  Total return | (11.36)% | 25.16% | 5.98% | 25.74% | (9.72)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552422 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.59% | 0.60% | 0.60% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.60% | 0.59% | 0.60% | 0.60% | 0.59% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.42% | 1.14% | 1.78% | 2.05% | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.42% | 1.14% | 1.78% | 2.05% | 1.89% |
|  Portfolio turnover rate^ | 13% | 25% | 26% | 20% | 19% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

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**EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Lazard Asset Management LLC

PERFORMANCE RESULTS

![LOGO](g401674g01n06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (14.89)% | 1.01 | % |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets (Net Dividends) Index<sup>SM</sup> | (20.09) | 2.04 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.89)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI Emerging Markets (Net Dividends) Index<sup>SM</sup>, which returned (20.09)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The below stocks all added value from both a relative and absolute perspective.

&nbsp;&nbsp;&nbsp;&nbsp;• BB Seguridade Participacoes SA, a Brazilian insurance company, reported good earnings and an improving outlook with higher
interest rates and a normalization of pandemic related loss ratios.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Petroleo Brasileiro SA, a Brazilian energy company, and Galp Energia SGPS SA, a Portuguese energy company with
global assets including in Latin America and Africa, both jumped as crude futures continued to rally.

&nbsp;&nbsp;&nbsp;&nbsp;• Recent updates by Banco do Brasil SA, a Brazilian bank, demonstrated healthy loan growth and robust asset quality that
looks favorable compared to its peers.

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of Bank Mandiri Persero Tbk. PT, an Indonesian bank, rose on the back of an improving outlook for growth and margin
expansion.

• Security selection in the Energy and Financials sectors and within China and Brazil added value from a relative
perspective.

• A higher-than-benchmark exposure to the Financials and Energy sectors and to Brazil, Indonesia and South Africa helped
relative performance.

***What hurt performance during the year:***

• The below stocks detracted from both absolute and relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Demand expectations for semiconductors were downgraded on the back of Chinese COVID-related lockdowns and rising concerns
about a potential recession brought about by rising interest rates, which led to a sell-off in semiconductor related stocks including Samsung Electronics Co. Ltd. and SK Hynix, Inc. in Korea.

&nbsp;&nbsp;&nbsp;&nbsp;• Russian stocks fell to a zero-valuation following their removal from the MSCI Emerging Markets Index. These included
Sberbank of Russia PJSC, a bank, Mobile TeleSystems PJSC, a telecommunications services company, and LUKOIL PJSC, an energy company.

• Security selection in the Communication Services sector and within Russia hurt relative performance.

• A lower-than-benchmark exposure to India detracted from relative returns.

**Portfolio Positioning and Outlook — Lazard Asset Management** 

For investors, the steep drop in equity markets overall in 2022 may raise the question of where to find value and long-term opportunity. We believe that emerging markets may be one of the most mispriced asset classes, with attractive valuations compared to historical levels.

Over the past 20 years, emerging markets equities have evolved, serving as a source of ever-changing investment opportunities. Liquidity has deepened, and investor interest has increased. Demographic trends and

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**EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO (Unaudited)** 

urbanization are supportive long-term tailwinds that can accelerate growth for the asset class; with a growing middle class comes a consumer that is younger, increasingly more educated, and a faster adopter of new technology, with constant changes in consumption patterns and preferences.

Although economic growth forecasts globally declined over 2022 due to the effects of the pandemic, the Russia-Ukraine war, and tighter financial conditions to combat inflation, emerging markets economies enjoy an economic growth premium over those of developed markets. There are reasons to expect even higher economic growth going forward: barring a major global recession, emerging markets are likely to enter a period of economic recovery beginning in 2023.

Much capital has left emerging markets in recent years, and many parts of the asset class are under-owned and attractively valued as a result. Overall, emerging markets equities are among these particularly attractively valued assets with high financial productivity (or return on equity, free cash flow yield, and dividend yield). A diverse opportunity set, numerous fundamental drivers, and persistent market inefficiencies make the asset class ripe for attractive returns through active management.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | $93813660 | 26.1% |
| &nbsp;&nbsp;&nbsp; Information Technology | 71033957 | 19.7 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 36044077 | 10 |
| &nbsp;&nbsp;&nbsp; Energy | 35698160 | 9.9 |
| &nbsp;&nbsp;&nbsp; Materials | 26167049 | 7.3 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 26146486 | 7.3 |
| &nbsp;&nbsp;&nbsp; Communication Services | 18899940 | 5.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 14158405 | 3.9 |
| &nbsp;&nbsp;&nbsp; Industrials | 12722530 | 3.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 8299115 | 2.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 6373993 | 1.8 |
| &nbsp;&nbsp;&nbsp; Investment Company | 3541709 | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 6967994 | 1.9 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

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**EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1005.90 | $6.82 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1018.40 | 6.87 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.35%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.35%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.35%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.35%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1098

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**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Brazil (10.9%)** | **Brazil (10.9%)** | **Brazil (10.9%)** |
|  Banco do Brasil SA | 963000 | $6334578 |
|  BB Seguridade Participacoes SA | 1445300 | 9227911 |
|  CCR SA | 2274410 | 4661038 |
|  Engie Brasil Energia SA | 417800 | 2997540 |
|  Petroleo Brasileiro SA (ADR) | 716457 | 7630267 |
|  Vale SA (ADR) | 318918 | 5412039 |
|  Vibra Energia SA | 995000 | 2930489 |
|  |  | 39193862 |
|  **China (25.2%)** | **China (25.2%)** | **China (25.2%)** |
|  A-Living Smart City Services Co. Ltd., Class H (m) | 2572000 | 3100721 |
|  Anhui Conch Cement Co. Ltd., Class H | 1369374 | 4789463 |
|  China Construction Bank Corp., Class H | 19905574 | 12470550 |
|  China Medical System Holdings Ltd. | 2195000 | 3453305 |
|  China Merchants Bank Co. Ltd., Class H | 826281 | 4620767 |
|  China Shenhua Energy Co. Ltd., Class H | 920554 | 2659487 |
|  China Vanke Co. Ltd., Class H | 2568089 | 5198394 |
|  ENN Natural Gas Co. Ltd., Class A | 1341096 | 3105952 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 1009899 | 4695245 |
|  Hengan International Group Co. Ltd. | 1268973 | 6738744 |
|  Huayu Automotive Systems Co. Ltd., Class A | 1767596 | 4406467 |
|  Lenovo Group Ltd. | 7332000 | 6021193 |
|  Midea Group Co. Ltd., Class A | 428800 | 3195167 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 1261000 | 8344253 |
|  Sinopharm Group Co. Ltd., Class H | 3059031 | 7775487 |
|  Tingyi Cayman Islands Holding Corp. | 3128000 | 5522275 |
|  Weichai Power Co. Ltd., Class H | 3566906 | 4789112 |
|  |  | 90886582 |
|  **Czech Republic (0.1%)** | **Czech Republic (0.1%)** | **Czech Republic (0.1%)** |
|  CEZ A/S | 7939 | 270501 |
|  **Egypt (1.0%)** | **Egypt (1.0%)** | **Egypt (1.0%)** |
|  Commercial International Bank Egypt SAE (Registered) (GDR) (m) | 3039006 | 3628573 |
|  **Greece (1.1%)** | **Greece (1.1%)** | **Greece (1.1%)** |
|  OPAP SA | 290880 | 4119458 |
|  **Hong Kong (1.1%)** | **Hong Kong (1.1%)** | **Hong Kong (1.1%)** |
|  ASMPT Ltd. | 538712 | 3840819 |
|  **Hungary (2.4%)** | **Hungary (2.4%)** | **Hungary (2.4%)** |
|  MOL Hungarian Oil & Gas plc | 370721 | 2586119 |
|  OTP Bank Nyrt. | 219189 | 5941061 |
|  |  | 8527180 |
|  **India (6.6%)** | **India (6.6%)** | **India (6.6%)** |
|  Axis Bank Ltd. | 316939 | 3577201 |
|  Bajaj Auto Ltd. | 67761 | 2961769 |
|  Bharat Petroleum Corp. Ltd. | 896000 | 3579451 |
|  Indus Towers Ltd. | 2128322 | 4899540 |
|  Petronet LNG Ltd. | 1484425 | 3865821 |
|  UPL Ltd. | 551175 | 4771231 |
|  |  | 23655013 |
|  **Indonesia (4.1%)** | **Indonesia (4.1%)** | **Indonesia (4.1%)** |
|  Astra International Tbk. PT | 8433196 | 3087793 |
|  Bank Mandiri Persero Tbk. PT | 9179528 | 5852373 |
|  Telkom Indonesia Persero Tbk. PT (ADR) | 158108 | 3770876 |
|  United Tractors Tbk. PT | 1295800 | 2170418 |
|  |  | 14881460 |
|  **Mexico (5.0%)** | **Mexico (5.0%)** | **Mexico (5.0%)** |
|  America Movil SAB de CV (ADR), Class L | 205062 | 3732128 |
|  Grupo Financiero Banorte SAB de CV, Class O | 528047 | 3800237 |
|  Grupo Mexico SAB de CV | 878754 | 3098063 |
|  Kimberly-Clark de Mexico SAB de CV, Class A | 2624073 | 4453242 |
|  Ternium SA (ADR) | 93277 | 2850545 |
|  |  | 17934215 |
|  **Portugal (2.8%)** | **Portugal (2.8%)** | **Portugal (2.8%)** |
|  Galp Energia SGPS SA, Class B | 740580 | 9996626 |
|  **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
|  Mobile TeleSystems PJSC (ADR) (r)\* | 580455 |  |
|  Sberbank of Russia PJSC (r)\* | 1680737 |  |
|  **South Africa (7.5%)** | **South Africa (7.5%)** | **South Africa (7.5%)** |
|  Anglo American plc | 71293 | 2789529 |
|  Bidvest Group Ltd. (The) | 259349 | 3272380 |
|  Life Healthcare Group Holdings Ltd. | 2948921 | 2929613 |
|  Nedbank Group Ltd. | 576217 | 7209135 |
|  Sanlam Ltd. | 1117869 | 3205331 |
|  Standard Bank Group Ltd. | 444389 | 4388378 |
|  Vodacom Group Ltd. | 446861 | 3226946 |
|  |  | 27021312 |
|  **South Korea (13.8%)** | **South Korea (13.8%)** | **South Korea (13.8%)** |
|  Coway Co. Ltd.\* | 88381 | 3926303 |
|  Hyundai Mobis Co. Ltd. | 24934 | 3979954 |
|  KB Financial Group, Inc. | 173877 | 6726167 |
|  Kia Corp.\* | 58047 | 2741432 |
|  KT Corp.\* | 121946 | 3270450 |
|  KT&G Corp.\* | 47948 | 3472645 |
|  Samsung Electronics Co. Ltd. | 247558 | 10937903 |
|  Shinhan Financial Group Co. Ltd. | 203997 | 5714873 |
|  SK Hynix, Inc. | 146114 | 8800231 |
|  |  | 49569958 |
|  **Taiwan (11.5%)** | **Taiwan (11.5%)** | **Taiwan (11.5%)** |
|  ASE Technology Holding Co. Ltd. | 2583000 | 7891321 |
|  Globalwafers Co. Ltd. | 202000 | 2809618 |
|  Hon Hai Precision Industry Co. Ltd. | 1057000 | 3435581 |
|  MediaTek, Inc. | 210000 | 4270306 |
|  Novatek Microelectronics Corp. | 463000 | 4752696 |
|  Quanta Computer, Inc. | 2355000 | 5539734 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 707429 | 10322979 |
|  Wiwynn Corp. | 93000 | 2411576 |
|  |  | 41433811 |

---

See Notes to Financial Statements.

1099

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**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Thailand (2.3%)** | **Thailand (2.3%)** | **Thailand (2.3%)** |
|  Kasikornbank PCL | 650967 | $2772272 |
|  PTT Exploration & Production PCL | 629900 | 3209971 |
|  Siam Cement PCL (The) | 248742 | 2456179 |
|  |  | 8438422 |
|  **United Kingdom (1.7%)** | **United Kingdom (1.7%)** | **United Kingdom (1.7%)** |
|  Unilever plc | 118783 | 5959580 |
|  **Total Common Stocks (97.1%)** <br> *(Cost $397,188,482)* |  | 349357372 |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |
|  **Investment Company (1.0%)** | **Investment Company (1.0%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 3539939 | 3541709 |
|  **Total Short-Term Investment (1.0%)**<br> *(Cost $3,541,139)* |  | 3541709 |
|  **Total Investments in Securities (98.1%)**<br> *(Cost $400,729,621)* |  | 352899081 |
|  **Other Assets Less Liabilities (1.9%)** |  | 6967994 |
|  **Net Assets (100%)** |  | $359867075 |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $6,729,294 or 1.9% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*GDR* *— Global Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments) (a)(b)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Brazil | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13042306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26151556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39193862 |
|  China |  | 90886582 |  | 90886582 |
|  Czech Republic |  | 270501 |  | 270501 |
|  Egypt |  | 3628573 |  | 3628573 |
|  Greece |  | 4119458 |  | 4119458 |
|  Hong Kong |  | 3840819 |  | 3840819 |
|  Hungary |  | 8527180 |  | 8527180 |
|  India |  | 23655013 |  | 23655013 |
|  Indonesia | 3770876 | 11110584 |  | 14881460 |
|  Mexico | 17934215 |  |  | 17934215 |
|  Portugal |  | 9996626 |  | 9996626 |
|  Russia |  |  | — (c) | — (c) |
|  South Africa |  | 27021312 |  | 27021312 |
|  South Korea |  | 49569958 |  | 49569958 |
|  Taiwan |  | 41433811 |  | 41433811 |
|  Thailand |  | 8438422 |  | 8438422 |
|  United Kingdom |  | 5959580 |  | 5959580 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments) (a)(b)** | **Total** |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | $3541709 | $— | $— | $3541709 |
|  **Total Assets** | $**38289106** | $**314609975** | $**—** | $**352899081** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**38289106** | $**314609975** | $**—** | $**352899081** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers to Level 3 are the result of unobservable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $0 transferred from Level 1 to Level 3 at the end
of the period due to unobservable market data.

(b) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers to Level 3 are the result of unobservable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $0 transferred from Level 2 to Level 3 at the end
of the period due to unobservable market data.

(c) Value is zero.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(447) | $(447) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $508,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88190930 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $72639901 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $23551644 |
|  Aggregate gross unrealized depreciation | (71469908) |
|  Net unrealized depreciation | $(47918264) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400817345 |

---

See Notes to Financial Statements.

1101

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**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $400,729,621) | $352899081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 10902150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1714653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 145614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 139265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 365816060 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 4784688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 444201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 292585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 179448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 76660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 63871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 29143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 78389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5948985 |
|  **NET ASSETS** | $359867075 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $417013667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (57146592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $359867075 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $359,867,075 / 21,578,519 shares outstanding (unlimited amount authorized: $0.01 par value) | $16.68 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,383,867 foreign withholding tax) | $22423593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 121601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 40237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 22585431 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3744622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 936152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 347129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 295200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 78140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5454326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (403119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5051207 |
|  **NET INVESTMENT INCOME (LOSS)** | 17534224 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $218,685 on realized gain on investments) | (9485304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (94004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9579755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(117279) on unrealized depreciation on investments) | (70997970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (70990624) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (80570379) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(63036155) |

---

See Notes to Financial Statements.

1102

------

**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17534224 | $11968079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9579755) | 30298916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (70990624) | (18159876) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (63036155) | 24107119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (18668440) | (33822156) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,693,979 and 1,862,656 shares, respectively ] | 30932102 | 41997172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,117,555 and 1,653,206 shares, respectively ] | 18668440 | 33822156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1707375) and (2440535) shares, respectively ] | (31178517) | (54846016) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 18422025 | 20973312 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (63282570) | 11258275 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 423149645 | 411891370 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $359867075 | $423149645 |

---

See Notes to Financial Statements.

1103

------

**EQ ADVISORS TRUST** 

EQ/LAZARD EMERGING MARKETS EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $20.67 | $21.23 | $22.00 | $19.20 | $19.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.85 | 0.63 | 0.42 | 0.46 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.94) | 0.60 | (0.78) | 3.13 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.09) | 1.23 | (0.36) | 3.59 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.76) | (0.61) | (0.34) | (0.55) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.14) | (1.18) | (0.07) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.90) | (1.79) | (0.41) | (0.79) | (0.03) |
|  Net asset value, end of period | $16.68 | $20.67 | $21.23 | $22.00 | $19.20 |
|  Total return (b) | (14.89)% | 5.92% | (1.56)% | 18.79% | (1.06) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350341 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.35 %(j) | 1.35 %(j) | 1.37 %(k) | 1.38 %(m) | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.46% | 1.47% | 1.48% | 1.50% | 1.44 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.69% | 2.78% | 2.28% | 2.21% | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.58% | 2.66% | 2.17% | 2.08% | 0.52 |
|  Portfolio turnover rate^ | 20% | 34% | 36% | 22% | 0 |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.01 for Class IB.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.35% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.37% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.38% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

1104

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**EQ/LONG-TERM BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g11r14.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Total Returns as of 12/31/22** |
|  | **1<br>Year** | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (27.31)% | (20.99) |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (27.12) | (20.79) |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Long Government/Credit Bond Index | (27.09) | (20.23) |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 8/2/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 8/2/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 8/2/21.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods less than one year are not annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (27.31)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Long Government/Credit Bond Index, which returned (27.09)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Overweight allocation to investment-grade corporates

• Longer-than-benchmark duration exposure on the long end of the curve

***What hurt performance during the year:***

• Overweight allocation to sovereigns

• Security selection within investment-grade corporates and sovereigns

• Duration positioning in the six- to 10-year part of the yield curve

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 22.79 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.71 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Modified Duration (Years)\* | 14.36 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA- |  |
| &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Modified duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 42.3% |
| &nbsp;&nbsp;&nbsp; Health Care | 7.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 6.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 6.3 |
| &nbsp;&nbsp;&nbsp; Financials | 6.3 |
| &nbsp;&nbsp;&nbsp; Industrials | 4.9 |
| &nbsp;&nbsp;&nbsp; Information Technology | 4.5 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.3 |
| &nbsp;&nbsp;&nbsp; Energy | 3.8 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 2.9 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 2.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 2.4 |
| &nbsp;&nbsp;&nbsp; Materials | 2.0 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.7 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 0.6 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 0.2 |
| &nbsp;&nbsp;&nbsp; Supranational | 0.1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.8 |
|  | 100.0% |

---

1105

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**EQ/LONG-TERM BOND PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $924.60 | $3.15 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.93 | 3.31 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 925.90 | 1.94 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.19 | 2.04 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class B and Class K shares annualized expense ratio of 0.65% and 0.40%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1106

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |  |
|  **Asset-Backed Securities (1.1%)** | **Asset-Backed Securities (1.1%)** | **Asset-Backed Securities (1.1%)** |  |
|  American Airlines Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | $15810000 | $12656224 |  |
|  FedEx Corp. Pass-Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br>1.875%, 2/20/34 | 12248246 | 10062931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 22719155 |  |
|  **Corporate Bonds (49.3%)** | **Corporate Bonds (49.3%)** | **Corporate Bonds (49.3%)** |  |
|  **Communication Services (6.7%)** | **Communication Services (6.7%)** |  |  |
|  ***Diversified Telecommunication Services (2.6%)*** | ***Diversified Telecommunication Services (2.6%)*** | ***Diversified Telecommunication Services (2.6%)*** | **** |
|  AT&T, Inc.<br>3.500%, 6/1/41 | 15543000 | 11666493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/42 | 12705000 | 10444153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/9/49 | 7826000 | 6423654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/1/51 | 7010000 | 4997781 |  |
|  Bell Canada (The)<br>4.300%, 7/29/49 | 1313000 | 1081057 |  |
|  Telefonica Emisiones SA<br>7.045%, 6/20/36 | 8883000 | 9177963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.895%, 3/6/48 | 640000 | 494460 |  |
|  TELUS Corp. 4.300%, 6/15/49 | 6946000 | 5681158 |  |
|  Verizon Communications, Inc.<br>3.400%, 3/22/41 | 3712000 | 2819838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/22/61 | 5355000 | 3756633 |  |
|  |  | 56543190 |  |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | **** |
|  Activision Blizzard, Inc.<br>2.500%, 9/15/50 | 2147000 | 1334707 |  |
|  NBCUniversal Media LLC<br>6.400%, 4/30/40 | 242000 | 266506 |  |
|  Walt Disney Co. (The)<br>6.150%, 3/1/37 | 429000 | 462424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/23/40 | 1522000 | 1427075 |  |
|  |  | 3490712 |  |
|  ***Media (2.4%)*** | ***Media (2.4%)*** | ***Media (2.4%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%, 10/23/35 | 4984000 | 4814644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/41 | 5360000 | 3510800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%, 10/23/45 | 3149000 | 2855513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/47 | 3959000 | 3092493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 | 615000 | 390525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/62 | 1493000 | 883707 |  |
|  Comcast Corp.<br>4.250%, 1/15/33 | 175000 | 165046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/1/39 | 6253000 | 4839525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/40 | 210000 | 174205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.049%, 11/1/52 | 225000 | 180692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/1/56 | 40000 | 25195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/15/58 | 5291000 | 4866717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 8/15/62 | 5108000 | 2940901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 11/1/63 | 289000 | 175358 |  |
|  Discovery Communications LLC<br>5.200%, 9/20/47 | 978000 | 733451 |  |
|  Fox Corp.<br>5.476%, 1/25/39 | 2722000 | 2490669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 1/25/49 | 2219000 | 1998358 |  |
|  Interpublic Group of Cos., Inc. (The)<br>5.400%, 10/1/48 | $8400000 | $7719919 |  |
|  Paramount Global<br>6.875%, 4/30/36 | 4187000 | 4086097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/40 | 1328000 | 1172446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/43 | 678000 | 468688 |  |
|  Time Warner Cable LLC<br>5.875%, 11/15/40 | 4068000 | 3525288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/42 | 1041000 | 764615 |  |
|  |  | 51874852 |  |
|  ***Wireless Telecommunication Services (1.5%)*** | ***Wireless Telecommunication Services (1.5%)*** | ***Wireless Telecommunication Services (1.5%)*** | **** |
|  America Movil SAB de CV<br>6.375%, 3/1/35 | 2989000 | 3175439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/30/40 | 3914000 | 4033377 |  |
|  Rogers Communications, Inc.<br>5.450%, 10/1/43 | 1064000 | 958167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/44 | 3712000 | 3195616 |  |
|  T-Mobile USA, Inc.<br>4.500%, 4/15/50 | 8235000 | 6774580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/60 | 1969000 | 1316082 |  |
|  Vodafone Group plc<br>6.250%, 11/30/32 | 258000 | 270862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 2/27/37 | 10509000 | 10659901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/17/50 | 2709000 | 2084577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/19/59 | 1140000 | 980778 |  |
|  |  | 33449379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 145358133 |  |
|  **Consumer Discretionary (2.4%)** | **Consumer Discretionary (2.4%)** |  |  |
|  ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | ***Auto Components (0.1%)*** | **** |
|  Aptiv plc<br>5.400%, 3/15/49 | 428000 | 369465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 12/1/51 | 3508000 | 2088490 |  |
|  |  | 2457955 |  |
|  ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | ***Automobiles (0.3%)*** | **** |
|  General Motors Co.<br>6.600%, 4/1/36 | 3313000 | 3240278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 4/1/38 | 1991000 | 1727007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/45 | 1110000 | 903538 |  |
|  |  | 5870823 |  |
|  ***Hotels, Restaurants & Leisure (0.0%)†*** | ***Hotels, Restaurants & Leisure (0.0%)†*** | ***Hotels, Restaurants & Leisure (0.0%)†*** | **** |
|  McDonald's Corp.<br>4.875%, 12/9/45 | 86000 | 80142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 3/1/47 | 30000 | 26243 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/1/48 | 430000 | 380018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/1/49 | 67000 | 51531 |  |
|  Starbucks Corp.<br>4.500%, 11/15/48 | 161000 | 139271 |  |
|  |  | 677205 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  M.D.C. Holdings, Inc.<br>6.000%, 1/15/43 | 2605000 | 2126331 |  |
|  ***Internet & Direct Marketing Retail (0.9%)*** | ***Internet & Direct Marketing Retail (0.9%)*** | ***Internet & Direct Marketing Retail (0.9%)*** | **** |
|  Alibaba Group Holding Ltd.<br>4.000%, 12/6/37 | 8295000 | 6910150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 2/9/51 | 200000 | 124444 |  |
|  Amazon.com, Inc.<br>4.800%, 12/5/34 | 413000 | 413813 |  |

---

See Notes to Financial Statements.

1107

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/22/37 | $| 322000 | $| 286648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 12/5/44 (x) |  | 1106000 |  | 1097768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/22/47 |  | 1820000 |  | 1580506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/12/61 |  | 541000 |  | 377174 |  |
|  eBay, Inc.<br>4.000%, 7/15/42 (x) |  | 4984000 |  | 3955423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 5/10/51 |  | 6826000 |  | 4898194 |  |
|  |  |  |  | 19644120 |  |
|  ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | ***Multiline Retail (0.4%)*** | **** |
|  Dollar Tree, Inc.<br>3.375%, 12/1/51 |  | 5866000 |  | 3999633 |  |
|  Target Corp.<br>7.000%, 1/15/38 |  | 2991000 |  | 3531776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/46 |  | 1628000 |  | 1296793 |  |
|  |  |  |  | 8828202 |  |
|  ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | ***Specialty Retail (0.4%)*** | **** |
|  Home Depot, Inc. (The)<br>5.875%, 12/16/36 |  | 372000 |  | 399091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 4/1/41 |  | 199000 |  | 217694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/1/46 |  | 1522000 |  | 1333383 |  |
|  Lowe's Cos., Inc.<br>4.050%, 5/3/47 |  | 124000 |  | 98179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/50 |  | 394000 |  | 255715 |  |
|  TJX Cos., Inc. (The)<br>4.500%, 4/15/50 |  | 8008000 |  | 7247008 |  |
|  |  |  |  | 9551070 |  |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | ***Textiles, Apparel & Luxury Goods (0.2%)*** | **** |
|  NIKE, Inc.<br>3.250%, 3/27/40 |  | 2736000 |  | 2229654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/1/45 |  | 1462000 |  | 1267186 |  |
|  |  |  |  | 3496840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 52652546 |  |
|  **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** | **Consumer Staples (4.3%)** |  |  |  |
|  ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | ***Beverages (2.0%)*** | **** |
|  Anheuser-Busch Cos. LLC<br>4.700%, 2/1/36 |  | 367000 |  | 347166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 2/1/46 |  | 9962000 |  | 9104372 |  |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/39 |  | 132000 |  | 162703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/40 |  | 13250000 |  | 11779972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/23/49 |  | 4035000 |  | 4044729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 1/23/59 |  | 819000 |  | 852945 |  |
|  Coca-Cola Co. (The)<br>2.875%, 5/5/41 |  | 755000 |  | 584055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/25/50 |  | 3053000 |  | 2818835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/60 |  | 1068000 |  | 719384 |  |
|  Diageo Capital plc<br>5.875%, 9/30/36 |  | 727000 |  | 768308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/29/43 |  | 922000 |  | 766135 |  |
|  Fomento Economico Mexicano SAB de CV<br>3.500%, 1/16/50 |  | 1774000 |  | 1228052 |  |
|  Molson Coors Beverage Co.<br>5.000%, 5/1/42 |  | 10206000 |  | 9115479 |  |
|  PepsiCo, Inc.<br>3.450%, 10/6/46 |  | 719000 |  | 580346 |  |
|  |  |  |  | 42872481 |  |
|  ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | ***Food & Staples Retailing (0.2%)*** | **** |
|  Kroger Co. (The)<br>5.150%, 8/1/43 |  | 141000 |  | 130767 |  |
|  Sysco Corp.<br>6.600%, 4/1/40 |  | 1713000 |  | 1834334 |  |
|  Walgreens Boots Alliance, Inc.<br>4.100%, 4/15/50 |  | 2896000 |  | 2129987 |  |
|  Walmart, Inc.<br>5.250%, 9/1/35 |  | 469000 |  | 491452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 6/29/48 |  | 609000 |  | 546210 |  |
|  |  |  |  | 5132750 |  |
|  ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | ***Food Products (1.0%)*** | **** |
|  Archer-Daniels-Midland Co.<br>4.535%, 3/26/42 |  | 3129000 |  | 2795060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/49 |  | 1957000 |  | 1806246 |  |
|  Conagra Brands, Inc.<br>5.400%, 11/1/48 |  | 10853000 |  | 10053362 |  |
|  General Mills, Inc.<br>5.400%, 6/15/40 |  | 147000 |  | 145587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/17/48 |  | 390000 |  | 348508 |  |
|  Mead Johnson Nutrition Co.<br>4.600%, 6/1/44 |  | 755000 |  | 682769 |  |
|  Tyson Foods, Inc.<br>4.550%, 6/2/47 |  | 3434000 |  | 2972764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/28/48 |  | 3472000 |  | 3244595 |  |
|  |  |  |  | 22048891 |  |
|  ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | ***Household Products (0.6%)*** | **** |
|  Colgate-Palmolive Co.<br>4.000%, 8/15/45 |  | 3777000 |  | 3390370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/1/47 |  | 4854000 |  | 4181366 |  |
|  Kimberly-Clark Corp.<br>6.625%, 8/1/37 |  | 2025000 |  | 2331394 |  |
|  Procter & Gamble Co. (The)<br>3.600%, 3/25/50 |  | 2515000 |  | 2101927 |  |
|  |  |  |  | 12005057 |  |
|  ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | ***Tobacco (0.5%)*** | **** |
|  Altria Group, Inc.<br>2.450%, 2/4/32 |  | 147000 |  | 111579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/16/46 |  | 849000 |  | 571948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 2/14/49 |  | 3077000 |  | 2768866 |  |
|  Philip Morris International, Inc.<br>6.375%, 5/16/38 |  | 6759000 |  | 7152975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/10/44 |  | 623000 |  | 504469 |  |
|  |  |  |  | 11109837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 93169016 |  |
|  **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |  |  |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | **** |
|  Baker Hughes Holdings LLC<br>4.080%, 12/15/47 |  | 1216000 |  | 961960 |  |
|  NOV, Inc.<br>3.950%, 12/1/42 |  | 357000 |  | 249422 |  |
|  |  |  |  | 1211382 |  |
|  ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | ***Oil, Gas & Consumable Fuels (3.8%)*** | **** |
|  BP Capital Markets America, Inc.<br>2.939%, 6/4/51 |  | 2365000 |  | 1572564 |  |
|  Cenovus Energy, Inc.<br>6.800%, 9/15/37 |  | 9509000 |  | 9805263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 6/15/47 |  | 477000 |  | 432488 |  |

---

See Notes to Financial Statements.

1108

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Chevron Corp.<br>3.078%, 5/11/50 | $| 2891000 | $| 2101192 |  |
|  ConocoPhillips<br>5.900%, 10/15/32 |  | 314000 |  | 336201 |  |
|  ConocoPhillips Co.<br>4.025%, 3/15/62 |  | 1298000 |  | 1039860 |  |
|  Devon Energy Corp.<br>5.600%, 7/15/41 |  | 44000 |  | 41363 |  |
|  Diamondback Energy, Inc.<br>4.400%, 3/24/51 |  | 2455000 |  | 1884782 |  |
|  Enbridge, Inc.<br>4.500%, 6/10/44 |  | 7465000 |  | 6182170 |  |
|  Energy Transfer LP<br>5.000%, 5/15/44 (e) |  | 69000 |  | 56883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/45 |  | 37000 |  | 34498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 4/15/47 |  | 538000 |  | 453760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/1/47 |  | 352000 |  | 296814 |  |
|  Enterprise Products Operating LLC<br>6.125%, 10/15/39 |  | 6522000 |  | 6742483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/15/53 |  | 4553000 |  | 3081021 |  |
|  EOG Resources, Inc.<br>4.950%, 4/15/50 |  | 2348000 |  | 2258784 |  |
|  Exxon Mobil Corp.<br>4.227%, 3/19/40 |  | 2176000 |  | 1970168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%, 3/19/50 |  | 4865000 |  | 4293516 |  |
|  Kinder Morgan, Inc.<br>3.250%, 8/1/50 |  | 957000 |  | 622023 |  |
|  Marathon Oil Corp.<br>6.600%, 10/1/37 |  | 1319000 |  | 1325372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 6/1/45 |  | 890000 |  | 769813 |  |
|  Marathon Petroleum Corp.<br>6.500%, 3/1/41 |  | 268000 |  | 277814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/15/44 |  | 1055000 |  | 886382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/54 |  | 2494000 |  | 2092162 |  |
|  MPLX LP<br>4.500%, 4/15/38 |  | 2448000 |  | 2078110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 3/1/47 |  | 1639000 |  | 1398269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/15/49 |  | 880000 |  | 780877 |  |
|  ONEOK Partners LP<br>6.125%, 2/1/41 |  | 86000 |  | 81494 |  |
|  ONEOK, Inc.<br>7.150%, 1/15/51 |  | 2557000 |  | 2590291 |  |
|  Phillips 66<br>4.650%, 11/15/34 |  | 258000 |  | 241904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 5/1/42 |  | 1742000 |  | 1798798 |  |
|  Plains All American Pipeline LP<br>4.900%, 2/15/45 |  | 8238000 |  | 6446435 |  |
|  Targa Resources Corp.<br>4.200%, 2/1/33 |  | 4823000 |  | 4152897 |  |
|  TransCanada PipeLines Ltd.<br>5.000%, 10/16/43 |  | 567000 |  | 504671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 3/15/49 |  | 4563000 |  | 4179737 |  |
|  Transcontinental Gas Pipe Line Co. LLC<br>4.600%, 3/15/48 |  | 2340000 |  | 1980696 |  |
|  Valero Energy Corp.<br>6.625%, 6/15/37 |  | 1214000 |  | 1291471 |  |
|  Williams Cos., Inc. (The)<br>8.750%, 3/15/32 (e) |  | 285000 |  | 337589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 4/15/40 |  | 3874000 |  | 3994989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 9/15/45 |  | 1435000 |  | 1258812 |  |
|  |  |  |  | 81674416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 82885798 |  |
|  **Financials (6.3%)** | **Financials (6.3%)** | **Financials (6.3%)** |  |  |  |
|  ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | ***Banks (3.6%)*** | **** |
|  Bank of America Corp.<br>(ICE LIBOR USD 3 Month + 1.81%),<br>4.244%, 4/24/38 (k) |  | 1495000 |  | 1269200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 2/7/42 |  | 12210000 |  | 12519015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.99%),<br> 4.443%, 1/20/48 (k) |  | 3129000 |  | 2660263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.52%),<br> 4.330%, 3/15/50 (k) |  | 152000 |  | 126149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 2.972%, 7/21/52 (k) |  | 7068000 |  | 4522728 |  |
|  Citigroup, Inc. 6.125%, 8/25/36 |  | 2750000 |  | 2761867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.55%), 5.316%, 3/26/41 (k) |  | 6496000 |  | 6226706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/30/42 |  | 980000 |  | 988814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.84%),<br> 4.281%, 4/24/48 (k)(x) |  | 418000 |  | 343217 |  |
|  Cooperatieve Rabobank UA<br>5.250%, 5/24/41 |  | 396000 |  | 404342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 8/4/45 |  | 6825000 |  | 6230570 |  |
|  Fifth Third Bancorp<br>8.250%, 3/1/38 |  | 5188000 |  | 6466071 |  |
|  HSBC Bank USA NA<br>7.000%, 1/15/39 |  | 7457000 |  | 8092336 |  |
|  HSBC Holdings plc<br>6.800%, 6/1/38 |  | 267000 |  | 264785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 1/14/42 |  | 3557000 |  | 3698968 |  |
|  JPMorgan Chase & Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.36%),<br> 3.882%, 7/24/38 (k) |  | 159000 |  | 132088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 1/6/42 |  | 163000 |  | 160979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 3.157%, 4/22/42 (k) |  | 70000 |  | 51252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/16/43 |  | 7704000 |  | 7540702 |  |
|  Kreditanstalt fuer Wiederaufbau |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 4/18/36 |  | 48000 |  | 27603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 6/29/37 |  | 135000 |  | 73546 |  |
|  Mitsubishi UFJ Financial Group, Inc.<br>4.153%, 3/7/39 |  | 7707000 |  | 6594878 |  |
|  Sumitomo Mitsui Financial Group, Inc.<br>2.930%, 9/17/41 |  | 212000 |  | 143354 |  |
|  Wells Fargo & Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.53%),<br> 3.068%, 4/30/41 (k) |  | 4004000 |  | 2854157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.606%, 1/15/44 |  | 151000 |  | 145581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/1/45 |  | 408000 |  | 313995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.50%),<br> 5.013%, 4/4/51 (k) |  | 3823000 |  | 3389923 |  |
|  |  |  |  | 78003089 |  |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | **** |
|  Brookfield Finance I UK plc<br>2.340%, 1/30/32 |  | 333000 |  | 255046 |  |
|  Brookfield Finance, Inc.<br>3.500%, 3/30/51 |  | 1221000 |  | 783637 |  |

---

See Notes to Financial Statements.

1109

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Credit Suisse Group AG<br>4.875%, 5/15/45 | $| 919000 | $| 633166 |  |
|  Goldman Sachs Group, Inc. (The) 6.750%, 10/1/37 |  | 130000 |  | 138686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.47%),<br> 2.908%, 7/21/42 (k) |  | 178000 |  | 122098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/8/44 |  | 887000 |  | 788545 |  |
|  Intercontinental Exchange, Inc.<br>4.250%, 9/21/48 |  | 5452000 |  | 4604265 |  |
|  Moody's Corp.<br>5.250%, 7/15/44 |  | 55000 |  | 53371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/17/48 |  | 6262000 |  | 5619267 |  |
|  Morgan Stanley |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.84%),<br> 5.597%, 3/24/51 (k) |  | 3845000 |  | 3812550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%),<br> 2.802%, 1/25/52 (k) |  | 111000 |  | 69428 |  |
|  Raymond James Financial, Inc.<br>4.950%, 7/15/46 |  | 1631000 |  | 1480999 |  |
|  |  |  |  | 18361058 |  |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | **** |
|  AerCap Ireland Capital DAC<br>3.850%, 10/29/41 |  | 3271000 |  | 2313289 |  |
|  ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | **** |
|  National Rural Utilities Cooperative Finance Corp.<br>8.000%, 3/1/32 |  | 13000 |  | 15315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/49 (x) |  | 5268000 |  | 4400801 |  |
|  Shell International Finance BV<br>4.125%, 5/11/35 |  | 222000 |  | 205660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/46 |  | 820000 |  | 679846 |  |
|  |  |  |  | 5301622 |  |
|  ***Insurance (1.5%)*** | ***Insurance (1.5%)*** | ***Insurance (1.5%)*** | ***Insurance (1.5%)*** | ***Insurance (1.5%)*** | **** |
|  Alleghany Corp.<br>3.250%, 8/15/51 |  | 850000 |  | 600445 |  |
|  Allstate Corp. (The)<br>4.200%, 12/15/46 |  | 1154000 |  | 958007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 8/10/49 |  | 2664000 |  | 2080776 |  |
|  American International Group, Inc.<br>4.800%, 7/10/45 |  | 2020000 |  | 1813186 |  |
|  Aon Corp.<br>2.900%, 8/23/51 |  | 930000 |  | 589888 |  |
|  Aon Global Ltd.<br>4.750%, 5/15/45 |  | 846000 |  | 737724 |  |
|  Brighthouse Financial, Inc.<br>4.700%, 6/22/47 |  | 1708000 |  | 1257025 |  |
|  Chubb Corp. (The)<br>6.000%, 5/11/37 |  | 6118000 |  | 6526986 |  |
|  Chubb INA Holdings, Inc.<br>4.350%, 11/3/45 |  | 6282000 |  | 5457665 |  |
|  Fidelity National Financial, Inc.<br>3.200%, 9/17/51 |  | 4340000 |  | 2540102 |  |
|  Hartford Financial Services Group, Inc. (The)<br>2.900%, 9/15/51 |  | 166000 |  | 105762 |  |
|  Marsh & McLennan Cos., Inc.<br>5.875%, 8/1/33 |  | 11000 |  | 11491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 3/15/49 |  | 23000 |  | 21299 |  |
|  MetLife, Inc.<br>5.700%, 6/15/35 |  | 126000 |  | 131987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 12/15/36 |  | 170000 |  | 163200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 8/1/39 |  | 175000 |  | 231000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/13/43 |  | 686000 |  | 643168 |  |
|  Progressive Corp. (The)<br>4.125%, 4/15/47 |  | 832000 |  | 701092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/26/50 |  | 691000 |  | 557990 |  |
|  Prudential Financial, Inc.<br>4.600%, 5/15/44 (x) |  | 1333000 |  | 1194652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.935%, 12/7/49 |  | 6605000 |  | 5214468 |  |
|  Travelers Cos., Inc. (The)<br>6.250%, 6/15/37 |  | 94000 |  | 101239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/46 |  | 871000 |  | 677390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/30/47 |  | 174000 |  | 140301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/27/50 |  | 172000 |  | 106594 |  |
|  |  |  |  | 32563437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 136542495 |  |
|  **Health Care (7.4%)** | **Health Care (7.4%)** | **Health Care (7.4%)** |  |  |  |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | **** |
|  AbbVie, Inc. 4.500%, 5/14/35 |  | 433000 |  | 404202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/21/39 |  | 6970000 |  | 5978618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/6/42 |  | 31000 |  | 27163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/14/46 |  | 297000 |  | 258642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/48 |  | 4529000 |  | 4147886 |  |
|  Amgen, Inc. 2.000%, 1/15/32 |  | 145000 |  | 113180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/41 |  | 8878000 |  | 6208376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/41 |  | 1089000 |  | 1025518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563%, 6/15/48 |  | 589000 |  | 510822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770%, 9/1/53 |  | 11390000 |  | 6970769 |  |
|  Baxalta, Inc.<br>5.250%, 6/23/45 |  | 2075000 |  | 1978684 |  |
|  Biogen, Inc.<br>5.200%, 9/15/45 |  | 2833000 |  | 2651588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/1/50 |  | 1279000 |  | 849506 |  |
|  Gilead Sciences, Inc.<br>5.650%, 12/1/41 |  | 1510000 |  | 1552540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/1/47 |  | 804000 |  | 673791 |  |
|  |  |  |  | 33351285 |  |
|  ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | ***Health Care Equipment & Supplies (0.5%)*** | **** |
|  Abbott Laboratories<br>4.750%, 11/30/36 |  | 2206000 |  | 2188552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/30/37 |  | 470000 |  | 527438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/43 |  | 150000 |  | 144209 |  |
|  Baxter International, Inc.<br>3.132%, 12/1/51 |  | 1402000 |  | 917819 |  |
|  Becton Dickinson and Co.<br>4.669%, 6/6/47 |  | 145000 |  | 129230 |  |
|  Boston Scientific Corp.<br>4.700%, 3/1/49 |  | 4319000 |  | 3913449 |  |
|  Koninklijke Philips NV<br>5.000%, 3/15/42 |  | 87000 |  | 76558 |  |
|  Medtronic, Inc.<br>4.625%, 3/15/45 |  | 1529000 |  | 1429966 |  |
|  Stryker Corp.<br>4.375%, 5/15/44 |  | 157000 |  | 134670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/15/46 |  | 144000 |  | 127381 |  |
|  |  |  |  | 9589272 |  |
|  ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | ***Health Care Providers & Services (2.8%)*** | **** |
|  AmerisourceBergen Corp.<br>4.300%, 12/15/47 |  | 1551000 |  | 1299602 |  |
|  Banner Health<br>2.907%, 1/1/42 |  | 5162000 |  | 3802446 |  |

---

See Notes to Financial Statements.

1110

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Baylor Scott & White Holdings<br>Series 2021<br>2.839%, 11/15/50 | $| 1487000 | $| 966498 |  |
|  Cardinal Health, Inc.<br>4.368%, 6/15/47 |  | 1086000 |  | 858789 |  |
|  Children's Health System of Texas<br>2.511%, 8/15/50 |  | 2010000 |  | 1213646 |  |
|  Cigna Corp.<br>3.200%, 3/15/40 |  | 7987000 |  | 6097053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/41 |  | 261000 |  | 274441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 7/15/46 |  | 1279000 |  | 1161289 |  |
|  CommonSpirit Health<br>3.910%, 10/1/50 |  | 1192000 |  | 889359 |  |
|  CVS Health Corp.<br>4.780%, 3/25/38 |  | 480000 |  | 438150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/21/40 |  | 219000 |  | 150414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 |  | 1135000 |  | 1038475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 3/25/48 |  | 10191000 |  | 9158958 |  |
|  Elevance Health, Inc.<br>4.650%, 1/15/43 |  | 1627000 |  | 1483176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/50 |  | 3631000 |  | 2512218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 |  | 1927000 |  | 1465919 |  |
|  HCA, Inc.<br>5.500%, 6/15/47 |  | 186000 |  | 166237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/15/51 |  | 419000 |  | 272786 |  |
|  Humana, Inc.<br>4.950%, 10/1/44 |  | 909000 |  | 828568 |  |
|  Kaiser Foundation Hospitals<br>Series 2021<br>3.002%, 6/1/51 |  | 4580000 |  | 3088103 |  |
|  Laboratory Corp. of America Holdings 4.700%, 2/1/45 (x) |  | 1058000 |  | 914567 |  |
|  Mass General Brigham, Inc.<br>Series 2020<br>3.342%, 7/1/60 |  | 4928000 |  | 3297662 |  |
|  Memorial Sloan-Kettering Cancer Center<br>Series 2020<br>2.955%, 1/1/50 |  | 656000 |  | 432115 |  |
|  Providence St Joseph Health Obligated Group<br>Series 21A<br>2.700%, 10/1/51 |  | 4788000 |  | 2823694 |  |
|  Rady Children's Hospital-San Diego<br>Series 21A<br>3.154%, 8/15/51 |  | 964000 |  | 640657 |  |
|  Sutter Health<br>Series 20A<br>3.161%, 8/15/40 |  | 679000 |  | 508978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.361%, 8/15/50 |  | 2003000 |  | 1402014 |  |
|  UnitedHealth Group, Inc.<br>6.625%, 11/15/37 |  | 469000 |  | 524693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/15/45 |  | 3023000 |  | 2868227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 4/15/47 |  | 96000 |  | 83833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/59 |  | 12294000 |  | 9719417 |  |
|  Yale-New Haven Health Services Corp.<br>Series 2020<br>2.496%, 7/1/50 |  | 1023000 |  | 606942 |  |
|  |  |  |  | 60988926 |  |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | **** |
|  Thermo Fisher Scientific, Inc.<br>4.100%, 8/15/47 |  | 2116000 |  | 1863799 |  |
|  ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | ***Pharmaceuticals (2.5%)*** | **** |
|  AstraZeneca plc<br>4.000%, 9/18/42 |  | 9162000 |  | 7973599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/16/45 |  | 1084000 |  | 974793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/17/48 |  | 5814000 |  | 5213139 |  |
|  Eli Lilly and Co.<br>4.150%, 3/15/59 |  | 673000 |  | 595886 |  |
|  GlaxoSmithKline Capital, Inc.<br>6.375%, 5/15/38 |  | 6400000 |  | 7205887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/18/43 |  | 1011000 |  | 884730 |  |
|  Johnson & Johnson<br>5.950%, 8/15/37 |  | 2045000 |  | 2290542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/1/46 |  | 6183000 |  | 5236613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/3/47 |  | 1568000 |  | 1329560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/48 |  | 2062000 |  | 1707521 |  |
|  Merck & Co., Inc.<br>4.150%, 5/18/43 |  | 232000 |  | 206806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/7/49 |  | 3847000 |  | 3307712 |  |
|  Novartis Capital Corp.<br>4.000%, 11/20/45 |  | 1425000 |  | 1250388 |  |
|  Pfizer, Inc.<br>3.900%, 3/15/39 |  | 33000 |  | 29317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 3/15/39 |  | 9451000 |  | 11518690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/15/43 |  | 179000 |  | 165092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/46 |  | 227000 |  | 202003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/15/48 |  | 3343000 |  | 3001975 |  |
|  Takeda Pharmaceutical Co. Ltd.<br>3.025%, 7/9/40 |  | 1881000 |  | 1382933 |  |
|  |  |  |  | 54477186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 160270468 |  |
|  **Industrials (4.9%)** | **Industrials (4.9%)** | **Industrials (4.9%)** |  |  |  |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | **** |
|  Boeing Co. (The)<br>5.705%, 5/1/40 |  | 3793000 |  | 3635307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 11/1/48 |  | 38000 |  | 26487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 5/1/50 |  | 11061000 |  | 10388637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 5/1/60 |  | 762000 |  | 701036 |  |
|  General Dynamics Corp.<br>4.250%, 4/1/40 |  | 3172000 |  | 2910757 |  |
|  L3Harris Technologies, Inc.<br>5.054%, 4/27/45 |  | 896000 |  | 813274 |  |
|  Northrop Grumman Corp.<br>5.150%, 5/1/40 |  | 1393000 |  | 1365377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/1/43 |  | 402000 |  | 374324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/1/50 |  | 12515000 |  | 12438540 |  |
|  Raytheon Technologies Corp.<br>4.350%, 4/15/47 |  | 298000 |  | 256936 |  |
|  |  |  |  | 32910675 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  FedEx Corp.<br>3.900%, 2/1/35 |  | 65000 |  | 55563 |  |
|  United Parcel Service, Inc.<br>6.200%, 1/15/38 |  | 113000 |  | 124608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/49 |  | 5684000 |  | 4392870 |  |
|  |  |  |  | 4573041 |  |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | **** |
|  Johnson Controls International plc<br>6.000%, 1/15/36 |  | 596000 |  | 622489 |  |

---

See Notes to Financial Statements.

1111

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | ***Commercial Services & Supplies (0.6%)*** | **** |
|  California Endowment (The)<br>Series 2021<br>2.498%, 4/1/51 | $4287000 | $2677175 |  |
|  Ford Foundation (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br> 2.815%, 6/1/70 | 3280000 | 1952284 |  |
|  Republic Services, Inc.<br>3.050%, 3/1/50 | 1435000 | 1003065 |  |
|  Rockefeller Foundation (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br> 2.492%, 10/1/50 | 5726000 | 3670860 |  |
|  Waste Connections, Inc.<br>2.950%, 1/15/52 | 3981000 | 2632830 |  |
|  Waste Management, Inc.<br>2.500%, 11/15/50 | 1480000 | 931393 |  |
|  |  | 12867607 |  |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | **** |
|  Eaton Corp.<br>4.000%, 11/2/32 | 63000 | 58351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/2/42 | 750000 | 644404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%, 9/15/47 | 329000 | 269688 |  |
|  Rockwell Automation, Inc.<br>4.200%, 3/1/49 | 2973000 | 2557214 |  |
|  |  | 3529657 |  |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | **** |
|  3M Co.<br>4.000%, 9/14/48 (x) | 31000 | 24486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/26/49 (x) | 3076000 | 2160588 |  |
|  Honeywell International, Inc.<br>3.812%, 11/21/47 | 3876000 | 3247746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 6/1/50 | 2915000 | 2097880 |  |
|  |  | 7530700 |  |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | **** |
|  Caterpillar, Inc.<br>5.200%, 5/27/41 | 28000 | 28545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.803%, 8/15/42 | 522000 | 448794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/64 | 522000 | 499079 |  |
|  Deere & Co. 3.900%, 6/9/42 | 503000 | 448423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/7/49 | 804000 | 581018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/50 (x) | 665000 | 568215 |  |
|  Parker-Hannifin Corp.<br>4.000%, 6/14/49 | 7155000 | 5700251 |  |
|  Stanley Black & Decker, Inc.<br>2.750%, 11/15/50 | 2206000 | 1361373 |  |
|  |  | 9635698 |  |
|  ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | ***Road & Rail (1.6%)*** | **** |
|  Burlington Northern Santa Fe LLC<br>4.400%, 3/15/42 | 92000 | 82675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 9/1/45 | 2771000 | 2568165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/47 | 539000 | 459191 |  |
|  Canadian National Railway Co.<br>3.650%, 2/3/48 | 264000 | 213628 |  |
|  Canadian Pacific Railway Co.<br>5.950%, 5/15/37 | 1323000 | 1381889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 9/15/15 | 1880000 | 1911815 |  |
|  CSX Corp.<br>6.150%, 5/1/37 | 32000 | 34380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/44 | 32000 | 27085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/48 | 4706000 | 4311415 |  |
|  Norfolk Southern Corp.<br>4.837%, 10/1/41 | 219000 | 202469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942%, 11/1/47 | 4126000 | 3346316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/15/52 (x) | 815000 | 661290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.155%, 5/15/55 | 186000 | 124736 |  |
|  Union Pacific Corp.<br>3.200%, 5/20/41 | 6855000 | 5399580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/5/70 | 7186000 | 5299863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799%, 4/6/71 | 10842000 | 8043231 |  |
|  |  | 34067728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 105737595 |  |
|  **Information Technology (4.5%)** | **Information Technology (4.5%)** |  |  |
|  ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | ***Communications Equipment (0.0%)†*** | **** |
|  Cisco Systems, Inc.<br>5.500%, 1/15/40 | 30000 | 31473 |  |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | **** |
|  Corning, Inc.<br>4.750%, 3/15/42 | 81000 | 72379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 11/15/48 | 5255000 | 4938476 |  |
|  |  | 5010855 |  |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | **** |
|  Fiserv, Inc.<br>4.400%, 7/1/49 | 6062000 | 4954305 |  |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 11/30/39 | 5135000 | 5249922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/15/40 | 11075000 | 8054037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/19/46 | 319000 | 284587 |  |
|  Mastercard, Inc.<br>3.950%, 2/26/48 | 493000 | 426204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/1/49 | 64000 | 52283 |  |
|  Visa, Inc.<br>3.650%, 9/15/47 | 3769000 | 3101957 |  |
|  |  | 22123295 |  |
|  ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | **** |
|  Applied Materials, Inc.<br>5.850%, 6/15/41 | 1103000 | 1212823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/1/47 | 2900000 | 2632131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/50 | 3128000 | 2162722 |  |
|  Broadcom, Inc.<br>3.187%, 11/15/36§ | 10922000 | 7958983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/41§ | 806000 | 581225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/51 (x)§ | 7861000 | 5528034 |  |
|  Intel Corp. 4.600%, 3/25/40 (x) | 8955000 | 8208341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 10/1/41 | 87000 | 80733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/19/46 | 1032000 | 838247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/11/47 | 229000 | 187256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/25/50 (x) | 4561000 | 3998070 |  |
|  KLA Corp.<br>5.000%, 3/15/49 | 8644000 | 8170811 |  |
|  NVIDIA Corp.<br>3.700%, 4/1/60 | 3562000 | 2666516 |  |
|  NXP BV<br>3.250%, 5/11/41 | 1943000 | 1344677 |  |
|  QUALCOMM, Inc.<br>4.800%, 5/20/45 | 1201000 | 1132381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/20/47 | 321000 | 279240 |  |

---

See Notes to Financial Statements.

1112

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Texas Instruments, Inc.<br>4.150%, 5/15/48 | $| 406000 | $| 362473 |  |
|  TSMC Arizona Corp.<br>3.250%, 10/25/51 (x) |  | 4863000 |  | 3519596 |  |
|  |  |  |  | 50864259 |  |
|  ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | **** |
|  Microsoft Corp.<br>3.500%, 2/12/35 |  | 141000 |  | 127859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 8/8/36 |  | 65000 |  | 57888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 11/3/45 |  | 925000 |  | 882064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/8/46 |  | 997000 |  | 855471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/8/56 |  | 4796000 |  | 4096439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 3/17/62 |  | 70000 |  | 48801 |  |
|  Oracle Corp.<br>4.300%, 7/8/34 |  | 145000 |  | 127955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/35 |  | 215000 |  | 179847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 4/15/38 |  | 346000 |  | 360781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/40 |  | 6377000 |  | 4748486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/8/44 |  | 571000 |  | 461410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/25/51 |  | 2184000 |  | 1580175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 |  | 305000 |  | 232737 |  |
|  |  |  |  | 13759913 |  |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | **** |
|  Apple, Inc.<br>4.500%, 2/23/36 |  | 439000 |  | 436097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/9/47 |  | 30000 |  | 27892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/5/61 |  | 884000 |  | 579958 |  |
|  Dell International LLC<br>8.100%, 7/15/36 |  | 2458000 |  | 2775235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.350%, 7/15/46 |  | 584000 |  | 668948 |  |
|  Hewlett Packard Enterprise Co.<br>6.350%, 10/15/45 (e) |  | 888000 |  | 889365 |  |
|  |  |  |  | 5377495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 97167290 |  |
|  **Materials (2.0%)** | **Materials (2.0%)** | **Materials (2.0%)** |  |  |  |
|  ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | ***Chemicals (1.3%)*** | **** |
|  Air Products and Chemicals, Inc.<br>2.700%, 5/15/40 |  | 1383000 |  | 1039890 |  |
|  Dow Chemical Co. (The)<br>9.400%, 5/15/39 |  | 4030000 |  | 5345596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 11/30/48 |  | 8251000 |  | 7803493 |  |
|  DuPont de Nemours, Inc.<br>5.319%, 11/15/38 |  | 4616000 |  | 4482373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%, 11/15/48 |  | 8454000 |  | 8120761 |  |
|  Ecolab, Inc.<br>5.500%, 12/8/41 |  | 1435000 |  | 1469661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/47 |  | 202000 |  | 166904 |  |
|  Nutrien Ltd.<br>4.125%, 3/15/35 |  | 145000 |  | 125955 |  |
|  Sherwin-Williams Co. (The)<br>4.500%, 6/1/47 |  | 185000 |  | 157175 |  |
|  |  |  |  | 28711808 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc.<br>3.200%, 7/15/51 |  | 51000 |  | 34697 |  |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | **** |
|  International Paper Co.<br>4.800%, 6/15/44 |  | 258000 |  | 225244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 8/15/47 |  | 492000 |  | 409488 |  |
|  Packaging Corp. of America<br>4.050%, 12/15/49 |  | 898000 |  | 693969 |  |
|  |  |  |  | 1328701 |  |
|  ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | ***Metals & Mining (0.6%)*** | **** |
|  ArcelorMittal SA<br>6.750%, 3/1/41 (e) |  | 1435000 |  | 1398837 |  |
|  Nucor Corp.<br>5.200%, 8/1/43 |  | 559000 |  | 534096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/48 |  | 3428000 |  | 2890092 |  |
|  Rio Tinto Alcan, Inc.<br>5.750%, 6/1/35 |  | 747000 |  | 768539 |  |
|  Rio Tinto Finance USA plc<br>4.125%, 8/21/42 |  | 1399000 |  | 1215911 |  |
|  Southern Copper Corp.<br>7.500%, 7/27/35 |  | 1539000 |  | 1777353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/16/40 |  | 3298000 |  | 3676858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 4/23/45 |  | 121000 |  | 123556 |  |
|  |  |  |  | 12385242 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Suzano Austria GmbH<br>3.125%, 1/15/32 |  | 1737000 |  | 1352689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  |  | 43813137 |  |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.7%)*** | **** |
|  American Tower Corp. (REIT)<br>3.700%, 10/15/49 |  | 384000 |  | 276161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 1/15/51 |  | 2209000 |  | 1378777 |  |
|  AvalonBay Communities, Inc. (REIT)<br>4.150%, 7/1/47 |  | 538000 |  | 430928 |  |
|  ERP Operating LP (REIT)<br>4.500%, 7/1/44 |  | 205000 |  | 175964 |  |
|  Kimco Realty Corp. (REIT)<br>4.250%, 4/1/45 |  | 760000 |  | 584197 |  |
|  Office Properties Income Trust (REIT)<br>3.450%, 10/15/31 |  | 215000 |  | 143531 |  |
|  Prologis LP (REIT)<br>4.375%, 9/15/48 |  | 2339000 |  | 2010084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/15/50 |  | 284000 |  | 159445 |  |
|  Realty Income Corp. (REIT)<br>4.650%, 3/15/47 |  | 269000 |  | 237544 |  |
|  Simon Property Group LP (REIT)<br>4.750%, 3/15/42 |  | 6281000 |  | 5395135 |  |
|  Ventas Realty LP (REIT)<br>5.700%, 9/30/43 |  | 470000 |  | 433168 |  |
|  Welltower, Inc. (REIT)<br>6.500%, 3/15/41 |  | 3077000 |  | 3106980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 9/1/48 |  | 1523000 |  | 1259283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 15591197 |  |
|  **Utilities (6.3%)** | **Utilities (6.3%)** | **Utilities (6.3%)** |  |  |  |
|  ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** | ***Electric Utilities (4.5%)*** | **** |
|  AEP Transmission Co. LLC<br>4.250%, 9/15/48 |  | 30000 |  | 25226 |  |
|  Arizona Public Service Co.<br>4.350%, 11/15/45 |  | 1626000 |  | 1284929 |  |

---

See Notes to Financial Statements.

1113

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Baltimore Gas & Electric Co.<br>6.350%, 10/1/36 | $| 2172000 | $| 2331442 |  |
|  CenterPoint Energy Houston Electric LLC<br>4.500%, 4/1/44 |  | 511000 |  | 457061 |  |
|  Commonwealth Edison Co.<br>5.900%, 3/15/36 |  | 3500000 |  | 3681248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 10/1/42 |  | 263000 |  | 215444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/48 |  | 347000 |  | 286709 |  |
|  DTE Electric Co.<br>Series B<br>3.250%, 4/1/51 |  | 3710000 |  | 2683299 |  |
|  Duke Energy Carolinas LLC<br>6.050%, 4/15/38 |  | 5463000 |  | 5646724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/41 |  | 93000 |  | 80748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 (x) |  | 5398000 |  | 4011600 |  |
|  Duke Energy Corp.<br>3.300%, 6/15/41 |  | 1991000 |  | 1458020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/51 |  | 467000 |  | 329699 |  |
|  Duke Energy Florida LLC<br>6.400%, 6/15/38 |  | 7694000 |  | 8487792 |  |
|  Entergy Arkansas LLC<br>3.350%, 6/15/52 |  | 2477000 |  | 1748858 |  |
|  Entergy Corp.<br>3.750%, 6/15/50 |  | 1800000 |  | 1330720 |  |
|  Eversource Energy<br>3.450%, 1/15/50 |  | 3723000 |  | 2725743 |  |
|  Florida Power & Light Co.<br>5.690%, 3/1/40 |  | 408000 |  | 427353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 10/1/44 |  | 7794000 |  | 6665261 |  |
|  Georgia Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.700%, 1/30/50 |  | 1501000 |  | 1129150 |  |
|  Kentucky Utilities Co.<br>5.125%, 11/1/40 |  | 1082000 |  | 1027234 |  |
|  Nevada Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N<br> 6.650%, 4/1/36 |  | 745000 |  | 817596 |  |
|  NSTAR Electric Co.<br>4.400%, 3/1/44 |  | 563000 |  | 495966 |  |
|  Oncor Electric Delivery Co. LLC<br>7.250%, 1/15/33 |  | 5380000 |  | 6243960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/45 |  | 1227000 |  | 991782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 9/30/47 |  | 804000 |  | 648954 |  |
|  Pacific Gas and Electric Co.<br>4.200%, 6/1/41 |  | 1656000 |  | 1242307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/50 |  | 11087000 |  | 6975663 |  |
|  PacifiCorp<br>6.000%, 1/15/39 |  | 6808000 |  | 7089098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 2/15/50 |  | 338000 |  | 279781 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 6/15/52 |  | 7791000 |  | 5164431 |  |
|  PECO Energy Co.<br>2.850%, 9/15/51 |  | 1077000 |  | 714770 |  |
|  Progress Energy, Inc.<br>7.000%, 10/30/31 |  | 309000 |  | 337928 |  |
|  Public Service Co. of Colorado<br>6.500%, 8/1/38 |  | 4110000 |  | 4533334 |  |
|  Public Service Electric & Gas Co.<br>3.800%, 3/1/46 |  | 1072000 |  | 859869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/1/50 |  | 1438000 |  | 812502 |  |
|  Southern California Edison Co.<br>4.050%, 3/15/42 |  | 40000 |  | 32170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/43 |  | 341000 |  | 292689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/47 |  | 1031000 |  | 807614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H<br> 3.650%, 6/1/51 |  | 7241000 |  | 5341549 |  |
|  Southwestern Electric Power Co.<br>Series J<br>3.900%, 4/1/45 |  | 1650000 |  | 1271883 |  |
|  Virginia Electric and Power Co.<br>6.350%, 11/30/37 |  | 1553000 |  | 1651975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 11/15/38 |  | 2047000 |  | 2687251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 6.000%, 1/15/36 |  | 698000 |  | 711458 |  |
|  Xcel Energy, Inc.<br>3.500%, 12/1/49 |  | 1708000 |  | 1253743 |  |
|  |  |  |  | 97292533 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  Atmos Energy Corp.<br>2.850%, 2/15/52 |  | 2436000 |  | 1589577 |  |
|  CenterPoint Energy Resources Corp.<br>4.100%, 9/1/47 |  | 32000 |  | 26169 |  |
|  ONE Gas, Inc.<br>4.658%, 2/1/44 (x) |  | 3502000 |  | 3039696 |  |
|  Southern California Gas Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU<br> 4.125%, 6/1/48 |  | 31000 |  | 25121 |  |
|  |  |  |  | 4680563 |  |
|  ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.1%)*** | **** |
|  Constellation Energy Generation LLC<br>5.750%, 10/1/41 |  | 1092000 |  | 1059498 |  |
|  ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** | ***Multi-Utilities (1.4%)*** | **** |
|  Berkshire Hathaway Energy Co.<br>4.500%, 2/1/45 |  | 1770000 |  | 1550187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/15/51 |  | 82000 |  | 54015 |  |
|  Consolidated Edison Co. of New York, Inc.<br>4.450%, 3/15/44 |  | 8335000 |  | 7194467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/58 |  | 431000 |  | 362826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/15/61 |  | 8380000 |  | 6028262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-A<br> 5.300%, 3/1/35 |  | 34000 |  | 32883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-B<br> 6.750%, 4/1/38 |  | 4025000 |  | 4418289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br> 4.650%, 12/1/48 |  | 61000 |  | 53789 |  |
|  Consumers Energy Co.<br>3.950%, 5/15/43 |  | 854000 |  | 706183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/50 |  | 793000 |  | 627591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 8/15/50 |  | 215000 |  | 150872 |  |
|  Dominion Energy, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 4.600%, 3/15/49 |  | 459000 |  | 391147 |  |
|  NiSource, Inc.<br>5.650%, 2/1/45 |  | 4981000 |  | 4921355 |  |
|  San Diego Gas & Electric Co.<br>2.950%, 8/15/51 |  | 2526000 |  | 1732891 |  |

---

See Notes to Financial Statements.

1114

------

**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sempra Energy<br>3.800%, 2/1/38 | $| 2230000 | $| 1829653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/48 |  | 912000 |  | 721604 |
|  Southern Co. Gas Capital Corp.<br>3.950%, 10/1/46 |  | 160000 |  | 120872 |
|  |  |  |  | 30896886 |
|  **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** | **Water Utilities (0.1%)** |
|  American Water Capital Corp.<br>4.300%, 9/1/45 |  | 1417000 |  | 1211924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 6/1/49 |  | 2197000 |  | 1828512 |
|  |  |  |  | 3040436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  |  | 136969916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  |  | 1070157591 |
|  **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** | **Foreign Government Securities (2.9%)** |
|  Hungary Government Bond<br>7.625%, 3/29/41 |  | 68000 |  | 74133 |
|  Italian Republic Government Bond<br>5.375%, 6/15/33 |  | 60000 |  | 57445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/17/49 |  | 437000 |  | 309378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/6/51 |  | 11999000 |  | 8114467 |
|  Oriental Republic of Uruguay<br>7.625%, 3/21/36 |  | 377768 |  | 478443 |
|  Republic of Chile<br>3.100%, 5/7/41 |  | 10909000 |  | 7822435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 1/22/61 |  | 2453000 |  | 1524386 |
|  Republic of Indonesia<br>3.050%, 3/12/51 |  | 7300000 |  | 5275053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 3/12/71 |  | 485000 |  | 324397 |
|  Republic of Panama<br>6.700%, 1/26/36 |  | 368000 |  | 384974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/56 |  | 8944000 |  | 6558747 |
|  Republic of Peru<br>3.300%, 3/11/41 |  | 1025000 |  | 746840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 |  | 5034000 |  | 3576657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.780%, 12/1/60 |  | 635000 |  | 371396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.230%, 7/28/21 |  | 577000 |  | 336391 |
|  Republic of Philippines<br>2.650%, 12/10/45 |  | 408000 |  | 273405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/6/46 |  | 3380000 |  | 2450872 |
|  State of Israel Government Bond 3.875%, 7/3/50 |  | 3436000 |  | 2865409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/3/20 |  | 950000 |  | 824897 |
|  United Mexican States<br>3.500%, 2/12/34 |  | 3897000 |  | 3127343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 8/14/41 |  | 10597000 |  | 8145119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/21/45 (x) |  | 615000 |  | 552078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/27/51 |  | 5064000 |  | 4109119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771%, 5/24/61 |  | 7610000 |  | 4819508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  |  | 63122892 |
|  **Municipal Bonds (2.6%)** | **Municipal Bonds (2.6%)** | **Municipal Bonds (2.6%)** | **Municipal Bonds (2.6%)** | **Municipal Bonds (2.6%)** |
|  Alabama Federal Aid Highway Finance Authority<br>2.650%, 9/1/37 |  | 4910000 |  | 3655341 |
|  American Municipal Power, Inc. 5.939%, 2/15/47 |  | 5330000 |  | 5542373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084%, 2/15/50 |  | 2995000 |  | 3852806 |
|  Charlotte-Mecklenburg Hospital Authority (The)<br>3.204%, 1/15/51 |  | 1860000 |  | 1264708 |
|  City of Chicago<br>7.750%, 1/1/42 |  | 1000000 |  | 1051439 |
|  Commonwealth of Massachusetts 2.663%, 9/1/39 |  | 1174306 |  | 931785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/1/49 |  | 1615000 |  | 1117623 |
|  County of Los Angeles Unified School District, General Obligation Bonds, | County of Los Angeles Unified School District, General Obligation Bonds, | County of Los Angeles Unified School District, General Obligation Bonds, | County of Los Angeles Unified School District, General Obligation Bonds, | County of Los Angeles Unified School District, General Obligation Bonds, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-KRY<br> 5.750%, 7/1/34 |  | 2165000 |  | 2261519 |
|  Dallas Fort Worth International Airport<br>2.994%, 11/1/38 |  | 2000000 |  | 1624463 |
|  Golden State Tobacco Securitization Corp., ST APPROP<br>2.746%, 6/1/34 |  | 3200000 |  | 2567948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.115%, 6/1/38 |  | 3040000 |  | 2354836 |
|  Kansas Development Finance Authority, BAM<br>2.774%, 5/1/51 |  | 4900000 |  | 3304104 |
|  Metropolitan Transportation Authority<br>5.175%, 11/15/49 |  | 580000 |  | 500541 |
|  Metropolitan Transportation Authority, Revenue Bonds, | Metropolitan Transportation Authority, Revenue Bonds, | Metropolitan Transportation Authority, Revenue Bonds, | Metropolitan Transportation Authority, Revenue Bonds, | Metropolitan Transportation Authority, Revenue Bonds, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010A<br> 6.668%, 11/15/39 |  | 150000 |  | 154932 |
|  Michigan Finance Authority<br>3.384%, 12/1/40 |  | 1825000 |  | 1462396 |
|  Port Authority of New York & New Jersey<br>4.229%, 10/15/57 |  | 1470000 |  | 1230948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458%, 10/1/62 |  | 3900000 |  | 3384188 |
|  Rutgers The State University of New Jersey<br>3.915%, 5/1/19 |  | 15000 |  | 9905 |
|  San Diego County Regional Transportation Commission<br>3.248%, 4/1/48 |  | 3130000 |  | 2358285 |
|  State of California<br>7.625%, 3/1/40 |  | 4735000 |  | 5979741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 11/1/40 |  | 2980000 |  | 3817852 |
|  State of California, Various Purposes, General Obligation Bonds, | State of California, Various Purposes, General Obligation Bonds, | State of California, Various Purposes, General Obligation Bonds, | State of California, Various Purposes, General Obligation Bonds, | State of California, Various Purposes, General Obligation Bonds, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009<br> 7.550%, 4/1/39 |  | 5170000 |  | 6470937 |
|  State of Illinois<br>6.725%, 4/1/35 |  | 495000 |  | 504246 |
|  State of Washington Motor Vehicle Fuel Tax, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010F<br> 5.140%, 8/1/40 |  | 1100000 |  | 1110699 |
|  Texas Transportation Commission<br>2.472%, 10/1/44 |  | 745000 |  | 508252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  |  | 57021867 |
|  **Supranational (0.1%)** | **Supranational (0.1%)** | **Supranational (0.1%)** | **Supranational (0.1%)** | **Supranational (0.1%)** |
|  European Investment Bank<br>4.875%, 2/15/36 |  | 2846000 |  | 3027125 |
|  Inter-American Development Bank<br>3.200%, 8/7/42 |  | 31000 |  | 26055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/24/44 |  | 27000 |  | 26666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 3079846 |

---

See Notes to Financial Statements.

1115

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Government Agency Securities (0.6%)** | **U.S. Government Agency Securities (0.6%)** | **U.S. Government Agency Securities (0.6%)** |
|  FHLB<br>5.500%, 7/15/36 | $4730000 | $5195651 |
|  FNMA<br>5.625%, 7/15/37 | 5251000 | 5867158 |
|  Tennessee Valley Authority<br>6.150%, 1/15/38 | 1439000 | 1635564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 9/15/39 | 172000 | 178882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/65 | 1226000 | 1046807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 13924062 |
|  **U.S. Treasury Obligations (42.3%)** | **U.S. Treasury Obligations (42.3%)** | **U.S. Treasury Obligations (42.3%)** |
|  U.S. Treasury Bonds<br>4.250%, 5/15/39 | 30671200 | 31738012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 94587800 | 67300913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 | 115370400 | 87323325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 | 93981900 | 64818734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 152469400 | 109726860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/42 | 8918000 | 7209762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 | 12874100 | 11929832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 666500 | 629143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 | 404600 | 374230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/45 | 13733000 | 10437220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/45 | 228900 | 189888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/46 | 14981000 | 10710907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 | 22082000 | 17854300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/47 | 19742800 | 16305646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 | 21783900 | 17989171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/47 | 24998000 | 19712830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 21207600 | 17555575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 | 21211700 | 17991022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 12099200 | 10779257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 1346800 | 1094485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/49 | 154073200 | 112725993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 | 108011300 | 72165050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 13610900 | 7411244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 32893200 | 21150226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 137850800 | 99952472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 47123900 | 31204975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/51 | 5068800 | 3247682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 54426100 | 44096592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 3739800 | 3781873 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 917407219 |
|  **Total Long-Term Debt Securities (98.9%)**<br> *(Cost $2,928,834,055)* | **Total Long-Term Debt Securities (98.9%)**<br> *(Cost $2,928,834,055)* | 2147432632 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 500000 | 500000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 5020904 | 5023414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 5523414 |
|  **Repurchase Agreement (0.1%)** | **Repurchase Agreement (0.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,611,657, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,643,124. (xx) | $1610906 | $1610906 |
|  **Total Short-Term Investments (0.3%)**<br> *(Cost $7,133,086)* | **Total Short-Term Investments (0.3%)**<br> *(Cost $7,133,086)* | 7134320 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $2,935,967,141)* | **Total Investments in Securities (99.2%)**<br> *(Cost $2,935,967,141)* | 2154566952 |
|  **Other Assets Less Liabilities (0.8%)** | **Other Assets Less Liabilities (0.8%)** | 16437649 |
|  **Net Assets (100%)** |  | $2171004601 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $14,068,242 or 0.6% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $3,107,786. This was collateralized by $1,079,148 of various U.S. Government Treasury Securities, ranging from 0.125% – 3.875%, maturing 4/15/23 – 11/15/50 and by cash of $2,110,906 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FHLB* *— Federal Home Loan Bank* 

*FNMA* *— Federal National Mortgage Association* 

*ICE* *— Intercontinental Exchange* 

*LIBOR* *— London Interbank Offered Rate* 

*SOFR* *— Secured Overnight Financing Rate* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1116

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $22719155 | $— | $22719155 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 145358133 |  | 145358133 |
|  Consumer Discretionary |  | 52652546 |  | 52652546 |
|  Consumer Staples |  | 93169016 |  | 93169016 |
|  Energy |  | 82885798 |  | 82885798 |
|  Financials |  | 136542495 |  | 136542495 |
|  Health Care |  | 160270468 |  | 160270468 |
|  Industrials |  | 105737595 |  | 105737595 |
|  Information Technology |  | 97167290 |  | 97167290 |
|  Materials |  | 43813137 |  | 43813137 |
|  Real Estate |  | 15591197 |  | 15591197 |
|  Utilities |  | 136969916 |  | 136969916 |
|  **Foreign Government Securities** |  | 63122892 |  | 63122892 |
|  **Municipal Bonds** |  | 57021867 |  | 57021867 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 5523414 |  |  | 5523414 |
|  Repurchase Agreement |  | 1610906 |  | 1610906 |
|  **Supranational** |  | 3079846 |  | 3079846 |
|  **U.S. Government Agency Securities** |  | 13924062 |  | 13924062 |
|  **U.S. Treasury Obligations** |  | 917407219 |  | 917407219 |
|  **Total Assets** | $**5523414** | $**2149043538** | $**—** | $**2154566952** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5523414** | $**2149043538** | $**—** | $**2154566952** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $133917073 |
|  Long-term U.S. government debt securities | 1027792184 |
|  | $1161709257 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $376039557 |
|  Long-term U.S. government debt securities | 1022574219 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398613776 |

---

See Notes to Financial Statements.

1117

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $480253 |
|  Aggregate gross unrealized depreciation | (785675530) |
|  Net unrealized depreciation | $(785195277) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939762229 |

---

See Notes to Financial Statements.

1118

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EQ/LONG-TERM BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $2,934,356,235) | $2152956046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $1,610,906) | 1610906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 22707778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 31236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 37882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2178098698 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3771208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2110906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 522662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 425604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 182478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 81223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7094097 |
|  **NET ASSETS** | $2171004601 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $3136664792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (965660191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2171004601 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $71,582 / 10,338 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.92 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $2,170,933,019 / 313,517,644 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.92 |

---

*(x)* *Includes value of securities on loan of $3,107,786.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $84458801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 150273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 71035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 84680109 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8691720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2375093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 130728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 102885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 89300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 86535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 57965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 64963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11599388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1353805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10245583 |
|  **NET INVESTMENT INCOME (LOSS)** | 74434526 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (183871978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (775504008) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (959375986) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(884941460) |

---

See Notes to Financial Statements.

1119

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $74434526 | $10436283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (183871978) | 1508017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (775504008) | (5896181) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (884941460) | 6048119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2306) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (76477323) | (10328429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (76479629) | (10328647) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 0 and 10,000 shares ] |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 316 and 22 shares, respectively ] | 2306 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 2306 | 100218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 18,021,009 and 348,451,782 shares, respectively ] | 134285997 | 3427212141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 10,476,908 and 1,047,435 shares, respectively ] | 76477323 | 10328429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (58998305) and (5481185) shares, respectively ] | (457567787) | (54132409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (246804467) | 3383408161 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (246802161) | 3383508379 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1208223250) | 3379227851 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3379227851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2171004601 | $3379227851 |
| &nbsp;&nbsp;&nbsp;&nbsp; \* Commencement of operations. |  |  |

---

See Notes to Financial Statements.

1120

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**EQ ADVISORS TRUST** 

EQ/LONG-TERM BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | |
|:---|:---|:---|
| **Class IB** | **Year Ended<br>December 31, 2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.67) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.02) |
|  Net asset value, end of period | $6.92 | $9.82 |
|  Total return (b) | (27.31)% | (1.58) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $72 | $98 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.65% | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.70% | 1.70 |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.67% | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.62% | 0.64 |
|  Portfolio turnover rate^ | 49% | 10 |
| **Class K** | **Year Ended<br>December 31, 2022** | **August 2, 2021\* to<br>December 31, 2021** |
|  Net asset value, beginning of period | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.23 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.88) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.65) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (0.03) |
|  Net asset value, end of period | $6.92 | $9.82 |
|  Total return (b) | (27.12)% | (1.50) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379129 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.40% | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.45% | 0.45 |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.91% | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.85% | 1.98 |
|  Portfolio turnover rate^ | 49% | 10 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

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**EQ/LOOMIS SAYLES GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Loomis, Sayles & Company L.P.

PERFORMANCE RESULTS

![LOGO](g401674g11r34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10 Years/<br>Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (27.94)% | 6.91% | 11.89 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (28.02) | 6.89 | 11.87 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (27.77) | 7.18 | 10.93 |  |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Growth Index | (28.97) | 10.45 | 13.75 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/9/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/9/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/9/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/9/15.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (28.02)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 3000<sup>®</sup> Growth Index, which returned (28.97)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in the Communication Services, Health Care, Industrials, Consumer Staples, Consumer Discretionary,
Financials, and Energy sectors, as well as the Portfolio's allocations to the Health Care, Financials, Information Technology, Consumer Staples, and Consumer Discretionary sectors, contributed positively to relative performance.

• Alnylam Pharmaceuticals, Inc., Monster Beverage Corp., Regeneron Pharmaceuticals, Inc., Schlumberger NV, and Novo Nordisk
A/S were the five largest contributors to performance during the period.

• Alnylam Pharmaceuticals is a leader in gene therapies based on its pioneering small-interfering RNA (siRNA) approach to
disease treatment. Shares jumped almost 50% in August following news that ONPATTRO, the company's approved therapy for hATTR amyloidosis, met its primary endpoint in the much larger indication of ATTR with cardiomyopathy, which is estimated to
have a patient population approximately ten-times as large. The results substantially increase the likelihood that the therapy will receive approval in the new indication, where it would be the first RNAi-based therapy.

• Monster Beverage is a leading marketer and distributor of energy drinks in the U.S. and internationally. Monster reported
strong sales growth during the period, but faced pressure on profitability due to materials cost inflation, increased logistics costs, and can shortages that have led the company to import cans. After losing market share to Red Bull in the U.S. over
the past several quarters, as reflected in channels measured by Nielsen, the company more recently returned to share gains and market share leadership, despite increasing pricing by 6% in September. Throughout the period the company performed
consistently well in channels not measured by Nielsen, such as e-commerce and sales through Home Depot. Outside of the U.S., Monster continued to take market share and demonstrated impressive sales growth.

• Regeneron Pharmaceuticals, Inc. is a fully integrated biopharmaceutical company created with the vision to empower
scientists to shape the path of the business. Regeneron has created enabling technologies, platforms, and methods that materially speed target discovery and development timelines, allowing the company to develop viable candidates for clinical trial
faster than its competitors. Shares responded positively following the company's September 2022 announcement that trials for a higher dose (8mg) of Aflibercept, the same drug behind the company's leading Eylea therapy, showed comparable
efficacy and safety when dosed at 12 to 16 weeks as 2mg Eylea, which is dosed every 8 weeks. The results, which are accompanied by an established safety profile after Eylea's decade on the market, are superior to any existing or clinical
therapy, and should firmly maintain the company's leadership in treating diseases of the back of the eye. Further, because the higher dose required a new formulation and some modifications to the underlying molecule, Regeneron

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**EQ/LOOMIS SAYLES GROWTH PORTFOLIO (Unaudited)** 

will file for a new patent, which if successful, should provide another decade of protection versus biosimilar competition, which is expected to emerge for Eylea sometime over the next two-to-four years.

***What hurt performance during the year:***

• Stock selection in the information technology sector, as well as our allocations to the communication services and energy
sectors, detracted from relative performance.

• Meta Platforms, Inc., Amazon.com, Inc., Nvidia, Tesla, Inc., and Alphabet were the five lowest contributors to performance.

• Meta Platforms operates online social networking platforms that allow people to connect, share, and interact with
friends and communities. With over 3.7 billion monthly users, 200 million businesses, and 10 million advertisers worldwide using its family of apps – Facebook, Messenger, WhatsApp, and Instagram – the scale and reach of Meta's network
is unrivaled. Meta reported financial results during the period that were generally mixed with respect to consensus expectations. The company faced headwinds arising from privacy restrictions by Apple, Inc., the continuing impact of macro weakness
on advertising spending, and a transition to a new product format – short–form video – where monetization is currently lower.

• Online retailer Amazon offers millions of products – sold by Amazon or by third parties – with the value
proposition to consumers of selection, price, and convenience. Amazon's enterprise IT business, Amazon Web Services (AWS), offers a suite of secure, on-demand cloud-computing services, with a value proposition to clients of speed, agility, and
savings. Amazon reported fundamentally solid operating results that were generally above management's guidance during the period. However, Amazon is facing short-term cost inflation that has contributed to over $10 billion of incremental
expense over the past few quarters. While a portion of the additional expense is outside of Amazon's direct control, including higher shipping, fuel, and labor costs, approximately two-thirds stems from Amazon's strategic decision to
invest in labor to make up for COVID-related employee absences, as well as investments undertaken to ensure that its fulfillment and transportation network remained unconstrained during the pandemic.

• Nvidia is the world leader in graphic processing units (GPUs), which enable computers to produce and utilize highly
realistic 3D graphic imagery and models. Shares have been under pressure throughout 2022 given the weak market backdrop, despite reported financial results that were generally better than consensus expectations and included multiple quarterly
revenue records in the company's gaming, data center, and professional visualization segments. However, for the past two quarters, the company experienced lower demand for its gaming cards, which reflected global demand for PCs returning to
pre-pandemic levels after a period of excess, and the impact of macroeconomic weakness and COVID restrictions on China consumer spending. In late August, Nvidia reported that the U.S. Government restricted the company's ability to sell its
leading AI chips to China over concerns that the technology could be used by the Chinese military. Such sales represented approximately $400 million in revenue in the prior quarter, or approximately 10% of the company's data center sales.

**Portfolio Positioning and Outlook — Loomis, Sayles & Company L.P.** 

Our investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process leads to a lower turnover Portfolio where sector positioning is the result of stock selection. At period end, we were overweight in the Communication Services, Health Care, Financials, Consumer Discretionary, and Consumer Staples sectors. We were underweight in the Information Technology and Industrials sectors. We held no positions in the Energy, Real Estate, Materials, or Utilities sectors.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 29.2% |
| &nbsp;&nbsp;&nbsp; Health Care | 20.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 15.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 14.7 |
| &nbsp;&nbsp;&nbsp; Industrials | 8.1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 6.1 |
| &nbsp;&nbsp;&nbsp; Financials | 5.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.9) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class IA and Class IB shares of the Portfolio), and other Portfolio expenses. These examples are intended to help you understand your

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ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1031.40 | $5.38 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1031.10 | 5.38 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1033.70 | 4.10 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.05%, 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (15.2%)** | **Communication Services (15.2%)** | **Communication Services (15.2%)** |  |
|  ***Entertainment (6.4%)*** | ***Entertainment (6.4%)*** | ***Entertainment (6.4%)*** | **** |
|  Netflix, Inc.\* | 86724 | $25573173 |  |
|  Walt Disney Co. (The)\* | 177733 | 15441443 |  |
|  |  | 41014616 |  |
|  ***Interactive Media & Services (8.8%)*** | ***Interactive Media & Services (8.8%)*** | ***Interactive Media & Services (8.8%)*** | **** |
|  Alphabet, Inc., Class A\* | 220900 | 19490007 |  |
|  Alphabet, Inc., Class C\* | 119924 | 10640857 |  |
|  Meta Platforms, Inc., Class A\* | 223668 | 26916207 |  |
|  |  | 57047071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 98061687 |  |
|  **Consumer Discretionary (14.7%)** | **Consumer Discretionary (14.7%)** | **Consumer Discretionary (14.7%)** |  |
|  ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | ***Auto Components (0.2%)*** | **** |
|  Mobileye Global, Inc., Class A (x)\* | 37726 | 1322674 |  |
|  ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** | ***Automobiles (2.2%)*** | **** |
|  Tesla, Inc.\* | 114192 | 14066171 |  |
|  ***Hotels, Restaurants & Leisure (5.5%)*** | ***Hotels, Restaurants & Leisure (5.5%)*** | ***Hotels, Restaurants & Leisure (5.5%)*** | **** |
|  Starbucks Corp. | 161927 | 16063158 |  |
|  Yum China Holdings, Inc. | 204029 | 11150185 |  |
|  Yum! Brands, Inc. | 64386 | 8246559 |  |
|  |  | 35459902 |  |
|  ***Internet & Direct Marketing Retail (5.6%)*** | ***Internet & Direct Marketing Retail (5.6%)*** | ***Internet & Direct Marketing Retail (5.6%)*** | **** |
|  Alibaba Group Holding Ltd. (ADR)\* | 99381 | 8754472 |  |
|  Amazon.com, Inc.\* | 331119 | 27813996 |  |
|  |  | 36568468 |  |
|  ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | ***Textiles, Apparel & Luxury Goods (1.2%)*** | **** |
|  Under Armour, Inc., Class A\* | 760681 | 7728519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 95145734 |  |
|  **Consumer Staples (6.1%)** | **Consumer Staples (6.1%)** | **Consumer Staples (6.1%)** |  |
|  ***Beverages (6.1%)*** | ***Beverages (6.1%)*** | ***Beverages (6.1%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 23676 | 7801715 |  |
|  Monster Beverage Corp.\* | 310084 | 31482829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 39284544 |  |
|  **Financials (5.4%)** | **Financials (5.4%)** | **Financials (5.4%)** |  |
|  ***Capital Markets (5.4%)*** | ***Capital Markets (5.4%)*** | ***Capital Markets (5.4%)*** | **** |
|  FactSet Research Systems, Inc. | 30270 | 12144627 |  |
|  MSCI, Inc. | 25044 | 11649717 |  |
|  SEI Investments Co. | 188936 | 11014969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 34809313 |  |
|  **Health Care (20.9%)** | **Health Care (20.9%)** | **Health Care (20.9%)** |  |
|  ***Biotechnology (8.3%)*** | ***Biotechnology (8.3%)*** | ***Biotechnology (8.3%)*** | **** |
|  Alnylam Pharmaceuticals, Inc.\* | 109499 | 26022437 |  |
|  BioMarin Pharmaceutical, Inc.\* | 41206 | 4264409 |  |
|  CRISPR Therapeutics AG\* | 123880 | 5035722 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 25333 | 18277506 |  |
|  |  | 53600074 |  |
|  ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | ***Health Care Equipment & Supplies (1.2%)*** | **** |
|  Intuitive Surgical, Inc.\* | 28492 | 7560352 |  |
|  ***Health Care Technology (3.8%)*** | ***Health Care Technology (3.8%)*** | ***Health Care Technology (3.8%)*** | **** |
|  Doximity, Inc., Class A (x)\* | 402747 | 13516189 |  |
|  Veeva Systems, Inc., Class A\* | 70093 | 11311609 |  |
|  |  | 24827798 |  |
|  ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | ***Life Sciences Tools & Services (1.8%)*** | **** |
|  Illumina, Inc.\* | 57673 | 11661481 |  |
|  ***Pharmaceuticals (5.8%)*** | ***Pharmaceuticals (5.8%)*** | ***Pharmaceuticals (5.8%)*** | **** |
|  Novartis AG (ADR) | 172642 | 15662082 |  |
|  Novo Nordisk A/S (ADR) | 77974 | 10553001 |  |
|  Roche Holding AG (ADR) | 280334 | 10975076 |  |
|  |  | 37190159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 134839864 |  |
|  **Industrials (8.1%)** | **Industrials (8.1%)** | **Industrials (8.1%)** |  |
|  ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** | **** |
|  Boeing Co. (The)\* | 186009 | 35432854 |  |
|  ***Air Freight & Logistics (1.5%)*** | ***Air Freight & Logistics (1.5%)*** | ***Air Freight & Logistics (1.5%)*** | **** |
|  Expeditors International of Washington, Inc. | 95868 | 9962603 |  |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | **** |
|  Deere & Co. | 15749 | 6752541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 52147998 |  |
|  **Information Technology (29.2%)** | **Information Technology (29.2%)** | **Information Technology (29.2%)** |  |
|  ***IT Services (8.5%)*** | ***IT Services (8.5%)*** | ***IT Services (8.5%)*** | **** |
|  Block, Inc., Class A\* | 127013 | 7981497 |  |
|  PayPal Holdings, Inc.\* | 129528 | 9224984 |  |
|  Shopify, Inc., Class A\* | 199543 | 6926137 |  |
|  Visa, Inc., Class A | 148381 | 30827637 |  |
|  |  | 54960255 |  |
|  ***Semiconductors & Semiconductor Equipment (6.3%)*** | ***Semiconductors & Semiconductor Equipment (6.3%)*** | ***Semiconductors & Semiconductor Equipment (6.3%)*** | **** |
|  NVIDIA Corp. | 191780 | 28026729 |  |
|  QUALCOMM, Inc. | 115686 | 12718519 |  |
|  |  | 40745248 |  |
|  ***Software (14.4%)*** | ***Software (14.4%)*** | ***Software (14.4%)*** | **** |
|  Autodesk, Inc.\* | 118781 | 22196605 |  |
|  Microsoft Corp. | 79145 | 18980554 |  |
|  Oracle Corp. | 343702 | 28094202 |  |
|  Salesforce, Inc.\* | 81444 | 10798660 |  |
|  Workday, Inc., Class A\* | 76427 | 12788530 |  |
|  |  | 92858551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 188564054 |  |
|  **Total Common Stocks (99.6%)**<br> *(Cost $472,034,296)* |  | 642853194 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.3%)** | **Investment Company (0.3%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |  |

---

See Notes to Financial Statements.

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EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $4,869,395, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $4,964,466. (xx) | $4867124 | $4867124 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,301,125, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,415,477. (xx) | 1300000 | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 6167124 |
|  **Total Short-Term Investments (1.3%)**<br> *(Cost $8,167,124)* |  | 8167124 |
|  **Total Investments in Securities (100.9%)**<br> *(Cost $480,201,420)* |  | 651020318 |
|  **Other Assets Less Liabilities (-0.9%)** | **Other Assets Less Liabilities (-0.9%)** | (6094177) |
|  **Net Assets (100%)** |  | $644926141 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $7,968,528. This was collateralized by $51,843 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $8,167,124 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $98061687 | $— | $— | $98061687 |
|  Consumer Discretionary | 95145734 |  |  | 95145734 |
|  Consumer Staples | 39284544 |  |  | 39284544 |
|  Financials | 34809313 |  |  | 34809313 |
|  Health Care | 134839864 |  |  | 134839864 |
|  Industrials | 52147998 |  |  | 52147998 |
|  Information Technology | 188564054 |  |  | 188564054 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 6167124 |  | 6167124 |
|  **Total Assets** | $**644853194** | $**6167124** | $**—** | $**651020318** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**644853194** | $**6167124** | $**—** | $**651020318** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

See Notes to Financial Statements.

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EQ/LOOMIS SAYLES GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $231279697 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183820753 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $240427405 |
|  Aggregate gross unrealized depreciation | (69987335) |
|  Net unrealized appreciation | $170440070 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480580248 |

---

See Notes to Financial Statements.

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $474,034,296) | $644853194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $6,167,124) | 6167124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2379373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1473067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 376754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 100362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 655354369 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 8167124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1301654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 400138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 380039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 66829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 53661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 20285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10428228 |
|  **NET ASSETS** | $644926141 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $473462945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 171463196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $644926141 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $92,486,073 / 12,454,031 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.43 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $306,053,884 / 40,893,843 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.48 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $246,386,184 / 32,868,506 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.50 |

---

*(x)* *Includes value of securities on loan of $7,968,528.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $459,183 foreign withholding tax) | $3398335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 41555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 40243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3480133 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5008391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 818070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 619482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 191275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 43200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 34412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 22021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 6823750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (477707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6346043 |
|  **NET INVESTMENT INCOME (LOSS)** | (2865910) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 52500690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (282244872) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (229744182) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(232610092) |

---

See Notes to Financial Statements.

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***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2865910) | $(3403373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 52500690 | 77873438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (282244872) | 48870964 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (232610092) | 123341029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (10334317) | (9353490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (37435805) | (39901408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (30633923) | (30280269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (78404045) | (79535167) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,292,579 and 485,791 shares, respectively ] | 36381185 | 5797610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 1,309,471 and 793,315 shares, respectively ] | 10334317 | 9353490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1445206) and (1593413) shares, respectively ] | (13069661) | (19094050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 33645841 | (3942950) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,237,494 and 2,606,930 shares, respectively ] | 46504313 | 31753579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 4,702,642 and 3,361,558 shares, respectively ] | 37435805 | 39901408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4908242) and (4657571) shares, respectively ] | (44976756) | (56908113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 38963362 | 14746874 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,053,243 and 170,889 shares, respectively ] | 43951586 | 2102120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 3,842,800 and 2,554,388 shares, respectively ] | 30633923 | 30280269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3151405) and (3230432) shares, respectively ] | (28535019) | (38256167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 46050490 | (5873778) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 118659693 | 4930146 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (192354444) | 48736008 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 837280585 | 788544577 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $644926141 | $837280585 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.68 | $11.09 | $9.25 | $7.45 | $8.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.05) | (0.06) | (0.03) |  | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.18) | 1.84 | 2.86 | 2.32 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.23) | 1.78 | 2.83 | 2.32 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (1.19) | (0.99) | (0.52) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.02) | (1.19) | (0.99) | (0.52) | (0.89) |
|  Net asset value, end of year | $7.43 | $11.68 | $11.09 | $9.25 | $7.45 |
|  Total return | (27.94)% | 16.22% | 30.95% | 31.33 | (3.03)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $92486 | $96906 | $95527 | $81449 | $65569 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05% | 1.05 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.12% | 1.11% | 1.13% | 1.13 | 1.13% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.53)% | (0.51)% | (0.33)% |  | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.60)% | (0.57)% | (0.40)% | (0.07) | 0.04% |
|  Portfolio turnover rate^ | 27% | 8% | 20% | 7 | 9% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.76 | $11.16 | $9.31 | $7.49 | $8.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.05) | (0.06) | (0.03) |  | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.21) | 1.85 | 2.87 | 2.34 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.26) | 1.79 | 2.84 | 2.34 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (1.19) | (0.99) | (0.52) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.02) | (1.19) | (0.99) | (0.52) | (0.89) |
|  Net asset value, end of year | $7.48 | $11.76 | $11.16 | $9.31 | $7.49 |
|  Total return | (28.02)% | 16.20% | 30.86% | 31.44 | (3.01)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258438 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05% | 1.05 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.12% | 1.11% | 1.13% | 1.13 | 1.13% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.53)% | (0.51)% | (0.33)% |  | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.60)% | (0.57)% | (0.41)% | (0.07) | 0.04% |
|  Portfolio turnover rate^ | 27% | 8% | 20% | 7 | 9% |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $11.75 | $11.12 | $9.26 | $7.45 | $8.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.03) | (0.03) | (0.01) | 0.02 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.20) | 1.85 | 2.86 | 2.33 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.23) | 1.82 | 2.85 | 2.35 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.02) | (1.19) | (0.99) | (0.52) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.02) | (1.19) | (0.99) | (0.54) | (0.91) |
|  Net asset value, end of year | $7.50 | $11.75 | $11.12 | $9.26 | $7.45 |
|  Total return | (27.77)% | 16.54% | 31.13% | 31.78% | (2.77)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254494 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.87% | 0.86% | 0.88% | 0.88% | 0.88% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.28)% | (0.26)% | (0.08)% | 0.26% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.35)% | (0.32)% | (0.16)% | 0.18% | 0.29% |
|  Portfolio turnover rate^ | 27% | 8% | 20% | 7% | 9% |

---

---

| | |
|:---|:---|
| *‡‡* | *Amount is less than 0.005%.*  |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

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**EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g11r41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (15.11)% | 4.32% | 6.05 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (15.20) | 4.30 | 6.03 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (15.02) | 4.56 | 6.30 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI ex USA Growth (Net) Index | (23.05) | 1.49 | 4.68 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.20)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI ACWI ex USA Growth (Net) Index, which returned (23.05)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in the Financials sector contributed to performance relative to the MSCI All Country World (ex-U.S.) Growth
Index. Within this sector, the Portfolio's ownership in shares of fleet management company Element Fleet Management Corp., which was not a benchmark constituent the entire period, contributed to relative returns. Element Fleet Management was
added to the MSCI All Country World (ex-U.S.) Growth Index during the year as part of MSCI's semi-annual benchmark reconstitution. Additionally, overweight positions in insurance company AIA Group Ltd. (Hong Kong) and banking services provider
DBS Group Holdings Ltd. (Singapore) and holding shares of financial services firm HDFC Bank Ltd. (India) bolstered relative results.

• Stock selection and an underweight position in the Information Technology sector also benefitted relative returns. Within
this sector, not owning shares of cloud-based e-commerce platform operator Shopify, Inc. (Canada) boosted relative performance.

• Security selection in the Industrials sector helped relative returns, led by an overweight position in electronics company
Hitachi Ltd. (Japan).

• Stock selection and an overweight position in the Health Care sector also bolstered relative results. Within this sector,
holding shares of pharmaceutical company Novartis AG (Switzerland) supported relative returns.

• Elsewhere, holding shares of industrial gas supplier Linde plc and consumer products company ITC Ltd. (India) supported
relative results. Additionally, an overweight position in tobacco product manufacturer Swedish Match AB (Sweden) further bolstered relative returns.

• During the reporting period, the Portfolio's relative currency exposure, resulting primarily from differences between
the Portfolio's and the benchmark's exposures to holdings of securities denominated in foreign currencies, contributed to relative performance. All of MFS' investment decisions are driven by the fundamentals of each individual
opportunity and as such, it is common for our Portfolios to have different currency exposure than the benchmark.

***What hurt performance during the year:***

• Stock selection in both Communication Services and Utilities sectors detracted from relative performance. Within the
Communication Services sector, the Portfolio's overweight positions in internet advertisement and e-commerce solutions providers Z Holdings Corp. (Japan) and NAVER Corp. (South Korea) held back relative returns. There were no individual stocks
within the Utilities sector, either in the Portfolio or in the benchmark, that were among the Portfolio's largest relative detractors during the period.

• Elsewhere, not holding shares of biopharmaceutical company AstraZeneca plc (United Kingdom), pharmaceutical sales company
Daiichi Sankyo Co. Ltd. (Japan), e-commerce platform developer Pinduoduo, Inc. (China) and biopharmaceutical company CSL Ltd. (Australia) held back relative returns. Additionally, the timing of the Portfolio's ownership in shares of

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**EQ/MFS INTERNATIONAL GROWTH PORTFOLIO (Unaudited)** 

pharmaceutical company Novo Nordisk A/S (Denmark) and overweight positions in coatings and paint products manufacturer Akzo Nobel NV (Netherlands) and specialty chemical supply company Sika AG (Switzerland), further dampened relative returns. Holdings of semiconductor manufacturer Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), the Portfolio holds the ADR while the benchmark holds the common stock, weighed on relative performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | $207011223 | 16.8% |
| &nbsp;&nbsp;&nbsp; Health Care | 194732411 | 15.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 181450002 | 14.7 |
| &nbsp;&nbsp;&nbsp; Information Technology | 153959201 | 12.5 |
| &nbsp;&nbsp;&nbsp; Materials | 152585227 | 12.4 |
| &nbsp;&nbsp;&nbsp; Financials | 144775920 | 11.7 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 133811686 | 10.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 31827477 | 2.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 9805643 | 0.8 |
| &nbsp;&nbsp;&nbsp; Energy | 9587793 | 0.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 12088175 | 1 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1053.50 | $5.69 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.66 | 5.60 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1051.70 | 5.69 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.66 | 5.60 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1052.80 | 4.40 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.92 | 4.33 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.10%, 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.10%, 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.10%, 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.10%, 1.10% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1133

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  ***Australia (2.6%)*** | ***Australia (2.6%)*** | ***Australia (2.6%)*** | **** |
|  Aristocrat Leisure Ltd. | 332139 | $6901696 |  |
|  Flutter Entertainment plc\* | 143809 | 19628556 |  |
|  Lottery Corp. Ltd. (The)\* | 840000 | 2562175 |  |
|  WiseTech Global Ltd. | 81160 | 2804333 |  |
|  |  | 31896760 |  |
|  ***Brazil (0.4%)*** | ***Brazil (0.4%)*** | ***Brazil (0.4%)*** | **** |
|  Hypera SA\* | 514475 | 4404426 |  |
|  ***Canada (7.9%)*** | ***Canada (7.9%)*** | ***Canada (7.9%)*** | **** |
|  Agnico Eagle Mines Ltd. | 319833 | 16619978 |  |
|  Canadian National Railway Co. | 155193 | 18449344 |  |
|  Canadian Pacific Railway Ltd. | 197509 | 14725652 |  |
|  Element Fleet Management Corp. | 1124788 | 15326690 |  |
|  Franco-Nevada Corp. | 123731 | 16866345 |  |
|  Ritchie Bros Auctioneers, Inc. | 261288 | 15092566 |  |
|  |  | 97080575 |  |
|  ***China (5.3%)*** | ***China (5.3%)*** | ***China (5.3%)*** | **** |
|  Alibaba Group Holding Ltd.\* | 1173700 | 12969352 |  |
|  China Resources Gas Group Ltd. | 2612200 | 9805643 |  |
|  Kingsoft Corp. Ltd. | 1167200 | 3902904 |  |
|  Ping An Insurance Group Co. of China Ltd., Class H | 992500 | 6567543 |  |
|  Prosus NV\* | 90131 | 6218183 |  |
|  Tencent Holdings Ltd. | 342500 | 14655785 |  |
|  Yum China Holdings, Inc.(Hong Kong stock exchange) | 59650 | 3354880 |  |
|  Yum China Holdings, Inc.(New York stock exchange) | 138457 | 7566675 |  |
|  |  | 65040965 |  |
|  ***France (12.7%)*** | ***France (12.7%)*** | ***France (12.7%)*** | **** |
|  Air Liquide SA | 158369 | 22445255 |  |
|  Capgemini SE | 69915 | 11671378 |  |
|  Dassault Systemes SE | 170945 | 6129186 |  |
|  EssilorLuxottica SA | 188970 | 34226273 |  |
|  Kering SA | 24703 | 12573802 |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 61000 | 44395736 |  |
|  Pernod Ricard SA | 127308 | 25040871 |  |
|  |  | 156482501 |  |
|  ***Germany (8.4%)*** | ***Germany (8.4%)*** | ***Germany (8.4%)*** | **** |
|  Bayer AG (Registered) | 309348 | 16002417 |  |
|  Deutsche Boerse AG | 85634 | 14795040 |  |
|  GEA Group AG | 307626 | 12579193 |  |
|  Merck KGaA | 35669 | 6907102 |  |
|  SAP SE | 397812 | 41046511 |  |
|  Symrise AG | 113933 | 12397192 |  |
|  |  | 103727455 |  |
|  ***Hong Kong (3.1%)*** | ***Hong Kong (3.1%)*** | ***Hong Kong (3.1%)*** | **** |
|  AIA Group Ltd. | 3490969 | 38821094 |  |
|  ***India (3.9%)*** | ***India (3.9%)*** | ***India (3.9%)*** | **** |
|  HDFC Bank Ltd. | 1052569 | 20714858 |  |
|  ITC Ltd. | 2034573 | 8153786 |  |
|  Reliance Industries Ltd. | 311400 | 9587793 |  |
|  UPL Ltd. | 1118705 | 9684039 |  |
|  |  | 48140476 |  |
|  ***Ireland (0.3%)*** | ***Ireland (0.3%)*** | ***Ireland (0.3%)*** | **** |
|  Kingspan Group plc | 65357 | 3538648 |  |
|  ***Israel (0.4%)*** | ***Israel (0.4%)*** | ***Israel (0.4%)*** | **** |
|  Nice Ltd. (ADR)\* | 23272 | 4475206 |  |
|  ***Italy (1.3%)*** | ***Italy (1.3%)*** | ***Italy (1.3%)*** | **** |
|  Prysmian SpA | 435772 | 16167924 |  |
|  ***Japan (8.8%)*** | ***Japan (8.8%)*** | ***Japan (8.8%)*** | **** |
|  AEON Financial Service Co. Ltd. | 473500 | 5051051 |  |
|  Hitachi Ltd. | 835800 | 42611535 |  |
|  Kao Corp. | 174700 | 6995188 |  |
|  Koito Manufacturing Co. Ltd. | 318800 | 4826696 |  |
|  Kose Corp. | 50000 | 5493752 |  |
|  Nitto Denko Corp. | 161000 | 9384715 |  |
|  Oracle Corp. | 90600 | 5881682 |  |
|  Resonac Holdings Corp. | 401200 | 6175130 |  |
|  Sugi Holdings Co. Ltd. | 118700 | 5309121 |  |
|  Terumo Corp. | 360000 | 10275526 |  |
|  Z Holdings Corp. | 2698700 | 6826946 |  |
|  |  | 108831342 |  |
|  ***Mexico (0.7%)*** | ***Mexico (0.7%)*** | ***Mexico (0.7%)*** | **** |
|  Grupo Financiero Banorte SAB de CV, Class O | 1194272 | 8594910 |  |
|  ***Netherlands (1.7%)*** | ***Netherlands (1.7%)*** | ***Netherlands (1.7%)*** | **** |
|  Akzo Nobel NV | 143692 | 9622673 |  |
|  ASML Holding NV | 20704 | 11165516 |  |
|  |  | 20788189 |  |
|  ***Peru (0.8%)*** | ***Peru (0.8%)*** | ***Peru (0.8%)*** | **** |
|  Credicorp Ltd. | 72437 | 9826803 |  |
|  ***Singapore (1.6%)*** | ***Singapore (1.6%)*** | ***Singapore (1.6%)*** | **** |
|  DBS Group Holdings Ltd. | 762200 | 19302541 |  |
|  ***South Korea (1.8%)*** | ***South Korea (1.8%)*** | ***South Korea (1.8%)*** | **** |
|  Amorepacific Corp.\* | 109119 | 11988911 |  |
|  NAVER Corp. | 45233 | 6441842 |  |
|  SK Hynix, Inc. | 55326 | 3332204 |  |
|  |  | 21762957 |  |
|  ***Spain (1.1%)*** | ***Spain (1.1%)*** | ***Spain (1.1%)*** | **** |
|  Amadeus IT Group SA\* | 266558 | 13853112 |  |
|  ***Sweden (1.4%)*** | ***Sweden (1.4%)*** | ***Sweden (1.4%)*** | **** |
|  Assa Abloy AB, Class B | 826631 | 17721132 |  |
|  ***Switzerland (5.0%)*** | ***Switzerland (5.0%)*** | ***Switzerland (5.0%)*** | **** |
|  Alcon, Inc. | 55190 | 3771053 |  |
|  Novartis AG (Registered) | 432891 | 39134114 |  |
|  Sika AG (Registered) | 42543 | 10200382 |  |
|  Sonova Holding AG (Registered) | 38240 | 9069412 |  |
|  |  | 62174961 |  |
|  ***Taiwan (4.1%)*** | ***Taiwan (4.1%)*** | ***Taiwan (4.1%)*** | **** |
|  Delta Electronics, Inc. | 1834000 | 17095574 |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 447741 | 33352227 |  |
|  |  | 50447801 |  |
|  ***United Kingdom (12.2%)*** | ***United Kingdom (12.2%)*** | ***United Kingdom (12.2%)*** | **** |
|  AVEVA Group plc | 81153 | 3152272 |  |
|  Burberry Group plc | 459335 | 11272855 |  |
|  Diageo plc | 698781 | 30834882 |  |

---

See Notes to Financial Statements.

1134

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  Experian plc | 571984 | $19451897 |  |
|  Just Eat Takeaway.com NV (m)\* | 72894 | 1541080 |  |
|  Linde plc | 119857 | 39189518 |  |
|  London Stock Exchange Group plc | 66945 | 5775390 |  |
|  Ocado Group plc\* | 175233 | 1306678 |  |
|  Reckitt Benckiser Group plc | 411284 | 28610142 |  |
|  Rolls-Royce Holdings plc\* | 8459969 | 9532198 |  |
|  |  | 150666912 |  |
|  ***United States (13.5%)*** | ***United States (13.5%)*** | ***United States (13.5%)*** | **** |
|  Nestle SA (Registered) | 498112 | 57716671 |  |
|  QIAGEN NV\* | 371636 | 18701413 |  |
|  Roche Holding AG | 166280 | 52240675 |  |
|  Schneider Electric SE | 265428 | 37141134 |  |
|  |  | 165799893 |  |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $932,380,447)* |  | 1219546583 |  |
|  **Other Assets Less Liabilities (1.0%)** |  | 12088175 |  |
|  **Net Assets (100%)** |  | $1231634758 |  |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $1,541,080 or 0.1% of net assets.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $31896760 | $— | $31896760 |
|  Brazil |  | 4404426 |  | 4404426 |
|  Canada | 97080575 |  |  | 97080575 |
|  China | 7566675 | 57474290 |  | 65040965 |
|  France |  | 156482501 |  | 156482501 |
|  Germany |  | 103727455 |  | 103727455 |
|  Hong Kong |  | 38821094 |  | 38821094 |
|  India |  | 48140476 |  | 48140476 |
|  Ireland |  | 3538648 |  | 3538648 |
|  Israel | 4475206 |  |  | 4475206 |
|  Italy |  | 16167924 |  | 16167924 |
|  Japan |  | 108831342 |  | 108831342 |
|  Mexico | 8594910 |  |  | 8594910 |
|  Netherlands |  | 20788189 |  | 20788189 |
|  Peru | 9826803 |  |  | 9826803 |
|  Singapore |  | 19302541 |  | 19302541 |
|  South Korea |  | 21762957 |  | 21762957 |
|  Spain |  | 13853112 |  | 13853112 |
|  Sweden |  | 17721132 |  | 17721132 |
|  Switzerland |  | 62174961 |  | 62174961 |

---

See Notes to Financial Statements.

1135

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  Taiwan | $33352227 | $17095574 | $— | $50447801 |
|  United Kingdom |  | 150666912 |  | 150666912 |
|  United States |  | 165799893 |  | 165799893 |
|  **Total Assets** | $**160896396** | $**1058650187** | $**—** | $**1219546583** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**160896396** | $**1058650187** | $**—** | $**1219546583** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(3970) | $(3970) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3970) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $7,211,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $251755559 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155768462 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $379919011 |
|  Aggregate gross unrealized depreciation | (95783465) |
|  Net unrealized appreciation | $284135546 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935411037 |

---

See Notes to Financial Statements.

1136

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $932,380,447) | $1219546583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5481202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $75,432) | 80573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 8231370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4685598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 401917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1238433010 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3842888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued India taxes | 1444252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 751843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 299925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 116321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 101255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 13041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 228727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 6798252 |
|  **NET ASSETS** | $1231634758 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $925743331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 305891427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1231634758 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $60,036,705 / 8,967,012 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.70 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $539,166,128 / 80,300,766 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.71 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $632,431,925 / 94,344,713 shares outstanding (unlimited amount authorized: $0.01 par value) | $6.70 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $456,531 foreign withholding tax) | $21724148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 94128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 21818286 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9254564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1046557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1029748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 284500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 125618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 106988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 46623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 35507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11962908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1376554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10586354 |
|  **NET INVESTMENT INCOME (LOSS)** | 11231932 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $434,924 on realized gain on investments) | 59487719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (416328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 59067421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities (net of India tax of $(242322) on unrealized depreciation on investments) | (263142317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (49830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (263192147) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (204124726) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(192892794) |

---

See Notes to Financial Statements.

1137

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $11231932 | $6004796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 59067421 | 126098168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (263192147) | (16414850) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (192892794) | 115688114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (2695572) | (5951744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (24629966) | (55842624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (32505347) | (97771225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (59830885) | (159565593) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,610,819 and 528,789 shares, respectively ] | 25213893 | 4756738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 391,624 and 719,071 shares, respectively ] | 2695572 | 5951744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (862305) and (706592) shares, respectively ] | (6096170) | (6403287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 21813295 | 4305195 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,653,676 and 5,850,946 shares, respectively ] | 46872500 | 52698834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in connection with merger (Note 8) [ 23,197,788 and 0 shares, respectively ] | 162120470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,576,377 and 6,730,840 shares, respectively ] | 24629966 | 55842624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8322211) and (3129315) shares, respectively ] | (57953609) | (28313292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 175669327 | 80228166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,013,376 and 1,039,698 shares, respectively ] | 33393254 | 9404024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,743,889 and 11,799,124 shares, respectively ] | 32505347 | 97771225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9374344) and (11596170) shares, respectively ] | (66094423) | (103927668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (195822) | 3247581 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 197286800 | 87780942 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (55436879) | 43903463 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1287071637 | 1243168174 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1231634758 | $1287071637 |

---

See Notes to Financial Statements.

1138

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.29 | $8.64 | $8.22 | $6.74 | $8.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.03 | 0.03 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.31) | 0.75 | 1.21 | 1.73 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.25) | 0.78 | 1.24 | 1.82 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.02) | (0.04) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (1.11) | (0.78) | (0.24) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.34) | (1.13) | (0.82) | (0.34) | (0.83) |
|  Net asset value, end of year | $6.70 | $8.29 | $8.64 | $8.22 | $6.74 |
|  Total return | (15.11)% | 9.38% | 15.45% | 27.24% | (9.43)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $60037 | $48311 | $45655 | $42215 | $32071 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.15% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.22% | 1.22% | 1.23% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.84% | 0.32% | 0.43% | 1.17% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.72% | 0.20% | 0.35% | 1.09% | 0.83% |
|  Portfolio turnover rate^ | 14% | 16% | 21% | 7% | 20% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.31 | $8.66 | $8.24 | $6.76 | $8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.03 | 0.03 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.32) | 0.75 | 1.21 | 1.73 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.26) | 0.78 | 1.24 | 1.82 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.06) | (0.02) | (0.04) | (0.10) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (1.11) | (0.78) | (0.24) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.34) | (1.13) | (0.82) | (0.34) | (0.83) |
|  Net asset value, end of year | $6.71 | $8.31 | $8.66 | $8.24 | $6.76 |
|  Total return | (15.20)% | 9.35% | 15.41% | 27.16% | (9.28)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253137 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.15% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.22% | 1.22% | 1.22% | 1.23% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.31% | 0.42% | 1.17% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.73% | 0.19% | 0.35% | 1.09% | 0.85% |
|  Portfolio turnover rate^ | 14% | 16% | 21% | 7% | 20% |

---

See Notes to Financial Statements.

1139

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.30 | $8.64 | $8.23 | $6.74 | $8.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.05 | 0.06 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.32) | 0.76 | 1.19 | 1.74 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.24) | 0.81 | 1.25 | 1.85 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.08) | (0.04) | (0.06) | (0.12) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.28) | (1.11) | (0.78) | (0.24) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.36) | (1.15) | (0.84) | (0.36) | (0.85) |
|  Net asset value, end of year | $6.70 | $8.30 | $8.64 | $8.23 | $6.74 |
|  Total return | (15.02)% | 9.74% | 15.54% | 27.68% | (9.18)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974562 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85% | 0.90% | 0.90% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.97% | 0.97% | 0.97% | 0.98% | 0.97% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.13% | 0.57% | 0.72% | 1.47% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.00% | 0.45% | 0.65% | 1.39% | 1.11% |
|  Portfolio turnover rate^ | 14% | 16% | 21% | 7% | 20% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1140

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**EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g11z50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (23.79)% | 4.74 | % |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | (14.45) | 3.77 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (23.79)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI EAFE<sup>®</sup> Index, which returned (14.45)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• An underweight position in both the Consumer Discretionary and Utilities sectors supported relative performance. Within the
Consumer Discretionary sector, avoiding poor-performing car makers Toyota Motor Corp. (Japan) and Volkswagen AG (Germany) aided relative performance. Within the Utilities sector, not owning shares of electricity and gas distributor Enel SpA (Italy)
supported relative returns.

• Elsewhere, not owning shares of mail and logistics services provider Deutsche Post AG (Germany), electronics and electrical
engineering company Siemens AG (Germany), financial services provider Credit Suisse Group AG (Switzerland), chemicals manufacturer BASF SE (Germany), pharmaceutical firm GlaxoSmithKline plc (United Kingdom) and telecommunication service provider
Vodafone Group plc (United Kingdom) supported relative results. Additionally, the Portfolio's position in pharmaceutical manufacturing company Rohto Pharmaceutical Co. Ltd. (Japan) further strengthened relative returns.

• During the reporting period, the Portfolio's relative currency exposure, resulting primarily from differences between
the Portfolio's and the benchmark's exposures to holdings of securities denominated in foreign currencies, was a contributor to relative performance. All of MFS' investment decisions are driven by the fundamentals of each individual
opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

***What hurt performance during the year:***

• An overweight position and stock selection in the Information Technology sector detracted from performance relative to the
MSCI EAFE Value Index. Here, the Portfolio's positions in semiconductor manufacturer Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), simulation software developer ANSYS, Inc. and microchip and electronics manufacturer Samsung Electronics
Co. Ltd. (South Korea) weakened relative returns.

• Security selection within both the Industrials and Materials sectors also weighed on relative results. Within the
Industrials sector, holdings of electrical distribution equipment manufacturer Schneider Electric SE (France), electrical and digital building infrastructures manufacturer Legrand SA (France) and industrial and commercial steam systems developer
Spirax-Sarco Engineering plc (United Kingdom) held back relative returns. Within the Materials sector, holdings of fragrance and flavor products manufacturer Givaudan SA (Switzerland) and biotech research and development firm Novozymes A/A
(Denmark), and not owning shares of mining giant BHP Group Ltd. (Australia) detracted from relative results.

• Elsewhere, not owning shares of strong-performing global energy and petrochemicals company Shell plc (United Kingdom)
further dampened relative returns.

1141

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**EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **Market Value** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | $209171150 | 20.9% |
| &nbsp;&nbsp;&nbsp; Information Technology | 196411302 | 19.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 184408932 | 18.4 |
| &nbsp;&nbsp;&nbsp; Materials | 132119230 | 13.2 |
| &nbsp;&nbsp;&nbsp; Financials | 97728675 | 9.8 |
| &nbsp;&nbsp;&nbsp; Health Care | 63664345 | 6.3 |
| &nbsp;&nbsp;&nbsp; Energy | 51259668 | 5.1 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 30908678 | 3.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 13733685 | 1.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 21535876 | 2.2 |
|  |  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1040.90 | $5.91 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.15%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1142

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Australia (3.3%)** | **Australia (3.3%)** | **Australia (3.3%)** |
|  Glencore plc | 1963675 | $13113893 |
|  Woodside Energy Group Ltd. | 823641 | 19873900 |
|  |  | 32987793 |
|  **Brazil (0.7%)** | **Brazil (0.7%)** | **Brazil (0.7%)** |
|  Wheaton Precious Metals Corp. | 191121 | 7466987 |
|  **Canada (4.3%)** | **Canada (4.3%)** | **Canada (4.3%)** |
|  Agnico Eagle Mines Ltd. | 178523 | 9276867 |
|  Franco-Nevada Corp. | 244841 | 33375409 |
|  |  | 42652276 |
|  **Denmark (2.6%)** | **Denmark (2.6%)** | **Denmark (2.6%)** |
|  Jyske Bank A/S (Registered)\* | 71404 | 4638772 |
|  Novozymes A/S, Class B | 342669 | 17358384 |
|  Sydbank A/S | 91196 | 3841186 |
|  |  | 25838342 |
|  **France (13.3%)** | **France (13.3%)** | **France (13.3%)** |
|  Capgemini SE | 48208 | 8047683 |
|  Cie Generale des Etablissements Michelin SCA | 206774 | 5751552 |
|  Dassault Systemes SE | 244033 | 8749736 |
|  EssilorLuxottica SA | 71003 | 12860073 |
|  Legrand SA | 329365 | 26379195 |
|  L'Oreal SA | 37730 | 13473463 |
|  LVMH Moet Hennessy Louis Vuitton SE | 9734 | 7084395 |
|  Pernod Ricard SA | 110804 | 21794614 |
|  TotalEnergies SE | 458320 | 28774197 |
|  |  | 132914908 |
|  **Germany (10.2%)** | **Germany (10.2%)** | **Germany (10.2%)** |
|  adidas AG | 48504 | 6617864 |
|  Bayer AG (Registered) | 169913 | 8789514 |
|  Beiersdorf AG | 87314 | 10019477 |
|  Deutsche Boerse AG | 114118 | 19716239 |
|  GEA Group AG | 224376 | 9175002 |
|  Henkel AG & Co. KGaA (Preference) (q) | 21842 | 1520217 |
|  Knorr-Bremse AG | 100393 | 5485049 |
|  LEG Immobilien SE | 69289 | 4514011 |
|  SAP SE | 136895 | 14124919 |
|  Symrise AG | 95307 | 10370473 |
|  TAG Immobilien AG | 264756 | 1713202 |
|  Vonovia SE | 318458 | 7506472 |
|  Zalando SE (m)\* | 79959 | 2833955 |
|  |  | 102386394 |
|  **Ireland (2.7%)** | **Ireland (2.7%)** | **Ireland (2.7%)** |
|  Bank of Ireland Group plc | 956690 | 9114391 |
|  CRH plc | 231956 | 9189483 |
|  Ryanair Holdings plc (ADR)\* | 112608 | 8418574 |
|  |  | 26722448 |
|  **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
|  Nice Ltd. (ADR)\* | 17675 | 3398902 |
|  **Japan (15.7%)** | **Japan (15.7%)** | **Japan (15.7%)** |
|  Chiba Bank Ltd. (The) | 953200 | 6987034 |
|  Disco Corp. | 22400 | 6443158 |
|  Ezaki Glico Co. Ltd. | 164500 | 4537412 |
|  Hachijuni Bank Ltd. (The) | 562400 | 2352618 |
|  Hirose Electric Co. Ltd. | 139900 | 17695367 |
|  Ito En Ltd. | 127400 | 4649848 |
|  Kansai Paint Co. Ltd. | 269400 | 3323366 |
|  Kobayashi Pharmaceutical Co. Ltd. | 84900 | 5841565 |
|  Kose Corp. | 30000 | 3296251 |
|  Lion Corp. | 323100 | 3727319 |
|  Mebuki Financial Group, Inc. | 1222500 | 3111208 |
|  Nomura Research Institute Ltd. | 345300 | 8195744 |
|  North Pacific Bank Ltd. | 843100 | 1638148 |
|  Obic Co. Ltd. | 11000 | 1626867 |
|  Omron Corp. | 37100 | 1810618 |
|  Resona Holdings, Inc. | 1744400 | 9612543 |
|  Rohto Pharmaceutical Co. Ltd. | 819200 | 14481439 |
|  Santen Pharmaceutical Co. Ltd. | 524800 | 4294691 |
|  Secom Co. Ltd. | 135100 | 7764853 |
|  Shimadzu Corp. | 548100 | 15640312 |
|  SMC Corp. | 30200 | 12789668 |
|  Sohgo Security Services Co. Ltd. | 37800 | 1035439 |
|  Toyo Suisan Kaisha Ltd. | 273500 | 10628238 |
|  Yokogawa Electric Corp. | 331000 | 5309014 |
|  |  | 156792720 |
|  **Netherlands (2.8%)** | **Netherlands (2.8%)** | **Netherlands (2.8%)** |
|  ASML Holding NV | 10536 | 5681988 |
|  Euronext NV (m) | 129317 | 9573638 |
|  Wolters Kluwer NV | 126353 | 13222487 |
|  |  | 28478113 |
|  **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** |
|  Galp Energia SGPS SA, Class B | 193473 | 2611571 |
|  **South Korea (2.2%)** | **South Korea (2.2%)** | **South Korea (2.2%)** |
|  Samsung Electronics Co. Ltd. | 505586 | 22338403 |
|  **Spain (1.4%)** | **Spain (1.4%)** | **Spain (1.4%)** |
|  Amadeus IT Group SA\* | 224393 | 11661782 |
|  CaixaBank SA | 568874 | 2236069 |
|  |  | 13897851 |
|  **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** |
|  Epiroc AB, Class A | 462539 | 8415361 |
|  Svenska Cellulosa AB SCA, Class B | 419486 | 5304454 |
|  |  | 13719815 |
|  **Switzerland (8.2%)** | **Switzerland (8.2%)** | **Switzerland (8.2%)** |
|  Chocoladefabriken Lindt & Spruengli AG | 343 | 3498070 |
|  Cie Financiere Richemont SA (Registered) | 65348 | 8473720 |
|  Geberit AG (Registered) | 17089 | 8048731 |
|  Givaudan SA (Registered) | 3230 | 9896274 |
|  Julius Baer Group Ltd. | 82268 | 4792034 |
|  Schindler Holding AG | 62508 | 11755952 |
|  SGS SA (Registered) | 5231 | 12163143 |
|  Sika AG (Registered) | 34676 | 8314140 |
|  UBS Group AG (Registered) | 831782 | 15477001 |
|  |  | 82419065 |
|  **Taiwan (1.4%)** | **Taiwan (1.4%)** | **Taiwan (1.4%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 192742 | 14357352 |

---

See Notes to Financial Statements.

1143

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **United Kingdom (9.6%)** | **United Kingdom (9.6%)** | **United Kingdom (9.6%)** |
|  Croda International plc | 64248 | $5129500 |
|  Diageo plc | 440586 | 19441596 |
|  Experian plc | 515263 | 17522942 |
|  Hiscox Ltd. | 352108 | 4637794 |
|  IMI plc | 899577 | 14007562 |
|  Intertek Group plc | 203115 | 9905724 |
|  Ocado Group plc\* | 168129 | 1253705 |
|  Reckitt Benckiser Group plc | 237091 | 16492757 |
|  Spirax-Sarco Engineering plc | 60760 | 7797334 |
|  |  | 96188914 |
|  **United States (17.4%)** | **United States (17.4%)** | **United States (17.4%)** |
|  Agilent Technologies, Inc. | 70012 | 10477296 |
|  Analog Devices, Inc. | 126864 | 20809502 |
|  ANSYS, Inc.\* | 38569 | 9317885 |
|  Bruker Corp. | 142661 | 9750879 |
|  Cadence Design Systems, Inc.\* | 131985 | 21202070 |
|  Haleon plc\* | 2290916 | 9066295 |
|  Nestle SA (Registered) | 351138 | 40686666 |
|  Roche Holding AG | 55676 | 17491892 |
|  Schneider Electric SE | 252157 | 35284134 |
|  |  | 174086619 |
|  **Total Common Stocks (97.8%)** <br> *(Cost $908,761,736)* |  | 979258473 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANT: | WARRANT: | WARRANT: |
|  **Switzerland (0.0%)†** | **Switzerland (0.0%)†** | **Switzerland (0.0%)†** |
|  Cie Financiere Richemont SA, expiring 11/22/23\* <br>*(Cost $—)* | 176754 | 147192 |
|  **Total Investments in Securities (97.8%)**<br> *(Cost $908,761,736)* |  | 979405665 |
|  **Other Assets Less Liabilities (2.2%)** | **Other Assets Less Liabilities (2.2%)** | 21535876 |
|  **Net Assets (100%)** |  | $1000941541 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $12,407,593 or 1.2% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Australia | $— | $32987793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $32987793 |
|  Brazil | 7466987 |  |  | 7466987 |
|  Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42652276 |  |  | 42652276 |
|  Denmark |  | 25838342 |  | 25838342 |
|  France |  | 132914908 |  | 132914908 |
|  Germany |  | 102386394 |  | 102386394 |
|  Ireland | 8418574 | 18303874 |  | 26722448 |
|  Israel | 3398902 |  |  | 3398902 |
|  Japan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156792720 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156792720 |
|  Netherlands |  | 28478113 |  | 28478113 |
|  Portugal |  | 2611571 |  | 2611571 |
|  South Korea |  | 22338403 |  | 22338403 |
|  Spain |  | 13897851 |  | 13897851 |
|  Sweden |  | 13719815 |  | 13719815 |
|  Switzerland |  | 82419065 |  | 82419065 |
|  Taiwan | 14357352 |  |  | 14357352 |

---

See Notes to Financial Statements.

1144

------

**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  United Kingdom | $— | $96188914 | $— | $96188914 |
|  United States | 71557632 | 102528987 |  | 174086619 |
|  **Warrant** |  |  |  |  |
|  Switzerland |  | 147192 |  | 147192 |
|  **Total Assets** | $**147851723** | $**831553942** | $**—** | $**979405665** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**147851723** | $**831553942** | $**—** | $**979405665** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $4770 | $4770 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(44) | $(44) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $346,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $332986039 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307337302 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $151515406 |
|  Aggregate gross unrealized depreciation | (81279188) |
|  Net unrealized appreciation | $70236218 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909169447 |

---

See Notes to Financial Statements.

1145

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $908,761,736) | $979405665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 19618881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,086,657) | 1089870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 3433990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1559877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 135507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 13747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1005257537 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2755436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 658115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 532981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 215254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 81830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 72380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4315996 |
|  **NET ASSETS** | $1000941541 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $926260340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 74681201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1000941541 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,000,941,541 / 35,213,781 shares outstanding (unlimited amount authorized: $0.01 par value) | $28.42 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,024,491 foreign withholding tax) | $16185480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 314466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16499946 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8729969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 2570109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 953146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 163501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 45104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 33797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 12624833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (816231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11808602 |
|  **NET INVESTMENT INCOME (LOSS)** | 4691344 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 39892537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (47753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 39849554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (351545081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (351544481) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (311694927) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(307003583) |

---

See Notes to Financial Statements.

1146

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4691344 | $2282459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 39849554 | 28644218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (351544481) | 89724192 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (307003583) | 120650869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (41501945) | (39230087) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,716,326 and 2,291,229 shares, respectively ] | 82601587 | 85814091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,409,563 and 1,032,385 shares, respectively ] | 41501945 | 39230087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2132476) and (2152086) shares, respectively ] | (65630147) | (81476766) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 58473385 | 43567412 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (290032143) | 124988194 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1290973684 | 1165985490 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1000941541 | $1290973684 |

---

See Notes to Financial Statements.

1147

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**EQ ADVISORS TRUST** 

EQ/MFS INTERNATIONAL INTRINSIC VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $38.86 | $36.38 | $30.67 | $24.58 | $25.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.07 | 0.11 | 0.20 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.36) | 3.62 | 6.01 | 6.16 | (1.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.22) | 3.69 | 6.12 | 6.36 | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.14) | (0.08) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.09) | (1.07) | (0.33) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.22) | (1.21) | (0.41) | (0.27) |  |
|  Net asset value, end of period | $28.42 | $38.86 | $36.38 | $30.67 | $24.58 |
|  Total return (b) | (23.79)% | 10.24% | 20.03% | 25.88% | (4.32)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783554 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) | 1.15 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.23% | 1.22% | 1.23% | 1.25% | 1.29% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.46% | 0.19% | 0.34% | 0.70% | (0.22)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.38% | 0.12% | 0.26% | 0.60% | (0.36)%(l) |
|  Portfolio turnover rate^ | 30% | 13% | 12% | 14% | 1 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1148

------

**EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g11m60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (27.04)% | 8.29 | % |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Growth Index | (26.72) | 8.41 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (27.04)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Midcap<sup>®</sup> Growth Index, which returned (26.72)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection and, to a lesser extent, an underweight position in the Information Technology sector contributed to
performance relative to the Russell Midcap<sup>®</sup> Growth Index. Within this sector, an overweight position in electronic design automation software provider Cadence Design Systems, Inc. and not
owning shares of monitoring and security platform for cloud applications company DataDog, Inc. benefitted relative results.

• Stock selection and an overweight position in the Financials sector also supported relative returns, led by an overweight
position in insurance services provider Arthur J Gallagher & Co. and holdings of securities exchange and data provider NASDAQ, Inc. aided relative performance.

• Elsewhere, the Portfolio's overweight positions in auto parts retailer O'Reilly Automotive, Inc., commercial real
estate information company CoStar Group Inc. and cosmetic retailer Ulta Beauty, Inc. boosted relative results. Additionally, holding shares of designer and manufacturer of electronic instruments and electromechanical devices AMETEK, Inc. and
information services company Wolters Kluwer NV (Netherlands), and the timing of the Portfolio's ownership in shares of industrial products company IDEX Corp. further helped relative performance.

***What hurt performance during the year:***

• Stock selection in the Health Care sector detracted from relative results. Within this sector, the Portfolio's
overweight positions in global medical technology company Masimo Corp. and pharmaceutical research tools company Charles River Laboratories International, Inc. and holdings of clinical research provider ICON plc (Ireland) hindered relative results.
Additionally, not holding shares of biopharmaceutical company Alnylam Pharmaceuticals, Inc. further weakened relative results.

• An underweight position in the Energy sector detracted from relative returns. Within this sector, not owning shares of LNG
provider Cheniere Energy, Inc. held back relative returns.

• Stocks in other sectors that dampened relative returns included the timing of the Portfolio's ownership in shares of
energy technology company Enphase Energy, Inc. Additionally, the Portfolio's overweight positions in child care and early education provider Bright Horizons Family Solutions, Inc., apparel and home products retailer Burlington Stores, Inc.,
online dating company Match Group, Inc. and holding shares of analytics services provider Clarivate plc (United Kingdom), weighed on relative performance.

1149

------

**EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 25.4% |
| &nbsp;&nbsp;&nbsp; Information Technology | 19.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 18.8 |
| &nbsp;&nbsp;&nbsp; Financials | 12.1 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 11.5 |
| &nbsp;&nbsp;&nbsp; Materials | 3.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 2.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 1.9 |
| &nbsp;&nbsp;&nbsp; Energy | 1.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.6 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.6 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1033.40 | $5.63 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.66 | 5.60 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.10%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.10%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.10%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.10%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1150

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**EQ ADVISORS TRUST** 

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **COMMON STOCKS:** | **COMMON STOCKS:** | **COMMON STOCKS:** |  |
|  **Communication Services (1.6%)** | **Communication Services (1.6%)** | **Communication Services (1.6%)** |  |
|  ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** | **** |
|  Take-Two Interactive Software, Inc.\* | 57746 | $6013091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6013091 |  |
|  **Consumer Discretionary (11.5%)** | **Consumer Discretionary (11.5%)** | **Consumer Discretionary (11.5%)** |  |
|  ***Diversified Consumer Services (1.6%)*** | ***Diversified Consumer Services (1.6%)*** | ***Diversified Consumer Services (1.6%)*** | **** |
|  Bright Horizons Family Solutions, Inc.\* | 94007 | 5931842 |  |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | **** |
|  Chipotle Mexican Grill, Inc.\* | 3266 | 4531542 |  |
|  Hyatt Hotels Corp., Class A\* | 52607 | 4758303 |  |
|  |  | 9289845 |  |
|  ***Specialty Retail (5.7%)*** | ***Specialty Retail (5.7%)*** | ***Specialty Retail (5.7%)*** | **** |
|  O'Reilly Automotive, Inc.\* | 13962 | 11784347 |  |
|  Ulta Beauty, Inc.\* | 20329 | 9535724 |  |
|  |  | 21320071 |  |
|  ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** | **** |
|  Lululemon Athletica, Inc.\* | 20553 | 6584770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 43126528 |  |
|  **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** | **Consumer Staples (1.9%)** |  |
|  ***Household Products (1.9%)*** | ***Household Products (1.9%)*** | ***Household Products (1.9%)*** | **** |
|  Church & Dwight Co., Inc. | 90123 | 7264815 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 7264815 |  |
|  **Energy (1.7%)** | **Energy (1.7%)** | **Energy (1.7%)** |  |
|  ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** | ***Oil, Gas & Consumable Fuels (1.7%)*** | **** |
|  Diamondback Energy, Inc. | 46876 | 6411699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 6411699 |  |
|  **Financials (12.1%)** | **Financials (12.1%)** | **Financials (12.1%)** |  |
|  ***Capital Markets (8.0%)*** | ***Capital Markets (8.0%)*** | ***Capital Markets (8.0%)*** | **** |
|  Morningstar, Inc. | 23534 | 5097229 |  |
|  MSCI, Inc. | 30490 | 14183034 |  |
|  Nasdaq, Inc. | 178495 | 10950668 |  |
|  |  | 30230931 |  |
|  ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | ***Insurance (4.1%)*** | **** |
|  Arthur J Gallagher & Co. | 80967 | 15265518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 45496449 |  |
|  **Health Care (18.8%)** | **Health Care (18.8%)** | **Health Care (18.8%)** |  |
|  ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** | ***Biotechnology (2.7%)*** | **** |
|  Ascendis Pharma A/S (ADR)\* | 41076 | 5016612 |  |
|  Legend Biotech Corp. (ADR)\* | 98664 | 4925307 |  |
|  |  | 9941919 |  |
|  ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | **** |
|  STERIS plc | 59197 | 10933094 |  |
|  ***Life Sciences Tools & Services (13.2%)*** | ***Life Sciences Tools & Services (13.2%)*** | ***Life Sciences Tools & Services (13.2%)*** | **** |
|  Agilent Technologies, Inc. | 73978 | 11070808 |  |
|  ICON plc\* | 58093 | 11284565 |  |
|  Mettler-Toledo International, Inc.\* | 5269 | 7616076 |  |
|  PerkinElmer, Inc. | 56089 | 7864799 |  |
|  Waters Corp.\* | 34857 | 11941311 |  |
|  |  | 49777559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 70652572 |  |
|  **Industrials (25.4%)** | **Industrials (25.4%)** | **Industrials (25.4%)** |  |
|  ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | ***Aerospace & Defense (2.3%)*** | **** |
|  Howmet Aerospace, Inc. | 218792 | 8622593 |  |
|  ***Commercial Services & Supplies (4.5%)*** | ***Commercial Services & Supplies (4.5%)*** | ***Commercial Services & Supplies (4.5%)*** | **** |
|  Copart, Inc.\* | 138708 | 8445930 |  |
|  Waste Connections, Inc. | 63458 | 8411992 |  |
|  |  | 16857922 |  |
|  ***Electrical Equipment (5.3%)*** | ***Electrical Equipment (5.3%)*** | ***Electrical Equipment (5.3%)*** | **** |
|  AMETEK, Inc. | 77876 | 10880835 |  |
|  Hubbell, Inc. | 19336 | 4537772 |  |
|  Rockwell Automation, Inc. | 18202 | 4688289 |  |
|  |  | 20106896 |  |
|  ***Machinery (2.5%)*** | ***Machinery (2.5%)*** | ***Machinery (2.5%)*** | **** |
|  IDEX Corp. | 41011 | 9364042 |  |
|  ***Professional Services (10.8%)*** | ***Professional Services (10.8%)*** | ***Professional Services (10.8%)*** | **** |
|  CoStar Group, Inc.\* | 144885 | 11196713 |  |
|  Equifax, Inc. | 36190 | 7033888 |  |
|  Verisk Analytics, Inc. | 70883 | 12505179 |  |
|  Wolters Kluwer NV | 93859 | 9822081 |  |
|  |  | 40557861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 95509314 |  |
|  **Information Technology (19.9%)** | **Information Technology (19.9%)** | **Information Technology (19.9%)** |  |
|  ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | ***Electronic Equipment, Instruments & Components (1.2%)*** | **** |
|  Teledyne Technologies, Inc.\* | 11751 | 4699342 |  |
|  ***IT Services (3.0%)*** | ***IT Services (3.0%)*** | ***IT Services (3.0%)*** | **** |
|  Gartner, Inc.\* | 33877 | 11387415 |  |
|  ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | **** |
|  Enphase Energy, Inc.\* | 26547 | 7033893 |  |
|  Monolithic Power Systems, Inc. | 30251 | 10697056 |  |
|  |  | 17730949 |  |
|  ***Software (11.0%)*** | ***Software (11.0%)*** | ***Software (11.0%)*** | **** |
|  Black Knight, Inc.\* | 91316 | 5638763 |  |
|  Cadence Design Systems, Inc.\* | 121501 | 19517921 |  |
|  Nice Ltd. (ADR)\* | 32808 | 6308978 |  |
|  Synopsys, Inc.\* | 30509 | 9741219 |  |
|  |  | 41206881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 75024587 |  |
|  **Materials (3.8%)** | **Materials (3.8%)** | **Materials (3.8%)** |  |
|  ***Construction Materials (3.8%)*** | ***Construction Materials (3.8%)*** | ***Construction Materials (3.8%)*** | **** |
|  Vulcan Materials Co. | 81282 | 14233291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 14233291 |  |
|  **Real Estate (2.7%)** | **Real Estate (2.7%)** | **Real Estate (2.7%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (2.7%)*** | **** |
|  SBA Communications Corp. (REIT) | 36921 | 10349326 |  |
|  **Total Real Estate** |  | 10349326 |  |
|  **Total Investments in Securities (99.4%)**<br> *(Cost $301,380,785)* |  | 374081672 |  |
|  **Other Assets Less Liabilities (0.6%)** | **Other Assets Less Liabilities (0.6%)** | 2178366 |  |
|  **Net Assets (100%)** |  | $376260038 |  |

---

*\** *Non-income producing.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

1151

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**EQ ADVISORS TRUST** 

EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $6013091 | $— | $— | $6013091 |
|  Consumer Discretionary | 43126528 |  |  | 43126528 |
|  Consumer Staples | 7264815 |  |  | 7264815 |
|  Energy | 6411699 |  |  | 6411699 |
|  Financials | 45496449 |  |  | 45496449 |
|  Health Care | 70652572 |  |  | 70652572 |
|  Industrials | 85687233 | 9822081 |  | 95509314 |
|  Information Technology | 75024587 |  |  | 75024587 |
|  Materials | 14233291 |  |  | 14233291 |
|  Real Estate | 10349326 |  |  | 10349326 |
|  **Total Assets** | $**364259591** | $**9822081** | $**—** | $**374081672** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**364259591** | $**9822081** | $**—** | $**374081672** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $165920749 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164391130 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $86740092 |
|  Aggregate gross unrealized depreciation | (14040274) |
|  Net unrealized appreciation | $72699818 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301381854 |

---

See Notes to Financial Statements.

1152

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $301,380,785) | $374081672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2687996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 64254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 44268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 16586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 376894776 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 235869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 235032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 81612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 31025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 51200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 634738 |
|  **NET ASSETS** | $376260038 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $314378778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 61881260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $376260038 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $376,260,038 / 25,755,540 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.61 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $28,332 foreign withholding tax) | $2287472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 101272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2388744 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3371310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 991558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 367812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 16200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4858106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (501413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4356693 |
|  **NET INVESTMENT INCOME (LOSS)** | (1967949) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (10825130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10827221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (126219355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (126219390) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (137046611) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(139014560) |

---

See Notes to Financial Statements.

1153

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1967949) | $(3352853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10827221) | 10518438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (126219390) | 75443963 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (139014560) | 82609548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (841175) | (7858063) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,079,928 and 1,965,230 shares, respectively ] | 32218450 | 35330599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 58,569 and 402,787 shares, respectively ] | 841175 | 7858063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1972654) and (2494863) shares, respectively ] | (30627365) | (45466360) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2432260 | (2277698) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (137423475) | 72473787 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 513683513 | 441209726 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $376260038 | $513683513 |

---

See Notes to Financial Statements.

1154

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EQ/MFS MID CAP FOCUSED GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $20.07 | $17.16 | $15.02 | $11.06 | $12.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.08) | (0.13) | (0.09) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.35) | 3.35 | 4.29 | 4.06 | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.43) | 3.22 | 4.20 | 4.01 | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.31) | (2.06) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.03) | (0.31) | (2.06) | (0.05) |  |
|  Net asset value, end of period | $14.61 | $20.07 | $17.16 | $15.02 | $11.06 |
|  Total return (b) | (27.04)% | 18.83% | 29.76% | 36.33 | (8.89) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245206 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.10 %(j) | 1.10 %(j) | 1.10 %(j) | 1.10 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.23% | 1.22% | 1.24% | 1.25 | 1.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.50)% | (0.72)% | (0.56)% | (0.33) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.62)% | (0.83)% | (0.70)% | (0.48) | (0.32) |
|  Portfolio turnover rate^ | 41% | 9% | 40% | 113 | 7 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 22%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1155

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**EQ/MFS TECHNOLOGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER.

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g03a68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (36.29)% | 6.37 | % |
| &nbsp;&nbsp;&nbsp; S&P North American Technology Sector Index | (35.36) | 10.49 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 10.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (36.29)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the S&P North American Technology Sector Index and the S&P 500<sup>®</sup> Index, which returned (35.36)% and (18.11)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in the internet industry benefitted relative performance, led by an underweight position in social
networking service provider Meta Platforms, Inc.

• The Portfolio's out-of-benchmark exposure to the insurance industry also aided relative performance. Within this sector, the Portfolio's holdings of insurance services provider Arthur J Gallagher & Co. bolstered relative returns.

• Stocks in other industries that contributed to relative performance included the Portfolio's overweight positions in
debit and credit transaction processing company Mastercard, Inc., payment processing information solutions provider WEX, Inc. and software giant Microsoft Corp. Additionally, holding shares of online travel company Booking Holdings, Inc., financial
services provider The Charles Schwab Corp. and integrated payment and frictionless commerce solutions provider Paya Holdings, Inc. aided relative returns, and the timing of the Portfolio's ownership in shares of cloud-based e-commerce platform operator Shopify, Inc. also helped in relative terms.

• The Portfolio's cash and/or cash equivalents position during the period contributed to relative performance. Under
normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets fell, as measured by the Portfolio's benchmark, holding cash aided performance
versus the benchmark, which has no cash position.

***What hurt performance during the year:***

• Security selection in the electronics industry detracted from performance relative to the S&P North American Technology
Sector Index. Here, not owning broadband communications and networking services company Broadcom, Inc. and semiconductor company Texas Instruments, Inc. weighed on the Portfolio's relative returns.

• Stock selection and an underweight position in the computer systems industry also weakened relative performance. Within
this industry, the Portfolio's underweight position in computer and personal electronics maker Apple, Inc. and not owning shares of diversified technology products and services company IBM held back relative returns.

• Stock selection and an overweight position in the specialty stores industry further weighed on relative results, led by the
Portfolio's overweight position in internet retailer Amazon.com, Inc.

• Elsewhere, an underweight position in digital payments services provider Visa, Inc., and not owning shares of enterprise
software products maker Oracle Corp. and cloud based human capital management company Automatic Data Processing, Inc. hindered relative performance. Additionally, an overweight position in global enterprise cloud communications

1156

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**EQ/MFS TECHNOLOGY PORTFOLIO (Unaudited)** 

and collaboration solutions provider RingCentral, Inc. and holdings of technology services provider Endava plc further dampened relative returns.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 59.6% |
| &nbsp;&nbsp;&nbsp; Communication Services | 13.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 11.5 |
| &nbsp;&nbsp;&nbsp; Financials | 7.8 |
| &nbsp;&nbsp;&nbsp; Investment Company | 3.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 3.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $928.50 | $5.49 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.51 | 5.75 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.13%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1157

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (13.3%)** | **Communication Services (13.3%)** | **Communication Services (13.3%)** |  |
|  ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | ***Entertainment (1.7%)*** | **** |
|  Activision Blizzard, Inc. | 50709 | $3881774 |  |
|  Take-Two Interactive Software, Inc.\* | 42835 | 4460409 |  |
|  |  | 8342183 |  |
|  ***Interactive Media & Services (11.0%)*** | ***Interactive Media & Services (11.0%)*** | ***Interactive Media & Services (11.0%)*** | **** |
|  Alphabet, Inc., Class A\* | 480612 | 42404397 |  |
|  Meta Platforms, Inc., Class A\* | 47486 | 5714465 |  |
|  Pinterest, Inc., Class A\* | 35140 | 853199 |  |
|  Tencent Holdings Ltd. | 109500 | 4685572 |  |
|  |  | 53657633 |  |
|  ***Media (0.6%)*** | ***Media (0.6%)*** | ***Media (0.6%)*** | **** |
|  Charter Communications, Inc., Class A\* | 8182 | 2774516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 64774332 |  |
|  **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** | **Consumer Discretionary (11.4%)** |  |
|  ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | ***Auto Components (0.6%)*** | **** |
|  Mobileye Global, Inc., Class A\* | 86051 | 3016948 |  |
|  ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** | ***Hotels, Restaurants & Leisure (3.2%)*** | **** |
|  Booking Holdings, Inc.\* | 7658 | 15433015 |  |
|  ***Internet & Direct Marketing Retail (7.6%)*** | ***Internet & Direct Marketing Retail (7.6%)*** | ***Internet & Direct Marketing Retail (7.6%)*** | **** |
|  Amazon.com, Inc.\* | 441928 | 37121952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 55571915 |  |
|  **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** |  |
|  ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** | **** |
|  Charles Schwab Corp. (The) | 77402 | 6444490 |  |
|  CME Group, Inc. | 9755 | 1640401 |  |
|  FactSet Research Systems, Inc. | 2975 | 1193600 |  |
|  Morningstar, Inc. | 11530 | 2497283 |  |
|  MSCI, Inc. | 7670 | 3567854 |  |
|  S&P Global, Inc. | 9958 | 3335332 |  |
|  Tradeweb Markets, Inc., Class A | 33040 | 2145287 |  |
|  |  | 20824247 |  |
|  ***Insurance (3.5%)*** | ***Insurance (3.5%)*** | ***Insurance (3.5%)*** | **** |
|  Aon plc, Class A | 21590 | 6480023 |  |
|  Arthur J Gallagher & Co. | 54717 | 10316343 |  |
|  |  | 16796366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 37620613 |  |
|  **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |  |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | **** |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 42854 | 613241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 613241 |  |
|  **Industrials (3.1%)** | **Industrials (3.1%)** | **Industrials (3.1%)** |  |
|  ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | **** |
|  Hitachi Ltd. | 72100 | 3675869 |  |
|  ***Professional Services (2.4%)*** | ***Professional Services (2.4%)*** | ***Professional Services (2.4%)*** | **** |
|  Dun & Bradstreet Holdings, Inc. | 234753 | 2878072 |  |
|  Equifax, Inc. | 13337 | 2592179 |  |
|  TransUnion | 26980 | 1531115 |  |
|  Verisk Analytics, Inc. | 25559 | 4509119 |  |
|  |  | 11510485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 15186354 |  |
|  **Information Technology (59.7%)** | **Information Technology (59.7%)** | **Information Technology (59.7%)** |  |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | **** |
|  Arista Networks, Inc.\* | 24355 | 2955479 |  |
|  ***IT Services (22.6%)*** | ***IT Services (22.6%)*** | ***IT Services (22.6%)*** | **** |
|  Accenture plc, Class A | 44002 | 11741494 |  |
|  Endava plc (ADR)\* | 48259 | 3691814 |  |
|  Fidelity National Information Services, Inc. | 85071 | 5772067 |  |
|  FleetCor Technologies, Inc.\* | 34236 | 6288468 |  |
|  Gartner, Inc.\* | 14959 | 5028318 |  |
|  Global Payments, Inc. | 77957 | 7742689 |  |
|  Mastercard, Inc., Class A | 84841 | 29501761 |  |
|  Nuvei Corp. (Non-Voting) (m)\* | 31837 | 808978 |  |
|  Paya Holdings, Inc.\* | 597738 | 4704198 |  |
|  PayPal Holdings, Inc.\* | 97352 | 6933409 |  |
|  Shopify, Inc., Class A\* | 78701 | 2731712 |  |
|  TaskUS, Inc., Class A\* | 55694 | 941229 |  |
|  Thoughtworks Holding, Inc.\* | 239754 | 2443093 |  |
|  Visa, Inc., Class A | 56081 | 11651389 |  |
|  WEX, Inc.\* | 59890 | 9800999 |  |
|  |  | 109781618 |  |
|  ***Semiconductors & Semiconductor Equipment (6.7%)*** | ***Semiconductors & Semiconductor Equipment (6.7%)*** | ***Semiconductors & Semiconductor Equipment (6.7%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 58760 | 3805885 |  |
|  Enphase Energy, Inc.\* | 8980 | 2379341 |  |
|  KLA Corp. | 17101 | 6447590 |  |
|  Lam Research Corp. | 4945 | 2078383 |  |
|  Marvell Technology, Inc. | 158893 | 5885397 |  |
|  NVIDIA Corp. | 81140 | 11857800 |  |
|  |  | 32454396 |  |
|  ***Software (28.5%)*** | ***Software (28.5%)*** | ***Software (28.5%)*** | **** |
|  Adobe, Inc.\* | 38406 | 12924771 |  |
|  Asana, Inc., Class A\* | 7608 | 104762 |  |
|  Atlassian Corp., Class A\* | 14036 | 1806153 |  |
|  Black Knight, Inc.\* | 88591 | 5470494 |  |
|  Constellation Software, Inc. | 3179 | 4963278 |  |
|  Descartes Systems Group, Inc. (The)\* | 64047 | 4464842 |  |
|  Freshworks, Inc., Class A\* | 34708 | 510555 |  |
|  HubSpot, Inc.\* | 7601 | 2197677 |  |
|  Intuit, Inc. | 32389 | 12606447 |  |
|  Microsoft Corp. | 263283 | 63140529 |  |
|  Palo Alto Networks, Inc.\* | 29756 | 4152152 |  |
|  Paycor HCM, Inc.\* | 63472 | 1553160 |  |
|  Q2 Holdings, Inc.\* | 40198 | 1080120 |  |
|  Qualtrics International, Inc., Class A\* | 44833 | 465367 |  |
|  Rakus Co. Ltd. | 66200 | 799000 |  |
|  RingCentral, Inc., Class A\* | 46795 | 1656543 |  |
|  Salesforce, Inc.\* | 77671 | 10298398 |  |
|  ServiceNow, Inc.\* | 20864 | 8100865 |  |
|  Topicus.com, Inc.\* | 39537 | 2075839 |  |
|  |  | 138370952 |  |
|  ***Technology Hardware, Storage & Peripherals (1.3%)*** | ***Technology Hardware, Storage & Peripherals (1.3%)*** | ***Technology Hardware, Storage & Peripherals (1.3%)*** | **** |
|  Apple, Inc. | 46481 | 6039276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 289601721 |  |

---

See Notes to Financial Statements.

1158

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | | **Value<br>(Note 1)** | |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** | **Real Estate (0.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** | **** |
|  SBA Communications Corp. (REIT) | 4771 |  | $1337359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1337359 |  |
|  **Total Common Stocks (95.7%)**<br> *(Cost $452,528,967)* |  |  | 464705535 |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |  |
|  **Investment Company (3.2%*)*** | **Investment Company (3.2%*)*** | **** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 15462039 |  | 15469770 |  |
|  **Total Short-Term Investment (3.2%)**<br> *(Cost $15,469,770)* |  |  | 15469770 |  |
|  **Total Investments in Securities (98.9%)**<br> *(Cost $467,998,737)* |  |  | 480175305 |  |
|  **Other Assets Less Liabilities (1.1%)** |  |  | 5363159 |  |
|  **Net Assets (100%)** |  |  | $485538464 |  |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $808,978 or 0.2% of net assets.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $60088760 | $4685572 | $— | $64774332 |
|  Consumer Discretionary | 55571915 |  |  | 55571915 |
|  Financials | 37620613 |  |  | 37620613 |
|  Health Care | 613241 |  |  | 613241 |
|  Industrials | 11510485 | 3675869 |  | 15186354 |
|  Information Technology | 288802721 | 799000 |  | 289601721 |
|  Real Estate | 1337359 |  |  | 1337359 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 15469770 |  |  | 15469770 |
|  **Total Assets** | $**471014864** | $**9160441** | $**—** | $**480175305** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**471014864** | $**9160441** | $**—** | $**480175305** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $158075000 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161908720 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $74750280 |
|  Aggregate gross unrealized depreciation | (63090654) |
|  Net unrealized appreciation | $11659626 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468515679 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $467,998,737) | $480175305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 159437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 106357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 486647854 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 592682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 316551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 105495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 40105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 54557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1109390 |
|  **NET ASSETS** | $485538464 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $482978991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2559473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $485538464 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $485,538,464 / 23,535,219 shares outstanding (unlimited amount authorized: $0.01 par value) | $20.63 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $5,922 foreign withholding tax) | $2523026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from non-cash dividends | 202827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 97298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2823151 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4241162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1413723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 524017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 77095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 40400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 19163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6357145 |
|  **NET INVESTMENT INCOME (LOSS)** | (3533994) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (8177920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (9232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8187152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (260231209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (260231166) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (268418318) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(271952312) |

---

See Notes to Financial Statements.

1161

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3533994) | $(6372376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8187152) | 77541030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (260231166) | 20226921 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (271952312) | 91395575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (14845916) | (65997659) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,087,532 and 2,388,276 shares, respectively ] | 76683740 | 82629896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 682,610 and 1,982,347 shares, respectively ] | 14845916 | 65997659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2727395) and (2623247) shares, respectively ] | (69634718) | (90487187) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 21894938 | 58140368 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (264903290) | 83538284 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 750441754 | 666903470 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $485538464 | $750441754 |

---

See Notes to Financial Statements.

1162

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**EQ ADVISORS TRUST** 

EQ/MFS TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $33.36 | $32.15 | $22.36 | $16.46 | $18.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.16) | (0.31) | (0.21) | (0.13) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (11.91) | 4.69 | 10.67 | 6.03 | (1.88) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (12.07) | 4.38 | 10.46 | 5.90 | (1.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.66) | (3.17) | (0.65) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.66) | (3.17) | (0.67) |  |  |
|  Net asset value, end of period | $20.63 | $33.36 | $32.15 | $22.36 | $16.46 |
|  Total return (b) | (36.29)% | 13.76% | 46.83% | 35.84% | (10.35)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666903 | $&nbsp;&nbsp;&nbsp;&nbsp;268121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188253 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.13 %(j) | 1.12 %(k) | 1.13 %(j) | 1.14 %(m) | 1.14 %(m) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.13% | 1.12% | 1.13% | 1.16% | 1.21% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.63)% | (0.88)% | (0.77)% | (0.67)% | (0.49)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.63)% | (0.88)% | (0.77)% | (0.69)% | (0.56)%(l) |
|  Portfolio turnover rate^ | 29% | 40% | 44% | 29% | 5 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.13% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1163

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**EQ/MFS UTILITIES SERIES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> MFS Investment Management

PERFORMANCE RESULTS

![LOGO](g401674g03a76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | 0.42% | 9.34 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | 0.70 | 9.62 |  |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Utilities (Net) Index | (4.66) | 6.74 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 10.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 0.42% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the MSCI ACWI Utilities (Net) Index and the S&P 500<sup>®</sup> Index, which returned (4.66)% and (18.11)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Security selection in the electric utilities industry was a primary factor that contributed to performance relative to the
MSCI All Country World Utilities Index. Within this industry, the Portfolio's overweight positions in utility company PG&E Corp. and energy company Constellation Energy Corp. and the timing of the Portfolio's overweight position in
electricity provider NextEra Energy, Inc. aided relative results. Additionally, the timing of the Portfolio's ownership in shares of renewable energy solutions provider Orsted A/S (Denmark) and not holding shares of energy company Fortum OYJ
(Finland) further supported relative performance.

• Stock selection in the multi-utilities industry also strengthened relative results. Within this industry, the
Portfolio's overweight position in energy infrastructure company Sempra Energy and underweight positions along with timing in water and waste management services provider Veolia Environnement SA (France) and an underweight position in power and
gas company E.ON SE (Germany) bolstered relative returns.

• Elsewhere, not owning shares of energy company Hong Kong and China Gas Company (Hong Kong) aided relative performance.

• During the reporting period, the Portfolio's relative currency exposure, resulting primarily from differences between
the Portfolio's and the benchmark's exposures to holdings of securities denominated in foreign currencies, contributed to relative performance. All of MFS' investment decisions are driven by the fundamentals of each individual
opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.

***What hurt performance during the year:***

• The Portfolio's out-of-benchmark allocation to both the diversified telecommunication services and media industries detracted from relative performance. Within the diversified telecommunication services industry, holding shares of telecommunications services provider Cellnex
Telecom SA (Spain) held back relative performance. Within the media industry, the Portfolio's holdings of cable services provider Charter Communications, Inc. hindered relative results.

• Stocks in other industries that detracted from relative results included holdings of real estate investment trust SBA
Communications Corp. and not owning shares of gas distribution company Adani Total Gas (India), energy products and services supplier Consolidated Edison, Inc. and energy company Origin Energy Ltd. (Australia). Additionally, the Portfolio's
underweight positions in power and natural gas distributor Duke Energy Corp. and power & natural gas distributor Xcel Energy, Inc., and overweight positions in renewable energy company EDP Renovaveis SA (Portugal) and gas distributor China
Resources Gas Group Ltd. (China) further weighed on relative performance.

1164

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**EQ/MFS UTILITIES SERIES PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Utilities | 92.6% |
| &nbsp;&nbsp;&nbsp; Communication Services | 5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.4 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1048.70 | $5.42 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.91 | 5.35 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1050.20 | 4.13 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.17 | 4.08 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.05% and 0.80%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1165

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**EQ ADVISORS TRUST** 

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (5.0%)** | **Communication Services (5.0%)** | **Communication Services (5.0%)** |  |
|  ***Diversified Telecommunication Services (3.4%)*** | ***Diversified Telecommunication Services (3.4%)*** | ***Diversified Telecommunication Services (3.4%)*** | **** |
|  Cellnex Telecom SA (m) | 190228 | $6296226 |  |
|  Hellenic Telecommunications Organization SA | 77635 | 1212493 |  |
|  |  | 7508719 |  |
|  ***Media (0.7%)*** | ***Media (0.7%)*** | ***Media (0.7%)*** | **** |
|  Charter Communications, Inc., Class A\* | 4337 | 1470677 |  |
|  ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | ***Wireless Telecommunication Services (0.9%)*** | **** |
|  Rogers Communications, Inc., Class B | 45546 | 2131647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 11111043 |  |
|  **Real Estate (1.0%)** | **Real Estate (1.0%)** | **Real Estate (1.0%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.0%)*** | **** |
|  SBA Communications Corp. (REIT) | 8333 | 2335823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 2335823 |  |
|  **Utilities (92.4%)** | **Utilities (92.4%)** | **Utilities (92.4%)** |  |
|  ***Electric Utilities (57.8%)*** | ***Electric Utilities (57.8%)*** | ***Electric Utilities (57.8%)*** | **** |
|  ALLETE, Inc. | 32958 | 2126121 |  |
|  Alliant Energy Corp. | 95430 | 5268690 |  |
|  American Electric Power Co., Inc. | 79781 | 7575206 |  |
|  CLP Holdings Ltd. | 240500 | 1754732 |  |
|  Constellation Energy Corp. | 61829 | 5330278 |  |
|  Edison International | 107262 | 6824008 |  |
|  EDP - Energias de Portugal SA | 565861 | 2820260 |  |
|  Enel SpA | 967826 | 5211127 |  |
|  Energisa SA | 138400 | 1158893 |  |
|  Entergy Corp. | 28503 | 3206588 |  |
|  Equatorial Energia SA | 229100 | 1172457 |  |
|  Evergy, Inc. | 72507 | 4562866 |  |
|  Exelon Corp. | 87755 | 3793649 |  |
|  Iberdrola SA | 547461 | 6405304 |  |
|  NextEra Energy, Inc. | 322504 | 26961334 |  |
|  Orsted A/S (m) | 12902 | 1172487 |  |
|  PG&E Corp.\* | 823871 | 13396142 |  |
|  Pinnacle West Capital Corp. | 38894 | 2957500 |  |
|  Portland General Electric Co. | 53634 | 2628066 |  |
|  PPL Corp. | 200491 | 5858347 |  |
|  Southern Co. (The) | 153447 | 10957650 |  |
|  SSE plc | 243215 | 5033875 |  |
|  Xcel Energy, Inc. | 40478 | 2837913 |  |
|  |  | 129013493 |  |
|  ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** | ***Gas Utilities (2.0%)*** | **** |
|  Atmos Energy Corp. | 27281 | 3057382 |  |
|  China Resources Gas Group Ltd. | 364600 | 1368631 |  |
|  |  | 4426013 |  |
|  ***Independent Power and Renewable Electricity Producers (8.4%)*** | ***Independent Power and Renewable Electricity Producers (8.4%)*** | ***Independent Power and Renewable Electricity Producers (8.4%)*** | **** |
|  AES Corp. (The) | 169386 | 4871541 |  |
|  EDP Renovaveis SA | 294708 | 6492376 |  |
|  RWE AG | 164988 | 7345269 |  |
|  |  | 18709186 |  |
|  ***Multi-Utilities (24.2%)*** | ***Multi-Utilities (24.2%)*** | ***Multi-Utilities (24.2%)*** | **** |
|  Ameren Corp. | 74465 | 6621428 |  |
|  CenterPoint Energy, Inc. | 119874 | 3595021 |  |
|  Dominion Energy, Inc. | 191511 | 11743455 |  |
|  DTE Energy Co. | 70574 | 8294562 |  |
|  E.ON SE | 447409 | 4470323 |  |
|  National Grid plc | 301561 | 3636243 |  |
|  Public Service Enterprise Group, Inc. | 53036 | 3249516 |  |
|  Sempra Energy | 66562 | 10286491 |  |
|  Veolia Environnement SA | 87299 | 2242781 |  |
|  |  | 54139820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 206288512 |  |
|  **Total Common Stocks (98.4%)**<br> *(Cost $181,032,791)* |  | 219735378 |  |
|  CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: | CONVERTIBLE PREFERRED STOCK: |  |
|  **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** |  |
|  ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | ***Electric Utilities (0.2%)*** | **** |
|  NextEra Energy, Inc. <br>5.279% | 10600 | 537420 |  |
|  **Total Convertible Preferred Stock (0.2%)**<br> *(Cost $469,310)* |  | 537420 |  |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $181,502,101)* |  | 220272798 |  |
|  **Other Assets Less Liabilities (1.4%)** |  | 3033787 |  |
|  **Net Assets (100%)** |  | $223306585 |  |

---

*\** *Non-income producing.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $7,468,713 or 3.3% of net assets.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Brazil | 1.0% |
| &nbsp;&nbsp;&nbsp; Canada | 1 |
| &nbsp;&nbsp;&nbsp; China | 0.6 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.5 |
| &nbsp;&nbsp;&nbsp; France | 1 |
| &nbsp;&nbsp;&nbsp; Germany | 5.3 |
| &nbsp;&nbsp;&nbsp; Greece | 0.5 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.8 |
| &nbsp;&nbsp;&nbsp; Italy | 2.3 |
| &nbsp;&nbsp;&nbsp; Portugal | 1.3 |
| &nbsp;&nbsp;&nbsp; Spain | 8.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 3.9 |
| &nbsp;&nbsp;&nbsp; United States | 71.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 1.4 |
|  | 100.0% |

---

See Notes to Financial Statements.

1166

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**EQ ADVISORS TRUST** 

EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  EUR | 2856083 | USD | 2840812 | BNP Paribas | 1/20/2023 | 220017 |
|  EUR | 376366 | USD | 389542 | State Street Bank & Trust | 1/20/2023 | 13805 |
|  GBP | 5342 | USD | 6162 | Brown Brothers Harriman & Co. | 1/20/2023 | 298 |
|  GBP | 579930 | USD | 656231 | State Street Bank & Trust | 1/20/2023 | 45192 |
|  USD | 14155 | CAD | 19061 | HSBC Bank plc | 1/20/2023 | 76 |
|  USD | 584438 | GBP | 476118 | Brown Brothers Harriman & Co. | 1/20/2023 | 8576 |
|  USD | 47477 | GBP | 38799 | HSBC Bank plc | 1/20/2023 | 549 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 288513 |
|  GBP | 203260 | USD | 247968 | Merrill Lynch International | 1/20/2023 | (2125) |
|  USD | 1032960 | CAD | 1421356 | HSBC Bank plc | 1/20/2023 | (16869) |
|  USD | 10704 | CAD | 14611 | Merrill Lynch International | 1/20/2023 | (88) |
|  USD | 242318 | CAD | 330582 | Morgan Stanley | 1/20/2023 | (1854) |
|  USD | 218734 | EUR | 207319 | Brown Brothers Harriman & Co. | 1/20/2023 | (3447) |
|  USD | 375586 | EUR | 359754 | Citibank NA | 1/20/2023 | (9957) |
|  USD | 636809 | EUR | 642237 | HSBC Bank plc | 1/20/2023 | (51468) |
|  USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23870174 | EUR | 24249928 | Merrill Lynch International | 1/20/2023 | (2118181) |
|  USD | 3964506 | EUR | 3843161 | State Street Bank & Trust | 1/20/2023 | (154164) |
|  USD | 522671 | GBP | 462422 | Morgan Stanley | 1/20/2023 | (36626) |
|  USD | 5026852 | GBP | 4474376 | State Street Bank & Trust | 1/20/2023 | (384884) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (2779663) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (2491150) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $3602324 | $7508719 | $— | $11111043 |
|  Real Estate | 2335823 |  |  | 2335823 |
|  Utilities | 156003754 | 50284758 |  | 206288512 |
|  **Convertible Preferred Stock** |  |  |  |  |
|  Utilities | 537420 |  |  | 537420 |
|  **Forward Currency Contracts** |  | 288513 |  | 288513 |
|  **Total Assets** | $**162479321** | $**58081990** | $**—** | $**220561311** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(2779663) | $— | $(2779663) |
|  **Total Liabilities** | $**—** | $**(2779663)** | $**—** | $**(2779663)** |
|  **Total** | $**162479321** | $**55302327** | $**—** | $**217781648** |

---

See Notes to Financial Statements.

1167

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Foreign exchange contracts | Receivables | $288513 |
|  **Total** |  | $288513 |
|  | **Liability Derivatives** |  |
|  Foreign exchange contracts | Payables | $(2779663) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2779663) |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $5934176 | $5934176 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934176 |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(3058811) | $(3058811) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3058811) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3058811) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $37,780,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

1168

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EQ/MFS UTILITIES SERIES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  BNP Paribas | $220017 | $— | $— | $220017 |
|  Brown Brothers Harriman & Co. | 8874 | (3447) |  | 5427 |
|  HSBC Bank plc | 625 | (625) |  |  |
|  State Street Bank & Trust | 58997 | (58997) |  |  |
|  **Total** | $288513 | $(63069) | $— | $225444 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Brown Brothers Harriman & Co. | $3447 | $(3447) | $— | $— |
|  Citibank NA | 9957 |  |  | 9957 |
|  HSBC Bank plc | 68337 | (625) |  | 67712 |
|  Merrill Lynch International | 2120394 |  | (2030000) | 90394 |
|  Morgan Stanley | 38480 |  |  | 38480 |
|  State Street Bank & Trust | 539048 | (58997) |  | 480051 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2030000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686594 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $71062884 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61297533 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $43676048 |
|  Aggregate gross unrealized depreciation | (7323398) |
|  Net unrealized appreciation | $36352650 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181428998 |

---

See Notes to Financial Statements.

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $181,502,101) | $220272798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3273030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral for forward foreign currency contracts | 2030000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 469012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 288513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 88047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 226423607 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2779663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 120873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 72542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 47628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 18111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 53685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3117022 |
|  **NET ASSETS** | $223306585 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $186512325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 36794260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $223306585 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $223,242,695 / 6,154,437 shares outstanding (unlimited amount authorized: $0.01 par value) | $36.27 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $63,890 / 1,724 shares outstanding (unlimited amount authorized: $0.01 par value)† | $37.07 |

---

*†* *Net asset value amounts may not recalculate due to rounding of net assets and/or shares outstanding.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $160,800 foreign withholding tax) | $5125684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from non-cash dividends | 305598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 45026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5476308 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1590722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 544610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 202271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 70444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 53500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2499866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (212569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2287297 |
|  **NET INVESTMENT INCOME (LOSS)** | 3189011 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 8183058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 5934176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (27616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14089618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (13192719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (3058811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (4957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16256487) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (2166869) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1022142 |

---

See Notes to Financial Statements.

1170

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EQ/MFS UTILITIES SERIES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3189011 | $3915668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14089618 | 4231133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16256487) | 19044879 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1022142 | 27191680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (17396276) | (6467358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (4972) | (1948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (17401248) | (6469306) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 765,286 and 389,904 shares, respectively ] | 29393951 | 14351900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 468,140 and 169,355 shares, respectively ] | 17396276 | 6467358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (699131) and (656200) shares, respectively ] | (26842109) | (24123962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 19948118 | (3304704) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 34 and 37 shares, respectively ] | 1314 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 131 and 50 shares, respectively ] | 4972 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (43) and (44) shares, respectively ] | (1675) | (1657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 4611 | 1706 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 19952729 | (3302998) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3573623 | 17419376 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 219732962 | 202313586 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $223306585 | $219732962 |

---

See Notes to Financial Statements.

1171

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EQ/MFS UTILITIES SERIES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $39.09 | $35.38 | $34.75 | $28.70 | $29.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.56 | 0.70 | 0.57 | 0.66 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | 4.20 | 1.32 | 6.40 | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | 4.90 | 1.89 | 7.06 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.72) | (0.46) | (0.63) | (0.81) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.33) | (0.73) | (0.56) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.05) | (1.19) | (1.26) | (1.01) | (0.15) |
|  Net asset value, end of period | $36.27 | $39.09 | $35.38 | $34.75 | $28.70 |
|  Total return (b) | 0.42% | 13.92% | 5.55% | 24.69% | (3.35)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169124 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) | 1.05 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.15% | 1.15% | 1.17% | 1.18% | 1.19% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.46% | 1.90% | 1.74% | 1.99% | 2.11 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.37% | 1.80% | 1.62% | 1.86% | 1.97 %(l) |
|  Portfolio turnover rate^ | 29% | 19% | 36% | 30% | 10 %(z) |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $39.87 | $36.05 | $35.38 | $29.20 | $30.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.67 | 0.81 | 0.67 | 0.75 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | 4.28 | 1.34 | 6.52 | (1.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 | 5.09 | 2.01 | 7.27 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.81) | (0.54) | (0.69) | (0.89) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.33) | (0.73) | (0.56) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.09) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (3.14) | (1.27) | (1.34) | (1.09) | (0.16) |
|  Net asset value, end of period | $37.07 | $39.87 | $36.05 | $35.38 | $29.20 |
|  Total return (b) | 0.70% | 14.20% | 5.80% | 25.01% | (3.31)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $64 | $64 | $56 | $53 | $43 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) | 0.80 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.90% | 0.90% | 0.92% | 0.93% | 0.94% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.71% | 2.15% | 1.99% | 2.24% | 2.36 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.62% | 2.05% | 1.86% | 2.11% | 2.23 %(l) |
|  Portfolio turnover rate^ | 29% | 19% | 36% | 30% | 10 %(z) |

---

See Notes to Financial Statements.

1172

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EQ/MFS UTILITIES SERIES PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.05% for Class IB and 0.80% for Class K.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1173

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**EQ/MID CAP INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g26w37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (13.65)% | 5.98% | 10.02 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (13.60) | 5.99 | 10.02 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (13.37) | 6.25 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Index | (13.06) | 6.71 | 10.78 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.60)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the S&P MidCap 400<sup>®</sup> Index, which returned (13.06)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Steel Dynamics, Inc., First Solar, Inc., Fair Isaac Corp. (FICO), EQT
Corp. and First Horizon Corp.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Consumer Discretionary, Technology, Real Estate, Industrials and
Health Care.

• The stocks that detracted most from performance were Trex Co., Inc., Synaptics, Inc., Medical Properties Trust, Inc.,
Syneos Health, Inc. and Masimo Corp.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 19.6% |
| &nbsp;&nbsp;&nbsp; Financials | 15.0 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.9 |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.9 |
| &nbsp;&nbsp;&nbsp; Health Care | 10.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 8.1 |
| &nbsp;&nbsp;&nbsp; Materials | 6.5 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.0 |
| &nbsp;&nbsp;&nbsp; Energy | 3.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.0 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.5 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.6) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

1174

------

**EQ/MID CAP INDEX PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1076.60 | $3.45 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.88 | 3.36 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1076.90 | 3.45 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.88 | 3.36 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1078.40 | 2.15 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.14 | 2.09 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.66%, 0.66% and 0.41%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.66%, 0.66% and 0.41%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.66%, 0.66% and 0.41%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.66%, 0.66% and 0.41%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1175

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.0%)** | **Communication Services (2.0%)** | **Communication Services (2.0%)** |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | **** |
|  Frontier Communications Parent, Inc.\* | 227083 | $5786075 |  |
|  Iridium Communications, Inc.\* | 127970 | 6577658 |  |
|  |  | 12363733 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  World Wrestling Entertainment, Inc., Class A | 44102 | 3021869 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  TripAdvisor, Inc.\* | 106725 | 1918915 |  |
|  Ziff Davis, Inc.\* | 48067 | 3802100 |  |
|  |  | 5721015 |  |
|  ***Media (1.0%)*** | ***Media (1.0%)*** | ***Media (1.0%)*** | **** |
|  Cable One, Inc. | 4912 | 3496657 |  |
|  John Wiley & Sons, Inc., Class A | 43735 | 1752024 |  |
|  New York Times Co. (The), Class A | 167687 | 5443120 |  |
|  Nexstar Media Group, Inc., Class A | 38407 | 6722377 |  |
|  TEGNA, Inc. | 225773 | 4784130 |  |
|  |  | 22198308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 43304925 |  |
|  **Consumer Discretionary (13.9%)** | **Consumer Discretionary (13.9%)** | **Consumer Discretionary (13.9%)** |  |
|  ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | **** |
|  Adient plc (x)\* | 96570 | 3350013 |  |
|  Dana, Inc. | 129947 | 1966098 |  |
|  Fox Factory Holding Corp.\* | 43050 | 3927452 |  |
|  Gentex Corp. | 238927 | 6515539 |  |
|  Goodyear Tire & Rubber Co. (The)\* | 288100 | 2924215 |  |
|  Lear Corp. | 60201 | 7466128 |  |
|  Visteon Corp.\* | 28665 | 3750242 |  |
|  |  | 29899687 |  |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | **** |
|  Harley-Davidson, Inc. | 135491 | 5636425 |  |
|  Thor Industries, Inc. (x) | 54677 | 4127567 |  |
|  |  | 9763992 |  |
|  ***Diversified Consumer Services (1.1%)*** | ***Diversified Consumer Services (1.1%)*** | ***Diversified Consumer Services (1.1%)*** | **** |
|  Graham Holdings Co., Class B | 3910 | 2362461 |  |
|  Grand Canyon Education, Inc.\* | 31240 | 3300818 |  |
|  H&R Block, Inc. | 158348 | 5781286 |  |
|  Service Corp. International | 156655 | 10831127 |  |
|  |  | 22275692 |  |
|  ***Hotels, Restaurants & Leisure (2.8%)*** | ***Hotels, Restaurants & Leisure (2.8%)*** | ***Hotels, Restaurants & Leisure (2.8%)*** | **** |
|  Boyd Gaming Corp. | 80794 | 4405697 |  |
|  Choice Hotels International, Inc. | 28229 | 3179714 |  |
|  Churchill Downs, Inc. | 33525 | 7088191 |  |
|  Cracker Barrel Old Country Store, Inc. | 22579 | 2139134 |  |
|  Light & Wonder, Inc.\* | 95409 | 5590967 |  |
|  Marriott Vacations Worldwide Corp. | 39030 | 5253048 |  |
|  Papa John's International, Inc. | 32744 | 2695159 |  |
|  Penn Entertainment, Inc.\* | 157991 | 4692333 |  |
|  Texas Roadhouse, Inc. | 68155 | 6198697 |  |
|  Travel + Leisure Co. | 82787 | 3013447 |  |
|  Wendy's Co. (The) | 173578 | 3928070 |  |
|  Wingstop, Inc. | 30471 | 4193419 |  |
|  Wyndham Hotels & Resorts, Inc. | 89960 | 6415048 |  |
|  |  | 58792924 |  |
|  ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | ***Household Durables (1.4%)*** | **** |
|  Helen of Troy Ltd.\* | 24435 | 2710086 |  |
|  KB Home | 84051 | 2677024 |  |
|  Leggett & Platt, Inc. | 135033 | 4352113 |  |
|  Taylor Morrison Home Corp., Class A\* | 110354 | 3349244 |  |
|  Tempur Sealy International, Inc. | 174151 | 5978604 |  |
|  Toll Brothers, Inc. | 107349 | 5358862 |  |
|  TopBuild Corp.\* | 32565 | 5096097 |  |
|  |  | 29522030 |  |
|  ***Leisure Products (1.1%)*** | ***Leisure Products (1.1%)*** | ***Leisure Products (1.1%)*** | **** |
|  Brunswick Corp. | 73850 | 5323108 |  |
|  Mattel, Inc.\* | 360966 | 6439634 |  |
|  Polaris, Inc. | 55491 | 5604591 |  |
|  Topgolf Callaway Brands Corp.\* | 141204 | 2788779 |  |
|  YETI Holdings, Inc.\* | 87846 | 3628918 |  |
|  |  | 23785030 |  |
|  ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | ***Multiline Retail (0.6%)*** | **** |
|  Kohl's Corp. | 118798 | 2999650 |  |
|  Macy's, Inc. | 276010 | 5699606 |  |
|  Nordstrom, Inc. (x) | 113456 | 1831180 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 59287 | 2777003 |  |
|  |  | 13307439 |  |
|  ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** | **** |
|  AutoNation, Inc.\* | 34839 | 3738225 |  |
|  Dick's Sporting Goods, Inc. | 56633 | 6812384 |  |
|  Five Below, Inc.\* | 56536 | 9999522 |  |
|  Foot Locker, Inc. | 80776 | 3052525 |  |
|  GameStop Corp., Class A (x)\* | 257442 | 4752379 |  |
|  Gap, Inc. (The) | 214852 | 2423531 |  |
|  Lithia Motors, Inc., Class A | 27845 | 5700985 |  |
|  Murphy USA, Inc. | 21172 | 5918421 |  |
|  RH (x)\* | 19575 | 5230244 |  |
|  Victoria's Secret & Co.\* | 82751 | 2960831 |  |
|  Williams-Sonoma, Inc. | 67947 | 7808469 |  |
|  |  | 58397516 |  |
|  ***Textiles, Apparel & Luxury Goods (2.2%)*** | ***Textiles, Apparel & Luxury Goods (2.2%)*** | ***Textiles, Apparel & Luxury Goods (2.2%)*** | **** |
|  Capri Holdings Ltd.\* | 131179 | 7519180 |  |
|  Carter's, Inc. | 38869 | 2900016 |  |
|  Columbia Sportswear Co. | 36061 | 3158223 |  |
|  Crocs, Inc.\* | 62889 | 6819054 |  |
|  Deckers Outdoor Corp.\* | 26958 | 10760555 |  |
|  Hanesbrands, Inc. | 355412 | 2260420 |  |
|  PVH Corp. | 66429 | 4689223 |  |
|  Skechers USA, Inc., Class A\* | 136698 | 5734481 |  |
|  Under Armour, Inc., Class A\* | 192184 | 1952590 |  |
|  Under Armour, Inc., Class C\* | 200674 | 1790012 |  |
|  |  | 47583754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 293328064 |  |
|  **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |  |
|  ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | ***Beverages (0.5%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 9602 | 3164051 |  |
|  Celsius Holdings, Inc.\* | 41148 | 4281038 |  |

---

See Notes to Financial Statements.

1176

------

**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Coca-Cola Consolidated, Inc. | 4689 | $| 2402456 |  |
|  |  |  | 9847545 |  |
|  ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | ***Food & Staples Retailing (1.6%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 137571 |  | 9101698 |  |
|  Casey's General Stores, Inc. | 37946 |  | 8513185 |  |
|  Grocery Outlet Holding Corp.\* | 90164 |  | 2631887 |  |
|  Performance Food Group Co.\* | 158557 |  | 9258143 |  |
|  Sprouts Farmers Market, Inc.\* | 107813 |  | 3489907 |  |
|  |  |  | 32994820 |  |
|  ***Food Products (1.5%)*** | ***Food Products (1.5%)*** | ***Food Products (1.5%)*** | ***Food Products (1.5%)*** | **** |
|  Darling Ingredients, Inc.\* | 163240 |  | 10217192 |  |
|  Flowers Foods, Inc. | 195690 |  | 5624131 |  |
|  Ingredion, Inc. | 66770 |  | 6538786 |  |
|  Lancaster Colony Corp. | 20206 |  | 3986644 |  |
|  Pilgrim's Pride Corp.\* | 45761 |  | 1085908 |  |
|  Post Holdings, Inc.\* | 55388 |  | 4999321 |  |
|  |  |  | 32451982 |  |
|  ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | ***Household Products (0.1%)*** | **** |
|  Energizer Holdings, Inc. | 67495 |  | 2264457 |  |
|  ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | ***Personal Products (0.3%)*** | **** |
|  BellRing Brands, Inc.\* | 137953 |  | 3537115 |  |
|  Coty, Inc., Class A\* | 372320 |  | 3187059 |  |
|  |  |  | 6724174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 84282978 |  |
|  **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |  |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | **** |
|  ChampionX Corp. | 203053 |  | 5886507 |  |
|  NOV, Inc. | 400081 |  | 8357692 |  |
|  |  |  | 14244199 |  |
|  ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | ***Oil, Gas & Consumable Fuels (3.2%)*** | **** |
|  Antero Midstream Corp. | 341143 |  | 3680933 |  |
|  Antero Resources Corp.\* | 281240 |  | 8715628 |  |
|  CNX Resources Corp.\* | 183820 |  | 3095529 |  |
|  DT Midstream, Inc. | 98543 |  | 5445486 |  |
|  Equitrans Midstream Corp. | 440797 |  | 2953340 |  |
|  HF Sinclair Corp. | 136981 |  | 7107944 |  |
|  Matador Resources Co. | 114333 |  | 6544421 |  |
|  Murphy Oil Corp. | 148834 |  | 6401350 |  |
|  PBF Energy, Inc., Class A | 116412 |  | 4747281 |  |
|  PDC Energy, Inc. | 93852 |  | 5957725 |  |
|  Range Resources Corp. | 246112 |  | 6157722 |  |
|  Southwestern Energy Co.\* | 1124020 |  | 6575517 |  |
|  |  |  | 67382876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 81627075 |  |
|  **Financials (15.0%)** | **Financials (15.0%)** | **Financials (15.0%)** | **Financials (15.0%)** |  |
|  ***Banks (7.1%)*** | ***Banks (7.1%)*** | ***Banks (7.1%)*** | ***Banks (7.1%)*** | **** |
|  Associated Banc-Corp. | 153144 |  | 3536095 |  |
|  Bank of Hawaii Corp. | 40755 |  | 3160958 |  |
|  Bank OZK | 112747 |  | 4516645 |  |
|  Cadence Bank | 185824 |  | 4582420 |  |
|  Cathay General Bancorp | 75792 |  | 3091556 |  |
|  Commerce Bancshares, Inc. | 116155 |  | 7906671 |  |
|  Cullen/Frost Bankers, Inc. | 65491 |  | 8756147 |  |
|  East West Bancorp, Inc. | 143558 |  | 9460472 |  |
|  First Financial Bankshares, Inc. | 132209 |  | 4547990 |  |
|  First Horizon Corp. | 546549 |  | 13390450 |  |
|  FNB Corp. | 357281 |  | 4662517 |  |
|  Fulton Financial Corp. | 170596 |  | 2871131 |  |
|  Glacier Bancorp, Inc. | 112819 |  | 5575515 |  |
|  Hancock Whitney Corp. | 87280 |  | 4223479 |  |
|  Home BancShares, Inc. | 193207 |  | 4403187 |  |
|  International Bancshares Corp. | 53775 |  | 2460744 |  |
|  Old National Bancorp | 298315 |  | 5363704 |  |
|  PacWest Bancorp | 119990 |  | 2753770 |  |
|  Pinnacle Financial Partners, Inc. | 77871 |  | 5715731 |  |
|  Prosperity Bancshares, Inc. | 93001 |  | 6759313 |  |
|  Synovus Financial Corp. | 148152 |  | 5563108 |  |
|  Texas Capital Bancshares, Inc.\* | 50823 |  | 3065135 |  |
|  UMB Financial Corp. | 44287 |  | 3698850 |  |
|  Umpqua Holdings Corp. | 221073 |  | 3946153 |  |
|  United Bankshares, Inc. | 137153 |  | 5553325 |  |
|  Valley National Bancorp | 428061 |  | 4841370 |  |
|  Washington Federal, Inc. | 66540 |  | 2232417 |  |
|  Webster Financial Corp. | 177232 |  | 8390163 |  |
|  Wintrust Financial Corp. | 61891 |  | 5231027 |  |
|  |  |  | 150260043 |  |
|  ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | ***Capital Markets (2.0%)*** | **** |
|  Affiliated Managers Group, Inc. | 38367 |  | 6078484 |  |
|  Evercore, Inc., Class A | 36393 |  | 3969748 |  |
|  Federated Hermes, Inc., Class B | 86103 |  | 3126400 |  |
|  Interactive Brokers Group, Inc., Class A | 104778 |  | 7580688 |  |
|  Janus Henderson Group plc | 134981 |  | 3174753 |  |
|  Jefferies Financial Group, Inc. | 185378 |  | 6354758 |  |
|  SEI Investments Co. | 104367 |  | 6084596 |  |
|  Stifel Financial Corp. | 108250 |  | 6318553 |  |
|  |  |  | 42687980 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  FirstCash Holdings, Inc. | 38213 |  | 3321092 |  |
|  Navient Corp. | 107738 |  | 1772290 |  |
|  SLM Corp. | 254831 |  | 4230194 |  |
|  |  |  | 9323576 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Voya Financial, Inc. (x) | 98973 |  | 6085850 |  |
|  ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | ***Insurance (4.0%)*** | **** |
|  American Financial Group, Inc. | 71112 |  | 9762255 |  |
|  Brighthouse Financial, Inc.\* | 70411 |  | 3609972 |  |
|  CNO Financial Group, Inc. | 116522 |  | 2662528 |  |
|  First American Financial Corp. | 105460 |  | 5519776 |  |
|  Hanover Insurance Group, Inc. (The) | 36221 |  | 4894544 |  |
|  Kemper Corp. | 65068 |  | 3201346 |  |
|  Kinsale Capital Group, Inc. | 21949 |  | 5740102 |  |
|  Old Republic International Corp. | 288245 |  | 6961117 |  |
|  Primerica, Inc. | 37582 |  | 5329879 |  |
|  Reinsurance Group of America, Inc. | 68075 |  | 9672777 |  |
|  RenaissanceRe Holdings Ltd. | 44512 |  | 8200446 |  |
|  RLI Corp. | 41135 |  | 5399791 |  |
|  Selective Insurance Group, Inc. | 61392 |  | 5439945 |  |
|  Unum Group | 190468 |  | 7814902 |  |
|  |  |  | 84209380 |  |

---

See Notes to Financial Statements.

1177

------

**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | **** |
|  Annaly Capital Management, Inc. (REIT) | 476532 | $10045295 |  |
|  ***Thrifts & Mortgage Finance (0.7%)*** | ***Thrifts & Mortgage Finance (0.7%)*** | ***Thrifts & Mortgage Finance (0.7%)*** | **** |
|  Essent Group Ltd. | 109702 | 4265214 |  |
|  MGIC Investment Corp. | 302527 | 3932851 |  |
|  New York Community Bancorp, Inc. | 692890 | 5958854 |  |
|  |  | 14156919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 316769043 |  |
|  **Health Care (10.1%)** | **Health Care (10.1%)** | **Health Care (10.1%)** |  |
|  ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | ***Biotechnology (2.0%)*** | **** |
|  Arrowhead Pharmaceuticals, Inc.\* | 107810 | 4372774 |  |
|  Exelixis, Inc.\* | 328536 | 5269717 |  |
|  Halozyme Therapeutics, Inc.\* | 137718 | 7836154 |  |
|  Neurocrine Biosciences, Inc.\* | 97915 | 11694968 |  |
|  United Therapeutics Corp.\* | 46422 | 12909494 |  |
|  |  | 42083107 |  |
|  ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | ***Health Care Equipment & Supplies (3.5%)*** | **** |
|  Enovis Corp.\* | 48533 | 2597486 |  |
|  Envista Holdings Corp.\* | 166065 | 5591409 |  |
|  Globus Medical, Inc., Class A\* | 78846 | 5855892 |  |
|  Haemonetics Corp.\* | 51546 | 4054093 |  |
|  ICU Medical, Inc.\* | 20519 | 3231332 |  |
|  Inari Medical, Inc.\* | 49182 | 3126008 |  |
|  Integra LifeSciences Holdings Corp.\* | 74007 | 4149573 |  |
|  Lantheus Holdings, Inc.\* | 70107 | 3572653 |  |
|  LivaNova plc\* | 54515 | 3027763 |  |
|  Masimo Corp.\* | 49256 | 7287425 |  |
|  Neogen Corp. (x)\* | 220111 | 3352291 |  |
|  Omnicell, Inc.\* | 45477 | 2292950 |  |
|  Penumbra, Inc.\* | 38683 | 8605420 |  |
|  QuidelOrtho Corp.\* | 54488 | 4667987 |  |
|  Shockwave Medical, Inc.\* | 36812 | 7568915 |  |
|  STAAR Surgical Co.\* | 49099 | 2383265 |  |
|  Tandem Diabetes Care, Inc.\* | 65490 | 2943776 |  |
|  |  | 74308238 |  |
|  ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | ***Health Care Providers & Services (2.4%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 92663 | 7628018 |  |
|  Amedisys, Inc.\* | 33094 | 2764673 |  |
|  Chemed Corp. | 15146 | 7730973 |  |
|  Encompass Health Corp. | 101637 | 6078909 |  |
|  HealthEquity, Inc.\* | 86097 | 5307019 |  |
|  LHC Group, Inc.\* | 31603 | 5109889 |  |
|  Option Care Health, Inc.\* | 157480 | 4738573 |  |
|  Patterson Cos., Inc. | 88233 | 2473171 |  |
|  Progyny, Inc.\* | 76629 | 2386993 |  |
|  R1 RCM, Inc. (x)\* | 139995 | 1532945 |  |
|  Tenet Healthcare Corp.\* | 110126 | 5373048 |  |
|  |  | 51124211 |  |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | **** |
|  Azenta, Inc.\* | 76410 | 4448590 |  |
|  Bruker Corp. | 101869 | 6962746 |  |
|  Medpace Holdings, Inc.\* | 25658 | 5450016 |  |
|  Repligen Corp.\* | 52594 | 8904690 |  |
|  Sotera Health Co.\* | 100568 | 837732 |  |
|  Syneos Health, Inc.\* | 104810 | 3844431 |  |
|  |  | 30448205 |  |
|  ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | ***Pharmaceuticals (0.7%)*** | **** |
|  Jazz Pharmaceuticals plc\* | 64133 | 10217028 |  |
|  Perrigo Co. plc | 137134 | 4674898 |  |
|  |  | 14891926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 212855687 |  |
|  **Industrials (19.6%)** | **Industrials (19.6%)** | **Industrials (19.6%)** |  |
|  ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | ***Aerospace & Defense (1.5%)*** | **** |
|  Axon Enterprise, Inc.\* | 68860 | 11425940 |  |
|  Curtiss-Wright Corp. | 39018 | 6515616 |  |
|  Hexcel Corp. | 85730 | 5045211 |  |
|  Mercury Systems, Inc.\* | 59056 | 2642165 |  |
|  Woodward, Inc. | 61279 | 5920164 |  |
|  |  | 31549096 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  GXO Logistics, Inc.\* | 120837 | 5158531 |  |
|  ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | ***Airlines (0.1%)*** | **** |
|  JetBlue Airways Corp.\* | 329877 | 2137603 |  |
|  ***Building Products (2.6%)*** | ***Building Products (2.6%)*** | ***Building Products (2.6%)*** | **** |
|  Builders FirstSource, Inc.\* | 149902 | 9725642 |  |
|  Carlisle Cos., Inc. | 52675 | 12412864 |  |
|  Fortune Brands Innovations, Inc. | 129773 | 7411336 |  |
|  Lennox International, Inc. | 32848 | 7858227 |  |
|  Owens Corning | 95188 | 8119536 |  |
|  Simpson Manufacturing Co., Inc. | 43387 | 3846691 |  |
|  Trex Co., Inc.\* | 111771 | 4731267 |  |
|  |  | 54105563 |  |
|  ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | **** |
|  Brink's Co. (The) | 47310 | 2541020 |  |
|  Clean Harbors, Inc.\* | 51221 | 5845341 |  |
|  IAA, Inc.\* | 136243 | 5449720 |  |
|  MSA Safety, Inc. | 37529 | 5411306 |  |
|  Stericycle, Inc.\* | 93892 | 4684272 |  |
|  Tetra Tech, Inc. | 53963 | 7834888 |  |
|  |  | 31766547 |  |
|  ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | ***Construction & Engineering (2.2%)*** | **** |
|  AECOM | 142237 | 12080189 |  |
|  Dycom Industries, Inc.\* | 30004 | 2808374 |  |
|  EMCOR Group, Inc. | 48538 | 7188963 |  |
|  Fluor Corp.\* | 144720 | 5015995 |  |
|  MasTec, Inc.\* | 60055 | 5124493 |  |
|  MDU Resources Group, Inc. | 207118 | 6283960 |  |
|  Valmont Industries, Inc. | 21729 | 7185129 |  |
|  |  | 45687103 |  |
|  ***Electrical Equipment (2.1%)*** | ***Electrical Equipment (2.1%)*** | ***Electrical Equipment (2.1%)*** | **** |
|  Acuity Brands, Inc. | 32754 | 5424390 |  |
|  EnerSys | 41587 | 3070784 |  |
|  Hubbell, Inc. | 54702 | 12837465 |  |
|  nVent Electric plc | 169673 | 6527320 |  |
|  Regal Rexnord Corp. | 67377 | 8083893 |  |
|  SunPower Corp. (x)\* | 86931 | 1567366 |  |
|  Sunrun, Inc.\* | 217051 | 5213565 |  |
|  Vicor Corp.\* | 22703 | 1220286 |  |
|  |  | 43945069 |  |

---

See Notes to Financial Statements.

1178

------

**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | ***Machinery (4.7%)*** | **** |
|  AGCO Corp. | 63064 | $8746346 |  |
|  Chart Industries, Inc.\* | 42555 | 4903613 |  |
|  Crane Holdings Co. | 48607 | 4882573 |  |
|  Donaldson Co., Inc. | 124729 | 7342796 |  |
|  Esab Corp. | 52623 | 2469071 |  |
|  Flowserve Corp. | 133117 | 4084030 |  |
|  Graco, Inc. | 171651 | 11545246 |  |
|  ITT, Inc. | 84232 | 6831215 |  |
|  Kennametal, Inc. | 82068 | 1974556 |  |
|  Lincoln Electric Holdings, Inc. | 58808 | 8497168 |  |
|  Middleby Corp. (The)\* | 54883 | 7348834 |  |
|  Oshkosh Corp. | 66606 | 5873983 |  |
|  Terex Corp. | 68750 | 2937000 |  |
|  Timken Co. (The) | 67424 | 4764854 |  |
|  Toro Co. (The) | 106134 | 12014369 |  |
|  Watts Water Technologies, Inc., Class A | 27791 | 4063878 |  |
|  |  | 98279532 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Kirby Corp.\* | 61006 | 3925736 |  |
|  ***Professional Services (1.8%)*** | ***Professional Services (1.8%)*** | ***Professional Services (1.8%)*** | **** |
|  ASGN, Inc.\* | 50825 | 4141221 |  |
|  CACI International, Inc., Class A\* | 23933 | 7194020 |  |
|  FTI Consulting, Inc.\* | 35061 | 5567687 |  |
|  Insperity, Inc. | 36319 | 4125838 |  |
|  KBR, Inc. | 139737 | 7378114 |  |
|  ManpowerGroup, Inc. | 51494 | 4284816 |  |
|  Science Applications International Corp. | 56150 | 6228719 |  |
|  |  | 38920415 |  |
|  ***Road & Rail (1.7%)*** | ***Road & Rail (1.7%)*** | ***Road & Rail (1.7%)*** | **** |
|  Avis Budget Group, Inc.\* | 25341 | 4154150 |  |
|  Knight-Swift Transportation Holdings, Inc. | 163673 | 8578102 |  |
|  Landstar System, Inc. | 36591 | 5960674 |  |
|  RXO, Inc.\* | 117246 | 2016631 |  |
|  Ryder System, Inc. | 51182 | 4277280 |  |
|  Saia, Inc.\* | 26953 | 5651505 |  |
|  Werner Enterprises, Inc. | 59867 | 2410246 |  |
|  XPO, Inc.\* | 115963 | 3860408 |  |
|  |  | 36908996 |  |
|  ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | ***Trading Companies & Distributors (1.0%)*** | **** |
|  GATX Corp. | 35853 | 3812608 |  |
|  MSC Industrial Direct Co., Inc., Class A | 48095 | 3929362 |  |
|  Univar Solutions, Inc.\* | 166189 | 5284810 |  |
|  Watsco, Inc. | 33880 | 8449672 |  |
|  |  | 21476452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 413860643 |  |
|  **Information Technology (11.9%)** | **Information Technology (11.9%)** | **Information Technology (11.9%)** |  |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | **** |
|  Calix, Inc.\* | 57989 | 3968187 |  |
|  Ciena Corp.\* | 150886 | 7692168 |  |
|  Lumentum Holdings, Inc. (x)\* | 69463 | 3623885 |  |
|  Viasat, Inc.\* | 76987 | 2436639 |  |
|  |  | 17720879 |  |
|  ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | ***Electronic Equipment, Instruments & Components (3.1%)*** | **** |
|  Arrow Electronics, Inc.\* | 62648 | 6551101 |  |
|  Avnet, Inc. | 93212 | 3875755 |  |
|  Belden, Inc. | 43599 | 3134768 |  |
|  Cognex Corp. | 176133 | 8297626 |  |
|  Coherent Corp.\* | 141259 | 4958191 |  |
|  IPG Photonics Corp.\* | 32747 | 3100158 |  |
|  Jabil, Inc. | 137133 | 9352471 |  |
|  Littelfuse, Inc. | 25215 | 5552343 |  |
|  National Instruments Corp. | 132988 | 4907257 |  |
|  Novanta, Inc.\* | 36352 | 4939146 |  |
|  TD SYNNEX Corp. | 42821 | 4055577 |  |
|  Vishay Intertechnology, Inc. | 131968 | 2846550 |  |
|  Vontier Corp. | 160919 | 3110564 |  |
|  |  | 64681507 |  |
|  ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | ***IT Services (2.0%)*** | **** |
|  Concentrix Corp. | 43154 | 5746387 |  |
|  Euronet Worldwide, Inc.\* | 47987 | 4529013 |  |
|  ExlService Holdings, Inc.\* | 33678 | 5706064 |  |
|  Genpact Ltd. | 171720 | 7954070 |  |
|  Kyndryl Holdings, Inc.\* | 207892 | 2311759 |  |
|  Maximus, Inc. | 61673 | 4522481 |  |
|  Western Union Co. (The) | 393324 | 5416071 |  |
|  WEX, Inc.\* | 44401 | 7266224 |  |
|  |  | 43452069 |  |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | **** |
|  Allegro MicroSystems, Inc.\* | 66250 | 1988825 |  |
|  Amkor Technology, Inc. | 102300 | 2453154 |  |
|  Cirrus Logic, Inc.\* | 56081 | 4176913 |  |
|  Lattice Semiconductor Corp.\* | 139598 | 9057118 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 52045 | 3277794 |  |
|  MKS Instruments, Inc. | 58256 | 4936031 |  |
|  Power Integrations, Inc. | 58258 | 4178264 |  |
|  Silicon Laboratories, Inc.\* | 33900 | 4599213 |  |
|  SiTime Corp. (x)\* | 16378 | 1664332 |  |
|  Synaptics, Inc.\* | 40610 | 3864448 |  |
|  Universal Display Corp. | 44264 | 4782283 |  |
|  Wolfspeed, Inc.\* | 126514 | 8734526 |  |
|  |  | 53712901 |  |
|  ***Software (3.2%)*** | ***Software (3.2%)*** | ***Software (3.2%)*** | **** |
|  ACI Worldwide, Inc.\* | 114455 | 2632465 |  |
|  Aspen Technology, Inc.\* | 29582 | 6076143 |  |
|  Blackbaud, Inc.\* | 45428 | 2673892 |  |
|  CommVault Systems, Inc.\* | 45357 | 2850234 |  |
|  Dynatrace, Inc.\* | 205229 | 7860271 |  |
|  Envestnet, Inc.\* | 56351 | 3476857 |  |
|  Fair Isaac Corp.\* | 25440 | 15227875 |  |
|  Manhattan Associates, Inc.\* | 63553 | 7715334 |  |
|  NCR Corp.\* | 139945 | 3276112 |  |
|  Paylocity Holding Corp.\* | 41963 | 8151732 |  |
|  Qualys, Inc.\* | 35210 | 3951618 |  |
|  Teradata Corp.\* | 103686 | 3490071 |  |
|  |  | 67382604 |  |
|  ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | ***Technology Hardware, Storage & Peripherals (0.3%)*** | **** |
|  Super Micro Computer, Inc.\* | 46901 | 3850572 |  |
|  Xerox Holdings Corp. | 114109 | 1665992 |  |
|  |  | 5516564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 252466524 |  |

---

See Notes to Financial Statements.

1179

------

**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Materials (6.5%)** | **Materials (6.5%)** | **Materials (6.5%)** |  |
|  ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | ***Chemicals (2.7%)*** | **** |
|  Ashland, Inc. | 50731 | $5455104 |  |
|  Avient Corp. | 87071 | 2939517 |  |
|  Cabot Corp. | 57291 | 3829330 |  |
|  Chemours Co. (The) | 153713 | 4706692 |  |
|  Ingevity Corp.\* | 35781 | 2520414 |  |
|  NewMarket Corp. | 6938 | 2158481 |  |
|  Olin Corp. | 129733 | 6868065 |  |
|  RPM International, Inc. | 131491 | 12813798 |  |
|  Scotts Miracle-Gro Co. (The) | 41196 | 2001714 |  |
|  Sensient Technologies Corp. | 42817 | 3122216 |  |
|  Valvoline, Inc. | 180299 | 5886762 |  |
|  Westlake Corp. | 35074 | 3596488 |  |
|  |  | 55898581 |  |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Eagle Materials, Inc. | 37528 | 4985595 |  |
|  ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | ***Containers & Packaging (0.9%)*** | **** |
|  AptarGroup, Inc. | 66494 | 7313010 |  |
|  Greif, Inc., Class A | 26081 | 1748992 |  |
|  Silgan Holdings, Inc. | 85210 | 4417286 |  |
|  Sonoco Products Co. | 99318 | 6029596 |  |
|  |  | 19508884 |  |
|  ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** | ***Metals & Mining (2.5%)*** | **** |
|  Alcoa Corp. | 180214 | 8194331 |  |
|  Cleveland-Cliffs, Inc.\* | 524847 | 8455285 |  |
|  Commercial Metals Co. | 119517 | 5772671 |  |
|  MP Materials Corp. (x)\* | 94032 | 2283097 |  |
|  Reliance Steel & Aluminum Co. | 59779 | 12101661 |  |
|  Royal Gold, Inc. | 66860 | 7536459 |  |
|  United States Steel Corp. | 238608 | 5977130 |  |
|  Worthington Industries, Inc. | 30885 | 1535293 |  |
|  |  | 51855927 |  |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | **** |
|  Louisiana-Pacific Corp. | 73023 | 4322962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 136571949 |  |
|  **Real Estate (8.1%)** | **Real Estate (8.1%)** | **Real Estate (8.1%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (7.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.7%)*** | **** |
|  Apartment Income REIT Corp. (REIT) | 152705 | 5239308 |  |
|  Brixmor Property Group, Inc. (REIT) | 305468 | 6924959 |  |
|  Corporate Office Properties Trust (REIT) | 114505 | 2970260 |  |
|  Cousins Properties, Inc. (REIT) | 154239 | 3900704 |  |
|  CubeSmart (REIT) | 228735 | 9206584 |  |
|  Douglas Emmett, Inc. (REIT) | 179045 | 2807426 |  |
|  EastGroup Properties, Inc. (REIT) | 44382 | 6571199 |  |
|  EPR Properties (REIT) | 76411 | 2882223 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 134583 | 6494976 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 387621 | 7469457 |  |
|  Highwoods Properties, Inc. (REIT) | 107147 | 2997973 |  |
|  Independence Realty Trust, Inc. (REIT) | 227987 | 3843861 |  |
|  JBG SMITH Properties (REIT) | 100829 | 1913734 |  |
|  Kilroy Realty Corp. (REIT) | 107138 | 4143026 |  |
|  Kite Realty Group Trust (REIT) | 223157 | 4697455 |  |
|  Lamar Advertising Co. (REIT), Class A | 88880 | 8390272 |  |
|  Life Storage, Inc. (REIT) | 86573 | 8527440 |  |
|  Macerich Co. (The) (REIT) | 218763 | 2463271 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 609077 | 6785118 |  |
|  National Retail Properties, Inc. (REIT) | 182044 | 8330333 |  |
|  National Storage Affiliates Trust (REIT) | 86070 | 3108848 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 238521 | 6666662 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 229008 | 2700004 |  |
|  Pebblebrook Hotel Trust (REIT) | 133907 | 1793015 |  |
|  Physicians Realty Trust (REIT) | 232489 | 3364116 |  |
|  PotlatchDeltic Corp. (REIT) | 82273 | 3619189 |  |
|  Rayonier, Inc. (REIT) | 149136 | 4915523 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 186892 | 10211779 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 235255 | 2924220 |  |
|  SL Green Realty Corp. (REIT) (x) | 65507 | 2208896 |  |
|  Spirit Realty Capital, Inc. (REIT) | 142247 | 5679923 |  |
|  STORE Capital Corp. (REIT) | 270647 | 8676943 |  |
|  |  | 162428697 |  |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | **** |
|  Jones Lang LaSalle, Inc.\* | 48343 | 7704424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 170133121 |  |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |  |
|  ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | ***Electric Utilities (1.5%)*** | **** |
|  ALLETE, Inc. | 58221 | 3755837 |  |
|  Hawaiian Electric Industries, Inc. | 111498 | 4666191 |  |
|  IDACORP, Inc. | 51499 | 5554167 |  |
|  OGE Energy Corp. | 203911 | 8064680 |  |
|  PNM Resources, Inc. | 87425 | 4265466 |  |
|  Portland General Electric Co. | 90927 | 4455423 |  |
|  |  | 30761764 |  |
|  ***Gas Utilities (1.4%)*** | ***Gas Utilities (1.4%)*** | ***Gas Utilities (1.4%)*** | **** |
|  National Fuel Gas Co. | 93173 | 5897851 |  |
|  New Jersey Resources Corp. | 98010 | 4863256 |  |
|  ONE Gas, Inc. | 55144 | 4175504 |  |
|  Southwest Gas Holdings, Inc. | 62846 | 3888910 |  |
|  Spire, Inc. | 53466 | 3681669 |  |
|  UGI Corp. | 213259 | 7905511 |  |
|  |  | 30412701 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  Ormat Technologies, Inc. | 49665 | 4295029 |  |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | **** |
|  Black Hills Corp. | 66284 | 4662416 |  |
|  NorthWestern Corp. | 58849 | 3492100 |  |
|  |  | 8154516 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  Essential Utilities, Inc. | 243106 | 11603450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 85227460 |  |
|  **Total Common Stocks (99.0%)**<br> *(Cost $1,500,502,001)* |  | 2090427469 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |  |

---

See Notes to Financial Statements.

1180

------

**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.5%)** | **Repurchase Agreements (1.5%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | $2000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $7,236,536, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $7,377,823. (xx) | 7233160 | 7233160 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $5,002,389, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $5,102,650. (xx) | 5000000 | 5000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $6,005,192, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $6,532,971. (xx) | 6000000 | 6000000 |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $1,000,836, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $1,020,000. (xx) | 1000000 | 1000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $1,456,650, collateralized by various Common Stocks; total market value $1,620,235. (xx) | 1455937 | 1455937 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $5,702,793, collateralized by various Common Stocks; total market value $6,343,228. (xx) | 5700000 | 5700000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $3,001,467, collateralized by various Common Stocks; total market value $3,331,940. (xx) | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 31389097 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $33,389,097)* |  | 33389097 |
|  **Total Investments in Securities (100.6%)**<br> *(Cost $1,533,891,098)* |  | 2123816566 |
|  **Other Assets Less Liabilities (-0.6%)** | **Other Assets Less Liabilities (-0.6%)** | (12619001) |
|  **Net Assets (100%)** |  | $2111197565 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $38,884,435. This was collateralized by $6,610,077 of various U.S. Government Treasury Securities, ranging from 0.000% - 6.125%, maturing 1/10/23 - 5/15/52 and by cash of $33,389,097 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  S&P Midcap 400 E-Mini Index | 72 | 3/2023 | USD | 17586720 | (459137) |
|  |  |  |  |  | (459137) |

---

See Notes to Financial Statements.

1181

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $43304925 | $— | $— | $43304925 |
|  Consumer Discretionary | 293328064 |  |  | 293328064 |
|  Consumer Staples | 84282978 |  |  | 84282978 |
|  Energy | 81627075 |  |  | 81627075 |
|  Financials | 316769043 |  |  | 316769043 |
|  Health Care | 212855687 |  |  | 212855687 |
|  Industrials | 413860643 |  |  | 413860643 |
|  Information Technology | 252466524 |  |  | 252466524 |
|  Materials | 136571949 |  |  | 136571949 |
|  Real Estate | 170133121 |  |  | 170133121 |
|  Utilities | 85227460 |  |  | 85227460 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 31389097 |  | 31389097 |
|  **Total Assets** | $**2092427469** | $**31389097** | $**—** | $**2123816566** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(459137) | $— | $— | $(459137) |
|  **Total Liabilities** | $**(459137)** | $**—** | $**—** | $**(459137)** |
|  **Total** | $**2091968332** | $**31389097** | $**—** | $**2123357429** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(459137) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459137 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(1446278) | $(1446278) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446278) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1446278) |

---

See Notes to Financial Statements.

1182

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(628627) | $(628627) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628627) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628627) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $17,290,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $303635864 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373654084 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $760741359 |
|  Aggregate gross unrealized depreciation | (171609193) |
|  Net unrealized appreciation | $589132166 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534225263 |

---

See Notes to Financial Statements.

1183

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,502,502,001) | $2092427469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $31,389,097) | 31389097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 18601407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2632483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 972729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 342058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 34165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2146408869 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 33389097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 640309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 536885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 424753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 173285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 26086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 19896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 35211304 |
|  **NET ASSETS** | $2111197565 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1496655499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 614542066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2111197565 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $120,653,282 / 8,542,039 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.12 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,967,767,703 / 142,590,693 shares outstanding (unlimited amount authorized: $0.01 par value) | $13.80 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $22,776,580 / 1,610,707 shares outstanding (unlimited amount authorized: $0.01 par value) | $14.14 |

---

*(x)* *Includes value of securities on loan of $38,884,435.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $33539523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 211126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 738079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 34488728 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7613770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 5129879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2045124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 320085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 112532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 85073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 76300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 71376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 53494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 15507633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1026029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14481604 |
|  **NET INVESTMENT INCOME (LOSS)** | 20007124 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 109886281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1446278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 108440003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (471641406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (628627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (472270033) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (363830030) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(343822906) |

---

See Notes to Financial Statements.

1184

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20007124 | $14287946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 108440003 | 248552526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (472270033) | 244718761 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (343822906) | 507559233 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (8989751) | (12713870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (149516239) | (204034365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1803605) | (2599758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (160309595) | (219347993) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 338,986 and 1,039,956 shares, respectively ] | 5266829 | 18077863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 623,738 and 738,847 shares, respectively ] | 8989751 | 12713870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (949319) and (1436799) shares, respectively ] | (14755710) | (25814036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (499130) | 4977697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,676,323 and 7,299,772 shares, respectively ] | 100456273 | 129512623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 10,613,498 and 12,114,263 shares, respectively ] | 149516239 | 204034365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11920049) and (14230979) shares, respectively ] | (180104149) | (249536337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 69868363 | 84010651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 91,904 and 165,854 shares, respectively ] | 1424730 | 2971073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 124,908 and 150,947 shares, respectively ] | 1803605 | 2599758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (301269) and (231371) shares, respectively ] | (4602263) | (4106067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (1373928) | 1464764 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 67995305 | 90453112 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (436137196) | 378664352 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2547334761 | 2168670409 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2111197565 | $2547334761 |

---

See Notes to Financial Statements.

1185

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.63 | $15.57 | $14.68 | $12.31 | $15.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.10 | 0.12 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.54) | 3.57 | 1.68 | 2.98 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.40) | 3.67 | 1.80 | 3.11 | (1.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.11) | (0.11) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.96) | (1.50) | (0.80) | (0.60) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.11) | (1.61) | (0.91) | (0.74) | (1.32) |
|  Net asset value, end of year | $14.12 | $17.63 | $15.57 | $14.68 | $12.31 |
|  Total return | (13.65)% | 23.93% | 12.80% | 25.43% | (11.69)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $120653 | $150325 | $127485 | $123215 | $103087 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.66% | 0.69% | 0.72% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.71% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90% | 0.58% | 0.89% | 0.94% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.86% | 0.57% | 0.89% | 0.94% | 0.93% |
|  Portfolio turnover rate^ | 14% | 18% | 17% | 17% | 18% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.25 | $15.27 | $14.41 | $12.10 | $15.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.10 | 0.12 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.48) | 3.49 | 1.65 | 2.92 | (1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.34) | 3.59 | 1.77 | 3.05 | (1.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.11) | (0.11) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.96) | (1.50) | (0.80) | (0.60) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.11) | (1.61) | (0.91) | (0.74) | (1.32) |
|  Net asset value, end of year | $13.80 | $17.25 | $15.27 | $14.41 | $12.10 |
|  Total return | (13.60)% | 23.87% | 12.84% | 25.37% | (11.68)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557718 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.66% | 0.69% | 0.72% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.71% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.91% | 0.58% | 0.89% | 0.94% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.86% | 0.57% | 0.89% | 0.94% | 0.93% |
|  Portfolio turnover rate^ | 14% | 18% | 17% | 17% | 18% |

---

See Notes to Financial Statements.

1186

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**EQ ADVISORS TRUST** 

EQ/MID CAP INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $17.64 | $15.58 | $14.68 | $12.31 | $15.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.15 | 0.15 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.54) | 3.56 | 1.70 | 2.97 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.36) | 3.71 | 1.85 | 3.14 | (1.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.15) | (0.15) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.96) | (1.50) | (0.80) | (0.60) | (1.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.14) | (1.65) | (0.95) | (0.77) | (1.36) |
|  Net asset value, end of year | $14.14 | $17.64 | $15.58 | $14.68 | $12.31 |
|  Total return | (13.37)% | 24.18% | 13.10% | 25.72% | (11.46)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.41% | 0.44% | 0.47% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.46% | 0.45% | 0.47% | 0.47% | 0.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15% | 0.83% | 1.13% | 1.19% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.10% | 0.82% | 1.13% | 1.18% | 1.17% |
|  Portfolio turnover rate^ | 14% | 18% | 17% | 17% | 18% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1187

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**EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Diamond Hill Capital Management, Inc.

<sub>⮚</sub> Wellington Management Company, LLP

PERFORMANCE RESULTS

![LOGO](g401674g79i02.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (14.55)% | 4.63% | 8.96 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (14.58) | 4.62 | 8.96 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (14.38) | 4.89 | 9.23 |  |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | (12.03) | 5.72 | 10.11 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (14.58)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell Midcap<sup>®</sup> Value Index, which returned (12.03)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• The Portfolio's Consumer Staples sector provided the largest contribution to relative return. Standouts in the sector
include Cal-Maine Foods, Inc., which performed well in large part due to the ongoing bird flu outbreak which has continued to keep hen supply tight and supports higher egg prices, the key driver for the company's profitability. Post Holdings,
Inc. has also had a strong year based on strong revenue growth driven by a solid recovery in its foodservice business. Lancaster Colony Corp. has performed well after multiple quarters of strong earnings primarily from its foodservice business which
has shown strong revenue growth.

• An underweight to and security selection in the Real Estate and Information Technology sectors also contributed to relative
returns.

• Additionally, Coterra Energy, Inc., a hydrocarbon exploration company, was a top contributor in the Energy sector from both
an absolute and relative perspective, as was Alleghany Corp., a property and casualty insurance company, in the Financials sector.

• An underweight allocation to the Communications sector also aided relative returns.

***What hurt performance during the year?***

• An underweight allocation and security selection were negative in both the Energy and Utilities sectors while an overweight
allocation and security selection were negative in both the Industrials and Consumer Discretionary sectors.

• In the Industrials sector, airline company Allegiant Travel Co. declined as higher fuel and labor costs pressured the
airline's profitability, while recessionary concerns weighed on market sentiment.

• In the Consumer Discretionary sector, Hanesbrands, Inc. underperformed as the company reduced guidance to reflect lower
sell-in and point-of-sale trends at its largest retail partners and elevated cost pressures

• Syneos Health, Inc., a management consulting company, underperformed in the Health Care sector.

• Footwear and apparel company Wolverine World Wide, Inc. underperformed in the Consumer Discretionary sector as it reported
weak quarterly results and lowered its outlook based on higher expected promotional activity, elevated inventory levels, and softer demand.

• In the Financials sector, PROG Holdings, Inc. has faced headwinds as its subprime customer continues to face pressure from
inflation.

• During the year, the Portfolio reduced its equity exposure for 97 days. This included times when market values were
increasing but market volatility was high. These periods detracted from absolute performance.

1188

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**EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 15.8% |
| &nbsp;&nbsp;&nbsp; Industrials | 14.2 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 10.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 8.5 |
| &nbsp;&nbsp;&nbsp; Real Estate | 7.6 |
| &nbsp;&nbsp;&nbsp; Information Technology | 7.3 |
| &nbsp;&nbsp;&nbsp; Utilities | 5.6 |
| &nbsp;&nbsp;&nbsp; Health Care | 5.5 |
| &nbsp;&nbsp;&nbsp; Materials | 5.0 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 4.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4.0 |
| &nbsp;&nbsp;&nbsp; Energy | 3.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 2.6 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.9 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 3.1 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1038.80 | $4.83 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.46 | 4.79 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1037.90 | 4.83 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.46 | 4.79 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1039.30 | 3.55 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.72 | 3.52 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.94%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.94%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.94%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.94%, 0.94% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1189

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (1.9%)** | **Communication Services (1.9%)** | **Communication Services (1.9%)** |  |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | **** |
|  Frontier Communications Parent, Inc.\* | 32002 | $815411 |  |
|  Lumen Technologies, Inc. | 135285 | 706188 |  |
|  |  | 1521599 |  |
|  ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | ***Entertainment (0.7%)*** | **** |
|  AMC Entertainment Holdings, Inc., Class A (x)\* | 69699 | 283675 |  |
|  Electronic Arts, Inc. | 34025 | 4157174 |  |
|  Liberty Media Corp.-Liberty Formula One, Class A\* | 2595 | 138651 |  |
|  Liberty Media Corp.-Liberty Formula One, Class C\* | 77042 | 4605571 |  |
|  Live Nation Entertainment, Inc.\* | 10085 | 703328 |  |
|  Madison Square Garden Sports Corp., Class A | 1312 | 240529 |  |
|  Roku, Inc.\* | 11582 | 471387 |  |
|  Take-Two Interactive Software, Inc.\* | 3795 | 395173 |  |
|  Warner Bros Discovery, Inc.\* | 82800 | 784944 |  |
|  |  | 11780432 |  |
|  ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | ***Interactive Media & Services (0.3%)*** | **** |
|  Cargurus, Inc.\* | 79751 | 1117311 |  |
|  IAC, Inc.\* | 9983 | 443245 |  |
|  Match Group, Inc.\* | 2495 | 103518 |  |
|  Pinterest, Inc., Class A\* | 59754 | 1450827 |  |
|  Taboola.com Ltd. (x)\* | 360928 | 1111658 |  |
|  TripAdvisor, Inc.\* | 12017 | 216066 |  |
|  |  | 4442625 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  Altice USA, Inc., Class A\* | 29080 | 133768 |  |
|  Cable One, Inc. | 294 | 209287 |  |
|  DISH Network Corp., Class A (x)\* | 33090 | 464584 |  |
|  Fox Corp., Class A | 38887 | 1180998 |  |
|  Fox Corp., Class B | 18744 | 533267 |  |
|  Interpublic Group of Cos., Inc. (The) | 50779 | 1691448 |  |
|  Liberty Broadband Corp., Class A\* | 1281 | 97164 |  |
|  Liberty Broadband Corp., Class C\* | 8347 | 636626 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 6920 | 272025 |  |
|  Liberty Media Corp.-Liberty SiriusXM, Class C\* | 14757 | 577442 |  |
|  New York Times Co. (The), Class A | 21250 | 689775 |  |
|  News Corp., Class A | 49299 | 897242 |  |
|  News Corp., Class B | 15922 | 293601 |  |
|  Nexstar Media Group, Inc., Class A | 4299 | 752454 |  |
|  Omnicom Group, Inc. | 26570 | 2167315 |  |
|  Paramount Global, Class A (x) | 1458 | 28591 |  |
|  Paramount Global, Class B (x) | 76175 | 1285834 |  |
|  Sirius XM Holdings, Inc. (x) | 90650 | 529396 |  |
|  |  | 12440817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 30185473 |  |
|  **Consumer Discretionary (8.5%)** | **Consumer Discretionary (8.5%)** | **Consumer Discretionary (8.5%)** |  |
|  ***Auto Components (0.8%)*** | ***Auto Components (0.8%)*** | ***Auto Components (0.8%)*** | **** |
|  Aptiv plc\* | 26497 | 2467666 |  |
|  BorgWarner, Inc. | 75303 | 3030946 |  |
|  Gentex Corp. | 152292 | 4153003 |  |
|  Lear Corp. | 7663 | 950365 |  |
|  QuantumScape Corp. (x)\* | 34045 | 193035 |  |
|  Visteon Corp.\* | 17141 | 2242557 |  |
|  |  | 13037572 |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  Harley-Davidson, Inc. | 17766 | 739065 |  |
|  Lucid Group, Inc. (x)\* | 4508 | 30790 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 67649 | 1246771 |  |
|  Thor Industries, Inc. (x) | 6689 | 504953 |  |
|  |  | 2521579 |  |
|  ***Distributors (0.3%)*** | ***Distributors (0.3%)*** | ***Distributors (0.3%)*** | **** |
|  Genuine Parts Co. | 16699 | 2897444 |  |
|  LKQ Corp. | 32713 | 1747201 |  |
|  |  | 4644645 |  |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | **** |
|  ADT, Inc. | 26204 | 237670 |  |
|  Bright Horizons Family Solutions, Inc.\* | 5250 | 331275 |  |
|  Grand Canyon Education, Inc.\* | 4109 | 434157 |  |
|  H&R Block, Inc. | 3558 | 129903 |  |
|  Mister Car Wash, Inc. (x)\* | 1508 | 13919 |  |
|  Service Corp. International | 19572 | 1353208 |  |
|  |  | 2500132 |  |
|  ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | ***Hotels, Restaurants & Leisure (2.3%)*** | **** |
|  Aramark | 30604 | 1265169 |  |
|  Boyd Gaming Corp. | 10228 | 557733 |  |
|  Caesars Entertainment, Inc.\* | 8426 | 350522 |  |
|  Carnival Corp. (x)\* | 126436 | 1019074 |  |
|  Darden Restaurants, Inc. | 4296 | 594266 |  |
|  Denny's Corp.\* | 199507 | 1837460 |  |
|  Domino's Pizza, Inc. | 1276 | 442006 |  |
|  Hilton Worldwide Holdings, Inc. | 9659 | 1220511 |  |
|  Hyatt Hotels Corp., Class A\* | 6184 | 559343 |  |
|  Las Vegas Sands Corp.\* | 27340 | 1314234 |  |
|  Marriott Vacations Worldwide Corp. | 4841 | 651550 |  |
|  MGM Resorts International | 41975 | 1407422 |  |
|  Norwegian Cruise Line Holdings Ltd. (x)\* | 51148 | 626052 |  |
|  Penn Entertainment, Inc.\* | 20598 | 611761 |  |
|  Planet Fitness, Inc., Class A\* | 2765 | 217882 |  |
|  Red Rock Resorts, Inc., Class A | 265500 | 10622655 |  |
|  Royal Caribbean Cruises Ltd.\* | 29094 | 1438116 |  |
|  Six Flags Entertainment Corp.\* | 5105 | 118691 |  |
|  Travel + Leisure Co. | 2887 | 105087 |  |
|  Vail Resorts, Inc. | 16438 | 3917997 |  |
|  Wyndham Hotels & Resorts, Inc. | 47407 | 3380593 |  |
|  Wynn Resorts Ltd.\* | 11749 | 968940 |  |
|  Yum! Brands, Inc. | 32666 | 4183861 |  |
|  |  | 37410925 |  |
|  ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | ***Household Durables (1.5%)*** | **** |
|  Century Communities, Inc. (x) | 7351 | 367623 |  |
|  DR Horton, Inc. | 19657 | 1752225 |  |
|  Garmin Ltd. | 20106 | 1855583 |  |
|  Leggett & Platt, Inc. | 17855 | 575467 |  |
|  Lennar Corp., Class A | 32821 | 2970301 |  |
|  Lennar Corp., Class B | 1954 | 146120 |  |

---

See Notes to Financial Statements.

1190

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Meritage Homes Corp.\* | 39167 | $| 3611197 |  |
|  Mohawk Industries, Inc.\* | 6850 |  | 700207 |  |
|  Newell Brands, Inc. | 49168 |  | 643117 |  |
|  NVR, Inc.\* | 1704 |  | 7859836 |  |
|  PulteGroup, Inc. | 18064 |  | 822454 |  |
|  Tempur Sealy International, Inc. | 21826 |  | 749287 |  |
|  Toll Brothers, Inc. | 6787 |  | 338807 |  |
|  TopBuild Corp.\* | 690 |  | 107978 |  |
|  Whirlpool Corp. | 7028 |  | 994181 |  |
|  |  |  | 23494383 |  |
|  ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | ***Internet & Direct Marketing Retail (0.2%)*** | **** |
|  DoorDash, Inc., Class A\* | 3995 |  | 195036 |  |
|  eBay, Inc. | 61829 |  | 2564048 |  |
|  Wayfair, Inc., Class A (x)\* | 3909 |  | 128567 |  |
|  |  |  | 2887651 |  |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | **** |
|  Brunswick Corp. | 7925 |  | 571234 |  |
|  Hasbro, Inc. | 17350 |  | 1058524 |  |
|  Mattel, Inc.\* | 24048 |  | 429016 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 40646 |  | 322729 |  |
|  Polaris, Inc. | 1804 |  | 182204 |  |
|  |  |  | 2563707 |  |
|  ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | ***Multiline Retail (0.3%)*** | **** |
|  Dollar Tree, Inc.\* | 19190 |  | 2714234 |  |
|  Kohl's Corp. | 15187 |  | 383472 |  |
|  Macy's, Inc. | 35240 |  | 727706 |  |
|  Nordstrom, Inc. (x) | 1725 |  | 27841 |  |
|  Ollie's Bargain Outlet Holdings, Inc.\* | 7999 |  | 374673 |  |
|  |  |  | 4227926 |  |
|  ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | ***Specialty Retail (1.5%)*** | **** |
|  Advance Auto Parts, Inc. | 15239 |  | 2240590 |  |
|  AutoNation, Inc.\* | 4411 |  | 473300 |  |
|  AutoZone, Inc.\* | 228 |  | 562289 |  |
|  Bath & Body Works, Inc. | 30179 |  | 1271743 |  |
|  Best Buy Co., Inc. | 17946 |  | 1439449 |  |
|  Burlington Stores, Inc.\* | 5672 |  | 1150055 |  |
|  CarMax, Inc.\* | 41215 |  | 2509581 |  |
|  Dick's Sporting Goods, Inc. | 6956 |  | 836737 |  |
|  Five Below, Inc.\* | 8789 |  | 1554510 |  |
|  GameStop Corp., Class A (x)\* | 35353 |  | 652616 |  |
|  Gap, Inc. (The) | 26120 |  | 294634 |  |
|  Leslie's, Inc. (x)\* | 1924 |  | 23492 |  |
|  Lithia Motors, Inc., Class A | 3540 |  | 724780 |  |
|  Monro, Inc. | 64128 |  | 2898586 |  |
|  O'Reilly Automotive, Inc.\* | 4805 |  | 4055564 |  |
|  Penske Automotive Group, Inc. | 3374 |  | 387774 |  |
|  Petco Health & Wellness Co., Inc.\* | 11185 |  | 106034 |  |
|  RH (x)\* | 1557 |  | 416015 |  |
|  Ross Stores, Inc. | 25705 |  | 2983579 |  |
|  Victoria's Secret & Co.\* | 3276 |  | 117215 |  |
|  Williams-Sonoma, Inc. | 1849 |  | 212487 |  |
|  |  |  | 24911030 |  |
|  ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | ***Textiles, Apparel & Luxury Goods (1.1%)*** | **** |
|  Capri Holdings Ltd.\* | 16431 |  | 941825 |  |
|  Carter's, Inc. | 4853 |  | 362082 |  |
|  Columbia Sportswear Co. | 45819 |  | 4012828 |  |
|  Deckers Outdoor Corp.\* | 371 |  | 148088 |  |
|  Hanesbrands, Inc. | 389096 |  | 2474651 |  |
|  PVH Corp. | 8484 |  | 598885 |  |
|  Ralph Lauren Corp. | 5233 |  | 552971 |  |
|  Skechers USA, Inc., Class A\* | 14644 |  | 614316 |  |
|  Steven Madden Ltd. | 106331 |  | 3398339 |  |
|  Tapestry, Inc. | 27407 |  | 1043659 |  |
|  Under Armour, Inc., Class A\* | 25688 |  | 260990 |  |
|  Under Armour, Inc., Class C\* | 26999 |  | 240831 |  |
|  VF Corp. | 46175 |  | 1274892 |  |
|  Wolverine World Wide, Inc. | 182598 |  | 1995796 |  |
|  |  |  | 17920153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 136119703 |  |
|  **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** | **Consumer Staples (4.0%)** |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 82 |  | 27021 |  |
|  Brown-Forman Corp., Class A | 2586 |  | 170055 |  |
|  Brown-Forman Corp., Class B | 9988 |  | 656012 |  |
|  Molson Coors Beverage Co., Class B | 22649 |  | 1166876 |  |
|  |  |  | 2019964 |  |
|  ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | **** |
|  Albertsons Cos., Inc., Class A | 21553 |  | 447009 |  |
|  BJ's Wholesale Club Holdings, Inc.\* | 6530 |  | 432025 |  |
|  Casey's General Stores, Inc. | 4895 |  | 1098193 |  |
|  Grocery Outlet Holding Corp.\* | 10484 |  | 306028 |  |
|  Kroger Co. (The) | 85829 |  | 3826257 |  |
|  Performance Food Group Co.\* | 13694 |  | 799593 |  |
|  US Foods Holding Corp.\* | 173607 |  | 5906110 |  |
|  |  |  | 12815215 |  |
|  ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | **** |
|  Bunge Ltd. | 18102 |  | 1806037 |  |
|  Cal-Maine Foods, Inc. | 132539 |  | 7216749 |  |
|  Campbell Soup Co. | 25604 |  | 1453027 |  |
|  Conagra Brands, Inc. | 61532 |  | 2381288 |  |
|  Darling Ingredients, Inc.\* | 19674 |  | 1231396 |  |
|  Flowers Foods, Inc. | 24387 |  | 700882 |  |
|  Freshpet, Inc.\* | 2786 |  | 147017 |  |
|  Hershey Co. (The) | 2556 |  | 591893 |  |
|  Hormel Foods Corp. | 37339 |  | 1700792 |  |
|  Ingredion, Inc. | 8625 |  | 844646 |  |
|  J M Smucker Co. (The) | 13455 |  | 2132079 |  |
|  Kellogg Co. | 15071 |  | 1073658 |  |
|  Lancaster Colony Corp. | 29154 |  | 5752084 |  |
|  McCormick & Co., Inc. (Non-Voting) | 32808 |  | 2719455 |  |
|  Pilgrim's Pride Corp.\* | 3149 |  | 74726 |  |
|  Post Holdings, Inc.\* | 105635 |  | 9534615 |  |
|  Seaboard Corp. | 32 |  | 120807 |  |
|  Sovos Brands, Inc.\* | 113990 |  | 1638036 |  |
|  Tyson Foods, Inc., Class A | 37248 |  | 2318688 |  |
|  |  |  | 43437875 |  |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | **** |
|  Church & Dwight Co., Inc. | 17545 |  | 1414302 |  |
|  Clorox Co. (The) | 2717 |  | 381277 |  |
|  Reynolds Consumer Products, Inc. | 7121 |  | 213488 |  |
|  Spectrum Brands Holdings, Inc. | 5110 |  | 311301 |  |
|  |  |  | 2320368 |  |

---

See Notes to Financial Statements.

1191

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | ***Personal Products (0.2%)*** | **** |
|  BellRing Brands, Inc.\* | 127693 | $3274049 |  |
|  Coty, Inc., Class A\* | 45527 | 389711 |  |
|  |  | 3663760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 64257182 |  |
|  **Energy (3.9%)** | **Energy (3.9%)** | **Energy (3.9%)** |  |
|  ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | ***Energy Equipment & Services (0.4%)*** | **** |
|  Baker Hughes Co. | 123267 | 3640074 |  |
|  Halliburton Co. | 64259 | 2528592 |  |
|  NOV, Inc. | 51692 | 1079846 |  |
|  |  | 7248512 |  |
|  ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | **** |
|  Antero Midstream Corp. | 44197 | 476886 |  |
|  Antero Resources Corp.\* | 12754 | 395246 |  |
|  APA Corp. | 41924 | 1957012 |  |
|  Cheniere Energy, Inc. | 13826 | 2073347 |  |
|  Chesapeake Energy Corp. (x) | 15747 | 1486044 |  |
|  Civitas Resources, Inc. | 36120 | 2092432 |  |
|  Coterra Energy, Inc. | 459261 | 11284043 |  |
|  Delek US Holdings, Inc. | 36412 | 983124 |  |
|  Devon Energy Corp. | 43505 | 2675993 |  |
|  Diamondback Energy, Inc. | 39029 | 5338387 |  |
|  DT Midstream, Inc. | 12594 | 695944 |  |
|  EQT Corp. | 48009 | 1624145 |  |
|  Hess Corp. | 8072 | 1144771 |  |
|  HF Sinclair Corp. | 17651 | 915910 |  |
|  Marathon Oil Corp. | 220662 | 5973320 |  |
|  ONEOK, Inc. | 51607 | 3390580 |  |
|  Ovintiv, Inc. | 9233 | 468205 |  |
|  PDC Energy, Inc. | 5321 | 337777 |  |
|  Phillips 66 | 61882 | 6440679 |  |
|  Range Resources Corp. | 10477 | 262135 |  |
|  Southwestern Energy Co.\* | 135958 | 795354 |  |
|  Williams Cos., Inc. (The) | 159438 | 5245510 |  |
|  |  | 56056844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 63305356 |  |
|  **Financials (15.8%)** | **Financials (15.8%)** | **Financials (15.8%)** |  |
|  ***Banks (6.2%)*** | ***Banks (6.2%)*** | ***Banks (6.2%)*** | **** |
|  Ameris Bancorp | 78502 | 3700584 |  |
|  Atlantic Union Bankshares Corp. | 35600 | 1250984 |  |
|  Bank of Hawaii Corp. | 5282 | 409672 |  |
|  Bank OZK | 151595 | 6072896 |  |
|  BankUnited, Inc. | 99763 | 3388949 |  |
|  BOK Financial Corp. | 68605 | 7120513 |  |
|  Cadence Bank | 151336 | 3731946 |  |
|  Citizens Financial Group, Inc. | 63878 | 2514877 |  |
|  Comerica, Inc. | 17253 | 1153363 |  |
|  Commerce Bancshares, Inc. | 14782 | 1006211 |  |
|  Cullen/Frost Bankers, Inc. | 7703 | 1029891 |  |
|  East West Bancorp, Inc. | 18678 | 1230880 |  |
|  Fifth Third Bancorp | 89172 | 2925733 |  |
|  First Citizens BancShares, Inc., Class A | 1082 | 820546 |  |
|  First Hawaiian, Inc. | 16558 | 431170 |  |
|  First Horizon Corp. | 68878 | 1687511 |  |
|  First Interstate BancSystem, Inc., Class A | 100911 | 3900210 |  |
|  First Republic Bank | 47678 | 5811472 |  |
|  FNB Corp. | 46086 | 601422 |  |
|  Huntington Bancshares, Inc. | 187821 | 2648276 |  |
|  KeyCorp | 121308 | 2113185 |  |
|  Live Oak Bancshares, Inc. | 150945 | 4558539 |  |
|  M&T Bank Corp. | 22501 | 3263995 |  |
|  PacWest Bancorp | 15672 | 359673 |  |
|  Pinnacle Financial Partners, Inc. | 9786 | 718292 |  |
|  Popular, Inc. | 9320 | 618102 |  |
|  Prosperity Bancshares, Inc. | 11500 | 835820 |  |
|  Regions Financial Corp. | 122326 | 2637349 |  |
|  Signature Bank | 7766 | 894799 |  |
|  SouthState Corp. | 46083 | 3518898 |  |
|  SVB Financial Group\* | 18724 | 4309141 |  |
|  Synovus Financial Corp. | 124891 | 4689657 |  |
|  Triumph Financial, Inc.\* | 27115 | 1325110 |  |
|  Umpqua Holdings Corp. | 28533 | 509314 |  |
|  Webster Financial Corp. | 271225 | 12839792 |  |
|  Western Alliance Bancorp | 60461 | 3601057 |  |
|  Wintrust Financial Corp. | 7727 | 653086 |  |
|  Zions Bancorp NA | 19108 | 939349 |  |
|  |  | 99822264 |  |
|  ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | **** |
|  Affiliated Managers Group, Inc. | 4870 | 771554 |  |
|  Ameriprise Financial, Inc. | 5036 | 1568059 |  |
|  Bank of New York Mellon Corp. (The) | 96149 | 4376703 |  |
|  Carlyle Group, Inc. (The) | 27069 | 807739 |  |
|  Cboe Global Markets, Inc. | 13782 | 1729228 |  |
|  Coinbase Global, Inc., Class A (x)\* | 20853 | 737988 |  |
|  Evercore, Inc., Class A | 4766 | 519875 |  |
|  Franklin Resources, Inc. | 37456 | 988089 |  |
|  Interactive Brokers Group, Inc., Class A | 12155 | 879414 |  |
|  Invesco Ltd. | 48780 | 877552 |  |
|  Janus Henderson Group plc | 18093 | 425547 |  |
|  Jefferies Financial Group, Inc. | 26093 | 894468 |  |
|  KKR & Co., Inc. | 74860 | 3475001 |  |
|  Lazard Ltd., Class A | 10831 | 375511 |  |
|  Morningstar, Inc. | 326 | 70608 |  |
|  MSCI, Inc. | 2512 | 1168507 |  |
|  Nasdaq, Inc. | 44999 | 2760689 |  |
|  Northern Trust Corp. | 26879 | 2378523 |  |
|  Raymond James Financial, Inc. | 23430 | 2503496 |  |
|  Robinhood Markets, Inc., Class A (x)\* | 74224 | 604183 |  |
|  SEI Investments Co. | 13426 | 782736 |  |
|  State Street Corp. | 48020 | 3724911 |  |
|  Stifel Financial Corp. | 13524 | 789396 |  |
| T. Rowe Price Group, Inc. | 28797 | 3140601 |  |
|  Tradeweb Markets, Inc., Class A | 5120 | 332442 |  |
|  Virtu Financial, Inc., Class A | 12686 | 258921 |  |
|  |  | 36941741 |  |
|  ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | ***Consumer Finance (0.6%)*** | **** |
|  Ally Financial, Inc. | 39046 | 954675 |  |
|  Credit Acceptance Corp. (x)\* | 816 | 387110 |  |
|  Discover Financial Services | 35714 | 3493901 |  |
|  OneMain Holdings, Inc. | 15093 | 502748 |  |
|  PROG Holdings, Inc.\* | 97501 | 1646792 |  |
|  SLM Corp. | 32306 | 536279 |  |
|  SoFi Technologies, Inc. (x)\* | 106456 | 490762 |  |
|  Synchrony Financial | 58758 | 1930788 |  |
|  Upstart Holdings, Inc. (x)\* | 7310 | 96638 |  |
|  |  | 10039693 |  |

---

See Notes to Financial Statements.

1192

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | ***Diversified Financial Services (0.5%)*** | **** |
|  Apollo Global Management, Inc. (x) | 15064 | $960933 |  |
|  Equitable Holdings, Inc.‡ | 48233 | 1384287 |  |
|  Voya Financial, Inc. (x) | 82547 | 5075815 |  |
|  |  | 7421035 |  |
|  ***Insurance (5.6%)*** | ***Insurance (5.6%)*** | ***Insurance (5.6%)*** | **** |
|  Aegon NV (Registered) (NYRS) | 1025448 | 5168258 |  |
|  Aflac, Inc. | 80710 | 5806277 |  |
|  Allstate Corp. (The) | 34599 | 4691624 |  |
|  American Financial Group, Inc. | 8886 | 1219870 |  |
|  Arch Capital Group Ltd.\* | 31167 | 1956664 |  |
|  Arthur J Gallagher & Co. | 24128 | 4549093 |  |
|  Assurant, Inc. | 6570 | 821644 |  |
|  Assured Guaranty Ltd. | 7536 | 469191 |  |
|  Axis Capital Holdings Ltd. | 10386 | 562610 |  |
|  Brighthouse Financial, Inc.\* | 62748 | 3217090 |  |
|  Brown & Brown, Inc. | 48705 | 2774724 |  |
|  Cincinnati Financial Corp. | 20063 | 2054251 |  |
|  CNA Financial Corp. | 3600 | 152208 |  |
|  Enstar Group Ltd.\* | 10129 | 2340204 |  |
|  Erie Indemnity Co., Class A | 859 | 213651 |  |
|  Everest Re Group Ltd. | 13841 | 4585108 |  |
|  F&G Annuities & Life, Inc.\* | 2368 | 47384 |  |
|  Fidelity National Financial, Inc. | 33990 | 1278704 |  |
|  First American Financial Corp. | 13147 | 688114 |  |
|  Globe Life, Inc. | 32392 | 3904856 |  |
|  Hanover Insurance Group, Inc. (The) | 23667 | 3198122 |  |
|  Hartford Financial Services Group, Inc. (The) | 41554 | 3151040 |  |
|  James River Group Holdings Ltd. | 138495 | 2895930 |  |
|  Kemper Corp. | 117024 | 5757581 |  |
|  Lincoln National Corp. | 17770 | 545894 |  |
|  Loews Corp. | 82745 | 4826516 |  |
|  Markel Corp.\* | 1341 | 1766754 |  |
|  Old Republic International Corp. | 36063 | 870921 |  |
|  Primerica, Inc. | 4859 | 689103 |  |
|  Principal Financial Group, Inc. | 31691 | 2659509 |  |
|  Prudential Financial, Inc. | 48203 | 4794270 |  |
|  Reinsurance Group of America, Inc. | 8647 | 1228652 |  |
|  RenaissanceRe Holdings Ltd. | 19859 | 3658624 |  |
|  Unum Group | 25817 | 1059272 |  |
|  W R Berkley Corp. | 26853 | 1948722 |  |
|  White Mountains Insurance Group Ltd. | 327 | 462486 |  |
|  Willis Towers Watson plc | 14090 | 3446132 |  |
|  |  | 89461053 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | **** |
|  AGNC Investment Corp. (REIT) (x) | 74651 | 772638 |  |
|  Annaly Capital Management, Inc. (REIT) | 61161 | 1289274 |  |
|  Rithm Capital Corp. (REIT) | 57529 | 470012 |  |
|  Starwood Property Trust, Inc. (REIT) | 38223 | 700627 |  |
|  |  | 3232551 |  |
|  ***Thrifts & Mortgage Finance (0.4%)*** | ***Thrifts & Mortgage Finance (0.4%)*** | ***Thrifts & Mortgage Finance (0.4%)*** | **** |
|  MGIC Investment Corp. | 39560 | 514280 |  |
|  Mr Cooper Group, Inc.\* | 131129 | 5262207 |  |
|  New York Community Bancorp, Inc. | 88386 | 760120 |  |
|  Rocket Cos., Inc., Class A (x) | 7241 | 50687 |  |
|  TFS Financial Corp. | 5672 | 81733 |  |
|  UWM Holdings Corp. (x) | 272 | 900 |  |
|  |  | 6669927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 253588264 |  |
|  **Health Care (5.5%)** | **Health Care (5.5%)** | **Health Care (5.5%)** |  |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | **** |
|  Biogen, Inc.\* | 18763 | 5195850 |  |
|  BioMarin Pharmaceutical, Inc.\* | 24145 | 2498766 |  |
|  Exact Sciences Corp.\* | 18735 | 927570 |  |
|  Exelixis, Inc.\* | 5307 | 85124 |  |
|  Horizon Therapeutics plc\* | 1966 | 223731 |  |
|  Incyte Corp.\* | 3254 | 261361 |  |
|  Ionis Pharmaceuticals, Inc.\* | 1640 | 61943 |  |
|  Mirati Therapeutics, Inc.\* | 5676 | 257180 |  |
|  Natera, Inc.\* | 696 | 27958 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 2086 | 96645 |  |
|  United Therapeutics Corp.\* | 5891 | 1638228 |  |
|  |  | 11274356 |  |
|  ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | ***Health Care Equipment & Supplies (2.3%)*** | **** |
|  Align Technology, Inc.\* | 2629 | 554456 |  |
|  Avanos Medical, Inc.\* | 70079 | 1896338 |  |
|  Boston Scientific Corp.\* | 34390 | 1591225 |  |
|  Cooper Cos., Inc. (The) | 6342 | 2097109 |  |
|  Dentsply Sirona, Inc. | 94752 | 3016904 |  |
|  Enovis Corp.\* | 104897 | 5614087 |  |
|  Envista Holdings Corp.\* | 21219 | 714444 |  |
|  Globus Medical, Inc., Class A\* | 9378 | 696504 |  |
|  Hologic, Inc.\* | 32166 | 2406339 |  |
|  ICU Medical, Inc.\* | 23392 | 3683772 |  |
|  Integer Holdings Corp.\* | 19794 | 1355097 |  |
|  Integra LifeSciences Holdings Corp.\* | 77127 | 4324511 |  |
|  Masimo Corp.\* | 1468 | 217191 |  |
|  QuidelOrtho Corp.\* | 6331 | 542377 |  |
|  STERIS plc | 13057 | 2411497 |  |
|  Tandem Diabetes Care, Inc.\* | 542 | 24363 |  |
|  Teleflex, Inc. | 7999 | 1996790 |  |
|  Zimmer Biomet Holdings, Inc. | 27459 | 3501023 |  |
|  |  | 36644027 |  |
|  ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | ***Health Care Providers & Services (1.4%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 11712 | 964132 |  |
|  agilon health, Inc.\* | 1898 | 30634 |  |
|  Amedisys, Inc.\* | 4204 | 351202 |  |
|  Cardinal Health, Inc. | 34294 | 2636180 |  |
|  Chemed Corp. | 1259 | 642631 |  |
|  Encompass Health Corp. | 73512 | 4396753 |  |
|  Enhabit, Inc.\* | 6806 | 89567 |  |
|  Henry Schein, Inc.\* | 17788 | 1420727 |  |
|  Laboratory Corp. of America Holdings | 11589 | 2728978 |  |
|  Molina Healthcare, Inc.\* | 11704 | 3864895 |  |
|  Oak Street Health, Inc. (x)\* | 15254 | 328113 |  |
|  Premier, Inc., Class A | 15143 | 529702 |  |
|  Quest Diagnostics, Inc. | 14855 | 2323916 |  |
|  Signify Health, Inc., Class A\* | 10009 | 286858 |  |
|  Tenet Healthcare Corp.\* | 13786 | 672619 |  |
|  Universal Health Services, Inc., Class B | 8119 | 1143886 |  |
|  |  | 22410793 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  Certara, Inc.\* | 4675 | 75127 |  |
|  Definitive Healthcare Corp. (x)\* | 1511 | 16606 |  |
|  Doximity, Inc., Class A\* | 7891 | 264822 |  |
|  Teladoc Health, Inc.\* | 18765 | 443792 |  |
|  |  | 800347 |  |

---

See Notes to Financial Statements.

1193

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | ***Life Sciences Tools & Services (0.6%)*** | **** |
|  10X Genomics, Inc., Class A\* | 1315 | $47919 |  |
|  Agilent Technologies, Inc. | 4016 | 600994 |  |
|  Avantor, Inc.\* | 6019 | 126941 |  |
|  Azenta, Inc.\* | 9559 | 556525 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 2814 | 1183259 |  |
|  Charles River Laboratories International, Inc.\* | 465 | 101324 |  |
|  PerkinElmer, Inc. | 16493 | 2312648 |  |
|  QIAGEN NV\* | 29959 | 1494055 |  |
|  Repligen Corp.\* | 2100 | 355551 |  |
|  Syneos Health, Inc.\* | 77682 | 2849376 |  |
|  |  | 9628592 |  |
|  ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | ***Pharmaceuticals (0.5%)*** | **** |
|  Catalent, Inc.\* | 15947 | 717774 |  |
|  Elanco Animal Health, Inc.\* | 58226 | 711522 |  |
|  Jazz Pharmaceuticals plc\* | 8047 | 1281968 |  |
|  Organon & Co. | 33351 | 931493 |  |
|  Perrigo Co. plc | 17314 | 590234 |  |
|  Royalty Pharma plc, Class A | 48483 | 1916048 |  |
|  Viatris, Inc. | 157875 | 1757149 |  |
|  |  | 7906188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 88664303 |  |
|  **Industrials (14.2%)** | **Industrials (14.2%)** | **Industrials (14.2%)** |  |
|  ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | ***Aerospace & Defense (1.3%)*** | **** |
|  Axon Enterprise, Inc.\* | 1956 | 324559 |  |
|  BWX Technologies, Inc. | 7258 | 421545 |  |
|  Curtiss-Wright Corp. | 21352 | 3565571 |  |
|  HEICO Corp. | 394 | 60534 |  |
|  HEICO Corp., Class A | 691 | 82817 |  |
|  Hexcel Corp. | 11067 | 651293 |  |
|  Howmet Aerospace, Inc. | 137403 | 5415052 |  |
|  Huntington Ingalls Industries, Inc. | 4046 | 933331 |  |
|  Mercury Systems, Inc.\* | 6437 | 287991 |  |
|  Spirit AeroSystems Holdings, Inc., Class A | 116662 | 3453195 |  |
|  Textron, Inc. | 27288 | 1931991 |  |
|  TransDigm Group, Inc. | 4119 | 2593528 |  |
|  Woodward, Inc. | 7674 | 741385 |  |
|  |  | 20462792 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 11102 | 1016499 |  |
|  Expeditors International of Washington, Inc. | 14345 | 1490733 |  |
|  GXO Logistics, Inc.\* | 12400 | 529356 |  |
|  |  | 3036588 |  |
|  ***Airlines (0.9%)*** | ***Airlines (0.9%)*** | ***Airlines (0.9%)*** | **** |
|  Alaska Air Group, Inc.\* | 65683 | 2820428 |  |
|  Allegiant Travel Co.\* | 55490 | 3772765 |  |
|  American Airlines Group, Inc.\* | 85305 | 1085080 |  |
|  Copa Holdings SA, Class A\* | 3874 | 322201 |  |
|  JetBlue Airways Corp.\* | 245488 | 1590762 |  |
|  Southwest Airlines Co.\* | 77508 | 2609694 |  |
|  United Airlines Holdings, Inc.\* | 42483 | 1601609 |  |
|  |  | 13802539 |  |
|  ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | **** |
|  A O Smith Corp. | 12658 | 724544 |  |
|  Allegion plc | 2303 | 242414 |  |
|  Armstrong World Industries, Inc. | 2432 | 166811 |  |
|  AZEK Co., Inc. (The)\* | 14438 | 293380 |  |
|  Builders FirstSource, Inc.\* | 85037 | 5517200 |  |
|  Carlisle Cos., Inc. | 1037 | 244369 |  |
|  Carrier Global Corp. | 109397 | 4512626 |  |
|  Fortune Brands Innovations, Inc. | 64287 | 3671431 |  |
|  Hayward Holdings, Inc.\* | 9680 | 90992 |  |
|  Lennox International, Inc. | 4173 | 998307 |  |
|  Masco Corp. | 27729 | 1294112 |  |
|  Masterbrand, Inc.\* | 11094 | 83760 |  |
|  Owens Corning | 12206 | 1041172 |  |
|  PGT Innovations, Inc.\* | 51410 | 923324 |  |
|  Trane Technologies plc | 12602 | 2118270 |  |
|  |  | 21922712 |  |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | **** |
|  Cintas Corp. | 766 | 345941 |  |
|  Clean Harbors, Inc.\* | 39764 | 4537868 |  |
|  Driven Brands Holdings, Inc.\* | 7674 | 209577 |  |
|  IAA, Inc.\* | 3181 | 127240 |  |
|  MSA Safety, Inc. | 2937 | 423486 |  |
|  Republic Services, Inc. | 25265 | 3258932 |  |
|  Rollins, Inc. | 2382 | 87038 |  |
|  Stericycle, Inc.\* | 48605 | 2424903 |  |
|  Tetra Tech, Inc. | 4025 | 584390 |  |
|  |  | 11999375 |  |
|  ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | **** |
|  AECOM | 16207 | 1376461 |  |
|  Fluor Corp.\* | 51608 | 1788733 |  |
|  MasTec, Inc.\* | 7931 | 676752 |  |
|  MDU Resources Group, Inc. | 26364 | 799884 |  |
|  Quanta Services, Inc. | 8533 | 1215952 |  |
|  Valmont Industries, Inc. | 2389 | 789971 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 12584 | 568419 |  |
|  |  | 7216172 |  |
|  ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | ***Electrical Equipment (1.4%)*** | **** |
|  Acuity Brands, Inc. | 4272 | 707486 |  |
|  AMETEK, Inc. | 30159 | 4213816 |  |
|  Hubbell, Inc. | 6975 | 1636893 |  |
|  nVent Electric plc | 21618 | 831644 |  |
|  Plug Power, Inc. (x)\* | 34367 | 425120 |  |
|  Regal Rexnord Corp. | 49906 | 5987722 |  |
|  Rockwell Automation, Inc. | 4886 | 1258487 |  |
|  Sensata Technologies Holding plc | 146736 | 5925200 |  |
|  Sunrun, Inc.\* | 27121 | 651446 |  |
|  Vertiv Holdings Co. | 33564 | 458484 |  |
|  |  | 22096298 |  |
|  ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | ***Machinery (4.4%)*** | **** |
|  AGCO Corp. | 6976 | 967501 |  |
|  Allison Transmission Holdings, Inc. | 2808 | 116813 |  |
|  Crane Holdings Co. | 6212 | 623995 |  |
|  Cummins, Inc. | 18448 | 4469766 |  |
|  Donaldson Co., Inc. | 13331 | 784796 |  |
|  Dover Corp. | 18332 | 2482336 |  |
|  Energy Recovery, Inc. (x)\* | 130839 | 2680891 |  |

---

See Notes to Financial Statements.

1194

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Esab Corp. | 191085 | $| 8965708 |  |
|  Flowserve Corp. | 92639 |  | 2842165 |  |
|  Fortive Corp. | 46344 |  | 2977602 |  |
|  Gates Industrial Corp. plc\* | 461075 |  | 5260866 |  |
|  Graco, Inc. | 6960 |  | 468130 |  |
|  IDEX Corp. | 8145 |  | 1859748 |  |
|  Ingersoll Rand, Inc. | 74186 |  | 3876219 |  |
|  ITT, Inc. | 11025 |  | 894128 |  |
|  John Bean Technologies Corp. | 27476 |  | 2509383 |  |
|  Middleby Corp. (The)\* | 37500 |  | 5021250 |  |
|  Nordson Corp. | 5733 |  | 1362849 |  |
|  Oshkosh Corp. | 8541 |  | 753231 |  |
|  Otis Worldwide Corp. | 47914 |  | 3752145 |  |
|  PACCAR, Inc. | 44658 |  | 4419802 |  |
|  Parker-Hannifin Corp. | 12950 |  | 3768450 |  |
|  Pentair plc | 21629 |  | 972872 |  |
|  Snap-on, Inc. | 6945 |  | 1586863 |  |
|  Stanley Black & Decker, Inc. | 19504 |  | 1465140 |  |
|  Timken Co. (The) | 7969 |  | 563169 |  |
|  Westinghouse Air Brake Technologies Corp. | 23670 |  | 2362503 |  |
|  Xylem, Inc. | 20134 |  | 2226216 |  |
|  |  |  | 70034537 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Kirby Corp.\* | 64605 |  | 4157332 |  |
|  ***Professional Services (1.2%)*** | ***Professional Services (1.2%)*** | ***Professional Services (1.2%)*** | ***Professional Services (1.2%)*** | **** |
|  CACI International, Inc., Class A\* | 3044 |  | 914996 |  |
|  Clarivate plc\* | 62451 |  | 520841 |  |
|  CoStar Group, Inc.\* | 45241 |  | 3496224 |  |
|  Dun & Bradstreet Holdings, Inc. | 33118 |  | 406027 |  |
|  Equifax, Inc. | 8028 |  | 1560322 |  |
|  First Advantage Corp.\* | 240913 |  | 3131869 |  |
|  FTI Consulting, Inc.\* | 2582 |  | 410022 |  |
|  Jacobs Solutions, Inc. | 16680 |  | 2002768 |  |
|  KBR, Inc. | 6249 |  | 329947 |  |
|  Leidos Holdings, Inc. | 45385 |  | 4774048 |  |
|  ManpowerGroup, Inc. | 6506 |  | 541364 |  |
|  Robert Half International, Inc. | 1709 |  | 126175 |  |
|  Science Applications International Corp. | 7283 |  | 807903 |  |
|  TransUnion | 6846 |  | 388511 |  |
|  |  |  | 19411017 |  |
|  ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | ***Road & Rail (0.5%)*** | **** |
|  Avis Budget Group, Inc.\* | 3341 |  | 547690 |  |
|  Hertz Global Holdings, Inc.\* | 24703 |  | 380179 |  |
|  JB Hunt Transport Services, Inc. | 1213 |  | 211499 |  |
|  Knight-Swift Transportation Holdings, Inc. | 83988 |  | 4401811 |  |
|  Landstar System, Inc. | 487 |  | 79332 |  |
|  Lyft, Inc., Class A\* | 8521 |  | 93901 |  |
|  RXO, Inc.\* | 13121 |  | 225681 |  |
|  Ryder System, Inc. | 6240 |  | 521477 |  |
|  Schneider National, Inc., Class B | 7570 |  | 177138 |  |
|  U-Haul Holding Co. (x) | 1188 |  | 71506 |  |
|  U-Haul Holding Co. (New York stock exchange) | 10692 |  | 587846 |  |
|  XPO, Inc.\* | 12337 |  | 410699 |  |
|  |  |  | 7708759 |  |
|  ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | ***Trading Companies & Distributors (1.6%)*** | **** |
|  AerCap Holdings NV\* | 81960 |  | 4779907 |  |
|  Air Lease Corp. | 13668 |  | 525125 |  |
|  Core & Main, Inc., Class A\* | 5510 |  | 106398 |  |
|  Herc Holdings, Inc. | 22120 |  | 2910328 |  |
|  MSC Industrial Direct Co., Inc., Class A | 6102 |  | 498533 |  |
|  SiteOne Landscape Supply, Inc.\* | 2216 |  | 259981 |  |
|  United Rentals, Inc.\* | 4923 |  | 1749733 |  |
|  Univar Solutions, Inc.\* | 20841 |  | 662744 |  |
|  Watsco, Inc. | 2049 |  | 511021 |  |
|  WESCO International, Inc.\* | 112864 |  | 14130573 |  |
|  |  |  | 26134343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 227982464 |  |
|  **Information Technology (7.3%)** | **Information Technology (7.3%)** | **Information Technology (7.3%)** | **Information Technology (7.3%)** |  |
|  ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | ***Communications Equipment (1.3%)*** | **** |
|  Ciena Corp.\* | 87352 |  | 4453205 |  |
|  F5, Inc.\* | 37377 |  | 5363973 |  |
|  Juniper Networks, Inc. | 42208 |  | 1348968 |  |
|  Lumentum Holdings, Inc. (x)\* | 65990 |  | 3442698 |  |
|  Motorola Solutions, Inc. | 21552 |  | 5554166 |  |
|  Ubiquiti, Inc. | 386 |  | 105583 |  |
|  Viasat, Inc.\* | 9234 |  | 292256 |  |
|  |  |  | 20560849 |  |
|  ***Electronic Equipment, Instruments & Components (1.5%)*** | ***Electronic Equipment, Instruments & Components (1.5%)*** | ***Electronic Equipment, Instruments & Components (1.5%)*** | ***Electronic Equipment, Instruments & Components (1.5%)*** | **** |
|  Amphenol Corp., Class A | 18732 |  | 1426254 |  |
|  Arrow Electronics, Inc.\* | 7615 |  | 796301 |  |
|  Avnet, Inc. | 11739 |  | 488108 |  |
|  Cognex Corp. | 1666 |  | 78485 |  |
|  Coherent Corp.\* | 13072 |  | 458827 |  |
|  Corning, Inc. | 92996 |  | 2970292 |  |
|  Flex Ltd.\* | 155341 |  | 3333618 |  |
|  IPG Photonics Corp.\* | 4266 |  | 403862 |  |
|  Jabil, Inc. | 3077 |  | 209851 |  |
|  Keysight Technologies, Inc.\* | 1713 |  | 293043 |  |
|  Littelfuse, Inc. | 3149 |  | 693410 |  |
|  National Instruments Corp. | 100007 |  | 3690258 |  |
|  Sanmina Corp.\* | 65930 |  | 3777130 |  |
|  TD SYNNEX Corp. | 5629 |  | 533123 |  |
|  Teledyne Technologies, Inc.\* | 6058 |  | 2422655 |  |
|  Trimble, Inc.\* | 32218 |  | 1628942 |  |
|  Vontier Corp. | 8433 |  | 163010 |  |
|  Zebra Technologies Corp., Class A\* | 3993 |  | 1023845 |  |
|  |  |  | 24391014 |  |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | **** |
|  Affirm Holdings, Inc. (x)\* | 28466 |  | 275266 |  |
|  Akamai Technologies, Inc.\* | 20271 |  | 1708845 |  |
|  Amdocs Ltd. | 15938 |  | 1448764 |  |
|  Broadridge Financial Solutions, Inc. | 9469 |  | 1270077 |  |
|  Concentrix Corp. | 5562 |  | 740636 |  |
|  DXC Technology Co.\* | 30229 |  | 801069 |  |
|  Euronet Worldwide, Inc.\* | 1660 |  | 156671 |  |
|  FleetCor Technologies, Inc.\* | 13412 |  | 2463516 |  |
|  Genpact Ltd. (x) | 11254 |  | 521285 |  |
|  Global Payments, Inc. | 35125 |  | 3488615 |  |
|  GoDaddy, Inc., Class A\* | 17495 |  | 1308976 |  |
|  Kyndryl Holdings, Inc.\* | 27385 |  | 304521 |  |
|  Okta, Inc.\* | 16976 |  | 1159970 |  |

---

See Notes to Financial Statements.

1195

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  SS&C Technologies Holdings, Inc. | 127508 | $| 6638067 |  |
|  Twilio, Inc., Class A\* | 14066 |  | 688672 |  |
|  VeriSign, Inc.\* | 10844 |  | 2227791 |  |
|  Western Union Co. (The) | 33743 |  | 464641 |  |
|  WEX, Inc.\* | 1559 |  | 255130 |  |
|  Wix.com Ltd.\* | 1657 |  | 127307 |  |
|  WNS Holdings Ltd. (ADR)\* | 55142 |  | 4410809 |  |
|  |  |  | 30460628 |  |
|  ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | ***Semiconductors & Semiconductor Equipment (1.3%)*** | **** |
|  Allegro MicroSystems, Inc.\* | 70832 |  | 2126377 |  |
|  Cirrus Logic, Inc.\* | 41907 |  | 3121233 |  |
|  First Solar, Inc.\* | 13873 |  | 2078037 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 6158 |  | 331854 |  |
|  Microchip Technology, Inc. | 10059 |  | 706645 |  |
|  MKS Instruments, Inc. | 49153 |  | 4164734 |  |
|  ON Semiconductor Corp.\* | 21205 |  | 1322556 |  |
|  Qorvo, Inc.\* | 13232 |  | 1199348 |  |
|  Skyworks Solutions, Inc. | 20990 |  | 1912819 |  |
|  Synaptics, Inc.\* | 27204 |  | 2588733 |  |
|  Teradyne, Inc. | 1767 |  | 154347 |  |
|  Wolfspeed, Inc.\* | 16113 |  | 1112441 |  |
|  |  |  | 20819124 |  |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | **** |
|  ANSYS, Inc.\* | 5337 |  | 1289366 |  |
|  Bill.com Holdings, Inc. (x)\* | 12888 |  | 1404277 |  |
|  Black Knight, Inc.\* | 18506 |  | 1142746 |  |
|  CCC Intelligent Solutions Holdings, Inc.\* | 14385 |  | 125150 |  |
|  Ceridian HCM Holding, Inc.\* | 14565 |  | 934345 |  |
|  Coupa Software, Inc.\* | 4284 |  | 339164 |  |
|  Dolby Laboratories, Inc., Class A | 7880 |  | 555855 |  |
|  DoubleVerify Holdings, Inc.\* | 1145 |  | 25144 |  |
|  Dropbox, Inc., Class A\* | 2649 |  | 59285 |  |
|  Gen Digital, Inc. | 46993 |  | 1007060 |  |
|  Guidewire Software, Inc.\* | 10724 |  | 670893 |  |
|  Informatica, Inc., Class A (x)\* | 4181 |  | 68109 |  |
|  Jamf Holding Corp.\* | 1198 |  | 25517 |  |
|  Manhattan Associates, Inc.\* | 3124 |  | 379254 |  |
|  nCino, Inc.\* | 7542 |  | 199410 |  |
|  NCR Corp.\* | 15601 |  | 365219 |  |
|  Nutanix, Inc., Class A\* | 14394 |  | 374964 |  |
|  Paycor HCM, Inc.\* | 6562 |  | 160572 |  |
|  Procore Technologies, Inc.\* | 2417 |  | 114034 |  |
|  Progress Software Corp. | 59712 |  | 3012470 |  |
|  SentinelOne, Inc., Class A\* | 6921 |  | 100977 |  |
|  Teradata Corp.\* | 5834 |  | 196372 |  |
|  Tyler Technologies, Inc.\* | 722 |  | 232780 |  |
|  UiPath, Inc., Class A\* | 43788 |  | 556545 |  |
|  Unity Software, Inc. (x)\* | 10618 |  | 303569 |  |
|  Zoom Video Communications, Inc., Class A\* | 16213 |  | 1098269 |  |
|  |  |  | 14741346 |  |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | **** |
|  Dell Technologies, Inc., Class C | 28004 |  | 1126321 |  |
|  Hewlett Packard Enterprise Co. | 168231 |  | 2684967 |  |
|  HP, Inc. | 71267 |  | 1914944 |  |
|  Western Digital Corp.\* | 41405 |  | 1306328 |  |
|  |  |  | 7032560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 118005521 |  |
|  **Materials (5.0%)** | **Materials (5.0%)** | **Materials (5.0%)** | **Materials (5.0%)** |  |
|  ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | ***Chemicals (3.0%)*** | **** |
|  Albemarle Corp. | 7404 |  | 1605631 |  |
|  Ashland, Inc. | 68867 |  | 7405268 |  |
|  Axalta Coating Systems Ltd.\* | 22074 |  | 562225 |  |
|  Celanese Corp. | 46012 |  | 4704267 |  |
|  Chemours Co. (The) | 7798 |  | 238775 |  |
|  Corteva, Inc. | 93644 |  | 5504394 |  |
|  DuPont de Nemours, Inc. | 65642 |  | 4505010 |  |
|  Eastman Chemical Co. | 15650 |  | 1274536 |  |
|  Element Solutions, Inc. | 29591 |  | 538260 |  |
|  FMC Corp. | 38022 |  | 4745146 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 91026 |  | 153834 |  |
|  Huntsman Corp. | 23854 |  | 655508 |  |
|  International Flavors & Fragrances, Inc. | 33357 |  | 3497148 |  |
|  LyondellBasell Industries NV, Class A | 33634 |  | 2792631 |  |
|  Mosaic Co. (The) | 39031 |  | 1712290 |  |
|  NewMarket Corp. | 734 |  | 228355 |  |
|  Olin Corp. | 16515 |  | 874304 |  |
|  PPG Industries, Inc. | 14415 |  | 1812542 |  |
|  RPM International, Inc. | 15996 |  | 1558810 |  |
|  Scotts Miracle-Gro Co. (The) (x) | 3691 |  | 179346 |  |
|  Valvoline, Inc. | 89428 |  | 2919824 |  |
|  Westlake Corp. | 4344 |  | 445434 |  |
|  |  |  | 47913538 |  |
|  ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | ***Construction Materials (0.3%)*** | **** |
|  Eagle Materials, Inc. | 750 |  | 99638 |  |
|  Martin Marietta Materials, Inc. | 7423 |  | 2508751 |  |
|  Vulcan Materials Co. | 8821 |  | 1544645 |  |
|  |  |  | 4153034 |  |
|  ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | ***Containers & Packaging (0.7%)*** | **** |
|  Amcor plc | 196165 |  | 2336325 |  |
|  AptarGroup, Inc. | 8588 |  | 944508 |  |
|  Ardagh Group SA (r)(x)\* | 2942 |  | 25022 |  |
|  Ardagh Metal Packaging SA (x) | 13950 |  | 67099 |  |
|  Avery Dennison Corp. | 4075 |  | 737575 |  |
|  Ball Corp. | 24063 |  | 1230582 |  |
|  Berry Global Group, Inc. | 8456 |  | 510996 |  |
|  Crown Holdings, Inc. | 1951 |  | 160392 |  |
|  Graphic Packaging Holding Co. | 9735 |  | 216604 |  |
|  International Paper Co. | 46479 |  | 1609568 |  |
|  Packaging Corp. of America | 11941 |  | 1527373 |  |
|  Silgan Holdings, Inc. | 11105 |  | 575683 |  |
|  Sonoco Products Co. | 12735 |  | 773142 |  |
|  Westrock Co. | 33474 |  | 1176946 |  |
|  |  |  | 11891815 |  |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | **** |
|  Alcoa Corp. | 23126 |  | 1051539 |  |
|  Cleveland-Cliffs, Inc.\* | 66867 |  | 1077227 |  |
|  Nucor Corp. | 33561 |  | 4423676 |  |
|  Reliance Steel & Aluminum Co. | 25905 |  | 5244208 |  |
|  Royal Gold, Inc. | 8009 |  | 902775 |  |
|  SSR Mining, Inc. | 26427 |  | 414111 |  |
|  Steel Dynamics, Inc. | 21786 |  | 2128492 |  |
|  United States Steel Corp. | 30562 |  | 765578 |  |
|  |  |  | 16007606 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 8398 |  | 497162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 80463155 |  |

---

See Notes to Financial Statements.

1196

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  **Real Estate (7.6%)** | **Real Estate (7.6%)** | **Real Estate (7.6%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (7.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (7.2%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 21202 | $3088495 |  |
|  American Assets Trust, Inc. (REIT) | 59570 | 1578605 |  |
|  American Homes 4 Rent (REIT), Class A | 40059 | 1207378 |  |
|  Americold Realty Trust, Inc. (REIT) | 112736 | 3191556 |  |
|  Apartment Income REIT Corp. (REIT) | 18002 | 617649 |  |
|  AvalonBay Communities, Inc. (REIT) | 18281 | 2952747 |  |
|  Boston Properties, Inc. (REIT) | 20336 | 1374307 |  |
|  Brixmor Property Group, Inc. (REIT) | 39095 | 886284 |  |
|  Camden Property Trust (REIT) | 12542 | 1403199 |  |
|  Cousins Properties, Inc. (REIT) | 19737 | 499149 |  |
|  CubeSmart (REIT) | 207412 | 8348333 |  |
|  Douglas Emmett, Inc. (REIT) | 135679 | 2127447 |  |
|  EastGroup Properties, Inc. (REIT) | 5393 | 798488 |  |
|  EPR Properties (REIT) | 9958 | 375616 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 8848 | 571581 |  |
|  Equity Residential (REIT) | 48469 | 2859671 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 135606 | 3182673 |  |
|  Essex Property Trust, Inc. (REIT) | 8474 | 1795810 |  |
|  Extra Space Storage, Inc. (REIT) | 15263 | 2246408 |  |
|  Federal Realty Investment Trust (REIT) | 10601 | 1071125 |  |
|  First Industrial Realty Trust, Inc. (REIT) | 75373 | 3637501 |  |
|  Gaming and Leisure Properties, Inc. (REIT) | 103196 | 5375480 |  |
|  Healthcare Realty Trust, Inc. (REIT) | 49921 | 961978 |  |
|  Healthpeak Properties, Inc. (REIT) | 70261 | 1761443 |  |
|  Highwoods Properties, Inc. (REIT) | 13680 | 382766 |  |
|  Host Hotels & Resorts, Inc. (REIT) | 92133 | 1478735 |  |
|  Hudson Pacific Properties, Inc. (REIT) | 17655 | 171783 |  |
|  Invitation Homes, Inc. (REIT) | 79840 | 2366458 |  |
|  Iron Mountain, Inc. (REIT) | 9551 | 476117 |  |
|  JBG SMITH Properties (REIT) | 14163 | 268814 |  |
|  Kilroy Realty Corp. (REIT) | 15053 | 582099 |  |
|  Kimco Realty Corp. (REIT) | 78648 | 1665765 |  |
|  Lamar Advertising Co. (REIT), Class A | 1351 | 127534 |  |
|  Life Storage, Inc. (REIT) | 10880 | 1071680 |  |
|  Medical Properties Trust, Inc. (REIT) (x) | 77992 | 868831 |  |
|  Mid-America Apartment Communities, Inc. (REIT) | 15015 | 2357205 |  |
|  National Retail Properties, Inc. (REIT) | 23087 | 1056461 |  |
|  National Storage Affiliates Trust (REIT) | 11212 | 404977 |  |
|  Omega Healthcare Investors, Inc. (REIT) (x) | 30936 | 864661 |  |
|  Park Hotels & Resorts, Inc. (REIT) | 29358 | 346131 |  |
|  Rayonier, Inc. (REIT) | 156727 | 5165722 |  |
|  Realty Income Corp. (REIT) | 82148 | 5210648 |  |
|  Regency Centers Corp. (REIT) | 22632 | 1414500 |  |
|  Rexford Industrial Realty, Inc. (REIT) | 24033 | 1313163 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 78107 | 6387590 |  |
|  SBA Communications Corp. (REIT) | 10776 | 3020621 |  |
|  Simon Property Group, Inc. (REIT) | 21989 | 2583268 |  |
|  SL Green Realty Corp. (REIT) (x) | 8582 | 289385 |  |
|  Spirit Realty Capital, Inc. (REIT) | 17942 | 716424 |  |
|  STORE Capital Corp. (REIT) | 33505 | 1074170 |  |
|  Sun Communities, Inc. (REIT) | 15900 | 2273700 |  |
|  UDR, Inc. (REIT) | 68755 | 2662881 |  |
|  Ventas, Inc. (REIT) | 52204 | 2351790 |  |
|  VICI Properties, Inc. (REIT) | 125905 | 4079322 |  |
|  Vornado Realty Trust (REIT) | 23676 | 492697 |  |
|  Welltower, Inc. (REIT) | 61920 | 4058856 |  |
|  Weyerhaeuser Co. (REIT) | 96313 | 2985703 |  |
|  WP Carey, Inc. (REIT) | 26984 | 2108800 |  |
|  |  | 114592180 |  |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | **** |
|  CBRE Group, Inc., Class A\* | 21123 | 1625626 |  |
|  Howard Hughes Corp. (The)\* | 4734 | 361772 |  |
|  Jones Lang LaSalle, Inc.\* | 23649 | 3768941 |  |
|  Opendoor Technologies, Inc. (x)\* | 47939 | 55609 |  |
|  WeWork, Inc. (x)\* | 18065 | 25833 |  |
|  Zillow Group, Inc., Class A\* | 6894 | 215162 |  |
|  Zillow Group, Inc., Class C\* | 19304 | 621782 |  |
|  |  | 6674725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 121266905 |  |
|  **Utilities (5.6%)** | **Utilities (5.6%)** | **Utilities (5.6%)** |  |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | **** |
|  Alliant Energy Corp. | 80129 | 4423922 |  |
|  Avangrid, Inc. (x) | 9327 | 400875 |  |
|  Constellation Energy Corp. | 42743 | 3684874 |  |
|  Edison International | 49212 | 3130867 |  |
|  Entergy Corp. | 26570 | 2989125 |  |
|  Evergy, Inc. | 66423 | 4179999 |  |
|  Eversource Energy | 45107 | 3781771 |  |
|  FirstEnergy Corp. | 71076 | 2980927 |  |
|  Hawaiian Electric Industries, Inc. | 14512 | 607327 |  |
|  IDACORP, Inc. | 6535 | 704800 |  |
|  NRG Energy, Inc. | 29980 | 953964 |  |
|  OGE Energy Corp. | 26273 | 1039097 |  |
|  PG&E Corp.\* | 215497 | 3503981 |  |
|  Pinnacle West Capital Corp. | 14866 | 1130411 |  |
|  PPL Corp. | 96459 | 2818532 |  |
|  Xcel Energy, Inc. | 71387 | 5004943 |  |
|  |  | 41335415 |  |
|  ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | ***Gas Utilities (1.0%)*** | **** |
|  Atmos Energy Corp. | 18019 | 2019390 |  |
|  National Fuel Gas Co. | 10440 | 660852 |  |
|  ONE Gas, Inc. | 32119 | 2432051 |  |
|  South Jersey Industries, Inc. | 102427 | 3639231 |  |
|  UGI Corp. | 181504 | 6728353 |  |
|  |  | 15479877 |  |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | **** |
|  AES Corp. (The) | 71419 | 2054010 |  |
|  Brookfield Renewable Corp. | 16864 | 464435 |  |
|  Vistra Corp. | 21746 | 504507 |  |
|  |  | 3022952 |  |
|  ***Multi-Utilities (1.5%)*** | ***Multi-Utilities (1.5%)*** | ***Multi-Utilities (1.5%)*** | **** |
|  Ameren Corp. | 33687 | 2995448 |  |
|  CenterPoint Energy, Inc. | 82437 | 2472286 |  |
|  CMS Energy Corp. | 37860 | 2397674 |  |

---

See Notes to Financial Statements.

1197

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  Consolidated Edison, Inc. | 46453 | $4427435 |  |
|  DTE Energy Co. | 25250 | 2967632 |  |
|  NiSource, Inc. | 53633 | 1470617 |  |
|  Public Service Enterprise Group, Inc. | 65177 | 3993395 |  |
|  WEC Energy Group, Inc. | 41308 | 3873038 |  |
|  |  | 24597525 |  |
|  ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | ***Water Utilities (0.3%)*** | **** |
|  American Water Works Co., Inc. | 23814 | 3629730 |  |
|  Essential Utilities, Inc. | 30055 | 1434525 |  |
|  |  | 5064255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 89500024 |  |
|  **Total Common Stocks (79.3%)**<br> *(Cost $1,031,348,828)* |  | 1273338350 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  ***Equity (10.8%)*** | ***Equity (10.8%)*** | ***Equity (10.8%)*** | **** |
|  iShares Core S&P Mid-Cap ETF | 2355 | 569651 |  |
|  iShares Morningstar Mid-Cap ETF (x) | 7464 | 437913 |  |
|  iShares Morningstar Mid-Cap Growth ETF (x) | 130780 | 7046426 |  |
|  iShares Morningstar Mid-Cap Value ETF (x)‡ | 483811 | 30020473 |  |
|  iShares Russell Mid-Cap ETF | 6120 | 412794 |  |
|  iShares Russell Mid-Cap Growth ETF (x) | 61408 | 5133709 |  |
|  iShares Russell Mid-Cap Value ETF (x) | 570975 | 60146506 |  |
|  iShares S&P Mid-Cap 400 Growth ETF (x) | 76540 | 5227682 |  |
|  iShares S&P Mid-Cap 400 Value ETF (x) | 241042 | 24297034 |  |
|  SPDR S&P 400 Mid Cap Value ETF (x) | 72588 | 4697895 |  |
|  Vanguard Mid-Cap Growth ETF (x) | 28900 | 5195064 |  |
|  Vanguard Mid-Cap Value ETF (x) | 222200 | 30050328 |  |
|  **Total Exchange Traded Funds (10.8%)<br>(***Cost $75,999,538***)** |  | 173235475 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (4.2%)** | **Investment Companies (4.2%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 8000000 | 8000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 60183938 | 60214029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 68214029 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (2.6%)** | **Repurchase Agreements (2.6%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $8,003,804, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $8,163,881. (xx) | $8000000 | 8000000 |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $9,821,007, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $10,012,754. (xx) | 9816426 | 9816426 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $10,004,778, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $10,205,300. (xx) | 10000000 | 10000000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $4,003,461, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $4,355,314. (xx) | 4000000 | 4000000 |  |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $7,005,853, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $7,140,001. (xx) | 7000000 | 7000000 |  |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $3,001,467, collateralized by various Common Stocks; total market value $3,331,940. (xx) | 3000000 | 3000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 41816426 |  |
|  **Total Short-Term Investments (6.8%)**<br> *(Cost $110,003,791)* |  | 110030455 |  |
|  **Total Investments in Securities (96.9%)**<br> *(Cost $1,217,352,157)* |  | 1556604280 |  |
|  **Other Assets Less Liabilities (3.1%)** | **Other Assets Less Liabilities (3.1%)** | 49712664 |  |
|  **Net Assets (100%)** |  | $1606316944 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $58,037,362. This was collateralized by $9,911,290 of various U.S. Government Treasury Securities, ranging from* 

See Notes to Financial Statements.

1198

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $49,816,426 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.*

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

*USD* *— United States Dollar* 

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  COMMON STOCKS: |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |
|  **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
|  Equitable Holdings, Inc. | 48233 | 1740559 | 169790 | (334869) | 50502 | (241695) | 1384287 | 38594 |  |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Morningstar Mid-Cap Value ETF (x) | 483811 | 41969481 |  | (8462267) | 536718 | (4023459) | 30020473 | 763338 |  |
|  **Total** |  | **43710040** | **169790** | **(8797136)** | **587220** | **(4265154)** | **31404760** | **801932** |  |

---

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 441 | 3/2023 | USD | 39048345 | (1083429) |
|  S&P 500 E-Mini Index | 200 | 3/2023 | USD | 38610000 | (1166906) |
|  S&P Midcap 400 E-Mini Index | 316 | 3/2023 | USD | 77186160 | (1735138) |
|  |  |  |  |  | (3985473) |

---

See Notes to Financial Statements.

1199

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $30185473 | $— | $— | $30185473 |
|  Consumer Discretionary | 136119703 |  |  | 136119703 |
|  Consumer Staples | 64257182 |  |  | 64257182 |
|  Energy | 63305356 |  |  | 63305356 |
|  Financials | 253588264 |  |  | 253588264 |
|  Health Care | 88664303 |  |  | 88664303 |
|  Industrials | 227982464 |  |  | 227982464 |
|  Information Technology | 118005521 |  |  | 118005521 |
|  Materials | 80438133 |  | 25022 | 80463155 |
|  Real Estate | 121266905 |  |  | 121266905 |
|  Utilities | 89500024 |  |  | 89500024 |
|  Exchange Traded Funds | 173235475 |  |  | 173235475 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 68214029 |  |  | 68214029 |
|  Repurchase Agreements |  | 41816426 |  | 41816426 |
|  **Total Assets** | $**1514762832** | $**41816426** | $**25022** | $**1556604280** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(3985473) | $— | $— | $(3985473) |
|  **Total Liabilities** | $**(3985473)** | $**—** | $**—** | $**(3985473)** |
|  **Total** | $**1510777359** | $**41816426** | $**25022** | $**1552618807** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets - Unrealized depreciation | $(3985473) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3985473 |

---

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

See Notes to Financial Statements.

1200

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(63054080) | $(63054080) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63054080) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63054080) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(7914575) | $(7914575) |
|  **Total** | $(7914575) | $(7914575) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $137,454,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 19%)\* | $451378451 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 16%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623676505 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $456394973 |
|  Aggregate gross unrealized depreciation | (125927347) |
|  Net unrealized appreciation | $330467626 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222151181 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $53 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1201

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EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $17,913,382) | $31404760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,157,622,349) | 1483383094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $41,816,426) | 41816426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 90156209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 9033400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2327327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 602233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 53531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 26885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1658811682 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 49816426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 744438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 667652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 418082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 302580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 238953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 180832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 42472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 79459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 52494738 |
|  **NET ASSETS** | $1606316944 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1275697416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 330619528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1606316944 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $196,544,389 / 12,865,030 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.28 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,397,369,804 / 92,710,722 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.07 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $12,402,751 / 811,104 shares outstanding (unlimited amount authorized: $0.01 par value) | $15.29 |

---

*(x)* *Includes value of securities on loan of $58,037,362.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($801,932 of dividend income received from affiliates) (net of $37,587 foreign withholding tax) | $29761409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1217783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 486129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 31465321 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9439116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3871802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2187927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 531533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 173400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 108659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 72574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 58001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16504290 |
|  **NET INVESTMENT INCOME (LOSS)** | 14961031 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($587,220 realized gain (loss) from affiliates) | 114830462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (63054080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 51775582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(4265154) of change in unrealized appreciation (depreciation) from affiliates) | (353438923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7914575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (361353498) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (309577916) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(294616885) |

---

See Notes to Financial Statements.

1202

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**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14961031 | $10350361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 51775582 | 228993010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (361353498) | 241064314 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (294616885) | 480407685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (7095167) | (29274881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (51497369) | (221005913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (497636) | (1993524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (59090172) | (252274318) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 264,887 and 389,107 shares, respectively ] | 4412606 | 7590599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 459,213 and 1,603,767 shares, respectively ] | 7095167 | 29274881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1047102) and (1192507) shares, respectively ] | (17342053) | (22733908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (5834280) | 14131572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,325,035 and 1,524,466 shares, respectively ] | 21930467 | 28886326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,378,263 and 12,262,386 shares, respectively ] | 51497369 | 221005913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11370672) and (12945692) shares, respectively ] | (185791406) | (245404001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (112363570) | 4488238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 81,623 and 179,607 shares, respectively ] | 1408776 | 3521690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 32,125 and 109,198 shares, respectively ] | 497636 | 1993524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (156677) and (205215) shares, respectively ] | (2588948) | (3899366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (682536) | 1615848 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (118880386) | 20235658 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (472587443) | 248369025 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2078904387 | 1830535362 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1606316944 | $2078904387 |

---

See Notes to Financial Statements.

1203

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.54 | $16.55 | $16.48 | $13.96 | $17.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.10 | 0.14 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.84) | 4.36 | 0.62 | 3.52 | (2.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.70) | 4.46 | 0.76 | 3.69 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.11) | (0.17) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.41) | (2.36) | (0.52) | (0.95) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (2.47) | (0.69) | (1.17) | (1.64) |
|  Net asset value, end of year | $15.28 | $18.54 | $16.55 | $16.48 | $13.96 |
|  Total return | (14.55)% | 27.44% | 4.94% | 26.63% | (13.32)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $196544 | $244498 | $205076 | $212355 | $187420 |
|  Ratio of expenses to average net assets (f) | 0.93% | 0.92% | 0.94% | 0.94% | 0.93% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.85% | 0.51% | 1.00% | 1.05% | 0.97% |
|  Portfolio turnover rate^ | 28% | 23% | 29% | 19% | 25% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.30 | $16.37 | $16.30 | $13.82 | $17.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.10 | 0.14 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.81) | 4.30 | 0.62 | 3.48 | (2.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.67) | 4.40 | 0.76 | 3.65 | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.11) | (0.17) | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.41) | (2.36) | (0.52) | (0.95) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.56) | (2.47) | (0.69) | (1.17) | (1.64) |
|  Net asset value, end of year | $15.07 | $18.30 | $16.37 | $16.30 | $13.82 |
|  Total return | (14.58)% | 27.38% | 4.99% | 26.61% | (13.33)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468507 |
|  Ratio of expenses to average net assets (f) | 0.93% | 0.92% | 0.94% | 0.94% | 0.93% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.84% | 0.51% | 1.00% | 1.05% | 0.97% |
|  Portfolio turnover rate^ | 28% | 23% | 29% | 19% | 25% |

---

See Notes to Financial Statements.

1204

------

**EQ ADVISORS TRUST** 

EQ/MID CAP VALUE MANAGED VOLATILITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $18.56 | $16.56 | $16.48 | $13.96 | $17.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.15 | 0.18 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.84) | 4.36 | 0.63 | 3.52 | (2.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.66) | 4.51 | 0.81 | 3.73 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.15) | (0.21) | (0.26) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.41) | (2.36) | (0.52) | (0.95) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.61) | (2.51) | (0.73) | (1.21) | (1.68) |
|  Net asset value, end of year | $15.29 | $18.56 | $16.56 | $16.48 | $13.96 |
|  Total return | (14.38)% | 27.76% | 5.22% | 26.92% | (13.09)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404 |
|  Ratio of expenses to average net assets (f) | 0.68% | 0.67% | 0.69% | 0.69% | 0.68% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.10% | 0.77% | 1.25% | 1.30% | 1.21% |
|  Portfolio turnover rate^ | 28% | 23% | 29% | 19% | 25% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1205

------

**EQ/MONEY MARKET PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> BNY Mellon Investment Adviser, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g75k67.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | 1.11% | 0.85% | 0.46 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | 1.11 | 0.85 | 0.46 |  |
| &nbsp;&nbsp;&nbsp; ICE BofA 3-Month U.S. Treasury Bill Index | 1.47 | 1.27 | 0.77 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 1.11% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 1.47% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Beginning in March of 2022, the Federal Reserve (Fed) began to tighten monetary policy by raising the Federal funds rate.
The target range has been elevated at each of the last seven Federal Open Market Committee (FOMC) meetings, for a total of 425 basis points. The current Federal funds target range is now 4.25% to 4.50%. These rate hikes correspondingly lifted yields
on money market securities the Portfolio invests in.

• The Portfolio was appropriately positioned with a short Weighted Average Maturity (WAM) as the Fed aggressively hiked
rates. The Portfolio's assets are significantly allocated in overnight reverse repurchase agreements, and floating rate notes (FRN's) that reset daily off the Secured Overnight Financing Rate (SOFR). This positioning benefitted the
Portfolio as yields on overnight investments outpaced yields on longer-dated fixed rate securities over the period.

***What hurt performance during the year:***

• Considerable demand for short-dated U.S. government securities persists in the
market, driving yields on front-end Treasury bills lower than yields on overnight repurchase agreements and FRN's over the period. Therefore, yields on fixed-rate government securities the Portfolio purchased generally lagged.

**Portfolio Positioning and Outlook — BNY Mellon Investment Adviser, Inc.** 

We expect the Fed to continue to tighten monetary policy by hiking rates, less aggressively in the first half of 2023, before pausing at a more elevated terminal rate. We therefore intend to continue positioning the Fund with a relatively short WAM. However, we may opportunistically add longer-dated higher-yielding fixed rate securities, should market conditions warrant. The Portfolio concluded December 2022 with a weighted average maturity (WAM) of 15 days and a weighted average life (WAL) of 28 days. This is in comparison to one year prior when the WAM and WAL were both 54 days.

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

1206

------

**EQ/MONEY MARKET PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Maturity (Days) | 14.00 |  |
| &nbsp;&nbsp;&nbsp; Number of Holdings | 25 |  |
| &nbsp;&nbsp;&nbsp; Weighted Avg. Credit Quality\*\*: | A-1+ |  |
| &nbsp;&nbsp;&nbsp; **Maturity Weightings** |  |  |
| &nbsp;&nbsp;&nbsp; 1-30 Days | 71.00 |  |
| &nbsp;&nbsp;&nbsp; 31-60 Days | 11.29 |  |
| &nbsp;&nbsp;&nbsp; 61-90 Days | 12.75 |  |
| &nbsp;&nbsp;&nbsp; 91-120 Days | 0.00 |  |
| &nbsp;&nbsp;&nbsp; >120 Days | 4.96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 100.00 |  |
| &nbsp;&nbsp;&nbsp; *\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Distribution of Assets by Sector**<br> **as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 56.7% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 33.3 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 13.7 |
| &nbsp;&nbsp;&nbsp; Investment Company | 2.3 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1010.70 | $3.51 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.72 | 3.53 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1010.70 | 3.51 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.72 | 3.53 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.69% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.69% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.69% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA and Class IB shares annualized expense ratio of 0.69% and 0.69%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1207

------

**EQ ADVISORS TRUST** 

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Investment Company (2.3%)** | **Investment Company (2.3%)** | **Investment Company (2.3%)** |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 40000000 | $40000000 |
|  | **Principal**<br> **Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (56.7%)** | **Repurchase Agreements (56.7%)** | **Repurchase Agreements (56.7%)** |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $22,206,063, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $22,650,184. (xx) | $22195508 | 22195508 |
|  Banco Santander SA,<br>4.10%, dated 12/30/22, due 1/3/23, repurchase price $241,000,000, collateralized by various U.S. Government Treasury Securities, ranging from 2.000%-6.000%, maturing 7/1/34-9/1/52; total market value $245,820,000. | 241000000 | 241000000 |
|  Bank of Nova Scotia (The),<br>4.25%, dated 12/30/22, due 1/3/23, repurchase price $100,047,294, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.300%, maturing 2/23/23-5/17/32; total market value $102,048,240. | 100000000 | 100000000 |
|  BofA Securities Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $120,000,001, collateralized by various U.S. Government Treasury Securities, ranging from 3.950%-5.090%, maturing 10/15/57-1/15/58; total market value $122,400,001. | 120000000 | 120000000 |
|  BofA Securities Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $100,000,000, collateralized by various U.S. Government Treasury Securities, ranging from 4.000%-5.000%, maturing 12/20/48-7/20/52; total market value $102,000,000. | 100000000 | 100000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $21,314,434, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $21,730,582. (xx) | 21304492 | 21304492 |
|  Societe Generale,<br>4.25%, dated 12/30/22, due 1/3/23, repurchase price $350,000,034, collateralized by various U.S. Government Treasury Securities, ranging from 0.250%-2.875%, maturing 3/15/25-5/15/32; total market value $357,000,034. | 350000000 | 350000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $20,009,778, collateralized by various Common Stocks; total market value $22,212,935. (xx) | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 974500000 |
|  **U.S. Government Agency Securities (13.7%)** | **U.S. Government Agency Securities (13.7%)** | **U.S. Government Agency Securities (13.7%)** |
|  FHLB | FHLB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.01%),<br> 4.31%, 1/17/23 (k) | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br> 4.33%, 1/27/23 (k) | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%),<br> 4.35%, 3/14/23 (k) | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br> 4.31%, 3/15/23 (k) | 15000000 | 14998766 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br> 4.33%, 3/21/23 (k) | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.02%),<br> 4.32%, 3/24/23 (k) | 35000000 | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%),<br> 4.35%, 3/28/23 (k) | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.03%),<br> 4.33%, 5/1/23 (k) | 35000000 | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.06%),<br> 4.36%, 5/1/23 (k) | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.07%),<br> 4.37%, 7/25/23 (k) | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 234998766 |
|  **U.S. Treasury Obligations (33.3%)** | **U.S. Treasury Obligations (33.3%)** | **U.S. Treasury Obligations (33.3%)** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/3/23 (p) | 50000000 | 49989222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 1/12/23 (p) | 25000000 | 24979490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 1/17/23 (p) | 50000000 | 49910667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 1/19/23 (p)(x) | 40000000 | 39942100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 1/24/23 (p) | 115000000 | 114710328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 1/31/23 (p)(x) | 75000000 | 74745000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 2/14/23 (p) | 50000000 | 49751583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 2/21/23 (p) | 70000000 | 69598233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 3/16/23 (p) | 25000000 | 24780569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 3/23/23 (p) | 75000000 | 74276062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 572683254 |

---

See Notes to Financial Statements.

1208

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**EQ ADVISORS TRUST** 

EQ/MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| | **Value<br>(Note 1)** |
|  **Total Investments in Securities (106.0%)**<br> *(Amortized Cost $1,822,182,020)* | $1822182020 |
|  **Other Assets Less Liabilities (-6.0%)** | (103309273) |
|  **Net Assets (100%)** | $1718872747 |
|  **Federal Income Tax Cost of Investments** | $1822182020 |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $103,235,490. This was collateralized by cash of $103,500,000 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*FHLB* *— Federal Home Loan Bank* 

*SOFR* *— Secured Overnight Financing Rate* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | $40000000 | $— | $— | $40000000 |
|  Repurchase Agreements |  | 974500000 |  | 974500000 |
|  U.S. Treasury Obligations |  | 572683254 |  | 572683254 |
|  U.S. Government Agency Securities |  | 234998766 |  | 234998766 |
|  **Total Assets** | $**40000000** | $**1782182020** | $**—** | $**1822182020** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**40000000** | $**1782182020** | $**—** | $**1822182020** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

See Notes to Financial Statements.

1209

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**EQ ADVISORS TRUST** 

EQ/MONEY MARKET PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value: (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $847,682,020) | $847682020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $974,500,000) | 974500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 436835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1003835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1823640771 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 103500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 493437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 276493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 139684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 82761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 273228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 104768024 |
|  **NET ASSETS** | $1718872747 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1718872747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1718872747 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $435,756,365 / 435,435,602 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,283,116,382 / 1,282,833,313 shares outstanding (unlimited amount authorized: $0.01 par value) | $1.00 |

---

*(x)* *Includes value of securities on loan of $103,235,490.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $26866200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 249636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 27115836 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5421027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3217109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1512847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 855733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 87935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 57100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 56434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 50276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 11291143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from investment manager | (1516833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary waiver from distributor | (1314223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8460087 |
|  **NET INVESTMENT INCOME (LOSS)** | 18655749 |
|  **REALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1511 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 1511 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18657260 |

---

See Notes to Financial Statements.

1210

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**EQ ADVISORS TRUST** 

EQ/MONEY MARKET PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18655749 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1511 | 2917414 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 18657260 | 2917414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (3999294) | (544460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (14666940) | (2369531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (18666234) | (2913991) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 383,601,593 and 365,540,284 shares, respectively ] | 383885459 | 365825668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 3,996,341 and 544,057 shares, respectively ] | 3999294 | 544460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (282149806) and (400021975) shares, respectively ] | (282358856) | (400348813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 105525897 | (33978685) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,409,238,053 and 14,151,706,124 shares, respectively ] | 15412702662 | 14156444157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 14,663,671 and 2,368,997 shares, respectively ] | 14666940 | 2369531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (15324485022) and (14239556174) shares, respectively ] | (15327929787) | (14243944351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 99439815 | (85130663) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 204965712 | (119109348) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 204956738 | (119105925) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1513916009 | 1633021934 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1718872747 | $1513916009 |

---

See Notes to Financial Statements.

1211

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**EQ ADVISORS TRUST** 

EQ/MONEY MARKET PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 |  |  | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 |  |  | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) |  |  | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.01) |  |  | (0.02) | (0.01) |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return | 1.11 | 0.16 | 0.20 | 1.52 | 1.27 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $435756 | $330232 | $364115 | $304525 | $294561 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 0.52 | 0.04 | 0.32 | 0.71 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.69 | 0.70 | 0.71 | 0.71 | 0.71 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 1.17 |  | 0.18 | 1.50 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.99 | (0.65 | (0.22 | 1.50 | 1.11 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 |  |  | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 |  |  | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.01) |  |  | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.01) |  |  | (0.02) | (0.01) |
|  Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return | 1.11 | 0.16 | 0.20 | 1.52 | 1.27 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885669 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 0.52 | 0.04 | 0.31 | 0.71 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.69 | 0.70 | 0.71 | 0.71 | 0.71 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers | 1.14 |  | 0.18 | 1.50 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers | 0.97 | (0.65 | (0.21 | 1.50 | 1.11 |

---

*#* *Per share amount is less than $0.005.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

See Notes to Financial Statements.

1212

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**EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Investment Management, LLC

<sub>⮚</sub> Morgan Stanley Investment Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g05b38.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\*,\*\* | (44.23)% | 7.50% | 7.61 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (43.99) | 7.80 | 7.87 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Growth Index | (26.36) | 3.51 | 6.62 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>*\*\* The returns of Class IB were calculated using the returns of Class K, adjusted for expenses for the period from April 14, 2015 through April 30, 2015.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (44.23)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Growth Index, which returned (26.36)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Stock selection in aggregate detracted across all sectors in which the Portfolio was invested; however, individual holdings
that performed well included Calix, Inc., Signify Health, Inc. and MongoDB, Inc., the top three contributors to relative performance. Calix is a hardware and software solutions provider for the network access market. Its strong performance was
driven by solid quarterly results and a substantial increase in revenue guidance. The company also had a record quarter for hiring and announced a stock repurchase program.

• The Portfolio's overweight to Health Care and underweight to Real Estate were small positive relative contributors.

***What hurt performance during the year:***

• Stock selection was the main driver of relative underperformance, largely driven by mixed selection in the Consumer
Discretionary, Health Care and Information Technology sectors. Across the whole Portfolio, Affirm Holdings, Inc., Upstart Holdings, Inc. and Anterix, Inc. were the largest detractors. Affirm Holdings is a technology company specializing in consumer buy-now-pay-later point of sale financing and payment processing. Its shares languished due to concerns about a tougher funding
environment and macroeconomic weakness resulting in potentially greater consumer delinquencies and loan losses.

• Sector selection detracted from relative performance to a lesser extent. The lack of exposure to Energy and underweight
positions in Industrials and Consumers Staples were unfavorable.

• Greater market volatility and a widespread sell-off in high growth and high
multiple equities was a significant headwind to Portfolio performance in 2022. We believe the sell-off was driven by a broad rotation out of such names and not due to company-specific fundamentals, which,
across most of the Portfolio, remained largely healthy.

**Portfolio Positioning and Outlook — Morgan Stanley Investment Management, Inc.** 

Our team continues to focus on stock selection and the long-term outlook for companies owned in the Portfolio. At the end of the period, the Portfolio's largest sector weights were in Information Technology, Consumer Discretionary, and Health Care. The Portfolio had no exposure to the Energy and Utilities sectors.

As a team, we believe having a market outlook can be an anchor. Our focus is on assessing company prospects over a five-year horizon, and owning a Portfolio of unique companies whose market value we believe can increase significantly for underlying fundamental reasons.

1213

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**EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 28.2% |
| &nbsp;&nbsp;&nbsp; Health Care | 25.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 15.2 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 10.9 |
| &nbsp;&nbsp;&nbsp; Industrials | 10.0 |
| &nbsp;&nbsp;&nbsp; Energy | 3.8 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 3.6 |
| &nbsp;&nbsp;&nbsp; Financials | 3.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.2 |
| &nbsp;&nbsp;&nbsp; Materials | 3.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.5 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.9 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (11.6) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $951.60 | $5.66 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.41 | 5.85 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 955.10 | 4.43 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.67 | 4.58 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.15% and 0.90%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1214

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (3.2%)** | **Communication Services (3.2%)** | **Communication Services (3.2%)** |  |
|  ***Diversified Telecommunication Services (2.4%)*** | ***Diversified Telecommunication Services (2.4%)*** | ***Diversified Telecommunication Services (2.4%)*** | **** |
|  Anterix, Inc. (x)\* | 208197 | $6697697 |  |
|  Bandwidth, Inc., Class A\* | 730 | 16754 |  |
|  Charge Enterprises, Inc. (x)\* | 20924 | 25946 |  |
|  Cogent Communications Holdings, Inc. | 3658 | 208799 |  |
|  Consolidated Communications Holdings, Inc.\* | 1358 | 4862 |  |
|  Globalstar, Inc. (x)\* | 87295 | 116102 |  |
|  IDT Corp., Class B\* | 1679 | 47297 |  |
|  Iridium Communications, Inc.\* | 19107 | 982100 |  |
|  Ooma, Inc.\* | 3762 | 51238 |  |
|  |  | 8150795 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  Cinemark Holdings, Inc.\* | 13068 | 113169 |  |
|  IMAX Corp.\* | 4488 | 65794 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 1701 | 55572 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 5844 | 188352 |  |
|  Playstudios, Inc. (x)\* | 6264 | 24304 |  |
|  Reservoir Media, Inc.\* | 2807 | 16758 |  |
|  |  | 463949 |  |
|  ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** | **** |
|  Arena Group Holdings, Inc. (The)\* | 1328 | 14090 |  |
|  Cargurus, Inc.\* | 15511 | 217309 |  |
|  Cars.com, Inc.\* | 1248 | 17185 |  |
|  DHI Group, Inc.\* | 5827 | 30825 |  |
|  Eventbrite, Inc., Class A\* | 10788 | 63217 |  |
|  EverQuote, Inc., Class A\* | 2962 | 43660 |  |
|  Leafly Holdings, Inc.\* | 1870 | 1219 |  |
|  MediaAlpha, Inc., Class A\* | 3826 | 38069 |  |
|  QuinStreet, Inc.\* | 557 | 7993 |  |
|  Shutterstock, Inc. | 3591 | 189317 |  |
|  Vimeo, Inc.\* | 21218 | 72778 |  |
|  Vinco Ventures, Inc. (x)\* | 20004 | 9282 |  |
|  Wejo Group Ltd. (x)\* | 4118 | 1981 |  |
|  Yelp, Inc.\* | 10264 | 280618 |  |
|  Ziff Davis, Inc.\* | 1283 | 101485 |  |
|  ZipRecruiter, Inc., Class A\* | 11117 | 182541 |  |
|  |  | 1271569 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 5989 | 9942 |  |
|  Boston Omaha Corp., Class A\* | 265 | 7022 |  |
|  Entravision Communications Corp., Class A | 6352 | 30489 |  |
|  Gambling.com Group Ltd.\* | 1346 | 12316 |  |
|  Gray Television, Inc. | 5309 | 59408 |  |
|  Innovid Corp. (x)\* | 10975 | 18767 |  |
|  Integral Ad Science Holding Corp.\* | 1800 | 15822 |  |
|  John Wiley & Sons, Inc., Class A | 6151 | 246409 |  |
|  Loyalty Ventures, Inc.\* | 1204 | 2902 |  |
|  PubMatic, Inc., Class A\* | 6122 | 78423 |  |
|  Sinclair Broadcast Group, Inc., Class A | 6010 | 93215 |  |
|  Stagwell, Inc. (x)\* | 1200 | 7452 |  |
|  TechTarget, Inc.\* | 4081 | 179809 |  |
|  Thryv Holdings, Inc.\* | 1083 | 20577 |  |
|  WideOpenWest, Inc.\* | 4882 | 44475 |  |
|  |  | 827028 |  |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | **** |
|  Gogo, Inc.\* | 663 | 9786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 10723127 |  |
|  **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** | **Consumer Discretionary (15.2%)** |  |
|  ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | ***Auto Components (1.3%)*** | **** |
|  American Axle & Manufacturing Holdings, Inc.\* | 964 | 7538 |  |
|  Dorman Products, Inc.\* | 4027 | 325663 |  |
|  Fox Factory Holding Corp.\* | 6472 | 590441 |  |
|  Gentherm, Inc. (x)\* | 5056 | 330106 |  |
|  Holley, Inc. (x)\* | 7656 | 16231 |  |
|  LCI Industries | 3777 | 349184 |  |
|  Luminar Technologies, Inc. (x)\* | 38217 | 189174 |  |
|  Patrick Industries, Inc. | 366 | 22180 |  |
|  Solid Power, Inc. (x)\* | 8403 | 21344 |  |
|  Stoneridge, Inc.\* | 531 | 11448 |  |
|  Visteon Corp.\* | 4246 | 555504 |  |
|  XPEL, Inc. (m)\* | 30250 | 1816815 |  |
|  |  | 4235628 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 23347 | 28717 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 18872 | 5479 |  |
|  Fisker, Inc. (x)\* | 26880 | 195418 |  |
|  Mullen Automotive, Inc. (x)\* | 53645 | 15342 |  |
|  Workhorse Group, Inc. (x)\* | 22706 | 34513 |  |
|  |  | 279469 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Funko, Inc., Class A (x)\* | 5025 | 54823 |  |
|  ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** | **** |
|  Beachbody Co., Inc. (The) (x)\* | 1935 | 1018 |  |
|  Carriage Services, Inc. | 1955 | 53841 |  |
|  Chegg, Inc.\* | 18989 | 479852 |  |
|  Coursera, Inc.\* | 17320 | 204895 |  |
|  Duolingo, Inc.\* | 51179 | 3640362 |  |
|  European Wax Center, Inc., Class A (x) | 3566 | 44397 |  |
|  Nerdy, Inc. (x)\* | 8326 | 18733 |  |
|  OneSpaWorld Holdings Ltd.\* | 9946 | 92796 |  |
|  Rover Group, Inc. (x)\* | 13806 | 50668 |  |
|  Stride, Inc.\* | 6194 | 193748 |  |
|  Udemy, Inc.\* | 11012 | 116177 |  |
|  Universal Technical Institute, Inc.\* | 5254 | 35307 |  |
|  Vivint Smart Home, Inc.\* | 3884 | 46220 |  |
|  |  | 4978014 |  |
|  ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | ***Hotels, Restaurants & Leisure (1.8%)*** | **** |
|  Accel Entertainment, Inc.\* | 8390 | 64603 |  |
|  Bloomin' Brands, Inc. | 9749 | 196150 |  |
|  Bluegreen Vacations Holding Corp. | 141 | 3519 |  |
|  Brinker International, Inc.\* | 5926 | 189099 |  |
|  Century Casinos, Inc.\* | 3120 | 21934 |  |
|  Cheesecake Factory, Inc. (The) (x) | 7376 | 233893 |  |
|  Cracker Barrel Old Country Store, Inc. | 3361 | 318421 |  |
|  Dave & Buster's Entertainment, Inc.\* | 6491 | 230041 |  |

---

See Notes to Financial Statements.

1215

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Denny's Corp.\* | 6281 | $| 57848 |  |
|  Dine Brands Global, Inc. | 1928 |  | 124549 |  |
|  Everi Holdings, Inc.\* | 6941 |  | 99603 |  |
|  F45 Training Holdings, Inc. (x)\* | 5833 |  | 16624 |  |
|  First Watch Restaurant Group, Inc.\* | 539 |  | 7293 |  |
|  Full House Resorts, Inc.\* | 1310 |  | 9851 |  |
|  Golden Entertainment, Inc.\* | 3024 |  | 113098 |  |
|  Hilton Grand Vacations, Inc.\* | 12966 |  | 499710 |  |
|  Inspired Entertainment, Inc.\* | 2309 |  | 29255 |  |
|  International Game Technology plc | 3393 |  | 76953 |  |
|  Jack in the Box, Inc. | 477 |  | 32546 |  |
|  Krispy Kreme, Inc. (x) | 2967 |  | 30619 |  |
|  Kura Sushi USA, Inc., Class A\* | 735 |  | 35045 |  |
|  Lindblad Expeditions Holdings, Inc.\* | 402 |  | 3095 |  |
|  Membership Collective Group, Inc., Class A (x)\* | 172941 |  | 646799 |  |
|  Monarch Casino & Resort, Inc.\* | 2023 |  | 155548 |  |
|  NEOGAMES SA\* | 2026 |  | 24697 |  |
|  Noodles & Co., Class A\* | 6633 |  | 36415 |  |
|  ONE Group Hospitality, Inc. (The)\* | 3576 |  | 22529 |  |
|  Papa John's International, Inc. | 3584 |  | 294999 |  |
|  Portillo's, Inc., Class A (x)\* | 4256 |  | 69458 |  |
|  RCI Hospitality Holdings, Inc. | 1208 |  | 112574 |  |
|  Red Rock Resorts, Inc., Class A | 3424 |  | 136994 |  |
|  Rush Street Interactive, Inc.\* | 9274 |  | 33294 |  |
|  Ruth's Hospitality Group, Inc. | 4676 |  | 72385 |  |
|  SeaWorld Entertainment, Inc.\* | 3024 |  | 161814 |  |
|  Shake Shack, Inc., Class A\* | 5695 |  | 236513 |  |
|  Sonder Holdings, Inc. (x)\* | 30742 |  | 38120 |  |
|  Sweetgreen, Inc., Class A (x)\* | 13447 |  | 115241 |  |
|  Target Hospitality Corp. (x)\* | 4524 |  | 68493 |  |
|  Texas Roadhouse, Inc. | 10271 |  | 934147 |  |
|  Wingstop, Inc. | 4571 |  | 629061 |  |
|  Xponential Fitness, Inc., Class A\* | 817 |  | 18734 |  |
|  |  |  | 6201564 |  |
|  ***Household Durables (2.7%)*** | ***Household Durables (2.7%)*** | ***Household Durables (2.7%)*** | ***Household Durables (2.7%)*** | **** |
|  Aterian, Inc.\* | 533 |  | 411 |  |
|  Cavco Industries, Inc.\* | 1363 |  | 308379 |  |
|  Century Communities, Inc. (x) | 315 |  | 15753 |  |
|  Cricut, Inc., Class A (x)\* | 387577 |  | 3592839 |  |
|  Dream Finders Homes, Inc., Class A (x)\* | 3440 |  | 29790 |  |
|  Green Brick Partners, Inc.\* | 1190 |  | 28834 |  |
|  Helen of Troy Ltd.\* | 3620 |  | 401494 |  |
|  Hovnanian Enterprises, Inc., Class A\* | 832 |  | 35011 |  |
|  Installed Building Products, Inc. | 3633 |  | 310985 |  |
|  iRobot Corp. (x)\* | 3586 |  | 172594 |  |
|  KB Home | 1864 |  | 59368 |  |
|  LGI Homes, Inc.\* | 227 |  | 21020 |  |
|  Lovesac Co. (The)\* | 2184 |  | 48070 |  |
|  M.D.C. Holdings, Inc. | 2254 |  | 71226 |  |
|  M/I Homes, Inc.\* | 608 |  | 28077 |  |
|  Meritage Homes Corp.\* | 349 |  | 32178 |  |
|  Purple Innovation, Inc. (x)\* | 421 |  | 2017 |  |
|  Skyline Champion Corp.\* | 8132 |  | 418879 |  |
|  Sonos, Inc.\* | 19461 |  | 328891 |  |
|  Taylor Morrison Home Corp., Class A\* | 1815 |  | 55085 |  |
|  Tri Pointe Homes, Inc.\* | 1442 |  | 26807 |  |
|  Victoria plc (x)\* | 537541 |  | 3125828 |  |
|  Vizio Holding Corp., Class A (x)\* | 10218 |  | 75715 |  |
|  Vuzix Corp. (x)\* | 8387 |  | 30529 |  |
|  |  |  | 9219780 |  |
|  ***Internet & Direct Marketing Retail (3.3%)*** | ***Internet & Direct Marketing Retail (3.3%)*** | ***Internet & Direct Marketing Retail (3.3%)*** | ***Internet & Direct Marketing Retail (3.3%)*** | **** |
|  BARK, Inc. (x)\* | 577554 |  | 860556 |  |
|  CarParts.com, Inc.\* | 7438 |  | 46562 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 1117 |  | 6903 |  |
|  Global-e Online Ltd.\* | 399996 |  | 8255917 |  |
|  Groupon, Inc. (x)\* | 300 |  | 2574 |  |
|  Liquidity Services, Inc.\* | 1894 |  | 26630 |  |
|  Lulu's Fashion Lounge Holdings, Inc. (x)\* | 2742 |  | 6882 |  |
|  PetMed Express, Inc. (x) | 2722 |  | 48179 |  |
|  Quotient Technology, Inc.\* | 1830 |  | 6277 |  |
|  RealReal, Inc. (The) (x)\* | 2196 |  | 2745 |  |
|  Rent the Runway, Inc., Class A (x)\* | 7598 |  | 23174 |  |
|  Revolve Group, Inc. (x)\* | 6206 |  | 138146 |  |
|  Stitch Fix, Inc., Class A\* | 5149 |  | 16013 |  |
|  ThredUp, Inc., Class A (x)\* | 334 |  | 438 |  |
|  Vivid Seats, Inc., Class A (x)\* | 948 |  | 6920 |  |
|  Wayfair, Inc., Class A (x)\* | 46231 |  | 1520538 |  |
|  Xometry, Inc., Class A (x)\* | 5196 |  | 167467 |  |
|  |  |  | 11135921 |  |
|  ***Leisure Products (1.4%)*** | ***Leisure Products (1.4%)*** | ***Leisure Products (1.4%)*** | ***Leisure Products (1.4%)*** | **** |
|  Acushnet Holdings Corp. | 1473 |  | 62544 |  |
|  Clarus Corp. | 3793 |  | 29737 |  |
|  Latham Group, Inc.\* | 6535 |  | 21043 |  |
|  Malibu Boats, Inc., Class A\* | 3088 |  | 164590 |  |
|  Marine Products Corp. | 1428 |  | 16808 |  |
|  MasterCraft Boat Holdings, Inc.\* | 2689 |  | 69564 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 540838 |  | 4294254 |  |
|  Smith & Wesson Brands, Inc. | 450 |  | 3906 |  |
|  Sturm Ruger & Co., Inc. | 2400 |  | 121488 |  |
|  |  |  | 4783934 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Dillard's, Inc., Class A (x) | 603 |  | 194889 |  |
|  Franchise Group, Inc. (x) | 3718 |  | 88563 |  |
|  |  |  | 283452 |  |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | **** |
|  Arko Corp. (x) | 12726 |  | 110207 |  |
|  Asbury Automotive Group, Inc.\* | 971 |  | 174052 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 9067 |  | 22758 |  |
|  Boot Barn Holdings, Inc.\* | 4490 |  | 280715 |  |
|  Buckle, Inc. (The) | 4276 |  | 193917 |  |
|  Build-A-Bear Workshop, Inc.\* | 1581 |  | 37691 |  |
|  Caleres, Inc. | 5280 |  | 117638 |  |
|  Camping World Holdings, Inc., Class A (x) | 5814 |  | 129768 |  |
|  Carvana Co. (x)\* | 108137 |  | 512569 |  |
|  Chico's FAS, Inc.\* | 12994 |  | 63930 |  |
|  Children's Place, Inc. (The)\* | 1307 |  | 47601 |  |
|  Citi Trends, Inc.\* | 4 |  | 106 |  |
|  Designer Brands, Inc., Class A | 5438 |  | 53184 |  |
|  Destination XL Group, Inc.\* | 4709 |  | 31786 |  |
|  EVgo, Inc. (x)\* | 1880 |  | 8404 |  |
|  Guess?, Inc. (x) | 4684 |  | 96912 |  |
|  Hibbett, Inc. | 1513 |  | 103217 |  |
|  MarineMax, Inc.\* | 246 |  | 7680 |  |

---

See Notes to Financial Statements.

1216

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Murphy USA, Inc. | 3189 | $| 891453 |  |
|  National Vision Holdings, Inc.\* | 737 |  | 28566 |  |
|  OneWater Marine, Inc., Class A\* | 119 |  | 3403 |  |
|  Party City Holdco, Inc. (x)\* | 6280 |  | 2295 |  |
|  Rent-A-Center, Inc. | 7559 |  | 170455 |  |
|  Sally Beauty Holdings, Inc.\* | 15073 |  | 188714 |  |
|  Sleep Number Corp.\* | 1523 |  | 39568 |  |
|  Torrid Holdings, Inc. (x)\* | 911 |  | 2697 |  |
|  Warby Parker, Inc., Class A (x)\* | 12714 |  | 171512 |  |
|  |  |  | 3490798 |  |
|  ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | ***Textiles, Apparel & Luxury Goods (2.0%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 3925 |  | 9499 |  |
|  Crocs, Inc.\* | 9252 |  | 1003194 |  |
|  Ermenegildo Zegna NV (x) | 1459 |  | 15276 |  |
|  Kontoor Brands, Inc. | 8460 |  | 338315 |  |
|  On Holding AG, Class A\* | 270288 |  | 4638142 |  |
|  Oxford Industries, Inc. | 1594 |  | 148529 |  |
|  Rocky Brands, Inc. | 33 |  | 779 |  |
|  Steven Madden Ltd. | 11686 |  | 373485 |  |
|  Wolverine World Wide, Inc. | 11695 |  | 127826 |  |
|  |  |  | 6655045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 51318428 |  |
|  **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** | **Consumer Staples (2.6%)** |  |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | **** |
|  Celsius Holdings, Inc.\* | 16044 |  | 1669218 |  |
|  Coca-Cola Consolidated, Inc. | 719 |  | 368387 |  |
|  Duckhorn Portfolio, Inc. (The)\* | 6524 |  | 108103 |  |
|  MGP Ingredients, Inc. | 2145 |  | 228185 |  |
|  National Beverage Corp.\* | 3614 |  | 168159 |  |
|  Vintage Wine Estates, Inc. (x)\* | 773 |  | 2520 |  |
|  Vita Coco Co., Inc. (The) (x)\* | 4164 |  | 57546 |  |
|  |  |  | 2602118 |  |
|  ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | ***Food & Staples Retailing (0.3%)*** | **** |
|  Chefs' Warehouse, Inc. (The)\* | 3669 |  | 122104 |  |
|  Fresh Market, Inc. (The) (r)\* | 6480 |  |  |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 1247 |  | 11397 |  |
|  PriceSmart, Inc. | 2342 |  | 142347 |  |
|  Rite Aid Corp.\* | 4103 |  | 13704 |  |
|  Sprouts Farmers Market, Inc.\* | 16232 |  | 525430 |  |
|  United Natural Foods, Inc.\* | 663 |  | 25665 |  |
|  |  |  | 840647 |  |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | **** |
|  Benson Hill, Inc. (x)\* | 13418 |  | 34216 |  |
|  Beyond Meat, Inc. (x)\* | 9358 |  | 115197 |  |
|  BRC, Inc., Class A (x)\* | 4163 |  | 25436 |  |
|  Calavo Growers, Inc. | 2633 |  | 77410 |  |
|  Cal-Maine Foods, Inc. | 5355 |  | 291580 |  |
|  J & J Snack Foods Corp. | 2347 |  | 351369 |  |
|  John B Sanfilippo & Son, Inc. | 849 |  | 69041 |  |
|  Lancaster Colony Corp. | 2515 |  | 496210 |  |
|  Local Bounti Corp. (x)\* | 9534 |  | 13252 |  |
|  Mission Produce, Inc.\* | 861 |  | 10005 |  |
|  Simply Good Foods Co. (The)\* | 13580 |  | 516447 |  |
|  Sovos Brands, Inc.\* | 4310 |  | 61935 |  |
|  SunOpta, Inc.\* | 13882 |  | 117164 |  |
|  Tattooed Chef, Inc. (x)\* | 7474 |  | 9193 |  |
|  Tootsie Roll Industries, Inc. | 2180 |  | 92803 |  |
|  Utz Brands, Inc. | 8775 |  | 139171 |  |
|  Vital Farms, Inc.\* | 4712 |  | 70303 |  |
|  |  |  | 2490732 |  |
|  ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | ***Household Products (0.2%)*** | **** |
|  Central Garden & Pet Co.\* | 460 |  | 17227 |  |
|  Central Garden & Pet Co., Class A\* | 2247 |  | 80443 |  |
|  Energizer Holdings, Inc. | 10319 |  | 346202 |  |
|  WD-40 Co. | 2098 |  | 338219 |  |
|  |  |  | 782091 |  |
|  ***Personal Products (0.6%)*** | ***Personal Products (0.6%)*** | ***Personal Products (0.6%)*** | ***Personal Products (0.6%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 12664 |  | 115242 |  |
|  BellRing Brands, Inc.\* | 20167 |  | 517082 |  |
|  e.l.f. Beauty, Inc.\* | 7488 |  | 414086 |  |
|  Herbalife Nutrition Ltd.\* | 9898 |  | 147282 |  |
|  Inter Parfums, Inc. | 2763 |  | 266685 |  |
|  Medifast, Inc. | 1670 |  | 192635 |  |
|  Nu Skin Enterprises, Inc., Class A | 3132 |  | 132045 |  |
|  Thorne HealthTech, Inc. (x)\* | 2068 |  | 7507 |  |
|  USANA Health Sciences, Inc.\* | 1731 |  | 92089 |  |
|  Veru, Inc. (x)\* | 9489 |  | 50102 |  |
|  |  |  | 1934755 |  |
|  ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | ***Tobacco (0.0%)†*** | **** |
|  22nd Century Group, Inc. (x)\* | 26557 |  | 24446 |  |
|  Turning Point Brands, Inc. | 2166 |  | 46850 |  |
|  Vector Group Ltd. | 3208 |  | 38047 |  |
|  |  |  | 109343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 8759686 |  |
|  **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** | **Energy (3.8%)** |  |
|  ***Energy Equipment & Services (1.3%)*** | ***Energy Equipment & Services (1.3%)*** | ***Energy Equipment & Services (1.3%)*** | ***Energy Equipment & Services (1.3%)*** | **** |
|  Borr Drilling Ltd. (x)\* | 14116 |  | 70157 |  |
|  Cactus, Inc., Class A | 9035 |  | 454099 |  |
|  ChampionX Corp. | 30563 |  | 886021 |  |
|  DMC Global, Inc.\* | 611 |  | 11878 |  |
|  Liberty Energy, Inc., Class A | 21227 |  | 339844 |  |
|  Nabors Industries Ltd.\* | 1206 |  | 186773 |  |
|  NexTier Oilfield Solutions, Inc.\* | 26799 |  | 247623 |  |
|  Noble Corp. plc\* | 2348 |  | 88543 |  |
|  Oceaneering International, Inc.\* | 13872 |  | 242621 |  |
|  Patterson-UTI Energy, Inc. | 22136 |  | 372770 |  |
|  ProFrac Holding Corp., Class A (x)\* | 1616 |  | 40723 |  |
|  RPC, Inc. | 11209 |  | 99648 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 4635 |  | 46026 |  |
|  TETRA Technologies, Inc.\* | 18540 |  | 64149 |  |
|  US Silica Holdings, Inc.\* | 1754 |  | 21925 |  |
|  Valaris Ltd.\* | 9314 |  | 629813 |  |
|  Weatherford International plc\* | 10814 |  | 550649 |  |
|  |  |  | 4353262 |  |
|  ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | ***Oil, Gas & Consumable Fuels (2.5%)*** | **** |
|  Amplify Energy Corp.\* | 4280 |  | 37621 |  |
|  Arch Resources, Inc. | 2271 |  | 324276 |  |
|  Battalion Oil Corp.\* | 302 |  | 2932 |  |
|  Berry Corp. | 2163 |  | 17304 |  |
|  Callon Petroleum Co.\* | 6212 |  | 230403 |  |
|  Chord Energy Corp. | 3773 |  | 516184 |  |

---

See Notes to Financial Statements.

1217

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  CNX Resources Corp.\* | 1575 | $| 26523 |  |
|  Comstock Resources, Inc. | 13954 |  | 191309 |  |
|  CONSOL Energy, Inc. | 4943 |  | 321295 |  |
|  Crescent Energy Co., Class A (x) | 5950 |  | 71341 |  |
|  CVR Energy, Inc. | 4501 |  | 141061 |  |
|  Delek US Holdings, Inc. | 10605 |  | 286335 |  |
|  Denbury, Inc.\* | 7665 |  | 667008 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 6728 |  | 95739 |  |
|  Empire Petroleum Corp.\* | 1617 |  | 19889 |  |
|  Energy Fuels, Inc. (x)\* | 19637 |  | 121946 |  |
|  Equitrans Midstream Corp. | 14861 |  | 99569 |  |
|  Golar LNG Ltd.\* | 929 |  | 21172 |  |
|  Gulfport Energy Corp.\* | 1700 |  | 125188 |  |
|  HighPeak Energy, Inc. (x) | 1022 |  | 23373 |  |
|  Kinetik Holdings, Inc. (x) | 265 |  | 8766 |  |
|  Kosmos Energy Ltd.\* | 68717 |  | 437040 |  |
|  Laredo Petroleum, Inc.\* | 2523 |  | 129733 |  |
|  Magnolia Oil & Gas Corp., Class A | 26706 |  | 626256 |  |
|  Matador Resources Co. | 17155 |  | 981952 |  |
|  Murphy Oil Corp. | 9816 |  | 422186 |  |
|  NextDecade Corp. (x)\* | 4458 |  | 22023 |  |
|  Northern Oil and Gas, Inc. | 8521 |  | 262617 |  |
|  Par Pacific Holdings, Inc.\* | 7500 |  | 174375 |  |
|  PBF Energy, Inc., Class A | 3357 |  | 136898 |  |
|  Permian Resources Corp. (x) | 4108 |  | 38615 |  |
|  Ranger Oil Corp. | 2973 |  | 120198 |  |
|  Riley Exploration Permian, Inc. (x) | 1064 |  | 31314 |  |
|  Ring Energy, Inc. (x)\* | 4714 |  | 11596 |  |
|  SandRidge Energy, Inc.\* | 4436 |  | 75545 |  |
|  SilverBow Resources, Inc. (x)\* | 1874 |  | 52997 |  |
|  Sitio Royalties Corp. (x) | 10951 |  | 315932 |  |
|  SM Energy Co. | 18432 |  | 641987 |  |
|  Talos Energy, Inc.\* | 10095 |  | 190594 |  |
|  Tellurian, Inc. (x)\* | 77908 |  | 130885 |  |
|  Uranium Energy Corp. (x)\* | 53770 |  | 208628 |  |
|  Ur-Energy, Inc. (x)\* | 29610 |  | 34052 |  |
|  VAALCO Energy, Inc. (x) | 15806 |  | 72075 |  |
|  Vertex Energy, Inc. (x)\* | 7680 |  | 47616 |  |
|  W&T Offshore, Inc.\* | 11634 |  | 64918 |  |
|  |  |  | 8579266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 12932528 |  |
|  **Financials (3.5%)** | **Financials (3.5%)** | **Financials (3.5%)** | **Financials (3.5%)** |  |
|  ***Banks (0.9%)*** | ***Banks (0.9%)*** | ***Banks (0.9%)*** | ***Banks (0.9%)*** | **** |
|  BancFirst Corp. | 1786 |  | 157489 |  |
|  Bancorp, Inc. (The)\* | 4855 |  | 137785 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 442 |  | 13176 |  |
|  BayCom Corp. | 290 |  | 5504 |  |
|  Cadence Bank | 1540 |  | 37976 |  |
|  Coastal Financial Corp.\* | 1567 |  | 74464 |  |
|  Eastern Bankshares, Inc. | 4809 |  | 82955 |  |
|  Esquire Financial Holdings, Inc. | 933 |  | 40361 |  |
|  Farmers & Merchants Bancorp, Inc. (x) | 580 |  | 15764 |  |
|  First Bancorp | 1605 |  | 20416 |  |
|  First Financial Bankshares, Inc. | 19825 |  | 681980 |  |
|  Five Star Bancorp | 784 |  | 21356 |  |
|  FVCBankcorp, Inc.\* | 299 |  | 5702 |  |
|  Glacier Bancorp, Inc. | 2136 |  | 105561 |  |
|  HomeTrust Bancshares, Inc. | 416 |  | 10055 |  |
|  Lakeland Financial Corp. | 3456 |  | 252184 |  |
|  Live Oak Bancshares, Inc. | 3915 |  | 118233 |  |
|  Metrocity Bankshares, Inc. | 809 |  | 17499 |  |
|  Metropolitan Bank Holding Corp.\* | 128 |  | 7510 |  |
|  National Bank Holdings Corp., Class A | 295 |  | 12411 |  |
|  Nicolet Bankshares, Inc.\* | 252 |  | 20107 |  |
|  Pathward Financial, Inc. | 1172 |  | 50455 |  |
|  Professional Holding Corp., Class A\* | 69 |  | 1914 |  |
|  ServisFirst Bancshares, Inc. | 7637 |  | 526266 |  |
|  Silvergate Capital Corp., Class A\* | 3680 |  | 64032 |  |
|  Stock Yards Bancorp, Inc. | 3649 |  | 237112 |  |
|  Third Coast Bancshares, Inc.\* | 105 |  | 1935 |  |
|  Triumph Financial, Inc.\* | 1330 |  | 64997 |  |
|  Veritex Holdings, Inc. | 999 |  | 28052 |  |
|  West Bancorp, Inc. | 484 |  | 12366 |  |
|  Westamerica Bancorp | 1071 |  | 63200 |  |
|  |  |  | 2888817 |  |
|  ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | ***Capital Markets (1.1%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 6013 |  | 178586 |  |
|  B Riley Financial, Inc. | 3117 |  | 106601 |  |
|  Blucora, Inc.\* | 7269 |  | 185578 |  |
|  Brightsphere Investment Group, Inc. | 4504 |  | 92692 |  |
|  Cohen & Steers, Inc. | 3894 |  | 251397 |  |
|  Diamond Hill Investment Group, Inc. | 449 |  | 83074 |  |
|  Donnelley Financial Solutions, Inc.\* | 240 |  | 9276 |  |
|  Federated Hermes, Inc., Class B | 13073 |  | 474681 |  |
|  Focus Financial Partners, Inc., Class A\* | 8791 |  | 327641 |  |
|  GCM Grosvenor, Inc., Class A (x) | 5753 |  | 43780 |  |
|  Hamilton Lane, Inc., Class A | 5487 |  | 350510 |  |
|  Houlihan Lokey, Inc. | 7645 |  | 666338 |  |
|  Moelis & Co., Class A | 4836 |  | 185557 |  |
|  Open Lending Corp., Class A\* | 16074 |  | 108499 |  |
|  Perella Weinberg Partners | 5345 |  | 52381 |  |
|  PJT Partners, Inc., Class A | 3597 |  | 265063 |  |
|  Sculptor Capital Management, Inc. | 1891 |  | 16376 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 1435 |  | 26935 |  |
|  StepStone Group, Inc., Class A | 8243 |  | 207559 |  |
|  StoneX Group, Inc.\* | 260 |  | 24778 |  |
|  Value Line, Inc. | 129 |  | 6564 |  |
|  Victory Capital Holdings, Inc., Class A | 787 |  | 21115 |  |
|  Virtus Investment Partners, Inc. | 121 |  | 23164 |  |
|  WisdomTree, Inc. | 21207 |  | 115578 |  |
|  |  |  | 3823723 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  Atlanticus Holdings Corp.\* | 445 |  | 11659 |  |
|  Curo Group Holdings Corp. (x) | 2760 |  | 9798 |  |
|  Dynamics, Inc. (r)\* | 35722 |  | 37776 |  |
|  FirstCash Holdings, Inc. | 2872 |  | 249606 |  |
|  Green Dot Corp., Class A\* | 872 |  | 13795 |  |
|  LendingClub Corp.\* | 805 |  | 7084 |  |
|  LendingTree, Inc.\* | 1651 |  | 35216 |  |
|  NerdWallet, Inc., Class A (x)\* | 4100 |  | 39360 |  |
|  PROG Holdings, Inc.\* | 1256 |  | 21214 |  |
|  Upstart Holdings, Inc. (x)\* | 63729 |  | 842497 |  |
|  World Acceptance Corp.\* | 415 |  | 27365 |  |
|  |  |  | 1295370 |  |
|  ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | **** |
|  BRP Group, Inc., Class A\* | 9276 |  | 233199 |  |
|  eHealth, Inc.\* | 924 |  | 4472 |  |

---

See Notes to Financial Statements.

1218

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Goosehead Insurance, Inc., Class A\* | 2541 | $| 87258 |  |
|  HCI Group, Inc. (x) | 1048 |  | 41490 |  |
|  Investors Title Co. | 32 |  | 4722 |  |
|  Kinsale Capital Group, Inc. | 3312 |  | 866154 |  |
|  Palomar Holdings, Inc.\* | 3709 |  | 167499 |  |
|  RLI Corp. | 6015 |  | 789589 |  |
|  SiriusPoint Ltd.\* | 1106 |  | 6525 |  |
|  Trupanion, Inc. (x)\* | 21323 |  | 1013482 |  |
|  Universal Insurance Holdings, Inc. | 769 |  | 8144 |  |
|  |  |  | 3222534 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.0%)†*** | **** |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 865 |  | 25068 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 3195 |  | 39586 |  |
|  |  |  | 64654 |  |
|  ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | **** |
|  Axos Financial, Inc.\* | 816 |  | 31187 |  |
|  Bridgewater Bancshares, Inc.\* | 707 |  | 12542 |  |
|  Columbia Financial, Inc.\* | 1874 |  | 40516 |  |
|  Greene County Bancorp, Inc. | 540 |  | 31007 |  |
|  Hingham Institution For Savings (The) | 22 |  | 6071 |  |
|  NMI Holdings, Inc., Class A\* | 958 |  | 20022 |  |
|  Walker & Dunlop, Inc. | 3231 |  | 253569 |  |
|  |  |  | 394914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 11690012 |  |
|  **Health Care (25.2%)** | **Health Care (25.2%)** | **Health Care (25.2%)** | **Health Care (25.2%)** |  |
|  ***Biotechnology (5.5%)*** | ***Biotechnology (5.5%)*** | ***Biotechnology (5.5%)*** | ***Biotechnology (5.5%)*** | **** |
|  Aadi Bioscience, Inc. (x)\* | 2280 |  | 29252 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 18312 |  | 291527 |  |
|  ADMA Biologics, Inc.\* | 13002 |  | 50448 |  |
|  Affimed NV\* | 21695 |  | 26902 |  |
|  Agenus, Inc.\* | 47647 |  | 114353 |  |
|  Akero Therapeutics, Inc.\* | 299 |  | 16385 |  |
|  Albireo Pharma, Inc. (x)\* | 2729 |  | 58974 |  |
|  Alector, Inc.\* | 9266 |  | 85525 |  |
|  Alkermes plc\* | 24913 |  | 650977 |  |
|  Alpine Immune Sciences, Inc. (x)\* | 1137 |  | 8357 |  |
|  Amicus Therapeutics, Inc.\* | 42063 |  | 513589 |  |
|  Anavex Life Sciences Corp. (x)\* | 10320 |  | 95563 |  |
|  Apellis Pharmaceuticals, Inc.\* | 14307 |  | 739815 |  |
|  Arbutus Biopharma Corp.\* | 9146 |  | 21310 |  |
|  Arcturus Therapeutics Holdings, Inc.\* | 3106 |  | 52678 |  |
|  Arcutis Biotherapeutics, Inc.\* | 6200 |  | 91760 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 15657 |  | 635048 |  |
|  Atara Biotherapeutics, Inc.\* | 1218 |  | 3995 |  |
|  Aura Biosciences, Inc.\* | 2851 |  | 29936 |  |
|  Aurinia Pharmaceuticals, Inc.\* | 21073 |  | 91035 |  |
|  Avid Bioservices, Inc.\* | 9279 |  | 127772 |  |
|  Beam Therapeutics, Inc. (x)\* | 31932 |  | 1248861 |  |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 19432 |  | 223079 |  |
|  Biohaven Ltd. (x)\* | 6072 |  | 84279 |  |
|  Blueprint Medicines Corp.\* | 9116 |  | 399372 |  |
|  Bridgebio Pharma, Inc.\* | 10358 |  | 78928 |  |
|  CareDx, Inc.\* | 7700 |  | 87857 |  |
|  Catalyst Pharmaceuticals, Inc.\* | 14783 |  | 274964 |  |
|  Celldex Therapeutics, Inc.\* | 1536 |  | 68460 |  |
|  Celularity, Inc., Class A (x)\* | 10935 |  | 14106 |  |
|  Cerevel Therapeutics Holdings, Inc.\* | 8699 |  | 274366 |  |
|  Chimerix, Inc.\* | 8635 |  | 16061 |  |
|  Coherus Biosciences, Inc.\* | 11074 |  | 87706 |  |
|  Crinetics Pharmaceuticals, Inc.\* | 1131 |  | 20697 |  |
|  CTI BioPharma Corp. (x)\* | 2861 |  | 17195 |  |
|  Cytokinetics, Inc.\* | 11316 |  | 518499 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 2098 |  | 34386 |  |
|  Denali Therapeutics, Inc.\* | 16575 |  | 460951 |  |
|  Dynavax Technologies Corp.\* | 18155 |  | 193169 |  |
|  Eagle Pharmaceuticals, Inc.\* | 1504 |  | 43962 |  |
|  Eiger BioPharmaceuticals, Inc.\* | 5894 |  | 6955 |  |
|  Enanta Pharmaceuticals, Inc.\* | 351 |  | 16329 |  |
|  Fate Therapeutics, Inc.\* | 51078 |  | 515377 |  |
|  FibroGen, Inc.\* | 11847 |  | 189789 |  |
|  Foghorn Therapeutics, Inc. (x)\* | 3250 |  | 20735 |  |
|  Geron Corp.\* | 39664 |  | 95987 |  |
|  Gossamer Bio, Inc. (x)\* | 10071 |  | 21854 |  |
|  GreenLight Biosciences Holdings PBC (x)\* | 11762 |  | 13879 |  |
|  Halozyme Therapeutics, Inc.\* | 20330 |  | 1156777 |  |
|  Heron Therapeutics, Inc. (x)\* | 16678 |  | 41695 |  |
|  HilleVax, Inc. (x)\* | 412 |  | 6893 |  |
|  Humacyte, Inc. (x)\* | 8372 |  | 17665 |  |
|  IGM Biosciences, Inc. (x)\* | 1311 |  | 22300 |  |
|  Imago Biosciences, Inc.\* | 2313 |  | 83152 |  |
|  ImmunityBio, Inc. (x)\* | 10002 |  | 50710 |  |
|  ImmunoGen, Inc.\* | 15886 |  | 78795 |  |
|  Inhibrx, Inc. (x)\* | 4883 |  | 120317 |  |
|  Insmed, Inc.\* | 20614 |  | 411868 |  |
|  Intellia Therapeutics, Inc.\* | 42149 |  | 1470579 |  |
|  Intercept Pharmaceuticals, Inc.\* | 3919 |  | 48478 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 20881 |  | 258716 |  |
|  IVERIC bio, Inc.\* | 20530 |  | 439547 |  |
|  Karuna Therapeutics, Inc.\* | 4610 |  | 905865 |  |
|  Karyopharm Therapeutics, Inc. (x)\* | 12205 |  | 41497 |  |
|  Keros Therapeutics, Inc.\* | 2750 |  | 132055 |  |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 4637 |  | 69462 |  |
|  Krystal Biotech, Inc.\* | 1120 |  | 88726 |  |
|  Lexicon Pharmaceuticals, Inc.\* | 5197 |  | 9926 |  |
|  Madrigal Pharmaceuticals, Inc.\* | 1934 |  | 561344 |  |
|  MannKind Corp.\* | 4282 |  | 22566 |  |
|  MeiraGTx Holdings plc\* | 391 |  | 2549 |  |
|  Mirum Pharmaceuticals, Inc.\* | 2886 |  | 56277 |  |
|  Morphic Holding, Inc.\* | 3297 |  | 88195 |  |
|  Ocugen, Inc. (x)\* | 33440 |  | 43472 |  |
|  Organogenesis Holdings, Inc.\* | 11419 |  | 30717 |  |
|  Outlook Therapeutics, Inc. (x)\* | 20249 |  | 21869 |  |
|  PepGen, Inc.\* | 321 |  | 4292 |  |
|  Point Biopharma Global, Inc.\* | 12430 |  | 90615 |  |
|  Praxis Precision Medicines, Inc.\* | 470 |  | 1119 |  |
|  Precigen, Inc. (x)\* | 13014 |  | 19781 |  |
|  Prime Medicine, Inc. (x)\* | 749 |  | 13916 |  |
|  ProKidney Corp. (x)\* | 47511 |  | 325925 |  |
|  Prometheus Biosciences, Inc.\* | 5309 |  | 583990 |  |
|  Prothena Corp. plc\* | 5584 |  | 336436 |  |
|  PTC Therapeutics, Inc.\* | 8100 |  | 309177 |  |
|  Rallybio Corp. (x)\* | 1876 |  | 12325 |  |
|  RAPT Therapeutics, Inc.\* | 2838 |  | 56192 |  |
|  Recursion Pharmaceuticals, Inc., Class A\* | 1952 |  | 15050 |  |
|  Relay Therapeutics, Inc.\* | 980 |  | 14641 |  |
|  REVOLUTION Medicines, Inc. (x)\* | 1655 |  | 39422 |  |

---

See Notes to Financial Statements.

1219

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Rigel Pharmaceuticals, Inc.\* | 27647 | $| 41471 |  |
|  Sangamo Therapeutics, Inc.\* | 1208 |  | 3793 |  |
|  Seres Therapeutics, Inc.\* | 11111 |  | 62222 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 9310 |  | 8249 |  |
|  SpringWorks Therapeutics, Inc. (x)\* | 1091 |  | 28377 |  |
|  Syndax Pharmaceuticals, Inc.\* | 1949 |  | 49602 |  |
|  TG Therapeutics, Inc.\* | 20292 |  | 240054 |  |
|  Travere Therapeutics, Inc.\* | 8492 |  | 178587 |  |
|  Twist Bioscience Corp.\* | 5898 |  | 140431 |  |
|  Vaxart, Inc. (x)\* | 4104 |  | 3944 |  |
|  Vaxcyte, Inc.\* | 10937 |  | 524429 |  |
|  Vera Therapeutics, Inc. (x)\* | 2007 |  | 38835 |  |
|  Vericel Corp.\* | 7199 |  | 189622 |  |
|  Verve Therapeutics, Inc. (x)\* | 1052 |  | 20356 |  |
|  Viridian Therapeutics, Inc. (x)\* | 4143 |  | 121017 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 22833 |  | 2352 |  |
|  Y-mAbs Therapeutics, Inc.\* | 5930 |  | 28938 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 6769 |  | 136328 |  |
|  |  |  | 18686504 |  |
|  ***Health Care Equipment & Supplies (5.2%)*** | ***Health Care Equipment & Supplies (5.2%)*** | ***Health Care Equipment & Supplies (5.2%)*** | ***Health Care Equipment & Supplies (5.2%)*** | **** |
|  Alphatec Holdings, Inc.\* | 9889 |  | 122129 |  |
|  Angle plc (x)\* | 767608 |  | 468640 |  |
|  Artivion, Inc.\* | 4890 |  | 59267 |  |
|  AtriCure, Inc.\* | 4501 |  | 199754 |  |
|  Atrion Corp. | 214 |  | 119722 |  |
|  Axogen, Inc.\* | 5984 |  | 59720 |  |
|  Axonics, Inc.\* | 7465 |  | 466786 |  |
|  Cardiovascular Systems, Inc.\* | 3470 |  | 47261 |  |
|  Cerus Corp.\* | 26401 |  | 96364 |  |
|  CONMED Corp. | 4446 |  | 394093 |  |
|  Cutera, Inc.\* | 2534 |  | 112054 |  |
|  Embecta Corp. | 7688 |  | 194430 |  |
|  Figs, Inc., Class A (x)\* | 252583 |  | 1699884 |  |
|  Glaukos Corp.\* | 6967 |  | 304319 |  |
|  Haemonetics Corp.\* | 7761 |  | 610403 |  |
|  Heska Corp.\* | 1456 |  | 90505 |  |
|  Inari Medical, Inc.\* | 6688 |  | 425089 |  |
|  Inogen, Inc.\* | 194 |  | 3824 |  |
|  Inspire Medical Systems, Inc.\* | 9711 |  | 2446007 |  |
|  iRadimed Corp. | 1143 |  | 32335 |  |
|  iRhythm Technologies, Inc.\* | 4600 |  | 430882 |  |
|  Lantheus Holdings, Inc.\* | 10422 |  | 531105 |  |
|  LeMaitre Vascular, Inc. | 3030 |  | 139441 |  |
|  LivaNova plc\* | 6266 |  | 348014 |  |
|  Meridian Bioscience, Inc.\* | 6573 |  | 218289 |  |
|  Merit Medical Systems, Inc.\* | 7362 |  | 519904 |  |
|  Mesa Laboratories, Inc. | 775 |  | 128813 |  |
|  Nano-X Imaging Ltd. (x)\* | 468 |  | 3454 |  |
|  Neogen Corp.\* | 30419 |  | 463281 |  |
|  Nevro Corp.\* | 5322 |  | 210751 |  |
|  NuVasive, Inc.\* | 8016 |  | 330580 |  |
|  Omnicell, Inc.\* | 6772 |  | 341444 |  |
|  OrthoPediatrics Corp.\* | 2365 |  | 93961 |  |
|  Outset Medical, Inc.\* | 59893 |  | 1546437 |  |
|  Owlet, Inc. (x)\* | 2811 |  | 1572 |  |
|  Paragon 28, Inc. (x)\* | 7035 |  | 134439 |  |
|  Penumbra, Inc.\* | 5493 |  | 1221973 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 3942 |  | 163751 |  |
|  Pulmonx Corp.\* | 5552 |  | 46803 |  |
|  RxSight, Inc.\* | 3106 |  | 39353 |  |
|  Senseonics Holdings, Inc. (x)\* | 72793 |  | 74977 |  |
|  Shockwave Medical, Inc.\* | 5431 |  | 1116668 |  |
|  SI-BONE, Inc.\* | 5318 |  | 72325 |  |
|  Sight Sciences, Inc.\* | 286 |  | 3492 |  |
|  Silk Road Medical, Inc.\* | 5725 |  | 302566 |  |
|  STAAR Surgical Co.\* | 7306 |  | 354633 |  |
|  Surmodics, Inc.\* | 2170 |  | 74040 |  |
|  Tactile Systems Technology, Inc.\* | 1051 |  | 12066 |  |
|  TransMedics Group, Inc. (x)\* | 4653 |  | 287183 |  |
|  Treace Medical Concepts, Inc.\* | 5088 |  | 116973 |  |
|  UFP Technologies, Inc.\* | 1048 |  | 123549 |  |
|  Utah Medical Products, Inc. | 511 |  | 51371 |  |
|  Vicarious Surgical, Inc. (x)\* | 8568 |  | 17307 |  |
|  ViewRay, Inc.\* | 19902 |  | 89161 |  |
|  Zynex, Inc. (x) | 3371 |  | 46891 |  |
|  |  |  | 17610035 |  |
|  ***Health Care Providers & Services (6.6%)*** | ***Health Care Providers & Services (6.6%)*** | ***Health Care Providers & Services (6.6%)*** | ***Health Care Providers & Services (6.6%)*** | **** |
|  23andMe Holding Co. (x)\* | 364300 |  | 786888 |  |
|  Addus HomeCare Corp.\* | 937 |  | 93222 |  |
|  Agiliti, Inc.\* | 4141 |  | 67540 |  |
|  agilon health, Inc. (x)\* | 552550 |  | 8918157 |  |
|  AirSculpt Technologies, Inc. (x) | 1947 |  | 7204 |  |
|  Alignment Healthcare, Inc.\* | 84040 |  | 988310 |  |
|  AMN Healthcare Services, Inc.\* | 6609 |  | 679537 |  |
|  Apollo Medical Holdings, Inc. (x)\* | 5936 |  | 175646 |  |
|  Cano Health, Inc. (x)\* | 25480 |  | 34908 |  |
|  Clover Health Investments Corp. (x)\* | 56903 |  | 52891 |  |
|  CorVel Corp.\* | 1361 |  | 197794 |  |
|  Cross Country Healthcare, Inc.\* | 774 |  | 20565 |  |
|  DocGo, Inc. (x)\* | 12834 |  | 90736 |  |
|  Ensign Group, Inc. (The) | 8263 |  | 781763 |  |
|  Guardant Health, Inc.\* | 35759 |  | 972645 |  |
|  HealthEquity, Inc.\* | 12668 |  | 780856 |  |
|  Hims & Hers Health, Inc. (x)\* | 15509 |  | 99413 |  |
|  Innovage Holding Corp. (x)\* | 370 |  | 2657 |  |
|  Joint Corp. (The)\* | 2220 |  | 31036 |  |
|  LHC Group, Inc.\* | 4561 |  | 737468 |  |
|  LifeStance Health Group, Inc. (x)\* | 729 |  | 3601 |  |
|  ModivCare, Inc.\* | 588 |  | 52761 |  |
|  National Research Corp. | 2144 |  | 79971 |  |
|  Oak Street Health, Inc.\* | 37381 |  | 804065 |  |
|  Oncology Institute, Inc. (The) (x)\* | 5648 |  | 9319 |  |
|  Option Care Health, Inc.\* | 23885 |  | 718700 |  |
|  Owens & Minor, Inc.\* | 1377 |  | 26893 |  |
|  P3 Health Partners, Inc. (x)\* | 2487 |  | 4576 |  |
|  Patterson Cos., Inc. | 10475 |  | 293614 |  |
|  Pennant Group, Inc. (The)\* | 4073 |  | 44722 |  |
|  PetIQ, Inc.\* | 3440 |  | 31717 |  |
|  Privia Health Group, Inc.\* | 136855 |  | 3107977 |  |
|  Progyny, Inc.\* | 11510 |  | 358537 |  |
|  R1 RCM, Inc.\* | 22977 |  | 251598 |  |
|  RadNet, Inc.\* | 7663 |  | 144294 |  |
|  Select Medical Holdings Corp. | 13482 |  | 334758 |  |
|  Surgery Partners, Inc.\* | 6714 |  | 187052 |  |
|  US Physical Therapy, Inc. | 1970 |  | 159629 |  |
|  |  |  | 22133020 |  |
|  ***Health Care Technology (3.3%)*** | ***Health Care Technology (3.3%)*** | ***Health Care Technology (3.3%)*** | ***Health Care Technology (3.3%)*** | **** |
|  Babylon Holdings Ltd., Class A (x)\* | 671 |  | 4532 |  |
|  Doximity, Inc., Class A (x)\* | 276682 |  | 9285448 |  |
|  Evolent Health, Inc., Class A\* | 12519 |  | 351534 |  |
|  HealthStream, Inc.\* | 159 |  | 3950 |  |

---

See Notes to Financial Statements.

1220

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  NextGen Healthcare, Inc.\* | 4062 | $| 76284 |  |
|  Nutex Health, Inc. (x)\* | 38976 |  | 74054 |  |
|  OptimizeRx Corp.\* | 2433 |  | 40874 |  |
|  Pear Therapeutics, Inc. (x)\* | 5111 |  | 6031 |  |
|  Phreesia, Inc.\* | 3561 |  | 115234 |  |
|  Schrodinger, Inc.\* | 53079 |  | 992046 |  |
|  Simulations Plus, Inc. | 2351 |  | 85976 |  |
|  |  |  | 11035963 |  |
|  ***Life Sciences Tools & Services (3.0%)*** | ***Life Sciences Tools & Services (3.0%)*** | ***Life Sciences Tools & Services (3.0%)*** | ***Life Sciences Tools & Services (3.0%)*** | **** |
|  10X Genomics, Inc., Class A\* | 177793 |  | 6478777 |  |
|  AbCellera Biologics, Inc. (x)\* | 13349 |  | 135225 |  |
|  Adaptive Biotechnologies Corp.\* | 688 |  | 5256 |  |
|  Akoya Biosciences, Inc.\* | 2452 |  | 23466 |  |
|  BioLife Solutions, Inc.\* | 336 |  | 6115 |  |
|  Codexis, Inc.\* | 9803 |  | 45682 |  |
|  CryoPort, Inc.\* | 5403 |  | 93742 |  |
|  Cytek Biosciences, Inc.\* | 17354 |  | 177184 |  |
|  MaxCyte, Inc. (x)\* | 212971 |  | 1162822 |  |
|  Medpace Holdings, Inc.\* | 3872 |  | 822452 |  |
|  NanoString Technologies, Inc.\* | 6137 |  | 48912 |  |
|  OmniAb, Inc. (x)\* | 1460 |  | 5256 |  |
|  Quanterix Corp.\* | 659 |  | 9127 |  |
|  Science 37 Holdings, Inc. (x)\* | 8841 |  | 3671 |  |
|  SomaLogic, Inc.\* | 187086 |  | 469586 |  |
|  Standard BioTools, Inc. (x)\* | 498750 |  | 583537 |  |
|  |  |  | 10070810 |  |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 9817 |  | 154618 |  |
|  Amneal Pharmaceuticals, Inc.\* | 16606 |  | 33046 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 5816 |  | 162964 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 1537 |  | 56792 |  |
|  AN2 Therapeutics, Inc. (x)\* | 19 |  | 181 |  |
|  Arvinas, Inc.\* | 7380 |  | 252470 |  |
|  ATAI Life Sciences NV (x)\* | 256846 |  | 683210 |  |
|  Axsome Therapeutics, Inc. (x)\* | 4889 |  | 377089 |  |
|  Cassava Sciences, Inc. (x)\* | 5813 |  | 171716 |  |
|  Collegium Pharmaceutical, Inc.\* | 5122 |  | 118830 |  |
|  Corcept Therapeutics, Inc.\* | 13105 |  | 266163 |  |
|  Esperion Therapeutics, Inc.\* | 11435 |  | 71240 |  |
|  Evolus, Inc.\* | 5651 |  | 42439 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 1864 |  | 6524 |  |
|  GH Research plc (x)\* | 74963 |  | 724892 |  |
|  Harmony Biosciences Holdings, Inc.\* | 3982 |  | 219408 |  |
|  Innoviva, Inc.\* | 9492 |  | 125769 |  |
|  Intra-Cellular Therapies, Inc.\* | 13975 |  | 739557 |  |
|  OmniAb, Inc. (r)\* | 226 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 298 |  | 19906 |  |
|  Liquidia Corp. (x)\* | 4693 |  | 29894 |  |
|  NGM Biopharmaceuticals, Inc. (x)\* | 3824 |  | 19197 |  |
|  Ocular Therapeutix, Inc.\* | 12683 |  | 35639 |  |
|  Pacira BioSciences, Inc.\* | 6791 |  | 262201 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 3711 |  | 41637 |  |
|  Phibro Animal Health Corp., Class A | 2974 |  | 39881 |  |
|  Provention Bio, Inc. (x)\* | 8445 |  | 89264 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 3505 |  | 133155 |  |
|  Relmada Therapeutics, Inc. (x)\* | 3284 |  | 11461 |  |
|  Revance Therapeutics, Inc.\* | 12300 |  | 227058 |  |
|  SIGA Technologies, Inc. (x) | 7374 |  | 54273 |  |
|  Theravance Biopharma, Inc.\* | 9129 |  | 102427 |  |
|  Third Harmonic Bio, Inc.\* | 768 |  | 3302 |  |
|  Tricida, Inc. (x)\* | 1065 |  | 163 |  |
|  Ventyx Biosciences, Inc.\* | 3731 |  | 122340 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 21018 |  | 27954 |  |
|  |  |  | 5426660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 84962992 |  |
|  **Industrials (10.0%)** | **Industrials (10.0%)** | **Industrials (10.0%)** | **Industrials (10.0%)** |  |
|  ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | ***Aerospace & Defense (0.3%)*** | **** |
|  Aerojet Rocketdyne Holdings, Inc.\* | 9186 |  | 513773 |  |
|  AeroVironment, Inc.\* | 3766 |  | 322596 |  |
|  Cadre Holdings, Inc. (x) | 2816 |  | 56714 |  |
|  Momentus, Inc. (x)\* | 2647 |  | 2064 |  |
|  Moog, Inc., Class A | 763 |  | 66961 |  |
|  Rocket Lab USA, Inc. (x)\* | 32788 |  | 123611 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 17223 |  | 59936 |  |
|  |  |  | 1145655 |  |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | **** |
|  Air Transport Services Group, Inc.\* | 3244 |  | 84279 |  |
|  Forward Air Corp. | 4100 |  | 430049 |  |
|  Radiant Logistics, Inc.\* | 1471 |  | 7488 |  |
|  |  |  | 521816 |  |
|  ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | **** |
|  Allegiant Travel Co.\* | 983 |  | 66834 |  |
|  Frontier Group Holdings, Inc. (x)\* | 5795 |  | 59515 |  |
|  Joby Aviation, Inc. (x)\* | 229603 |  | 769170 |  |
|  Sun Country Airlines Holdings, Inc.\* | 4946 |  | 78443 |  |
|  |  |  | 973962 |  |
|  ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | ***Building Products (1.0%)*** | **** |
|  AAON, Inc. | 6701 |  | 504719 |  |
|  American Woodmark Corp.\* | 149 |  | 7280 |  |
|  Apogee Enterprises, Inc. | 3379 |  | 150230 |  |
|  CSW Industrials, Inc. | 2248 |  | 260611 |  |
|  Griffon Corp. | 3531 |  | 126374 |  |
|  Insteel Industries, Inc. | 2781 |  | 76533 |  |
|  Janus International Group, Inc.\* | 12404 |  | 118086 |  |
|  JELD-WEN Holding, Inc.\* | 4680 |  | 45162 |  |
|  Masonite International Corp.\* | 3391 |  | 273349 |  |
|  PGT Innovations, Inc.\* | 8779 |  | 157671 |  |
|  Simpson Manufacturing Co., Inc. | 6535 |  | 579393 |  |
|  UFP Industries, Inc. | 7998 |  | 633842 |  |
|  Zurn Elkay Water Solutions Corp. | 18964 |  | 401089 |  |
|  |  |  | 3334339 |  |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | **** |
|  ACV Auctions, Inc., Class A (x)\* | 8872 |  | 72839 |  |
|  Aris Water Solution, Inc., Class A (x) | 3232 |  | 46573 |  |
|  Aurora Innovation, Inc. (x)\* | 218067 |  | 263861 |  |
|  Brady Corp., Class A | 5464 |  | 257354 |  |
|  Brink's Co. (The) | 6918 |  | 371566 |  |
|  Casella Waste Systems, Inc., Class A\* | 7673 |  | 608546 |  |
|  Cimpress plc (x)\* | 2615 |  | 72200 |  |
|  Healthcare Services Group, Inc. | 5347 |  | 64164 |  |
|  HNI Corp. | 6360 |  | 180815 |  |
|  Interface, Inc. | 6922 |  | 68320 |  |
|  Li-Cycle Holdings Corp. (x)\* | 8231 |  | 39180 |  |
|  Montrose Environmental Group, Inc.\* | 4191 |  | 186039 |  |

---

See Notes to Financial Statements.

1221

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Pitney Bowes, Inc. | 13693 | $| 52033 |  |
|  SP Plus Corp.\* | 3127 |  | 108569 |  |
|  |  |  | 2392059 |  |
|  ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | ***Construction & Engineering (1.2%)*** | **** |
|  Ameresco, Inc., Class A\* | 4961 |  | 283471 |  |
|  Comfort Systems USA, Inc. | 5401 |  | 621547 |  |
|  Construction Partners, Inc., Class A\* | 6062 |  | 161795 |  |
|  Dycom Industries, Inc.\* | 4395 |  | 411372 |  |
|  EMCOR Group, Inc. | 7215 |  | 1068614 |  |
|  Fluor Corp.\* | 19813 |  | 686719 |  |
|  Great Lakes Dredge & Dock Corp. (x)\* | 2351 |  | 13988 |  |
|  IES Holdings, Inc.\* | 952 |  | 33863 |  |
|  MYR Group, Inc.\* | 2515 |  | 231556 |  |
|  Northwest Pipe Co.\* | 343 |  | 11559 |  |
|  NV5 Global, Inc.\* | 2058 |  | 272314 |  |
|  Primoris Services Corp. | 503 |  | 11036 |  |
|  Sterling Infrastructure, Inc.\* | 3734 |  | 122475 |  |
|  |  |  | 3930309 |  |
|  ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | ***Electrical Equipment (1.1%)*** | **** |
|  Allied Motion Technologies, Inc. | 1809 |  | 62971 |  |
|  Array Technologies, Inc.\* | 23023 |  | 445035 |  |
|  Atkore, Inc.\* | 6295 |  | 713979 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 9759 |  | 56309 |  |
|  Blink Charging Co. (x)\* | 5677 |  | 62277 |  |
|  Bloom Energy Corp., Class A\* | 27449 |  | 524825 |  |
|  Energy Vault Holdings, Inc. (x)\* | 12384 |  | 38638 |  |
|  EnerSys | 748 |  | 55232 |  |
|  Enovix Corp. (x)\* | 16531 |  | 205646 |  |
|  ESS Tech, Inc. (x)\* | 11186 |  | 27182 |  |
|  Fluence Energy, Inc. (x)\* | 5476 |  | 93913 |  |
|  FTC Solar, Inc. (x)\* | 6713 |  | 17991 |  |
|  FuelCell Energy, Inc. (x)\* | 45144 |  | 125500 |  |
|  GrafTech International Ltd. | 29569 |  | 140748 |  |
|  Heliogen, Inc.\* | 14751 |  | 10299 |  |
|  Shoals Technologies Group, Inc., Class A\* | 21071 |  | 519822 |  |
|  Stem, Inc.\* | 20760 |  | 185594 |  |
|  SunPower Corp. (x)\* | 12490 |  | 225195 |  |
|  TPI Composites, Inc.\* | 5855 |  | 59370 |  |
|  Vicor Corp.\* | 3360 |  | 180600 |  |
|  |  |  | 3751126 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A (x) | 3386 |  | 63623 |  |
|  ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | **** |
|  Alamo Group, Inc. | 1307 |  | 185071 |  |
|  Albany International Corp., Class A | 903 |  | 89027 |  |
|  Berkshire Grey, Inc. (x)\* | 7200 |  | 4348 |  |
|  Blue Bird Corp.\* | 2825 |  | 30256 |  |
|  Chart Industries, Inc.\* | 6510 |  | 750147 |  |
|  CIRCOR International, Inc.\* | 855 |  | 20486 |  |
|  Douglas Dynamics, Inc. | 3427 |  | 123920 |  |
|  Energy Recovery, Inc.\* | 8412 |  | 172362 |  |
|  Enerpac Tool Group Corp. | 8691 |  | 221186 |  |
|  ESCO Technologies, Inc. | 381 |  | 33353 |  |
|  Evoqua Water Technologies Corp.\* | 17969 |  | 711572 |  |
|  Federal Signal Corp. | 9100 |  | 422877 |  |
|  Franklin Electric Co., Inc. | 7045 |  | 561839 |  |
|  Gorman-Rupp Co. (The) | 718 |  | 18395 |  |
|  Helios Technologies, Inc. | 4959 |  | 269968 |  |
|  Hillenbrand, Inc. | 5292 |  | 225810 |  |
|  Hyzon Motors, Inc. (x)\* | 13052 |  | 20231 |  |
|  John Bean Technologies Corp. | 4819 |  | 440119 |  |
|  Kadant, Inc. | 1777 |  | 315648 |  |
|  Lightning eMotors, Inc. (x)\* | 6056 |  | 2219 |  |
|  Lindsay Corp. | 1686 |  | 274565 |  |
|  Luxfer Holdings plc | 1806 |  | 24778 |  |
|  Markforged Holding Corp.\* | 2477 |  | 2873 |  |
|  Microvast Holdings, Inc. (x)\* | 15571 |  | 23824 |  |
|  Miller Industries, Inc. | 106 |  | 2826 |  |
|  Mueller Industries, Inc. | 3059 |  | 180481 |  |
|  Mueller Water Products, Inc., Class A | 23978 |  | 258003 |  |
|  Nikola Corp. (x)\* | 48056 |  | 103801 |  |
|  Omega Flex, Inc. (x) | 485 |  | 45260 |  |
|  Proterra, Inc. (x)\* | 16105 |  | 60716 |  |
|  Proto Labs, Inc.\* | 701 |  | 17896 |  |
|  RBC Bearings, Inc.\* | 618 |  | 129378 |  |
|  Sarcos Technology and Robotics Corp. (x)\* | 17761 |  | 9969 |  |
|  Shyft Group, Inc. (The) | 5245 |  | 130391 |  |
|  Tennant Co. | 1245 |  | 76655 |  |
|  Terex Corp. | 4968 |  | 212233 |  |
|  Titan International, Inc.\* | 7755 |  | 118807 |  |
|  Trinity Industries, Inc. | 1959 |  | 57928 |  |
|  Velo3D, Inc. (x)\* | 8968 |  | 16053 |  |
|  Wabash National Corp. | 6223 |  | 140640 |  |
|  Watts Water Technologies, Inc., Class A | 4182 |  | 611534 |  |
|  Xos, Inc. (x)\* | 8665 |  | 3838 |  |
|  |  |  | 7121283 |  |
|  ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | ***Professional Services (1.4%)*** | **** |
|  ASGN, Inc.\* | 7476 |  | 609144 |  |
|  Atlas Technical Consultants, Inc.\* | 1972 |  | 10156 |  |
|  Barrett Business Services, Inc. | 953 |  | 88896 |  |
|  CBIZ, Inc.\* | 7427 |  | 347955 |  |
|  CRA International, Inc. | 1065 |  | 130388 |  |
|  Exponent, Inc. | 7799 |  | 772803 |  |
|  First Advantage Corp.\* | 849 |  | 11037 |  |
|  Forrester Research, Inc.\* | 1819 |  | 65047 |  |
|  Franklin Covey Co.\* | 1820 |  | 85121 |  |
|  HireRight Holdings Corp.\* | 3358 |  | 39826 |  |
|  Huron Consulting Group, Inc.\* | 1791 |  | 130027 |  |
|  ICF International, Inc. | 2005 |  | 198595 |  |
|  Insperity, Inc. | 5560 |  | 631616 |  |
|  Kforce, Inc. | 3003 |  | 164655 |  |
|  Korn Ferry | 8076 |  | 408807 |  |
|  Legalzoom.com, Inc. (x)\* | 14474 |  | 112029 |  |
|  Planet Labs PBC (x)\* | 20653 |  | 89841 |  |
|  Red Violet, Inc. (x)\* | 1473 |  | 33908 |  |
|  Sterling Check Corp.\* | 3484 |  | 53897 |  |
|  TriNet Group, Inc.\* | 5727 |  | 388291 |  |
|  Upwork, Inc.\* | 18464 |  | 192764 |  |
|  Willdan Group, Inc.\* | 149 |  | 2660 |  |
|  |  |  | 4567463 |  |
|  ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | ***Road & Rail (0.4%)*** | **** |
|  ArcBest Corp. | 1183 |  | 82857 |  |
|  Daseke, Inc.\* | 6493 |  | 36945 |  |
|  Marten Transport Ltd. | 6686 |  | 132249 |  |
|  PAM Transportation Services, Inc.\* | 981 |  | 25408 |  |

---

See Notes to Financial Statements.

1222

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Saia, Inc.\* | 4052 | $| 849623 |  |
|  Universal Logistics Holdings, Inc. | 790 |  | 26418 |  |
|  Werner Enterprises, Inc. | 1190 |  | 47910 |  |
|  |  |  | 1201410 |  |
|  ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | ***Trading Companies & Distributors (1.4%)*** | **** |
|  Alta Equipment Group, Inc. | 613 |  | 8085 |  |
|  Applied Industrial Technologies, Inc. | 5864 |  | 739040 |  |
|  Beacon Roofing Supply, Inc.\* | 5502 |  | 290451 |  |
|  Boise Cascade Co. | 1222 |  | 83915 |  |
|  Custom Truck One Source, Inc. (x)\* | 2821 |  | 17829 |  |
|  Distribution Solutions Group, Inc.\* | 685 |  | 25249 |  |
|  EVI Industries, Inc. (x)\* | 61862 |  | 1476646 |  |
|  GATX Corp. | 303 |  | 32221 |  |
|  Global Industrial Co. | 1544 |  | 36330 |  |
|  GMS, Inc.\* | 6470 |  | 322206 |  |
|  H&E Equipment Services, Inc. | 4891 |  | 222051 |  |
|  Herc Holdings, Inc. | 3823 |  | 502992 |  |
|  Hudson Technologies, Inc.\* | 6777 |  | 68583 |  |
|  Karat Packaging, Inc. | 976 |  | 14025 |  |
|  McGrath RentCorp | 3732 |  | 368498 |  |
|  MRC Global, Inc.\* | 12674 |  | 146765 |  |
|  Textainer Group Holdings Ltd. | 1003 |  | 31103 |  |
|  Transcat, Inc.\* | 1073 |  | 76044 |  |
|  Veritiv Corp. | 1996 |  | 242933 |  |
|  |  |  | 4704966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 33708011 |  |
|  **Information Technology (28.2%)** | **Information Technology (28.2%)** | **Information Technology (28.2%)** | **Information Technology (28.2%)** |  |
|  ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | ***Communications Equipment (2.6%)*** | **** |
|  ADTRAN Holdings, Inc. | 10632 |  | 199775 |  |
|  Calix, Inc.\* | 98961 |  | 6771901 |  |
|  Cambium Networks Corp.\* | 1745 |  | 37814 |  |
|  Casa Systems, Inc. (x)\* | 4987 |  | 13615 |  |
|  Clearfield, Inc.\* | 1768 |  | 166440 |  |
|  CommScope Holding Co., Inc.\* | 31292 |  | 229996 |  |
|  Digi International, Inc.\* | 1736 |  | 63451 |  |
|  DZS, Inc.\* | 2833 |  | 35922 |  |
|  Extreme Networks, Inc.\* | 19577 |  | 358455 |  |
|  Harmonic, Inc.\* | 14135 |  | 185168 |  |
|  Infinera Corp. (x)\* | 29504 |  | 198857 |  |
|  Inseego Corp. (x)\* | 4076 |  | 3434 |  |
|  Ondas Holdings, Inc. (x)\* | 5367 |  | 8534 |  |
|  Viavi Solutions, Inc.\* | 34775 |  | 365485 |  |
|  |  |  | 8638847 |  |
|  ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | ***Electronic Equipment, Instruments & Components (1.4%)*** | **** |
|  908 Devices, Inc. (x)\* | 782 |  | 5959 |  |
|  Advanced Energy Industries, Inc. | 5752 |  | 493407 |  |
|  Aeva Technologies, Inc. (x)\* | 610 |  | 830 |  |
|  AEye, Inc. (x)\* | 13866 |  | 6664 |  |
|  Akoustis Technologies, Inc. (x)\* | 7863 |  | 22174 |  |
|  Arlo Technologies, Inc.\* | 13976 |  | 49056 |  |
|  Badger Meter, Inc. | 4483 |  | 488782 |  |
|  Belden, Inc. | 3438 |  | 247192 |  |
|  Cepton, Inc.\* | 6520 |  | 8280 |  |
|  CTS Corp. | 4852 |  | 191266 |  |
|  ePlus, Inc.\* | 3093 |  | 136958 |  |
|  Fabrinet\* | 5645 |  | 723802 |  |
|  FARO Technologies, Inc.\* | 276 |  | 8117 |  |
|  Focus Universal, Inc. (x)\* | 2828 |  | 18127 |  |
|  Identiv, Inc.\* | 3692 |  | 26730 |  |
|  Insight Enterprises, Inc.\* | 4098 |  | 410906 |  |
|  Itron, Inc.\* | 591 |  | 29934 |  |
|  Lightwave Logic, Inc. (x)\* | 17045 |  | 73464 |  |
|  MicroVision, Inc. (x)\* | 26287 |  | 61774 |  |
|  Napco Security Technologies, Inc.\* | 4499 |  | 123633 |  |
|  Novanta, Inc.\* | 5428 |  | 737502 |  |
|  OSI Systems, Inc.\* | 284 |  | 22584 |  |
|  PAR Technology Corp. (x)\* | 1630 |  | 42494 |  |
|  Plexus Corp.\* | 3590 |  | 369519 |  |
|  Rogers Corp.\* | 2869 |  | 342386 |  |
|  SmartRent, Inc. (x)\* | 19542 |  | 47487 |  |
|  |  |  | 4689027 |  |
|  ***IT Services (4.8%)*** | ***IT Services (4.8%)*** | ***IT Services (4.8%)*** | ***IT Services (4.8%)*** | **** |
|  Affirm Holdings, Inc. (x)\* | 344438 |  | 3330715 |  |
|  AvidXchange Holdings, Inc.\* | 19918 |  | 197985 |  |
|  BigCommerce Holdings, Inc.\* | 9694 |  | 84726 |  |
|  Brightcove, Inc.\* | 4352 |  | 22761 |  |
|  Cantaloupe, Inc.\* | 5371 |  | 23364 |  |
|  Cass Information Systems, Inc. | 355 |  | 16266 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 7140 |  | 18207 |  |
|  CSG Systems International, Inc. | 4755 |  | 271986 |  |
|  Cyxtera Technologies, Inc. (x)\* | 5969 |  | 11461 |  |
|  DigitalOcean Holdings, Inc.\* | 10616 |  | 270390 |  |
|  Edgio, Inc.\* | 19492 |  | 22026 |  |
|  Evertec, Inc. | 9335 |  | 302267 |  |
|  Evo Payments, Inc., Class A\* | 7181 |  | 243005 |  |
|  ExlService Holdings, Inc.\* | 4951 |  | 838848 |  |
|  Fastly, Inc., Class A\* | 116856 |  | 957051 |  |
|  Flywire Corp. (x)\* | 8646 |  | 211568 |  |
|  Grid Dynamics Holdings, Inc.\* | 8354 |  | 93732 |  |
|  Hackett Group, Inc. (The) | 3733 |  | 76041 |  |
|  I3 Verticals, Inc., Class A\* | 3312 |  | 80614 |  |
|  IBEX Holdings Ltd.\* | 1382 |  | 34343 |  |
|  Information Services Group, Inc. | 2681 |  | 12333 |  |
|  International Money Express, Inc. (x)\* | 4762 |  | 116050 |  |
|  Marqeta, Inc., Class A\* | 66139 |  | 404109 |  |
|  Maximus, Inc. | 8790 |  | 644571 |  |
|  MongoDB, Inc.\* | 32272 |  | 6352420 |  |
|  Paya Holdings, Inc.\* | 13112 |  | 103191 |  |
|  Payoneer Global, Inc.\* | 33488 |  | 183179 |  |
|  Perficient, Inc.\* | 5209 |  | 363744 |  |
|  Priority Technology Holdings, Inc. (x)\* | 3004 |  | 15801 |  |
|  Remitly Global, Inc.\* | 15185 |  | 173868 |  |
|  Sabre Corp. (x)\* | 9862 |  | 60947 |  |
|  Squarespace, Inc., Class A\* | 1226 |  | 27180 |  |
|  StoneCo Ltd., Class A\* | 21888 |  | 206623 |  |
|  TTEC Holdings, Inc. | 2865 |  | 126432 |  |
|  Tucows, Inc., Class A (x)\* | 1581 |  | 53628 |  |
|  Unisys Corp.\* | 7785 |  | 39781 |  |
|  Verra Mobility Corp.\* | 21344 |  | 295188 |  |
|  |  |  | 16286401 |  |
|  ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | ***Semiconductors & Semiconductor Equipment (2.3%)*** | **** |
|  ACM Research, Inc., Class A\* | 953 |  | 7348 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 2534 |  | 72396 |  |
|  Ambarella, Inc.\* | 5567 |  | 457775 |  |
|  Amkor Technology, Inc. | 3040 |  | 72899 |  |
|  Atomera, Inc. (x)\* | 3376 |  | 20999 |  |
|  Axcelis Technologies, Inc.\* | 4999 |  | 396721 |  |
|  CEVA, Inc.\* | 3504 |  | 89632 |  |

---

See Notes to Financial Statements.

1223

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Credo Technology Group Holding Ltd.\* | 14717 | $| 195883 |  |
|  Diodes, Inc.\* | 4961 |  | 377731 |  |
|  FormFactor, Inc.\* | 11806 |  | 262447 |  |
|  Impinj, Inc.\* | 2968 |  | 324046 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 15497 |  | 90348 |  |
|  Kulicke & Soffa Industries, Inc. | 8736 |  | 386655 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 7739 |  | 487402 |  |
|  MaxLinear, Inc.\* | 11113 |  | 377286 |  |
|  Onto Innovation, Inc.\* | 7570 |  | 515441 |  |
|  PDF Solutions, Inc.\* | 4560 |  | 130051 |  |
|  Photronics, Inc.\* | 6645 |  | 111835 |  |
|  Power Integrations, Inc. | 8708 |  | 624538 |  |
|  Rambus, Inc.\* | 13737 |  | 492059 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 16419 |  | 2300 |  |
|  Semtech Corp.\* | 9682 |  | 277777 |  |
|  Silicon Laboratories, Inc.\* | 5056 |  | 685948 |  |
|  SiTime Corp. (x)\* | 2474 |  | 251408 |  |
|  SkyWater Technology, Inc. (x)\* | 1451 |  | 10317 |  |
|  SMART Global Holdings, Inc.\* | 7501 |  | 111615 |  |
|  Synaptics, Inc.\* | 6056 |  | 576289 |  |
|  Transphorm, Inc. (x)\* | 3381 |  | 18393 |  |
|  Ultra Clean Holdings, Inc.\* | 2333 |  | 77339 |  |
|  Veeco Instruments, Inc.\* | 6252 |  | 116162 |  |
|  |  |  | 7621040 |  |
|  **Software (16.9%)** | **Software (16.9%)** | **Software (16.9%)** | **Software (16.9%)** |  |
|  8x8, Inc.\* | 17184 |  | 74235 |  |
|  A10 Networks, Inc. | 7631 |  | 126904 |  |
|  ACI Worldwide, Inc.\* | 17064 |  | 392472 |  |
|  Agilysys, Inc.\* | 3020 |  | 239003 |  |
|  Alarm.com Holdings, Inc.\* | 7331 |  | 362738 |  |
|  Alkami Technology, Inc. (x)\* | 5655 |  | 82507 |  |
|  Altair Engineering, Inc., Class A\* | 7888 |  | 358667 |  |
|  American Software, Inc., Class A | 3401 |  | 49927 |  |
|  Amplitude, Inc., Class A (x)\* | 8454 |  | 102124 |  |
|  Appfolio, Inc., Class A\* | 2958 |  | 311714 |  |
|  Appian Corp., Class A\* | 52772 |  | 1718256 |  |
|  Applied Digital Corp. (x)\* | 3553 |  | 6538 |  |
|  Arteris, Inc.\* | 2596 |  | 11163 |  |
|  Asana, Inc., Class A (x)\* | 11170 |  | 153811 |  |
|  AvePoint, Inc. (x)\* | 20473 |  | 84144 |  |
|  Benefitfocus, Inc.\* | 2841 |  | 29717 |  |
|  Blackbaud, Inc.\* | 6713 |  | 395127 |  |
|  Blackline, Inc.\* | 8434 |  | 567355 |  |
|  Box, Inc., Class A\* | 21372 |  | 665310 |  |
|  C3.ai, Inc., Class A (x)\* | 1499 |  | 16774 |  |
|  Clear Secure, Inc., Class A (x) | 148154 |  | 4063864 |  |
|  Clearwater Analytics Holdings, Inc., Class A (x)\* | 49797 |  | 933694 |  |
|  CommVault Systems, Inc.\* | 6798 |  | 427186 |  |
|  Confluent, Inc., Class A\* | 118920 |  | 2644781 |  |
|  Consensus Cloud Solutions, Inc.\* | 1385 |  | 74458 |  |
|  Couchbase, Inc. (x)\* | 4517 |  | 59895 |  |
|  CS Disco, Inc.\* | 3381 |  | 21368 |  |
|  Digimarc Corp. (x)\* | 1974 |  | 36499 |  |
|  Digital Turbine, Inc.\* | 14295 |  | 217856 |  |
|  Domo, Inc., Class B\* | 4884 |  | 69548 |  |
|  Duck Creek Technologies, Inc.\* | 11804 |  | 142238 |  |
|  Ebix, Inc. (x) | 889 |  | 17745 |  |
|  eGain Corp.\* | 1373 |  | 12398 |  |
|  Enfusion, Inc., Class A (x)\* | 4106 |  | 39705 |  |
|  EngageSmart, Inc.\* | 5552 |  | 97715 |  |
|  Envestnet, Inc.\* | 8402 |  | 518403 |  |
|  Everbridge, Inc.\* | 6092 |  | 180201 |  |
|  EverCommerce, Inc. (x)\* | 614 |  | 4568 |  |
|  ForgeRock, Inc., Class A (x)\* | 4296 |  | 97820 |  |
|  Gitlab, Inc., Class A (x)\* | 209210 |  | 9506502 |  |
|  HashiCorp, Inc., Class A (x)\* | 89663 |  | 2451386 |  |
|  Instructure Holdings, Inc. (x)\* | 217 |  | 5087 |  |
|  Intapp, Inc.\* | 2304 |  | 57462 |  |
|  InterDigital, Inc. | 1683 |  | 83275 |  |
|  IronNet, Inc. (x)\* | 10263 |  | 2361 |  |
|  KnowBe4, Inc., Class A\* | 11103 |  | 275132 |  |
|  LivePerson, Inc.\* | 10700 |  | 108498 |  |
|  Matterport, Inc. (x)\* | 24991 |  | 69975 |  |
|  MeridianLink, Inc. (x)\* | 3594 |  | 49346 |  |
|  MicroStrategy, Inc., Class A (x)\* | 4620 |  | 654053 |  |
|  Mitek Systems, Inc.\* | 5796 |  | 56163 |  |
|  Model N, Inc.\* | 5608 |  | 227461 |  |
|  Momentive Global, Inc.\* | 19864 |  | 139048 |  |
|  N-able, Inc.\* | 8990 |  | 92417 |  |
|  NextNav, Inc. (x)\* | 10382 |  | 30419 |  |
|  Olo, Inc., Class A\* | 627994 |  | 3924963 |  |
|  OneSpan, Inc.\* | 2316 |  | 25916 |  |
|  PagerDuty, Inc.\* | 13191 |  | 350353 |  |
|  PowerSchool Holdings, Inc., Class A\* | 2296 |  | 52992 |  |
|  Procore Technologies, Inc.\* | 144885 |  | 6835674 |  |
|  Progress Software Corp. | 6582 |  | 332062 |  |
|  PROS Holdings, Inc.\* | 4016 |  | 97428 |  |
|  Q2 Holdings, Inc.\* | 8522 |  | 228986 |  |
|  Qualys, Inc.\* | 5884 |  | 660361 |  |
|  Rapid7, Inc.\* | 9021 |  | 306534 |  |
|  Rimini Street, Inc.\* | 7597 |  | 28945 |  |
|  Samsara, Inc., Class A (x)\* | 803233 |  | 9984186 |  |
|  Sapiens International Corp. NV | 3605 |  | 66620 |  |
|  ShotSpotter, Inc.\* | 1433 |  | 48478 |  |
|  Sprout Social, Inc., Class A\* | 7124 |  | 402221 |  |
|  SPS Commerce, Inc.\* | 5539 |  | 711374 |  |
|  Sumo Logic, Inc.\* | 11342 |  | 91870 |  |
|  Telos Corp.\* | 8504 |  | 43285 |  |
|  Tenable Holdings, Inc.\* | 17065 |  | 651030 |  |
|  Unity Software, Inc. (x)\* | 37612 |  | 1075327 |  |
|  UserTesting, Inc. (x)\* | 7620 |  | 57226 |  |
|  Varonis Systems, Inc.\* | 16627 |  | 398050 |  |
|  Verint Systems, Inc.\* | 8817 |  | 319881 |  |
|  Veritone, Inc. (x)\* | 5001 |  | 26505 |  |
|  Viant Technology, Inc., Class A (x)\* | 2106 |  | 8466 |  |
|  Weave Communications, Inc. (x)\* | 5073 |  | 23234 |  |
|  WM Technology, Inc.\* | 9503 |  | 9598 |  |
|  Workiva, Inc.\* | 7277 |  | 611050 |  |
|  Yext, Inc.\* | 17305 |  | 113002 |  |
|  Zeta Global Holdings Corp., Class A\* | 16804 |  | 137289 |  |
|  Zuora, Inc., Class A\* | 18636 |  | 118525 |  |
|  |  |  | 56958444 |  |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | ***Technology Hardware, Storage & Peripherals (0.2%)*** | **** |
|  Avid Technology, Inc.\* | 3393 |  | 90220 |  |
|  CompoSecure, Inc. (x)\* | 1203 |  | 5907 |  |
|  Corsair Gaming, Inc.\* | 3489 |  | 47346 |  |
|  Diebold Nixdorf, Inc.\* | 8938 |  | 12692 |  |
|  IonQ, Inc. (x)\* | 2266 |  | 7817 |  |
|  Super Micro Computer, Inc.\* | 7072 |  | 580611 |  |

---

See Notes to Financial Statements.

1224

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Turtle Beach Corp.\* | 2001 | $| 14347 |  |
|  |  |  | 758940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 94952699 |  |
|  **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |  |
|  ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | ***Chemicals (1.8%)*** | **** |
|  AdvanSix, Inc. | 1351 |  | 51365 |  |
|  American Vanguard Corp. | 3749 |  | 81391 |  |
|  Amyris, Inc. (x)\* | 3895 |  | 5959 |  |
|  Aspen Aerogels, Inc.\* | 4910 |  | 57889 |  |
|  Avient Corp. | 10194 |  | 344150 |  |
|  Balchem Corp. | 4872 |  | 594920 |  |
|  Cabot Corp. | 8491 |  | 567538 |  |
|  Chase Corp. | 305 |  | 26309 |  |
|  Diversey Holdings Ltd.\* | 12443 |  | 53007 |  |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 764936 |  | 1292742 |  |
|  Hawkins, Inc. | 1787 |  | 68978 |  |
|  HB Fuller Co. | 7037 |  | 503990 |  |
|  Ingevity Corp.\* | 5714 |  | 402494 |  |
|  Innospec, Inc. | 3229 |  | 332135 |  |
|  Kronos Worldwide, Inc. | 3567 |  | 33530 |  |
|  Livent Corp.\* | 24695 |  | 490690 |  |
|  LSB Industries, Inc.\* | 11175 |  | 148628 |  |
|  Mativ Holdings, Inc. | 489 |  | 10220 |  |
|  Origin Materials, Inc. (x)\* | 9516 |  | 43869 |  |
|  Orion Engineered Carbons SA | 9204 |  | 163923 |  |
|  PureCycle Technologies, Inc. (x)\* | 12533 |  | 84723 |  |
|  Quaker Chemical Corp. | 1361 |  | 227151 |  |
|  Sensient Technologies Corp. | 6120 |  | 446270 |  |
|  Stepan Co. | 350 |  | 37261 |  |
|  |  |  | 6069132 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  United States Lime & Minerals, Inc. | 282 |  | 39695 |  |
|  ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | ***Containers & Packaging (0.2%)*** | **** |
|  Cryptyde, Inc.\* | 1999 |  | 383 |  |
|  Greif, Inc., Class A | 510 |  | 34201 |  |
|  Greif, Inc., Class B | 131 |  | 10248 |  |
|  Myers Industries, Inc. | 5572 |  | 123865 |  |
|  O-I Glass, Inc.\* | 19252 |  | 319006 |  |
|  |  |  | 487703 |  |
|  ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 5835 |  | 45980 |  |
|  Alpha Metallurgical Resources, Inc. | 2324 |  | 340210 |  |
|  ATI, Inc.\* | 18943 |  | 565638 |  |
|  Century Aluminum Co.\* | 7529 |  | 61587 |  |
|  Commercial Metals Co. | 3062 |  | 147895 |  |
|  Compass Minerals International, Inc. | 5234 |  | 214594 |  |
|  Constellium SE\* | 10170 |  | 120311 |  |
|  Dakota Gold Corp. (x)\* | 8501 |  | 25928 |  |
|  Hycroft Mining Holding Corp.\* | 20755 |  | 11044 |  |
|  Ivanhoe Electric, Inc. (x)\* | 1059 |  | 12867 |  |
|  Kaiser Aluminum Corp. | 2411 |  | 183140 |  |
|  Materion Corp. | 2928 |  | 256229 |  |
|  MP Materials Corp.\* | 33490 |  | 813137 |  |
|  Novagold Resources, Inc.\* | 34800 |  | 208104 |  |
|  Piedmont Lithium, Inc.\* | 748 |  | 32927 |  |
|  Ramaco Resources, Inc. | 3630 |  | 31908 |  |
|  Ryerson Holding Corp. | 105 |  | 3177 |  |
|  Schnitzer Steel Industries, Inc., Class A | 385 |  | 11800 |  |
|  Warrior Met Coal, Inc. | 861 |  | 29825 |  |
|  |  |  | 3116301 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Sylvamo Corp. | 5109 |  | 248246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 9961077 |  |
|  **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** | **Real Estate (1.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | **** |
|  Alexander's, Inc. (REIT) | 351 |  | 77241 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 210 |  | 4475 |  |
|  CareTrust REIT, Inc. (REIT) | 1320 |  | 24526 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 761 |  | 17564 |  |
|  Clipper Realty, Inc. (REIT) | 1540 |  | 9856 |  |
|  Community Healthcare Trust, Inc. (REIT) | 2263 |  | 81015 |  |
|  Corporate Office Properties Trust (REIT) | 2234 |  | 57950 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 2042 |  | 47926 |  |
|  Four Corners Property Trust, Inc. (REIT) | 1370 |  | 35524 |  |
|  Gladstone Commercial Corp. (REIT) | 5884 |  | 108854 |  |
|  Gladstone Land Corp. (REIT) (x) | 2825 |  | 51839 |  |
|  Hersha Hospitality Trust (REIT), Class A | 351 |  | 2990 |  |
|  Industrial Logistics Properties Trust (REIT) | 534 |  | 1746 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 4241 |  | 429825 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 3303 |  | 143747 |  |
|  Outfront Media, Inc. (REIT) | 22403 |  | 371442 |  |
|  Phillips Edison & Co., Inc. (REIT) | 18101 |  | 576336 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 1661 |  | 24134 |  |
|  PotlatchDeltic Corp. (REIT) | 1198 |  | 52700 |  |
|  Safehold, Inc. (REIT) (x) | 2584 |  | 73954 |  |
|  Saul Centers, Inc. (REIT) | 1814 |  | 73793 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 15555 |  | 279057 |  |
|  UMH Properties, Inc. (REIT) | 6769 |  | 108981 |  |
|  Universal Health Realty Income Trust (REIT) | 2057 |  | 98181 |  |
|  |  |  | 2753656 |  |
|  ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | **** |
|  Compass, Inc., Class A\* | 41045 |  | 95635 |  |
|  Cushman & Wakefield plc\* | 24319 |  | 303015 |  |
|  DigitalBridge Group, Inc. | 21546 |  | 235713 |  |
|  Douglas Elliman, Inc. | 968 |  | 3940 |  |
|  eXp World Holdings, Inc. (x) | 10562 |  | 117027 |  |
|  Forestar Group, Inc.\* | 450 |  | 6934 |  |
|  Marcus & Millichap, Inc. | 3833 |  | 132047 |  |
|  Newmark Group, Inc., Class A | 1715 |  | 13669 |  |
|  Offerpad Solutions, Inc. (x)\* | 10926 |  | 5031 |  |
|  Opendoor Technologies, Inc. (x)\* | 130864 |  | 151802 |  |
|  Redfin Corp. (x)\* | 83251 |  | 352984 |  |
|  RMR Group, Inc. (The), Class A | 1615 |  | 45624 |  |
|  St Joe Co. (The) (x) | 5308 |  | 205154 |  |
|  WeWork, Inc. (x)\* | 451120 |  | 645102 |  |
|  |  |  | 2313677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 5067333 |  |

---

See Notes to Financial Statements.

1225

------

**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  **Utilities (0.9%)** | **Utilities (0.9%)** | **Utilities (0.9%)** |  |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | **** |
|  MGE Energy, Inc. | 2440 | $171776 |  |
|  Otter Tail Corp. | 2873 | 168674 |  |
|  Via Renewables, Inc. | 2823 | 14425 |  |
|  |  | 354875 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 15163 | 589841 |  |
|  New Jersey Resources Corp. | 1279 | 63464 |  |
|  Southwest Gas Holdings, Inc. | 1001 | 61942 |  |
|  |  | 715247 |  |
|  ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | ***Independent Power and Renewable Electricity Producers (0.4%)*** | **** |
|  Altus Power, Inc. (x)\* | 2614 | 17043 |  |
|  Clearway Energy, Inc., Class A | 5444 | 162885 |  |
|  Clearway Energy, Inc., Class C | 12791 | 407649 |  |
|  Montauk Renewables, Inc.\* | 10171 | 112186 |  |
|  Ormat Technologies, Inc. (x) | 4296 | 371518 |  |
|  |  | 1071281 |  |
|  ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | ***Water Utilities (0.2%)*** | **** |
|  American States Water Co. | 2769 | 256271 |  |
|  Artesian Resources Corp., Class A | 893 | 52312 |  |
|  California Water Service Group | 2287 | 138684 |  |
|  Global Water Resources, Inc. | 2429 | 32257 |  |
|  Middlesex Water Co. | 1157 | 91021 |  |
|  Pure Cycle Corp.\* | 3454 | 36198 |  |
|  York Water Co. (The) | 2320 | 104353 |  |
|  |  | 711096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2852499 |  |
|  **Total Common Stocks (97.1%)**<br> *(Cost $408,338,012)* |  | 326928392 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)** | **Health Care (0.0%)** | **Health Care (0.0%)** |  |
|  ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | ***Biotechnology (0.0%)*** | **** |
|  Aduro Biotech, Inc., CVR (r) (x)\* | 2595 |  |  |
|  Oncternal Therapeutics, Inc., CVR (r) (x)\* | 90 |  |  |
|  **Total Rights (0.0%)<br>(***Cost $6,589***)** |  |  |  |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |  |
|  WARRANTS: | WARRANTS: | WARRANTS: |  |
|  **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** | **Consumer Discretionary (0.0%)†** |  |
|  ***Internet & Direct Marketing Retail (0.0%)†*** | ***Internet & Direct Marketing Retail (0.0%)†*** | ***Internet & Direct Marketing Retail (0.0%)†*** | **** |
|  BARK, Inc., expiring 8/29/25\* | 41156 | 6177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 6177 |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | **** |
|  SomaLogic, Inc., expiring 8/31/26\* | 10119 | 4048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4048 |  |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 10225 |  |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (3.6%)** | **Investment Companies (3.6%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 7000000 | 7000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 4994911 | 4997409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 11997409 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (10.9%)** | **Repurchase Agreements (10.9%)** |  |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $2,000,951, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $2,040,970. (xx) | $2000000 | 2000000 |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $7,686,807, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $7,836,886. (xx) | 7683221 | 7683221 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $17,014,710, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $18,510,085. (xx) | 17000000 | 17000000 |  |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $5,004,181, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $5,100,001. (xx) | 5000000 | 5000000 |  |

---

See Notes to Financial Statements.

1226

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $5,002,444, collateralized by various Common Stocks; total market value $5,553,234. (xx) | $| 5000000 | $5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 36683221 |
|  **Total Short-Term Investments (14.5%)**<br> *(Cost $48,679,832)* | **Total Short-Term Investments (14.5%)**<br> *(Cost $48,679,832)* | **Total Short-Term Investments (14.5%)**<br> *(Cost $48,679,832)* | 48680630 |
|  **Total Investments in Securities (111.6%)**<br> *(Cost $457,024,433)* | **Total Investments in Securities (111.6%)**<br> *(Cost $457,024,433)* | **Total Investments in Securities (111.6%)**<br> *(Cost $457,024,433)* | 375619247 |
|  **Other Assets Less Liabilities (-11.6%)** | **Other Assets Less Liabilities (-11.6%)** | **Other Assets Less Liabilities (-11.6%)** | (39038465) |
|  **Net Assets (100%)** |  |  | $336580782 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $1,816,815 or 0.5% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $53,404,567. This was collateralized by $12,340,547 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $43,683,221 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 9 | 3/2023 | USD | 796905 | (16238) |
|  |  |  |  |  | (16238) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10723127 | $— | $— | $10723127 |
|  Consumer Discretionary | 48192600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125828 |  | 51318428 |
|  Consumer Staples | 8759686 |  | — (a) | 8759686 |
|  Energy | 12932528 |  |  | 12932528 |
|  Financials | 11652236 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690012 |
|  Health Care | 84494352 | 468640 | — (a) | 84962992 |
|  Industrials | 33708011 |  |  | 33708011 |
|  Information Technology | 94952699 |  |  | 94952699 |
|  Materials | 9961077 |  |  | 9961077 |
|  Real Estate | 5067333 |  |  | 5067333 |
|  Utilities | 2852499 |  |  | 2852499 |
|  **Rights** |  |  |  |  |
|  Health Care |  |  | — (a) | — (a) |

---

See Notes to Financial Statements.

1227

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | $11997409 | $— | $— | $11997409 |
|  Repurchase Agreements |  | 36683221 |  | 36683221 |
|  **Warrants** |  |  |  |  |
|  Consumer Discretionary | 6177 |  |  | 6177 |
|  Health Care | 4048 |  |  | 4048 |
|  **Total Assets** | $**335303782** | $**40277689** | $**37776** | $**375619247** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(16238) | $— | $— | $(16238) |
|  **Total Liabilities** | $**(16238)** | $**—** | $**—** | $**(16238)** |
|  **Total** | $**335287544** | $**40277689** | $**37776** | $**375603009** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(16238) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16238 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(126391) | $(126391) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126391) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(77132) | $(77132) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77132) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $1,222,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

1228

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 12%)\* | $313350731 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities (affiliated 12%)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291917672 |

---

\* During the year ended December 31, 2022, the Portfolio engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act (amount is percentage of total Purchases and/or Sales).

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $57848385 |
|  Aggregate gross unrealized depreciation | (144299897) |
|  Net unrealized depreciation | $(86451512) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462054521 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $1,131 as brokerage commissions with Morgan Stanley & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

1229

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $420,341,212) | $338936026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $36,683,221) | 36683221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4100266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $929) | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 58600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 590726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 177585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 115586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 26135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 380690424 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 43683221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 203652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 98192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 38457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class IB | 25973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 44109642 |
|  **NET ASSETS** | $336580782 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $542889475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (206308693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $336580782 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $118,839,252 / 22,110,203 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.37 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $217,741,530 / 38,980,842 shares outstanding (unlimited amount authorized: $0.01 par value) | $5.59 |

---

*(x)* *Includes value of securities on loan of $53,404,567.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $2,917 foreign withholding tax) | $1891518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 61019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1775736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3728273 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3300484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 507882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class IB | 361921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 140200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 25106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 4427632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (359774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4067858 |
|  **NET INVESTMENT INCOME (LOSS)** | (339585) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (120827407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (126391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (120958890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (137227946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (77132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (137305113) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (258264003) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(258603588) |

---

See Notes to Financial Statements.

1230

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(339585) | $(2371983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (120958890) | 224098836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (137305113) | (188570546) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (258603588) | 33156307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (1084560) | (106666714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1995320) | (177605452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3079880) | (284272166) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,808,387 and 2,984,392 shares, respectively ] | 25560095 | 57664734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 182,513 and 10,032,970 shares, respectively ] | 1084560 | 106666714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4023017) and (3043071) shares, respectively ] | (26764086) | (58334760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (119431) | 105996688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 8,362,014 and 31,157 shares, respectively ] | 58103889 | 556967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 323,287 and 16,115,409 shares, respectively ] | 1995320 | 177605452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (5555085) and (4765130) shares, respectively ] | (37268053) | (98717469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 22831156 | 79444950 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 22711725 | 185441638 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (238971743) | (65674221) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 575552525 | 641226746 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $336580782 | $575552525 |

---

See Notes to Financial Statements.

1231

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**EQ ADVISORS TRUST** 

EQ/MORGAN STANLEY SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.71 | $17.28 | $10.39 | $8.76 | $10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.02) | (0.10)(aa) | (0.08) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.27) | 0.65 | 9.86 | 2.99 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.29) | 0.55 | 9.78 | 2.98 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.05) | (8.12) | (2.89) | (1.35) | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.05) | (8.12) | (2.89) | (1.35) | (1.76) |
|  Net asset value, end of year | $5.37 | $9.71 | $17.28 | $10.39 | $8.76 |
|  Total return | (44.23) | 2.78% | 95.74 | 34.35% | (4.77) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $118839 | $214924 | $210225 | $162 | $118 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.15 | 1.15% | 1.15 | 1.15% | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.24 | 1.21% | 1.24 | 1.24% | 1.23 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.25) | (0.50)%(bb) | (0.50) | (0.10)% | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.34) | (0.56)%(bb) | (0.59) | (0.19)% | (0.46) |
|  Portfolio turnover rate^ | 72 | 102% | 102 | 73% | 62 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $10.06 | $17.61 | $10.54 | $8.86 | $10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) |  | (0.05)(aa) | (0.03) | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.42) | 0.66 | 9.99 | 3.03 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.42) | 0.61 | 9.96 | 3.05 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.04) |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.05) | (8.12) | (2.89) | (1.35) | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.05) | (8.16) | (2.89) | (1.37) | (1.76) |
|  Net asset value, end of year | $5.59 | $10.06 | $17.61 | $10.54 | $8.86 |
|  Total return | (43.99) | 3.04% | 96.08 | 34.79% | (4.56) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263372 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.90 | 0.90% | 0.90 | 0.90% | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.99 | 0.96% | 0.99 | 0.99% | 0.98 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.01 | (0.25)%(bb) | (0.24) | 0.15% | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.08) | (0.31)%(bb) | (0.33) | 0.06% | (0.21) |
|  Portfolio turnover rate^ | 72 | 102% | 102 | 73% | 62 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $(0.10) and $(0.06) for Class IB and Class K respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.03% lower.* 

See Notes to Financial Statements.

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**EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

PERFORMANCE RESULTS

![LOGO](g401674g34c61.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (16.10)% | 0.54% | 1.47 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (15.97) | 0.78 | 1.72 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg World Government Inflation-Linked Bond Index | (17.00) | 0.85 | 1.93 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 2/8/13.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (16.10)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg World Government Inflation-linked Bond Index, which returned (17.00)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Overweight Eurozone and U.S. breakeven inflation positioning

• Tactical U.S. duration positioning

• Underweight exposure to Eurozone duration

***What hurt performance during the year:***

• Positions in non-Agency mortgage-backed securities

• Exposure to developing market currencies

***How derivatives contributed/detracted from performance during the year:***

Nominal U.S. and U.K. interest rate strategies were partially implemented through the use of futures and options, which contributed to performance. Additionally, currency exposure, which was a detractor to performance, was partially facilitated through the use of currency forwards, which added to performance.

**Portfolio Positioning and Outlook — PIMCO** 

After facing difficulties on all fronts in 2022, we believe investors should be rewarded with more opportunities in the year ahead, even as the global economy confronts headwinds. We expect a modest recession in 2023 across developed markets as central banks continue to battle inflation, yet uncertainties remain. Any recession could further challenge riskier assets such as equities and lower-quality corporate credit. But we believe the repricing across financial markets in 2022 has improved prospects for returns elsewhere, particularly in bonds. We are focusing on high quality fixed income sectors that offer more attractive yields than they have in several years.

Rather than taking greater risks to chase incremental returns, we're seeking to make Portfolios resilient, targeting investments that should be able to withstand even a more significant downturn. In other words, we're expecting a mild recession but preparing in case of something deeper. In this environment, we want to be careful in overall risk positioning and keep dry powder to allow us to add risk to Portfolios in the event of notable new information on the outlook or significant market moves.

Overall, we do not expect to make large changes in current positioning based on the outlook and valuations. Rather, we are focused on identifying asymmetric trades across the range of plausible scenarios to complement current positioning. We expect a yield range of about 3.25% to 4.25% for the 10-year U.S. Treasury in our baseline, and broader ranges across scenarios for 2023, with a view of being neutral on duration — a gauge of interest rate risk — or having a tactical underweight position at current levels. Treasury Inflation Protected Securities (TIPS) pricing suggests high confidence in the Federal Reserve's anti-inflation credibility and could provide a reasonably priced cushion against more adverse inflation scenarios.

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**EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 10.11 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 0.98 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 9.18 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 61.5% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 54.8 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 5.5 |
| &nbsp;&nbsp;&nbsp; Financials | 4.7 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 1.6 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 0.9 |
| &nbsp;&nbsp;&nbsp; Communication Services | 0.5 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Security | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (29.6) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $952.70 | $7.98 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1017.04 | 8.24 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 954.40 | 6.81 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1018.23 | 7.04 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.62% and 1.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.62% and 1.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.62% and 1.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB and Class K shares annualized expense ratio of 1.62% and 1.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (1.6%)** | **Asset-Backed Securities (1.6%)** | **Asset-Backed Securities (1.6%)** |
|  Atlas Senior Loan Fund Ltd.,<br>Series 2017-8A A<br>5.229%, 1/16/30 (l)§ | $285700 | $281441 |
|  CIT Mortgage Loan Trust,<br>Series 2007-1 1M1<br>5.889%, 10/25/37 (l)§ | 200000 | 187310 |
|  Citigroup Mortgage Loan Trust, Inc.,<br>Series 2005-HE4 M3<br>5.079%, 10/25/35 (l) | 100000 | 85186 |
|  Credit-Based Asset Servicing & Securitization LLC,<br>Series 2007-CB6 A3<br>4.264%, 7/25/37 (l)§ | 298412 | 197808 |
|  CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC1 M2<br>5.439%, 9/25/34 (l) | 10118 | 10030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A<br>4.529%, 7/25/37 (l) | 71507 | 62895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6 1A<br>4.589%, 9/25/37 (l) | 14664 | 12630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 1A1<br>4.579%, 11/25/37 (l) | 145497 | 129502 |
|  CWABS, Inc. Asset-backed Certificates,<br>Series 2007-12 1A1<br>5.129%, 8/25/47 (l) | 34697 | 33520 |
|  Greystone Commercial Real Estate Notes Ltd.,<br>Series 2019-FL2 A<br>5.498%, 9/15/37 (l)§ | 69697 | 67506 |
|  GSAA Trust,<br>Series 2006-7 AF4A<br>6.720%, 3/25/46 (e) | 20659 | 11101 |
|  Home Equity Mortgage Loan Asset-Backed Trust,<br>Series 2007-A 1A<br>4.609%, 4/25/37 (l) | 20739 | 15217 |
|  HSI Asset Securitization Corp. Trust,<br>Series 2007-WF1 1A1<br>4.709%, 5/25/37 (l) | 4725 | 4695 |
|  Lehman XS Trust,<br>Series 2007-20N A1<br>6.689%, 12/25/37 (l) | 122149 | 118497 |
|  Long Beach Mortgage Loan Trust,<br>Series 2006-7 2A2<br>4.629%, 8/25/36 (l) | 67805 | 25047 |
|  MASTR Asset-Backed Securities Trust,<br>Series 2006-WMC4 A5<br>4.539%, 10/25/36 (l) | 112930 | 32334 |
|  Mountain View CLO X Ltd.,<br>Series 2015-10A AR<br>4.761%, 10/13/27 (l)§ | 33529 | 33480 |
|  New Century Home Equity Loan Trust,<br>Series 2004-4 M1<br>5.154%, 2/25/35 (l) | 51857 | 48822 |
|  Option One Mortgage Loan Trust,<br>Series 2004-3 M2<br>5.244%, 11/25/34 (l) | 13053 | 12460 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C<br>4.709%, 7/25/36 (l) | 163356 | 52780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE2 A2C<br>4.689%, 7/25/36 (l) | 48249 | 18708 |
|  Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT1 1A1<br>4.589%, 6/25/37 (l) | 106271 | 73611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT2 2A3<br>4.569%, 7/25/37 (l) | 53988 | 48951 |
|  STWD Ltd.,<br>Series 2019-FL1 A<br>5.520%, 7/15/38 (l)§ | 197558 | 190215 |
|  TICP CLO III-2 Ltd.,<br>Series 2018-3R A<br>5.083%, 4/20/28 (l)§ | 80514 | 80240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 1833986 |
|  **Collateralized Mortgage Obligations (0.9%)** | **Collateralized Mortgage Obligations (0.9%)** | **Collateralized Mortgage Obligations (0.9%)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29CB A4<br>5.000%, 7/25/35 | 36466 | 22055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY11 A1<br>4.629%, 6/25/36 (l) | 77542 | 69122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1<br>6.000%, 3/25/37 | 143431 | 56633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35<br>6.000%, 4/25/37 | 31024 | 26236 |
|  Alternative Loan Trust Resecuritization,<br>Series 2008-2R 1A1<br>6.000%, 8/25/37 (l) | 43799 | 35414 |
|  Angel Oak Mortgage Trust,<br>Series 2020-4 A1<br>1.469%, 6/25/65 (l)§ | 66547 | 59452 |
|  CHL Mortgage Pass-Through Trust,<br>Series 2007-1 A1<br>6.000%, 3/25/37 | 44764 | 22485 |
|  Citigroup Mortgage Loan Trust,<br>Series 2007-AR4 1A1A<br>3.463%, 3/25/37 (l) | 45285 | 39326 |
|  Citigroup Mortgage Loan Trust, Inc.,<br>Series 2004-NCM2 1CB1<br>5.500%, 8/25/34 | 5973 | 5483 |
|  CSMC Trust, | CSMC Trust, | CSMC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4R 1A1<br>4.600%, 10/26/36 (l)§ | 3276 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3R 5A2<br>4.539%, 9/29/36 (l)§ | 109064 | 104662 |
|  DSLA Mortgage Loan Trust,<br>Series 2005-AR6 2A1A<br>4.919%, 10/19/45 (l) | 42026 | 34581 |
|  GNMA,<br>Series 2016-H17 FC<br>4.672%, 8/20/66 (l) | 154536 | 152839 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6<br>3.740%, 12/25/34 (l) | $| 3334 | $2934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1<br>3.652%, 7/25/35 (l) |  | 18708 | 17131 |  |
|  Homeward Opportunities Fund I Trust,<br>Series 2020-2 A1<br>1.657%, 5/25/65 (l)§ |  | 5334 | 5298 |  |
|  JP Morgan Alternative Loan Trust,<br>Series 2006-A1 1A1<br>4.849%, 3/25/36 (l) |  | 54373 | 50574 |  |
|  JP Morgan Mortgage Trust,<br>Series 2005-A2 5A2<br>4.155%, 4/25/35 (l) |  | 1459 | 1437 |  |
|  Lehman Mortgage Trust,<br>Series 2005-3 4A1<br>5.066%, 1/25/36 (l) |  | 6802 | 6067 |  |
|  New Residential Mortgage Loan Trust,<br>Series 2018-3A A1<br>4.500%, 5/25/58 (l)§ |  | 39011 | 36655 |  |
|  RALI Trust,<br>Series 2007-QH8 A<br>2.644%, 10/25/37 (l) |  | 28324 | 24533 |  |
|  Residential Asset Securitization Trust,<br>Series 2006-A10 A5<br>6.500%, 9/25/36 |  | 117496 | 44883 |  |
|  Residential Mortgage Securities 32 plc,<br>Series 32A A<br>4.681%, 6/20/70 (l)§ | GBP | 131534 | 157985 |  |
|  Sequoia Mortgage Trust,<br>Series 6 A<br>4.979%, 4/19/27 (l) | $| 44957 | 42401 |  |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,<br>Series 2006-5 2CB1<br>6.000%, 7/25/36 |  | 24945 | 17000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  | 1037978 |  |
|  **Commercial Mortgage-Backed Security (0.1%)** | **Commercial Mortgage-Backed Security (0.1%)** | **Commercial Mortgage-Backed Security (0.1%)** | **Commercial Mortgage-Backed Security (0.1%)** |  |
|  JP Morgan Chase Commercial Mortgage Securities Trust,<br>Series 2019-FL12 A<br>5.768%, 12/15/31 (l)§ |  | 106046 | 104263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Security** |  |  | 104263 |  |
|  **Corporate Bonds (5.2%)** | **Corporate Bonds (5.2%)** | **Corporate Bonds (5.2%)** | **Corporate Bonds (5.2%)** |  |
|  **Communication Services (0.5%)** | **Communication Services (0.5%)** | **Communication Services (0.5%)** |  |  |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** | **** |
|  Uktv Interactive Ltd.<br>2.500%, 7/17/24 | GBP | 130000 | 591095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 591095 |  |
|  **Financials (4.7%)** | **Financials (4.7%)** | **Financials (4.7%)** |  |  |
|  ***Banks (0.6%)*** | ***Banks (0.6%)*** | ***Banks (0.6%)*** | ***Banks (0.6%)*** | **** |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/43 | DKK | 273823 | $30019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) |  | 3091418 | 326220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/53 |  | 2683052 | 259076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 |  | 99996 | 10421 |  |
|  |  |  | 625736 |  |
|  ***Thrifts & Mortgage Finance (4.1%)*** | ***Thrifts & Mortgage Finance (4.1%)*** | ***Thrifts & Mortgage Finance (4.1%)*** | ***Thrifts & Mortgage Finance (4.1%)*** | **** |
|  Jyske Realkredit A/S | Jyske Realkredit A/S | Jyske Realkredit A/S | Jyske Realkredit A/S |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br> 0.500%, 10/1/43 |  | 642655 | 70408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/50 (m) |  | 21105 | 2179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 |  | 2 |  |  |
|  Nykredit Realkredit A/S | Nykredit Realkredit A/S | Nykredit Realkredit A/S | Nykredit Realkredit A/S |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01e<br> 5.000%, 10/1/53 (m) |  | 300000 | 42067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01E<br> 0.500%, 10/1/43 (m) |  | 3391960 | 368540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/1/53 (m) |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) |  | 132883 | 12958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/53 (m) |  | 1888331 | 214407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) |  | 9112723 | 1161226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01EE<br> 1.000%, 10/1/50 (m) |  | 49036 | 4872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 (m) |  | 5211108 | 575905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br> 1.000%, 10/1/50 (m) |  | 5328417 | 558825 |  |
|  Realkredit Danmark A/S | Realkredit Danmark A/S | Realkredit Danmark A/S | Realkredit Danmark A/S |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 10/1/53 (m) |  | 1631944 | 163010 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 23S<br> 1.500%, 10/1/53 (m) |  | 474701 | 52398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/53 (m) |  | 2976902 | 377859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27S<br> 1.500%, 10/1/53 (m) |  | 6461608 | 673863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCS<br> 1.000%, 10/1/50 (m) |  | 4099639 | 432419 |  |
|  |  |  | 4710936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 5336672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 5927767 |  |
|  **Foreign Government Securities (61.5%)** | **Foreign Government Securities (61.5%)** | **Foreign Government Securities (61.5%)** | **Foreign Government Securities (61.5%)** |  |
|  Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria | Bonos de la Tesoreria |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940%, 2/12/29 | PEN | 400000 | 96487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 |  | 400000 | 92602 |  |
|  Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 5/26/25 TIPS (m) | EUR | 3823395 | 4041767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 5/15/28 TIPS (m) |  | 3491383 | 3614609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 5/15/30 TIPS (m) |  | 3150158 | 2951992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 5/15/33 TIPS (m) |  | 2353344 | 1971889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 9/15/41 TIPS (m) |  | 530467 | 577552 |  |
|  Canada Government Bond | Canada Government Bond | Canada Government Bond | Canada Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/36 TIPS | CAD | 746740 | 667913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/41 TIPS |  | 276602 | 227949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/44 TIPS |  | 172977 | 132953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/1/47 TIPS |  | 499038 | 367490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/50 TIPS |  | 295876 | 182314 |  |
|  Commonwealth of Australia | Commonwealth of Australia | Commonwealth of Australia | Commonwealth of Australia |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/20/25 TIPS (m) | AUD | 2948920 | 2119507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/21/40 TIPS (m) |  | 358680 | 217787 |  |

---

See Notes to Financial Statements.

1236

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  European Financial Stability Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 6/21/32 (m) | 3700000 | 3698647 |
|  Federal Republic of Germany |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 4/15/46 TIPS (m) | 367214 | 387574 |
|  French Republic | French Republic | French Republic |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/25/24 TIPS (m) | 367388 | 396081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/25 TIPS (m) | 747919 | 807740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/26 TIPS (m) | 3446745 | 3653172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 7/25/27 TIPS (m) | 1675330 | 1909842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/28 TIPS (m) | 905064 | 970292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/29 TIPS (m) | 696171 | 723141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 1380840 | 1414708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/36 TIPS (m) | 1588858 | 1530225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/38 TIPS (m) | 338948 | 324876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/25/40 TIPS (m) | 552262 | 686061 |
|  Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/26 TIPS | 137149350 | 1081379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 249569180 | 1965871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 239515100 | 1893062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 3/10/31 TIPS | 31333800 | 247296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20<br> 0.100%, 3/10/25 TIPS | 13728000 | 107143 |
|  Kingdom of Denmark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 11/15/23 TIPS | 3546787 | 505150 |
|  Kingdom of Spain | Kingdom of Spain | Kingdom of Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 11/30/27 TIPS (m) | 1081373 | 1144345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/30/30 TIPS (m) | 1264037 | 1342716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 11/30/33 TIPS (m) | 1302263 | 1305311 |
|  Kingdom of Sweden | Kingdom of Sweden | Kingdom of Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 6/1/25 TIPS (m) | 4300000 | 517626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 6/1/26 TIPS (m) | 6950000 | 816476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 12/1/27 TIPS (m) | 500000 | 57841 |
|  Mexican Udibonos<br>4.500%, 11/22/35 TIPS | 2295437 | 120358 |
|  New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/20/25 TIPS (m) | 495920 | 312767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/35 TIPS (m) | 121010 | 76704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/40 TIPS (m) | 359250 | 226838 |
|  U.K. Treasury Bonds<br>0.625%, 10/22/50 (m) | 200000 | 107969 |
|  U.K. Treasury Inflation Linked Bonds | U.K. Treasury Inflation Linked Bonds | U.K. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/24 TIPS (m) | 2496433 | 3062941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/26 TIPS (m) | 689258 | 840094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/27 TIPS (m) | 917185 | 1172566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/28 TIPS (m) | 1019908 | 1234917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/31 TIPS (m) | 666867 | 810989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/32 TIPS (m) | 1934622 | 2593353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/22/34 TIPS (m) | 306585 | 389423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/36 TIPS (m) | 1574454 | 1838890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/22/40 TIPS (m) | 328825 | 408545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/41 TIPS (m) | 1843160 | 2093277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/22/42 TIPS (m) | 251329 | 312756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/44 TIPS (m) | 1321623 | 1468436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/46 TIPS (m) | 495754 | 543219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/22/47 TIPS (m) | 1285061 | 1619229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/48 TIPS (m) | 621833 | 672860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/22/50 TIPS (m) | 50046 | 59740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/51 TIPS (m) | 242079 | 260442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 3/22/52 TIPS (m) | 1363367 | 1528761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 11/22/55 TIPS (m) | 631180 | 940249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/56 TIPS (m) | 409905 | 442817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/58 TIPS (m) | 434054 | 470019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/22/62 TIPS (m) | 783443 | 943157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 11/22/65 TIPS (m) | 512589 | 569809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/68 TIPS (m) | 634423 | 703855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/73 TIPS (m) | 115461 | 134750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 70709116 |
|  **Mortgage-Backed Securities (5.5%)** | **Mortgage-Backed Securities (5.5%)** | **Mortgage-Backed Securities (5.5%)** |
|  FNMA/FHLMC UMBS, 30 Year, Single Family |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/25/53 TBA | $1400000 | 1351219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/25/53 TBA | 2000000 | 1762031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/25/53 TBA | 3400000 | 3197594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 6310844 |
|  **U.S. Treasury Obligations (54.8%)** | **U.S. Treasury Obligations (54.8%)** | **U.S. Treasury Obligations (54.8%)** |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/15/25 TIPS | 2039477 | 2043861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/26 TIPS (v) | 444441 | 444427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/28 TIPS | 1276000 | 1277468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 906400 | 1019544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS (v) | 579092 | 613601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 1238364 | 1311183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1437568 | 1204644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS(v)(w) | 356458 | 287847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 1828541 | 1696971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | 1936276 | 1567484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS | 2112986 | 1796654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS | 1014800 | 832875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS | 610293 | 513439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 115915 | 78461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS (v) | 641004 | 414363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS (v) | 535270 | 346508 |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/15/23 TIPS (z) | 4439149 | 4395949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/24 TIPS | 1404931 | 1376222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 TIPS | 1039817 | 1011943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/24 TIPS | 2206945 | 2126599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 1/15/25 TIPS | 1006568 | 966381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/25 TIPS | 1153740 | 1099850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 TIPS | 2182226 | 2074586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/26 TIPS (z) | 2734156 | 2626646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/26 TIPS | 681816 | 641175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS | 1404884 | 1324691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS (z) | 872472 | 818648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS (z) | 2689466 | 2537609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS | 422192 | 393798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS | 1206087 | 1138230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS (v) | 804816 | 805062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS (z) | 3843157 | 3619293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS (z) | 2991794 | 2853584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS (v) | 318662 | 304012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS (z) | 2758838 | 2528794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS (z) | 4633200 | 4168067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS | 2010831 | 1802820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) | 6037617 | 5337156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS | 1827619 | 1602379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) | 2153949 | 1977143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 62979967 |

---

See Notes to Financial Statements.

1237

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| | **Value<br>(Note 1)** |
|  **Total Long-Term Debt Securities (129.6%)**<br> *(Cost $168,166,494)* | $148903921 |
|  **Total Investments in Securities (129.6%)**<br> *(Cost $168,166,494)* | 148903921 |
|  **Other Assets Less Liabilities (-29.6%)** | (34024056) |
|  **Net Assets (100%)** | $114879865 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $1,509,107 or 1.3% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $67,987,081 or 59.2% of net assets.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $1,247,648.* 

*(w)* *All, or a portion of security held by broker as collateral for TBA contracts, with a total collateral value of $36,628.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CLO* *— Collateralized Loan Obligation* 

*CPI* *— Consumer Price Index* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*EURIBOR* *— Euro Interbank Offered Rate* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

*FNMA* *— Federal National Mortgage Association* 

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*JPY* *— Japanese Yen* 

*MXN* *— Mexican Peso* 

*NZD* *— New Zealand Dollar* 

*PEN* *— Peruvian Sol* 

*SEK* *— Swedish Krona* 

*TBA* *— To Be Announced; Security is subject to delayed* 

*delivery*

*TIPS* *— Treasury Inflation Protected Security* 

*UMBS* *— Uniform Mortgage-Backed Securities* 

*USD* *— United States Dollar* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Argentina | 0.0%# |
| &nbsp;&nbsp;&nbsp; Australia | 2.0 |
| &nbsp;&nbsp;&nbsp; Canada | 1.4 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 0.6 |
| &nbsp;&nbsp;&nbsp; Denmark | 5.1 |
| &nbsp;&nbsp;&nbsp; France | 10.8 |
| &nbsp;&nbsp;&nbsp; Germany | 0.3 |
| &nbsp;&nbsp;&nbsp; Italy | 11.5 |
| &nbsp;&nbsp;&nbsp; Japan | 4.6 |
| &nbsp;&nbsp;&nbsp; Mexico | 0.1 |
| &nbsp;&nbsp;&nbsp; New Zealand | 0.5 |
| &nbsp;&nbsp;&nbsp; Peru | 0.2 |
| &nbsp;&nbsp;&nbsp; Spain | 3.3 |
| &nbsp;&nbsp;&nbsp; Supranational | 3.2 |
| &nbsp;&nbsp;&nbsp; Sweden | 1.2 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 22.6 |
| &nbsp;&nbsp;&nbsp; United States | 62.2 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (29.6) |
|  | 100.0% |

---

*#* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

1238

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bund | 30 | 3/2023 | EUR | 4268848 | (273338) |
|  U.S. Treasury 5 Year Note | 65 | 3/2023 | USD | 7015430 | (81564) |
|  U.S. Treasury 10 Year Note | 12 | 3/2023 | USD | 1347563 | (14173) |
|  |  |  |  |  | (369075) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  3 Month Euro EURIBOR | (6) | 3/2023 | EUR | (1557344) | 19023 |
|  Euro-Bobl | (56) | 3/2023 | EUR | (6938657) | 229930 |
|  Euro-BTP | (57) | 3/2023 | EUR | (6645825) | 491908 |
|  Euro-Buxl | (8) | 3/2023 | EUR | (1158141) | 166465 |
|  Euro-OAT | (21) | 3/2023 | EUR | (2861634) | 197549 |
|  Euro-Schatz | (101) | 3/2023 | EUR | (11397531) | 98821 |
|  Japan 10 Year Bond | (5) | 3/2023 | JPY | (5541756) | 98339 |
|  Long Gilt | (6) | 3/2023 | GBP | (724645) | (4213) |
|  U.S. Treasury 10 Year Ultra Note | (56) | 3/2023 | USD | (6623750) | 9111 |
|  U.S. Treasury Long Bond | (24) | 3/2023 | USD | (3008250) | (1722) |
|  |  |  |  |  | 1305211 |
|  |  |  |  |  | 936136 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  DKK | 2815000 | USD | 401391 | Bank of America | 1/10/2023 | 4022 |
|  DKK | 860000 | USD | 122950 | Deutsche Bank AG | 1/10/2023 | 906 |
|  DKK | 525000 | USD | 75401 | JPMorgan Chase Bank | 1/10/2023 | 209 |
|  EUR | 117000 | USD | 124306 | Bank of America | 1/10/2023 | 990 |
|  EUR | 208000 | USD | 220854 | Barclays Bank plc | 1/10/2023 | 1895 |
|  EUR | 225000 | USD | 239383 | JPMorgan Chase Bank | 1/10/2023 | 1571 |
|  USD | 1625107 | CAD | 2197333 | Bank of America | 1/10/2023 | 2212 |
|  USD | 1282062 | GBP | 1052000 | Bank of America | 1/10/2023 | 10045 |
|  USD | 1904621 | GBP | 1561000 | Barclays Bank plc | 1/10/2023 | 17150 |
|  USD | 659952 | NZD | 1038000 | JPMorgan Chase Bank | 1/10/2023 | 872 |
|  USD | 106004 | SEK | 1105000 | Barclays Bank plc | 1/10/2023 | 70 |
|  PEN | 88865 | USD | 23003 | Barclays Bank plc\*\* | 1/25/2023 | 347 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 40289 |
|  GBP | 599000 | USD | 735885 | Bank of America | 1/10/2023 | (11608) |
|  GBP | 186000 | USD | 228592 | Barclays Bank plc | 1/10/2023 | (3691) |
|  USD | 2262639 | AUD | 3357000 | Bank of America | 1/10/2023 | (23539) |
|  USD | 6334535 | DKK | 44943903 | Deutsche Bank AG | 1/10/2023 | (138228) |
|  USD | 879343 | EUR | 837000 | Bank of America | 1/10/2023 | (17005) |
|  USD | 19232156 | EUR | 18511487 | Deutsche Bank AG | 1/10/2023 | (591907) |
|  USD | 14159814 | EUR | 13617058 | JPMorgan Chase Bank | 1/10/2023 | (422776) |
|  USD | 25338726 | GBP | 20984000 | JPMorgan Chase Bank | 1/10/2023 | (33910) |
|  USD | 4999570 | JPY | 690167729 | Bank of America | 1/10/2023 | (263546) |
|  USD | 93964 | JPY | 12400000 | JPMorgan Chase Bank | 1/10/2023 | (597) |
|  USD | 1218180 | SEK | 12758408 | Barclays Bank plc | 1/10/2023 | (4940) |
|  USD | 119732 | MXN | 2448000 | Goldman Sachs Bank USA | 2/7/2023 | (5049) |
|  USD | 298932 | PEN | 1189452 | Goldman Sachs Bank USA\*\* | 5/10/2023 | (10955) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (1527751) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (1487462) |

---

\*\* Non-deliverable forward.

See Notes to Financial Statements.

1239

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $1833986 | $— | $1833986 |
|  **Collateralized Mortgage Obligations** |  | 1037978 |  | 1037978 |
|  **Commercial Mortgage-Backed Security** |  | 104263 |  | 104263 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 591095 |  | 591095 |
|  Financials |  | 5336672 |  | 5336672 |
|  **Foreign Government Securities** |  | 70709116 |  | 70709116 |
|  **Forward Currency Contracts** |  | 40289 |  | 40289 |
|  **Futures** | 1311146 |  |  | 1311146 |
|  **Mortgage-Backed Securities** |  | 6310844 |  | 6310844 |
|  **U.S. Treasury Obligations** |  | 62979967 |  | 62979967 |
|  **Total Assets** | $**1311146** | $**148944210** | $**—** | $**150255356** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(1527751) | $— | $(1527751) |
|  **Futures** | (375010) |  |  | (375010) |
|  **Total Liabilities** | $**(375010)** | $**(1527751)** | $**—** | $**(1902761)** |
|  **Total** | $**936136** | $**147416459** | $**—** | $**148352595** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $1311146 |
|  Foreign exchange contracts | Receivables | 40289 |
|  **Total** |  | $1351435 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(375010) |
|  Foreign exchange contracts | Payables | (1527751) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902761 |

---

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

See Notes to Financial Statements.

1240

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $232280 | $5152882 | $— | $5385162 |
|  Foreign exchange contracts |  |  | 10300667 | 10300667 |
|  **Total** | $232280 | $5152882 | $10300667 | $15685829 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(11668) | $564677 | $— | $553009 |
|  Foreign exchange contracts |  |  | (538531) | (538531) |
|  **Total** | $(11668) | $564677 | $(538531) | $14478 |

---

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held option contracts with an average notional balance of approximately $55,000 for eight months, forward foreign currency contracts with an average settlement value of approximately $171,823,000, and futures contracts with an average notional balance of approximately $77,145,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets**<br>**Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $17269 | $(17269) | $— | $— |
|  Barclays Bank plc | 19462 | (8631) |  | 10831 |
|  Deutsche Bank AG | 906 | (906) |  |  |
|  JPMorgan Chase Bank | 2652 | (2652) |  |  |
|  **Total** | $40289 | $(29458) | $— | $10831 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $315698 | $(17269) | $(298429) | $— |
|  Barclays Bank plc | 8631 | (8631) |  |  |
|  Deutsche Bank AG | 730135 | (906) | (665605) | 63624 |
|  Goldman Sachs Bank USA | 16004 |  |  | 16004 |
|  JPMorgan Chase Bank | 457283 | (2652) | (261980) | 192651 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29458) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226014) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272279 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

*\** *The table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged is $21,634.* 

See Notes to Financial Statements.

1241

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**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

**Sale-Buyback Transactions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Settle date of<br>Sell Contract<br>Borrowing<br>Date** | **Buy contract<br>Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  BNP Paribas | 4.45% | 12/19/2022 | 1/3/2023 | $(822815) | $(824296) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (3637376) | (3642972) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (4388457) | (4395021) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (644149) | (645202) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (2632967) | (2636897) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (2547970) | (2552017) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (2867076) | (2871211) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (4195712) | (4202786) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (5380819) | (5389887) |
|  BNP Paribas | 4.47 | 12/21/2022 | 1/4/2023 | (1994252) | (1997209) |
|  |  |  |  |  | $(29157498) |

---

(1) The average amount of borrowings while outstanding for 365 days during the year ended December 31, 2022, was
approximately $34,883,000 at a weighted average interest rate of 1.47%.

(2) Payable for sale-buyback transactions includes $45,905 of deferred price drop on sale-buyback transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight**<br>**and<br>Continuous** | **Up to 30**<br>**Days** | **30 - 90 Days** | **Greater**<br>**than 90<br>Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | $— | $(29157498) | $— | $— | $(29157498) |
|  **Total Borrowings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29157498) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(29157498) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29157498) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged**<br>**(Sale-buyback**<br>**positions)** | **Cash<br>Collateral**<br>**(Received)/**<br>**Pledged** | **Net**<br>**Exposure (3)** |
|  BNP Paribas | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29157498) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28974837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182661) |

---

(3) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $107322202 |
|  Long-term U.S. government debt securities | 31288543 |
|  | $138610745 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $103745774 |
|  Long-term U.S. government debt securities | 20937627 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124683401 |

---

See Notes to Financial Statements.

1242

------

**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6389252 |
|  Aggregate gross unrealized depreciation | (33202658) |
|  Net unrealized depreciation | $(26813406) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175166001 |

---

See Notes to Financial Statements.

1243

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EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $168,166,494) | $148903921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1324081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $498,908) | 431444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 939000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 4959891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2473419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 287798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 139904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 40289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 34329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 159534674 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 29157498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 11289922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2474343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 1527751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 39948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 30707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 9455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 104078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 44654809 |
|  **NET ASSETS** | $114879865 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $144733304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (29853439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $114879865 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $95,592,162 / 13,096,695 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.30 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $19,287,703 / 2,624,782 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.35 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $8684405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8685452 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 755424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 534079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 262895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 116739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 93284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 79300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1878281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (278279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1600002 |
|  **NET INVESTMENT INCOME (LOSS)** | 7085450 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (9246638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5152882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 10300667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 695192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 311576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7213679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (36581764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 564677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (538531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (65730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (18641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36639989) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (29426310) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(22340860) |

---

See Notes to Financial Statements.

1244

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**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7085450 | $2580373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7213679 | 4710082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36639989) | (1853340) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (22340860) | 5437115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (10233518) | (9490190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (2125635) | (2189431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (12359153) | (11679621) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (6002398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1364458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | (7366856) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,715,177 and 2,541,315 shares, respectively ] | 15345903 | 27237446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,375,082 and 1,561,599 shares, respectively ] | 10233518 | 15492588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1832639) and (1181580) shares, respectively ] | (16147091) | (12616911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 9432330 | 30113123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 480,236 and 487,667 shares, respectively ] | 4191605 | 5251686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 283,736 and 355,135 shares, respectively ] | 2125635 | 3553889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (720343) and (532036) shares, respectively ] | (6557866) | (5762150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (240626) | 3043425 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 9191704 | 33156548 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (25508309) | 19547186 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 140388174 | 120840988 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $114879865 | $140388174 |

---

See Notes to Financial Statements.

1245

------

**EQ ADVISORS TRUST**

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

------

***STATEMENT OF CASH FLOWS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $(22340860) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (609929716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 599376839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for forward settling transactions | 11289922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for forward settling transactions | (4959891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in securities | 36581764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on options written | 18641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on forward foreign currency contracts | 538531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | 9246638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (908407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in trustees' fees payable | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in administrative fees payable | (1405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in distribution fees payable - Class IB | (3815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (8599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fees payable | (23354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in premiums received on options written | (41444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in due from broker for futures variation margin | (52289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends, interest and other receivables | (55657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for return of cash collateral on forward foreign currency contracts | (162420) |
|  Net cash provided (used) by operating activities | 18564414 |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 19584326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (22670992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 1651421789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (1651739741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for sale-buyback financing transactions | (15108134) |
|  Net cash provided (used) by financing activities | (18512752) |
|  Net increase/(decrease) in cash | 51662 |
|  **Cash, foreign cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2642863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $2694525 |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2022, the Portfolio paid $534,079 in interest expense and had reinvestments of dividends and distributions of $12,359,153.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  Cash | $1324081 | $1287677 |
|  Foreign cash | 431444 | 795186 |
|  Cash held as collateral at broker for futures | 939000 | 560000 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $2694525 | $2642863 |

---

See Notes to Financial Statements.

1246

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**EQ ADVISORS TRUST** 

EQ/PIMCO GLOBAL REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.72 | $10.78 | $9.88 | $9.47 | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.49 | 0.21 | (0.06) | (0.01) | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.04) | 0.21 | 1.08 | 0.78 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.55) | 0.42 | 1.02 | 0.77 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.84) | (0.56) |  | (0.35) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.41) | (0.12) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.51) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.87) | (1.48) | (0.12) | (0.36) | (0.24) |
|  Net asset value, end of year | $7.30 | $9.72 | $10.78 | $9.88 | $9.47 |
|  Total return | (16.10)% | 4.01% | 10.33% | 8.12% | (1.32)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63475 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 1.31% | 0.92% | 1.05% | 1.75% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 1.53% | 1.10% | 1.26% | 1.93% | 1.64% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.60% | 1.94% | (0.56)% | (0.10)% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.38% | 1.76% | (0.76)% | (0.29)% | 0.72% |
|  Portfolio turnover rate^ | 82% | 113% | 245% | 181% | 66% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.79 | $10.87 | $9.93 | $9.51 | $9.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.51 | 0.23 | (0.03) | 0.02 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.06) | 0.22 | 1.09 | 0.79 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.55) | 0.45 | 1.06 | 0.81 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.86) | (0.61) |  | (0.38) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.41) | (0.12) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.51) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.89) | (1.53) | (0.12) | (0.39) | (0.27) |
|  Net asset value, end of year | $7.35 | $9.79 | $10.87 | $9.93 | $9.51 |
|  Total return | (15.97)% | 4.29% | 10.68% | 8.46% | (1.17)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $19288 | $25257 | $24668 | $31471 | $28342 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f)(g) | 1.06% | 0.67% | 0.80% | 1.50% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f)(g) | 1.28% | 0.85% | 1.00% | 1.68% | 1.39% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.80% | 2.13% | (0.28)% | 0.16% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.58% | 1.94% | (0.48)% | (0.02)% | 0.95% |
|  Portfolio turnover rate^ | 82% | 113% | 245% | 181% | 66% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes interest expense of 0.42%, 0.02%, 0.08%, 0.75% and 0.54% for the years ended 2022, 2021, 2020, 2019 and 2018 respectively for each class.* 

See Notes to Financial Statements.

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**EQ/PIMCO REAL RETURN PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

PERFORMANCE RESULTS

![LOGO](g401674g27o87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (11.38)% | 2.95 | % |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. TIPS Index | (11.85) | 3.03 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (11.38)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. TIPS Index, which returned (11.85)% over the same period.

**Portfolio Highlights**

***What helped performance during the year:***

• Overweight Eurozone and U.S. breakeven inflation positioning

• Tactical U.S. interest rate positioning

***What hurt performance during the year:***

• Positions in non-Agency mortgage-backed securities

• Eurozone country and instrument selection

***How derivatives contributed/detracted from performance during the year:***

Nominal interest rate strategies in the U.S. and the U.K. were partially facilitated through futures, options, and interest rate swaps, which contributed to performance. Within spread sectors, positioning to high yield credit default swap indices was modestly negative for performance. Breakeven inflation exposure in the U.S. and the U.K. was partially facilitated through interest rate swaps, which detracted slightly from performance during the period. Additionally, currency exposure, which was a modest contributor, was partially facilitated through the use of currency forwards, which added to performance.

**Portfolio Positioning and Outlook — PIMCO** 

After facing difficulties on all fronts in 2022, we believe investors should be rewarded with more opportunities in the year ahead, even as the global economy confronts headwinds. We expect a modest recession in 2023 across developed markets as central banks continue to battle inflation, yet uncertainties remain. Any recession could further challenge riskier assets such as equities and lower-quality corporate credit. But we believe the repricing across financial markets in 2022 has improved prospects for returns elsewhere, particularly in bonds. We are focusing on high quality fixed income sectors that offer more attractive yields than they have in several years.

Rather than taking greater risks to chase incremental returns, we're seeking to make Portfolios resilient, targeting investments that should be able to withstand even a more significant downturn. In other words, we're expecting a mild recession but preparing in case of something deeper. In this environment, we want to be careful in overall risk positioning and keep dry powder to allow us to add risk to Portfolios in the event of notable new information on the outlook or significant market moves.

Overall, we do not expect to make large changes in current positioning based on the outlook and valuations. Rather, we are focused on identifying asymmetric trades across the range of plausible scenarios to complement current positioning. We expect a yield range of about 3.25% to 4.25% for the 10-year U.S. Treasury in our baseline, and broader ranges across scenarios for 2023, with a view of being neutral on duration — a gauge of interest rate risk — or having a tactical underweight position at current levels. Treasury Inflation Protected Securities (TIPS) pricing suggests high confidence in the Federal Reserve's anti-inflation credibility and could

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**EQ/PIMCO REAL RETURN PORTFOLIO (Unaudited)** 

provide a reasonably priced cushion against more adverse inflation scenarios.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 5.95 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 1.26 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 6.38 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AAA |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 105.4 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 68.7 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 8.3 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 7.7 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 2.7 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 2.2 |
| &nbsp;&nbsp;&nbsp; Financials | 0.5 |
| &nbsp;&nbsp;&nbsp; Options Purchased | 0.1 |
| &nbsp;&nbsp;&nbsp; Information Technology | 0.0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (95.6) |
|  | 100.0 |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $968.00 | $8.15 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1016.92 | 8.35 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.64%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.64%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.64%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.64%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (7.7%)** | **Asset-Backed Securities (7.7%)** | **Asset-Backed Securities (7.7%)** |
|  Ares European CLO VI DAC,<br>Series 2013-6A ARR<br>1.988%, 4/15/30 (l)§ | 494180 | $513413 |
|  Argent Mortgage Loan Trust,<br>Series 2005-W1 A1<br>4.869%, 5/25/35 (l) | $17670 | 15782 |
|  Atlas Senior Loan Fund Ltd.,<br>Series 2017-8A A<br>5.229%, 1/16/30 (l)§ | 285700 | 281441 |
|  Barings CLO Ltd.,<br>Series 2013-IA AR<br>5.043%, 1/20/28 (l)§ | 197515 | 196055 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE1 M4<br>5.094%, 1/25/35 (l) | 309016 | 287718 |
|  Benefit Street Partners CLO II Ltd.,<br>Series 2013-IIA A1R2<br>4.949%, 7/15/29 (l)§ | 267266 | 264818 |
|  C-Bass Trust,<br>Series 2006-CB9 A1<br>4.509%, 11/25/36 (l) | 1668 | 761 |
|  CIFC Funding Ltd.,<br>Series 2012-2RA A1<br>5.043%, 1/20/28 (l)§ | 170872 | 169637 |
|  CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, | CIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A<br>5.739%, 10/25/37 (l)§ | 4327 | 4293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1M1<br>5.889%, 10/25/37 (l)§ | 200000 | 187310 |
|  Citigroup Mortgage Loan Trust,<br>Series 2007-AMC2 A3A<br>4.469%, 1/25/37 (l) | 3505 | 2355 |
|  Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19 2A3<br>4.889%, 3/25/37 (l) | 38103 | 34624 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-CB3 M4<br>5.439%, 6/25/35 (l) | 25000 | 22843 |
|  CVC Cordatus Loan Fund III DAC,<br>Series 3A A1RR<br>2.578%, 8/15/32 (l)§ | 500000 | 520136 |
|  CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 1A1<br>5.129%, 8/25/47 (l) | $11566 | 11173 |
|  Ellington Loan Acquisition Trust,<br>Series 2007-1 A1<br>5.489%, 5/25/37 (l)§ | 20948 | 19776 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-32 A1<br>4.649%, 8/25/31 (l) | 562 | 551 |
|  First Franklin Mortgage Loan Trust,<br>Series 2005-FF12 M2<br>5.094%, 11/25/36 (l) | 92323 | 86332 |
|  Fremont Home Loan Trust,<br>Series 2006-C 1A1<br>4.524%, 10/25/36 (l) | 30731 | 25427 |
|  GSAMP Trust,<br>Series 2007-FM1 A2A<br>4.459%, 12/25/36 (l) | 2811 | 1215 |
|  IndyMac INDB Mortgage Loan Trust,<br>Series 2006-1 A1<br>4.529%, 7/25/36 (l) | 17972 | 5330 |
|  JP Morgan Mortgage Acquisition Corp.,<br>Series 2005-OPT2 M3<br>5.109%, 12/25/35 (l) | 224944 | 221988 |
|  LCM XXV Ltd.,<br>Series 25A AR<br>5.063%, 7/20/30 (l)§ | 296787 | 290830 |
|  Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, | Lehman ABS Manufactured Housing Contract Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-B M2<br>7.170%, 4/15/40 (l) | 33544 | 22841 |
|  Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 1A1A<br>4.709%, 5/25/36 (l) | 24227 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 3A4<br>4.292%, 6/25/36 (e) | 13994 | 13027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20N A1<br>6.689%, 12/25/37 (l) | 27142 | 26331 |
|  Merrill Lynch Life Agency, Inc.,<br>4.629%, 2/25/37 (l) | 8972 | 2575 |
|  Merrill Lynch Mortgage Investors Trust,<br>Series 2006-RM4 A2A<br>4.549%, 9/25/37 (l) | 516 | 112 |
|  Midocean Credit CLO V,<br>Series 2016-5A AR<br>5.347%, 7/19/28 (l)§ | 272953 | 272313 |
|  Morgan Stanley ABS Capital I, Inc. Trust,<br>Series 2006-HE8 A2D<br>4.609%, 10/25/36 (l) | 713079 | 315524 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A1<br>4.439%, 11/25/36 (l) | 328 | 110 |
|  NovaStar Mortgage Funding Trust,<br>Series 2005-3 M2<br>5.094%, 1/25/36 (l) | 26055 | 25335 |
|  OZLM XXIV Ltd.,<br>Series 2019-24A A1AR<br>5.403%, 7/20/32 (l)§ | 200000 | 194975 |
|  Palmer Square Loan Funding Ltd.,<br>Series 2021-2A A1<br>5.475%, 5/20/29 (l)§ | 202246 | 199672 |
|  Park Place Securities, Inc.,<br>Series 2005-WCW1 M2<br>5.094%, 9/25/35 (l) | 2385 | 2380 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WCW2 M3<br>5.439%, 10/25/34 (l) | 95751 | 92897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-WHQ4 M2<br>5.124%, 9/25/35 (l) | 15821 | 14784 |
|  Renaissance Home Equity Loan Trust,<br>Series 2002-3 A<br>5.149%, 12/25/32 (l) | 1698 | 1556 |
|  Saxon Asset Securities Trust,<br>Series 2007-3 1A<br>4.699%, 9/25/37 (l) | 35772 | 33623 |

---

See Notes to Financial Statements.

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EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 A2C<br>4.709%, 7/25/36 (l) | $163356 | 52780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2A<br>4.509%, 12/25/36 (l) | 10368 | 2340 |
|  SLM Student Loan Trust,<br>Series 2008-9 A<br>5.858%, 4/25/23 (l) | 56222 | 55303 |
|  Soundview Home Equity Loan Trust,<br>4.499%, 2/25/37 (l) | &nbsp;&nbsp;&nbsp;&nbsp;529833 | 160120 |
|  Soundview Home Loan Trust,<br>Series 2006-NLC1 A1<br>4.509%, 11/25/36 (l)§ | 1694 | 463 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7XS 2A1A<br>5.620%, 4/25/35 (l) | 2820 | 2689 |
|  STWD Ltd.,<br>Series 2019-FL1 A<br>5.520%, 7/15/38 (l)§ | 131705 | 126810 |
|  THL Credit Wind River CLO Ltd.,<br>Series 2019-3A AR<br>5.159%, 4/15/31 (l)§ | 200000 | 194645 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1<br>6.020%, 8/1/28 | 3485 | 3503 |
|  Vibrant CLO VI Ltd.,<br>Series 2017-6A AR<br>5.696%, 6/20/29 (l)§ | 323283 | 318908 |
|  Voya CLO Ltd.,<br>Series 2015-1A A1R<br>5.094%, 1/18/29 (l)§ | 330342 | 326980 |
|  Wellfleet CLO Ltd., | Wellfleet CLO Ltd., | Wellfleet CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A AR4<br>5.133%, 7/20/29 (l)§ | 364065 | 359417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A AR<br>5.153%, 4/20/28 (l)§ | 358044 | 354709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 6361337 |
|  **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** |
|  Alliance Bancorp Trust,<br>Series 2007-OA1 A1<br>4.869%, 7/25/37 (l) | 23065 | 18866 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1<br>3.048%, 12/25/35 (l) | 856 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B<br>4.769%, 9/25/46 (l) | 48143 | 44272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19 A1<br>4.533%, 2/20/47 (l) | 7584 | 5713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1T1 1A1<br>6.000%, 3/25/37 | 95619 | 37754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB 1A35<br>6.000%, 4/25/37 | 31022 | 26234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A<br>4.749%, 5/25/47 (l) | 2963 | 2480 |
|  Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 1A1<br>3.959%, 2/20/36 (l) | 2861 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 2A1<br>3.775%, 1/20/47 (l) | 69433 | 58460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1<br>4.273%, 1/20/47 (l) | 2577 | 2346 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-E 2A1<br>3.314%, 6/25/35 (l) | 595 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 2A1<br>2.842%, 2/25/36 (l) | 2997 | 2663 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>3.729%, 9/25/35 (l) | 21429 | 13196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 23A1<br>3.724%, 3/25/36 (l) | 9260 | 7104 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 13A1<br>3.810%, 1/25/35 (l) | 2563 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1<br>3.372%, 3/25/35 (l) | 4337 | 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 A1<br>5.230%, 10/25/35 (l) | 4536 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 3A2<br>3.436%, 7/25/36 (l) | 3294 | 2871 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19 1A6<br>5.500%, 8/25/35 | 781 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 1A3<br>4.849%, 5/25/35 (l) | 174285 | 139947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 A4<br>6.000%, 4/25/36 | 10852 | 5967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HYB3 3A1B<br>3.229%, 5/20/36 (l) | 1983 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A1<br>6.000%, 3/25/37 | 31948 | 16047 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1 2A1<br>6.380%, 3/25/36 (l) | 3862 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 22AA<br>3.868%, 9/25/37 (l) | 6487 | 5549 |
|  CSMC Mortgage-Backed Trust,<br>Series 2007-6 A1<br>6.420%, 10/25/37 (l) | 120127 | 73689 |
|  CSMC Trust,<br>Series 2007-4R 1A1<br>4.600%, 10/26/36(l)§ | 4430 | 3775 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1<br>4.489%, 10/25/36 (l) | 161 | 136 |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3A<br>4.502%, 6/13/45 (l) (m) | 28092 | 33575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3X A3C<br>4.502%, 6/13/45 (l) (m) | 12483 | 14919 |
|  FHLMC,<br>Series 278 F1<br>4.768%, 9/15/42 STRIPS (l) | $54835 | 53853 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1<br>3.248%, 10/25/44 (l) | 32027 | 31872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>2.572%, 2/25/45 (l) | 9958 | 9992 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1<br>4.538%, 6/25/34 (l) | 2642 | 2448 |

---

See Notes to Financial Statements.

1251

------

**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FA8 1A7<br>6.000%, 2/25/37 | $9670 | $4126 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1<br>3.875%, 8/25/35 (l) | 3423 | 2345 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8 3F2<br>4.739%, 5/25/42 (l) | 800 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-63 FA<br>4.539%, 8/25/34 (l) | 332 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-30 KF<br>4.829%, 5/25/36 (l) | 182 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>3.257%, 5/25/35 (l) | 2748 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-63 FC<br>4.739%, 7/25/37 (l) | 79 | 77 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>1.968%, 4/20/67 (l) | 52034 | 51493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H15 FG<br>3.858%, 8/20/68 (l) | 97935 | 95145 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1<br>4.929%, 11/25/45 (l) | 4878 | 4388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 A6A<br>4.749%, 9/25/46 (l) | 49966 | 43444 |
|  GreenPoint MTA Trust,<br>Series 2005-AR1 A2<br>4.829%, 6/25/45 (l) | 3450 | 3135 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 3A6<br>3.740%, 12/25/34 (l) | 2501 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1 1A1<br>4.367%, 1/25/35 (l) | 1178 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 6A1<br>3.652%, 7/25/35 (l) | 2004 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>3.767%, 9/25/35 (l) | 2442 | 2282 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-13 2A11<br>4.899%, 2/19/36 (l) | 1885 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.779%, 5/19/35 (l) | 834 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9 2A1A<br>5.033%, 6/20/35 (l) | 1745 | 1549 |
|  IndyMac INDA Mortgage Loan Trust,<br>Series 2005-AR1 2A1<br>3.702%, 11/25/35 (l) | 1018 | 961 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR10 2A2A<br>5.169%, 5/25/34 (l) | 256 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR11 2A<br>3.837%, 12/25/34 (l) | 1368 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 1A1A<br>4.949%, 7/25/35 (l) | 3704 | 2666 |
|  JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, | JP Morgan Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A1 1A1<br>4.849%, 3/25/36 (l) | 125991 | 117189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A7 1A4<br>4.849%, 12/25/36 (l) | 27679 | 24184 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A1 6T1<br>2.674%, 2/25/35 (l) | 1214 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 2A1<br>4.236%, 8/25/35 (l) | 1938 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 4A1<br>4.031%, 9/25/35 (l) | 315 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A6 7A1<br>3.960%, 8/25/35 (l) | 1848 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 1A1<br>4.189%, 7/25/35 (l) | 1354 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>3.346%, 7/25/35 (l) | 2870 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 1A1<br>3.186%, 7/27/37 (l)§ | 8842 | 7950 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7<br>3.874%, 11/21/34 (l) | 1518 | 1362 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1<br>5.018%, 11/15/31 (l) | 1176 | 1114 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8AR 5A4<br>4.386%, 6/25/36 (l) | 4019 | 3819 |
|  MRFC Mortgage Pass-Through Trust,<br>Series 2000-TBC3 A1<br>4.758%, 12/15/30 (l) | 1160 | 1081 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2 A1<br>3.250%, 2/25/59 (l)§ | 44948 | 42235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3 A1<br>2.750%, 7/25/59 (l)§ | 202867 | 188647 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 1A1D<br>5.149%, 12/25/35 (l) | 134104 | 121940 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO1 A1<br>4.689%, 8/25/35 (l) | 1467 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH8 A<br>2.644%, 10/25/37 (l) | 31468 | 27256 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5 A3<br>4.789%, 5/25/35 (l) | 16875 | 11447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A10 A5<br>6.500%, 9/25/36 | 8391 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6 2A1<br>6.500%, 6/25/37 | 124134 | 30716 |
|  Residential Mortgage Securities 32 plc, | Residential Mortgage Securities 32 plc, | Residential Mortgage Securities 32 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A A<br>4.681%, 6/20/70 (l)§ | 65767 | 78993 |
|  RFMSI Trust,<br>Series 2007-S6 1A10<br>6.000%, 6/25/37 | $4058 | 3008 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>4.753%, 7/20/36 (l) | 8646 | 7359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5 A<br>5.039%, 10/19/26 (l) | 366 | 347 |

---

See Notes to Financial Statements.

1252

------

**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2<br>3.780%, 2/25/34 (l) | $1289 | 1206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1<br>3.448%, 1/25/35 (l) | 1493 | 1232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1<br>3.678%, 8/25/35 (l) | 1416 | 1201 |  |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1<br>4.999%, 10/19/34 (l) | 722 | 672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.839%, 7/19/35 (l) | 1451 | 1274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2<br>4.839%, 7/19/35 (l) | 1623 | 1500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3<br>4.839%, 7/19/35 (l) | 5140 | 4565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1<br>4.809%, 4/25/36 (l) | 3117 | 2663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1<br>4.769%, 6/25/36 (l) | 771 | 735 |  |
|  Towd Point Mortgage Funding Granite4 plc, | Towd Point Mortgage Funding Granite4 plc, | Towd Point Mortgage Funding Granite4 plc, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GR4A A1<br>4.590%, 10/20/51 (l)§ | 167813 | 202246 |  |
|  Towd Point Mortgage Trust,<br>Series 2019-HY2 A1<br>5.389%, 5/25/58 (l)§ | $25806 | 25564 |  |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A<br>3.248%, 11/25/42 (l) | 217 | 196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR10 3A1<br>2.812%, 8/25/35 (l) | 351 | 306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR14 2A1<br>3.770%, 12/25/35 (l) | 1178 | 1061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A<br>3.048%, 2/25/46 (l) | 1518 | 1329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A<br>3.096%, 7/25/46 (l) | 9961 | 8057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4 1A<br>2.818%, 5/25/47 (l) | 4034 | 3179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** | 1796460 |  |
|  **Corporate Bonds (0.5%)** | **Corporate Bonds (0.5%)** | **Corporate Bonds (0.5%)** |  |
|  **Financials (0.5%)** | **Financials (0.5%)** |  |  |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** | **** |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF (ICE LIBOR USD 3 Month + 2.93%), 5.875%, 3/15/28 (k) (y) | 20000 | 17538 |  |
|  UniCredit SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.830%, 12/4/23§ | 350000 | 353377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 370915 |  |
|  **Information Technology (0.0%)†** | **Information Technology (0.0%)†** |  |  |
|  ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** | **** |
|  VMware, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 | 10000 | 9354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** | 9354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 380269 |  |
|  **Foreign Government Securities (8.3%)** | **Foreign Government Securities (8.3%)** | **Foreign Government Securities (8.3%)** |  |
|  Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro | Buoni Poliennali del Tesoro |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 5/26/25 TIPS (m) | 2376705 | 2512450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400%, 5/15/30 TIPS (m) | 116674 | 109334 |  |
|  Canada Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/1/26 TIPS | 245193 | 199570 |  |
|  Commonwealth of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/20/25 TIPS (m) | 454740 | 326840 |  |
|  French Republic | French Republic | French Republic |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/1/26 TIPS (m) | 114893 | 121774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/31 TIPS (m) | 115071 | 117893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 7/25/38 TIPS (m) | 225965 | 216584 |  |
|  Japan Government Bond CPI Linked | Japan Government Bond CPI Linked | Japan Government Bond CPI Linked |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/28 TIPS | 112201270 | 883816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100%, 3/10/29 TIPS | 63523570 | 502073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.005%, 3/10/31 TIPS | 20889200 | 164864 |  |
|  Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/17/25 (m) | $200000 | 197500 |  |
|  Mex Bonos Desarr Fix Rt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 5/29/31 | 1980000 | 93893 |  |
|  New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/20/25 TIPS (m) | 161174 | 101650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/20/30 TIPS (m) | 639080 | 424240 |  |
|  Republic of Peru<br>5.940%, 2/12/29§ | 200000 | 48243 |  |
|  U.K. Treasury Inflation Linked Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/22/24 TIPS (m) | 440547 | 540519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 8/10/41 TIPS (m) | 254229 | 288728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** | 6849971 |  |
|  **Mortgage-Backed Securities (2.7%)** | **Mortgage-Backed Securities (2.7%)** | **Mortgage-Backed Securities (2.7%)** |  |
|  FHLMC UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | $99617 | 87780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/52 | 99070 | 95648 |  |
|  FNMA UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 108060 | 100240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 991645 | 874200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/52 | 1090155 | 1025419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** | 2183287 |  |
|  **U.S. Government Agency Security (15.8%)** | **U.S. Government Agency Security (15.8%)** | **U.S. Government Agency Security (15.8%)** |  |
|  FFCB<br>4.750%, 12/27/23 | 13000000 | 12987784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Security** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Security** | 12987784 |  |
|  **U.S. Treasury Obligations (105.4%)** | **U.S. Treasury Obligations (105.4%)** | **U.S. Treasury Obligations (105.4%)** |  |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/26 TIPS | 860000 | 1291240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/15/27 TIPS (v) | 20000 | 30159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/28 TIPS | 1940000 | 2762862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/28 TIPS (z) | 2000000 | 4024067 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/29 TIPS | 470000 | 680730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/29 TIPS | 591000 | 1205101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/40 TIPS | 770000 | 1124935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/15/41 TIPS | 240000 | 345806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/42 TIPS | 1060000 | 1171489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/15/43 TIPS | 540000 | 565227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 2/15/44 TIPS | 1620000 | 1922443 |  |

---

See Notes to Financial Statements.

1253

------

**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 2/15/45 TIPS | $| 2320000 | $2376839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/46 TIPS |  | 1670000 | 1785960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/47 TIPS |  | 1210000 | 1226009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/48 TIPS |  | 530000 | 538856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS (v) (w) |  | 550000 | 431534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS |  | 860000 | 636343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/52 TIPS |  | 300000 | 207905 |
|  U.S. Treasury Inflation Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/15/23 TIPS (z) |  | 7180000 | 8530517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/23 TIPS |  | 2210000 | 2797257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/24 TIPS |  | 1540000 | 1926711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 TIPS |  | 2300000 | 2644850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/24 TIPS |  | 2000000 | 2431954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/24 TIPS |  | 3100000 | 3469713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 1/15/25 TIPS (v) |  | 100000 | 120798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/25 TIPS |  | 2140000 | 2353680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/25 TIPS |  | 250000 | 302013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/25 TIPS |  | 1800000 | 1965397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/26 TIPS |  | 1660000 | 2000106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/26 TIPS |  | 190000 | 222736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/26 TIPS (z) |  | 1200000 | 1227972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/27 TIPS |  | 1110000 | 1292085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/15/27 TIPS (z) |  | 500000 | 492248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/15/27 TIPS |  | 3270000 | 3759607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/15/27 TIPS |  | 300000 | 301898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 1/15/28 TIPS |  | 3160000 | 3595400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/15/28 TIPS |  | 3210000 | 3634923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 1/15/29 TIPS |  | 1300000 | 1463763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 TIPS |  | 2495000 | 2664418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/30 TIPS |  | 2610000 | 2719664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/30 TIPS |  | 1850000 | 1927871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/31 TIPS |  | 1620000 | 1648280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS (z) |  | 6430000 | 6320057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS (z) |  | 2900000 | 2733470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) |  | 1900000 | 1788844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 86663737 |
|  **Total Long-Term Debt Securities (142.6%)**<br> *(Cost $121,089,078)* | **Total Long-Term Debt Securities (142.6%)**<br> *(Cost $121,089,078)* | **Total Long-Term Debt Securities (142.6%)**<br> *(Cost $121,089,078)* | 117222845 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **U.S. Government Agency Securities (52.9%)** | **U.S. Government Agency Securities (52.9%)** | **U.S. Government Agency Securities (52.9%)** |  |
|  FHLB<br>3.58%, 1/20/23 (o) (p) |  | 22500000 | 22455317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 2/17/23 (o) (p) |  | 1600000 | 1591422 |
|  FHLMC<br>3.06%, 1/9/23 (o) (p) |  | 15000000 | 14988516 |
|  FNMA<br>3.49%, 1/17/23 (o) (p) |  | 4400000 | 4392752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 43428007 |
|  **Total Short-Term Investments (52.9%)**<br> *(Cost $43,432,659)* | **Total Short-Term Investments (52.9%)**<br> *(Cost $43,432,659)* | **Total Short-Term Investments (52.9%)**<br> *(Cost $43,432,659)* | 43428007 |
|  | **Number of<br>Contracts** | **Number of<br>Contracts** | **Value<br>(Note 1)** |
|  OPTIONS PURCHASED: |  |  |  |
|  **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** |
|  ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** | ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** | ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** | ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Years, February 2023@1.41% v.1 Day SOFR Exercise Price: USD 1.41, Notional Amount: USD 1,800,000 <br>Counterparty: Barclays Bank plc\* |  | 1800000 | $101312 |
|  **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** |
|  ***Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Put Interest Rate Swaptions Purchased Payable (0.0%)†*** | ***Put Interest Rate Swaptions Purchased Payable (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 Years, January 2023 @1.71% v.1 Day SOFR Exercise Price: USD 1.71, Notional Amount: USD 3,500,000 <br>Counterparty: JPMorgan Chase Bank\* |  | 3500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Years, February 2023 @1.72% v.1 Day SOFR Exercise Price: USD 1.72, Notional Amount: USD 3,300,000 <br>Counterparty: Citibank NA\* |  | 3300000 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Years, January 2023 @1.43% v.1 Day SOFR Exercise Price: USD 1.43,Notional Amount: USD 1,800,000 <br>Counterparty: Morgan Stanley\* |  | 1800000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 Years, April 2023 @2.20% v.1 Day SOFR Exercise Price: USD 2.20, Notional Amount: USD 1,400,000 <br>Counterparty: Goldman Sachs Bank USA\* |  | 1400000 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 Years, May 2023 @2.20% v.1 Day SOFR Exercise Price: USD 2.20, Notional Amount: USD 2,500,000 <br>Counterparty: Morgan Stanley\* |  | 2500000 | 3280 |
|  |  |  | 4236 |
|  **Total Options Purchased (0.1%)<br>(***Cost $102,641***)** | **Total Options Purchased (0.1%)<br>(***Cost $102,641***)** | **Total Options Purchased (0.1%)<br>(***Cost $102,641***)** | 105548 |
|  **Total Investments in Securities (195.6%)**<br> *(Cost $164,624,378)* | **Total Investments in Securities (195.6%)**<br> *(Cost $164,624,378)* | **Total Investments in Securities (195.6%)**<br> *(Cost $164,624,378)* | 160756400 |
|  **Other Assets Less Liabilities (-95.6%)** | **Other Assets Less Liabilities (-95.6%)** | **Other Assets Less Liabilities (-95.6%)** | (78569157) |
|  **Net Assets (100%)** |  |  | $82187243 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $5,747,631 or 7.0% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

See Notes to Financial Statements.

1254

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $5,006,006 or 6.1% of net assets.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $163,127.* 

*(w)* *All, or a portion of security held by broker as collateral for TBA contracts, with a total collateral value of $378,294.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

---

| | | |
|:---|:---|:---|
|  *ARM* | *—* | *Adjustable Rate Mortgage* |
|  *AUD* | *—* | *Australian Dollar* |
|  *CAD* | *—* | *Canadian Dollar* |
|  *CLO* | *—* | *Collateralized Loan Obligation* |
|  *CPI* | *—* | *Consumer Price Index* |
|  *EUR* | *—* | *European Currency Unit* |
|  *EURIBOR* | *—* | *Euro Interbank Offered Rate* |
|  *FFCB* | *—* | *Federal Farm Credit Bank* |
|  *FHLB* | *—* | *Federal Home Loan Bank* |
|  *FHLMC* | *—* | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | *—* | *Federal National Mortgage Association* |
|  *FRCPI* | *—* | *French Consumer Price Index* |
|  *GBP* | *—* | *British Pound* |
|  *GNMA* | *—* | *Government National Mortgage Association* |
|  *HICPXT* | *—* | *Harmonised Index of Consumer Prices ex Tobacco* |
|  *ICE* | *—* | *Intercontinental Exchange* |
|  *JPY* | *—* | *Japanese Yen* |
|  *LIBOR* | *—* | *London Interbank Offered Rate* |
|  *MXN* | *—* | *Mexican Peso* |
|  *NZD* | *—* | *New Zealand Dollar* |
|  *PEN* | *—* | *Peruvian Sol* |
|  *SOFR* | *—* | *Secured Overnight Financing Rate* |
|  *SONIA* | *—* | *Sterling Over Night Index Average* |
|  *STRIPS* | *—* | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
|  *TIPS* | *—* | *Treasury Inflation Protected Security* |
|  *TONAR* | *—* | *Tokyo Over-Night Average Rate* |
|  *UKRPI* | *—* | *United Kingdom Retail Price Index* |
|  *UMBS* | *—* | *Uniform Mortgage-Backed Securities* |
|  *USCPI* | *—* | *United States Consumer Price Index* |
|  *USD* | *—* | *United States Dollar* |

---

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bund | 5 | 3/2023 | EUR | 711475 | (45565) |
|  Long Gilt | 2 | 3/2023 | GBP | 241548 | (15914) |
|  U.S. Treasury 2 Year Note | 31 | 3/2023 | USD | 6357422 | (524) |
|  U.S. Treasury 5 Year Note | 8 | 3/2023 | USD | 863438 | (13036) |
|  U.S. Treasury 10 Year Note | 24 | 3/2023 | USD | 2695125 | (6408) |
|  |  |  |  |  | (81447) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-Bobl | (8) | 3/2023 | EUR | (991237) | 30501 |
|  Euro-BTP | (17) | 3/2023 | EUR | (1982088) | 146028 |
|  Euro-OAT | (4) | 3/2023 | EUR | (545073) | 37639 |
|  Euro-Schatz | (52) | 3/2023 | EUR | (5868036) | 69014 |
|  Japan 10 Year Bond | (4) | 3/2023 | JPY | (4433404) | 77743 |
|  Short-Term Euro-BTP | (9) | 3/2023 | EUR | (1012635) | 16745 |
|  U.S. Treasury 10 Year Ultra Note | (24) | 3/2023 | USD | (2838750) | 3905 |
|  U.S. Treasury Long Bond | (30) | 3/2023 | USD | (3760313) | 29463 |
|  U.S. Treasury Ultra Bond | (1) | 3/2023 | USD | (134313) | 9355 |
|  |  |  |  |  | 420393 |
|  |  |  |  |  | 338946 |

---

See Notes to Financial Statements.

1255

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** |
|  EUR | 244000 | USD | 258769 | Bank of America | 2/16/2023 | 3213 |
|  EUR | 46000 | USD | 49113 | Citibank NA | 2/16/2023 | 277 |
|  GBP | 340000 | USD | 402823 | Barclays Bank plc | 2/16/2023 | 8692 |
|  JPY | 11800000 | USD | 89935 | Bank of America | 2/16/2023 | 505 |
|  NZD | 131000 | USD | 80274 | Morgan Stanley | 2/16/2023 | 2948 |
|  USD | 212030 | CAD | 281000 | Bank of America | 2/16/2023 | 4440 |
|  MXN | 8267 | USD | 409 | Citibank NA | 5/9/2023 | 5 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 20080 |
|  USD | 53912 | PEN | 215001 | Citibank NA<sup>\*\*</sup> | 2/1/2023 | (2535) |
|  USD | 324134 | AUD | 484183 | Citibank NA | 2/16/2023 | (6117) |
|  USD | 4080250 | EUR | 3934327 | HSBC Bank plc | 2/16/2023 | (144016) |
|  USD | 90639 | EUR | 87000 | Morgan Stanley | 2/16/2023 | (2772) |
|  USD | 1560226 | GBP | 1322246 | Bank of America | 2/16/2023 | (40139) |
|  USD | 55751 | GBP | 47000 | Citibank NA | 2/16/2023 | (1135) |
|  USD | 96576 | JPY | 13300000 | Bank of America | 2/16/2023 | (5361) |
|  USD | 174290 | JPY | 23900000 | Citibank NA | 2/16/2023 | (8889) |
|  USD | 38885 | JPY | 5400000 | HSBC Bank plc | 2/16/2023 | (2502) |
|  USD | 929556 | JPY | 128072622 | JPMorgan Chase Bank | 2/16/2023 | (52042) |
|  USD | 316732 | JPY | 43600000 | Morgan Stanley | 2/16/2023 | (17434) |
|  USD | 472731 | NZD | 779190 | Citibank NA | 2/16/2023 | (22276) |
|  USD | 122744 | NZD | 201810 | Morgan Stanley | 2/16/2023 | (5463) |
|  USD | 99045 | MXN | 2030533 | JPMorgan Chase Bank | 2/21/2023 | (4216) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (314897) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (294817) |

---

*\*\** *Non-deliverable forward.* 

Written Call Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value**<br>**($)** |
|  10 Years, June 2023 @2.07% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 300000 | EUR | (300000) | EUR | 2.07 | 6/9/2023 | (770) |
|  10 Years, March 2023 @2.55% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 100000 | EUR | (100000) | EUR | 2.55 | 3/7/2023 | (224) |
|  11 Years, April 2023 @2.35% v.1 Day SOFR | Goldman Sachs Bank USA | 800000 | USD | (800000) | USD | 2.35 | 4/26/2023 | (1574) |
|  11 Years, February 2023 @1.56% v.1 Day SOFR | Barclays Bank plc | 400000 | USD | (400000) | USD | 1.56 | 2/2/2023 |  |
|  11 Years, February 2023 @1.74% v.1 Day SOFR | Citibank NA | 700000 | USD | (700000) | USD | 1.74 | 2/23/2023 | (10) |
|  11 Years, January 2023 @1.58% v.1 Day SOFR | Morgan Stanley | 400000 | USD | (400000) | USD | 1.58 | 1/31/2023 |  |
|  11 Years, January 2023 @1.79% v.1 Day SOFR | JPMorgan Chase Bank | 800000 | USD | (800000) | USD | 1.79 | 1/25/2023 |  |
|  11 Years, May 2023 @2.35% v.1 Day SOFR | Morgan Stanley | 1400000 | USD | (1400000) | USD | 2.35 | 5/31/2023 | (4694) |
|  Euro-Bund | Exchange Traded | 1 | EUR | (100000) | EUR | 146.00 | 1/27/2023 | (11) |
|  |  |  |  |  |  |  |  | (7283) |

---

See Notes to Financial Statements.

1256

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Written Put Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value**<br>**($)** |
|  10 Years, June 2023 @3.14% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 300000 | EUR | (300000) | EUR | 3.14 | 6/9/2023 | (9728) |
|  10 Years, March 2023 @2.55% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 100000 | EUR | (100000) | EUR | 2.55 | 3/7/2023 | (6292) |
|  Euro-Bund | Exchange Traded | 1 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;(100000) | EUR | 138.50 | 1/27/2023 | (6112) |
|  |  |  |  |  |  |  |  | (22132) |
|  Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | Total Written Options Contracts (Premiums Received ($118154)) | (29415) |

---

Centrally Cleared Inflation-linked swap contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value**<br>**($)** |
|  UKRPI at termination | 4.48% at termination | Receive | 9/15/2023 | GBP | 100000 | 15825 | 15825 |
|  FRCPI at termination | 1.03% at termination | Receive | 3/15/2024 | EUR | 100000 | 9756 | 9773 |
|  FRCPI at termination | 1.03% at termination | Receive | 3/15/2024 | EUR | 700000 | 68512 | 68402 |
|  FRCPI at termination | 1.03% at termination | Receive | 3/15/2024 | EUR | 100000 | 9772 | 9772 |
|  FRCPI at termination | 1.03% at termination | Receive | 3/15/2024 | EUR | 500000 | 48859 | 48859 |
|  UKRPI at termination | 6.29% at termination | Receive | 3/15/2024 | GBP | 100000 | 7573 | 7487 |
|  UKRPI at termination | 6.29% at termination | Receive | 3/15/2024 | GBP | 300000 | 22462 | 22462 |
|  UKRPI at termination | 6.44% at termination | Receive | 5/15/2024 | GBP | 100000 | 5785 | 5785 |
|  UKRPI at termination | 6.60% at termination | Receive | 5/15/2024 | GBP | 100000 | 5371 | 5397 |
|  UKRPI at termination | 6.60% at termination | Receive | 5/15/2024 | GBP | 100000 | 5449 | 5397 |
|  UKRPI at termination | 6.60% at termination | Receive | 5/15/2024 | GBP | 100000 | 5336 | 5397 |
|  UKRPI at termination | 6.60% at termination | Receive | 5/15/2024 | GBP | 100000 | 5077 | 5397 |
|  UKRPI at termination | 5.20% at termination | Receive | 6/15/2024 | GBP | 300000 | 15418 | 15418 |
|  UKRPI at termination | 5.33% at termination | Receive | 6/15/2024 | GBP | 100000 | 4829 | 4829 |
|  USCPI at termination | 2.42% at termination | Receive | 3/5/2026 | USD | 1100000 | 100965 | 100965 |
|  USCPI at termination | 2.77% at termination | Receive | 5/13/2026 | USD | 400000 | 28623 | 28623 |
|  USCPI at termination | 2.81% at termination | Receive | 5/14/2026 | USD | 1000000 | 69249 | 69249 |
|  USCPI at termination | 2.70% at termination | Receive | 5/25/2026 | USD | 300000 | 22103 | 22103 |
|  UKRPI at termination | 4.74% at termination | Receive | 12/15/2026 | GBP | 300000 | 32561 | 29282 |
|  UKRPI at termination | 4.62% at termination | Receive | 2/15/2027 | GBP | 200000 | 18126 | 18126 |
|  UKRPI at termination | 4.63% at termination | Receive | 2/15/2027 | GBP | 300000 | 26987 | 26987 |
|  HICPXT at termination | 3.00% at termination | Receive | 5/15/2027 | EUR | 200000 | 6758 | 6846 |
|  USCPI at termination | 2.65% at termination | Receive | 9/10/2028 | USD | 100000 | 5278 | 5278 |
|  HICPXT at termination | 2.36% at termination | Receive | 8/15/2030 | EUR | 200000 | 6134 | 8248 |
|  UKRPI at termination | 4.30% at termination | Receive | 1/15/2032 | GBP | 100000 | 7545 | 7864 |
|  UKRPI at termination | 4.30% at termination | Receive | 1/15/2032 | GBP | 200000 | 15442 | 15728 |
|  HICPXT at termination | 2.60% at termination | Receive | 5/15/2032 | EUR | 100000 | 3223 | 4137 |
|  HICPXT at termination | 2.60% at termination | Receive | 5/15/2032 | EUR | 200000 | 8163 | 8273 |
|  HICPXT at termination | 2.57% at termination | Receive | 6/15/2032 | EUR | 200000 | 5785 | 5785 |
|  HICPXT at termination | 2.72% at termination | Receive | 6/15/2032 | EUR | 200000 | 4528 | 2705 |
|  HICPXT at termination | 2.72% at termination | Receive | 6/15/2032 | EUR | 100000 | 1168 | 1352 |
|  HICPXT at termination | 2.47% at termination | Receive | 7/15/2032 | EUR | 100000 | 3824 | 3824 |
|  UKRPI at termination | 4.13% at termination | Receive | 9/15/2032 | GBP | 100000 | 1243 | 1243 |
|  UKRPI at termination | 4.13% at termination | Receive | 9/15/2032 | GBP | 300000 | 3521 | 3547 |
|  UKRPI at termination | 4.14% at termination | Receive | 10/15/2032 | GBP | 200000 | 2046 | 2046 |
|  |  |  |  |  |  | 603296 | 602411 |
|  FCPIX at termination | 1.52% at termination | Pay | 10/15/2028 | EUR | 820000 | (111371) | (111371) |
|  HICPXT at termination | 3.52% at termination | Pay | 9/15/2024 | EUR | 200000 | (3070) | (3507) |
|  HICPXT at termination | 3.85% at termination | Pay | 9/15/2024 | EUR | 200000 | (2120) | (2120) |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | 200000 | (41445) | (42464) |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | 100000 | (20613) | (21231) |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | 100000 | (20779) | (21232) |

---

See Notes to Financial Statements.

1257

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value**<br>**($)** |
|  HICPXT at termination | 1.38% at termination | Pay | 3/15/2031 | EUR | 100000 | (20560) | (21239) |
|  HICPXT at termination | 2.49% at termination | Pay | 5/15/2037 | EUR | 100000 | (6002) | (5808) |
|  HICPXT at termination | 2.49% at termination | Pay | 5/15/2037 | EUR | 60000 | (3485) | (3485) |
|  HICPXT at termination | 2.59% at termination | Pay | 3/15/2052 | EUR | 100000 | (5425) | (7973) |
|  HICPXT at termination | 2.42% at termination | Pay | 5/15/2052 | EUR | 20000 | (2318) | (2318) |
|  HICPXT at termination | 2.59% at termination | Pay | 12/15/2052 | EUR | 100000 | (1127) | (1127) |
|  UKRPI at termination | 3.85% at termination | Pay | 9/15/2024 | GBP | 300000 | (46081) | (46081) |
|  UKRPI at termination | 3.85% at termination | Pay | 9/15/2024 | GBP | 200000 | (30700) | (30720) |
|  UKRPI at termination | 3.33% at termination | Pay | 1/15/2025 | GBP | 200000 | (40721) | (38420) |
|  UKRPI at termination | 3.33% at termination | Pay | 1/15/2025 | GBP | 700000 | (141095) | (134470) |
|  UKRPI at termination | 3.33% at termination | Pay | 1/15/2025 | GBP | 200000 | (40332) | (38420) |
|  UKRPI at termination | 3.58% at termination | Pay | 11/15/2028 | GBP | 100000 | (17239) | (17239) |
|  UKRPI at termination | 3.59% at termination | Pay | 11/15/2028 | GBP | 160000 | (27279) | (27279) |
|  UKRPI at termination | 3.60% at termination | Pay | 11/15/2028 | GBP | 80000 | (13612) | (13612) |
|  UKRPI at termination | 3.48% at termination | Pay | 8/15/2030 | GBP | 800000 | (190328) | (183090) |
|  UKRPI at termination | 4.07% at termination | Pay | 9/15/2031 | GBP | 100000 | (13618) | (13618) |
|  UKRPI at termination | 3.58% at termination | Pay | 3/15/2036 | GBP | 100000 | (19361) | (20173) |
|  UKRPI at termination | 3.58% at termination | Pay | 3/15/2036 | GBP | 100000 | (19257) | (20173) |
|  UKRPI at termination | 3.58% at termination | Pay | 3/15/2036 | GBP | 100000 | (20119) | (20173) |
|  USCPI at termination | 5.00% at termination | Pay | 3/3/2023 | USD | 100000 | (1445) | (1445) |
|  USCPI at termination | 5.03% at termination | Pay | 3/8/2023 | USD | 200000 | (2702) | (2702) |
|  USCPI at termination | 5.47% at termination | Pay | 3/21/2023 | USD | 1000000 | (7579) | (7579) |
|  USCPI at termination | 5.32% at termination | Pay | 4/29/2023 | USD | 200000 | (525) | (525) |
|  USCPI at termination | 1.76% at termination | Pay | 11/4/2029 | USD | 200000 | (29176) | (29660) |
|  USCPI at termination | 1.76% at termination | Pay | 11/4/2029 | USD | 600000 | (88981) | (88981) |
|  USCPI at termination | 1.76% at termination | Pay | 11/4/2029 | USD | 100000 | (14847) | (14830) |
|  USCPI at termination | 1.88% at termination | Pay | 11/20/2029 | USD | 200000 | (27652) | (27472) |
|  USCPI at termination | 1.88% at termination | Pay | 11/20/2029 | USD | 100000 | (13735) | (13735) |
|  |  |  |  |  |  | (1044699) | (1034272) |
|  Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding | Total Centrally Cleared inflation-linked swap contracts outstanding |  |  | (441403) | (431861) |

---

Centrally Cleared Interest rate swap contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value**<br>**($)** |
|  6 month EURIBOR Semi-Annual | 0.20 annually | Receive | 11/8/2052 | EUR | 700000 |  | 353836 | 353836 |
|  6 month EURIBOR Semi-Annual | 0.19 annually | Receive | 11/4/2052 | EUR | 250000 |  | 126716 | 126716 |
|  6 month EURIBOR Semi-Annual | 0.83 annually | Receive | 12/9/2052 | EUR | 100000 | 860 | 2313 | 3173 |
|  6 month EURIBOR Semi-Annual | 0.83 annually | Receive | 12/9/2052 | EUR | 100000 | 739 | 2434 | 3173 |
|  6 month EURIBOR Semi-Annual | 0.83 annually | Receive | 12/9/2052 | EUR | 200000 | (129) | 6474 | 6345 |
|  1 day SONIA Annual | 0.50 annually | Receive | 3/16/2042 | GBP | 100000 | 50065 | 1905 | 51970 |
|  1 day SONIA Annual | 0.50 annually | Receive | 3/16/2042 | GBP | 230000 | 114378 | 5154 | 119532 |
|  1 day SONIA Annual | 0.50 annually | Receive | 3/16/2042 | GBP | 170000 | 86163 | 2187 | 88350 |
|  1 day SOFR at termination | 1.32 at termination | Receive | 12/21/2023 | USD | 14300000 | 486488 | (2994) | 483494 |
|  |  |  |  |  |  | 738564 | 498025 | 1236589 |

---

See Notes to Financial Statements.

1258

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** | **Value**<br>**($)** |
|  6 month EURIBOR Semi-Annual | 0.65 annually | Pay | 4/12/2027 | EUR | 300000 |  | (32396) | (32396) |
|  6 month EURIBOR Semi-Annual | 1.00 annually | Pay | 5/18/2027 | EUR | 100000 |  | (9205) | (9205) |
|  6 month EURIBOR Semi-Annual | 1.00 annually | Pay | 5/13/2027 | EUR | 300000 |  | (27610) | (27610) |
|  6 month EURIBOR Semi-Annual | 0.65 annually | Pay | 5/11/2027 | EUR | 200000 |  | (21936) | (21936) |
|  6 month EURIBOR Semi-Annual | – annually | Pay | 11/8/2032 | EUR | 2100000 |  | (610529) | (610529) |
|  6 month EURIBOR Semi-Annual | – annually | Pay | 11/4/2032 | EUR | 800000 |  | (232306) | (232306) |
|  1 day TONAR Annual | 0.05 annually | Pay | 12/15/2031 | JPY | 40000000 | (2913) | (18369) | (21282) |
|  |  |  |  |  |  | (2913) | (952351) | (955264) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | 735651 | (454326) | 281325 |

---

(1) Value of floating rate index at December 31, 2022 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day SOFR USD | 4.30% |
|  1 day SONIA GBP | 3.43% |
|  1 day TONAR JPY | (0.02)% |
|  6 month EURIBOR EUR | 2.69% |
|  FRCPI EUR | 1.14% |
|  HICPXT EUR | 1.20% |
|  UKRPI GBP | 3.60% |
|  USCPI USD | 2.97% |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $6361337 | $— | $6361337 |
|  **Centrally Cleared Inflation-linked Swaps** |  | 603296 |  | 603296 |
|  **Centrally Cleared Interest Rate Swaps** |  | 501019 |  | 501019 |
|  **Collateralized Mortgage Obligations** |  | 1796460 |  | 1796460 |
|  **Corporate Bonds** |  |  |  |  |
|  Financials |  | 370915 |  | 370915 |
|  Information Technology |  | 9354 |  | 9354 |
|  **Foreign Government Securities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6849971 |
|  **Forward Currency Contracts** |  | 20080 |  | 20080 |
|  **Futures** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420393 |  |  | 420393 |

---

See Notes to Financial Statements.

1259

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Mortgage-Backed Securities** | $— | $2183287 | $— | $2183287 |
|  **Options Purchased** |  |  |  |  |
|  Call Options Purchased |  | 101312 |  | 101312 |
|  Put Options Purchased |  | 4236 |  | 4236 |
|  **Short-Term Investments** |  |  |  |  |
|  U.S. Government Agency Securities |  | 43428007 |  | 43428007 |
|  **U.S. Government Agency Security** |  | 12987784 |  | 12987784 |
|  **U.S. Treasury Obligations** |  | 86663737 |  | 86663737 |
|  **Total Assets** | $**420393** | $**161880795** | $**—** | $**162301188** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Inflation-linked Swaps** | $— | $(1044699) | $— | $(1044699) |
|  **Centrally Cleared Interest Rate Swaps** |  | (955345) |  | (955345) |
|  **Forward Currency Contracts** |  | (314897) |  | (314897) |
|  **Futures** | (81447) |  |  | (81447) |
|  **Options Written** |  |  |  |  |
|  Call Options Written |  | (7283) |  | (7283) |
|  Put Options Written | (6112) | (16020) |  | (22132) |
|  **Total Liabilities** | $**(87559)** | $**(2338244)** | $**—** | $**(2425803)** |
|  **Total** | $**332834** | $**159542551** | $**—** | $**159875385** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $1630256 |
|  Foreign exchange contracts | Receivables | 20080 |
|  **Total** |  | $1650336 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(2110906) |
|  Foreign exchange contracts | Payables | (314897) |
|  **Total** |  | $(2425803) |

---

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

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

1260

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $27973 | $2049858 | $— | $(129216) | $1948615 |
|  Foreign exchange contracts |  |  | 1146959 |  | 1146959 |
|  Credit contracts | 14903 |  |  | 6099 | 21002 |
|  **Total** | $42876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116576 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $104297 | $283813 | $— | $(358360) | $29750 |
|  Foreign exchange contracts |  |  | (373160) |  | (373160) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104297 | $283813 | $(373160) | $(358360) | $(343410) |

---

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held option contracts with an average notional balance of approximately $794,000, forward foreign currency contracts with an average settlement value of approximately $10,985,000, futures contracts with an average notional balance of approximately $40,121,000 and swaps contracts with an average notional balance of approximately $20,463,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $8158 | $(8158) | $— | $— |
|  Barclays Bank plc | 110004 |  |  | 110004 |
|  Citibank NA | 285 | (285) |  |  |
|  Goldman Sachs Bank USA | 953 | (953) |  |  |
|  Morgan Stanley | 6228 | (6228) |  |  |
|  **Total** | $125628 | $(15624) | $— | $110004 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged\*** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $45500 | $(8158) | $(37342) | $— |
|  Citibank NA | 40962 | (285) |  | 40677 |
|  Goldman Sachs Bank USA | 18588 | (953) |  | 17635 |
|  HSBC Bank plc | 146518 |  |  | 146518 |
|  JPMorgan Chase Bank | 56258 |  | (56258) |  |
|  Morgan Stanley | 30363 | (6228) |  | 24135 |
|  **Total** | $338189 | $(15624) | $(93600) | $228965 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

*\** *The table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged is $69,527.* 

See Notes to Financial Statements.

1261

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

**Sale-Buyback Transactions:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  Morgan Stanley & Co. LLC | 4.17% | 11/3/2022 | 1/5/2023 | $(810568) | $(816295) |
|  Morgan Stanley & Co. LLC | 4.17 | 11/3/2022 | 1/5/2023 | (2668912) | (2687721) |
|  Morgan Stanley & Co. LLC | 4.27 | 11/29/2022 | 1/6/2023 | (409569) | (411358) |
|  Morgan Stanley & Co. LLC | 4.27 | 11/29/2022 | 1/6/2023 | (491375) | (493521) |
|  Morgan Stanley & Co. LLC | 4.27 | 11/29/2022 | 1/6/2023 | (1807240) | (1814123) |
|  Morgan Stanley & Co. LLC | 4.43 | 12/19/2022 | 1/9/2023 | (4058220) | (4061030) |
|  Morgan Stanley & Co. LLC | 4.43 | 12/19/2022 | 1/9/2023 | (8511017) | (8529917) |
|  Morgan Stanley & Co. LLC | 4.43 | 12/19/2022 | 1/9/2023 | (6399093) | (6415124) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25229089) |

---

*(1)* *The average amount of borrowings while outstanding for 365 days during the year ended December 31, 2022, was approximately $23,492,000 at a weighted average interest rate of 1.72%.* 

*(2)* *Payable for sale-buyback transactions includes $73,095 of deferred price drop on sale-buyback transactions.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and<br>Continuous** | **Up to 30 Days** | **30 - 90 Days** | **Greater than**<br>**90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $— | $(4061030) | $— | $— | $(4061030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  | (21168059) |  |  | (21168059) |
|  **Total Borrowings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25229089) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(25229089) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25229089) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged**<br>**(Sale-buyback**<br>**positions)** | **Cash<br>Collateral**<br>**(Received)/**<br>**Pledged** | **Net**<br>**Exposure (3)** |
|  Morgan Stanley & Co. LLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25229089) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25117175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111914) |

---

(3) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39931613 |
|  Long-term U.S. government debt securities | 27548629 |
|  | $67480242 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $39661743 |
|  Long-term U.S. government debt securities | 20660691 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60322434 |

---

See Notes to Financial Statements.

1262

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $6740653 |
|  Aggregate gross unrealized depreciation | (15583840) |
|  Net unrealized depreciation | $(8843187) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169463765 |

---

See Notes to Financial Statements.

1263

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $164,624,378) | $160756400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 678271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $165,733) | 167294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 409000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 142000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 317032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 239157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 181073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 69729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 23165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 20080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 163003691 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 55010508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 25229089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 314897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 112488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $118,154) | 29415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 17544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 86684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 80816448 |
|  **NET ASSETS** | $82187243 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $91146850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (8959607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $82187243 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $82,187,243 / 7,669,800 shares outstanding (unlimited amount authorized: $0.01 par value) | $10.72 |

---

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $256 foreign withholding tax) | $5817412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5817476 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 437121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 435365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 218560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 89770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 81081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 75700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 13599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 22424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1376459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (285744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1090715 |
|  **NET INVESTMENT INCOME (LOSS)** | 4726761 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 345499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2049858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1146959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (42223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (123117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 113361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3490118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (18768046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 283813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (373160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (18269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 166875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (358360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19067147) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (15577029) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(10850268) |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4726761 | $3195416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3490118 | 773055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19067147) | 703397 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (10850268) | 4671868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (5176033) | (6362512) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,650,466 and 1,734,651 shares, respectively ] | 19801240 | 23156403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 477,055 and 501,980 shares, respectively ] | 5176033 | 6362512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1869466) and (1763219) shares, respectively ] | (22350866) | (23431373) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2626407 | 6087542 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (13399894) | 4396898 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 95587137 | 91190239 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $82187243 | $95587137 |

---

See Notes to Financial Statements.

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***STATEMENT OF CASH FLOWS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INCREASE (DECREASE) IN CASH** |  |
|  **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets from operations | $(10850268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided (used) by operating |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities | (658650399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | 657983506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for forward settling transactions | 6405664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for forward settling transactions | (9565988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in securities | 18768046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on options written | (166875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on forward foreign currency contracts | 373160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments in securities | (345499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on securities sold short | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of income | (4072154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in receivable for variation margin on centrally cleared swaps | 82868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in premiums received on options written | 30472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other assets | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in administrative fees payable | (580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in distribution fees payable - Class IB | (2358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | (5248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fees payable | (6427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends, interest and other receivables | (22709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in due from broker for futures variation margin | (55828) |
|  Net cash provided (used) by operating activities | (100419) |
|  **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 19915648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares repurchased | (22379130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions | 1021571174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions | (1021746373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for sale-buyback financing transactions | 1677391 |
|  Net cash provided (used) by financing activities | (961290) |
|  Net increase/(decrease) in cash | (1061709) |
|  **Cash, foreign cash and restricted cash:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | 2458274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year | $1396565 |

---

Supplemental disclosure of cash flow information:

For the year ended December 31, 2022, the Portfolio paid $435,365 in interest expense and had reinvestments of dividends and distributions in the amount of $5,176,033.

Reconciliation of cash and restricted cash to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Year Ended<br>December 31,<br>2021** |
|  Cash | $678271 | $1769953 |
|  Foreign cash | 167294 | 196321 |
|  Cash held as collateral at broker for futures | 409000 | 320000 |
|  Cash held as collateral at broker for centrally cleared swaps | 142000 | 172000 |
|  Total cash, foreign cash and restricted cash shown in the statement of cash flows | $1396565 | $2458274 |

---

See Notes to Financial Statements.

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**EQ ADVISORS TRUST** 

EQ/PIMCO REAL RETURN PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $12.90 | $13.14 | $12.44 | $11.83 | $11.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.65 | 0.47 | 0.10 | 0.13 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.11) | 0.21 | 1.29 | 0.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.46) | 0.68 | 1.39 | 1.00 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.72) | (0.50) | (0.17) | (0.25) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.42) | (0.52) | (0.14) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.72) | (0.92) | (0.69) | (0.39) | (0.07) |
|  Net asset value, end of period | $10.72 | $12.90 | $13.14 | $12.44 | $11.83 |
|  Total return (b) | (11.38)% | 5.37% | 11.28% | 8.42% | 0.30 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86212 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.25 %(g)(j) | 0.77 %(g)(k) | 0.84 %(g)(m) | 1.45 %(g)(n) | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.58 %(g) | 1.08 %(g) | 1.19 %(g) | 1.81 %(g) | 1.68 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 5.41% | 3.51% | 0.77% | 1.09% | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 5.08% | 3.21% | 0.42% | 0.72% | 1.17 |
|  Portfolio turnover rate^ | 59% | 119% | 195% | 224% | 25 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.50%, 0.02%, 0.09%, Interest and Tax Expense of 0.70% and Interest Expense of 0.63% for periods ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.84% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.45% for Class IB.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.38% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1267

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**EQ/PIMCO TOTAL RETURN ESG PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

PERFORMANCE RESULTS

![LOGO](g401674g12v19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (13.99)% | 0.39 | % |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01) | 0.62 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.99)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (13.01)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Short exposure to duration in the U.K.

• Short exposure to duration in Japan

• Positions in Agency mortgage-backed securities (MBS)

***What hurt performance during the year:***

• Positions in non-agency MBS and other securitized assets

• Tactical exposure to investment grade corporate credit

• Interest rate strategies in the U.S. and Europe

**Portfolio Positioning and Outlook — PIMCO** 

After facing difficulties on all fronts in 2022, we believe investors should be rewarded with more opportunities in the year ahead, even as the global economy confronts headwinds. We expect a modest recession in 2023 across developed markets as central banks continue to battle inflation, yet uncertainties remain. Any recession could further challenge riskier assets such as equities and lower-quality corporate credit. But we believe the repricing across financial markets in 2022 has improved prospects for returns elsewhere, particularly in bonds. We are focusing on high quality fixed income sectors that offer more attractive yields than they have in several years.

Rather than taking greater risks to chase incremental returns, we're seeking to make Portfolios resilient, targeting investments that should be able to withstand even a more significant downturn. In other words, we're expecting a mild recession but preparing in case of something deeper. In this environment, we want to be careful in overall risk positioning and keep dry powder to allow us to add risk to Portfolios in the event of notable new information on the outlook or significant market moves.

Overall, we do not expect to make large changes in current positioning based on the outlook and valuations. Rather, we are focused on identifying asymmetric trades across the range of plausible scenarios to complement current positioning. We expect a yield range of about 3.25% to 4.25% for the 10-year U.S. Treasury in our baseline, and broader ranges across scenarios for 2023, with a view of being neutral on duration — a gauge of interest rate risk — or having a tactical underweight position at current levels. Treasury Inflation Protected Securities (TIPS) pricing suggests high confidence in the Federal Reserve's anti-inflation credibility and could provide a reasonably priced cushion against more adverse inflation scenarios.

1268

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**EQ/PIMCO TOTAL RETURN ESG PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.56 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.51 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 5.69 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA- |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 35.5% |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 29.7 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 16 |
| &nbsp;&nbsp;&nbsp; Financials | 12.1 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 7.7 |
| &nbsp;&nbsp;&nbsp; Real Estate | 5.7 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 4.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 4.6 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 2.6 |
| &nbsp;&nbsp;&nbsp; Information Technology | 1.7 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 1.3 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |
| &nbsp;&nbsp;&nbsp; Energy | 1 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 1 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1 |
| &nbsp;&nbsp;&nbsp; Industrials | 0.9 |
| &nbsp;&nbsp;&nbsp; Foreign Government Treasury Bill | 0.7 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.3 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |
| &nbsp;&nbsp;&nbsp; Options Purchased | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (27.7) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

1269

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**EQ/PIMCO TOTAL RETURN ESG PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $968.10 | $3.88 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.26 | 3.98 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.78%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.78%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.78%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 0.78%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1270

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (16.0%)** | **Asset-Backed Securities (16.0%)** | **Asset-Backed Securities (16.0%)** |
|  522 Funding CLO Ltd., | 522 Funding CLO Ltd., | 522 Funding CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A AR<br> 5.283%, 10/20/31(l)§ | $900000 | $881003 |
|  Accredited Mortgage Loan Trust, | Accredited Mortgage Loan Trust, | Accredited Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 A4<br> 4.649%, 9/25/36 (l) | 78163 | 77092 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1 A<br> 4.000%, 7/15/25 | 261891 | 223413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 A<br> 3.250%, 10/15/28 | 144282 | 108424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 AA<br> 3.000%, 10/15/28 | 216646 | 184379 |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R9 M1<br> 5.094%, 11/25/35 (l) | 141110 | 135698 |
|  Anchorage Capital CLO 6 Ltd., | Anchorage Capital CLO 6 Ltd., | Anchorage Capital CLO 6 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-6A ARR<br> 5.129%, 7/15/30 (l)§ | 999939 | 987190 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br> 5.257%, 1/15/37 (l)§ | 800000 | 774419 |
|  Ares XL CLO Ltd., | Ares XL CLO Ltd., | Ares XL CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40A A1RR<br> 4.949%, 1/15/29 (l)§ | 646314 | 638205 |
|  Argent Securities Trust, | Argent Securities Trust, | Argent Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-W2 A2B<br> 4.769%, 3/25/36 (l) | 218143 | 113628 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, | Argent Securities, Inc. Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M1 A2C<br> 4.689%, 7/25/36 (l) | 659290 | 169408 |
|  Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, | Bear Stearns Asset-Backed Securities I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE7 2A2<br> 4.709%, 8/25/36 (l) | 16734 | 15723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE9 1A2<br> 4.539%, 11/25/36 (l) | 157766 | 149881 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HE2 M2<br> 5.514%, 2/25/35 (l) | 108521 | 107050 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br> 2.288%, 1/15/33 (l)§ | 700000 | 719771 |
|  BRSP Ltd., | BRSP Ltd., | BRSP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br> 5.489%, 8/19/38 (l)§ | $800000 | 771326 |
|  Carlyle US CLO Ltd., | Carlyle US CLO Ltd., | Carlyle US CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1R<br> 5.243%, 4/20/31 (l)§ | 800000 | 784789 |
|  CBAM Ltd., | CBAM Ltd., | CBAM Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A A<br> 5.099%, 4/17/31 (l)§ | 1000000 | 983143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-8A A1<br> 5.363%, 10/20/29 (l)§ | 783577 | 774382 |
|  C-Bass Trust, | C-Bass Trust, | C-Bass Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CB9 A1<br> 4.509%, 11/25/36 (l) | 11666 | 5322 |
|  CIFC Funding Ltd., | CIFC Funding Ltd., | CIFC Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br> 5.288%, 4/23/29 (l)§ | 749917 | 742459 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WF2 A1<br> 7.250%, 5/25/36 (e) | 115769 | 62307 |
|  CLNC Ltd., | CLNC Ltd., | CLNC Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL1 A<br> 5.689%, 8/20/35 (l)§ | 252630 | 246367 |
|  Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, | Countrywide Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2 M1<br> 5.139%, 5/25/34 (l) | 10949 | 10847 |
|  Crestline Denali CLO XV Ltd., | Crestline Denali CLO XV Ltd., | Crestline Denali CLO XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br> 5.273%, 4/20/30 (l)§ | 903171 | 890277 |
|  CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7A ARR<br> 2.676%, 9/15/31 (l)§ | 700000 | 727702 |
|  CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, | CWABS Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2 M1<br> 4.989%, 6/25/36 (l) | $74289 | 72630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21 2A4<br> 4.619%, 5/25/37 (l) | 258633 | 240548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24 1A<br> 4.529%, 6/25/47 (l) | 737871 | 637255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 M2<br> 4.974%, 6/25/36 (l) | 800000 | 759217 |
|  CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, | CWABS, Inc. Asset-backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12 2A3<br> 5.189%, 8/25/47(l) | 6304 | 6172 |
|  EMC Mortgage Loan Trust, | EMC Mortgage Loan Trust, | EMC Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-A A<br> 5.129%, 5/25/40 (l)§ | 3049 | 2987 |
|  FHF Trust, | FHF Trust, | FHF Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A B<br> 3.100%, 9/15/25§ | 585153 | 579839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 4.430%, 1/18/28§ | 1078718 | 1051029 |
|  FORT CRE Issuer LLC, | FORT CRE Issuer LLC, | FORT CRE Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br> 5.761%, 2/23/39 (l)§ | 800000 | 781191 |
|  Fremont Home Loan Trust, | Fremont Home Loan Trust, | Fremont Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D M1<br> 5.004%, 11/25/35 (l) | 300000 | 253273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-E 2A1<br> 4.449%, 1/25/37 (l) | 2222 | 915 |
|  FS Rialto Issuer LLC, | FS Rialto Issuer LLC, | FS Rialto Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4 A<br> 5.708%, 1/19/39 (l)§ | 900000 | 859646 |
|  Galaxy XV CLO Ltd., | Galaxy XV CLO Ltd., | Galaxy XV CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15A ARR<br> 5.049%, 10/15/30 (l)§ | 900000 | 884778 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2CS A<br> 4.000%, 4/20/49§ | 858480 | 693882 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7 AF2<br> 5.995%, 3/25/46 (l) | 253807 | 97819 |
|  GSAMP Trust, | GSAMP Trust, | GSAMP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NC2 A2B<br> 4.569%, 6/25/36 (l) | 123977 | 66118 |

---

See Notes to Financial Statements.

1271

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  GSPA Monetization Trust,<br>6.422%, 10/9/29§ | $247013 | $237176 |
|  Home Equity Loan Trust, | Home Equity Loan Trust, | Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FRE1 2AV3<br> 4.619%, 4/25/37 (l) | 307920 | 289471 |
|  JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, | JetBlue Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br> 4.000%, 11/15/32 | 782213 | 684692 |
|  JP Morgan Mortgage Acquisition Corp., | JP Morgan Mortgage Acquisition Corp., | JP Morgan Mortgage Acquisition Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-FRE1 M1<br> 5.004%, 10/25/35 (l) | 140231 | 132427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 M1<br> 4.974%, 5/25/35 (l) | 91185 | 86752 |
|  JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CH3 A5<br> 4.649%, 3/25/37 (l) | 41446 | 39717 |
|  LCCM Trust, | LCCM Trust, | LCCM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3 A<br> 5.768%, 11/15/38 (l)§ | 800000 | 763376 |
|  LCM XV LP, | LCM XV LP, | LCM XV LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A AR2<br> 5.243%, 7/20/30 (l)§ | 770531 | 758853 |
|  Lehman XS Trust, | Lehman XS Trust, | Lehman XS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8 2A1<br> 3.795%, 6/25/36 (l) | 19319 | 19275 |
|  Madison Park Funding XLI Ltd., | Madison Park Funding XLI Ltd., | Madison Park Funding XLI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12A AR<br> 5.155%, 4/22/27 (l)§ | 585542 | 579210 |
|  Magnetite XVIII Ltd., | Magnetite XVIII Ltd., | Magnetite XVIII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-18A AR2<br> 5.486%, 11/15/28 (l)§ | 771806 | 762202 |
|  Marble Point CLO X Ltd., | Marble Point CLO X Ltd., | Marble Point CLO X Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br> 5.119%, 10/15/30 (l)§ | 800000 | 783864 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 A4<br> 4.969%, 12/25/35 (l) | 26436 | 26262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE2 A5<br> 4.869%, 3/25/36 (l) | 160910 | 104777 |
|  MF1 Ltd., | MF1 Ltd., | MF1 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL4 A<br> 6.150%, 11/15/35 (l)§ | 579301 | 567778 |
|  Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, | Morgan Stanley ABS Capital I, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE5 A2D<br> 4.889%, 8/25/36 (l) | 453023 | 231963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-WMC2 A2C<br> 4.689%, 7/25/36 (l) | 243282 | 86899 |
|  Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, | Mosaic Solar Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 2.640%, 1/20/53§ | 1361041 | 1130962 |
|  Newcastle Mortgage Securities Trust, | Newcastle Mortgage Securities Trust, | Newcastle Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 M5<br> 4.869%, 3/25/36 (l) | 900000 | 838778 |
|  NovaStar Mortgage Funding Trust, | NovaStar Mortgage Funding Trust, | NovaStar Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 A2D<br> 4.869%, 11/25/36 (l) | 103673 | 36147 |
|  Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, | Option One Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 2A3<br> 4.529%, 2/25/37 (l) | 1183463 | 604350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5 1A1<br> 4.609%, 5/25/37 (l) | 355456 | 208879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CP1 1A1<br> 4.529%, 3/25/37 (l) | 169445 | 151585 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, | Option One Mortgage Loan Trust Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 M2<br> 5.079%, 11/25/35 (l) | 386241 | 361502 |
|  OZLM IX Ltd., | OZLM IX Ltd., | OZLM IX Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9A A1A3<br> 5.343%, 10/20/31 (l)§ | 900000 | 878482 |
|  OZLM XVI Ltd., | OZLM XVI Ltd., | OZLM XVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-16A A1R<br> 5.674%, 5/16/30 (l)§ | 774185 | 761435 |
|  Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., | Palmer Square Loan Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A A1<br> 4.879%, 10/15/29 (l)§ | 674504 | 665839 |
|  RAAC Trust, | RAAC Trust, | RAAC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SP2 M1<br> 4.899%, 2/25/36 (l) | 35122 | 35100 |
|  RAMP Trust, | RAMP Trust, | RAMP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-RS4 M5<br> 5.409%, 4/25/35 (l) | 101065 | 99686 |
|  RASC Trust, | RASC Trust, | RASC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-EMX5 A3<br> 5.049%, 12/25/35 (l) | 107326 | 96005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-EMX2 M1<br> 4.989%, 2/25/36 (l) | 144894 | 143364 |
|  Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, | Renaissance Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 AF2<br> 5.285%, 1/25/37 (e) | 544629 | 189489 |
|  Saranac CLO VI Ltd., | Saranac CLO VI Ltd., | Saranac CLO VI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-6A A1R<br> 5.873%, 8/13/31 (l)§ | 800000 | 782548 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-BR5 A2A<br> 4.519%, 5/25/37 (l) | 32987 | 25047 |
|  SG Mortgage Securities Trust, | SG Mortgage Securities Trust, | SG Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FRE1 A2C<br> 4.929%, 2/25/36 (l) | 67523 | 32660 |
|  Sound Point CLO XII Ltd., | Sound Point CLO XII Ltd., | Sound Point CLO XII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A AR2<br> 5.293%, 10/20/28 (l)§ | 544875 | 539866 |
|  Sound Point CLO XV Ltd., | Sound Point CLO XV Ltd., | Sound Point CLO XV Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A ARR<br> 5.225%, 1/23/29 (l)§ | 597377 | 589728 |
|  Sound Point CLO XVI Ltd., | Sound Point CLO XVI Ltd., | Sound Point CLO XVI Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A AR<br> 5.338%, 7/25/30 (l)§ | 800000 | 787396 |
|  Soundview Home Loan Trust, | Soundview Home Loan Trust, | Soundview Home Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 1A1<br> 5.289%, 10/25/37 (l) | 559771 | 424355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-WMC1 3A1<br> 4.499%, 2/25/37(l) | 73999 | 22363 |
|  Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, | Specialty Underwriting & Residential Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-BC5 A2D<br> 4.689%, 11/25/37 (l) | 544470 | 286510 |
|  Stonepeak ABS, | Stonepeak ABS, | Stonepeak ABS, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A AA<br> 2.301%, 2/28/33§ | 674402 | 599945 |
|  Stratus CLO Ltd., | Stratus CLO Ltd., | Stratus CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br> 5.143%, 12/28/29 (l)§ | 711947 | 703341 |

---

See Notes to Financial Statements.

1272

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A<br> 5.193%, 12/29/29(l)§ | $724159 | $| 714295 |
|  Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, | Structured Asset Securities Corp. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-GEL2 A3<br> 4.839%, 5/25/37 (l)§ | 175502 |  | 169418 |
|  STWD Ltd., | STWD Ltd., | STWD Ltd., | STWD Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br> 5.526%, 4/18/38 (l)§ | 800000 |  | 772714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br> 5.157%, 11/15/38 (l)§ | 800000 |  | 766263 |
|  Sunnova Sol IV Issuer LLC, | Sunnova Sol IV Issuer LLC, | Sunnova Sol IV Issuer LLC, | Sunnova Sol IV Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A A<br> 2.790%, 2/22/49§ | 1651382 |  | 1404203 |
|  Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, | Sunrun Demeter Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br> 2.270%, 1/30/57§ | 761187 |  | 595567 |
|  Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, | Tricolor Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 3.300%, 2/18/25§ | 409985 |  | 406413 |
|  TRTX Issuer Ltd., | TRTX Issuer Ltd., | TRTX Issuer Ltd., | TRTX Issuer Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL3 A<br> 5.590%, 10/15/34 (l)§ | 142430 |  | 142430 |
|  United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 AA<br> 2.875%, 10/7/28 | 588552 |  | 503868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br> 5.875%, 10/15/27 | 790383 |  | 778607 |
|  WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, | WaMu Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE2 2A3<br> 4.639%, 4/25/37 (l) | 213070 |  | 77124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  | 41752462 |
|  **Collateralized Mortgage Obligations (4.7%)** | **Collateralized Mortgage Obligations (4.7%)** | **Collateralized Mortgage Obligations (4.7%)** | **Collateralized Mortgage Obligations (4.7%)** |
|  Alba plc, | Alba plc, | Alba plc, | Alba plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3<br> 3.720%, 3/17/39 (l)(m) | 288834 |  | 326548 |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-32T1 A3<br> 5.389%, 8/25/35 (l) | $103577 |  | 55772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-45T1 1A16<br> 6.000%, 2/25/37 | 230132 |  | 122831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA11 A1B<br> 4.769%, 9/25/46 (l) | 276297 |  | 254081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12 A1B<br> 4.543%, 9/20/46 (l) | 84643 |  | 80018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA3 1A1<br> 4.789%, 5/25/36 (l) | 31127 |  | 26000 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5<br> 6.200%, 6/25/36 (e) | 476974 |  | 80003 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D A1<br> 3.418%, 5/25/35 (l) | 6070 |  | 5693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2 1A2<br> 6.000%, 3/25/37 | 61438 |  | 49606 |
|  Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, | Banc of America Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-D 2A4<br> 4.014%, 5/25/33 (l) | 2974 |  | 2744 |
|  BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, | BCAP LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AA2 12A1<br> 4.809%, 5/25/47 (l) | 59046 |  | 52894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-RR5 12A1<br> 4.616%, 3/26/37 (e)§ | 14446 |  | 14010 |
|  Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, | Bear Stearns ALT-A Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 23A1<br> 3.115%, 5/25/35 (l) | 21360 |  | 19766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br> 3.729%, 9/25/35 (l) | 20090 |  | 12371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 35A1<br> 3.341%, 5/25/36 (l) | 55901 |  | 32001 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11 1A1<br> 4.340%, 2/25/33 (l) | 70 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11 1A2<br> 3.250%, 2/25/33 (l) | 169 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1 6A1<br> 3.239%, 4/25/33 (l) | 733 |  | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br> 3.830%, 1/25/34 (l) | 4154 |  | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 12A5<br> 3.077%, 4/25/34 (l) | 9331 |  | 8551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 22A1<br> 4.960%, 1/25/35 (l) | 3749 |  | 3221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 23A1<br> 3.856%, 1/25/35 (l) | 1241 |  | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3 1A1<br> 3.844%, 7/25/34 (l) | 8655 |  | 7581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 2A1<br> 3.887%, 11/25/34 (l) | 24235 |  | 23036 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br> 3.523%, 1/26/36 (l) | 32180 |  | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 2A1<br> 5.219%, 12/26/46 (l) | 28195 |  | 20056 |
|  Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A2 3A5<br> 3.499%, 1/25/36 (l) | 37025 |  | 31289 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-22 A3<br> 3.792%, 11/25/34 (l) | 17524 |  | 15754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB9 1A1<br> 3.671%, 2/20/35 (l) | 3951 |  | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB9 3A2A<br> 5.910%, 2/20/36 (l) | 2623 |  | 2163 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br> 5.410%, 10/25/35 (l) | 2261 |  | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br> 5.500%, 12/25/35§ | 54418 |  | 29830 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A4<br> 2.911%, 5/25/35 (l) | 5791 |  | 5524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br> 3.790%, 9/25/35 (l) | 52992 |  | 50668 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR2 A1<br> 4.689%, 3/25/37 (l) | 104187 |  | 96579 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 1A1<br> 4.889%, 2/25/35 (l) | 3430 |  | 3216 |

---

See Notes to Financial Statements.

1273

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Eurosail-UK plc, | Eurosail-UK plc, | Eurosail-UK plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1X A3C<br> 3.712%, 3/13/45 (l)(m) | 32871 | $39430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2X A3C<br> 3.702%, 3/13/45 (l)(m) | 16967 | 20107 |
|  FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1529 Z<br> 7.000%, 6/15/23 | $180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2248 FB<br> 4.818%, 9/15/30 (l) | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2266 F<br> 4.768%, 11/15/30 (l) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3360 FC<br> 5.038%, 5/15/37 (l) | 4622 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br> 3.106%, 8/15/40 (l) | 252584 | 245222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br> 3.258%, 10/15/40 (l) | 200524 | 195010 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br> 2.572%, 2/25/45 (l) | 3319 | 3331 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA6 3A1<br> 3.592%, 8/25/35 (l) | 35443 | 30332 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR4 2A1<br> 3.931%, 10/25/35 (l) | 27310 | 25365 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1993-45 Z<br> 7.000%, 4/25/23 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-25 KP<br> 5.000%, 4/25/33 | 8146 | 8088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W2 5AF<br> 4.739%, 3/25/44 (l) | 8217 | 8084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-79 NF<br> 4.799%, 9/25/35 (l) | 5423 | 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A1<br> 4.076%, 12/25/36 (l) | 3129 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br> 3.257%, 5/25/35 (l) | 2748 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-42 AF<br> 4.639%, 5/25/37 (l) | 505 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-73 A1<br> 3.821%, 7/25/37 (l) | 8566 | 8388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-58 AI<br> 1.552%, 8/25/55 IO (l) | 211878 | 6309 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB<br> 4.442%, 7/20/65 (l) | 356567 | 351397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK<br> 4.442%, 8/20/65 (l) | 249920 | 245892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H02 FH<br> 4.842%, 1/20/66 (l) | 95459 | 94151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br> 4.585%, 6/20/66 (l) | 144036 | 142594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FC<br> 4.672%, 8/20/66 (l) | 412095 | 407570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FM<br> 4.292%, 8/20/66 (l) | 980 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br> 4.398%, 9/20/66 (l) | 472491 | 482405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H22 FA<br> 4.612%, 10/20/66 (l) | 242672 | 239612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br> 1.968%, 4/20/67 (l) | 312201 | 308959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-38 WF<br> 2.673%, 10/20/43 (l) | 175356 | 167072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br> 5.020%, 1/20/73 (l)(r) | 300000 | 300293 |
|  Great Hall Mortgages No. 1 plc, | Great Hall Mortgages No. 1 plc, | Great Hall Mortgages No. 1 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2A AC<br> 4.868%, 6/18/39 (l)§ | 50518 | 49508 |
|  GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br> 3.767%, 9/25/35 (l) | 21488 | 20083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR7 6A1<br> 3.719%, 11/25/35 (l) | 5844 | 5157 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A12<br> 5.839%, 10/19/35 (l) | 56997 | 37646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14 4A1A<br> 3.756%, 12/19/35 (l) | 67759 | 36405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br> 4.779%, 5/19/35 (l) | 6673 | 5911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 3A1<br> 3.275%, 7/19/35 (l) | 26625 | 19376 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR35 2A1A<br> 4.729%, 1/25/37 (l) | 52319 | 43275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 2A1<br> 3.115%, 6/25/36 (l) | 185647 | 120360 |
|  JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2<br> 5.750%, 1/25/36 | 10492 | 5172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br> 3.748%, 8/25/34 (l) | 25144 | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A6 1A4L<br> 3.614%, 10/25/36 (l) | 53145 | 39947 |
|  Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, | Landmark Mortgage Securities No. 3 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3 A<br> 3.668%, 4/17/44 (l)(m) | 543328 | 620140 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GS1 A1<br> 2.882%, 10/25/59 (e)§ | $606701 | 602980 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 I2A3<br> 2.788%, 1/25/47 (l) | 15689 | 15379 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A5<br> 2.848%, 4/25/35 (l) | 38310 | 33555 |
|  Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, | Morgan Stanley Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3AR 3A<br> 3.572%, 7/25/35 (l) | 55414 | 45767 |
|  MortgageIT Trust, | MortgageIT Trust, | MortgageIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 A2<br> 5.009%, 12/25/35 (l) | 31263 | 29321 |
|  Prime Mortgage Trust, | Prime Mortgage Trust, | Prime Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CL1 1A2<br> 4.789%, 2/25/34 (l) | 994 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-CL1 A1<br> 4.889%, 2/25/35 (l) | 27420 | 27041 |
|  RALI Trust, | RALI Trust, | RALI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QA13 2A1<br> 4.506%, 12/25/35 (l) | 8426 | 6690 |

---

See Notes to Financial Statements.

1274

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS12 1A1<br> 6.500%, 9/25/36 | $156624 | $| 73620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS13 1A10<br> 6.000%, 9/25/36 | 11353 |  | 8718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QA3 A1<br> 4.589%, 5/25/37 (l) | 186298 |  | 158549 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10 A<br> 6.874%, 10/25/39 (l)§ | 599148 |  | 595845 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A11 1A1<br> 4.839%, 10/25/35 (l) | 38378 |  | 23537 |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S6 1A11<br> 6.000%, 6/25/37 | 50718 |  | 37596 |
|  Ripon Mortgages plc, | Ripon Mortgages plc, | Ripon Mortgages plc, | Ripon Mortgages plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1RA A<br> 4.137%, 8/28/56 (l)§ | 2066749 |  | 2457462 |
|  STARM Mortgage Loan Trust, | STARM Mortgage Loan Trust, | STARM Mortgage Loan Trust, | STARM Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1<br> 3.232%, 2/25/37(l) | $27125 |  | 23427 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br> 4.789%, 4/25/47 (l) | 32995 |  | 28143 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A3<br> 4.839%, 7/19/35 (l) | 25701 |  | 22823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br> 4.769%, 7/25/46 (l) | 753236 |  | 558954 |
|  Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, | Structured Asset Mortgage Investments Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR3 A1<br> 4.999%, 9/19/32 (l) | 475 |  | 450 |
|  Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, | Thornburg Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2B<br> 6.716%, 3/25/37 (l) | 29622 |  | 24522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 3A1<br> 6.666%, 6/25/47 (l) | 184210 |  | 150628 |
|  Wachovia Mortgage Loan LLC Trust, | Wachovia Mortgage Loan LLC Trust, | Wachovia Mortgage Loan LLC Trust, | Wachovia Mortgage Loan LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A 2A1<br> 3.937%, 5/20/36 (l) | 9485 |  | 8909 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br> 4.969%, 10/25/45 (l) | 3094 |  | 2847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 1A1A<br> 4.889%, 2/25/45 (l) | 213675 |  | 192780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 3A3<br> 3.600%, 12/25/36 (l) | 12753 |  | 10846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY5 2A1<br> 3.347%, 5/25/37 (l) | 87983 |  | 68560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY7 4A2<br> 3.864%, 7/25/37 (l) | 44969 |  | 41038 |
|  Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, | Warwick Finance Residential Mortgages Number Three plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A<br> 4.381%, 12/21/49 (l)§ | 539556 |  | 640796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A B<br> 5.081%, 12/21/49 (l)§ | 100000 |  | 118059 |
|  Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, | Wells Fargo Mortgage Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR16 A1<br> 4.240%, 10/25/36 (l) | $389352 |  | 357016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  | 12210038 |
|  **Commercial Mortgage-Backed Securities (7.7%)** | **Commercial Mortgage-Backed Securities (7.7%)** | **Commercial Mortgage-Backed Securities (7.7%)** | **Commercial Mortgage-Backed Securities (7.7%)** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 A5<br> 2.756%, 5/15/53§ | 600000 |  | 514351 |
|  AREIT Trust, | AREIT Trust, | AREIT Trust, | AREIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5 A<br> 5.419%, 11/17/38 (l)§ | 570660 |  | 544044 |
|  Beast Mortgage Trust, | Beast Mortgage Trust, | Beast Mortgage Trust, | Beast Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP A<br> 5.068%, 4/15/36 (l)§ | 500000 |  | 479085 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br> 4.016%, 3/15/52 | 800000 |  | 756393 |
|  BIG Commercial Mortgage Trust, | BIG Commercial Mortgage Trust, | BIG Commercial Mortgage Trust, | BIG Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BIG A<br> 5.678%, 2/15/39 (l)§ | 700000 |  | 672501 |
|  Business Mortgage Finance 7 plc, | Business Mortgage Finance 7 plc, | Business Mortgage Finance 7 plc, | Business Mortgage Finance 7 plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7X A1<br> 4.166%, 2/15/41 (l)(m) | 16591 |  | 19965 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA A<br> 5.217%, 10/15/36 (l)§ | $900000 |  | 856166 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7 ASB<br> 3.644%, 12/10/54 | 227829 |  | 219320 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-375P A<br> 3.251%, 5/10/35§ | 500000 |  | 461827 |
|  Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 A3<br> 4.228%, 5/10/51 | 700000 |  | 662093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2400 A<br> 5.618%, 12/15/38 (l)§ | 800000 |  | 736666 |
|  DBWF Mortgage Trust, | DBWF Mortgage Trust, | DBWF Mortgage Trust, | DBWF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GLKS A<br> 5.469%, 12/19/30 (l)§ | 100000 |  | 97003 |
|  DC Office Trust, | DC Office Trust, | DC Office Trust, | DC Office Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MTC A<br> 2.965%, 9/15/45§ | 1300000 |  | 1068644 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br> 2.956%, 5/10/41§ | 1000000 |  | 799559 |
|  Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, | Extended Stay America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br> 5.398%, 7/15/38(l)§ | 780954 |  | 758602 |
|  FNMA ACES, | FNMA ACES, | FNMA ACES, | FNMA ACES, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M33 X2<br> 2.241%, 1/25/31 IO(l) | 1866854 |  | 178276 |
|  GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, | GS Mortgage Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br> 2.856%, 5/10/34§ | 400000 |  | 351711 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30<br> AAB 3.120%, 5/10/50 | 256101 |  | 249415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 WMB<br> 3.602%, 10/10/49 (l)§ | 100000 |  | 83060 |
|  Hilton USA Trust, | Hilton USA Trust, | Hilton USA Trust, | Hilton USA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SFP A<br> 2.828%, 11/5/35§ | 600000 |  | 556815 |

---

See Notes to Financial Statements.

1275

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HTL5 A<br> 5.433%, 11/15/38 (l)§ | $800000 | 765034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH A<br> 5.078%, 6/15/38 (l)§ | 700000 | 678150 |  |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL5 A<br> 5.300%, 7/15/36 (l)§ | 376516 | 366405 |  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20 ASB<br> 3.069%, 2/15/48 | 33117 | 32187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 ASB<br> 3.557%, 12/15/47 | 166820 | 162553 |  |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CNP A<br> 2.428%, 4/5/42 (l)§ | 800000 | 606448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P A<br> 5.487%, 12/15/23 (l)§ | 800000 | 764197 |  |
|  MSSG Trust, | MSSG Trust, | MSSG Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-237P A<br> 3.397%, 9/13/39§ | 700000 | 616487 |  |
|  New Orleans Hotel Trust, | New Orleans Hotel Trust, | New Orleans Hotel Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br> 5.307%, 4/15/32(l)§ | 500000 | 469354 |  |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br> 5.413%, 11/15/38 (l)§ | 400000 | 363546 |  |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br> 5.150%, 3/15/36 (l)§ | 700000 | 666638 |  |
|  PFP Ltd., | PFP Ltd., | PFP Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 A<br> 5.326%, 8/9/37 (l)§ | 667623 | 636363 |  |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br> 5.589%, 11/25/36 (l)§ | 785996 | 749549 |  |
|  STWD Mortgage Trust, | STWD Mortgage Trust, | STWD Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH A<br> 5.176%, 11/15/36 (l)§ | 1200000 | 1156538 |  |
|  Tharaldson Hotel Portfolio Trust, | Tharaldson Hotel Portfolio Trust, | Tharaldson Hotel Portfolio Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-THL A<br> 5.268%, 11/11/34 (l)§ | 324032 | 316253 |  |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48 A5<br> 4.302%, 1/15/52 | 800000 | 761211 |  |
|  Worldwide Plaza Trust, | Worldwide Plaza Trust, | Worldwide Plaza Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-WWP A<br> 3.526%, 11/10/36§ | 900000 | 756179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 19932588 |  |
|  **Corporate Bonds (28.6%)** | **Corporate Bonds (28.6%)** | **Corporate Bonds (28.6%)** |  |
|  **Communication Services (1.0%)** | **Communication Services (1.0%)** |  |  |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | **** |
|  Verizon Communications, Inc.<br>2.850%, 9/3/41 | 400000 | 277779 |  |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | **** |
|  Electronic Arts, Inc.<br>1.850%, 2/15/31 | 800000 | 631878 |  |
|  Netflix, Inc.<br>4.625%, 5/15/29 | 200000 | 209157 |  |
|  |  | 841035 |  |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | $800000 | 642000 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC | Sprint Spectrum Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.738%, 3/20/25§ | 393750 | 388397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 3/20/28§ | 400000 | 394736 |  |
|  |  | 783133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2543947 |  |
|  **Consumer Discretionary (1.3%)** | **Consumer Discretionary (1.3%)** |  |  |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | **** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 9/16/26§ | 800000 | 668682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28§ | 800000 | 646540 |  |
|  Nissan Motor Co. Ltd.<br>4.810%, 9/17/30§ | 800000 | 680867 |  |
|  |  | 1996089 |  |
|  ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | ***Hotels, Restaurants & Leisure (0.5%)*** | **** |
|  Accor SA<br>2.375%, 11/29/28(m) | 300000 | 272779 |  |
|  Choice Hotels International, Inc.<br>3.700%, 12/1/29 | $700000 | 609389 |  |
|  Expedia Group, Inc.<br>3.250%, 2/15/30 | 500000 | 425809 |  |
|  |  | 1307977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3304066 |  |
|  **Energy (1.0%)** | **Energy (1.0%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | ***Oil, Gas & Consumable Fuels (1.0%)*** | **** |
|  Boardwalk Pipelines LP<br>3.400%, 2/15/31 | 600000 | 501013 |  |
|  Greenko Power II Ltd.<br>4.300%, 12/13/28§ | 382000 | 318970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/13/28 (m) | 573000 | 478455 |  |
|  Greenko Solar Mauritius Ltd.<br>5.950%, 7/29/26§ | 500000 | 453125 |  |
|  ONEOK Partners LP<br>6.850%, 10/15/37 | 800000 | 814273 |  |
|  Sabine Pass Liquefaction LLC<br>4.200%, 3/15/28 | 100000 | 94069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2659905 |  |
|  **Financials (12.1%)** | **Financials (12.1%)** |  |  |
|  ***Banks (7.6%)*** | ***Banks (7.6%)*** | ***Banks (7.6%)*** | **** |
|  Banco Santander SA<br>2.746%, 5/28/25 | 700000 | 655212 |  |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/22/24 | 200000 | 198229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br> 0.981%, 9/25/25 (k) | 2900000 | 2676195 |  |

---

See Notes to Financial Statements.

1276

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br> 6.204%, 11/10/28 (k) | $600000 | $| 618069 |  |
|  Bank of Ireland Group plc | Bank of Ireland Group plc | Bank of Ireland Group plc | Bank of Ireland Group plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%),<br>6.253%, 9/16/26 (k)§ | 1400000 |  | 1390027 |  |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.96%),<br>5.203%, 7/20/23 (k)§ | 600000 |  | 600849 |  |
|  Barclays plc | Barclays plc | Barclays plc | Barclays plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%),<br>2.667%, 3/10/32 (k) | 700000 |  | 535633 |  |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.24%),<br> 4.705%, 1/10/25 (k)§ | 700000 |  | 692831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/27§ | 300000 |  | 273219 |  |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.02%),<br> 5.784%, 6/1/24 (k) | 700000 |  | 699791 |  |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.004%, 9/24/26 (k)§ | 2300000 |  | 2033675 |  |
|  Danske Bank A/S | Danske Bank A/S | Danske Bank A/S | Danske Bank A/S |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%),<br> 1.621%, 9/11/26 (k)§ | 1000000 |  | 878938 |  |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.51%),<br>4.875%, 5/16/29 (k)(m)(y) | 300000 |  | 231015 |  |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>5.546%, 12/15/25 (k) | 800000 |  | 798824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br>2.739%, 10/15/30 (k) | 900000 |  | 754669 |  |
|  Lloyds Bank plc<br>0.000%, 4/2/32 (e)(m) | 600000 |  | 364038 |  |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%),<br> 4.899%, 7/10/24 (k) | 900000 |  | 897653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.87%), 0.849%, 9/8/24 (k) | 800000 |  | 772418 |  |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.48%),<br> 2.896%, 3/15/32 (k) | 700000 |  | 541320 |  |
|  Standard Chartered plc | Standard Chartered plc | Standard Chartered plc | Standard Chartered plc |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.88%),<br>1.214%, 3/23/25 (k)§ | 300000 |  | 282176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.56%),<br> 3.785%, 5/21/25 (k)§ | 700000 |  | 677167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br> 5.248%, 11/23/25 (k)§ | 800000 |  | 777252 |  |
|  Sumitomo Mitsui Trust Bank Ltd.<br>2.800%, 3/10/27 (x)§ | 1600000 |  | 1453767 |  |
|  UniCredit SpA<br>7.830%, 12/4/23§ | 900000 |  | 908683 |  |
|  |  |  | 19711650 |  |
|  ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | **** |
|  Brookfield Finance I UK plc<br>2.340%, 1/30/32 | 700000 |  | 536133 |  |
|  Credit Suisse AG<br>6.500%, 8/8/23 (m) | 200000 |  | 193500 |  |
|  Credit Suisse Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.60%),<br>7.500%, 12/11/23(k)(y)§ | 700000 |  | 606375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%), 4.194%, 4/1/31 (k)§ | 300000 |  | 233541 |  |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%),<br> 5.776%, 5/15/26 (k) | 300000 |  | 296511 |  |
|  Lazard Group LLC<br>4.500%, 9/19/28 (x) | 700000 |  | 652803 |  |
|  Nomura Holdings, Inc.<br>1.851%, 7/16/25 | 900000 |  | 819278 |  |
|  Owl Rock Capital Corp.<br>2.875%, 6/11/28 | 800000 |  | 628479 |  |
|  Stifel Financial Corp.<br>4.000%, 5/15/30 | 900000 |  | 780574 |  |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 4/15/26§ | 600000 |  | 579401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%),<br>4.703%, 8/5/27 (k)§ | 200000 |  | 193684 |  |
|  |  |  | 5520279 |  |
|  ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | ***Consumer Finance (0.7%)*** | **** |
|  Ally Financial, Inc.<br>2.200%, 11/2/28 | 1500000 |  | 1173635 |  |
|  Ford Motor Credit Co. LLC<br>5.584%, 3/18/24 | 700000 |  | 690375 |  |
|  |  |  | 1864010 |  |
|  ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | ***Diversified Financial Services (0.6%)*** | **** |
|  Corsair International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 6 Month + 5.20%, 5.20% Floor),<br>5.823%, 1/28/29 (k)§ | 700000 |  | 738075 |  |
|  NTT Finance Corp.<br>4.142%, 7/26/24 (x)§ | $300000 |  | 294865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.239%, 7/25/25§ | 400000 |  | 394081 |  |
|  |  |  | 1427021 |  |

---

See Notes to Financial Statements.

1277

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | **** |
|  First American Financial Corp.<br>4.000%, 5/15/30 | $700000 | $600779 |  |
|  Hanwha Life Insurance Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.85%),<br>3.379%, 2/4/32(k)§ | 800000 | 660400 |  |
|  Manulife Financial Corp.<br>3.703%, 3/16/32 (x) | 1100000 | 979155 |  |
|  Society of Lloyd's<br>4.750%, 10/30/24 (m) | 100000 | 118506 |  |
|  |  | 2358840 |  |
|  ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | **** |
|  Jyske Realkredit A/S<br>Series CCE 1.500%, 10/1/53 | 3478900 | 362853 |  |
|  Realkredit Danmark A/S<br>Series 23S<br>1.500%, 10/1/53 (m) | 2046872 | 225936 |  |
|  |  | 588789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 31470589 |  |
|  **Health Care (0.3%)** | **Health Care (0.3%)** |  |  |
|  ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | ***Health Care Providers & Services (0.3%)*** | **** |
|  CVS Health Corp.<br>2.125%, 9/15/31 | $900000 | 716680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 716680 |  |
|  **Industrials (0.9%)** | **Industrials (0.9%)** |  |  |
|  ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | ***Machinery (0.4%)*** | **** |
|  Xylem, Inc.<br>1.950%, 1/30/28 | 1300000 | 1120034 |  |
|  ***Marine (0.3%)*** | ***Marine (0.3%)*** | ***Marine (0.3%)*** | **** |
|  AP Moller - Maersk A/S<br>4.500%, 6/20/29§ | 700000 | 662094 |  |
|  ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | **** |
|  Central Japan Railway Co.<br>3.400%, 9/6/23 (m) | 600000 | 592356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 2374484 |  |
|  **Information Technology (1.7%)** | **Information Technology (1.7%)** |  |  |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | **** |
|  Global Payments, Inc.<br>2.900%, 5/15/30 | 700000 | 576476 |  |
|  Nexi SpA<br>2.125%, 4/30/29 (m)(x) | 300000 | 259574 |  |
|  PayPal Holdings, Inc.<br>2.850%, 10/1/29 | $700000 | 611173 |  |
|  |  | 1447223 |  |
|  ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | ***Semiconductors & Semiconductor Equipment (1.0%)*** | **** |
|  Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 4/15/34§ | 752000 | 600387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35§ | 215000 | 158028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ | 46000 | 33521 |  |
|  NXP BV<br>5.350%, 3/1/26 | 500000 | 498437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/33 | 1400000 | 1313697 |  |
|  |  | 2604070 |  |
|  ***Software (0.2%)*** | ***Software (0.2%)*** | ***Software (0.2%)*** | **** |
|  VMware, Inc. | VMware, Inc. | VMware, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/30 | 500000 | 468322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 4519615 |  |
|  **Real Estate (5.7%)** | **Real Estate (5.7%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (5.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.7%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.7%)*** | **** |
|  Alexandria Real Estate Equities, Inc. (REIT) | Alexandria Real Estate Equities, Inc. (REIT) | Alexandria Real Estate Equities, Inc. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 1/15/26 | 300000 | 292621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/30/29 | 200000 | 189964 |  |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/24 | 800000 | 779272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/15/30 | 400000 | 309481 |  |
|  Boston Properties LP (REIT)<br>4.500%, 12/1/28 (x) | 400000 | 373387 |  |
|  Corporate Office Properties LP (REIT)<br>2.250%, 3/15/26 | 800000 | 703704 |  |
|  Digital Dutch Finco BV (REIT)<br>1.000%, 1/15/32 (m) | 1200000 | 891218 |  |
|  EPR Properties (REIT) | EPR Properties (REIT) | EPR Properties (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/29 | $700000 | 548604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 | 582909 |  |
|  Equinix, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550%, 3/15/28 (x) | 1000000 | 828900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 800000 | 644679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/15/32 (x) | 1200000 | 1070124 |  |
|  Federal Realty Investment Trust (REIT)<br>3.500%, 6/1/30 | 900000 | 775897 |  |
|  Goodman US Finance Three LLC (REIT)<br>3.700%, 3/15/28§ | 500000 | 451405 |  |
|  HAT Holdings I LLC (REIT)<br>3.375%, 6/15/26§ | 2000000 | 1737600 |  |
|  Highwoods Realty LP (REIT)<br>4.125%, 3/15/28 | 100000 | 90244 |  |
|  Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J<br>2.900%, 12/15/31 | 300000 | 230046 |  |
|  Kilroy Realty LP (REIT)<br>2.500%, 11/15/32 | 3400000 | 2433510 |  |
|  Mid-America Apartments LP (REIT)<br>2.750%, 3/15/30 | 400000 | 344449 |  |
|  Physicians Realty LP (REIT)<br>4.300%, 3/15/27 | 100000 | 94450 |  |
|  Realty Income Corp. (REIT)<br>4.625%, 11/1/25 | 200000 | 198189 |  |
|  STORE Capital Corp. (REIT)<br>2.700%, 12/1/31 | 800000 | 585373 |  |
|  Ventas Realty LP (REIT)<br>3.250%, 10/15/26 | 200000 | 184930 |  |
|  Welltower, Inc. (REIT)<br>2.750%, 1/15/31 (x) | 800000 | 641662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 14982618 |  |

---

See Notes to Financial Statements.

1278

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | |
|  **Utilities (4.6%)** | **Utilities (4.6%)** |  |  |
|  ***Electric Utilities (3.9%)*** | ***Electric Utilities (3.9%)*** | ***Electric Utilities (3.9%)*** | **** |
|  Duke Energy Carolinas LLC<br>2.850%, 3/15/32 | $2200000 | $1863763 |  |
|  Edison International<br>3.550%, 11/15/24 | 500000 | 482865 |  |
|  Enel Finance International NV | Enel Finance International NV | Enel Finance International NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27§ | 700000 | 662371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 7/12/28§ | 2500000 | 1984000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/32§ | 700000 | 632514 |  |
|  NextEra Energy Capital Holdings, Inc.<br>1.900%, 6/15/28 | 2100000 | 1797684 |  |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/1/51 | 1400000 | 902279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/52 | 700000 | 632209 |  |
|  Public Service Electric & Gas Co.<br>3.100%, 3/15/32 (x) | 1500000 | 1310377 |  |
|  |  | 10268062 |  |
|  ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.7%)*** | **** |
|  AES Corp. (The)<br>1.375%, 1/15/26 | 1400000 | 1243055 |  |
|  Clearway Energy Operating LLC<br>3.750%, 2/15/31§ | 600000 | 498129 |  |
|  |  | 1741184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 12009246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 74581150 |  |
|  **Foreign Government Securities (2.6%)** | **Foreign Government Securities (2.6%)** | **Foreign Government Securities (2.6%)** |  |
|  Japan Finance Organization for Municipalities<br>3.375%, 9/27/23§ | 1100000 | 1084598 |  |
|  Japan International Cooperation Agency<br>2.750%, 4/27/27 | 600000 | 556390 |  |
|  Province of Quebec<br>3.750%, 9/1/24 | 200000 | 146372 |  |
|  Republic of Chile<br>4.340%, 3/7/42 (x) | $1600000 | 1347800 |  |
|  Republic of South Africa<br>10.500%, 12/21/26 | 57000000 | 3545969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 6681129 |  |
|  **Mortgage-Backed Securities (35.5%)** | **Mortgage-Backed Securities (35.5%)** | **Mortgage-Backed Securities (35.5%)** |  |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/29 | $14769 | 14714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/1/37 | 46553 | 48683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 27697 | 26900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 66676 | 61867 |  |
|  FHLMC UMBS | FHLMC UMBS | FHLMC UMBS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/49 | 19936 | 18501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/49 | 61251 | 57002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/50 | 15368 | 14266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/50 | 22275 | 20685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/52 | 2255597 | 1987576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 293651 | 283577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/52 | 6069148 | 5993469 |  |
|  FNMA<br>3.555%, 5/1/38 (l) | 116846 | 116874 |  |
|  FNMA UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/34 | 23909 | 23814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 | 22125 | 22678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 46364 | 47513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/38 | 24373 | 25197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/39 | 39242 | 39703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/41 | 6703 | 6670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/44 | 41055 | 40750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 10263 | 9520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/48 | 12270 | 11375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 10749485 | 10384908 |  |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/53 TBA | 600000 | 509813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/53 TBA | 40800000 | 35919936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/53 TBA | 21900000 | 19951242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/25/53 TBA | 8600000 | 8488468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/25/53 TBA | 6600000 | 6621398 |  |
|  GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 5448 | 4969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/45 | 50394 | 45957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/49 | 236968 | 233096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 3289 | 3305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 42163 | 42378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 1266624 | 1272319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 92349123 |  |
|  **Municipal Bonds (1.0%)** | **Municipal Bonds (1.0%)** | **Municipal Bonds (1.0%)** |  |
|  California Health Facilities Financing Authority<br>4.190%, 6/1/37 | 1300000 | 1161291 |  |
|  City of Chicago General Obligation Bonds, Taxable Series 2015 B<br>7.750%, 1/1/42 | 50000 | 50819 |  |
|  New York State Urban Development Corp.<br>1.346%, 3/15/26 | 800000 | 717822 |  |
|  University of Michigan<br>3.504%, 4/1/52 | 900000 | 700893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 2630825 |  |
|  **U.S. Treasury Obligations (29.7%)** | **U.S. Treasury Obligations (29.7%)** | **U.S. Treasury Obligations (29.7%)** |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 14000000 | 9167183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 3100000 | 2205706 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/15/41 | 800000 | 605516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 (z) | 1100000 | 845931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/15/42 | 500000 | 433736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 6600000 | 5830294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 | 1400000 | 1243380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 2100000 | 1787987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 | 600000 | 487110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 | 13200000 | 10945313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 900000 | 731391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 900000 | 490057 |  |
|  U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds | U.S. Treasury Inflation Linked Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 100000 | 99303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 100000 | 78461 |  |

---

See Notes to Financial Statements.

1279

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes | U.S. Treasury Inflation Linked Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/24 TIPS | $1100000 | $1376222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 TIPS | 100000 | 114994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/24 TIPS | 1000000 | 1119262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS | 1500000 | 1474352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS | 400000 | 377031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS (z) | 1900000 | 1788844 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/23#(t)(v)(z) | 26400000 | 26068723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/30/24 (v) | 10000000 | 9714891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 500000 | 462388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 77448075 |
|  **Total Long-Term Debt Securities (125.8%)**<br> *(Cost $349,560,591)* |  | 327585390 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Commercial Paper (1.5%)** | **Commercial Paper (1.5%)** |  |
|  Consolidated Edison Co. of New York, Inc.<br>4.90%, 1/20/23 (n)(p) | 800000 | 797827 |
|  Crown Castle, Inc.<br>5.84%, 1/5/23 (n)(p)§ | 500000 | 499595 |
|  Fiserv, Inc.<br>5.12%, 1/9/23 (n)(p) | 500000 | 499361 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/26/23 (n)(p) | 500000 | 498271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 1/27/23 (n)(p) | 500000 | 498205 |
|  Parker-Hannifin Corp.<br>4.73%, 1/19/23 (n)(p)§ | 500000 | 498754 |
|  Quanta Services, Inc.<br>5.23%, 1/19/23 (n)(p)§ | 250000 | 249312 |
|  Walgreens Boots Alliance, Inc.<br>5.09%, 1/11/23 (n)(p)§ | 500000 | 499224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | 4040549 |
|  **Foreign Government Treasury Bill (0.7%)** | **Foreign Government Treasury Bill (0.7%)** |  |
|  Japan Treasury Bills | Japan Treasury Bills | Japan Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 2/27/23 (p) | JPY 230,000,000 | 1751754 |
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 200000 | 200000 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $700,019, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $713,686. (xx) | $699693 | 699693 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $2,000,956, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $2,041,060. (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 2699693 |
|  **Total Short-Term Investments (3.3%)**<br> *(Cost $8,579,507)* | **Total Short-Term Investments (3.3%)**<br> *(Cost $8,579,507)* | 8691996 |
|  | **Number of**<br> **Contracts** | **Value**<br> **(Note 1)** |
|  OPTIONS PURCHASED: |  |  |
|  **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** | **Call Options Purchased (0.1%)** |
|  ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** | ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** | ***Call Interest Rate Swaptions Purchased Payable (0.1%)*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, September 2023 @3.75% v.1 Day SOFR 09/12/2023 at USD 3.75, European Style <br>Notional Amount: USD 8,000,000 Counterparty: Bank of America\* | 8000000 | 64187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Year, September 2023 @3.75% v.1 Day SOFR 09/11/2023 at USD 3.75, European Style <br>Notional Amount: USD 15,100,000 <br>Counterparty: Morgan Stanley\* | 15100000 | 121125 |
|  **Total Options Purchased (0.1%)**<br> *(Cost $178,760)* |  | 185312 |
|  **Total Investments in Securities (129.2%)**<br> *(Cost $358,318,858)* |  | 336462698 |
|  **Other Assets Less Liabilities (-29.2%)** | **Other Assets Less Liabilities (-29.2%)** | (76083014) |
|  **Net Assets (100%)** |  | $260379684 |

---

*\** *Non-income producing.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $80,509,209 or 30.9% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $114,544.* 

See Notes to Financial Statements.

1280

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EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $4,653,567 or 1.8% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(t)* *All, or a portion of security held by broker as collateral for centrally cleared swaps, with a total collateral value of $691,216.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $329,545.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $2,838,870. This was collateralized by cash of $2,899,693 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*(z)* *All or a portion of the Security is held as a Sale-Buyback position. See Note 1* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *ARM* | | *—* | | *Adjustable Rate Mortgage* |
|  *AUD* | | *—* | | *Australian Dollar* |
|  *BRL* | | *—* | | *Brazilian Real* |
|  *CAD* | | *—* | | *Canadian Dollar* |
|  *CDI* | | *—* | | *Interbank Certificate of Deposit* |
|  *CLO* | | *—* | | *Collateralized Loan Obligation* |
|  *CNY* | | *—* | | *Chinese Renminbi* |
|  *DKK* | | *—* | | *Denmark Krone* |
|  *EUR* | | *—* | | *European Currency Unit* |
|  *EURIBOR* | | *—* | | *Euro Interbank Offered Rate* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *GBP* | | *—* | | *British Pound* |
|  *GNMA* | | *—* | | *Government National Mortgage Association* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *IO* | | *—* | | *Interest Only* |
|  *JPY* | | *—* | | *Japanese Yen* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *PEN* | | *—* | | *Peruvian Sol* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *SONIA* | | *—* | | *Sterling Over Night Index Average* |
|  *TBA* | | *—* | | *To Be Announced; Security is subject to delayed delivery* |
|  *TIPS* | | *—* | | *Treasury Inflation Protected Security* |
|  *TONAR* | | *—* | | *Tokyo Over-Night Average Rate* |
|  *UMBS* | | *—* | | *Uniform Mortgage-Backed Securities* |
|  *USD* | | *—* | | *United States Dollar* |
|  *ZAR* | | *—* | | *South African Rand* |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp;**Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Australia | 0.2% |
| &nbsp;&nbsp;&nbsp; Canada | 0.6 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 7.8 |
| &nbsp;&nbsp;&nbsp; Chile | 0.5 |
| &nbsp;&nbsp;&nbsp; China | 0.7 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.8 |
| &nbsp;&nbsp;&nbsp; France | 0.7 |
| &nbsp;&nbsp;&nbsp; India | 0.5 |
| &nbsp;&nbsp;&nbsp; Ireland | 1.1 |
| &nbsp;&nbsp;&nbsp; Italy | 1.7 |
| &nbsp;&nbsp;&nbsp; Ivory Coast | 0.3 |
| &nbsp;&nbsp;&nbsp; Japan | 3.6 |
| &nbsp;&nbsp;&nbsp; Jersey | 0.3 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.9 |
| &nbsp;&nbsp;&nbsp; South Africa | 1.4 |
| &nbsp;&nbsp;&nbsp; South Korea | 0.2 |
| &nbsp;&nbsp;&nbsp; Spain | 0.2 |
| &nbsp;&nbsp;&nbsp; Switzerland | 0.7 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.9 |
| &nbsp;&nbsp;&nbsp; United States | 104.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (29.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

1281

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  U.S. Treasury 5 Year Note | 9 | 3/2023 | USD | 971367 | (6258) |
|  U.S. Treasury 10 Year Note | 54 | 3/2023 | USD | 6064031 | (14418) |
|  |  |  |  |  | (20676) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-BTP | (25) | 3/2023 | EUR | (2914835) | 215604 |
|  Euro-Bund | (54) | 3/2023 | EUR | (7683926) | 491310 |
|  Euro-Buxl | (2) | 3/2023 | EUR | (289535) | 54397 |
|  Euro-OAT | (3) | 3/2023 | EUR | (408805) | 28434 |
|  Japan 10 Year Bond | (10) | 3/2023 | JPY | (11083511) | 203103 |
|  |  |  |  |  | 992848 |
|  |  |  |  |  | 972172 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  ZAR | 3380000 | USD | 194280 | Goldman Sachs Bank USA | 1/9/2023 | 4564 |
|  PEN | 527832 | USD | 132460 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/25/2023 | 6227 |
|  EUR | 1657000 | USD | 1754991 | Bank of America | 2/16/2023 | 24120 |
|  EUR | 149000 | USD | 156313 | Barclays Bank plc | 2/16/2023 | 3668 |
|  JPY | 76200000 | USD | 573775 | Bank of America | 2/16/2023 | 10253 |
|  USD | 391615 | CAD | 519000 | Bank of America | 2/16/2023 | 8201 |
|  BRL | 7081742 | USD | 1305523 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/4/2023 | 12783 |
|  PEN | 986470 | USD | 246618 | Citibank NA<sup>\*\*</sup> | 4/10/2023 | 10940 |
|  CNY | 3963486 | USD | 572425 | HSBC Bank plc<sup>\*\*</sup> | 5/10/2023 | 3656 |
|  PEN | 3001930 | USD | 754443 | Goldman Sachs Bank USA<sup>\*\*</sup> | 5/10/2023 | 27647 |
|  USD | 610450 | CNY | 4096730 | HSBC Bank plc<sup>\*\*</sup> | 5/10/2023 | 15004 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 127063 |
|  BRL | 7081742 | USD | 1349289 | Citibank NA<sup>\*\*</sup> | 1/4/2023 | (7986) |
|  USD | 1328782 | BRL | 7081742 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/4/2023 | (12521) |
|  USD | 1230556 | ZAR | 21839848 | Bank of America | 1/9/2023 | (54274) |
|  USD | 732003 | DKK | 5235000 | Bank of America | 1/10/2023 | (21935) |
|  USD | 3593 | CNY | 25000 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/19/2023 | (8) |
|  USD | 1074147 | ZAR | 19201774 | Goldman Sachs Bank USA | 1/20/2023 | (54295) |
|  GBP | 223000 | USD | 272342 | Barclays Bank plc | 2/16/2023 | (2437) |
|  USD | 131211 | AUD | 196000 | Citibank NA | 2/16/2023 | (2476) |
|  USD | 54007 | EUR | 51000 | Bank of America | 2/16/2023 | (751) |
|  USD | 5488727 | EUR | 5292699 | HSBC Bank plc | 2/16/2023 | (194014) |
|  USD | 4668433 | GBP | 3956362 | Bank of America | 2/16/2023 | (120101) |
|  USD | 51585 | JPY | 7000000 | Bank of America | 2/16/2023 | (2065) |
|  USD | 87132 | JPY | 12100000 | HSBC Bank plc | 2/16/2023 | (5607) |
|  USD | 1048701 | ZAR | 18796392 | Bank of America | 2/17/2023 | (53170) |
|  USD | 1662733 | JPY | 230000000 | HSBC Bank plc | 2/27/2023 | (102577) |
|  USD | 162185 | ZAR | 3003499 | Morgan Stanley | 4/13/2023 | (13111) |
|  USD | 268138 | PEN | 1058925 | Citibank NA<sup>\*\*</sup> | 4/27/2023 | (8001) |
|  USD | 911371 | PEN | 3616319 | Citibank NA<sup>\*\*</sup> | 5/15/2023 | (30451) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (685780) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (558717) |

---

*\*\** *Non-deliverable forward.* 

See Notes to Financial Statements.

1282

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Written Call Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  10 Years, June 2023 @2.07% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 600000 | EUR | (600000) | EUR | 2.07 | 6/9/2023 | (1540) |
|  10 Years, March 2023 @2.55% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 500000 | EUR | (500000) | EUR | 2.55 | 3/7/2023 | (1119) |
|  2 Years, November 2023 @2.15% v.1 Day SOFR | Goldman Sachs Bank USA | 2500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(2500000) | USD | 2.15 | 11/20/2023 | (1631) |
|  |  |  |  |  |  |  |  | (4290) |

---

Written Put Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  1 Year, September 2023 @4.23% v.1 Day SOFR | Morgan Stanley | 15100000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;(15100000) | USD 4.23 | 9/11/2023 | (76520) |
|  1 Year, September 2023 @4.25% v.1 Day SOFR | Bank of America | 8000000 | USD | (8000000) | USD 4.25 | 9/12/2023 | (39803) |
|  1 Year, September 2023 @4.72% v.1 Day SOFR | Morgan Stanley | 15100000 | USD | (15100000) | USD 4.72 | 9/11/2023 | (43984) |
|  1 Year, September 2023 @4.75% v.1 Day SOFR | Bank of America | 8000000 | USD | (8000000) | USD 4.75 | 9/12/2023 | (22322) |
|  10 Years, June 2023 @3.14% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 600000 | EUR | (600000) | EUR 3.14 | 6/9/2023 | (19456) |
|  10 Years, March 2023 @2.55% v. 6 Month EURIBOR | Goldman Sachs Bank USA | 500000 | EUR | (500000) | EUR 2.55 | 3/7/2023 | (31459) |
|  2 Years, November 2023 @3.65% v.1 Day SOFR | Goldman Sachs Bank USA | 2500000 | USD | (2500000) | USD 3.65 | 11/20/2023 | (18855) |
|  3 Month Eurodollar | Exchange Traded | 76 | USD | (19000000) | USD 96.50 | 12/18/2023 | (267900) |
|  3 Years, April 2024 @2.70% v.1 Day SOFR | Goldman Sachs Bank USA | 2800000 | USD | (2800000) | USD 2.70 | 4/2/2024 | (33772) |
|  3 Years, April 2024 @2.70% v.1 Day SOFR | Goldman Sachs Bank USA | 2800000 | USD | (2800000) | USD 2.70 | 4/2/2024 | (33772) |
|  |  |  |  |  |  |  | (587843) |
|  Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | Total Written Options Contracts (Premiums Received ($365186)) | (592133) |

---

Centrally Cleared Credit default swap contracts outstanding - sell protection as of December 31, 2022 (Note 1):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/**<br>**Received** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Ford Motor Credit Co. LLC | 5.00 | Quarterly | 6/20/2024 | 2.34 | USD | 200000 | 6482 | 1271 | 7753 |
|  British Telecommunications plc | 1.00 | Quarterly | 12/20/2028 | 1.78 |  | EUR 200,000 | (2299) | (6362) | (8661) |
|  British Telecommunications plc | 1.00 | Quarterly | 12/20/2028 | 1.78 |  | EUR 600,000 | (5900) | (20083) | (25983) |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2027 | 1.12 |  | USD 135,000 | (2371) | 1685 | (686) |
|  Verizon Communications, Inc. | 1.00 | Quarterly | 12/20/2027 | 1.12 |  | USD 168,000 | (2880) | 2026 | (854) |
|  Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding |  |  |  | (6968) | (21463) | (28431) |

---

See Notes to Financial Statements.

1283

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

OTC Credit default swap contracts outstanding - sell protection as of December 31, 2022 (Note 1):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing<br>Rate (Paid) /<br>Received by<br>the Portfolio<br>(%)** | **Frequency of<br>Payments<br>Made/<br>Received** | **Counterparty** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread<br>(%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value<br>($)** |
|  Republic of South Africa | 1.00 | Quarterly | Bank of America | 12/20/2026 | 2.10 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | (60192) | (1392) | (61584) |
|  Republic of South Africa | 1.00 | Quarterly | Morgan Stanley | 12/20/2026 | 2.10 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | (61301) | (4131) | (65432) |
|  |  |  |  |  |  |  |  | (121493) | (5523) | (127016) |

---

Centrally Cleared Interest rate swap contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)**<br>**Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value**<br>**($)** |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;95000000 | 28099 | 62555 | 90654 |
|  1 day TONAR Annual | 0.80 annually | Receive | 6/15/2052 | JPY | 70000000 | 4080 | 65233 | 69313 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 2000000 | 362307 | 174520 | 536827 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 900000 | 182283 | 59289 | 241572 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 100000 | 20545 | 6296 | 26841 |
|  1 day SOFR Annual | 2.00 annually | Receive | 12/21/2032 | USD | 600000 | 54488 | 21266 | 75754 |
|  1 day SOFR at termination | 4.35 at termination | Receive | 9/14/2024 | USD | 2000000 |  | 681 | 681 |
|  1 day SOFR Annual | 1.75 annually | Receive | 6/15/2032 | USD | 3500000 | 519902 | (18266) | 501636 |
|  1 day TONAR Annual | 0.63 annually | Receive | 2/8/2052 | JPY | 19000000 |  | 24357 | 24357 |
|  1 day TONAR Annual | 0.66 annually | Receive | 4/19/2042 | JPY | 18000000 |  | 13331 | 13331 |
|  1 day TONAR Annual | 0.80 annually | Receive | 6/15/2052 | JPY | 50000000 | (2760) | 52269 | 49509 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 85000000 | 23054 | 58057 | 81111 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 57000000 | 14235 | 40157 | 54392 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 19000000 | 4413 | 13718 | 18131 |
|  1 day SOFR Annual | 2.62 annually | Receive | 2/15/2048 | USD | 1400000 |  | 160780 | 160780 |
|  1 day TONAR Annual | 0.67 annually | Receive | 2/9/2052 | JPY | 34000000 |  | 41127 | 41127 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 700000 | 150164 | 37725 | 187889 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 11000000 | 3605 | 6892 | 10497 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 12000000 | 3594 | 7857 | 11451 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 19000000 | 4624 | 13507 | 18131 |
|  1 day TONAR Annual | 0.50 annually | Receive | 3/15/2042 | JPY | 29000000 | 7331 | 20342 | 27673 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 300000 | 61735 | 18789 | 80524 |
|  1 day TONAR Annual | 0.45 annually | Receive | 12/15/2051 | JPY | 19000000 | 11552 | 19977 | 31529 |
|  1 day SOFR at termination | 4.27 at termination | Receive | 9/13/2024 | USD | 3300000 |  | 3810 | 3810 |
|  1 day SOFR Annual | 2.00 annually | Receive | 12/21/2032 | USD | 300000 | 27365 | 10511 | 37876 |
|  1 day SONIA Annual | 2.00 annually | Receive | 3/15/2053 | GBP | 600000 | 184739 | 5256 | 189995 |
|  1 day CDI at termination | 12.99 at termination | Pay | 1/4/2027 | BRL | 2317917 |  | 8054 | 8054 |
|  1 day CDI at termination | 13.02 at termination | Pay | 1/4/2027 | BRL | 2315096 |  | 8612 | 8612 |
|  1 day CDI at termination | 12.98 at termination | Pay | 1/4/2027 | BRL | 4637495 |  | 15780 | 15780 |
|  1 day TONAR Annual | 0.45 annually | Receive | 12/15/2051 | JPY | 18000000 | 10679 | 19191 | 29870 |
|  1 day SOFR Annual | 1.75 annually | Receive | 12/21/2052 | USD | 1300000 | 233369 | 115569 | 348938 |
|  1 day TONAR Semi-Annual | 0.75 semi-annually | Receive | 12/20/2038 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;188680000 | (113914) | 209887 | 95973 |
|  |  |  |  |  |  | 1795489 | 1297129 | 3092618 |

---

See Notes to Financial Statements.

1284

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Index (1)** | **Fixed Rate** | **Pay/<br>Receive<br>Floating<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)**<br>**Receipts<br>($)** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** | **Value**<br>**($)** |
|  6 month EURIBOR Semi-Annual | 1.75 annually | Pay | 3/15/2033 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 | (33963) | (412486) | (446449) |
|  6 month EURIBOR Semi-Annual | 1.75 annually | Pay | 3/15/2033 | EUR | 3350000 | (36205) | (410244) | (446449) |
|  6 month EURIBOR Semi-Annual | 1.00 annually | Pay | 5/18/2027 | EUR | 2200000 |  | (202520) | (202520) |
|  6 month EURIBOR Semi-Annual | 1.75 annually | Pay | 3/15/2033 | EUR | 900000 | (8093) | (111849) | (119942) |
|  6 month EURIBOR Semi-Annual | 1.75 annually | Pay | 3/15/2033 | EUR | 3400000 | (14112) | (439000) | (453112) |
|  1 day SOFR Annual | 2.85 annually | Pay | 8/29/2027 | USD | 6600000 |  | (261858) | (261858) |
|  1 day SOFR Annual | 1.79 annually | Pay | 5/3/2027 | USD | 2600000 |  | (216693) | (216693) |
|  |  |  |  |  |  | (92373) | (2054650) | (2147023) |
|  Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | Total Centrally Cleared Interest rate swap contracts outstanding | 1703116 | (757521) | 945595 |

---

(1) Value of floating rate index at December 31, 2022 was as follows:

---

| | |
|:---|:---|
| **Floating Rate Index** | **Value** |
|  1 day CDI BRL | 12.62% |
|  1 day SOFR USD | 4.30% |
|  1 day SONIA GBP | 3.43% |
|  1 day TONAR JPY | (0.02)% |
|  6 month EURIBOR EUR | 2.69% |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical**<br> **Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41752462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41752462 |
|  **Centrally Cleared Credit Default Swaps** |  | 4982 |  | 4982 |
|  **Centrally Cleared Interest Rate Swaps** |  | 1315395 |  | 1315395 |
|  **Collateralized Mortgage Obligations** |  | 11909745 | 300293 | 12210038 |
|  **Commercial Mortgage-Backed Securities** |  | 19932588 |  | 19932588 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 2543947 |  | 2543947 |
|  Consumer Discretionary |  | 3304066 |  | 3304066 |
|  Energy |  | 2659905 |  | 2659905 |
|  Financials |  | 31470589 |  | 31470589 |
|  Health Care |  | 716680 |  | 716680 |
|  Industrials |  | 2374484 |  | 2374484 |
|  Information Technology |  | 4519615 |  | 4519615 |
|  Real Estate |  | 14982618 |  | 14982618 |
|  Utilities |  | 12009246 |  | 12009246 |
|  **Foreign Government Securities** |  | 6681129 |  | 6681129 |
|  **Forward Currency Contracts** |  | 127063 |  | 127063 |
|  **Futures** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992848 |  |  | 992848 |

---

See Notes to Financial Statements.

1285

------

**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for**<br> **Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,**<br> **interest rates,**<br> **prepayment speeds,**<br> **credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Mortgage-Backed Securities** | $— | $92349123 | $— | $92349123 |
|  **Municipal Bonds** |  | 2630825 |  | 2630825 |
|  **Options Purchased** |  |  |  |  |
|  Call Options Purchased |  | 185312 |  | 185312 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 4040549 |  | 4040549 |
|  Foreign Government Treasury Bill |  | 1751754 |  | 1751754 |
|  Investment Company | 200000 |  |  | 200000 |
|  Repurchase Agreements |  | 2699693 |  | 2699693 |
|  **U.S. Treasury Obligations** |  | 77448075 |  | 77448075 |
|  **Total Assets** | $**1192848** | $**337409845** | $**300293** | $**338902986** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Credit Default Swaps** | $— | $(26445) | $— | $(26445) |
|  **OTC Credit Default Swaps** |  | (5523) |  | (5523) |
|  **Centrally Cleared Interest Rate Swaps** |  | (2072916) |  | (2072916) |
|  **Forward Currency Contracts** |  | (685780) |  | (685780) |
|  **Futures** | (20676) |  |  | (20676) |
|  **Options Written** |  |  |  |  |
|  Call Options Written |  | (4290) |  | (4290) |
|  Put Options Written | (267900) | (319943) |  | (587843) |
|  **Total Liabilities** | $**(288576)** | $**(3114897)** | $**—** | $**(3403473)** |
|  **Total** | $**904272** | $**334294948** | $**300293** | $**335499513** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $2493555 |
|  Foreign exchange contracts | Receivables | 127063 |
|  Credit contracts | Receivables | 4982 |
|  **Total** |  | $2625600 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(2685725) |
|  Foreign exchange contracts | Payables | (685780) |
|  Credit contracts | Payables | (31968) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3403473 |

---

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

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

See Notes to Financial Statements.

1286

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(187124) | $(598583) | $— | $992023 | $206316 |
|  Foreign exchange contracts | 14151 |  | 757515 |  | 771666 |
|  Credit contracts |  |  |  | (214844) | (214844) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172973) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763138 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(232223) | $784685 | $— | $(780344) | $(227882) |
|  Foreign exchange contracts |  |  | (766442) |  | (766442) |
|  Credit contracts |  |  |  | (65962) | (65962) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232223) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(766442) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(846306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060286) |

---

^ The Portfolio held forward foreign currency contracts, futures contracts, option contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held option contracts with an average notional balance of approximately $532,000 for ten months, forward foreign currency contracts with an average settlement value of approximately $59,452,000, futures contracts with an average notional balance of approximately $48,173,000 and swaps contracts with an average notional balance of approximately $61,767,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $106761 | $(106761) | $— | $— |
|  Barclays Bank plc | 3668 | (2437) |  | 1231 |
|  Citibank NA | 10940 | (10940) |  |  |
|  Goldman Sachs Bank USA | 51221 | (51221) |  |  |
|  HSBC Bank plc | 18660 | (18660) |  |  |
|  Morgan Stanley | 121125 | (121125) |  |  |
|  **Total** | $312375 | $(311144) | $— | $1231 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged\*** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $315813 | $(106761) | $(209052) | $— |
|  Barclays Bank plc | 2437 | (2437) |  |  |
|  Citibank NA | 48914 | (10940) |  | 37974 |
|  Goldman Sachs Bank USA | 208420 | (51221) | (73072) | 84127 |
|  HSBC Bank plc | 302198 | (18660) |  | 283538 |
|  JPMorgan Chase Bank | 8 |  |  | 8 |
|  Morgan Stanley | 137746 | (121125) |  | 16621 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311144) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422268 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

*\** *The table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged is $47,421.* 

See Notes to Financial Statements.

1287

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

**Sale-Buyback Transactions:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed (1)** | **Payable for<br>Sale-Buyback<br>Transactions (2)** |
|  BofA Securities, Inc. | 4.45% | 12/21/2022 | 1/11/2023 | $(1481719) | $(1483102) |
|  Credit Suisse | 4.33 | 12/30/2022 | 1/3/2023 | (2174563) | (2174921) |
|  Morgan Stanley & Co. LLC | 4.27 | 11/29/2022 | 1/6/2023 | (858344) | (859549) |
|  Morgan Stanley & Co. LLC | 4.43 | 12/19/2022 | 1/9/2023 | (1812967) | (1816964) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6334536) |

---

(1) The average amount of borrowings while outstanding for 99 days during the year ended December 31, 2022, was
approximately $4,790,000 at a weighted average interest rate of 2.99%.

(2) Payable for sale-buyback transactions includes $6,943 of deferred price drop on sale-buyback transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight<br>and<br>Continuous** | **Up to 30<br>Days** | **30 - 90<br>Days** | **Greater<br>than<br>90 Days** | **Total** |
|  **Sale-Buyback** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $— | $(859549) | $— | $— | $(859549) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  | (5474987) |  |  | (5474987) |
|  **Total Borrowings** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6334536) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(6334536) |
|  **Gross amount of recognized liabilities for sale-buybacks** |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6334536) |

---

The following is a summary by counterparty of sale-buyback transactions and collateral (received)/pledged as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Payable for<br>Sale-Buyback<br>Transactions** | **Collateral<br>Pledged<br>(Sale-buyback<br>positions)** | **Cash<br>Collateral<br>(Received)/<br>Pledged** | **Net<br>Exposure (3)** |
|  BofA Securities, Inc. | $(1483102) | $1481177 | $— | $(1925) |
|  Credit Suisse | (2174921) | 2172394 |  | (2527) |
|  Morgan Stanley & Co. LLC | (2676513) | 2634775 |  | (41738) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6334536) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46190) |

---

(3) Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1235907341 |
|  Long-term U.S. government debt securities | 24452300 |
|  | $1260359641 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1204703719 |
|  Long-term U.S. government debt securities | 29874407 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234578126 |

---

See Notes to Financial Statements.

1288

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $12748232 |
|  Aggregate gross unrealized depreciation | (36717249) |
|  Net unrealized depreciation | $(23969017) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361043185 |

---

See Notes to Financial Statements.

1289

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**EQ ADVISORS TRUST** 

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $355,619,165) | $333763005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $2,699,693) | 2699693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 533774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $515,073) | 521755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 973000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for swaps | 1511000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 13377375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1595735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker  | 1077044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 153015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 127063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 108827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 50393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 29121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 356526162 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 84219949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback financing transactions | 6334536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 2899693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 685780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $365,186) | 592133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 538271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 299906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value on OTC swap contracts (Premiums received $121,493) | 127016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 61050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 56104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 21328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 90712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 96146478 |
|  **NET ASSETS** | $260379684 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $305946949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (45567265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $260379684 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $260,379,684 / 28,604,311 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.10 |

---

*(x)* *Includes value of securities on loan of $2,838,870.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $8795425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 8045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8803470 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1415693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 707847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 262514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 105199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 94424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 45067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 26937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 47566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2714590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (547077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2167513 |
|  **NET INVESTMENT INCOME (LOSS)** | 6635957 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (15486319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (598583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 757515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 86742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 777179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (172973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14636439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (35644442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 784685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (766442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 58368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (238775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (846306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36652912) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (51289351) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(44653394) |

---

See Notes to Financial Statements.

1290

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6635957 | $4864470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (14636439) | 345651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36652912) | (10032895) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (44653394) | (4822774) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (8761714) | (6648558) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,394,926 and 5,829,103 shares, respectively ] | 23709519 | 65084303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 946,663 and 606,447 shares, respectively ] | 8761714 | 6648558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4505267) and (6153846) shares, respectively ] | (44467808) | (68645434) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (11996575) | 3087427 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (65411683) | (8383905) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 325791367 | 334175272 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $260379684 | $325791367 |

---

See Notes to Financial Statements.

1291

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**EQ ADVISORS TRUST** 

EQ/PIMCO TOTAL RETURN ESG PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $10.94 | $11.33 | $11.00 | $10.57 | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.23 | 0.16 | 0.20 | 0.29 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.75) | (0.33) | 0.74 | 0.63 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.52) | (0.17) | 0.94 | 0.92 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.19) | (0.21) | (0.22) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.03) | (0.40) | (0.27) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.22) | (0.61) | (0.49) | (0.11) |
|  Net asset value, end of period | $9.10 | $10.94 | $11.33 | $11.00 | $10.57 |
|  Total return (b) | (13.99)% | (1.44)% | 8.58% | 8.68% | 1.62% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252833 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.77 %(g)(j) | 0.75 %(k) | 0.75 %(k) | 1.30 %(g)(m) | 1.39 %(g)(n) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.96 %(g) | 0.92% | 0.93% | 1.51 %(g) | 1.60 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 2.34% | 1.47% | 1.69% | 2.62% | 2.68 %(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 2.15% | 1.30% | 1.51% | 2.41% | 2.47 %(l) |
|  Portfolio turnover rate^ | 364% | 307% | 515% | 430% | 122 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.02%, 0.64% and 0.55% for the years ended December 31, 2022, 2019 and 2018 respectively.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.77% for Class IB.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 0.75% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(m)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.30% for Class IB.* 

*(n)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.39% for Class IB.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1292

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**EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

PERFORMANCE RESULTS

![LOGO](g401674g24e89.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (0.57)% | 0.70% | 0.70 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (0.57) | 0.72 | 0.71 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (0.43) | 0.94 | 0.95 |  |
| &nbsp;&nbsp;&nbsp; ICE BofA 3-Month U.S. Treasury Bill Index | 1.47 | 1.27 | 0.77 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (0.57)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 1.47% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Liquidity management strategies

***What hurt performance during the year:***

• U.S. interest rate strategies

• Positioning in Agency mortgage-backed securities and other securitized assets

• Positioning in investment grade corporate credit, particularly financials

***How derivatives contributed/detracted from performance during the year:***

U.S. Interest rate strategies, which were a net detractor for the year, were partially facilitated through the use of futures, contributing to performance over the year.

**Portfolio Positioning and Outlook — PIMCO** 

After facing difficulties on all fronts in 2022, we believe investors should be rewarded with more opportunities in the year ahead, even as the global economy confronts headwinds. We expect a modest recession in 2023 across developed markets as central banks continue to battle inflation, yet uncertainties remain. Any recession could further challenge riskier assets such as equities and lower-quality corporate credit. But we believe the repricing across financial markets in 2022 has improved prospects for returns elsewhere, particularly in bonds. We are focusing on high quality fixed income sectors that offer more attractive yields than they have in several years.

Rather than taking greater risks to chase incremental returns, we're seeking to make Portfolios resilient, targeting investments that should be able to withstand even a more significant downturn. In other words, we're expecting a mild recession but preparing in case of something deeper. In this environment, we want to be careful in overall risk positioning and keep dry powder to allow us to add risk to Portfolios in the event of notable new information on the outlook or significant market moves.

Overall, we do not expect to make large changes in current positioning based on the outlook and valuations. Rather, we are focused on identifying asymmetric trades across the range of plausible scenarios to complement current positioning. We expect a yield range of about 3.25% to 4.25% for the 10-year U.S. Treasury in our baseline, and broader ranges across scenarios for 2023, with a view of being neutral on duration – a gauge of interest rate risk – or having a tactical underweight position at current levels. Treasury Inflation Protected Securities (TIPS) pricing suggests high confidence in the Federal Reserve's anti-inflation credibility and could provide a reasonably priced cushion against more adverse inflation scenarios.

1293

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**EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 0.05 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.91 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 0.10 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | A+ |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 14.4% |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 13.4 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 12.6 |
| &nbsp;&nbsp;&nbsp; Financials | 11.7 |
| &nbsp;&nbsp;&nbsp; Utilities | 6.9 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 5.8 |
| &nbsp;&nbsp;&nbsp; Industrials | 3.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 3.6 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.9 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.7 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 2.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 1.9 |
| &nbsp;&nbsp;&nbsp; Materials | 1.6 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.2 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.1 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 13.9 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

1294

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**EQ/PIMCO ULTRA SHORT BOND PORTFOLIO (Unaudited)** 

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1012.90 | $4.05 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.18 | 4.07 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1012.90 | 4.05 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.18 | 4.07 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1014.40 | 2.78 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.44 | 2.80 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.80%, 0.80% and 0.55%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.80%, 0.80% and 0.55%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.80%, 0.80% and 0.55%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.80%, 0.80% and 0.55%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1295

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (13.4%)** | **Asset-Backed Securities (13.4%)** | **Asset-Backed Securities (13.4%)** |
|  American Tower Trust #1 (REIT),<br>3.070%, 3/15/23§ | $3000000 | $2982470 |
|  Arkansas Student Loan Authority,<br>Series 2010-1 A<br>5.634%, 11/25/43 (l) | 417350 | 417762 |
|  BA Credit Card Trust,<br>Series 2022-A2 A2<br>5.000%, 4/17/28 | 2800000 | 2830953 |
|  Carmax Auto Owner Trust,<br>Series 2022-4 A2B<br>4.707%, 12/15/25 (l) | 4000000 | 4012391 |
|  Citibank Credit Card Issuance Trust,<br>Series 2017-A5 A5<br>4.981%, 4/22/26 (l) | 3000000 | 2998027 |
|  Citigroup Mortgage Loan Trust,<br>Series 2007-AMC2 A3A<br>4.469%, 1/25/37 (l) | 32438 | 21794 |
|  Dell Equipment Finance Trust,<br>Series 2021-2 A2<br>0.330%, 12/22/26§ | 1832418 | 1810278 |
|  DLLST LLC,<br>Series 2022-1A A1<br>1.560%, 5/22/23§ | 54493 | 54390 |
|  Edsouth Indenture No. 3 LLC,<br>Series 2012-2 A<br>5.119%, 4/25/39 (l)§ | 270023 | 269390 |
|  Enterprise Fleet Financing LLC,<br>Series 2019-3 A2<br>2.060%, 5/20/25§ | 55182 | 55086 |
|  FirstKey Homes Trust,<br>Series 2020-SFR2 A<br>1.266%, 10/19/37§ | 5241073 | 4660794 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1<br>0.700%, 9/15/25 | 6400000 | 6192566 |
|  Foursight Capital Automobile Receivables Trust, | Foursight Capital Automobile Receivables Trust, | Foursight Capital Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A2<br>0.400%, 4/15/25§ | 145974 | 145609 |
|  GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, | GM Financial Automobile Leasing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3 A2B<br>4.536%, 10/21/24 (l) | 6000000 | 5998455 |
|  GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, | GMF Floorplan Owner Revolving Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>0.680%, 8/15/25§ | 3000000 | 2911186 |
|  GSAA Home Equity Trust,<br>Series 2007-6 A4<br>4.989%, 5/25/47 (l) | 81477 | 53954 |
|  LCCM Trust,<br>Series 2021-FL2 A<br>5.518%, 12/13/38 (l)§ | 12000000 | 11713492 |
|  LL ABS Trust,<br>Series 2021-1A A<br>1.070%, 5/15/29§ | 213173 | 205839 |
|  LMREC LLC,<br>Series 2021-CRE4 A<br>5.436%, 4/22/37 (l)§ | 4752180 | 4611890 |
|  Massachusetts Educational Financing Authority, | Massachusetts Educational Financing Authority, | Massachusetts Educational Financing Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1 A1<br>5.308%, 4/25/38 (l) | 68244 | 66946 |
|  MMAF Equipment Finance LLC,<br>Series 2022-B A1<br>4.924%, 12/1/23§ | 1690277 | 1690324 |
|  Navient Private Education Loan Trust, | Navient Private Education Loan Trust, | Navient Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-AA A2A<br>2.650%, 12/15/28§ | 72550 | 71723 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA A<br>1.690%, 5/15/69§ | 1304635 | 1175042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA A<br>1.170%, 9/16/69§ | 1047120 | 901849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA A1B<br>5.318%, 4/15/69 (l)§ | 3561310 | 3464509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA A<br>1.110%, 2/18/70§ | 9478523 | 8009085 |
|  Navient Student Loan Trust,<br>Series 2017-5A A<br>5.189%, 7/26/66 (l)§ | 2401178 | 2327537 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 A5<br>4.873%, 12/24/35 (l) | 1786667 | 1724787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-5A A<br>5.019%, 1/25/37 (l)§ | 908364 | 887640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A<br>5.189%, 9/25/65 (l)§ | 4196726 | 4175389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A<br>5.289%, 6/27/67 (l)§ | 835662 | 834344 |
|  Northstar Education Finance, Inc.,<br>Series 2012-1 A<br>5.089%, 12/26/31 (l)§ | 240936 | 239323 |
|  PHEAA Student Loan Trust,<br>Series 2016-2A A<br>5.339%, 11/25/65 (l)§ | 1465611 | 1429093 |
|  PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3 A1<br>1.868%, 7/25/51 (e)§ | 6055479 | 5299769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL6 A1<br>2.487%, 7/25/51 (e)§ | 2730318 | 2463247 |
|  Pretium Mortgage Credit Partners LLC, | Pretium Mortgage Credit Partners LLC, | Pretium Mortgage Credit Partners LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RN1 A1<br>1.992%, 2/25/61 (e)§ | 1264233 | 1138258 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A2<br>2.120%, 10/15/26 | 1251400 | 1247806 |
|  SLM Student Loan Trust, | SLM Student Loan Trust, | SLM Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 A7B<br>4.958%, 10/25/29 (l)§ | 919314 | 915093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 A4<br>4.508%, 10/25/29 (l) | 587334 | 585295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-9 A<br>5.858%, 4/25/23 (l) | 1315836 | 1294336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-1 A<br>4.789%, 3/25/25 (l) | 1731874 | 1664140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-3 A<br>5.039%, 12/27/38 (l) | 4679654 | 4461162 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C A2A<br>2.340%, 9/15/34§ | 1673404 | 1595583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A<br>1.600%, 9/15/54§ | 1300267 | 1148467 |

---

See Notes to Financial Statements.

1296

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Tesla Auto Lease Trust,<br>Series 2021-B A2<br>0.360%, 9/22/25§ | $| 2143405 | $| 2093688 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>1.350%, 5/25/33§ |  | 5600000 |  | 5115675 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-20I 1<br>5.130%, 9/1/23 |  | 112 |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20C 1<br>4.340%, 3/1/24 |  | 1580 |  | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20B 1<br>4.625%, 2/1/25 |  | 4028 |  | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 |  | 324247 |  | 324360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20H 1<br>6.020%, 8/1/28 |  | 331372 |  | 333096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 108629552 |
|  **Collateralized Mortgage Obligations (14.4%)** | **Collateralized Mortgage Obligations (14.4%)** | **Collateralized Mortgage Obligations (14.4%)** | **Collateralized Mortgage Obligations (14.4%)** | **Collateralized Mortgage Obligations (14.4%)** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-61 2A1<br>4.949%, 12/25/35 (l) |  | 5479 |  | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-62 2A1<br>3.048%, 12/25/35 (l) |  | 23772 |  | 19205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.709%, 2/25/47 (l) |  | 108527 |  | 91876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7 A1A<br>4.749%, 5/25/47 (l) |  | 24685 |  | 20662 |
|  American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, | American Home Mortgage Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1<br>4.579%, 5/25/46 (l) |  | 1343752 |  | 1085065 |
|  Arroyo Mortgage Trust,<br>Series 2021-1R A1<br>1.175%, 10/25/48 (l)§ |  | 707440 |  | 556377 |
|  BCAP LLC Trust,<br>Series 2006-AA2 A1<br>4.729%, 1/25/37 (l) |  | 139866 |  | 117463 |
|  Bear Stearns ALT-A Trust,<br>Series 2005-7 22A1<br>3.729%, 9/25/35 (l) |  | 325412 |  | 200389 |
|  Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, | Bear Stearns ARM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11 1A2<br>3.250%, 2/25/33 (l) |  | 584 |  | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-3 3A2<br>3.333%, 5/25/33 (l) |  | 8176 |  | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>3.830%, 1/25/34 (l) |  | 577 |  | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 4A1<br>4.010%, 1/25/34 (l) |  | 2506 |  | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 15A1<br>4.251%, 1/25/35 (l) |  | 11777 |  | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 21A1<br>3.987%, 1/25/35 (l) |  | 193430 |  | 174639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3 1A1<br>3.255%, 5/25/47 (l) |  | 617815 |  | 545208 |
|  CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 11A1<br>3.679%, 8/25/34 (l) |  | 6359 |  | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-25 A11<br>5.500%, 11/25/35 |  | 54526 |  | 28297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 1A2<br>4.969%, 4/25/35 (l) |  | 43021 |  | 36942 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A1A<br>3.950%, 5/25/35 (l) |  | 1072 |  | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 A2A<br>5.410%, 10/25/35 (l) |  | 33134 |  | 30497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-12 2A1<br>5.189%, 8/25/35 (l)§ |  | 80642 |  | 77175 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A1<br>6.080%, 9/25/35 (l) |  | 2418 |  | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6 A2<br>3.790%, 9/25/35 (l) |  | 6262 |  | 5987 |
|  Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., | Credit Suisse First Boston Mortgage Securities Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-P1A A<br>3.792%, 3/25/32 (l)§ |  | 233 |  | 211 |
|  CSMC Trust,<br>Series 2019-RP10 A1<br>2.963%, 12/26/59 (l)§ |  | 705054 |  | 695918 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR2 7A1<br>2.916%, 10/25/35 (l) |  | 3923 |  | 3881 |
|  Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, | Deutsche Alt-B Securities Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AB4 A1B1<br>4.489%, 10/25/36 (l) |  | 446 |  | 378 |
|  FHLMC, | FHLMC, | FHLMC, | FHLMC, | FHLMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2142 Z<br>6.500%, 4/15/29 |  | 1183 |  | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2411 FJ<br>4.668%, 12/15/29 (l) |  | 299 |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3222 FN<br>4.718%, 9/15/36 (l) |  | 8470 |  | 8317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3241 FM<br>4.698%, 11/15/36 (l) |  | 4867 |  | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3245 NF<br>4.798%, 11/15/36 (l) |  | 157782 |  | 154686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 330 F4<br>3.604%, 10/15/37 STRIPS (l) |  | 2112158 |  | 2075048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 343 F4<br>3.713%, 10/15/37 STRIPS (l) |  | 607473 |  | 600103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3807 FM<br>4.818%, 2/15/41 (l) |  | 173471 |  | 170837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3850 FC<br>4.738%, 4/15/41 (l) |  | 140428 |  | 137793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3898 TF<br>4.818%, 7/15/39 (l) |  | 11692 |  | 11492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3927 FH<br>4.768%, 9/15/41 (l) |  | 144752 |  | 141463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4283 JF<br>4.718%, 12/15/43 (l) |  | 1414783 |  | 1380356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4367 GF<br>3.090%, 3/15/37 (l) |  | 1475916 |  | 1423462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4615 AF<br>3.338%, 10/15/38 (l) |  | 549659 |  | 534494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4678 AF<br>3.104%, 12/15/42 (l) |  | 2187991 |  | 2170526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774 BF<br>4.618%, 2/15/48 (l) |  | 1954633 |  | 1875467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4779 WF<br>3.206%, 7/15/44 (l) |  | 2391009 |  | 2355865 |

---

See Notes to Financial Statements.

1297

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4875 F<br>4.768%, 4/15/49 (l) | $1246441 | $1211841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4906 WF<br>2.944%, 12/15/38 (l) | 951093 | 943067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4913 FC<br>3.151%, 6/15/44 (l) | 1688416 | 1677821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4948 E<br>2.500%, 10/25/48 | 466037 | 415652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5115 EM<br>1.000%, 9/15/44 | 6269804 | 5307188 |
|  FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, | FHLMC Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-57 1A1<br>6.500%, 7/25/43 | 2212 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-62 1A1<br>3.248%, 10/25/44 (l) | 116915 | 116348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T-63 1A1<br>2.572%, 2/25/45 (l) | 149774 | 150278 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AA1 A1<br>4.538%, 6/25/34 (l) | 19259 | 17846 |
|  First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, | First Horizon Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR3 2A1<br>3.875%, 8/25/35 (l) | 20922 | 14331 |
|  FNMA, | FNMA, | FNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W8 3F2<br>4.739%, 5/25/42 (l) | 8332 | 8192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38 F<br>4.689%, 5/25/35 (l) | 13286 | 13055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-118 A2<br>3.644%, 12/25/36 (l) | 49594 | 48684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 3A2<br>3.257%, 5/25/35 (l) | 22890 | 22725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109 GF<br>5.069%, 12/25/37 (l) | 375897 | 372121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-84 FN<br>4.889%, 8/25/37 (l) | 128786 | 126902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-74 AF<br>4.929%, 7/25/37 (l) | 120418 | 119042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-42 FA<br>3.277%, 7/25/44 (l) | 592508 | 573537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-86 PA<br>2.000%, 12/25/44 | 213411 | 187230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-64 KF<br>3.401%, 9/25/45 (l) | 2432061 | 2373538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11 AF<br>3.388%, 3/25/46 (l) | 1764701 | 1711071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-84 DF<br>3.289%, 11/25/46 (l) | 515711 | 501017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-97 CF<br>3.333%, 12/25/56 (l) | 1111995 | 1077786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-108 AF<br>4.689%, 1/25/48 (l) | 949874 | 922579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-41 FD<br>4.889%, 8/25/59 (l) | 872736 | 845768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53 FA<br>3.315%, 9/25/49 (l) | 2030954 | 1955528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60 WF<br>3.366%, 10/25/59 (l) | 1114865 | 1113002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22 FA<br>4.789%, 4/25/50 (l) | 3831789 | 3700883 |
|  GCAT Trust,<br>Series 2021-NQM3 A1<br>1.091%, 5/25/66 (l)§ | 1469759 | 1171011 |
|  GNMA, | GNMA, | GNMA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H08 FC<br>4.412%, 4/20/62 (l) | 763667 | 758502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FA<br>4.392%, 4/20/62 (l) | 925068 | 918812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H12 FB<br>4.854%, 2/20/62 (l) | 949307 | 949771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H13 FT<br>4.991%, 5/20/63 (l) | 625628 | 623458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04 FA<br>3.494%, 12/20/64 (l) | 988336 | 968358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H32 FA<br>3.896%, 12/20/65 (l) | 2177241 | 2139920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>4.585%, 6/20/66 (l) | 1920473 | 1901255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H17 FK<br>4.640%, 7/20/66 (l) | 457758 | 453236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H20 PT<br>4.398%, 9/20/66 (l) | 2099961 | 2144021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H07 FG<br>4.302%, 2/20/67 (l) | 4753516 | 4714303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H12 FE<br>4.042%, 6/20/66 (l) | 22864 | 22775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18 FC<br>4.192%, 8/20/65 (l) | 2211643 | 2194838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54 KF<br>2.500%, 5/20/44 (l) | 1583215 | 1507509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-90 F<br>4.803%, 7/20/49 (l) | 1511757 | 1461115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-17 EU<br>2.500%, 10/20/49 | 240873 | 210183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-63 PF<br>4.753%, 4/20/50 (l) | 5386017 | 5209441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122 FA<br>3.000%, 7/20/51 (l) | 12401250 | 10633272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09 FG<br>5.326%, 6/20/71 (l) | 1289818 | 1318960 |
|  GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, | GreenPoint Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 1A1<br>4.929%, 11/25/45 (l) | 9756 | 8775 |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL1 A1<br>1.750%, 12/25/60 (l)§ | 5200098 | 4705070 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR2 A9<br>4.371%, 2/25/52 (l)§ | 2188756 | 1990886 |
|  GSR Mortgage Loan Trust,<br>Series 2005-AR6 2A1<br>3.767%, 9/25/35 (l) | 8216 | 7679 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 2A1A<br>4.779%, 5/19/35 (l) | 4645 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1A<br>4.819%, 3/19/36 (l) | 39605 | 34274 |
|  IndyMac INDX Mortgage Loan Trust,<br>Series 2004-AR11 2A<br>3.837%, 12/25/34 (l) | 20899 | 19680 |

---

See Notes to Financial Statements.

1298

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  JP Morgan Mortgage Trust,<br>Series 2021-12 A11<br>4.371%, 2/25/52 (l)§ | $| 847544 | $| 770816 |
|  Legacy Mortgage Asset Trust,<br>Series 2021-SL2 A<br>1.875%, 10/25/68 (e)§ |  | 874345 |  | 785220 |
|  MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, | MASTR Adjustable Rate Mortgages Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13 3A7<br>3.874%, 11/21/34 (l) |  | 8567 |  | 7685 |
|  MASTR Alternative Loan Trust,<br>Series 2003-5 6A1<br>6.000%, 8/25/33 |  | 162971 |  | 154675 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, | Mellon Residential Funding Corp. Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2001-TBC1 A1<br>5.018%, 11/15/31 (l) |  | 5438 |  | 5154 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 5A<br>4.385%, 11/25/35 (l) |  | 14644 |  | 13650 |
|  MFA Trust,<br>Series 2020-NQM2 A1<br>1.381%, 4/25/65 (l)§ |  | 1094467 |  | 982166 |
|  Mill City Mortgage Loan Trust,<br>Series 2017-2 A1<br>2.750%, 7/25/59 (l)§ |  | 176739 |  | 173897 |
|  MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, | MRFC Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2000-TBC3 A1<br>4.758%, 12/15/30 (l) |  | 1611 |  | 1501 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3 A1<br>2.750%, 7/25/59 (l)§ |  | 4665951 |  | 4338872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1 A1<br>2.750%, 11/25/59 (l)§ |  | 3943499 |  | 3597356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R A1<br>0.941%, 10/25/58 (l)§ |  | 1497990 |  | 1296250 |
|  RALI Trust,<br>Series 2005-QO1 A1<br>4.689%, 8/25/35 (l) |  | 8150 |  | 6115 |
|  Reperforming Loan REMIC Trust,<br>Series 2005-R2 1AF1<br>4.729%, 6/25/35 (l)§ |  | 8779 |  | 8262 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>5.113%, 10/20/27 (l) |  | 498 |  | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>5.053%, 7/20/33 (l) |  | 296801 |  | 269036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 A2<br>4.008%, 3/20/35 (l) |  | 238764 |  | 214302 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 A1<br>1.486%, 4/25/65 (l)§ |  | 430760 |  | 394338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A1<br>0.943%, 5/25/65 (l)§ |  | 3484006 |  | 3217174 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1 4A2<br>3.780%, 2/25/34 (l) |  | 10739 |  | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19 2A1<br>3.448%, 1/25/35 (l) |  | 8299 |  | 6849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 3A1<br>3.678%, 8/25/35 (l) |  | 23592 |  | 20007 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5 1A1<br>4.999%, 10/19/34 (l) |  | 9513 |  | 8852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.839%, 7/19/35 (l) |  | 22222 |  | 19512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A2<br>4.839%, 7/19/35 (l) |  | 21470 |  | 19842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR4 2A1<br>4.769%, 6/25/36 (l) |  | 4283 |  | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.809%, 5/25/36 (l) |  | 277070 |  | 208051 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3 A1<br>3.750%, 5/25/58 (l)§ |  | 1079205 |  | 1021246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2 A1<br>5.389%, 5/25/58 (l)§ |  | 645158 |  | 639101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY3 A1A<br>5.389%, 10/25/59 (l)§ |  | 678687 |  | 671289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A1<br>2.710%, 1/25/60 (l)§ |  | 2243099 |  | 2057678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2 A1A<br>1.636%, 4/25/60 (l)§ |  | 6942747 |  | 6113236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ2 A1A<br>2.250%, 12/25/61 (l)§ |  | 778734 |  | 712648 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17 1A<br>3.248%, 11/25/42 (l) |  | 1207 |  | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR2 A<br>2.835%, 2/27/34 (l) |  | 640 |  | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR1 A5<br>2.334%, 3/25/33 (l) |  | 92515 |  | 86627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR1 A<br>2.585%, 3/25/34 (l) |  | 148022 |  | 144223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13 A1A1<br>4.969%, 10/25/45 (l) |  | 23621 |  | 21737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR15 A1A1<br>4.909%, 11/25/45 (l) |  | 8746 |  | 7808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR15 2A<br>3.548%, 11/25/46 (l) |  | 9574 |  | 8220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 A1A<br>3.048%, 2/25/46 (l) |  | 12649 |  | 11072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7 3A<br>3.096%, 7/25/46 (l) |  | 55320 |  | 44743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 116448906 |
|  **Commercial Mortgage-Backed Securities (5.8%)** | **Commercial Mortgage-Backed Securities (5.8%)** | **Commercial Mortgage-Backed Securities (5.8%)** | **Commercial Mortgage-Backed Securities (5.8%)** | **Commercial Mortgage-Backed Securities (5.8%)** |
|  280 Park Avenue Mortgage Trust,<br>Series 2017-280P A<br>5.117%, 9/15/34 (l)§ |  | 1000000 |  | 975670 |
|  AREIT Trust,<br>Series 2019-CRE3 A<br>5.710%, 9/14/36 (l)§ |  | 93902 |  | 92224 |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AHT A<br>5.518%, 3/15/34 (l)§ |  | 1300000 |  | 1247929 |
|  BCP Trust,<br>Series 2021-330N A<br>5.117%, 6/15/38 (l)§ |  | 7000000 |  | 6631150 |
|  Beast Mortgage Trust,<br>Series 2021-1818 A<br>5.368%, 3/15/36 (l)§ |  | 2500000 |  | 2384569 |

---

See Notes to Financial Statements.

1299

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  BWAY Mortgage Trust,<br>Series 2021-1450 A<br>5.568%, 9/15/36 (l)§ | $| 2500000 | $| 2379211 |  |
|  CFCRE Commercial Mortgage Trust,<br>Series 2017-C8 ASB<br>3.367%, 6/15/50 |  | 3031567 |  | 2911128 |  |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 AAB<br>2.710%, 8/10/49 |  | 1651497 |  | 1582880 |  |
|  CSMC Trust,<br>Series 2017-CHOP A<br>5.068%, 7/15/32 (l)§ |  | 8000000 |  | 7591782 |  |
|  DBCG Mortgage Trust,<br>Series 2017-BBG A<br>5.018%, 6/15/34 (l)§ |  | 5000000 |  | 4906262 |  |
|  Extended Stay America Trust,<br>Series 2021-ESH A<br>5.398%, 7/15/38 (l)§ |  | 6833346 |  | 6637771 |  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL12 A<br>5.768%, 12/15/31 (l)§ |  | 530228 |  | 521317 |  |
|  LUXE Trust,<br>Series 2021-TRIP A<br>5.368%, 10/15/38 (l)§ |  | 1730499 |  | 1654857 |  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33 ASB<br>3.401%, 5/15/50 |  | 4067495 |  | 3920017 |  |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL6 A<br>5.339%, 7/25/36 (l)§ |  | 2674972 |  | 2524918 |  |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29 ASB<br>3.400%, 6/15/48 |  | 427642 |  | 416304 |  |
|  WFRBS Commercial Mortgage Trust,<br>Series 2014-C21 ASBF<br>4.886%, 8/15/47 (l)§ |  | 436596 |  | 436937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  |  |  | 46814926 |  |
|  **Corporate Bonds (36.1%)** | **Corporate Bonds (36.1%)** | **Corporate Bonds (36.1%)** | **Corporate Bonds (36.1%)** | **Corporate Bonds (36.1%)** |  |
|  **Communication Services (2.9%)** | **Communication Services (2.9%)** | **Communication Services (2.9%)** |  |  |  |
|  ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | ***Diversified Telecommunication Services (1.1%)*** | **** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.89%),<br>5.540%, 2/15/23 (k) |  | 4400000 |  | 4403218 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.18%),<br>5.915%, 6/12/24 (k) |  | 1800000 |  | 1811193 |  |
|  Verizon Communications, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.10%),<br>5.706%, 5/15/25 (k)(x) |  | 2902000 |  | 2919111 |  |
|  |  |  |  | 9133522 |  |
|  ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | ***Entertainment (0.4%)*** | **** |
|  Warnermedia Holdings, Inc.<br>3.428%, 3/15/24§ |  | 800000 |  | 777439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.78%),<br>6.088%, 3/15/24 (k)§ |  | 1300000 |  | 1297186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.788%, 3/15/25§ |  | 900000 |  | 860589 |  |
|  |  |  |  | 2935214 |  |
|  ***Media (1.4%)*** | ***Media (1.4%)*** | ***Media (1.4%)*** | ***Media (1.4%)*** | ***Media (1.4%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.65%),<br>6.090%, 2/1/24 (k) |  | 10066000 |  | 10100727 |  |
|  Time Warner Cable Enterprises LLC<br>8.375%, 3/15/23 |  | 1105000 |  | 1111987 |  |
|  |  |  |  | 11212714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  |  | 23281450 |  |
|  **Consumer Discretionary (3.6%)** | **Consumer Discretionary (3.6%)** | **Consumer Discretionary (3.6%)** |  |  |  |
|  ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | ***Automobiles (1.7%)*** | **** |
|  BMW US Capital LLC<br>(United States SOFR Compounded Index + 0.38%),<br>4.702%, 8/12/24 (k)§ |  | 3000000 |  | 2969602 |  |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/10/23§ |  | 500000 |  | 498553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 4/3/23§ |  | 2500000 |  | 2471997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/18/23 (x)§ |  | 4300000 |  | 4167347 |  |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/23§ |  | 998000 |  | 993760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 3/8/24 (x)§ |  | 2919000 |  | 2735201 |  |
|  |  |  |  | 13836460 |  |
|  ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | ***Hotels, Restaurants & Leisure (1.9%)*** | **** |
|  Hyatt Hotels Corp.<br>1.300%, 10/1/23 |  | 3300000 |  | 3206381 |  |
|  Marriott International, Inc.<br>Series Z<br>4.150%, 12/1/23 (x) |  | 12100000 |  | 11998007 |  |
|  |  |  |  | 15204388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 29040848 |  |
|  **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** |  |  |  |
|  ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | **** |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/10/23 (x)§ |  | 4000000 |  | 3980760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 2/10/24§ |  | 2000000 |  | 1902625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 2/10/24 (m) |  | 573000 |  | 545102 |  |
|  |  |  |  | 6428487 |  |
|  ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | ***Food Products (0.4%)*** | **** |
|  Conagra Brands, Inc.<br>0.500%, 8/11/23 (x) |  | 3000000 |  | 2911770 |  |
|  ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | **** |
|  GSK Consumer Healthcare Capital US LLC | GSK Consumer Healthcare Capital US LLC | GSK Consumer Healthcare Capital US LLC | GSK Consumer Healthcare Capital US LLC | GSK Consumer Healthcare Capital US LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.024%, 3/24/24 |  | 1200000 |  | 1163947 |  |
|  ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | ***Tobacco (1.4%)*** | **** |
|  BAT Capital Corp.<br>2.789%, 9/6/24 |  | 12000000 |  | 11488839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 21993043 |  |
|  **Financials (11.7%)** | **Financials (11.7%)** | **Financials (11.7%)** |  |  |  |
|  ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** | ***Banks (3.3%)*** | **** |
|  Bank of America Corp.<br>(SOFR + 1.46%),<br>1.486%, 5/19/24 (k) |  | 3744000 |  | 3682912 |  |

---

See Notes to Financial Statements.

1300

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.10%),<br>5.750%, 5/17/24 (k) | 14241000 | 14259795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.02%),<br>5.784%, 6/1/24 (k) | 3000000 | 2999104 |  |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.73%),<br>5.055%, 4/23/24 (k)(x) | 2000000 | 1998965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.89%),<br>5.215%, 7/23/24 (k)(x) | 1500000 | 1500964 |  |
|  Wells Fargo & Co.<br>(SOFR + 1.32%),<br>5.650%, 4/25/26 (k) | 2000000 | 1991843 |  |
|  |  | 26433583 |  |
|  ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | ***Capital Markets (2.1%)*** | **** |
|  Ameriprise Financial, Inc.<br>4.000%, 10/15/23 | 1500000 | 1487772 |  |
|  Cantor Fitzgerald LP<br>4.875%, 5/1/24§ | 4726000 | 4638965 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%),<br>5.776%, 5/15/26 (k) | 6685000 | 6607249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.79%),<br>5.101%, 12/9/26 (k)(x) | 1800000 | 1729271 |  |
|  Morgan Stanley<br>(ICE LIBOR USD 3 Month + 1.22%),<br>5.770%, 5/8/24 (k) | 2800000 | 2803891 |  |
|  |  | 17267148 |  |
|  ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | ***Consumer Finance (1.6%)*** | **** |
|  Ally Financial, Inc.<br>3.050%, 6/5/23 | 1400000 | 1388425 |  |
|  General Motors Financial Co., Inc.<br>4.250%, 5/15/23 | 2208000 | 2197773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%), 5.521%, 11/17/23 (k) | 1500000 | 1491210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/13/24 | 6800000 | 6675788 |  |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/15/23§ | 1390000 | 1386779 |  |
|  |  | 13139975 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Corebridge Global Funding<br>0.800%, 7/7/23 (x)§ | 2200000 | 2151131 |  |
|  ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | ***Insurance (4.4%)*** | **** |
|  GA Global Funding Trust<br>1.000%, 4/8/24§ | 10000000 | 9379711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.50%),<br>4.809%, 9/13/24 (k)(x)§ | 400000 | 388340 |  |
|  Jackson National Life Global Funding (SOFR + 1.15%),<br>5.452%, 6/28/24 (k)§ | 3100000 | 3100616 |  |
|  New York Life Global Funding<br>(SOFR + 0.48%),<br>4.791%, 6/9/26 (k)§ | 11000000 | 10642830 |  |
|  Pacific Life Global Funding II<br>(SOFR + 0.62%),<br>4.933%, 6/4/26 (k)§ | 13000000 | 12455310 |  |
|  |  | 35966807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 94958644 |  |
|  **Health Care (0.8%)** | **Health Care (0.8%)** |  |  |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | **** |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/24 | 3000000 | 2974560 |  |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | **** |
|  Bayer US Finance II LLC<br>(ICE LIBOR USD 3 Month + 1.01%),<br>5.779%, 12/15/23 (k)§ | 3300000 | 3290298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 6264858 |  |
|  **Industrials (3.8%)** | **Industrials (3.8%)** |  |  |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | **** |
|  Boeing Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.508%, 5/1/23 | 9900000 | 9885853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 6/15/23 | 700000 | 688791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 2/4/24 | 4600000 | 4399896 |  |
|  Leidos, Inc.<br>2.950%, 5/15/23 | 3000000 | 2975684 |  |
|  |  | 17950224 |  |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | **** |
|  RELX Capital, Inc.<br>3.500%, 3/16/23 | 3500000 | 3492276 |  |
|  ***Machinery (1.0%)*** | ***Machinery (1.0%)*** | ***Machinery (1.0%)*** | **** |
|  Daimler Trucks Finance North America LLC | Daimler Trucks Finance North America LLC | Daimler Trucks Finance North America LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 12/14/23§ | 2000000 | 1921216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%), 4.908%, 12/14/23 (k)§ | 3500000 | 3470041 |  |
|  Komatsu Finance America, Inc.<br>0.849%, 9/9/23 (m) | 3000000 | 2904395 |  |
|  |  | 8295652 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Air Lease Corp.<br>2.250%, 1/15/23 | 800000 | 799057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 30537209 |  |
|  **Information Technology (1.9%)** | **Information Technology (1.9%)** |  |  |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | **** |
|  TD SYNNEX Corp.<br>1.250%, 8/9/24 | 3700000 | 3436180 |  |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | **** |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 3/1/23 (x) | 2000000 | 1985100 |  |
|  ***Software (0.9%)*** | ***Software (0.9%)*** | ***Software (0.9%)*** | **** |
|  Oracle Corp.<br>2.625%, 2/15/23 | 7000000 | 6982686 |  |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | **** |
|  Dell International LLC<br>5.450%, 6/15/23 | 3206000 | 3204812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 15608778 |  |

---

See Notes to Financial Statements.

1301

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**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  **Materials (1.6%)** | **Materials (1.6%)** |  |  |
|  ***Containers & Packaging (1.6%)*** | ***Containers & Packaging (1.6%)*** | ***Containers & Packaging (1.6%)*** | **** |
|  Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 2/15/24 | $2400000 | $2275680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/26§ | 10981000 | 10486855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 12762535 |  |
|  **Real Estate (0.2%)** | **Real Estate (0.2%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.2%)*** | **** |
|  American Tower Corp. (REIT)<br>3.000%, 6/15/23 | 2000000 | 1978368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1978368 |  |
|  **Utilities (6.9%)** | **Utilities (6.9%)** |  |  |
|  ***Electric Utilities (4.2%)*** | ***Electric Utilities (4.2%)*** | ***Electric Utilities (4.2%)*** | **** |
|  American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.48%),<br>4.920%, 11/1/23 (k) | 8300000 | 8244402 |  |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.02%),<br>5.325%, 3/21/24 (k)(x) | 5100000 | 5068485 |  |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/15/23 | 200000 | 197692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/1/23 (x) | 1800000 | 1782113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/24 | 400000 | 391690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 8/15/24 | 800000 | 768808 |  |
|  Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.64%),<br>4.978%, 4/3/23 (k) | 10000000 | 9973653 |  |
|  Southern Co. (The)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 2/26/24 | 8000000 | 7575294 |  |
|  |  | 34002137 |  |
|  ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | ***Gas Utilities (1.1%)*** | **** |
|  Atmos Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.38%),<br>5.103%, 3/9/23 (k) | 7500000 | 7494210 |  |
|  CenterPoint Energy Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.50%),<br>5.279%, 3/2/23 (k) | 1722000 | 1721031 |  |
|  |  | 9215241 |  |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | **** |
|  Dominion Energy, Inc. Series D |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.53%),<br>5.299%, 9/15/23 (k) | 4500000 | 4493269 |  |
|  DTE Energy Co.<br>4.220%, 11/1/24 (e) | 8300000 | 8147529 |  |
|  |  | 12640798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 55858176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 292283909 |  |
|  **Mortgage-Backed Securities (0.1%)** | **Mortgage-Backed Securities (0.1%)** | **Mortgage-Backed Securities (0.1%)** |  |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.848%, 1/1/34 (l) | 1923 | 1946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.051%, 11/1/35 (l) | 6833 | 6814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.133%, 7/1/36 (l) | 147141 | 149497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.757%, 9/1/36 (l) | 52482 | 52275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.928%, 10/1/36 (l) | 65722 | 65730 |  |
|  FNMA | FNMA | FNMA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.379%, 11/1/34 (l) | 57739 | 59029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.707%, 1/1/35 (l) | 2200 | 2186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.739%, 7/1/35 (l) | 7016 | 7066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.978%, 12/1/35 (l) | 14548 | 14554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.795%, 3/1/36 (l) | 9991 | 9916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.213%, 3/1/36 (l) | 18026 | 18096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249%, 3/1/44 (l) | 64828 | 64321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249%, 7/1/44 (l) | 593 | 589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.249%, 10/1/44 (l) | 4697 | 4660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 456679 |  |
|  **U.S. Government Agency Securities (8.6%)** | **U.S. Government Agency Securities (8.6%)** | **U.S. Government Agency Securities (8.6%)** |  |
|  FHLB | FHLB | FHLB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 11/21/24 | 12400000 | 12405493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/27/24 | 6000000 | 5562561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/23/26 | 17550000 | 15650321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.020%, 2/24/27 | 30000000 | 26151930 |  |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 12/23/24 | 10000000 | 9998850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 69769155 |  |
|  **U.S. Treasury Obligations (1.2%)** | **U.S. Treasury Obligations (1.2%)** | **U.S. Treasury Obligations (1.2%)** |  |
|  U.S. Treasury Notes<br>3.500%, 9/15/25 | 9600000 | 9417980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligation** |  | 9417980 |  |
|  **Total Long-Term Debt<br>Securities (79.6%)**<br> *(Cost $672,589,329)* |  | 643821107 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Commercial Paper (14.1%)** | **Commercial Paper (14.1%)** |  |  |
|  AT&T, Inc.<br>6.06%, 1/3/23 (n)(p)§ | 600000 | 599697 |  |
|  Baxter International, Inc.<br>4.89%, 1/23/23 (n)(p) | 8100000 | 8074766 |  |
|  CNH Industrial Capital LLC<br>5.18%, 2/21/23 (n)(p) | 1850000 | 1836251 |  |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p) | 1900000 | 1895595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 1/18/23 (n)(p)§ | 2000000 | 1995099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 1/19/23 (n)(p) | 2100000 | 2094576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/20/23 (n)(p) | 2100000 | 2094298 |  |
|  Constellation Brands, Inc.<br>5.24%, 1/17/23 (n)(p)§ | 1300000 | 1296791 |  |
|  Crown Castle, Inc.<br>5.43%, 1/9/23 (n)(p)§ | 9000000 | 8987792 |  |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 1/31/23 (n)(p) | 2400000 | 2390057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 2/1/23 (n)(p) | 1200000 | 1194867 |  |

---

See Notes to Financial Statements.

1302

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**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 1/9/23 (n)(p)§ | $1500000 | $1498093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 1/11/23 (n)(p)§ | 4500000 | 4493111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p)§ | 250000 | 249420 |
|  Enbridge US, Inc.<br>5.30%, 1/9/23 (n)(p)§ | 8100000 | 8089283 |
|  Energy Transfer LP<br>5.84%, 1/5/23 (n)(p) | 4000000 | 3996759 |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 1/9/23 (n)(p) | 3900000 | 3895014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p) | 4200000 | 4190260 |
|  Hitachi America Capital Ltd.<br>5.74%, 1/4/23 (n)(p)§ | 8100000 | 8094833 |
|  Humana, Inc.<br>4.87%, 2/1/23 (n)(p)§ | 3550000 | 3534712 |
|  McCormick & Co., Inc.<br>4.89%, 1/27/23 (n)(p)§ | 8100000 | 8070403 |
|  Mondelez International, Inc.<br>5.69%, 1/4/23 (n)(p) | 1800000 | 1798862 |
|  Newell Brands, Inc.<br>5.33%, 1/12/23 (n)(p)§ | 1000000 | 998228 |
|  Oracle Corp.<br>4.81%, 1/27/23 (n)(p) | 1000000 | 996409 |
|  Penske Truck Leasing Co. LP<br>5.13%, 1/11/23 (n)(p) | 8100000 | 8087318 |
|  Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 1/9/23 (n)(p)§ | 1300000 | 1298224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 1/11/23 (n)(p)§ | 1300000 | 1297863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 1/13/23 (n)(p)§ | 1400000 | 1397309 |
|  Republic Services, Inc.<br>4.99%, 1/12/23 (n)(p) | 6900000 | 6888548 |
|  Targa Resources Corp.<br>4.65%, 1/13/23 (n)(p)§ | 4000000 | 3993291 |
|  Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 1/11/23 (n)(p)§ | 8000000 | 7987584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 1/18/23 (n)(p)§ | 250000 | 249378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | 113564691 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Company (0.1%)** | **Investment Company (0.1%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 1000000 | 1000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.3%)** | **Repurchase Agreements (1.3%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $4,001,902, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $4,081,940. (xx) | $4000000 | 4000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,201,224, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,244,201. (xx) | 2200198 | 2200198 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,401,211, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $1,524,360. (xx) | 1400000 | 1400000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,000,978, collateralized by various Common Stocks; total market value $2,221,293. (xx) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 10600198 |
|  **U.S. Government Agency Securities (4.0%)** | **U.S. Government Agency Securities (4.0%)** |  |
|  FHLB<br>3.69%, 1/27/23 (o)(p) | 2100000 | 2094198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 2/17/23 (o)(p) | 30700000 | 30535414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** | 32629612 |
|  **U.S. Treasury Obligations (1.1%)** | **U.S. Treasury Obligations (1.1%)** |  |
|  U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 3/2/23 (p) | 1900000 | 1886942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 3/30/23 (p) | 6800000 | 6730390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 8617332 |
|  **Total Short-Term Investments (20.6%)**<br> *(Cost $166,425,017)* | **Total Short-Term Investments (20.6%)**<br> *(Cost $166,425,017)* | 166411833 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $839,014,346)* | **Total Investments in Securities (100.2%)**<br> *(Cost $839,014,346)* | 810232940 |
|  **Other Assets Less Liabilities (-0.2%)** | **Other Assets Less Liabilities (-0.2%)** | (1369827) |
|  **Net Assets (100%)** |  | $808863113 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $298,455,118 or 36.9% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*(e)* *Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

See Notes to Financial Statements.

1303

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**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $3,449,497 or 0.4% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $11,333,709. This was collateralized by cash of $11,600,198 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *ARM* | | *—* | | *Adjustable Rate Mortgage* |
|  *FHLB* | | *—* | | *Federal Home Loan Bank* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *GNMA* | | *—* | | *Government National Mortgage Association* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *REMIC* | | *—* | | *Real Estate Mortgage Investment Conduit* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *STRIPS* | | *—* | | *Separate Trading of Registered Interest and Principal Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.* |
|  *USD* | | *—* | | *United States Dollar* |

---

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  3 Month SOFR | 810 | 9/2023 | USD | 192456000 | (26780) |
|  |  |  |  |  | (26780) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  U.S. Treasury 2 Year Note | (688) | 3/2023 | USD | (141093751) | (18290) |
|  U.S. Treasury 5 Year Note | (1103) | 3/2023 | USD | (119046446) | 101281 |
|  U.S. Treasury 10 Year Note | (2) | 3/2023 | USD | (224594) | 1164 |
|  U.S. Treasury 10 Year Ultra Note | (58) | 3/2023 | USD | (6860312) | 9436 |
|  U.S. Treasury Ultra Bond | (13) | 3/2023 | USD | (1746062) | 180 |
|  3 Month SOFR | (308) | 9/2024 | USD | (74097100) | 172846 |
|  |  |  |  |  | 266617 |
|  |  |  |  |  | 239837 |

---

See Notes to Financial Statements.

1304

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $108629552 | $— | $108629552 |
|  **Collateralized Mortgage Obligations** |  | 116448906 |  | 116448906 |
|  **Commercial Mortgage-Backed Securities** |  | 46814926 |  | 46814926 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 23281450 |  | 23281450 |
|  Consumer Discretionary |  | 29040848 |  | 29040848 |
|  Consumer Staples |  | 21993043 |  | 21993043 |
|  Financials |  | 94958644 |  | 94958644 |
|  Health Care |  | 6264858 |  | 6264858 |
|  Industrials |  | 30537209 |  | 30537209 |
|  Information Technology |  | 15608778 |  | 15608778 |
|  Materials |  | 12762535 |  | 12762535 |
|  Real Estate |  | 1978368 |  | 1978368 |
|  Utilities |  | 55858176 |  | 55858176 |
|  **Futures** | 284907 |  |  | 284907 |
|  **Mortgage-Backed Securities** |  | 456679 |  | 456679 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 113564691 |  | 113564691 |
|  Investment Company | 1000000 |  |  | 1000000 |
|  Repurchase Agreements |  | 10600198 |  | 10600198 |
|  U.S. Government Agency Securities |  | 32629612 |  | 32629612 |
|  U.S. Treasury Obligations |  | 8617332 |  | 8617332 |
|  **U.S. Government Agency Securities** |  | 69769155 |  | 69769155 |
|  **U.S. Treasury Obligation** |  | 9417980 |  | 9417980 |
|  **Total Assets** | $**1284907** | $**809232940** | $**—** | $**810517847** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(45070) | $— | $— | $(45070) |
|  **Total Liabilities** | $**(45070)** | $**—** | $**—** | $**(45070)** |
|  **Total** | $**1239837** | $**809232940** | $**—** | $**810472777** |

---

See Notes to Financial Statements.

1305

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $284907 |
|  **Total** |  | $284907 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(45070) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45070 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $17063608 | $17063608 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063608 |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Interest rate contracts | $736459 | $736459 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736459 |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held futures contracts with an average notional balance of approximately $446,086,000 during the year ended December 31, 2022.

The average amount of borrowings while outstanding for 153 days during the year ended December 31, 2022, was approximately $23,737,000 at a weighted average interest rate of 0.50%. There were no open sale-buyback transactions as of December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $155747686 |
|  Long-term U.S. government debt securities | 37057221 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192804907 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $438839741 |
|  Long-term U.S. government debt securities | 52409642 |
|  | $491249383 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1582933 |
|  Aggregate gross unrealized depreciation | (32801512) |
|  Net unrealized depreciation | $(31218579) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841691356 |

---

See Notes to Financial Statements.

1306

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $828,414,148) | $799632742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $10,600,198) | 10600198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4997378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 2635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 2788414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 629675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 95101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 69768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 821459227 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 11600198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 282539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 111070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 65269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 28989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 9267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 127655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 371127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 12596114 |
|  **NET ASSETS** | $808863113 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $851223514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (42360401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $808863113 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $43,812,604 / 4,568,099 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.59 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $137,508,694 / 14,312,256 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.61 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $627,541,815 / 65,417,561 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.59 |

---

*(x)* *Includes value of securities on loan of $11,333,709.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $17560802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 36363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17597165 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4324571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 807586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 332983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 113405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 98738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 60900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 52259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 41390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 28423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 48911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5909166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (641016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5268150 |
|  **NET INVESTMENT INCOME (LOSS)** | 12329015 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (8857452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 17063608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8206156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (26230102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 736459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25493643) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (17287487) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4958472) |

---

See Notes to Financial Statements.

1307

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12329015 | $4474089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8206156 | 1781688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25493643) | (8740266) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (4958472) | (2484489) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (648253) | (151380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (2017451) | (477773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (10830801) | (4634699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (13496505) | (5263852) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA |  | (26307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB |  | (78294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (462123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | (566724) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,366,915 and 973,088 shares, respectively ] | 13238532 | 9589331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 67,815 and 18,147 shares, respectively ] | 648253 | 177687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1411310) and (1726006) shares, respectively ] | (13646779) | (17051191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 240006 | (7284173) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,976,753 and 2,753,915 shares, respectively ] | 28877236 | 27226420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 210,681 and 56,693 shares, respectively ] | 2017451 | 556067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2400890) and (2297955) shares, respectively ] | (23288717) | (22723634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 7605970 | 5058853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 545,440 and 11,870,734 shares, respectively ] | 5290796 | 117434453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,132,943 and 520,493 shares, respectively ] | 10830801 | 5096822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (16095027) and (53824660) shares, respectively ] | (155906095) | (531835635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (139784498) | (409304360) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (131938522) | (411529680) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (150393499) | (419844745) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 959256612 | 1379101357 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $808863113 | $959256612 |

---

See Notes to Financial Statements.

1308

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.79 | $9.88 | $9.85 | $9.82 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.01 | 0.07 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.18) | (0.06) | 0.04 | 0.04 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.06) | (0.05) | 0.11 | 0.26 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.03) | (0.08) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.04) | (0.08) | (0.23) | (0.20) |
|  Net asset value, end of year | $9.59 | $9.79 | $9.88 | $9.85 | $9.82 |
|  Total return | (0.57)% | (0.49)% | 1.07% | 2.63% | 0.88% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $43813 | $44511 | $52162 | $50808 | $43413 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 %(g) | 0.80% | 0.80% | 1.05 %(g) | 0.86 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.88 %(g) | 0.86% | 0.87% | 1.12 %(g) | 0.88 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.25% | 0.12% | 0.73% | 2.19% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.18% | 0.06% | 0.66% | 2.12% | 1.85% |
|  Portfolio turnover rate^ | 24% | 116% | 157% | 252% | 77% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.81 | $9.90 | $9.86 | $9.84 | $9.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.01 | 0.07 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.18) | (0.06) | 0.05 | 0.03 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.06) | (0.05) | 0.12 | 0.25 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.03) | (0.08) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.04) | (0.08) | (0.23) | (0.20) |
|  Net asset value, end of year | $9.61 | $9.81 | $9.90 | $9.86 | $9.84 |
|  Total return | (0.57)% | (0.49)% | 1.17% | 2.52% | 0.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129330 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80 %(g) | 0.80% | 0.80% | 1.05 %(g) | 0.86 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.88 %(g) | 0.86% | 0.87% | 1.12 %(g) | 0.88 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.27% | 0.12% | 0.73% | 2.18% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 0.07% | 0.66% | 2.12% | 1.85% |
|  Portfolio turnover rate^ | 24% | 116% | 157% | 252% | 77% |

---

See Notes to Financial Statements.

1309

------

**EQ ADVISORS TRUST** 

EQ/PIMCO ULTRA SHORT BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.80 | $9.88 | $9.85 | $9.82 | $9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.04 | 0.10 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.18) | (0.06) | 0.03 | 0.04 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.04) | (0.02) | 0.13 | 0.28 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.05) | (0.10) | (0.25) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.06) | (0.10) | (0.25) | (0.22) |
|  Net asset value, end of year | $9.59 | $9.80 | $9.88 | $9.85 | $9.82 |
|  Total return | (0.43)% | (0.16)% | 1.32% | 2.89% | 1.14% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193758 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.55 %(g) | 0.55% | 0.55% | 0.80 %(g) | 0.61 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63 %(g) | 0.61% | 0.62% | 0.87 %(g) | 0.63 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.45% | 0.37% | 0.98% | 2.44% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.38% | 0.31% | 0.91% | 2.37% | 2.09% |
|  Portfolio turnover rate^ | 24% | 116% | 157% | 252% | 77% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.01%, 0.25% and 0.01% for the years ended December 31, 2018, 2019 and 2022, respectively.* 

See Notes to Financial Statements.

1310

------

**EQ/QUALITY BOND PLUS PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

PERFORMANCE RESULTS

![LOGO](g401674g14z60.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10 Years/<br>Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (10.18)% | (0.30)% | 0.19 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (10.23) | (0.30) | 0.17 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares\* | (9.95) | (0.03) | 0.62 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Intermediate Government Bond Index | (7.73) | 0.46 | 0.69 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 4/21/14.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (10.23)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Intermediate Government Bond Index, which returned (7.73)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• Yield curve positioning in the U.S. added to performance relative to the benchmark.

• Short exposure to duration in both the U.K. and Japan was additive.

• An underweight allocation to agency mortgages, as well as security selection within the sector, contributed to relative
performance.

• Positions in Agency mortgage-backed securities added to performance.

***What hurt performance during the year?***

• Security selection within investment-grade corporate bonds and asset backed securities detracted from relative performance.

• Positions in non-agency mortgage-backed securities and other securitized assets hurt performance.

• Tactical exposure to select developed market currencies, particularly Norwegian Krone, detracted from performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 5.10 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 2.67 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 4.37 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA+ |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

1311

------

**EQ/QUALITY BOND PLUS PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 42.6% |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 36.7 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 8.2 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 3.4 |
| &nbsp;&nbsp;&nbsp; Financials | 3.4 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 2.2 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 1.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 1.1 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.7 |
| &nbsp;&nbsp;&nbsp; Information Technology | 0.6 |
| &nbsp;&nbsp;&nbsp; Communication Services | 0.6 |
| &nbsp;&nbsp;&nbsp; Industrials | 0.5 |
| &nbsp;&nbsp;&nbsp; Energy | 0.5 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 0.4 |
| &nbsp;&nbsp;&nbsp; Materials | 0.2 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.2 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.2 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 0.1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (4.2) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $973.30 | $4.02 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.13 | 4.11 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 971.90 | 4.01 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.13 | 4.11 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 974.60 | 2.77 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.39 | 2.84 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.81%, 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.81%, 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.81%, 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.81%, 0.81% and 0.56%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1312

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (3.4%)** | **Asset-Backed Securities (3.4%)** | **Asset-Backed Securities (3.4%)** |
|  AB Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>3.734%, 7/30/51§ | $340428 | $270957 |
|  ACM Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>3.230%, 4/20/29§ | 84563 | 84146 |
|  ACREC Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>5.476%, 10/16/36 (l)§ | 800000 | 759085 |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B B<br>1.240%, 8/17/26§ | 125000 | 115959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z1 A<br>1.070%, 8/15/25§ | 55047 | 53520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2 A<br>1.170%, 11/16/26§ | 57437 | 54884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1 A<br>1.750%, 2/15/27§ | 140825 | 136884 |
|  AGL CLO 12 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A A1<br>5.403%, 7/20/34 (l)§ | 398434 | 388360 |
|  Air Canada Pass-Through Trust, | Air Canada Pass-Through Trust, | Air Canada Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1 A<br>4.125%, 5/15/25§ | 570751 | 521489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1 AA<br>3.300%, 1/15/30§ | 477120 | 403424 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>3.150%, 2/15/32 | 691543 | 572147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | 800000 | 640416 |
|  Anchorage Capital CLO 11 Ltd., | Anchorage Capital CLO 11 Ltd., | Anchorage Capital CLO 11 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A AR<br>5.465%, 7/22/32 (l)§ | 700000 | 684476 |
|  Aqueduct European CLO DAC, | Aqueduct European CLO DAC, | Aqueduct European CLO DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br>2.096%, 7/20/30 (l)§ | 717892 | 749967 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1 A<br>5.257%, 1/15/37 (l)§ | $800000 | 774419 |
|  Ares XL CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40A A1RR<br>4.949%, 1/15/29 (l)§ | 646314 | 638205 |
|  Armada Euro CLO III DAC, | Armada Euro CLO III DAC, | Armada Euro CLO III DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3A A1R<br>2.098%, 7/15/31 (l)§ | 700000 | 725222 |
|  Atalaya Equipment Leasing Trust, | Atalaya Equipment Leasing Trust, | Atalaya Equipment Leasing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>1.230%, 5/15/26§ | $127591 | 123799 |
|  Avant Loans Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-REV1 A<br>1.210%, 7/15/30§ | 475000 | 452430 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A D<br>4.560%, 3/20/24§ | 137000 | 136523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A A<br>4.000%, 3/20/25§ | 365000 | 358641 |
|  Ballyrock CLO 16 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A A1<br>5.373%, 7/20/34 (l)§ | 502006 | 488876 |
|  BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, | BlueMountain Fuji Eur CLO V DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5A A<br>2.288%, 1/15/33 (l)§ | 600000 | 616947 |
|  BPCRE Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL2 A<br>6.725%, 1/16/37 (l)§ | $600000 | 595735 |
|  Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, | Brex Commercial Charge Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.090%, 7/15/24§ | 179000 | 176715 |
|  BRSP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1 A<br>5.489%, 8/19/38 (l)§ | 800000 | 771326 |
|  Cajun Global LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>3.931%, 11/20/51§ | 65010 | 56099 |
|  Carlyle US CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1R<br>5.243%, 4/20/31 (l)§ | 800000 | 784789 |
|  Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N3 C<br>1.020%, 6/12/28 | 125925 | 120739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4 A1<br>0.830%, 9/11/28 | 68569 | 66392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4 D<br>2.610%, 9/11/28 | 169000 | 134066 |
|  Catamaran CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A A1AR<br>5.425%, 4/22/30 (l)§ | 994896 | 975794 |
|  CBAM Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5A A<br>5.099%, 4/17/31 (l)§ | 900000 | 884829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-8A A1<br>5.363%, 10/20/29 (l)§ | 705220 | 696944 |
|  CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br>5.288%, 4/23/29 (l)§ | 749917 | 742460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A A1<br>5.259%, 11/16/30 (l)§ | 700000 | 692593 |
|  CLNC Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL1 A<br>5.689%, 8/20/35 (l)§ | 288720 | 281562 |
|  CNH Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C A2<br>5.420%, 7/15/26 | 308000 | 309416 |
|  College Ave Student Loans LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C A2<br>2.320%, 7/26/55§ | 189980 | 164440 |
|  Conn's Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A<br>1.050%, 5/15/26§ | 340 | 339 |
|  CPS Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A C<br>2.170%, 4/16/29§ | 231000 | 215055 |
|  CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, | CVC Cordatus Loan Fund VII DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 7A ARR<br>2.676%, 9/15/31 (l)§ | 600000 | 623745 |
|  CVC Cordatus Loan Fund XI DAC, | CVC Cordatus Loan Fund XI DAC, | CVC Cordatus Loan Fund XI DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A AR<br>2.028%, 10/15/31 (l)§ | 700000 | 725208 |

---

See Notes to Financial Statements.

1313

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  CVS Pass-Through Trust,<br>5.789%, 1/10/26§ | $113820 | $112920 |
|  Diamond Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>2.305%, 11/20/51§ | 325933 | 270588 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2I<br>2.662%, 4/25/51§ | 185180 | 154900 |
|  Dryden 78 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A C<br>6.029%, 4/17/33 (l)§ | 250000 | 235350 |
|  Elevation CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A C<br>6.279%, 4/15/33 (l)§ | 250000 | 227667 |
|  Elmwood CLO IX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>5.373%, 7/20/34 (l)§ | 257000 | 250762 |
|  FHF Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>0.830%, 12/15/26§ | 82788 | 79363 |
|  First Investors Auto Owner Trust, | First Investors Auto Owner Trust, | First Investors Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>1.470%, 11/15/27§ | 290000 | 265992 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D<br>2.310%, 10/17/33§ | 245000 | 210579 |
|  GCI Funding I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.380%, 6/18/46§ | 143604 | 122181 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>1.980%, 8/15/25§ | 324592 | 318750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A2<br>4.590%, 5/15/26§ | 600000 | 595099 |
|  Go Mortgage LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.433%, 8/15/26 (l) | 121863 | 113224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.435%, 8/15/26 (l) | 176000 | 165593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.638%, 8/15/26 (l) | 12000 | 10887 |
|  Goldentree Loan Management US CLO 7 Ltd., | Goldentree Loan Management US CLO 7 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-7A AR<br>5.313%, 4/20/34 (l)§ | 262213 | 254655 |
|  Hardee's Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A23<br>5.710%, 6/20/48§ | 137167 | 129222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A2<br>3.981%, 12/20/50§ | 137356 | 117898 |
|  Harvest CLO XX DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A AR<br>2.136%, 10/20/31 (l)§ | 700000 | 724889 |
|  Harvest CLO XXII DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 22A AR<br>2.228%, 1/15/32 (l)§ | 700000 | 720063 |
|  JetBlue Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.000%, 11/15/32 | $782213 | 684692 |
|  LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.300%, 8/17/26§ | 115465 | 112193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>5.210%, 6/15/27§ | 216199 | 213117 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3 A<br>5.768%, 11/15/38 (l)§ | 800000 | 763376 |
|  LCM 29 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 29A AR<br>5.149%, 4/15/31 (l)§ | 700000 | 683460 |
|  LCM XV LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A AR2<br>5.243%, 7/20/30 (l)§ | 770531 | 758853 |
|  Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.900%, 11/20/31§ | 800000 | 675836 |
|  Magnetite XVIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-18A AR2<br>5.486%, 11/15/28 (l)§ | 771806 | 762202 |
|  Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A<br>1.860%, 3/20/36§ | 800000 | 688818 |
|  Mission Lane Credit Card Master Trust, | Mission Lane Credit Card Master Trust, | Mission Lane Credit Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A A<br>1.590%, 9/15/26§ | 100000 | 96495 |
|  MKS CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br>5.243%, 7/20/30 (l)§ | 797493 | 784198 |
|  MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A B<br>1.830%, 5/20/39§ | 138847 | 125017 |
|  Neighborly Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A2<br>3.695%, 1/30/52§ | 235223 | 185249 |
|  Neighborly Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2<br>3.584%, 4/30/51§ | 134228 | 106046 |
|  Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA B<br>2.680%, 4/20/62§ | 100000 | 80683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA B<br>2.530%, 4/20/62§ | 147147 | 116292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA B<br>2.900%, 4/20/62§ | 132000 | 107122 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., | Neuberger Berman Loan Advisers CLO 42 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A A<br>5.179%, 7/16/35 (l)§ | 469642 | 458236 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd., | Neuberger Berman Loan Advisers CLO 43 Ltd., | Neuberger Berman Loan Advisers CLO 43 Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-43A A<br>5.209%, 7/17/35 (l)§ | 287510 | 281015 |
|  OCP CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A AR<br>5.333%, 7/20/32 (l)§ | 344000 | 336375 |
|  Palmer Square CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A D<br>7.029%, 1/15/35 (l)§ | 330000 | 309415 |
|  Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-1 A1<br>5.258%, 7/25/29 (l) | 45061 | 45075 |
|  Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A2<br>5.900%, 7/15/25§ | 166000 | 165681 |
|  Research-Driven Pagaya Motor Asset Trust VII, | Research-Driven Pagaya Motor Asset Trust VII, | Research-Driven Pagaya Motor Asset Trust VII, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A<br>5.380%, 11/25/30§ | 254893 | 248405 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A B<br>5.281%, 5/15/32§ | 227996 | 220740 |

---

See Notes to Financial Statements.

1314

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, | Santander Consumer Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA B<br>1.450%, 10/16/28§ | $| 153892 | $| 151173 |
|  SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C A2A<br>2.340%, 9/15/34§ |  | 143435 |  | 136764 |
|  Sound Point CLO IX Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A ARRR<br>5.453%, 7/20/32 (l)§ |  | 800000 |  | 777814 |
|  Sound Point CLO XII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A AR2<br>5.293%, 10/20/28 (l)§ |  | 490388 |  | 485880 |
|  Sound Point CLO XVI Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A AR<br>5.338%, 7/25/30 (l)§ |  | 700000 |  | 688972 |
|  Stratus CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>5.143%, 12/28/29 (l)§ |  | 711947 |  | 703341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A<br>5.193%, 12/29/29 (l)§ |  | 724159 |  | 714295 |
|  STWD Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3 A<br>5.157%, 11/15/38 (l)§ |  | 800000 |  | 766263 |
|  Sunrun Demeter Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>2.270%, 1/30/57§ |  | 761187 |  | 595567 |
|  TICP CLO III-2 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3R A<br>5.083%, 4/20/28 (l)§ |  | 185802 |  | 185169 |
|  TRTX Issuer Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL3 A<br>5.590%, 10/15/34 (l)§ |  | 126604 |  | 126604 |
|  United Airlines Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 |  | 711345 |  | 700746 |
|  United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, | United Auto Credit Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A<br>4.390%, 4/10/25§ |  | 182851 |  | 181671 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20A 1<br>4.930%, 1/1/24 |  | 1912 |  | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20C 1<br>4.340%, 3/1/24 |  | 30064 |  | 28964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20B 1<br>4.625%, 2/1/25 |  | 6177 |  | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 |  | 76566 |  | 76593 |
|  Upstart Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 A<br>0.830%, 7/20/31§ |  | 98825 |  | 96708 |
|  Venture 32 CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A A1<br>5.294%, 7/18/31 (l)§ |  | 700000 |  | 688848 |
|  Venture XVII CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17A ARR<br>4.959%, 4/15/27 (l)§ |  | 546742 |  | 540179 |
|  Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A DR<br>6.929%, 4/15/31 (l)§ |  | 100000 |  | 86755 |
|  Wellfleet CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A1RR<br>5.133%, 4/20/29 (l)§ |  | 530865 |  | 523842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 41122430 |
|  **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** | **Collateralized Mortgage Obligations (2.2%)** |
|  Adjustable Rate Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-5 2A1<br>3.361%, 9/25/35 (l) |  | 34629 |  | 29077 |
|  Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-80CB 1A1<br>6.000%, 2/25/36 |  | 326980 |  | 280271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J12 2A1<br>4.929%, 8/25/35 (l) |  | 410042 |  | 223385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.709%, 2/25/47 (l) |  | 79285 |  | 67120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2<br>4.809%, 7/25/46 (l) |  | 30038 |  | 26040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC7 2A2A<br>4.729%, 7/25/46 (l)(r) |  | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-14T2 A1<br>6.000%, 7/25/37 |  | 373550 |  | 197302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D<br>4.599%, 4/25/47 (l) |  | 51557 |  | 40763 |
|  AREIT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE6 A<br>5.076%, 1/16/37 (l)§ |  | 511469 |  | 488421 |
|  Banc of America Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A 1A3<br>4.496%, 9/20/34 (l) |  | 9712 |  | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-H 4A2<br>3.571%, 9/20/46 (l) |  | 86259 |  | 74038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J 4A1<br>4.273%, 1/20/47 (l) |  | 5158 |  | 4694 |
|  Bear Stearns ALT-A Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 22A1<br>3.729%, 9/25/35 (l) |  | 104657 |  | 64448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 21A1<br>3.383%, 8/25/36 (l) |  | 42675 |  | 28032 |
|  Bear Stearns ARM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9 2A1<br>4.089%, 2/25/34 (l) |  | 17612 |  | 16065 |
|  Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, | Bear Stearns Mortgage Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5 1A1<br>4.549%, 12/25/46 (l) |  | 316135 |  | 266134 |
|  Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, | Bear Stearns Structured Products, Inc. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-R6 1A1<br>3.523%, 1/26/36 (l) |  | 42912 |  | 34074 |
|  Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A M1B<br>6.139%, 3/25/29 (l)§ |  | 10867 |  | 10863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A M1B<br>5.989%, 7/25/29 (l)§ |  | 22199 |  | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A M1B<br>6.128%, 3/25/31 (l)§ |  | 402735 |  | 393032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A M1A<br>5.128%, 6/25/31 (l)§ |  | 170858 |  | 169191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A A2<br>4.928%, 9/25/31 (l)§ |  | 301251 |  | 285461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 M1B<br>6.078%, 1/26/32 (l)§ |  | 164385 |  | 156526 |
|  Chase Mortgage Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CL1 M3<br>6.489%, 4/25/47 (l)§ |  | 39820 |  | 38154 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-12 11A1<br>3.679%, 8/25/34 (l) |  | 293 |  | 290 |

---

See Notes to Financial Statements.

1315

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11 3A1<br>2.980%, 4/25/35 (l) | $54093 | $41542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 1A1<br>5.029%, 3/25/35 (l) | 26491 | 21222 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3 2A2A<br>3.885%, 8/25/35 (l) | 4878 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-7 5A2<br>5.500%, 12/25/35§ | 272765 | 149522 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01 1M2<br>5.478%, 10/25/41 (l)§ | 491030 | 478537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03 1M2<br>5.578%, 12/25/41 (l)§ | 122411 | 115457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01 1M2<br>5.828%, 12/25/41 (l)§ | 388764 | 369183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02 2M1<br>5.128%, 1/25/42 (l)§ | 232338 | 227227 |
|  CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, | CSMC Mortgage-Backed Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6 1A8<br>6.000%, 7/25/36 | 407274 | 216650 |
|  Eagle RE Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 M1B<br>5.978%, 4/25/34 (l)§ | 157512 | 153387 |
|  EMF-NL Prime BV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-APRX A2<br>2.178%, 4/17/41 (l)(m) | 112643 | 114781 |
|  Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, | Eurohome UK Mortgages plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A<br>3.944%, 6/15/44 (l)(m) | 342671 | 397787 |
|  Eurosail-UK plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3<br>4.502%, 6/13/45 (l)(m) | 579337 | 674102 |
|  FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.508%, 10/15/43 (l) | $262882 | 253615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>3.106%, 8/15/40 (l) | 256052 | 248590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>3.258%, 10/15/40 (l) | 203523 | 197927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5015 BI<br>4.000%, 9/25/50 IO | 554270 | 103464 |
|  FHLMC STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5 M2<br>6.728%, 10/25/50 (l)§ | 102451 | 103257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5 M2<br>5.578%, 1/25/34 (l)§ | 102434 | 101026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7 M2<br>5.728%, 11/25/41 (l)§ | 405614 | 380945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4 M1<br>4.878%, 12/25/41 (l)§ | 305895 | 290239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1 M1B<br>5.778%, 1/25/42 (l)§ | 205377 | 194876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 M1B<br>6.328%, 2/25/42 (l)§ | 291972 | 283948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3 M1A<br>5.928%, 4/25/42 (l)§ | 222607 | 221494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4 M1B<br>7.278%, 5/25/42 (l)§ | 227990 | 229200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5 M1B<br>8.428%, 6/25/42 (l)§ | 406679 | 425202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M1A<br>6.078%, 9/25/42 (l)§ | 155771 | 155866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7 M1A<br>6.428%, 3/25/52 (l)§ | 347051 | 348211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1 M1B<br>7.428%, 3/25/42 (l)§ | 68136 | 67561 |
|  FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-123 LF<br>4.769%, 11/25/42 (l) | 116173 | 114322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04 1M2<br>9.289%, 11/25/24 (l) | 74174 | 76104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04 2M2<br>9.389%, 11/25/24 (l) | 8377 | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02 1M2<br>8.389%, 5/25/25 (l) | 6307 | 6339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02 2M1<br>4.828%, 11/25/41 (l)§ | 258725 | 254023 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB<br>4.407%, 8/20/65 (l) | 382351 | 376254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F<br>4.642%, 5/20/66 (l) | 395930 | 390832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA<br>4.601%, 7/20/66 (l) | 508692 | 503916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H10 FB<br>1.968%, 4/20/67 (l) | 936602 | 926876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF<br>4.770%, 12/20/72 (l) | 300000 | 300372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>5.020%, 1/20/73 (l)(r) | 300000 | 300293 |
|  GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8F 4A1<br>6.000%, 11/25/35 | 350389 | 164474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>3.767%, 9/25/35 (l) | 37747 | 35278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1<br>3.161%, 4/25/36 (l) | 73118 | 50357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1 2A1<br>3.466%, 3/25/47 (l) | 172577 | 112297 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-13 A<br>4.519%, 11/19/46 (l) | 44364 | 31171 |
|  HFX Funding Issuer LLC,<br>3.622%, 3/15/35 (l) | 300000 | 278411 |
|  Impac CMB Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>5.289%, 10/25/33 (l) | 394 | 388 |
|  Impac Secured Assets CMN Owner Trust, | Impac Secured Assets CMN Owner Trust, | Impac Secured Assets CMN Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 5A1<br>4.659%, 7/25/35 (l) | 171346 | 116696 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11 A3<br>3.229%, 8/25/35 (l) | 302977 | 241309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR39 A1<br>4.749%, 2/25/37 (l) | 426415 | 372903 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>3.748%, 8/25/34 (l) | 21857 | 20700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>3.346%, 7/25/35 (l) | 31144 | 28747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A90<br>7.000%, 8/25/37 | 48456 | 26496 |
|  Legacy Mortgage Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GS1 A1<br>2.882%, 10/25/59 (e)§ | 539289 | 535982 |

---

See Notes to Financial Statements.

1316

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Lehman XS Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4N A1C1<br>4.849%, 4/25/46 (l) | $| 19589 | 23413 |
|  Ludgate Funding plc, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A<br>3.490%, 1/1/61 (l)(m) | GBP | 539404 | 605733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1<br>3.930%, 1/1/61 (l)(m) |  | 81183 | 93406 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A<br>6.709%, 12/25/32 (l) | $| 10688 | 9432 |
|  MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, | MortgageIT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 1A1<br>4.849%, 4/25/36 (l) |  | 170791 | 155993 |
|  Mortimer BTL plc, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.501%, 6/21/52 (l)(m) | GBP | 427421 | 515600 |
|  PMT Credit Risk Transfer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2R A<br>7.137%, 5/27/23 (l)§ | $| 39946 | 38228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3R A<br>8.087%, 11/27/31 (l)§ |  | 16895 | 16159 |
|  Radnor RE Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1B<br>6.339%, 2/25/29 (l)§ |  | 150054 | 148332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 M1B<br>6.139%, 6/25/29 (l)§ |  | 26934 | 26904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 M1A<br>5.339%, 1/25/30 (l)§ |  | 44756 | 44692 |
|  RALI Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-QO2 A1<br>3.408%, 9/25/45 (l) |  | 232757 | 202257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QA6 A1<br>4.769%, 7/25/36 (l) |  | 408185 | 356119 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10 A<br>6.874%, 10/25/39 (l)§ |  | 599148 | 595845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A<br>5.594%, 1/25/37 (l)§ |  | 700000 | 680531 |
|  Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, | Reperforming Loan REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1<br>4.729%, 1/25/36 (l)§ |  | 174270 | 164999 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A15 5A1<br>5.750%, 2/25/36 |  | 13395 | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A1<br>6.250%, 11/25/36 |  | 165522 | 64951 |
|  Ripon 1RA,<br>1.595%, 8/28/56§ | GBP | 1100000 | 1258323 |
|  Ripon Mortgages plc, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1RA A<br>4.137%, 8/28/56 (l)§ |  | 1894520 | 2252674 |
|  Sequoia Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>5.113%, 10/20/27 (l) | $| 1525 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>5.053%, 7/20/33 (l) |  | 10857 | 9841 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.839%, 7/19/35 (l) |  | 47784 | 41956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR3 11A1<br>4.809%, 4/25/36 (l) |  | 207775 | 177524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.769%, 7/25/46 (l) |  | 711391 | 527903 |
|  Towd Point Mortgage Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A13A A1<br>4.346%, 7/20/45 (l)§ | GBP | 940352 | 1120127 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A14X A<br>4.339%, 5/20/45 (l)(m) |  | 1335418 | 1584720 |
|  Triangle Re Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3 M1A<br>5.828%, 2/25/34 (l)§ | $| 142410 | 141755 |
|  UWM Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9<br>4.471%, 11/25/51 (l)§ |  | 730803 | 668035 |
|  WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, | WaMu Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR14 1A4<br>3.332%, 11/25/36 (l) |  | 285866 | 240321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR9 1A<br>3.048%, 8/25/46 (l) |  | 73511 | 67000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  | 26606320 |
|  **Commercial Mortgage-Backed Securities (1.6%)** | **Commercial Mortgage-Backed Securities (1.6%)** | **Commercial Mortgage-Backed Securities (1.6%)** | **Commercial Mortgage-Backed Securities (1.6%)** |
|  Ashford Hospitality Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KEYS A<br>5.318%, 6/15/35 (l)§ |  | 179846 | 174234 |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-WBRK D<br>3.534%, 3/10/37 (l)§ |  | 135000 | 114055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SCH AF<br>5.318%, 11/15/33 (l)§ |  | 565000 | 531449 |
|  Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS7 AS<br>3.989%, 9/15/48 (l) |  | 39000 | 36244 |
|  BANK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4<br>3.394%, 3/15/64 (l) |  | 700000 | 619963 |
|  BBCMS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID A<br>6.458%, 10/15/37 (l)§ |  | 325000 | 320153 |
|  Benchmark Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 |  | 800000 | 756393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B33 A5<br>3.458%, 3/15/55 |  | 800000 | 713123 |
|  BFLD Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A<br>5.468%, 10/15/35 (l)§ |  | 800000 | 760052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FPM A<br>5.918%, 6/15/38 (l)§ |  | 494000 | 470984 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC E<br>6.468%, 4/15/34 (l)§ |  | 133619 | 127654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A<br>5.006%, 10/15/38 (l)§ |  | 463358 | 445419 |
|  BX Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA A<br>5.217%, 10/15/36 (l)§ |  | 600000 | 570777 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11 B<br>3.732%, 4/10/46 (l) |  | 235000 | 228970 |

---

See Notes to Financial Statements.

1317

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  CLNY Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IKPR D<br>6.343%, 11/15/38 (l)§ | 250000 | 231269 |  |
|  Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5 E<br>4.315%, 12/10/45 (l)§ | 250000 | 222002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-SFS A1<br>1.873%, 4/12/35§ | 12488 | 12365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26 ASB<br>3.373%, 10/10/48 | 1617173 | 1576905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 | 1149362 | 1086510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2400 A<br>5.618%, 12/15/38 (l)§ | 800000 | 736666 |  |
|  DOLP Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41§ | 1000000 | 799559 |  |
|  EQUS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A<br>5.073%, 10/15/38 (l)§ | 599988 | 577511 |  |
|  Extended Stay America Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br>5.398%, 7/15/38 (l)§ | 780954 | 758602 |  |
|  GS Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-G1 A2<br>3.557%, 4/10/31 (l)§ | 265496 | 251222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30 AAB<br>3.120%, 5/10/50 | 426834 | 415692 |  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C6 E<br>4.964%, 5/15/45 (l)§ | 189221 | 141408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9 E<br>4.064%, 12/15/47 (l)§ | 455400 | 394729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HTL5 A<br>5.433%, 11/15/38 (l)§ | 800000 | 765034 |  |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22 XA<br>0.799%, 9/15/47 IO (l) | 6017984 | 56272 |  |
|  LSTAR Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4 A2<br>2.579%, 3/10/49§ | 76527 | 76402 |  |
|  LUXE Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TRIP A<br>5.368%, 10/15/38 (l)§ | 242270 | 231680 |  |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL5 A<br>5.300%, 7/15/36 (l)§ | 376516 | 366405 |  |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 ASB<br>3.557%, 12/15/47 | 444854 | 433475 |  |
|  Morgan Stanley Capital I Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P A<br>5.487%, 12/15/23 (l)§ | 800000 | 764197 |  |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MILE A<br>5.818%, 7/15/36 (l)§ | 170000 | 161587 |  |
|  New Orleans Hotel Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>5.307%, 4/15/32 (l)§ | 500000 | 469354 |  |
|  NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, | NYO Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>5.413%, 11/15/38 (l)§ | 800000 | 727092 |  |
|  PFP Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 A<br>5.326%, 8/9/37 (l)§ | 667623 | 636363 |  |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.589%, 11/25/36 (l)§ | 785996 | 749549 |  |
|  SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, | SFO Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-555 A<br>5.468%, 5/15/38 (l)§ | 800000 | 733040 |  |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6 C<br>4.386%, 11/15/49 (l) | 275000 | 240509 |  |
|  WFRBS Commercial Mortgage Trust, | WFRBS Commercial Mortgage Trust, | WFRBS Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24 AS<br>3.931%, 11/15/47 | 65800 | 62432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 19547301 |  |
|  **Corporate Bonds (8.7%)** | **Corporate Bonds (8.7%)** | **Corporate Bonds (8.7%)** |  |
|  **Communication Services (0.6%)** | **Communication Services (0.6%)** |  |  |
|  ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | ***Diversified Telecommunication Services (0.3%)*** | **** |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 800000 | 763412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 700000 | 640289 |  |
|  CCO Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/26§ | 85000 | 82450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 (x)§ | 277000 | 224312 |  |
|  Level 3 Financing, Inc.<br>3.875%, 11/15/29§ | 700000 | 550088 |  |
|  Verizon Communications, Inc.<br>2.550%, 3/21/31 | 900000 | 742859 |  |
|  |  | 3003410 |  |
|  ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | ***Entertainment (0.1%)*** | **** |
|  Electronic Arts, Inc.<br>1.850%, 2/15/31 | 800000 | 631878 |  |
|  Globo Comunicacao e Participacoes SA | Globo Comunicacao e Participacoes SA | Globo Comunicacao e Participacoes SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/22/30§ | 251000 | 209318 |  |
|  Warnermedia Holdings, Inc.<br>4.279%, 3/15/32§ | 314000 | 257877 |  |
|  |  | 1099073 |  |
|  ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | ***Interactive Media & Services (0.1%)*** | **** |
|  Tencent Holdings Ltd.<br>3.240%, 6/3/50§ | 226000 | 141928 |  |
|  Weibo Corp.<br>3.375%, 7/8/30 | 577000 | 439710 |  |
|  |  | 581638 |  |
|  ***Media (0.1%)*** | ***Media (0.1%)*** | ***Media (0.1%)*** | **** |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/29 | 800000 | 642000 |  |
|  CSC Holdings LLC<br>5.375%, 2/1/28§ | 500000 | 403125 |  |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 9/20/47 | 81000 | 60746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 5/15/49 | 38000 | 28935 |  |

---

See Notes to Financial Statements.

1318

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | $113000 | 109307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 1/25/49 | 190000 | 171108 |  |
|  Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/28 | 84000 | 80411 |  |
|  Time Warner Cable LLC<br>4.500%, 9/15/42 | 290000 | 213005 |  |
|  |  | 1708637 |  |
|  ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | ***Wireless Telecommunication Services (0.0%)†*** | **** |
|  T-Mobile USA, Inc.<br>3.400%, 10/15/52 | 800000 | 543550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 6936308 |  |
|  **Consumer Discretionary (0.7%)** | **Consumer Discretionary (0.7%)** |  |  |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | **** |
|  General Motors Co.<br>6.125%, 10/1/25 | 51000 | 51977 |  |
|  Hyundai Capital America<br>1.650%, 9/17/26§ | 800000 | 710958 |  |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28§ | 800000 | 646540 |  |
|  Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.522%, 9/17/25§ | 600000 | 556596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.201%, 9/17/28 (m) | 600000 | 560676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ | $800000 | 680867 |  |
|  |  | 3207614 |  |
|  ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | ***Hotels, Restaurants & Leisure (0.3%)*** | **** |
|  Booking Holdings, Inc.<br>4.500%, 11/15/31 | 303000 | 327604 |  |
|  Choice Hotels International, Inc.<br>3.700%, 12/1/29 | $900000 | 783500 |  |
|  Expedia Group, Inc.<br>6.250%, 5/1/25§ | 700000 | 705260 |  |
|  Las Vegas Sands Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/8/24 | 800000 | 760968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/18/26 | 600000 | 541314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/8/29 | 381000 | 326195 |  |
|  |  | 3444841 |  |
|  ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | ***Household Durables (0.0%)†*** | **** |
|  M.D.C. Holdings, Inc.<br>6.000%, 1/15/43 | 162000 | 132233 |  |
|  ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | ***Internet & Direct Marketing Retail (0.1%)*** | **** |
|  Amazon.com, Inc.<br>4.550%, 12/1/27 | 309000 | 307847 |  |
|  Prosus NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.257%, 1/19/27§ | 237000 | 212707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.680%, 1/21/30§ | 230000 | 190656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 8/3/50§ | 215000 | 136364 |  |
|  |  | 847574 |  |
|  ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** | ***Specialty Retail (0.1%)*** | **** |
|  Advance Auto Parts, Inc.<br>3.900%, 4/15/30 | 367000 | 323498 |  |
|  Lowe's Cos., Inc.<br>5.800%, 9/15/62 | 195000 | 188205 |  |
|  Ross Stores, Inc.<br>4.700%, 4/15/27 | 355000 | 348280 |  |
|  |  | 859983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8492245 |  |
|  **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** |  |  |
|  ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | ***Beverages (0.1%)*** | **** |
|  Bacardi Ltd.<br>4.450%, 5/15/25§ | 800000 | 776100 |  |
|  ***Food & Staples Retailing (0.0%)†*** | ***Food & Staples Retailing (0.0%)†*** | ***Food & Staples Retailing (0.0%)†*** | **** |
|  Albertsons Cos., Inc.<br>3.500%, 2/15/23§ | 298000 | 295020 |  |
|  ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | ***Food Products (0.0%)†*** | **** |
|  Cargill, Inc.<br>5.125%, 10/11/32§ | 144000 | 145162 |  |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | **** |
|  Spectrum Brands, Inc.<br>5.750%, 7/15/25 | 14000 | 13825 |  |
|  ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | ***Personal Products (0.0%)†*** | **** |
|  Natura & Co. Luxembourg Holdings Sarl | Natura & Co. Luxembourg Holdings Sarl | Natura & Co. Luxembourg Holdings Sarl |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/19/29§ | 214000 | 186755 |  |
|  ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | ***Tobacco (0.1%)*** | **** |
|  Altria Group, Inc.<br>3.400%, 5/6/30 | 310000 | 265740 |  |
|  BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | 469000 | 390556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 4/2/30 | 156000 | 142742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/19/32 | 33000 | 35733 |  |
|  Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/17/25 | 183000 | 183864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/29 | 34000 | 34527 |  |
|  |  | 1053162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 2470024 |  |
|  **Energy (0.5%)** | **Energy (0.5%)** |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |
|  Odebrecht Drilling Norbe VIII/IX Ltd. | Odebrecht Drilling Norbe VIII/IX Ltd. | Odebrecht Drilling Norbe VIII/IX Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 12/1/26 PIK (m) | 257714 | 138487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 12/1/26 PIK§ | 643 | 345 |  |
|  Odebrecht Offshore Drilling Finance Ltd. | Odebrecht Offshore Drilling Finance Ltd. | Odebrecht Offshore Drilling Finance Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.720%, 12/1/26 PIK (m) | 804057 | 206373 |  |
|  Odebrecht Oil & Gas Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/30/23 (y)§ | 207137 | 518 |  |
|  |  | 345723 |  |
|  ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | **** |
|  BP Capital Markets America, Inc.<br>2.939%, 6/4/51 | 518000 | 344435 |  |
|  Continental Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ | 868000 | 809897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/1/32§ | 229000 | 170704 |  |
|  Devon Energy Corp.<br>5.600%, 7/15/41 | 210000 | 197415 |  |
|  Diamondback Energy, Inc.<br>6.250%, 3/15/33 | 131000 | 133161 |  |
|  Enbridge Energy Partners LP<br>7.375%, 10/15/45 | 219000 | 246218 |  |

---

See Notes to Financial Statements.

1319

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Energy Transfer LP<br>4.750%, 1/15/26 | $325000 | $| 317153 |  |
|  EQT Corp.<br>5.700%, 4/1/28 | 81000 |  | 80757 |  |
|  Greenko Power II Ltd.<br>4.300%, 12/13/28§ | 477500 |  | 398712 |  |
|  Marathon Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26 | 229000 |  | 227767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/1/41 | 72000 |  | 74637 |  |
|  Oleoducto Central SA<br>4.000%, 7/14/27§ | 460000 |  | 403880 |  |
|  ONEOK Partners LP<br>6.125%, 2/1/41 | 18000 |  | 17057 |  |
|  ONEOK, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 208000 |  | 192603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 1/15/31 | 44000 |  | 44984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 11/15/32 | 25000 |  | 25126 |  |
|  Plains All American Pipeline LP<br>3.550%, 12/15/29 | 163000 |  | 141699 |  |
|  Rio Oil Finance Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1<br>9.250%, 7/6/24 (m) | 128714 |  | 129945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 7/6/24§ | 128714 |  | 129945 |  |
|  Suncor Energy, Inc.<br>6.800%, 5/15/38 | 239000 |  | 251208 |  |
|  Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. | Tengizchevroil Finance Co. International Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/30§ | 230000 |  | 163127 |  |
|  Var Energi ASA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 1/15/28§ | 356000 |  | 362964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/15/32§ | 237000 |  | 245051 |  |
|  |  |  | 5108445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 5454168 |  |
|  **Financials (3.2%)** | **Financials (3.2%)** |  |  |  |
|  ***Banks (1.7%)*** | ***Banks (1.7%)*** | ***Banks (1.7%)*** | ***Banks (1.7%)*** | **** |
|  AIB Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.46%),<br>7.583%, 10/14/26 (k)§ | 493000 |  | 502795 |  |
|  Banco de Credito del Peru SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%),<br>3.125%, 7/1/30 (k)§ | 268000 |  | 244014 |  |
|  Banco Espirito Santo SA<br>4.000%, 1/21/19 (h)(m) | 1700000 |  | 254767 |  |
|  Banco Santander SA<br>3.800%, 2/23/28 | $200000 |  | 181470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%),<br>4.175%, 3/24/28 (k) | 200000 |  | 185581 |  |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br>4.376%, 4/27/28 (k) | 282000 |  | 269443 |  |
|  Bank of Ireland Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%),<br>6.253%, 9/16/26 (k)§ | 258000 |  | 256162 |  |
|  Barclays plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%),<br>7.385%, 11/2/28 (k) | 360000 |  | 374982 |  |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>1.904%, 9/30/28 (k)§ | 800000 |  | 669050 |  |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 4.07%),<br>5.950%, 1/30/23 (k)(y) | 71000 |  | 70556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br>3.070%, 2/24/28 (k) | 500000 |  | 451970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%),<br>4.075%, 4/23/29 (k) | 227000 |  | 207032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%),<br>4.000%, 12/10/25 (k)(y) | 139000 |  | 121086 |  |
|  Citizens Financial Group, Inc.<br>4.300%, 12/3/25 | 270000 |  | 261938 |  |
|  Danske Bank A/S<br>5.375%, 1/12/24§ | 800000 |  | 795739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%),<br>4.298%, 4/1/28 (k)§ | 359000 |  | 330607 |  |
|  Discover Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 1.73%),<br>4.682%, 8/9/28 (k) | 250000 |  | 240065 |  |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 8/23/27 (x)§ | 267000 |  | 255077 |  |
|  Fifth Third Bancorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.19%),<br>6.361%, 10/27/28 (k) | 500000 |  | 516363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.22%),<br>4.500%, 9/30/25 (k)(y) | 86000 |  | 79658 |  |
|  Fifth Third Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br>5.852%, 10/27/25 (k) | 500000 |  | 505027 |  |
|  HSBC Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.03%),<br>7.336%, 11/3/26 (k) | 418000 |  | 434745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%),<br>5.402%, 8/11/33 (k) | 201000 |  | 185960 |  |
|  Intesa Sanpaolo SpA<br>7.000%, 11/21/25§ | 367000 |  | 374022 |  |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br>5.546%, 12/15/25 (k) | 1073000 |  | 1071423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br>2.182%, 6/1/28 (k) | 400000 |  | 349286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.580%, 4/22/32 (k) | 408000 |  | 328120 |  |

---

See Notes to Financial Statements.

1320

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lloyds Banking Group plc 4.000%, 3/7/25 | AUD | 1300000 | $| 853020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ASX Australia Bank Bill Short Term Rates 3 Month Mid + 1.40%),<br>4.518%, 3/7/25 (k) |  | 1100000 |  | 738637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.75%),<br>7.953%, 11/15/33 (k) | $| 300000 |  | 319488 |  |
|  Mizuho Financial Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>1.241%, 7/10/24 (k) |  | 700000 |  | 683591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.00%),<br>3.922%, 9/11/24 (k) |  | 900000 |  | 886623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%),<br>5.414%, 9/13/28 (k) |  | 257000 |  | 256736 |  |
|  NatWest Group plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%),<br>7.472%, 11/10/26 (k) |  | 359000 |  | 376284 |  |
|  Nordea Kredit Realkreditaktieselskab<br>1.500%, 10/1/53 | DKK | 2 |  |  |  |
|  Santander Holdings USA, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br>2.490%, 1/6/28 (k) | $| 926000 |  | 797163 |  |
|  Santander UK Group Holdings plc | Santander UK Group Holdings plc | Santander UK Group Holdings plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%),<br>6.833%, 11/21/26 (k) |  | 366000 |  | 371078 |  |
|  Societe Generale SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%),<br>2.797%, 1/19/28 (k)§ |  | 394000 |  | 344556 |  |
|  Standard Chartered plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.93%),<br>5.248%, 11/23/25 (k)(x)§ |  | 700000 |  | 680095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%),<br>3.971%, 3/30/26 (k)§ |  | 290000 |  | 275913 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%),<br>5.925%, 1/30/27 (k)(y)§ |  | 200000 |  | 154000 |  |
|  Sumitomo Mitsui Financial Group, Inc.<br>2.448%, 9/27/24 |  | 1000000 |  | 951130 |  |
|  Swedbank AB |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC5 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.13%),<br>5.625%, 9/17/24 (k)(m)(y) |  | 200000 |  | 191000 |  |
|  Truist Financial Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%),<br>5.100%, 3/1/30 (k)(y) |  | 286000 |  | 265622 |  |
|  UniCredit SpA<br>7.830%, 12/4/23§ |  | 1600000 |  | 1615437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%),<br>2.569%, 9/22/26 (k)§ |  | 350000 |  | 310545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 6/3/32§ |  | 200000 |  | 151610 |  |
|  US Bancorp |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.91%),<br>5.300%, 4/15/27 (k)(y) |  | 171000 |  | 148342 |  |
|  Wells Fargo & Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>3.908%, 4/25/26 (k) |  | 400000 |  | 388955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.31%),<br>3.584%, 5/22/28 (k) |  | 90000 |  | 83442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%),<br>3.900%, 3/15/26 (k)(y) |  | 114000 |  | 99424 |  |
|  |  |  |  | 20459629 |  |
|  ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | ***Capital Markets (0.7%)*** | **** |
|  Carlyle Finance Subsidiary LLC<br>3.500%, 9/19/29§ |  | 800000 |  | 679038 |  |
|  Charles Schwab Corp. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%),<br>5.375%, 6/1/25 (k)(y) |  | 69000 |  | 67453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%),<br>4.000%, 6/1/26 (k)(y) |  | 326000 |  | 280542 |  |
|  Credit Suisse AG<br>4.750%, 8/9/24 |  | 600000 |  | 573946 |  |
|  Credit Suisse Group AG |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.60%),<br>7.500%, 7/17/23 (k)(y)§ |  | 200000 |  | 159000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.24%),<br>4.207%, 6/12/24 (k)§ |  | 1000000 |  | 976871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.34%),<br>6.373%, 7/15/26 (k)§ |  | 399000 |  | 373606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.73%),<br>4.194%, 4/1/31 (k)§ |  | 254000 |  | 197731 |  |
|  Deutsche Bank AG |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>3.961%, 11/26/25 (k) |  | 2020000 |  | 1931367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.19%),<br>6.119%, 7/14/26 (k) |  | 239000 |  | 237943 |  |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%),<br>6.124%, 10/28/27 (k) |  | 700000 |  | 710170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.87%),<br>7.466%, 1/30/23 (k)(y) |  | 33000 |  | 32050 |  |

---

See Notes to Financial Statements.

1321

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.70%),<br>0.406%, 10/29/27 (k) | 229000 | $| 211388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br>4.210%, 4/20/28 (k) | $177000 |  | 168417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br>6.296%, 10/18/28 (k) | 139000 |  | 143034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.14%),<br>3.772%, 1/24/29 (k) | 243000 |  | 224008 |  |
|  Owl Rock Capital Corp.<br>2.875%, 6/11/28 | 800000 |  | 628479 |  |
|  S&P Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/28§ | 16000 |  | 15832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/29§ | 71000 |  | 67964 |  |
|  Stifel Financial Corp.<br>4.000%, 5/15/30 | 900000 |  | 780574 |  |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.87%),<br>7.000%, 2/19/25 (k)(m)(y) | 200000 |  | 197250 |  |
|  |  |  | 8656663 |  |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | **** |
|  AGFC Capital Trust I |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%),<br>5.829%, 1/15/67 (k)§ | 1070000 |  | 589365 |  |
|  Ally Financial, Inc.<br>2.200%, 11/2/28 | 800000 |  | 625938 |  |
|  CDBL Funding 1<br>3.500%, 10/24/27 (m) | 250000 |  | 228755 |  |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584%, 3/18/24 | 500000 |  | 493125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/16/25 | 900000 |  | 865989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/25 | 600000 |  | 607644 |  |
|  General Motors Financial Co., Inc.<br>4.300%, 4/6/29 | $44000 |  | 39553 |  |
|  Harley-Davidson Financial Services, Inc.<br>3.050%, 2/14/27§ | 279000 |  | 249045 |  |
|  LeasePlan Corp. NV<br>2.875%, 10/24/24§ | 800000 |  | 750429 |  |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/13/25 | 38000 |  | 37080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/23/25 | 39000 |  | 37464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/27 | 46000 |  | 41033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/28/31 | 216000 |  | 162283 |  |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%),<br>5.050%, 12/11/23 (k) | 300000 |  | 300471 |  |
|  |  |  | 5028174 |  |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Corsair International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 6 Month + 5.20%, 5.20% Floor),<br>5.823%, 1/28/29 (k)§ | 700000 |  | 738076 |  |
|  Voya Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.58%),<br>5.650%, 5/15/53 (k) | $91000 |  | 89330 |  |
|  |  |  | 827406 |  |
|  ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | ***Insurance (0.1%)*** | **** |
|  MassMutual Global Funding II<br>5.050%, 12/7/27§ | 500000 |  | 501990 |  |
|  MetLife Capital Trust IV<br>7.875%, 12/15/37§ | 192000 |  | 207360 |  |
|  Principal Life Global Funding II<br>1.250%, 8/16/26§ | 800000 |  | 695176 |  |
|  Swiss Re Finance Luxembourg SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%),<br>5.000%, 4/2/49 (k)(m) | 200000 |  | 184328 |  |
|  |  |  | 1588854 |  |
|  ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | ***Thrifts & Mortgage Finance (0.2%)*** | **** |
|  Jyske Realkredit A/S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series cce<br>1.500%, 10/1/53 | 1756274 |  | 193733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CCE<br>1.500%, 10/1/53 | 1888547 |  | 196978 |  |
|  Nationwide Building Society |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%),<br>3.766%, 3/8/24 (k)§ | $1000000 |  | 995063 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br>2.972%, 2/16/28 (k)§ | 385000 |  | 338807 |  |
|  |  |  | 1724581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 38285307 |  |
|  **Health Care (0.2%)** | **Health Care (0.2%)** |  |  |  |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | **** |
|  Cigna Corp.<br>4.375%, 10/15/28 | 165000 |  | 159531 |  |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 12000 |  | 11599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/31 (x) | 800000 |  | 637049 |  |
|  HCA, Inc.<br>5.250%, 6/15/26 | 47000 |  | 46454 |  |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.510%, 5/15/31 (x) | 240000 |  | 176176 |  |
|  |  |  | 1030809 |  |
|  ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | ***Pharmaceuticals (0.1%)*** | **** |
|  Bayer US Finance II LLC<br>4.250%, 12/15/25§ | 1000000 |  | 970817 |  |
|  Zoetis, Inc.<br>5.400%, 11/14/25 | 205000 |  | 209013 |  |
|  |  |  | 1179830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 2210639 |  |
|  **Industrials (0.5%)** | **Industrials (0.5%)** |  |  |  |
|  ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | ***Aerospace & Defense (0.2%)*** | **** |
|  Boeing Co. (The)<br>1.950%, 2/1/24 | 700000 |  | 673428 |  |
|  Embraer Netherlands Finance BV<br>5.400%, 2/1/27 | 240000 |  | 229845 |  |
|  Huntington Ingalls Industries, Inc.<br>2.043%, 8/16/28 | 800000 |  | 660800 |  |
|  Raytheon Technologies Corp.<br>4.125%, 11/16/28 | 363000 |  | 348484 |  |
|  |  |  | 1912557 |  |

---

See Notes to Financial Statements.

1322

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | ***Building Products (0.0%)†*** | **** |
|  Masco Corp.<br>1.500%, 2/15/28 | $800000 | $662007 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Alfa SAB de CV<br>5.250%, 3/25/24§ | 235000 | 232915 |  |
|  Honeywell International, Inc.<br>4.125%, 11/2/34 | 240000 | 251742 |  |
|  |  | 484657 |  |
|  ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | ***Machinery (0.1%)*** | **** |
|  Daimler Trucks Finance North America LLC<br>2.000%, 12/14/26§ | $800000 | 704065 |  |
|  Flowserve Corp.<br>2.800%, 1/15/32 (x) | 202000 | 151925 |  |
|  Parker-Hannifin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/14/29 | 121000 | 108358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/29 | 177000 | 171036 |  |
|  Westinghouse Air Brake Technologies Corp.<br>4.400%, 3/15/24 (e) | 185000 | 182115 |  |
|  |  | 1317499 |  |
|  ***Road & Rail (0.0%)†*** | ***Road & Rail (0.0%)†*** | ***Road & Rail (0.0%)†*** | **** |
|  ENA Master Trust<br>4.000%, 5/19/48§ | 206000 | 138149 |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.350%, 4/5/36§ | 185322 | 164449 |  |
|  |  | 302598 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/27 | 16000 | 14624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/1/28 | 178000 | 166597 |  |
|  Aircastle Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 6/15/26 | 9000 | 8480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/26/28§ | 298000 | 244290 |  |
|  Aviation Capital Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 1/30/24§ | 88000 | 85765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/15/24§ | 255000 | 248645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 1/30/26§ | 192000 | 166242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 9/20/26§ | 62000 | 52394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 38000 | 33201 |  |
|  |  | 1020238 |  |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | **** |
|  Transurban Finance Co. Pty. Ltd.<br>2.450%, 3/16/31§ | 900000 | 710626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 6410182 |  |
|  **Information Technology (0.6%)** | **Information Technology (0.6%)** |  |  |
|  ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | ***IT Services (0.1%)*** | **** |
|  Fiserv, Inc.<br>3.500%, 7/1/29 | 409000 | 369276 |  |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/29 | 136000 | 116346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/32 | 165000 | 158220 |  |
|  International Business Machines Corp.<br>4.900%, 7/27/52 | 264000 | 241627 |  |
|  Kyndryl Holdings, Inc.<br>2.050%, 10/15/26 | 411000 | 337265 |  |
|  |  | 1222734 |  |
|  ***Semiconductors & Semiconductor Equipment (0.4%)*** | ***Semiconductors & Semiconductor Equipment (0.4%)*** | ***Semiconductors & Semiconductor Equipment (0.4%)*** | **** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/30 | 67000 | 60027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ | 800000 | 632623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32§ | 51000 | 44831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33§ | 700000 | 564829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 4/15/34§ | 769000 | 613960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/35§ | 578000 | 424837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ | 356000 | 259421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ | 192000 | 167290 |  |
|  Intel Corp.<br>5.050%, 8/5/62 | 270000 | 239763 |  |
|  KLA Corp.<br>4.100%, 3/15/29 | 58000 | 56007 |  |
|  Micron Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%, 2/6/26 | 700000 | 689710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/1/29 | 333000 | 338920 |  |
|  NXP BV<br>5.550%, 12/1/28 | 131000 | 131532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/30 | 141000 | 121199 |  |
|  SK Hynix, Inc.<br>2.375%, 1/19/31§ | 323000 | 236860 |  |
|  TSMC Arizona Corp.<br>3.875%, 4/22/27 | 283000 | 270495 |  |
|  |  | 4852304 |  |
|  ***Software (0.0%)†*** | ***Software (0.0%)†*** | ***Software (0.0%)†*** | **** |
|  Infor, Inc.<br>1.750%, 7/15/25§ | 119000 | 107546 |  |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/25/31 | 242000 | 201593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/40 | 45000 | 41671 |  |
|  |  | 350810 |  |
|  ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | ***Technology Hardware, Storage & Peripherals (0.1%)*** | **** |
|  Apple, Inc.<br>4.100%, 8/8/62 | 202000 | 171021 |  |
|  HP, Inc.<br>5.500%, 1/15/33 | 342000 | 323159 |  |
|  Seagate HDD Cayman |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/31 | 253000 | 197656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/1/32§ | 357600 | 392216 |  |
|  Western Digital Corp.<br>2.850%, 2/1/29 | 51000 | 39898 |  |
|  |  | 1123950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 7549798 |  |
|  **Materials (0.2%)** | **Materials (0.2%)** |  |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | **** |
|  Celanese US Holdings LLC<br>5.900%, 7/5/24 | 266000 | 265258 |  |
|  LYB International Finance BV<br>4.000%, 7/15/23 | 195000 | 193721 |  |
|  Syngenta Finance NV<br>4.441%, 4/24/23§ | 700000 | 696879 |  |
|  |  | 1155858 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Berry Global, Inc.<br>1.570%, 1/15/26 | 800000 | 714880 |  |
|  WRKCo., Inc.<br>4.000%, 3/15/28 | 280000 | 260894 |  |
|  |  | 975774 |  |

---

See Notes to Financial Statements.

1323

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | **** |
|  Anglo American Capital plc<br>3.875%, 3/16/29§ | $370000 | $332769 |  |
|  Freeport Indonesia PT<br>4.763%, 4/14/27§ | 215000 | 206155 |  |
|  |  | 538924 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Suzano Austria GmbH<br>3.750%, 1/15/31 | 61000 | 50927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 2721483 |  |
|  **Real Estate (0.9%)** | **Real Estate (0.9%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** | **** |
|  American Tower Corp. (REIT)<br>3.650%, 3/15/27 | 144000 | 134706 |  |
|  Brixmor Operating Partnership LP (REIT)<br>3.900%, 3/15/27 | 800000 | 737105 |  |
|  Corporate Office Properties LP (REIT)<br>2.250%, 3/15/26 | 700000 | 615741 |  |
|  Crown Castle, Inc. (REIT)<br>3.700%, 6/15/26 | 800000 | 760945 |  |
|  EPR Properties (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/25 | 800000 | 756561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 800000 | 582909 |  |
|  Equinix, Inc. (REIT)<br>2.500%, 5/15/31 | 800000 | 644679 |  |
|  Essex Portfolio LP (REIT)<br>2.550%, 6/15/31 | 800000 | 635347 |  |
|  GLP Capital LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/25 | 600000 | 588000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/15/32 | 200000 | 159704 |  |
|  Host Hotels & Resorts LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>3.500%, 9/15/30 | 54000 | 44690 |  |
|  Kilroy Realty LP (REIT)<br>4.375%, 10/1/25 | 1700000 | 1640935 |  |
|  Omega Healthcare Investors, Inc. (REIT)<br>3.375%, 2/1/31 | 700000 | 540078 |  |
|  Realty Income Corp. (REIT)<br>4.625%, 11/1/25 | 500000 | 495473 |  |
|  Spirit Realty LP (REIT)<br>3.400%, 1/15/30 | 800000 | 670358 |  |
|  Vornado Realty LP (REIT)<br>3.400%, 6/1/31 | 330000 | 244729 |  |
|  Welltower, Inc. (REIT)<br>2.750%, 1/15/31 | 700000 | 561454 |  |
|  |  | 9813414 |  |
|  ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | ***Real Estate Management & Development (0.1%)*** | **** |
|  Tesco Property Finance 5 plc<br>5.661%, 10/13/41 (m) | 479180 | 532761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 10346175 |  |
|  **Utilities (1.1%)** | **Utilities (1.1%)** |  |  |
|  ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | ***Electric Utilities (0.7%)*** | **** |
|  Appalachian Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA<br>2.700%, 4/1/31 | $800000 | 661242 |  |
|  Avangrid, Inc.<br>3.800%, 6/1/29 | 900000 | 819313 |  |
|  Chile Electricity PEC SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/25/28§ | 490000 | 350442 |  |
|  Comision Federal de Electricidad |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 5/15/29§ | 222000 | 195332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348%, 2/9/31§ | 258000 | 200966 |  |
|  Duke Energy Carolinas NC Storm Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2<br>2.617%, 7/1/41 | 154000 | 112023 |  |
|  Duke Energy Progress LLC<br>3.400%, 4/1/32 | 800000 | 710689 |  |
|  Edison International<br>3.550%, 11/15/24 | 600000 | 579439 |  |
|  Enel Finance America LLC<br>7.100%, 10/14/27§ | 600000 | 621980 |  |
|  Enel Finance International NV<br>2.250%, 7/12/31§ | 800000 | 585054 |  |
|  IPALCO Enterprises, Inc.<br>4.250%, 5/1/30 | 700000 | 624092 |  |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 11/15/23 | 800000 | 774193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/25 | 700000 | 661456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 600000 | 556945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 600000 | 550338 |  |
|  Southern Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 0.37%),<br>4.694%, 5/10/23 (k) | 800000 | 797815 |  |
|  Terraform Global Operating LP<br>6.125%, 3/1/26§ | 26000 | 24277 |  |
|  |  | 8825596 |  |
|  ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | ***Gas Utilities (0.2%)*** | **** |
|  CenterPoint Energy Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.50%),<br>5.279%, 3/2/23 (k) | 516000 | 515710 |  |
|  National Fuel Gas Co.<br>2.950%, 3/1/31 | 1000000 | 776975 |  |
|  SGSP Australia Assets Pty. Ltd.<br>3.300%, 4/9/23 (e)(m) | 1000000 | 994677 |  |
|  |  | 2287362 |  |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | **** |
|  Berkshire Hathaway Energy Co.<br>6.125%, 4/1/36 | 229000 | 241716 |  |
|  Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>2.250%, 8/15/31 (x) | 800000 | 635039 |  |
|  Public Service Enterprise Group, Inc.<br>5.850%, 11/15/27 | 238000 | 244897 |  |
|  San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV<br>1.700%, 10/1/30 | 800000 | 632799 |  |
|  WEC Energy Group, Inc.<br>1.375%, 10/15/27 | 700000 | 594954 |  |
|  |  | 2349405 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Capital Corp.<br>3.450%, 6/1/29 | 72000 | 65991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 13528354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 104404683 |  |

---

See Notes to Financial Statements.

1324

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Foreign Government Securities (0.4%)*** | ***Foreign Government Securities (0.4%)*** | ***Foreign Government Securities (0.4%)*** | **** |
|  Dominican Republic Government Bond<br>4.875%, 9/23/32 (x)§ | $276000 | $228183 |  |
|  Japan International Cooperation Agency<br>2.750%, 4/27/27 | 900000 | 834585 |  |
|  Provincia de Buenos Aires |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.75%),<br>72.891%, 4/12/25 (k)(m)(r) | 240000 | 779 |  |
|  Republic of Colombia<br>3.125%, 4/15/31 | $235000 | 174164 |  |
|  Republic of Panama<br>9.375%, 4/1/29 | 190000 | 225601 |  |
|  Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200%, 8/12/26 (m) | 2000000 | 550919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 8/12/28 (m) | 2000000 | 500362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 8/12/31 (m) | 1000000 | 248150 |  |
|  Romania Government Bond<br>2.000%, 4/14/33 (m) | 800000 | 546893 |  |
|  State of Qatar<br>5.103%, 4/23/48§ | $800000 | 799900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 4109536 |  |
|  **Loan Participation (0.2%)** | **Loan Participation (0.2%)** | **Loan Participation (0.2%)** |  |
|  **Financials (0.2%)** | **Financials (0.2%)** |  |  |
|  ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | ***Consumer Finance (0.2%)*** | **** |
|  Delos Finance Sarl, New Term Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%),<br>6.480%, 10/6/23 (k) | 2100000 | 2095065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2095065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Loan Participation** |  | 2095065 |  |
|  ***Mortgage-Backed Securities (8.2%)*** | ***Mortgage-Backed Securities (8.2%)*** | ***Mortgage-Backed Securities (8.2%)*** | **** |
|  FHLMC | FHLMC | FHLMC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/1/31 (l) | 1334 | 1341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/35 | 26226 | 26994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/35 | 21836 | 22409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 | 156534 | 151873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/46 | 239247 | 232188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/48 | 147684 | 145615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 | 267614 | 263886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 | 78550 | 79274 |  |
|  FHLMC UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/49 | 303727 | 282246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 | 298146 | 276927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 | 113715 | 105601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 | 450778 | 419601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 1093282 | 898374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 711648 | 631090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 1256739 | 1073970 |  |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.706%, 1/1/28 (l) | 4687 | 4652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/1/33 (l) | 7834 | 7389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 1/1/36 (l) | 40192 | 40342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.835%, 2/1/37 (l) | 42811 | 42633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/1/40 (l) | 1952 | 1949 |  |
|  FNMA UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 8/1/26 | 101 | 103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 | 5900 | 5571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 | 215820 | 202708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 | 329632 | 309193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/31 | 115755 | 108578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/32 | 287496 | 269669 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 | 14693 | 13764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/33 | 25955 | 26554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/33 | 24123 | 24685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/34 | 13166 | 13492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 9404 | 9637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/34 | 37779 | 38779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 | 139773 | 143375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/35 | 4701 | 4655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/35 | 10746 | 10835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/36 | 11211 | 11302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/39 | 28732 | 29106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 | 99180 | 96174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/1/41 | 12433 | 12338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 | 1350 | 1340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/42 | 66839 | 62692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/42 | 702291 | 658592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/43 | 117509 | 110254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/43 | 403588 | 378670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/43 | 394936 | 382468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/45 | 34028 | 30822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/45 | 327566 | 296295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 729428 | 679606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/48 | 599114 | 558006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/48 | 321355 | 316557 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/49 | 314830 | 292367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/49 | 237065 | 220150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 | 392040 | 364190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 | 1133971 | 930745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 365924 | 312954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 | 863432 | 765692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/52 | 787478 | 671087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 1095826 | 971779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 804788 | 686885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/52 | 1065720 | 909656 |  |
|  FNMA/FHLMC UMBS, 30 Year, Single Family |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/25/53 TBA | 2287000 | 1870337 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/53 TBA | 6113000 | 5194140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/53 TBA | 41955593 | 36937310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/53 TBA | 11500000 | 10476679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/53 TBA | 19401368 | 18243349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/25/53 TBA | 7400000 | 7142156 |  |
|  GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/20/27 (l) | 430 | 417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/43 | 124610 | 113949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 169574 | 154643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/46 | 138753 | 126055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/49 | 95289 | 88455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/50 | 20317 | 18829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 | 165963 | 153801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/53 TBA | 183093 | 163396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/53 TBA | 556769 | 527887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/53 TBA | 1329000 | 1291103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 98142185 |  |

---

See Notes to Financial Statements.

1325

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Municipal Bonds (0.1%)*** | ***Municipal Bonds (0.1%)*** | ***Municipal Bonds (0.1%)*** | **** |
|  City of Chicago General Obligation Bonds, Taxable Series 2015 B<br>7.750%, 1/1/42 | $100000 | $101639 |  |
|  City of New York, General Obligation Bonds, Series D<br>1.923%, 8/1/31 | 205000 | 158550 |  |
|  Port Authority of New York & New Jersey<br>1.086%, 7/1/23 | 180000 | 176803 |  |
|  Sales Tax Securitization Corp.<br>3.007%, 1/1/33 | 800000 | 643811 |  |
|  State Board of Administration Finance Corp.<br>1.705%, 7/1/27 | 288000 | 250752 |  |
|  Tobacco Settlement Finance Authority<br>3.000%, 6/1/35 | 87860 | 78845 |  |
|  University of California<br>3.071%, 5/15/51 | 335000 | 224132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  | 1634532 |  |
|  **U.S. Government Agency Securities (36.5%)** | **U.S. Government Agency Securities (36.5%)** | **U.S. Government Agency Securities (36.5%)** |  |
|  FFCB | FFCB | FFCB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 7/24/23 | 10000000 | 9759365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/15/25 | 5124000 | 4704339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.320%, 1/21/25 | 20000000 | 18739840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/25 | 15466000 | 15414403 |  |
|  FHLB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%),<br>4.345%, 3/6/23 (k) | 5000000 | 5000180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/13/24 | 305000 | 298277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/13/24 | 40000000 | 38819212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/3/24 | 25000000 | 25042600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 12/13/24 | 27030000 | 26057331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 12/20/24 | 30000000 | 28023957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/14/25 | 5500000 | 5257582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/11/26 | 20000000 | 18393194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 | 12910000 | 12436279 |  |
|  FHLMC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/12/25 | 42935000 | 40465207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/21/25 | 30000000 | 27162705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 | 30000000 | 27019059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 | 3000000 | 2616977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/29 | 39000000 | 44680545 |  |
|  FNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/12/23 | 20000000 | 19735688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/5/24 | 3545000 | 3459889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/7/25 | 30000000 | 28346778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 | 25816000 | 23829014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 11/15/30 | 10000000 | 11645847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  | 436908268 |  |
|  **U.S. Treasury Obligations (41.7%)** | **U.S. Treasury Obligations (41.7%)** | **U.S. Treasury Obligations (41.7%)** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/27 | 9837500 | 10744589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 | 200000 | 206957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 | 200000 | 209818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 | 200000 | 216014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 10200000 | 6678948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 4800000 | 3415286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/15/41 | 1945900 | 1342075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/41 | 94000 | 89854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/41 | 422500 | 304058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/42 | 469000 | 360674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/42 | 1010500 | 855949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 | 4770500 | 4214154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | 455400 | 449148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 | 627300 | 581290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 | 421000 | 397403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 | 1055000 | 975810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 | 800000 | 710503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 4689100 | 3992405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 | 483700 | 402741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/45 | 400000 | 332375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 | 2700000 | 2191996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 | 5900000 | 4872227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 1500000 | 1241695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 4200000 | 3413157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 | 1200000 | 653410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 1500000 | 844276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 | 1456400 | 936461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/51 | 1457400 | 965076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 571800 | 463278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 654700 | 662065 |  |
|  U.S. Treasury Inflation Linked Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS | 100000 | 99303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS | 100000 | 78461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 2/15/51 TIPS | 100000 | 73993 |  |
|  U.S. Treasury Inflation Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/24 TIPS | 1300000 | 1626445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 TIPS | 400000 | 459974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS | 2100000 | 2064093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS | 500000 | 471288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS | 1600000 | 1506395 |  |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/30/23 | 2701700 | 2667798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 11/30/23 | 12466400 | 11994896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/24 | 4332900 | 4229779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 7/31/24# | 10000000 | 9622398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/31/24 | 682000 | 668068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/30/24 | 4700000 | 4511577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/30/24 | 840500 | 836598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/30/24 | 4019600 | 4022023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/26 | 2551100 | 2350801 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 40180300 | 35879220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 45079100 | 41730976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 17730300 | 16029189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 35682500 | 33242927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 11403100 | 10645047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/27 | 9079800 | 8793248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 33068900 | 30634702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/31/27 | 862000 | 830461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 1096700 | 1102509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/27 | 3835900 | 3855560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 20097700 | 18545603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 8844900 | 8809569 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 10145900 | 9555057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 5240000 | 4954967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 7/31/28 | 10742400 | 9146766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 12759300 | 12191575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 9196800 | 8521454 |  |

---

See Notes to Financial Statements.

1326

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | $| &nbsp;&nbsp;&nbsp;&nbsp;30797500 | $28061672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/31/29 |  | 32629200 | 30124015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 |  | 1173000 | 1019996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 |  | 3249400 | 2841854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 |  | 3823800 | 3265704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 |  | 21014800 | 16586841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 |  | 23258400 | 19631308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 |  | 5958900 | 4851848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 |  | 10375500 | 8475163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 |  | 6371700 | 5421335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 |  | 1107900 | 1024560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 |  | 19960900 | 18230036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 |  | 4415900 | 4518267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  |  | 498529011 |
|  **Total Long-Term Debt<br>Securities (103.0%)**<br> *(Cost $1,331,378,336)* | **Total Long-Term Debt<br>Securities (103.0%)**<br> *(Cost $1,331,378,336)* | **Total Long-Term Debt<br>Securities (103.0%)**<br> *(Cost $1,331,378,336)* | 1233099331 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Commercial Paper (1.2%)** | **Commercial Paper (1.2%)** | **Commercial Paper (1.2%)** |  |
|  American Electric Power Co., Inc.<br>4.91%, 1/19/23 (n)(p) |  | 500000 | 498709 |
|  AT&T, Inc.<br>6.06%, 1/3/23 (n)(p)§ |  | 400000 | 399798 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 1/20/23 (n)(p) |  | 700000 | 698099 |
|  Constellation Brands, Inc.<br>5.39%, 1/10/23 (n)(p)§ |  | 500000 | 499252 |
|  Crown Castle, Inc.<br>5.84%, 1/5/23 (n)(p)§ |  | 500000 | 499595 |
|  Dominion Energy, Inc.<br>4.83%, 1/31/23 (n)(p) |  | 900000 | 896271 |
|  Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 1/11/23 (n)(p)§ |  | 500000 | 499234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p)§ |  | 500000 | 498841 |
|  Enbridge US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 1/4/23 (n)(p)§ |  | 500000 | 499670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/9/23 (n)(p)§ |  | 500000 | 499339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 1/20/23 (n)(p)§ |  | 500000 | 498597 |
|  Fiserv, Inc.<br>4.92%, 1/17/23 (n)(p) |  | 500000 | 498841 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 1/10/23 (n)(p) |  | 700000 | 699000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 2/1/23 (n)(p)§ |  | 500000 | 497847 |
|  McCormick & Co., Inc.<br>4.89%, 1/27/23 (n)(p)§ |  | 500000 | 498173 |
|  Mercedes-Benz Finance North America LLC<br>4.89%, 1/30/23 (n)(p)§ |  | 500000 | 497970 |
|  National Grid North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/23/23 (n)(p)§ |  | 600000 | 598131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/24/23 (n)(p)§ |  | 500000 | 498375 |
|  Oracle Corp.<br>4.81%, 1/27/23 (n)(p) |  | 500000 | 498205 |
|  Quanta Services, Inc.<br>5.23%, 1/19/23 (n)(p)§ |  | 250000 | 249312 |
|  Republic Services, Inc.<br>4.99%, 1/12/23 (n)(p) |  | 500000 | 499170 |
|  Tampa Electric Co.<br>5.01%, 1/12/23 (n)(p)§ |  | 500000 | 499167 |
|  Targa Resources Corp.<br>4.65%, 1/13/23 (n)(p)§ |  | 500000 | 499161 |
|  TransCanada PipeLines Ltd.<br>4.91%, 1/19/23 (n)(p)§ |  | 500000 | 498709 |
|  Vodafone Group plc<br>5.55%, 1/5/23 (n)(p)§ |  | 500000 | 499615 |
|  VW Credit, Inc.<br>4.89%, 1/27/23 (n)(p)§ |  | 500000 | 498173 |
|  Walgreens Boots Alliance, Inc.<br>5.09%, 1/11/23 (n)(p)§ |  | 500000 | 499224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | 14016478 |
|  **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** | **Repurchase Agreements (0.1%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $319,371, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $325,607. (xx) |  | 319223 | 319223 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $800,692, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $871,063. (xx) |  | 800000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 1119223 |
|  **U.S. Government Agency Security (0.2%)** | **U.S. Government Agency Security (0.2%)** | **U.S. Government Agency Security (0.2%)** |  |
|  FHLB<br>3.69%, 1/27/23 (o)(p) |  | 2500000 | 2493093 |
|  **U.S. Treasury Obligations (0.9%)** | **U.S. Treasury Obligations (0.9%)** | **U.S. Treasury Obligations (0.9%)** |  |
|  U.S. Treasury Bills<br>3.50%, 1/26/23 (p)(v) |  | 7700000 | 7680558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 3/30/23 (p) |  | 300000 | 296929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 9/7/23 (p) |  | 2640800 | 2562552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | 10540039 |
|  **Total Short-Term<br>Investments (2.4%)**<br> *(Cost $28,177,078)* |  |  | 28168833 |
|  **Total Investments in<br>Securities (105.4%)**<br> *(Cost $1,359,555,414)* |  |  | 1261268164 |
|  **Other Assets Less Liabilities (-5.4%)** | **Other Assets Less Liabilities (-5.4%)** | **Other Assets Less Liabilities (-5.4%)** | (64476969) |
|  **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | $1196791195 |

---

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $110,030,081 or 9.2% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

See Notes to Financial Statements.

1327

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $374,311.* 

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $9,452,251 or 0.8% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $424,924.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $1,098,521. This was collateralized by cash of $1,119,223 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *ARM* | | *—* | | *Adjustable Rate Mortgage* |
|  *ARS* | | *—* | | *Argentine Peso* |
|  *AUD* | | *—* | | *Australian Dollar* |
|  *BRL* | | *—* | | *Brazilian Real* |
|  *CLO* | | *—* | | *Collateralized Loan Obligation* |
|  *DKK* | | *—* | | *Denmark Krone* |
|  *EUR* | | *—* | | *European Currency Unit* |
|  *EURIBOR* | | *—* | | *Euro Interbank Offered Rate* |
|  *FFCB* | | *—* | | *Federal Farm Credit Bank* |
|  *FHLB* | | *—* | | *Federal Home Loan Bank* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *GBP* | | *—* | | *British Pound* |
|  *GNMA* | | *—* | | *Government National Mortgage Association* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *IO* | | *—* | | *Interest Only* |
|  *JPY* | | *—* | | *Japanese Yen* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *MYR* | | *—* | | *Malaysian Ringgit* |
|  *PIK* | | *—* | | *Payment-in Kind Security* |
|  *PEN* | | *—* | | *Peruvian Sol* |
|  *REMIC* | | *—* | | *Real Estate Mortgage Investment Conduit* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *STACR* | | *—* | | *Structured Agency Credit Risk* |
|  *TBA* | | *—* | | *To Be Announced; Security is subject to delayed delivery* |
|  *TIPS* | | *—* | | *Treasury Inflation Protected Security* |
|  *UMBS* | | *—* | | *Uniform Mortgage-Backed Securities* |
|  *USD* | | *—* | | *United States Dollar* |

---

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bund | 22 | 3/2023 | EUR | 3130488 | (200392) |
|  U.S. Treasury 2 Year Note | 79 | 3/2023 | USD | 16201172 | 6284 |
|  U.S. Treasury 5 Year Note | 214 | 3/2023 | USD | 23096953 | (10314) |
|  U.S. Treasury 10 Year Note | 85 | 3/2023 | USD | 9545234 | (22694) |
|  U.S. Treasury 10 Year Ultra Note | 29 | 3/2023 | USD | 3430156 | 10288 |
|  U.S. Treasury Ultra Bond | 40 | 3/2023 | USD | 5372500 | (112684) |
|  |  |  |  |  | (329512) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-BTP | (4) | 3/2023 | EUR | (466374) | 34360 |
|  Euro-Buxl | (3) | 3/2023 | EUR | (434303) | 81596 |
|  Euro-OAT | (3) | 3/2023 | EUR | (408805) | 28224 |
|  Japan 10 Year Bond | (13) | 3/2023 | JPY | (14408564) | 262915 |
|  Long Gilt | (37) | 3/2023 | GBP | (4468642) | 294330 |

---

See Notes to Financial Statements.

1328

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  U.S. Treasury 5 Year Note | (44) | 3/2023 | USD | (4748906) | 1662 |
|  U.S. Treasury Long Bond | (44) | 3/2023 | USD | (5515125) | (1781) |
|  U.S. Treasury Ultra Bond | (35) | 3/2023 | USD | (4700938) | (10715) |
|  |  |  |  |  | 690591 |
|  |  |  |  |  | 361079 |

---

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  BRL | 6660272 | USD | 1256869 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/4/2023 | 4606 |
|  USD | 1755943 | AUD | 2578000 | Bank of America | 1/10/2023 | 279 |
|  GBP | 196000 | USD | 235727 | Bank of America | 2/16/2023 | 1499 |
|  JPY | 31500000 | USD | 240764 | Bank of America | 2/16/2023 | 664 |
|  PEN | 621138 | USD | 157809 | Deutsche Bank AG<sup>\*\*</sup> | 3/14/2023 | 4705 |
|  BRL | 6660272 | USD | 1227824 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/4/2023 | 12023 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 23776 |
|  USD | 1249699 | BRL | 6660272 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/4/2023 | (11776) |
|  USD | 530650 | DKK | 3795000 | Bank of America | 1/10/2023 | (15901) |
|  USD | 7709511 | EUR | 7414000 | JPMorgan Chase Bank | 1/10/2023 | (230186) |
|  USD | 268769 | MYR | 1188496 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/18/2023 | (1206) |
|  GBP | 230000 | USD | 279312 | Bank of America | 2/16/2023 | (934) |
|  USD | 9617357 | GBP | 8150000 | Bank of America | 2/16/2023 | (246896) |
|  USD | 105572 | GBP | 89000 | JPMorgan Chase Bank | 2/16/2023 | (2148) |
|  USD | 767519 | EUR | 726793 | Morgan Stanley | 2/27/2023 | (13393) |
|  USD | 1430843 | PEN | 5693323 | Goldman Sachs Bank USA<sup>\*\*</sup> | 5/10/2023 | (52438) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (574878) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (551102) |

---

\*\* Non-deliverable forward.

Written Put Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  3 Month Eurodollar | Exchange Traded | 70 | USD (17500000) | USD 96.50 | 12/18/2023 | (246750) |
|  Total Written Options Contracts (Premiums Received ($80823)) | Total Written Options Contracts (Premiums Received ($80823)) | Total Written Options Contracts (Premiums Received ($80823)) |  |  |  | (246750) |

---

See Notes to Financial Statements.

1329

------

**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $41122430 | $— | $41122430 |
|  **Collateralized Mortgage Obligations** |  | 26306027 | 300293 | 26606320 |
|  **Commercial Mortgage-Backed Securities** |  | 19547301 |  | 19547301 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 6936308 |  | 6936308 |
|  Consumer Discretionary |  | 8492245 |  | 8492245 |
|  Consumer Staples |  | 2470024 |  | 2470024 |
|  Energy |  | 5454168 |  | 5454168 |
|  Financials |  | 38285307 |  | 38285307 |
|  Health Care |  | 2210639 |  | 2210639 |
|  Industrials |  | 6410182 |  | 6410182 |
|  Information Technology |  | 7549798 |  | 7549798 |
|  Materials |  | 2721483 |  | 2721483 |
|  Real Estate |  | 10346175 |  | 10346175 |
|  Utilities |  | 13528354 |  | 13528354 |
|  **Foreign Government Securities** |  | 4108757 | 779 | 4109536 |
|  **Forward Currency Contracts** |  | 23776 |  | 23776 |
|  **Futures** | 719659 |  |  | 719659 |
|  **Loan Participations** |  |  |  |  |
|  Financials |  | 2095065 |  | 2095065 |
|  **Mortgage-Backed Securities** |  | 98142185 |  | 98142185 |
|  **Municipal Bonds** |  | 1634532 |  | 1634532 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 14016478 |  | 14016478 |
|  Repurchase Agreements |  | 1119223 |  | 1119223 |
|  U.S. Government Agency Security |  | 2493093 |  | 2493093 |
|  U.S. Treasury Obligations |  | 10540039 |  | 10540039 |
|  **U.S. Government Agency Securities** |  | 436908268 |  | 436908268 |
|  **U.S. Treasury Obligations** |  | 498529011 |  | 498529011 |
|  **Total Assets** | $**719659** | $**1260990868** | $**301072** | $**1262011599** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** |  | (574878) |  | (574878) |
|  **Futures** | (358580) |  |  | (358580) |
|  **Options Written** |  |  |  |  |
|  Put Options Written | (246750) |  |  | (246750) |
|  **Total Liabilities** | $**(605330)** | $**(574878)** | $**—** | $**(1180208)** |
|  **Total** | $**114329** | $**1260415990** | $**301072** | $**1260831391** |

---

See Notes to Financial Statements.

1330

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $719659 |
|  Foreign exchange contracts | Receivables | 23776 |
|  **Total** |  | $743435 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(605330) |
|  Foreign exchange contracts | Payables | (574878) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1180208 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $15117 | $(7429381) | $— | $(7414264) |
|  Foreign exchange contracts |  |  | 627701 | 627701 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7429381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6786563) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(165927) | $(92337) | $— | $(258264) |
|  Foreign exchange contracts |  |  | (318965) | (318965) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165927) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92337) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318965) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577229) |

---

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Portfolio held option contracts with an average notional balance of approximately $157,000 for 10 months, forward foreign currency contracts with an average settlement value of approximately $51,510,000 and futures contracts with an average notional balance of approximately $119,638,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

1331

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**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $2442 | $(2442) | $— | $— |
|  Deutsche Bank AG | 4705 |  |  | 4705 |
|  Goldman Sachs Bank USA | 12023 | (12023) |  |  |
|  JPMorgan Chase Bank | 4606 | (4606) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 |
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged\*** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $263731 | $(2442) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261289) | $— |
|  Goldman Sachs Bank USA | 65420 | (12023) |  | 53397 |
|  JPMorgan Chase Bank | 232334 | (4606) |  | 227728 |
|  Morgan Stanley | 13393 |  |  | 13393 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294518 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

*\** *The table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged is $163,635.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1475709598 |
|  Long-term U.S. government debt securities | 453960654 |
|  | $1929670252 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $1572477532 |
|  Long-term U.S. government debt securities | 484003878 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056481410 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4875616 |
|  Aggregate gross unrealized depreciation | (104403620) |
|  Net unrealized depreciation | $(99528004) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360359395 |

---

See Notes to Financial Statements.

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***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,358,436,191) | $1260148941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $1,119,223) | 1119223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 12605471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $301,884) | 297874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 688000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 9367708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 7299668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker  | 916000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 408232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 92256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 23776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1292974212 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 81436183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 11645702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1119223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 574878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 414902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 325639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $80,823) | 246750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 138746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 133566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 29243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 115836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 96183017 |
|  **NET ASSETS** | $1196791195 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1359222137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (162430942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1196791195 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $136,664,791 / 18,059,920 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.57 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $645,968,763 / 85,735,457 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.53 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $414,157,641 / 54,741,443 shares outstanding (unlimited amount authorized: $0.01 par value) | $7.57 |

---

*(x)* *Includes value of securities on loan of $1,098,521.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $11 foreign withholding tax) | $26005548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 10647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 26016238 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5141044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 1811025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1619075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 373585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 187300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 107485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 57468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 43336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 73490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9413808 |
|  **NET INVESTMENT INCOME (LOSS)** | 16602430 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (43444504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7429381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 627701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 39779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 15117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (50191288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (112256060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (92337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (318965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (165927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (112836920) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (163028208) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(146425778) |

---

See Notes to Financial Statements.

1333

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EQ/QUALITY BOND PLUS PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16602430 | $12842255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (50191288) | 7323078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (112836920) | (52112957) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (146425778) | (31947624) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (1985626) | (2475848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (9465595) | (12502606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (7016626) | (8519043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (18467847) | (23497497) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,269,522 and 848,494 shares, respectively ] | 10292971 | 7389219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 261,057 and 289,071 shares, respectively ] | 1985626 | 2475848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2995306) and (2578449) shares, respectively ] | (23803678) | (22465670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (11525081) | (12600603) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 6,112,067 and 12,430,567 shares, respectively ] | 49030599 | 108027482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,249,877 and 1,466,081 shares, respectively ] | 9465595 | 12502606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (20275347) and (17498156) shares, respectively ] | (160527666) | (152065144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (102031472) | (31535056) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,968,112 and 12,762,631 shares, respectively ] | 31052979 | 112049396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 921,014 and 995,015 shares, respectively ] | 7016626 | 8519043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8130184) and (7020462) shares, respectively ] | (65144351) | (61277025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (27074746) | 59291414 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (140631299) | 15155755 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (305524924) | (40289366) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1502316119 | 1542605485 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1196791195 | $1502316119 |

---

See Notes to Financial Statements.

1334

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**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.55 | $8.86 | $8.67 | $8.34 | $8.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.07 | 0.11 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.96) | (0.25) | 0.41 | 0.32 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.87) | (0.18) | 0.52 | 0.47 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.07) | (0.12) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) | (0.06) | (0.21) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.11) | (0.13) | (0.33) | (0.14) | (0.15) |
|  Net asset value, end of year | $7.57 | $8.55 | $8.86 | $8.67 | $8.34 |
|  Total return | (10.18)% | (2.05)% | 5.96% | 5.60% | 0.08% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $136665 | $166921 | $185857 | $182842 | $180841 |
|  Ratio of expenses to average net assets (f) | 0.80% | 0.79% | 0.80% | 0.83% | 0.84% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.18% | 0.75% | 1.19% | 1.76% | 1.58% |
|  Portfolio turnover rate^ | 142% | 111% | 173% | 181% | 204% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.51 | $8.83 | $8.64 | $8.31 | $8.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.07 | 0.11 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.96) | (0.26) | 0.41 | 0.32 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.87) | (0.19) | 0.52 | 0.47 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.05) | (0.07) | (0.12) | (0.14) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) | (0.06) | (0.21) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.11) | (0.13) | (0.33) | (0.14) | (0.15) |
|  Net asset value, end of year | $7.53 | $8.51 | $8.83 | $8.64 | $8.31 |
|  Total return | (10.23)% | (2.18)% | 5.98% | 5.62% | 0.20% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958785 |
|  Ratio of expenses to average net assets (f) | 0.80% | 0.79% | 0.80% | 0.83% | 0.84% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.18% | 0.75% | 1.19% | 1.76% | 1.58% |
|  Portfolio turnover rate^ | 142% | 111% | 173% | 181% | 204% |

---

See Notes to Financial Statements.

1335

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**EQ ADVISORS TRUST** 

EQ/QUALITY BOND PLUS PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $8.55 | $8.86 | $8.67 | $8.34 | $8.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.11 | 0.09 | 0.13 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.96) | (0.25) | 0.41 | 0.32 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.85) | (0.16) | 0.54 | 0.49 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.09) | (0.14) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) | (0.06) | (0.21) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.13) | (0.15) | (0.35) | (0.16) | (0.17) |
|  Net asset value, end of year | $7.57 | $8.55 | $8.86 | $8.67 | $8.34 |
|  Total return | (9.95)% | (1.83)% | 6.22% | 5.86% | 0.45% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384658 |
|  Ratio of expenses to average net assets (f) | 0.55% | 0.54% | 0.55% | 0.58% | 0.59% |
|  Ratio of net investment income (loss) to average net assets (f) | 1.44% | 0.98% | 1.45% | 2.01% | 1.83% |
|  Portfolio turnover rate^ | 142% | 111% | 173% | 181% | 204% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1336

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**EQ/SMALL COMPANY INDEX PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> AllianceBernstein L.P.

PERFORMANCE RESULTS

![LOGO](g401674g03a56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (19.76)% | 4.18% | 8.78 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (19.80) | 4.18 | 8.77 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (19.55) | 4.45 | 9.05 |  |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | (20.44) | 4.13 | 9.01 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (19.80)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 2000<sup>®</sup> Index, which returned (20.44)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The sector that contributed the most to performance was Energy.

• The stocks that contributed most to performance were Antero Resources Corp., PBF Energy, Inc., Madrigal Pharmaceuticals,
Inc., Halozyme Therapeutics, Inc. and Helmerich & Payne, Inc.

***What hurt performance during the year:***

• The sectors that detracted the most from performance were Technology, Health Care, Consumer Discretionary, Financials and
Industrials.

• The stocks that detracted most from performance were Synaptics, Inc., AMC Entertainment Holdings, Inc., Omnicell, Inc.,
Intellia Therapeutics, Inc. and Rapid7, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 17.0% |
| &nbsp;&nbsp;&nbsp; Health Care | 16.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 15.4 |
| &nbsp;&nbsp;&nbsp; Information Technology | 12.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.4 |
| &nbsp;&nbsp;&nbsp; Energy | 6.7 |
| &nbsp;&nbsp;&nbsp; Real Estate | 6.3 |
| &nbsp;&nbsp;&nbsp; Materials | 4.2 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 4.1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.5 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.6 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (3.3) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

1337

------

**EQ/SMALL COMPANY INDEX PORTFOLIO (Unaudited)** 

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1041.40 | $3.22 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.05 | 3.19 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1041.30 | 3.22 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.05 | 3.19 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1043.00 | 1.93 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1023.31 | 1.92 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.63%, 0.63% and 0.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.63%, 0.63% and 0.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.63%, 0.63% and 0.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.63%, 0.63% and 0.38%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1338

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**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (2.6%)** | **Communication Services (2.6%)** | **Communication Services (2.6%)** |  |
|  ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | ***Diversified Telecommunication Services (0.7%)*** | **** |
|  Anterix, Inc.\* | 6600 | $212322 |  |
|  ATN International, Inc. | 5200 | 235612 |  |
|  Bandwidth, Inc., Class A\* | 13200 | 302940 |  |
|  Charge Enterprises, Inc. (x)\* | 68900 | 85436 |  |
|  Cogent Communications Holdings, Inc. | 23425 | 1337099 |  |
|  Consolidated Communications Holdings, Inc.\* | 38541 | 137977 |  |
|  EchoStar Corp., Class A\* | 21400 | 356952 |  |
|  Globalstar, Inc. (x)\* | 315400 | 419482 |  |
|  IDT Corp., Class B\* | 10100 | 284517 |  |
|  Iridium Communications, Inc.\* | 68200 | 3505480 |  |
|  Liberty Latin America Ltd., Class A\* | 24100 | 181473 |  |
|  Liberty Latin America Ltd., Class C\* | 87619 | 665904 |  |
|  Ooma, Inc.\* | 12500 | 170250 |  |
|  Radius Global Infrastructure, Inc.\* | 30000 | 354600 |  |
|  |  | 8250044 |  |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | **** |
|  Cinemark Holdings, Inc.\* | 62100 | 537786 |  |
|  IMAX Corp.\* | 27100 | 397286 |  |
|  Liberty Media Corp.-Liberty Braves, Class A\* | 8500 | 277695 |  |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 18200 | 586586 |  |
|  Lions Gate Entertainment Corp., Class A\* | 30300 | 173013 |  |
|  Lions Gate Entertainment Corp., Class B\* | 59900 | 325257 |  |
|  Madison Square Garden Entertainment Corp.\* | 14716 | 661779 |  |
|  Marcus Corp. (The) (x) | 12700 | 182753 |  |
|  Playstudios, Inc.\* | 11900 | 46172 |  |
|  Reservoir Media, Inc.\* | 2900 | 17313 |  |
|  Skillz, Inc. (x)\* | 162000 | 82053 |  |
|  |  | 3287693 |  |
|  ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** | ***Interactive Media & Services (0.7%)*** | **** |
|  Arena Group Holdings, Inc. (The)\* | 1700 | 18037 |  |
|  Bumble, Inc., Class A\* | 43500 | 915675 |  |
|  Cargurus, Inc.\* | 50100 | 701901 |  |
|  Cars.com, Inc.\* | 41400 | 570078 |  |
|  DHI Group, Inc.\* | 9100 | 48139 |  |
|  Eventbrite, Inc., Class A\* | 36900 | 216234 |  |
|  EverQuote, Inc., Class A\* | 13400 | 197516 |  |
|  fuboTV, Inc. (x)\* | 68300 | 118842 |  |
|  Leafly Holdings, Inc. (x)\* | 1700 | 1108 |  |
|  MediaAlpha, Inc., Class A\* | 7200 | 71640 |  |
|  Outbrain, Inc.\* | 9600 | 34752 |  |
|  QuinStreet, Inc.\* | 21800 | 312830 |  |
|  Shutterstock, Inc. | 11000 | 579920 |  |
|  TrueCar, Inc.\* | 48000 | 120480 |  |
|  Vimeo, Inc.\* | 72200 | 247646 |  |
|  Vinco Ventures, Inc. (x)\* | 109800 | 50947 |  |
|  Wejo Group Ltd. (x)\* | 10100 | 4858 |  |
|  Yelp, Inc.\* | 44800 | 1224832 |  |
|  Ziff Davis, Inc.\* | 23478 | 1857110 |  |
|  ZipRecruiter, Inc., Class A\* | 40300 | 661726 |  |
|  |  | 7954271 |  |
|  ***Media (0.8%)*** | ***Media (0.8%)*** | ***Media (0.8%)*** | **** |
|  AdTheorent Holding Co., Inc. (x)\* | 6600 | 10956 |  |
|  Advantage Solutions, Inc.\* | 37600 | 78208 |  |
|  AMC Networks, Inc., Class A\* | 15400 | 241318 |  |
|  Audacy, Inc. (x)\* | 63400 | 14271 |  |
|  Boston Omaha Corp., Class A\* | 8500 | 225250 |  |
|  Cardlytics, Inc.\* | 24300 | 140454 |  |
|  Clear Channel Outdoor Holdings, Inc.\* | 188600 | 198030 |  |
|  Cumulus Media, Inc., Class A\* | 3000 | 18630 |  |
|  Daily Journal Corp.\* | 700 | 175357 |  |
|  Entravision Communications Corp., Class A | 40300 | 193440 |  |
|  EW Scripps Co. (The), Class A\* | 34512 | 455213 |  |
|  Gambling.com Group Ltd.\* | 1100 | 10065 |  |
|  Gannett Co., Inc. (x)\* | 60889 | 123605 |  |
|  Gray Television, Inc. | 44400 | 496836 |  |
|  iHeartMedia, Inc., Class A\* | 58100 | 356153 |  |
|  Innovid Corp. (x)\* | 21600 | 36936 |  |
|  Integral Ad Science Holding Corp.\* | 24800 | 217992 |  |
|  John Wiley & Sons, Inc., Class A | 22500 | 901350 |  |
|  Loyalty Ventures, Inc. (x)\* | 10900 | 26269 |  |
|  Magnite, Inc.\* | 60023 | 635644 |  |
|  PubMatic, Inc., Class A\* | 21000 | 269010 |  |
|  Scholastic Corp. | 14960 | 590322 |  |
|  Sinclair Broadcast Group, Inc., Class A | 30200 | 468402 |  |
|  Stagwell, Inc.\* | 24000 | 149040 |  |
|  TechTarget, Inc.\* | 15200 | 669712 |  |
|  TEGNA, Inc. | 121900 | 2583061 |  |
|  Thryv Holdings, Inc.\* | 9300 | 176700 |  |
|  Urban One, Inc.\* | 2000 | 7520 |  |
|  Urban One, Inc., Class A\* | 9400 | 42770 |  |
|  WideOpenWest, Inc.\* | 33100 | 301541 |  |
|  |  | 9814055 |  |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | **** |
|  Gogo, Inc.\* | 26000 | 383760 |  |
|  KORE Group Holdings, Inc. (x)\* | 1600 | 2016 |  |
|  Shenandoah Telecommunications Co. | 26948 | 427934 |  |
|  Telephone and Data Systems, Inc. | 52500 | 550725 |  |
|  United States Cellular Corp.\* | 8200 | 170970 |  |
|  |  | 1535405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 30841468 |  |
|  **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |  |
|  ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | ***Auto Components (1.4%)*** | **** |
|  Adient plc\* | 49900 | 1731031 |  |
|  American Axle & Manufacturing Holdings, Inc.\* | 62675 | 490119 |  |
|  Dana, Inc. | 86065 | 1302163 |  |
|  Dorman Products, Inc.\* | 15300 | 1237311 |  |
|  Fox Factory Holding Corp.\* | 22600 | 2061798 |  |
|  Gentherm, Inc.\* | 16900 | 1103401 |  |
|  Goodyear Tire & Rubber Co. (The) (x)\* | 164623 | 1670923 |  |
|  Holley, Inc.\* | 15700 | 33284 |  |
|  LCI Industries | 13470 | 1245302 |  |
|  Luminar Technologies, Inc. (x)\* | 120400 | 595980 |  |
|  Modine Manufacturing Co.\* | 23300 | 462738 |  |

---

See Notes to Financial Statements.

1339

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Motorcar Parts of America, Inc.\* | 9900 | $| 117414 |  |
|  Patrick Industries, Inc. | 13825 |  | 837795 |  |
|  Solid Power, Inc. (x)\* | 68000 |  | 172720 |  |
|  Standard Motor Products, Inc. | 12900 |  | 448920 |  |
|  Stoneridge, Inc.\* | 13300 |  | 286748 |  |
|  Visteon Corp.\* | 16100 |  | 2106363 |  |
|  XPEL, Inc. (m)\* | 9300 |  | 558558 |  |
|  |  |  | 16462568 |  |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | **** |
|  Canoo, Inc. (x)\* | 147000 |  | 180810 |  |
|  Faraday Future Intelligent Electric, Inc. (x)\* | 27500 |  | 7983 |  |
|  Fisker, Inc. (x)\* | 82400 |  | 599048 |  |
|  Lordstown Motors Corp. (x)\* | 58200 |  | 66348 |  |
|  Winnebago Industries, Inc. | 17446 |  | 919404 |  |
|  Workhorse Group, Inc. (x)\* | 53300 |  | 81016 |  |
|  |  |  | 1854609 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Funko, Inc., Class A\* | 12500 |  | 136375 |  |
|  ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | ***Diversified Consumer Services (0.9%)*** | **** |
|  2U, Inc.\* | 37200 |  | 233244 |  |
|  Adtalem Global Education, Inc.\* | 22600 |  | 802300 |  |
|  American Public Education, Inc.\* | 5907 |  | 72597 |  |
|  Carriage Services, Inc. | 6400 |  | 176256 |  |
|  Chegg, Inc.\* | 62700 |  | 1584429 |  |
|  Coursera, Inc.\* | 56900 |  | 673127 |  |
|  Duolingo, Inc.\* | 11900 |  | 846447 |  |
|  European Wax Center, Inc., Class A (x) | 14900 |  | 185505 |  |
|  Frontdoor, Inc.\* | 41700 |  | 867360 |  |
|  Graham Holdings Co., Class B | 2100 |  | 1268841 |  |
|  Laureate Education, Inc., Class A | 60100 |  | 578162 |  |
|  OneSpaWorld Holdings Ltd.\* | 23500 |  | 219255 |  |
|  Perdoceo Education Corp.\* | 38800 |  | 539320 |  |
|  Rover Group, Inc. (x)\* | 15400 |  | 56518 |  |
|  Strategic Education, Inc. | 12764 |  | 999676 |  |
|  Stride, Inc.\* | 23284 |  | 728324 |  |
|  Udemy, Inc.\* | 36400 |  | 384020 |  |
|  Vivint Smart Home, Inc.\* | 49200 |  | 585480 |  |
|  WW International, Inc.\* | 26700 |  | 103062 |  |
|  |  |  | 10903923 |  |
|  ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | **** |
|  Accel Entertainment, Inc.\* | 17500 |  | 134750 |  |
|  Bally's Corp. (x)\* | 13300 |  | 257754 |  |
|  Biglari Holdings, Inc., Class B\* | 391 |  | 54271 |  |
|  BJ's Restaurants, Inc.\* | 12134 |  | 320095 |  |
|  Bloomin' Brands, Inc. | 60200 |  | 1211224 |  |
|  Bluegreen Vacations Holding Corp. | 5209 |  | 130016 |  |
|  Bowlero Corp. (x)\* | 25900 |  | 349132 |  |
|  Brinker International, Inc.\* | 25400 |  | 810514 |  |
|  Century Casinos, Inc.\* | 5700 |  | 40071 |  |
|  Cheesecake Factory, Inc. (The) (x) | 25821 |  | 818784 |  |
|  Chuy's Holdings, Inc.\* | 8900 |  | 251870 |  |
|  Cracker Barrel Old Country Store, Inc. | 13801 |  | 1307507 |  |
|  Dave & Buster's Entertainment, Inc.\* | 24200 |  | 857648 |  |
|  Denny's Corp.\* | 40300 |  | 371163 |  |
|  Dine Brands Global, Inc. | 11381 |  | 735212 |  |
|  El Pollo Loco Holdings, Inc. | 16700 |  | 166332 |  |
|  Everi Holdings, Inc.\* | 37000 |  | 530950 |  |
|  F45 Training Holdings, Inc. (x)\* | 2700 |  | 7695 |  |
|  First Watch Restaurant Group, Inc.\* | 5000 |  | 67650 |  |
|  Golden Entertainment, Inc.\* | 6400 |  | 239360 |  |
|  Hilton Grand Vacations, Inc.\* | 49400 |  | 1903876 |  |
|  International Game Technology plc | 57600 |  | 1306368 |  |
|  Jack in the Box, Inc. | 14339 |  | 978350 |  |
|  Krispy Kreme, Inc. (x) | 43221 |  | 446041 |  |
|  Kura Sushi USA, Inc., Class A\* | 700 |  | 33376 |  |
|  Life Time Group Holdings, Inc.\* | 17000 |  | 203320 |  |
|  Light & Wonder, Inc.\* | 49900 |  | 2924140 |  |
|  Lindblad Expeditions Holdings, Inc. (x)\* | 11800 |  | 90860 |  |
|  Monarch Casino & Resort, Inc.\* | 6700 |  | 515163 |  |
|  NEOGAMES SA\* | 5700 |  | 69483 |  |
|  Noodles & Co., Class A\* | 8300 |  | 45567 |  |
|  Papa John's International, Inc. | 18742 |  | 1542654 |  |
|  Portillo's, Inc., Class A (x)\* | 9400 |  | 153408 |  |
|  RCI Hospitality Holdings, Inc. | 800 |  | 74552 |  |
|  Red Rock Resorts, Inc., Class A | 27200 |  | 1088272 |  |
|  Rush Street Interactive, Inc.\* | 27300 |  | 98007 |  |
|  Ruth's Hospitality Group, Inc. | 9300 |  | 143964 |  |
|  SeaWorld Entertainment, Inc.\* | 28600 |  | 1530386 |  |
|  Shake Shack, Inc., Class A\* | 20300 |  | 843059 |  |
|  Sonder Holdings, Inc. (x)\* | 13000 |  | 16120 |  |
|  Sweetgreen, Inc., Class A (x)\* | 44891 |  | 384716 |  |
|  Target Hospitality Corp.\* | 23200 |  | 351248 |  |
|  Texas Roadhouse, Inc. | 34518 |  | 3139412 |  |
|  Vacasa, Inc., Class A (x)\* | 17600 |  | 22176 |  |
|  Wingstop, Inc. | 16700 |  | 2298254 |  |
|  Xponential Fitness, Inc., Class A\* | 1600 |  | 36688 |  |
|  |  |  | 28901458 |  |
|  ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | ***Household Durables (1.6%)*** | **** |
|  Beazer Homes USA, Inc.\* | 7300 |  | 93148 |  |
|  Cavco Industries, Inc.\* | 5000 |  | 1131250 |  |
|  Century Communities, Inc. | 15100 |  | 755151 |  |
|  Dream Finders Homes, Inc., Class A (x)\* | 4700 |  | 40702 |  |
|  Ethan Allen Interiors, Inc. | 9554 |  | 252417 |  |
|  GoPro, Inc., Class A\* | 57400 |  | 285852 |  |
|  Green Brick Partners, Inc. (x)\* | 14800 |  | 358604 |  |
|  Helen of Troy Ltd.\* | 12298 |  | 1363971 |  |
|  Installed Building Products, Inc. | 13300 |  | 1138480 |  |
|  iRobot Corp. (x)\* | 16000 |  | 770080 |  |
|  KB Home | 48200 |  | 1535170 |  |
|  La-Z-Boy, Inc. | 28309 |  | 646011 |  |
|  Legacy Housing Corp.\* | 2100 |  | 39816 |  |
|  LGI Homes, Inc.\* | 13000 |  | 1203800 |  |
|  Lifetime Brands, Inc. | 4300 |  | 32637 |  |
|  Lovesac Co. (The)\* | 7200 |  | 158472 |  |
|  M.D.C. Holdings, Inc. | 30274 |  | 956658 |  |
|  M/I Homes, Inc.\* | 16300 |  | 752734 |  |
|  Meritage Homes Corp.\* | 22139 |  | 2041216 |  |
|  Purple Innovation, Inc. (x)\* | 26000 |  | 124540 |  |
|  Skyline Champion Corp.\* | 28700 |  | 1478337 |  |
|  Snap One Holdings Corp. (x)\* | 4000 |  | 29640 |  |
|  Sonos, Inc.\* | 65753 |  | 1111226 |  |
|  Taylor Morrison Home Corp., Class A\* | 56920 |  | 1727522 |  |

---

See Notes to Financial Statements.

1340

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Traeger, Inc.\* | 6200 | $| 17484 |  |
|  Tri Pointe Homes, Inc.\* | 61101 |  | 1135868 |  |
|  Tupperware Brands Corp.\* | 28500 |  | 117990 |  |
|  Universal Electronics, Inc.\* | 4500 |  | 93645 |  |
|  Vizio Holding Corp., Class A\* | 35400 |  | 262314 |  |
|  Vuzix Corp. (x)\* | 30500 |  | 111020 |  |
|  Weber, Inc., Class A (x) | 34700 |  | 279335 |  |
|  |  |  | 20045090 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  1-800-Flowers.com, Inc., Class A\* | 10000 |  | 95600 |  |
|  CarParts.com, Inc.\* | 24500 |  | 153370 |  |
|  ContextLogic, Inc., Class A\* | 286900 |  | 139921 |  |
|  Duluth Holdings, Inc., Class B (x)\* | 1700 |  | 10506 |  |
|  Groupon, Inc. (x)\* | 12315 |  | 105663 |  |
|  Lands' End, Inc.\* | 2700 |  | 20493 |  |
|  Liquidity Services, Inc.\* | 11600 |  | 163096 |  |
|  Overstock.com, Inc.\* | 23300 |  | 451088 |  |
|  PetMed Express, Inc. (x) | 4700 |  | 83190 |  |
|  Porch Group, Inc. (x)\* | 39100 |  | 73508 |  |
|  Poshmark, Inc., Class A\* | 19600 |  | 350448 |  |
|  Quotient Technology, Inc.\* | 48400 |  | 166012 |  |
|  Qurate Retail, Inc.\* | 176500 |  | 287695 |  |
|  RealReal, Inc. (The) (x)\* | 4800 |  | 6000 |  |
|  Revolve Group, Inc. (x)\* | 18600 |  | 414036 |  |
|  Stitch Fix, Inc., Class A\* | 32600 |  | 101386 |  |
|  Vivid Seats, Inc., Class A (x)\* | 21800 |  | 159140 |  |
|  Xometry, Inc., Class A (x)\* | 17500 |  | 564025 |  |
|  |  |  | 3345177 |  |
|  ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | ***Leisure Products (0.4%)*** | **** |
|  Acushnet Holdings Corp. | 20000 |  | 849200 |  |
|  Clarus Corp. (x) | 20124 |  | 157772 |  |
|  Johnson Outdoors, Inc., Class A | 2700 |  | 178524 |  |
|  Latham Group, Inc.\* | 24000 |  | 77280 |  |
|  Malibu Boats, Inc., Class A\* | 12000 |  | 639600 |  |
|  Marine Products Corp. | 1900 |  | 22363 |  |
|  MasterCraft Boat Holdings, Inc.\* | 3600 |  | 93132 |  |
|  Smith & Wesson Brands, Inc. | 22035 |  | 191264 |  |
|  Sturm Ruger & Co., Inc. | 10700 |  | 541634 |  |
|  Topgolf Callaway Brands Corp.\* | 70563 |  | 1393619 |  |
|  Vista Outdoor, Inc.\* | 28200 |  | 687234 |  |
|  |  |  | 4831622 |  |
|  ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | ***Multiline Retail (0.1%)*** | **** |
|  Big Lots, Inc. | 18000 |  | 264600 |  |
|  Dillard's, Inc., Class A (x) | 2100 |  | 678720 |  |
|  Franchise Group, Inc. (x) | 14700 |  | 350154 |  |
|  |  |  | 1293474 |  |
|  ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | ***Specialty Retail (2.5%)*** | **** |
|  Aaron's Co., Inc. (The) | 14300 |  | 170885 |  |
|  Abercrombie & Fitch Co., Class A\* | 39500 |  | 904945 |  |
|  Academy Sports & Outdoors, Inc. | 39400 |  | 2070076 |  |
|  American Eagle Outfitters, Inc. | 79000 |  | 1102840 |  |
|  America's Car-Mart, Inc.\* | 2500 |  | 180650 |  |
|  Arko Corp. | 53500 |  | 463310 |  |
|  Asbury Automotive Group, Inc.\* | 11542 |  | 2068903 |  |
|  Bed Bath & Beyond, Inc. (x)\* | 56900 |  | 142819 |  |
|  Boot Barn Holdings, Inc.\* | 15700 |  | 981564 |  |
|  Buckle, Inc. (The) | 11489 |  | 521026 |  |
|  Caleres, Inc. | 18863 |  | 420268 |  |
|  Camping World Holdings, Inc., Class A (x) | 19000 |  | 424080 |  |
|  Cato Corp. (The), Class A | 13523 |  | 126169 |  |
|  Chico's FAS, Inc.\* | 46200 |  | 227304 |  |
|  Children's Place, Inc. (The)\* | 7700 |  | 280434 |  |
|  Citi Trends, Inc.\* | 5100 |  | 135048 |  |
|  Conn's, Inc.\* | 7900 |  | 54352 |  |
|  Designer Brands, Inc., Class A | 33300 |  | 325674 |  |
|  EVgo, Inc. (x)\* | 57000 |  | 254790 |  |
|  Foot Locker, Inc. | 41900 |  | 1583401 |  |
|  Genesco, Inc.\* | 6657 |  | 306355 |  |
|  Group 1 Automotive, Inc. | 8937 |  | 1611967 |  |
|  GrowGeneration Corp. (x)\* | 28000 |  | 109760 |  |
|  Guess?, Inc. (x) | 21900 |  | 453111 |  |
|  Haverty Furniture Cos., Inc. | 6100 |  | 182390 |  |
|  Hibbett, Inc. | 6255 |  | 426716 |  |
|  LL Flooring Holdings, Inc.\* | 8200 |  | 46084 |  |
|  MarineMax, Inc.\* | 11500 |  | 359030 |  |
|  Monro, Inc. | 17704 |  | 800221 |  |
|  Murphy USA, Inc. | 11900 |  | 3326526 |  |
|  National Vision Holdings, Inc.\* | 44892 |  | 1740014 |  |
|  ODP Corp. (The)\* | 22200 |  | 1010988 |  |
|  OneWater Marine, Inc., Class A\* | 100 |  | 2860 |  |
|  Party City Holdco, Inc. (x)\* | 57300 |  | 20943 |  |
|  Rent-A-Center, Inc. | 34203 |  | 771278 |  |
|  Sally Beauty Holdings, Inc.\* | 68800 |  | 861376 |  |
|  Shoe Carnival, Inc. | 13000 |  | 310830 |  |
|  Signet Jewelers Ltd. | 27100 |  | 1842800 |  |
|  Sleep Number Corp.\* | 12400 |  | 322152 |  |
|  Sonic Automotive, Inc., Class A | 14925 |  | 735355 |  |
|  Sportsman's Warehouse Holdings, Inc.\* | 16100 |  | 151501 |  |
|  Tilly's, Inc., Class A\* | 2700 |  | 24435 |  |
|  Torrid Holdings, Inc. (x)\* | 6200 |  | 18352 |  |
|  TravelCenters of America, Inc.\* | 6600 |  | 295548 |  |
|  Urban Outfitters, Inc.\* | 40000 |  | 954000 |  |
|  Warby Parker, Inc., Class A (x)\* | 42100 |  | 567929 |  |
|  Winmark Corp. | 800 |  | 188664 |  |
|  Zumiez, Inc.\* | 3000 |  | 65220 |  |
|  |  |  | 29944943 |  |
|  ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | ***Textiles, Apparel & Luxury Goods (0.7%)*** | **** |
|  Allbirds, Inc., Class A (x)\* | 19900 |  | 48158 |  |
|  Crocs, Inc.\* | 31334 |  | 3397546 |  |
|  Ermenegildo Zegna NV (x) | 8100 |  | 84807 |  |
|  Fossil Group, Inc.\* | 600 |  | 2586 |  |
|  G-III Apparel Group Ltd.\* | 24300 |  | 333153 |  |
|  Kontoor Brands, Inc. | 25200 |  | 1007748 |  |
|  Movado Group, Inc. | 6200 |  | 199950 |  |
|  Oxford Industries, Inc. | 8800 |  | 819984 |  |
|  PLBY Group, Inc. (x)\* | 12600 |  | 34650 |  |
|  Rocky Brands, Inc. | 100 |  | 2362 |  |
|  Steven Madden Ltd. | 48610 |  | 1553576 |  |
|  Unifi, Inc.\* | 10500 |  | 90405 |  |
|  Wolverine World Wide, Inc. | 45080 |  | 492724 |  |
|  |  |  | 8067649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 125786888 |  |
|  **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |  |
|  ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | ***Beverages (0.6%)*** | **** |
|  Celsius Holdings, Inc.\* | 27400 |  | 2850696 |  |
|  Coca-Cola Consolidated, Inc. | 2700 |  | 1383372 |  |

---

See Notes to Financial Statements.

1341

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Duckhorn Portfolio, Inc. (The) (x)\* | 12700 | $| 210439 |  |
|  MGP Ingredients, Inc. | 6400 |  | 680832 |  |
|  National Beverage Corp.\* | 10900 |  | 507177 |  |
|  Primo Water Corp. | 90700 |  | 1409478 |  |
|  Vintage Wine Estates, Inc. (x)\* | 4800 |  | 15648 |  |
|  Vita Coco Co., Inc. (The)\* | 13700 |  | 189334 |  |
|  |  |  | 7246976 |  |
|  ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | ***Food & Staples Retailing (0.6%)*** | **** |
|  Andersons, Inc. (The) | 16309 |  | 570652 |  |
|  Chefs' Warehouse, Inc. (The)\* | 15200 |  | 505856 |  |
|  HF Foods Group, Inc.\* | 9400 |  | 38164 |  |
|  Ingles Markets, Inc., Class A | 9600 |  | 926016 |  |
|  Natural Grocers by Vitamin Cottage, Inc. | 12800 |  | 116992 |  |
|  PriceSmart, Inc. | 11552 |  | 702130 |  |
|  Rite Aid Corp.\* | 29494 |  | 98510 |  |
|  SpartanNash Co. | 16870 |  | 510149 |  |
|  Sprouts Farmers Market, Inc.\* | 61700 |  | 1997229 |  |
|  United Natural Foods, Inc.\* | 28688 |  | 1110512 |  |
|  Village Super Market, Inc., Class A | 6000 |  | 139740 |  |
|  Weis Markets, Inc. | 8451 |  | 695433 |  |
|  |  |  | 7411383 |  |
|  ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | ***Food Products (1.2%)*** | **** |
|  Alico, Inc. | 600 |  | 14322 |  |
|  AppHarvest, Inc. (x)\* | 40300 |  | 22866 |  |
|  B&G Foods, Inc. (x) | 37900 |  | 422585 |  |
|  Benson Hill, Inc. (x)\* | 40100 |  | 102255 |  |
|  Beyond Meat, Inc. (x)\* | 31000 |  | 381610 |  |
|  BRC, Inc., Class A (x)\* | 17800 |  | 108758 |  |
|  Calavo Growers, Inc. | 8900 |  | 261660 |  |
|  Cal-Maine Foods, Inc. | 17484 |  | 952004 |  |
|  Fresh Del Monte Produce, Inc. | 18604 |  | 487239 |  |
|  Hain Celestial Group, Inc. (The)\* | 37900 |  | 613222 |  |
|  Hostess Brands, Inc.\* | 69300 |  | 1555092 |  |
|  J & J Snack Foods Corp. | 8703 |  | 1302926 |  |
|  John B Sanfilippo & Son, Inc. | 3000 |  | 243960 |  |
|  Lancaster Colony Corp. | 10837 |  | 2138140 |  |
|  Lifecore Biomedical, Inc.\* | 16200 |  | 104976 |  |
|  Local Bounti Corp. (x)\* | 1400 |  | 1946 |  |
|  Mission Produce, Inc.\* | 11200 |  | 130144 |  |
|  Seneca Foods Corp., Class A\* | 6600 |  | 402270 |  |
|  Simply Good Foods Co. (The)\* | 48000 |  | 1825440 |  |
|  Sovos Brands, Inc.\* | 15700 |  | 225609 |  |
|  SunOpta, Inc.\* | 49200 |  | 415248 |  |
|  Tattooed Chef, Inc. (x)\* | 42300 |  | 52029 |  |
|  Tootsie Roll Industries, Inc. | 7944 |  | 338176 |  |
|  TreeHouse Foods, Inc.\* | 27000 |  | 1333260 |  |
|  Utz Brands, Inc. | 30600 |  | 485316 |  |
|  Vital Farms, Inc.\* | 7900 |  | 117868 |  |
|  Whole Earth Brands, Inc.\* | 1500 |  | 6105 |  |
|  |  |  | 14045026 |  |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | **** |
|  Central Garden & Pet Co.\* | 5000 |  | 187250 |  |
|  Central Garden & Pet Co., Class A\* | 23833 |  | 853221 |  |
|  Energizer Holdings, Inc. | 35300 |  | 1184315 |  |
|  WD-40 Co. | 8327 |  | 1342396 |  |
|  |  |  | 3567182 |  |
|  ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | ***Personal Products (0.7%)*** | **** |
|  Beauty Health Co. (The) (x)\* | 44200 |  | 402220 |  |
|  BellRing Brands, Inc.\* | 68415 |  | 1754161 |  |
|  e.l.f. Beauty, Inc.\* | 24600 |  | 1360380 |  |
|  Edgewell Personal Care Co. | 30300 |  | 1167762 |  |
|  Herbalife Nutrition Ltd.\* | 49900 |  | 742512 |  |
|  Honest Co., Inc. (The)\* | 45400 |  | 136654 |  |
|  Inter Parfums, Inc. | 9200 |  | 887984 |  |
|  Medifast, Inc. | 6100 |  | 703635 |  |
|  Nature's Sunshine Products, Inc.\* | 2400 |  | 19968 |  |
|  Nu Skin Enterprises, Inc., Class A | 25800 |  | 1087728 |  |
|  Thorne HealthTech, Inc.\* | 600 |  | 2178 |  |
|  USANA Health Sciences, Inc.\* | 7100 |  | 377720 |  |
|  Veru, Inc. (x)\* | 33700 |  | 177936 |  |
|  |  |  | 8820838 |  |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | **** |
|  22nd Century Group, Inc. (x)\* | 20800 |  | 19146 |  |
|  Turning Point Brands, Inc. | 10000 |  | 216300 |  |
|  Universal Corp. | 14253 |  | 752701 |  |
|  Vector Group Ltd. | 78308 |  | 928733 |  |
|  |  |  | 1916880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 43008285 |  |
|  **Energy (6.7%)** | **Energy (6.7%)** | **Energy (6.7%)** | **Energy (6.7%)** |  |
|  ***Energy Equipment & Services (2.1%)*** | ***Energy Equipment & Services (2.1%)*** | ***Energy Equipment & Services (2.1%)*** | ***Energy Equipment & Services (2.1%)*** | **** |
|  Archrock, Inc. | 71400 |  | 641172 |  |
|  Borr Drilling Ltd.\* | 67800 |  | 336966 |  |
|  Bristow Group, Inc.\* | 8566 |  | 232396 |  |
|  Cactus, Inc., Class A | 30800 |  | 1548008 |  |
|  ChampionX Corp. | 107900 |  | 3128021 |  |
|  Diamond Offshore Drilling, Inc.\* | 50400 |  | 524160 |  |
|  DMC Global, Inc.\* | 12200 |  | 237168 |  |
|  Dril-Quip, Inc.\* | 21800 |  | 592306 |  |
|  Expro Group Holdings NV\* | 39049 |  | 707958 |  |
|  Helix Energy Solutions Group, Inc.\* | 79900 |  | 589662 |  |
|  Helmerich & Payne, Inc. | 54700 |  | 2711479 |  |
|  Liberty Energy, Inc., Class A | 72000 |  | 1152720 |  |
|  Nabors Industries Ltd.\* | 3600 |  | 557532 |  |
|  National Energy Services Reunited Corp.\* | 17800 |  | 123532 |  |
|  Newpark Resources, Inc.\* | 57902 |  | 240293 |  |
|  NexTier Oilfield Solutions, Inc.\* | 91536 |  | 845793 |  |
|  Noble Corp. plc\* | 37853 |  | 1427437 |  |
|  Oceaneering International, Inc.\* | 55500 |  | 970695 |  |
|  Oil States International, Inc.\* | 41400 |  | 308844 |  |
|  Patterson-UTI Energy, Inc. | 106300 |  | 1790092 |  |
|  ProFrac Holding Corp., Class A (x)\* | 7800 |  | 196560 |  |
|  ProPetro Holding Corp.\* | 45500 |  | 471835 |  |
|  RPC, Inc. | 37300 |  | 331597 |  |
|  Select Energy Services, Inc., Class A | 37900 |  | 350196 |  |
|  Solaris Oilfield Infrastructure, Inc., Class A | 21200 |  | 210516 |  |
|  TETRA Technologies, Inc.\* | 53500 |  | 185110 |  |
|  Tidewater, Inc.\* | 21450 |  | 790432 |  |
|  US Silica Holdings, Inc.\* | 39800 |  | 497500 |  |
|  Valaris Ltd.\* | 30700 |  | 2075934 |  |
|  Weatherford International plc\* | 35600 |  | 1812752 |  |
|  |  |  | 25588666 |  |

---

See Notes to Financial Statements.

1342

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Oil, Gas & Consumable Fuels (4.6%)*** | ***Oil, Gas & Consumable Fuels (4.6%)*** | ***Oil, Gas & Consumable Fuels (4.6%)*** | **** |
|  Aemetis, Inc. (x)\* | 23100 | $91476 |  |
|  Alto Ingredients, Inc. (x)\* | 68700 | 197856 |  |
|  Amplify Energy Corp.\* | 13300 | 116907 |  |
|  Arch Resources, Inc. | 8700 | 1242273 |  |
|  Ardmore Shipping Corp.\* | 19700 | 283877 |  |
|  Battalion Oil Corp.\* | 700 | 6797 |  |
|  Berry Corp. | 38200 | 305600 |  |
|  California Resources Corp. | 43700 | 1901387 |  |
|  Callon Petroleum Co.\* | 24400 | 904996 |  |
|  Centrus Energy Corp., Class A\* | 5700 | 185136 |  |
|  Chord Energy Corp. | 22329 | 3054830 |  |
|  Civitas Resources, Inc. | 37206 | 2155344 |  |
|  Clean Energy Fuels Corp.\* | 90259 | 469347 |  |
|  CNX Resources Corp.\* | 110600 | 1862504 |  |
|  Comstock Resources, Inc. | 47600 | 652596 |  |
|  CONSOL Energy, Inc. | 16700 | 1085500 |  |
|  Crescent Energy Co., Class A (x) | 16240 | 194718 |  |
|  CVR Energy, Inc. | 20900 | 655006 |  |
|  Delek US Holdings, Inc. | 33827 | 913329 |  |
|  Denbury, Inc.\* | 26200 | 2279924 |  |
|  DHT Holdings, Inc. | 61900 | 549672 |  |
|  Dorian LPG Ltd. | 21738 | 411935 |  |
|  Earthstone Energy, Inc., Class A (x)\* | 21300 | 303099 |  |
|  Empire Petroleum Corp.\* | 1600 | 19680 |  |
|  Energy Fuels, Inc. (x)\* | 75100 | 466371 |  |
|  Equitrans Midstream Corp. | 212500 | 1423750 |  |
|  Excelerate Energy, Inc., Class A | 9300 | 232965 |  |
|  FLEX LNG Ltd. (x) | 14400 | 470736 |  |
|  Frontline Ltd. (x) | 68400 | 830376 |  |
|  Gevo, Inc. (x)\* | 101300 | 192470 |  |
|  Golar LNG Ltd.\* | 55400 | 1262566 |  |
|  Green Plains, Inc.\* | 26600 | 811300 |  |
|  Gulfport Energy Corp.\* | 6000 | 441840 |  |
|  HighPeak Energy, Inc. (x) | 9600 | 219552 |  |
|  International Seaways, Inc. | 24804 | 918244 |  |
|  Jura Energy Corp.\* | 690 | 28 |  |
|  Kinetik Holdings, Inc. (x) | 7000 | 231560 |  |
|  Kosmos Energy Ltd.\* | 234000 | 1488240 |  |
|  Laredo Petroleum, Inc.\* | 6600 | 339372 |  |
|  Magnolia Oil & Gas Corp., Class A | 88200 | 2068290 |  |
|  Matador Resources Co. | 58900 | 3371436 |  |
|  Murphy Oil Corp. | 76100 | 3273061 |  |
|  NACCO Industries, Inc., Class A | 600 | 22800 |  |
|  NextDecade Corp. (x)\* | 28100 | 138814 |  |
|  Nordic American Tankers Ltd. (x) | 131701 | 403005 |  |
|  Northern Oil and Gas, Inc. (x) | 31500 | 970830 |  |
|  Par Pacific Holdings, Inc.\* | 23900 | 555675 |  |
|  PBF Energy, Inc., Class A | 56000 | 2283680 |  |
|  Peabody Energy Corp.\* | 59400 | 1569348 |  |
|  Permian Resources Corp. | 94000 | 883600 |  |
|  Ranger Oil Corp. | 10800 | 436644 |  |
|  REX American Resources Corp.\* | 9900 | 315414 |  |
|  Riley Exploration Permian, Inc. (x) | 3300 | 97119 |  |
|  Ring Energy, Inc. (x)\* | 58900 | 144894 |  |
|  SandRidge Energy, Inc.\* | 13000 | 221390 |  |
|  Scorpio Tankers, Inc. | 25930 | 1394256 |  |
|  SFL Corp. Ltd. | 51605 | 475798 |  |
|  SilverBow Resources, Inc. (x)\* | 9800 | 277144 |  |
|  Sitio Royalties Corp. (x) | 31566 | 910676 |  |
|  SM Energy Co. | 61700 | 2149011 |  |
|  Talos Energy, Inc.\* | 33300 | 628704 |  |
|  Teekay Corp.\* | 15800 | 71732 |  |
|  Teekay Tankers Ltd., Class A\* | 10500 | 323505 |  |
|  Tellurian, Inc. (x)\* | 257200 | 432096 |  |
|  Uranium Energy Corp. (x)\* | 166600 | 646408 |  |
|  Ur-Energy, Inc. (x)\* | 30000 | 34500 |  |
|  VAALCO Energy, Inc. (x) | 47200 | 215232 |  |
|  Vertex Energy, Inc. (x)\* | 29500 | 182900 |  |
|  W&T Offshore, Inc.\* | 78444 | 437718 |  |
|  World Fuel Services Corp. | 37600 | 1027608 |  |
|  |  | 55136447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 80725113 |  |
|  **Financials (17.0%)** | **Financials (17.0%)** | **Financials (17.0%)** |  |
|  ***Banks (9.6%)*** | ***Banks (9.6%)*** | ***Banks (9.6%)*** | **** |
|  1st Source Corp. | 5872 | 311744 |  |
|  ACNB Corp. | 1200 | 47772 |  |
|  Amalgamated Financial Corp. | 9000 | 207360 |  |
|  Amerant Bancorp, Inc. | 13500 | 362340 |  |
|  American National Bankshares, Inc. | 4900 | 180957 |  |
|  Ameris Bancorp | 37094 | 1748611 |  |
|  Arrow Financial Corp. | 7304 | 247606 |  |
|  Associated Banc-Corp. | 78600 | 1814874 |  |
|  Atlantic Union Bankshares Corp. | 40774 | 1432798 |  |
|  Banc of California, Inc. | 20600 | 328158 |  |
|  BancFirst Corp. | 9900 | 872982 |  |
|  Bancorp, Inc. (The)\* | 29900 | 848562 |  |
|  Bank First Corp. (x) | 2200 | 204204 |  |
|  Bank of Marin Bancorp | 5800 | 190704 |  |
|  Bank of NT Butterfield & Son Ltd. (The) | 31000 | 924110 |  |
|  BankUnited, Inc. | 43400 | 1474298 |  |
|  Bankwell Financial Group, Inc. | 300 | 8829 |  |
|  Banner Corp. | 17800 | 1124960 |  |
|  Bar Harbor Bankshares | 7446 | 238570 |  |
|  BayCom Corp. | 2300 | 43654 |  |
|  BCB Bancorp, Inc. | 2500 | 44975 |  |
|  Berkshire Hills Bancorp, Inc. | 25770 | 770523 |  |
|  Blue Ridge Bankshares, Inc. | 800 | 9992 |  |
|  Brookline Bancorp, Inc. | 40177 | 568505 |  |
|  Business First Bancshares, Inc. | 3000 | 66420 |  |
|  Byline Bancorp, Inc. | 9700 | 222809 |  |
|  Cadence Bank | 91780 | 2263295 |  |
|  Cambridge Bancorp | 1800 | 149508 |  |
|  Camden National Corp. | 6350 | 264731 |  |
|  Capital Bancorp, Inc. | 700 | 16478 |  |
|  Capital City Bank Group, Inc. | 6600 | 214500 |  |
|  Capstar Financial Holdings, Inc. | 2700 | 47682 |  |
|  Carter Bankshares, Inc.\* | 4400 | 72996 |  |
|  Cathay General Bancorp | 42247 | 1723255 |  |
|  Central Pacific Financial Corp. | 8900 | 180492 |  |
|  Citizens & Northern Corp. | 6102 | 139492 |  |
|  City Holding Co. | 8550 | 795920 |  |
|  Civista Bancshares, Inc. | 1300 | 28613 |  |
|  CNB Financial Corp. | 7700 | 183183 |  |
|  Coastal Financial Corp.\* | 2200 | 104544 |  |
|  Colony Bankcorp, Inc. | 1000 | 12690 |  |
|  Columbia Banking System, Inc. | 41255 | 1243013 |  |
|  Community Bank System, Inc. | 28302 | 1781611 |  |
|  Community Trust Bancorp, Inc. | 6025 | 276728 |  |
|  ConnectOne Bancorp, Inc. | 15300 | 370413 |  |
|  CrossFirst Bankshares, Inc.\* | 15100 | 187391 |  |

---

See Notes to Financial Statements.

1343

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  Customers Bancorp, Inc.\* | 13600 | $385424 |
|  CVB Financial Corp. | 76087 | 1959240 |
|  Dime Community Bancshares, Inc. | 17832 | 567593 |
|  Eagle Bancorp, Inc. | 15450 | 680881 |
|  Eastern Bankshares, Inc. | 93258 | 1608700 |
|  Enterprise Bancorp, Inc. | 5300 | 187090 |
|  Enterprise Financial Services Corp. | 17927 | 877706 |
|  Equity Bancshares, Inc., Class A | 6500 | 212355 |
|  Esquire Financial Holdings, Inc. | 700 | 30282 |
|  Farmers & Merchants Bancorp, Inc. (x) | 3500 | 95130 |
|  Farmers National Banc Corp. | 14200 | 200504 |
|  FB Financial Corp. | 19016 | 687238 |
|  Financial Institutions, Inc. | 7300 | 177828 |
|  First Bancorp (Nasdaq Stock Exchange) | 16410 | 703004 |
|  First Bancorp (Quotrix Stock Exchange) | 98900 | 1258008 |
|  First Bancorp, Inc. (The) | 5419 | 162245 |
|  First Bancshares, Inc. (The) | 7100 | 227271 |
|  First Bank | 400 | 5504 |
|  First Busey Corp. | 29559 | 730698 |
|  First Business Financial Services, Inc. | 600 | 21930 |
|  First Commonwealth Financial Corp. | 51413 | 718240 |
|  First Community Bankshares, Inc. | 6800 | 230520 |
|  First Financial Bancorp | 54043 | 1309462 |
|  First Financial Bankshares, Inc. | 73748 | 2536931 |
|  First Financial Corp. | 4400 | 202752 |
|  First Foundation, Inc. | 25400 | 363982 |
|  First Guaranty Bancshares, Inc. (x) | 200 | 4690 |
|  First Internet Bancorp | 4400 | 106832 |
|  First Interstate BancSystem, Inc., Class A | 55466 | 2143761 |
|  First Merchants Corp. | 28377 | 1166578 |
|  First Mid Bancshares, Inc. | 9400 | 301552 |
|  First of Long Island Corp. (The) | 10375 | 186750 |
|  First Western Financial, Inc.\* | 300 | 8445 |
|  Five Star Bancorp | 1500 | 40860 |
|  Flushing Financial Corp. | 10242 | 198490 |
|  Fulton Financial Corp. | 100400 | 1689732 |
|  FVCBankcorp, Inc.\* | 700 | 13349 |
|  German American Bancorp, Inc. | 11850 | 442005 |
|  Glacier Bancorp, Inc. | 57638 | 2848470 |
|  Great Southern Bancorp, Inc. | 4230 | 251643 |
|  Guaranty Bancshares, Inc. | 2490 | 86254 |
|  Hancock Whitney Corp. | 49287 | 2384998 |
|  Hanmi Financial Corp. | 9400 | 232650 |
|  HarborOne Bancorp, Inc. | 14124 | 196324 |
|  HBT Financial, Inc. | 2600 | 50882 |
|  Heartland Financial USA, Inc. | 20200 | 941724 |
|  Heritage Commerce Corp. | 30500 | 396500 |
|  Heritage Financial Corp. | 26162 | 801604 |
|  Hilltop Holdings, Inc. | 25900 | 777259 |
|  Home BancShares, Inc. | 95901 | 2185584 |
|  HomeStreet, Inc. | 10200 | 281316 |
|  HomeTrust Bancshares, Inc. | 8000 | 193360 |
|  Hope Bancorp, Inc. | 74114 | 949400 |
|  Horizon Bancorp, Inc. | 13950 | 210366 |
|  Independent Bank Corp. | 10100 | 241592 |
|  Independent Bank Corp./MA | 25437 | 2147646 |
|  Independent Bank Group, Inc. | 18155 | 1090752 |
|  International Bancshares Corp. | 31590 | 1445558 |
|  John Marshall Bancorp, Inc. | 2100 | 60438 |
|  Lakeland Bancorp, Inc. | 31035 | 546526 |
|  Lakeland Financial Corp. | 13900 | 1014283 |
|  Live Oak Bancshares, Inc. | 17600 | 531520 |
|  Macatawa Bank Corp. | 14800 | 163244 |
|  Mercantile Bank Corp. | 5900 | 197532 |
|  Metrocity Bankshares, Inc. | 5900 | 127617 |
|  Metropolitan Bank Holding Corp.\* | 5100 | 299217 |
|  Mid Penn Bancorp, Inc. | 1600 | 47952 |
|  Midland States Bancorp, Inc. | 8000 | 212960 |
|  MidWestOne Financial Group, Inc. | 6300 | 200025 |
|  MVB Financial Corp. | 1900 | 41838 |
|  National Bank Holdings Corp., Class A | 23100 | 971817 |
|  NBT Bancorp, Inc. | 24682 | 1071692 |
|  Nicolet Bankshares, Inc.\* | 6200 | 494698 |
|  Northeast Bank | 1300 | 54730 |
|  Northwest Bancshares, Inc. | 65110 | 910238 |
|  OceanFirst Financial Corp. | 33679 | 715679 |
|  OFG Bancorp | 24000 | 661440 |
|  Old National Bancorp | 149472 | 2687507 |
|  Old Second Bancorp, Inc. | 14700 | 235788 |
|  Origin Bancorp, Inc. | 9000 | 330300 |
|  Orrstown Financial Services, Inc. | 500 | 11580 |
|  Pacific Premier Bancorp, Inc. | 48933 | 1544325 |
|  Park National Corp. | 7748 | 1090531 |
|  Parke Bancorp, Inc. | 400 | 8296 |
|  Pathward Financial, Inc. | 20900 | 899745 |
|  PCB Bancorp | 2000 | 35380 |
|  PCSB Financial Corp. | 2600 | 49504 |
|  Peapack-Gladstone Financial Corp. | 6500 | 241930 |
|  Peoples Bancorp, Inc. | 9128 | 257866 |
|  Peoples Financial Services Corp. | 3500 | 181440 |
|  Preferred Bank | 6900 | 514878 |
|  Premier Financial Corp. | 19333 | 521411 |
|  Primis Financial Corp. | 8700 | 103095 |
|  Professional Holding Corp., Class A\* | 2200 | 61028 |
|  QCR Holdings, Inc. | 5600 | 277984 |
|  RBB Bancorp | 6100 | 127185 |
|  Red River Bancshares, Inc. | 1100 | 56166 |
|  Renasant Corp. | 32481 | 1220961 |
|  Republic Bancorp, Inc., Class A | 4600 | 188232 |
|  Republic First Bancorp, Inc.\* | 23700 | 50955 |
|  S&T Bancorp, Inc. | 21157 | 723146 |
|  Sandy Spring Bancorp, Inc. | 26748 | 942332 |
|  Seacoast Banking Corp. of Florida | 32300 | 1007437 |
|  ServisFirst Bancshares, Inc. | 25400 | 1750314 |
|  Shore Bancshares, Inc. | 2200 | 38346 |
|  Sierra Bancorp | 7166 | 152206 |
|  Silvergate Capital Corp., Class A\* | 18500 | 321900 |
|  Simmons First National Corp., Class A | 63529 | 1370956 |
|  SmartFinancial, Inc. | 1800 | 49500 |
|  South Plains Financial, Inc. | 2600 | 71578 |
|  Southern First Bancshares, Inc.\* | 3600 | 164700 |
|  Southside Bancshares, Inc. | 16189 | 582642 |
|  SouthState Corp. | 37766 | 2883812 |
|  Stellar Bancorp, Inc. (x) | 24904 | 733672 |
|  Stock Yards Bancorp, Inc. | 14850 | 964953 |
|  Summit Financial Group, Inc. | 5600 | 139384 |
|  Texas Capital Bancshares, Inc.\* | 29400 | 1773114 |
|  Third Coast Bancshares, Inc. (x)\* | 1400 | 25802 |

---

See Notes to Financial Statements.

1344

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Tompkins Financial Corp. | 8400 | $| 651672 |  |
|  Towne Bank | 43921 |  | 1354524 |  |
|  TriCo Bancshares | 22112 |  | 1127491 |  |
|  Triumph Financial, Inc.\* | 12300 |  | 601101 |  |
|  Trustmark Corp. | 38880 |  | 1357301 |  |
|  UMB Financial Corp. | 25618 |  | 2139615 |  |
|  United Bankshares, Inc. | 66864 |  | 2707323 |  |
|  United Community Banks, Inc. | 51400 |  | 1737320 |  |
|  Unity Bancorp, Inc. | 800 |  | 21864 |  |
|  Univest Financial Corp. | 11225 |  | 293309 |  |
|  USCB Financial Holdings, Inc.\* | 600 |  | 7320 |  |
|  Valley National Bancorp | 217186 |  | 2456374 |  |
|  Veritex Holdings, Inc. | 29970 |  | 841558 |  |
|  Washington Federal, Inc. | 32700 |  | 1097085 |  |
|  Washington Trust Bancorp, Inc. | 8100 |  | 382158 |  |
|  WesBanco, Inc. | 31167 |  | 1152556 |  |
|  West Bancorp, Inc. | 8100 |  | 206955 |  |
|  Westamerica Bancorp | 14274 |  | 842309 |  |
|  |  |  | 116203458 |  |
|  ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | ***Capital Markets (1.6%)*** | **** |
|  Artisan Partners Asset Management, Inc., Class A | 28900 |  | 858330 |  |
|  AssetMark Financial Holdings, Inc.\* | 10000 |  | 230000 |  |
|  Associated Capital Group, Inc., Class A | 4500 |  | 188955 |  |
|  B Riley Financial, Inc. (x) | 10374 |  | 354791 |  |
|  Bakkt Holdings, Inc. (x)\* | 28200 |  | 33558 |  |
|  BGC Partners, Inc., Class A | 176900 |  | 666913 |  |
|  Blucora, Inc.\* | 17800 |  | 454434 |  |
|  Brightsphere Investment Group, Inc. | 16700 |  | 343686 |  |
|  Cohen & Steers, Inc. | 11909 |  | 768845 |  |
|  Cowen, Inc., Class A | 13150 |  | 507853 |  |
|  Diamond Hill Investment Group, Inc. | 1113 |  | 205927 |  |
|  Donnelley Financial Solutions, Inc.\* | 15900 |  | 614535 |  |
|  Federated Hermes, Inc., Class B | 54400 |  | 1975264 |  |
|  Focus Financial Partners, Inc., Class A\* | 30224 |  | 1126449 |  |
|  GCM Grosvenor, Inc., Class A | 8700 |  | 66207 |  |
|  Hamilton Lane, Inc., Class A | 17000 |  | 1085960 |  |
|  Houlihan Lokey, Inc. | 29000 |  | 2527640 |  |
|  MarketWise, Inc. (x)\* | 5500 |  | 9240 |  |
|  Moelis & Co., Class A | 37800 |  | 1450386 |  |
|  Open Lending Corp., Class A\* | 54100 |  | 365175 |  |
|  Oppenheimer Holdings, Inc., Class A | 5700 |  | 241281 |  |
|  Perella Weinberg Partners | 24100 |  | 236180 |  |
|  Piper Sandler Cos. | 8400 |  | 1093596 |  |
|  PJT Partners, Inc., Class A | 12900 |  | 950601 |  |
|  Sculptor Capital Management, Inc. | 19500 |  | 168870 |  |
|  Silvercrest Asset Management Group, Inc., Class A | 600 |  | 11262 |  |
|  StepStone Group, Inc., Class A | 26600 |  | 669788 |  |
|  StoneX Group, Inc.\* | 8700 |  | 829110 |  |
|  Value Line, Inc. | 800 |  | 40704 |  |
|  Victory Capital Holdings, Inc., Class A | 9800 |  | 262934 |  |
|  Virtus Investment Partners, Inc. | 4078 |  | 780692 |  |
|  WisdomTree, Inc. | 44600 |  | 243070 |  |
|  |  |  | 19362236 |  |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | **** |
|  Atlanticus Holdings Corp.\* | 3900 |  | 102180 |  |
|  Bread Financial Holdings, Inc. | 25200 |  | 949032 |  |
|  Consumer Portfolio Services, Inc. (x)\* | 1200 |  | 10620 |  |
|  Curo Group Holdings Corp. (x) | 22000 |  | 78100 |  |
|  Encore Capital Group, Inc.\* | 15700 |  | 752658 |  |
|  Enova International, Inc.\* | 16213 |  | 622093 |  |
|  EZCORP, Inc., Class A\* | 24396 |  | 198827 |  |
|  FirstCash Holdings, Inc. | 23735 |  | 2062809 |  |
|  Green Dot Corp., Class A\* | 32600 |  | 515732 |  |
|  LendingClub Corp.\* | 49700 |  | 437360 |  |
|  LendingTree, Inc.\* | 9500 |  | 202635 |  |
|  Moneylion, Inc. (x)\* | 25700 |  | 15934 |  |
|  Navient Corp. | 58600 |  | 963970 |  |
|  Nelnet, Inc., Class A | 11669 |  | 1058962 |  |
|  NerdWallet, Inc., Class A (x)\* | 13300 |  | 127680 |  |
|  Oportun Financial Corp.\* | 6400 |  | 35264 |  |
|  OppFi, Inc. (x)\* | 3300 |  | 6765 |  |
|  PRA Group, Inc.\* | 29048 |  | 981241 |  |
|  PROG Holdings, Inc.\* | 37400 |  | 631686 |  |
|  Regional Management Corp. | 4600 |  | 129168 |  |
|  Sunlight Financial Holdings, Inc. (x)\* | 13900 |  | 17931 |  |
|  World Acceptance Corp. (x)\* | 2481 |  | 163597 |  |
|  |  |  | 10064244 |  |
|  ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | ***Diversified Financial Services (0.3%)*** | **** |
|  Alerus Financial Corp. | 2900 |  | 67715 |  |
|  A-Mark Precious Metals, Inc. | 7400 |  | 257002 |  |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 15381 |  | 249172 |  |
|  Cannae Holdings, Inc.\* | 49100 |  | 1013915 |  |
|  Compass Diversified Holdings | 30500 |  | 556015 |  |
|  Jackson Financial, Inc., Class A | 38100 |  | 1325499 |  |
|  SWK Holdings Corp. (x)\* | 200 |  | 3528 |  |
|  |  |  | 3472846 |  |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | **** |
|  Ambac Financial Group, Inc.\* | 19600 |  | 341824 |  |
|  American Equity Investment Life Holding Co. | 39293 |  | 1792547 |  |
|  AMERISAFE, Inc. | 11000 |  | 571670 |  |
|  Argo Group International Holdings Ltd. | 19085 |  | 493347 |  |
|  Bright Health Group, Inc. (x)\* | 163200 |  | 106064 |  |
|  BRP Group, Inc., Class A (x)\* | 29500 |  | 741630 |  |
|  CNO Financial Group, Inc. | 60901 |  | 1391588 |  |
|  Crawford & Co., Class A | 300 |  | 1668 |  |
|  Donegal Group, Inc., Class A | 12344 |  | 175285 |  |
|  eHealth, Inc.\* | 11700 |  | 56628 |  |
|  Employers Holdings, Inc. | 19801 |  | 854017 |  |
|  Enstar Group Ltd.\* | 6588 |  | 1522091 |  |
|  Genworth Financial, Inc., Class A\* | 286600 |  | 1516114 |  |
|  Goosehead Insurance, Inc., Class A\* | 9200 |  | 315928 |  |
|  Greenlight Capital Re Ltd., Class A\* | 14793 |  | 120563 |  |
|  HCI Group, Inc. (x) | 5000 |  | 197950 |  |
|  Hippo Holdings, Inc. (x)\* | 5951 |  | 80934 |  |
|  Horace Mann Educators Corp. | 23137 |  | 864630 |  |
|  Investors Title Co. | 800 |  | 118040 |  |
|  James River Group Holdings Ltd. | 16900 |  | 353379 |  |
|  Kinsale Capital Group, Inc. | 11200 |  | 2929024 |  |
|  Lemonade, Inc. (x)\* | 20300 |  | 277704 |  |
|  MBIA, Inc.\* | 33200 |  | 426620 |  |
|  Mercury General Corp. | 13500 |  | 461700 |  |
|  National Western Life Group, Inc., Class A | 1100 |  | 309100 |  |

---

See Notes to Financial Statements.

1345

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  NI Holdings, Inc.\* | 1600 | $| 21232 |  |
|  Oscar Health, Inc., Class A\* | 68100 |  | 167526 |  |
|  Palomar Holdings, Inc.\* | 12600 |  | 569016 |  |
|  ProAssurance Corp. | 29900 |  | 522353 |  |
|  RLI Corp. | 21996 |  | 2887415 |  |
|  Root, Inc., Class A (x)\* | 2222 |  | 9977 |  |
|  Safety Insurance Group, Inc. | 8375 |  | 705677 |  |
|  Selective Insurance Group, Inc. | 32832 |  | 2909243 |  |
|  Selectquote, Inc.\* | 92977 |  | 62471 |  |
|  SiriusPoint Ltd.\* | 38700 |  | 228330 |  |
|  Stewart Information Services Corp. | 12727 |  | 543825 |  |
|  Tiptree, Inc. | 12500 |  | 173000 |  |
|  Trean Insurance Group, Inc.\* | 2800 |  | 16800 |  |
|  Trupanion, Inc. (x)\* | 19900 |  | 945847 |  |
|  United Fire Group, Inc. | 8264 |  | 226103 |  |
|  Universal Insurance Holdings, Inc. | 18200 |  | 192738 |  |
|  |  |  | 26201598 |  |
|  ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (1.1%)*** | **** |
|  AFC Gamma, Inc. (REIT) (x) | 4300 |  | 67639 |  |
|  Angel Oak Mortgage, Inc. (REIT) (x) | 900 |  | 4257 |  |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) | 86507 |  | 930815 |  |
|  Arbor Realty Trust, Inc. (REIT) | 73100 |  | 964189 |  |
|  Ares Commercial Real Estate Corp. (REIT) | 21900 |  | 225351 |  |
|  ARMOUR Residential REIT, Inc. (REIT) (x) | 38400 |  | 216192 |  |
|  Blackstone Mortgage Trust, Inc. (REIT), Class A (x) | 86700 |  | 1835439 |  |
|  BrightSpire Capital, Inc. (REIT) | 31100 |  | 193753 |  |
|  Broadmark Realty Capital, Inc. (REIT) | 74700 |  | 265932 |  |
|  Chicago Atlantic Real Estate Finance, Inc. (REIT) | 1100 |  | 16577 |  |
|  Chimera Investment Corp. (REIT) (x) | 111400 |  | 612700 |  |
|  Claros Mortgage Trust, Inc. (REIT) (x) | 46400 |  | 682544 |  |
|  Dynex Capital, Inc. (REIT) | 29200 |  | 371424 |  |
|  Ellington Financial, Inc. (REIT) | 27300 |  | 337701 |  |
|  Franklin BSP Realty Trust, Inc. (REIT) (x) | 42443 |  | 547515 |  |
|  Granite Point Mortgage Trust, Inc. (REIT) | 29500 |  | 158120 |  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (REIT) (x) | 40900 |  | 1185282 |  |
|  Invesco Mortgage Capital, Inc. (REIT) (x) | 31679 |  | 403274 |  |
|  KKR Real Estate Finance Trust, Inc. (REIT) | 26100 |  | 364356 |  |
|  Ladder Capital Corp. (REIT) | 65148 |  | 654086 |  |
|  MFA Financial, Inc. (REIT) (x) | 65875 |  | 648869 |  |
|  New York Mortgage Trust, Inc. (REIT) | 217000 |  | 555520 |  |
|  Nexpoint Real Estate Finance, Inc. (REIT) | 2100 |  | 33369 |  |
|  Orchid Island Capital, Inc. (REIT) (x) | 34759 |  | 364969 |  |
|  PennyMac Mortgage Investment Trust (REIT) (x) | 50745 |  | 628731 |  |
|  Ready Capital Corp. (REIT) (x) | 27156 |  | 302518 |  |
|  Redwood Trust, Inc. (REIT) (x) | 54691 |  | 369711 |  |
|  TPG RE Finance Trust, Inc. (REIT) | 27700 |  | 188083 |  |
|  Two Harbors Investment Corp. (REIT) | 39750 |  | 626857 |  |
|  |  |  | 13755773 |  |
|  ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | ***Thrifts & Mortgage Finance (1.4%)*** | **** |
|  Axos Financial, Inc.\* | 34600 |  | 1322412 |  |
|  Blue Foundry Bancorp\* | 2100 |  | 26985 |  |
|  Bridgewater Bancshares, Inc.\* | 6800 |  | 120632 |  |
|  Capitol Federal Financial, Inc. | 78900 |  | 682485 |  |
|  Columbia Financial, Inc.\* | 19400 |  | 419428 |  |
|  Enact Holdings, Inc. | 9000 |  | 217080 |  |
|  Essent Group Ltd. | 53100 |  | 2064528 |  |
|  Federal Agricultural Mortgage Corp., Class C | 3700 |  | 417027 |  |
|  Finance of America Cos., Inc., Class A\* | 2300 |  | 2921 |  |
|  Greene County Bancorp, Inc. | 1200 |  | 68904 |  |
|  Hingham Institution For Savings (The) | 800 |  | 220768 |  |
|  Home Bancorp, Inc. | 4400 |  | 176132 |  |
|  Home Point Capital, Inc. | 1000 |  | 1370 |  |
|  Kearny Financial Corp. | 60911 |  | 618247 |  |
|  Luther Burbank Corp. | 12800 |  | 142208 |  |
|  Merchants Bancorp | 7850 |  | 190912 |  |
|  Mr Cooper Group, Inc.\* | 36588 |  | 1468276 |  |
|  NMI Holdings, Inc., Class A\* | 46600 |  | 973940 |  |
|  Northfield Bancorp, Inc. | 14683 |  | 230964 |  |
|  PennyMac Financial Services, Inc. | 18300 |  | 1036878 |  |
|  Provident Bancorp, Inc. | 700 |  | 5096 |  |
|  Provident Financial Services, Inc. | 40315 |  | 861128 |  |
|  Radian Group, Inc. | 84100 |  | 1603787 |  |
|  Southern Missouri Bancorp, Inc. | 4300 |  | 197069 |  |
|  Sterling Bancorp, Inc.\* | 2400 |  | 14616 |  |
|  TrustCo Bank Corp. | 6690 |  | 251477 |  |
|  Velocity Financial, Inc.\* | 500 |  | 4825 |  |
|  Walker & Dunlop, Inc. | 15945 |  | 1251364 |  |
|  Waterstone Financial, Inc. | 11200 |  | 193088 |  |
|  WSFS Financial Corp. | 35045 |  | 1588940 |  |
|  |  |  | 16373487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 205433642 |  |
|  **Health Care (16.5%)** | **Health Care (16.5%)** | **Health Care (16.5%)** | **Health Care (16.5%)** |  |
|  ***Biotechnology (7.1%)*** | ***Biotechnology (7.1%)*** | ***Biotechnology (7.1%)*** | ***Biotechnology (7.1%)*** | **** |
|  2seventy bio, Inc. (x)\* | 19033 |  | 178339 |  |
|  4D Molecular Therapeutics, Inc.\* | 13600 |  | 302056 |  |
|  Aadi Bioscience, Inc. (x)\* | 4400 |  | 56452 |  |
|  Absci Corp.\* | 13800 |  | 28980 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 62200 |  | 990224 |  |
|  Adicet Bio, Inc.\* | 12900 |  | 115326 |  |
|  ADMA Biologics, Inc.\* | 83200 |  | 322816 |  |
|  Aerovate Therapeutics, Inc. (x)\* | 3500 |  | 102550 |  |
|  Affimed NV\* | 86600 |  | 107384 |  |
|  Agenus, Inc.\* | 118700 |  | 284880 |  |
|  Agios Pharmaceuticals, Inc.\* | 32000 |  | 898560 |  |
|  Akero Therapeutics, Inc.\* | 19500 |  | 1068600 |  |
|  Albireo Pharma, Inc. (x)\* | 12400 |  | 267964 |  |
|  Alector, Inc.\* | 26800 |  | 247364 |  |
|  Alkermes plc\* | 83300 |  | 2176629 |  |
|  Allogene Therapeutics, Inc. (x)\* | 28051 |  | 176441 |  |
|  Allovir, Inc.\* | 22300 |  | 114399 |  |
|  Alpine Immune Sciences, Inc. (x)\* | 5100 |  | 37485 |  |

---

See Notes to Financial Statements.

1346

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ALX Oncology Holdings, Inc. (x)\* | 18200 | $205114 |
|  Amicus Therapeutics, Inc.\* | 145700 | 1778997 |
|  AnaptysBio, Inc.\* | 14000 | 433860 |
|  Anavex Life Sciences Corp. (x)\* | 32200 | 298172 |
|  Anika Therapeutics, Inc.\* | 11100 | 328560 |
|  Apellis Pharmaceuticals, Inc.\* | 48900 | 2528619 |
|  Arbutus Biopharma Corp.\* | 39100 | 91103 |
|  Arcellx, Inc. (x)\* | 11700 | 362466 |
|  Arcturus Therapeutics Holdings, Inc.\* | 12200 | 206912 |
|  Arcus Biosciences, Inc.\* | 25900 | 535612 |
|  Arcutis Biotherapeutics, Inc.\* | 21200 | 313760 |
|  Arrowhead Pharmaceuticals, Inc.\* | 57500 | 2332200 |
|  Atara Biotherapeutics, Inc.\* | 65900 | 216152 |
|  Aura Biosciences, Inc. (x)\* | 3300 | 34650 |
|  Aurinia Pharmaceuticals, Inc. (x)\* | 67600 | 292032 |
|  Avid Bioservices, Inc.\* | 26500 | 364905 |
|  Avidity Biosciences, Inc.\* | 24600 | 545874 |
|  Beam Therapeutics, Inc. (x)\* | 32000 | 1251520 |
|  BioCryst Pharmaceuticals, Inc. (x)\* | 95400 | 1095192 |
|  Biohaven Ltd. (x)\* | 15700 | 217916 |
|  Bioxcel Therapeutics, Inc. (x)\* | 16300 | 350124 |
|  Bluebird Bio, Inc.\* | 51200 | 354304 |
|  Blueprint Medicines Corp.\* | 30500 | 1336205 |
|  Bridgebio Pharma, Inc.\* | 56351 | 429395 |
|  C4 Therapeutics, Inc. (x)\* | 26600 | 156940 |
|  CareDx, Inc.\* | 26900 | 306929 |
|  Caribou Biosciences, Inc. (x)\* | 20900 | 131252 |
|  Catalyst Pharmaceuticals, Inc.\* | 74800 | 1391280 |
|  Celldex Therapeutics, Inc.\* | 20300 | 904771 |
|  Celularity, Inc., Class A (x)\* | 24800 | 31992 |
|  Century Therapeutics, Inc. (x)\* | 5000 | 25650 |
|  Cerevel Therapeutics Holdings, Inc.\* | 27400 | 864196 |
|  Chimerix, Inc.\* | 114600 | 213156 |
|  Chinook Therapeutics, Inc.\* | 26060 | 682772 |
|  Cogent Biosciences, Inc. (x)\* | 39700 | 458932 |
|  Coherus Biosciences, Inc.\* | 41500 | 328680 |
|  Crinetics Pharmaceuticals, Inc.\* | 26500 | 484950 |
|  CTI BioPharma Corp. (x)\* | 54700 | 328747 |
|  Cullinan Oncology, Inc.\* | 14800 | 156140 |
|  Cytokinetics, Inc.\* | 40200 | 1841964 |
|  Day One Biopharmaceuticals, Inc. (x)\* | 22000 | 473440 |
|  Deciphera Pharmaceuticals, Inc.\* | 21700 | 355663 |
|  Denali Therapeutics, Inc.\* | 47200 | 1312632 |
|  Design Therapeutics, Inc. (x)\* | 14400 | 147744 |
|  Dynavax Technologies Corp.\* | 53050 | 564452 |
|  Dyne Therapeutics, Inc.\* | 14900 | 172691 |
|  Eagle Pharmaceuticals, Inc.\* | 8400 | 245532 |
|  Editas Medicine, Inc.\* | 32200 | 285614 |
|  Eiger BioPharmaceuticals, Inc.\* | 19000 | 22420 |
|  Emergent BioSolutions, Inc.\* | 24900 | 294069 |
|  Enanta Pharmaceuticals, Inc.\* | 8900 | 414028 |
|  Enochian Biosciences, Inc. (x)\* | 10400 | 10712 |
|  EQRx, Inc.\* | 104300 | 256578 |
|  Erasca, Inc.\* | 25200 | 108612 |
|  Fate Therapeutics, Inc.\* | 40500 | 408645 |
|  FibroGen, Inc.\* | 48500 | 776970 |
|  Foghorn Therapeutics, Inc. (x)\* | 4500 | 28710 |
|  Gelesis Holdings, Inc. (x)\* | 3800 | 1104 |
|  Generation Bio Co.\* | 31187 | 122565 |
|  Geron Corp.\* | 187411 | 453535 |
|  Gossamer Bio, Inc. (x)\* | 29300 | 63581 |
|  GreenLight Biosciences Holdings PBC (x)\* | 12200 | 14396 |
|  Halozyme Therapeutics, Inc.\* | 71935 | 4093101 |
|  Heron Therapeutics, Inc. (x)\* | 85400 | 213500 |
|  HilleVax, Inc. (x)\* | 4600 | 76958 |
|  Humacyte, Inc. (x)\* | 12500 | 26375 |
|  Icosavax, Inc. (x)\* | 8100 | 64314 |
|  Ideaya Biosciences, Inc.\* | 13100 | 238027 |
|  IGM Biosciences, Inc. (x)\* | 9700 | 164997 |
|  Imago Biosciences, Inc.\* | 6400 | 230080 |
|  ImmunityBio, Inc. (x)\* | 62000 | 314340 |
|  ImmunoGen, Inc.\* | 126168 | 625793 |
|  Immunovant, Inc.\* | 46700 | 828925 |
|  Inhibrx, Inc.\* | 19600 | 482944 |
|  Inovio Pharmaceuticals, Inc. (x)\* | 137700 | 214812 |
|  Insmed, Inc.\* | 58700 | 1172826 |
|  Instil Bio, Inc.\* | 35600 | 22428 |
|  Intellia Therapeutics, Inc.\* | 38400 | 1339776 |
|  Intercept Pharmaceuticals, Inc.\* | 16500 | 204105 |
|  Invivyd, Inc. (x)\* | 34600 | 51900 |
|  Iovance Biotherapeutics, Inc.\* | 76000 | 485640 |
|  Ironwood Pharmaceuticals, Inc.\* | 68900 | 853671 |
|  iTeos Therapeutics, Inc.\* | 11400 | 222642 |
|  IVERIC bio, Inc.\* | 61800 | 1323138 |
|  Janux Therapeutics, Inc.\* | 3900 | 51363 |
|  Jounce Therapeutics, Inc.\* | 41200 | 45732 |
|  KalVista Pharmaceuticals, Inc.\* | 19000 | 128440 |
|  Karuna Therapeutics, Inc.\* | 15080 | 2963220 |
|  Karyopharm Therapeutics, Inc. (x)\* | 62500 | 212500 |
|  Keros Therapeutics, Inc.\* | 7200 | 345744 |
|  Kezar Life Sciences, Inc.\* | 37900 | 266816 |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 23300 | 349034 |
|  Kinnate Biopharma, Inc.\* | 10300 | 62830 |
|  Kodiak Sciences, Inc.\* | 29600 | 211936 |
|  Kronos Bio, Inc.\* | 31300 | 50706 |
|  Krystal Biotech, Inc.\* | 13500 | 1069470 |
|  Kura Oncology, Inc.\* | 30800 | 382228 |
|  Kymera Therapeutics, Inc.\* | 15000 | 374400 |
|  Lexicon Pharmaceuticals, Inc.\* | 85011 | 162371 |
|  Lyell Immunopharma, Inc. (x)\* | 75309 | 261322 |
|  MacroGenics, Inc.\* | 55500 | 372405 |
|  Madrigal Pharmaceuticals, Inc. (x)\* | 6600 | 1915650 |
|  MannKind Corp. (x)\* | 120800 | 636616 |
|  MeiraGTx Holdings plc\* | 18600 | 121272 |
|  Mersana Therapeutics, Inc.\* | 44400 | 260184 |
|  MiMedx Group, Inc.\* | 64300 | 178754 |
|  Mirum Pharmaceuticals, Inc.\* | 10400 | 202800 |
|  Monte Rosa Therapeutics, Inc. (x)\* | 9500 | 72295 |
|  Morphic Holding, Inc.\* | 10700 | 286225 |
|  Myriad Genetics, Inc.\* | 39400 | 571694 |
|  Nkarta, Inc.\* | 41500 | 248585 |
|  Nurix Therapeutics, Inc.\* | 16300 | 178974 |
|  Nuvalent, Inc., Class A\* | 10700 | 318646 |
|  Ocugen, Inc. (x)\* | 151200 | 196560 |
|  Organogenesis Holdings, Inc.\* | 56300 | 151447 |
|  Outlook Therapeutics, Inc. (x)\* | 38900 | 42012 |
|  Pardes Biosciences, Inc.\* | 5800 | 9802 |
|  PDL BioPharma, Inc. (r)(x)\* | 111727 | 42862 |
|  PepGen, Inc. (x)\* | 8900 | 118993 |
|  PMV Pharmaceuticals, Inc. (x)\* | 17300 | 150510 |

---

See Notes to Financial Statements.

1347

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Point Biopharma Global, Inc.\* | 32600 | $| 237654 |  |
|  Praxis Precision Medicines, Inc.\* | 70400 |  | 167552 |  |
|  Precigen, Inc. (x)\* | 93700 |  | 142424 |  |
|  Prometheus Biosciences, Inc.\* | 15200 |  | 1672000 |  |
|  Protagonist Therapeutics, Inc.\* | 28600 |  | 312026 |  |
|  Prothena Corp. plc\* | 17700 |  | 1066425 |  |
|  PTC Therapeutics, Inc.\* | 39200 |  | 1496264 |  |
|  Rallybio Corp. (x)\* | 3600 |  | 23652 |  |
|  RAPT Therapeutics, Inc.\* | 19100 |  | 378180 |  |
|  Recursion Pharmaceuticals, Inc., Class A (x)\* | 58581 |  | 451659 |  |
|  REGENXBIO, Inc.\* | 22900 |  | 519372 |  |
|  Relay Therapeutics, Inc.\* | 35500 |  | 530370 |  |
|  Replimune Group, Inc.\* | 15300 |  | 416160 |  |
|  REVOLUTION Medicines, Inc.\* | 30800 |  | 733656 |  |
|  Rigel Pharmaceuticals, Inc.\* | 238440 |  | 357660 |  |
|  Rocket Pharmaceuticals, Inc.\* | 18900 |  | 369873 |  |
|  Sage Therapeutics, Inc.\* | 26300 |  | 1003082 |  |
|  Sana Biotechnology, Inc. (x)\* | 43800 |  | 173010 |  |
|  Sangamo Therapeutics, Inc.\* | 56900 |  | 178666 |  |
|  Seres Therapeutics, Inc.\* | 63400 |  | 355040 |  |
|  Sorrento Therapeutics, Inc. (x)\* | 135400 |  | 119964 |  |
|  SpringWorks Therapeutics, Inc. (x)\* | 15200 |  | 395352 |  |
|  Stoke Therapeutics, Inc.\* | 14800 |  | 136604 |  |
|  Sutro Biopharma, Inc.\* | 37800 |  | 305424 |  |
|  Syndax Pharmaceuticals, Inc.\* | 26700 |  | 679515 |  |
|  Talaris Therapeutics, Inc. (x)\* | 8100 |  | 8262 |  |
|  Tango Therapeutics, Inc. (x)\* | 10500 |  | 76125 |  |
|  Tenaya Therapeutics, Inc.\* | 5300 |  | 10653 |  |
|  TG Therapeutics, Inc.\* | 62900 |  | 744107 |  |
|  Travere Therapeutics, Inc. (x)\* | 27600 |  | 580428 |  |
|  Twist Bioscience Corp. (x)\* | 25712 |  | 612203 |  |
|  Tyra Biosciences, Inc.\* | 1800 |  | 13680 |  |
|  Vanda Pharmaceuticals, Inc.\* | 34800 |  | 257172 |  |
|  Vaxart, Inc. (x)\* | 102200 |  | 98204 |  |
|  Vaxcyte, Inc.\* | 37388 |  | 1792755 |  |
|  VBI Vaccines, Inc.\* | 164000 |  | 64140 |  |
|  Vera Therapeutics, Inc. (x)\* | 3600 |  | 69660 |  |
|  Veracyte, Inc.\* | 32400 |  | 768852 |  |
|  Vericel Corp.\* | 22000 |  | 579480 |  |
|  Verve Therapeutics, Inc. (x)\* | 23600 |  | 456660 |  |
|  Vir Biotechnology, Inc.\* | 36800 |  | 931408 |  |
|  Viridian Therapeutics, Inc. (x)\* | 11900 |  | 347599 |  |
|  VistaGen Therapeutics, Inc. (x)\* | 275000 |  | 28325 |  |
|  Xencor, Inc.\* | 32400 |  | 843696 |  |
|  Y-mAbs Therapeutics, Inc.\* | 17400 |  | 84912 |  |
|  Zentalis Pharmaceuticals, Inc.\* | 24354 |  | 490490 |  |
|  |  |  | 85567222 |  |
|  ***Health Care Equipment & Supplies (3.8%)*** | ***Health Care Equipment & Supplies (3.8%)*** | ***Health Care Equipment & Supplies (3.8%)*** | ***Health Care Equipment & Supplies (3.8%)*** | **** |
|  Alphatec Holdings, Inc.\* | 51000 |  | 629850 |  |
|  AngioDynamics, Inc.\* | 18900 |  | 260253 |  |
|  Artivion, Inc.\* | 18168 |  | 220196 |  |
|  AtriCure, Inc.\* | 27900 |  | 1238202 |  |
|  Atrion Corp. | 900 |  | 503505 |  |
|  Avanos Medical, Inc.\* | 26400 |  | 714384 |  |
|  Axogen, Inc.\* | 26200 |  | 261476 |  |
|  Axonics, Inc.\* | 25400 |  | 1588262 |  |
|  Bioventus, Inc., Class A (x)\* | 17962 |  | 46881 |  |
|  Butterfly Network, Inc. (x)\* | 92800 |  | 228288 |  |
|  Cardiovascular Systems, Inc.\* | 18400 |  | 250608 |  |
|  Cerus Corp.\* | 94100 |  | 343465 |  |
|  CONMED Corp. | 15887 |  | 1408224 |  |
|  Cue Health, Inc. (x)\* | 44700 |  | 92529 |  |
|  Cutera, Inc. (x)\* | 8900 |  | 393558 |  |
|  Embecta Corp. | 28900 |  | 730881 |  |
|  Figs, Inc., Class A (x)\* | 64300 |  | 432739 |  |
|  Glaukos Corp.\* | 23122 |  | 1009969 |  |
|  Haemonetics Corp.\* | 26200 |  | 2060630 |  |
|  Heska Corp.\* | 5000 |  | 310800 |  |
|  Inari Medical, Inc. (x)\* | 24299 |  | 1544444 |  |
|  Inogen, Inc.\* | 9400 |  | 185274 |  |
|  Inspire Medical Systems, Inc.\* | 15200 |  | 3828576 |  |
|  Integer Holdings Corp.\* | 17618 |  | 1206128 |  |
|  iRadimed Corp. | 5600 |  | 158424 |  |
|  iRhythm Technologies, Inc.\* | 16100 |  | 1508087 |  |
|  Lantheus Holdings, Inc.\* | 35000 |  | 1783600 |  |
|  LeMaitre Vascular, Inc. | 9300 |  | 427986 |  |
|  LivaNova plc\* | 28000 |  | 1555120 |  |
|  Meridian Bioscience, Inc.\* | 25777 |  | 856054 |  |
|  Merit Medical Systems, Inc.\* | 29207 |  | 2062598 |  |
|  Mesa Laboratories, Inc. | 2400 |  | 398904 |  |
|  Nano-X Imaging Ltd. (x)\* | 15900 |  | 117342 |  |
|  Neogen Corp.\* | 112913 |  | 1719665 |  |
|  Nevro Corp.\* | 19500 |  | 772200 |  |
|  NuVasive, Inc.\* | 28609 |  | 1179835 |  |
|  Omnicell, Inc.\* | 23355 |  | 1177559 |  |
|  OraSure Technologies, Inc.\* | 69086 |  | 332995 |  |
|  Orthofix Medical, Inc.\* | 10000 |  | 205300 |  |
|  OrthoPediatrics Corp.\* | 5800 |  | 230434 |  |
|  Outset Medical, Inc.\* | 23700 |  | 611934 |  |
|  Owlet, Inc. (x)\* | 10900 |  | 6094 |  |
|  Paragon 28, Inc. (x)\* | 23200 |  | 443352 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 12900 |  | 535866 |  |
|  Pulmonx Corp.\* | 13100 |  | 110433 |  |
|  RxSight, Inc.\* | 2900 |  | 36743 |  |
|  SeaSpine Holdings Corp.\* | 20500 |  | 171175 |  |
|  Senseonics Holdings, Inc. (x)\* | 215800 |  | 222274 |  |
|  Shockwave Medical, Inc.\* | 18523 |  | 3808514 |  |
|  SI-BONE, Inc.\* | 14900 |  | 202640 |  |
|  Sight Sciences, Inc. (x)\* | 9200 |  | 112332 |  |
|  Silk Road Medical, Inc.\* | 18400 |  | 972440 |  |
|  STAAR Surgical Co.\* | 24800 |  | 1203792 |  |
|  Surmodics, Inc.\* | 7821 |  | 266853 |  |
|  Tactile Systems Technology, Inc.\* | 24000 |  | 275520 |  |
|  Tenon Medical, Inc. (x)\* | 5600 |  | 8848 |  |
|  TransMedics Group, Inc.\* | 15800 |  | 975176 |  |
|  Treace Medical Concepts, Inc.\* | 13300 |  | 305767 |  |
|  UFP Technologies, Inc.\* | 2900 |  | 341881 |  |
|  Utah Medical Products, Inc. | 2600 |  | 261378 |  |
|  Varex Imaging Corp.\* | 21700 |  | 440510 |  |
|  Vicarious Surgical, Inc.\* | 8900 |  | 17978 |  |
|  ViewRay, Inc.\* | 96300 |  | 431424 |  |
|  Zimvie, Inc.\* | 8900 |  | 83126 |  |
|  Zynex, Inc. (x) | 25600 |  | 356096 |  |
|  |  |  | 46177371 |  |
|  ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** | ***Health Care Providers & Services (2.7%)*** | **** |
|  1Life Healthcare, Inc.\* | 90900 |  | 1518939 |  |
|  23andMe Holding Co. (x)\* | 98700 |  | 213192 |  |
|  Accolade, Inc.\* | 39296 |  | 306116 |  |
|  AdaptHealth Corp.\* | 40997 |  | 787962 |  |
|  Addus HomeCare Corp.\* | 7100 |  | 706379 |  |
|  Agiliti, Inc.\* | 11200 |  | 182672 |  |

---

See Notes to Financial Statements.

1348

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  AirSculpt Technologies, Inc. (x) | 4800 | $| 17760 |  |
|  Alignment Healthcare, Inc.\* | 40300 |  | 473928 |  |
|  AMN Healthcare Services, Inc.\* | 22500 |  | 2313450 |  |
|  Apollo Medical Holdings, Inc.\* | 18800 |  | 556292 |  |
|  ATI Physical Therapy, Inc. (x)\* | 17400 |  | 5307 |  |
|  Aveanna Healthcare Holdings, Inc.\* | 25000 |  | 19500 |  |
|  Brookdale Senior Living, Inc.\* | 105100 |  | 286923 |  |
|  Cano Health, Inc. (x)\* | 81600 |  | 111792 |  |
|  CareMax, Inc.\* | 16500 |  | 60225 |  |
|  Castle Biosciences, Inc.\* | 11100 |  | 261294 |  |
|  Clover Health Investments Corp.\* | 192300 |  | 178743 |  |
|  Community Health Systems, Inc.\* | 88300 |  | 381456 |  |
|  CorVel Corp.\* | 4600 |  | 668518 |  |
|  Cross Country Healthcare, Inc.\* | 28895 |  | 767740 |  |
|  DocGo, Inc.\* | 42000 |  | 296940 |  |
|  Ensign Group, Inc. (The) | 29000 |  | 2743690 |  |
|  Fulgent Genetics, Inc. (x)\* | 10400 |  | 309712 |  |
|  HealthEquity, Inc.\* | 43400 |  | 2675176 |  |
|  Hims & Hers Health, Inc.\* | 47700 |  | 305757 |  |
|  Innovage Holding Corp. (x)\* | 21300 |  | 152934 |  |
|  Invitae Corp. (x)\* | 104100 |  | 193626 |  |
|  Joint Corp. (The)\* | 10700 |  | 149586 |  |
|  LHC Group, Inc.\* | 15007 |  | 2426482 |  |
|  LifeStance Health Group, Inc. (x)\* | 39500 |  | 195130 |  |
|  ModivCare, Inc.\* | 6823 |  | 612228 |  |
|  National HealthCare Corp. | 7300 |  | 434350 |  |
|  National Research Corp. | 7625 |  | 284413 |  |
|  Oncology Institute, Inc. (The) (x)\* | 4700 |  | 7755 |  |
|  OPKO Health, Inc.\* | 232400 |  | 290500 |  |
|  Option Care Health, Inc.\* | 81575 |  | 2454592 |  |
|  Owens & Minor, Inc.\* | 37000 |  | 722610 |  |
|  P3 Health Partners, Inc. (x)\* | 3800 |  | 6992 |  |
|  Patterson Cos., Inc. | 46100 |  | 1292183 |  |
|  Pediatrix Medical Group, Inc.\* | 48100 |  | 714766 |  |
|  Pennant Group, Inc. (The)\* | 15800 |  | 173484 |  |
|  PetIQ, Inc.\* | 19700 |  | 181634 |  |
|  Privia Health Group, Inc.\* | 21300 |  | 483723 |  |
|  Progyny, Inc.\* | 38800 |  | 1208620 |  |
|  R1 RCM, Inc.\* | 78000 |  | 854100 |  |
|  RadNet, Inc.\* | 24900 |  | 468867 |  |
|  Select Medical Holdings Corp. | 59703 |  | 1482425 |  |
|  Sema4 Holdings Corp.\* | 50600 |  | 13348 |  |
|  Surgery Partners, Inc.\* | 16500 |  | 459690 |  |
|  US Physical Therapy, Inc. | 7007 |  | 567777 |  |
|  |  |  | 31981278 |  |
|  ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | ***Health Care Technology (0.5%)*** | **** |
|  Allscripts Healthcare Solutions, Inc.\* | 72600 |  | 1280664 |  |
|  American Well Corp., Class A\* | 101100 |  | 286113 |  |
|  Babylon Holdings Ltd., Class A (x)\* | 847 |  | 5717 |  |
|  Computer Programs and Systems, Inc.\* | 10002 |  | 272254 |  |
|  Evolent Health, Inc., Class A\* | 37900 |  | 1064232 |  |
|  Health Catalyst, Inc.\* | 23200 |  | 246616 |  |
|  HealthStream, Inc.\* | 13000 |  | 322920 |  |
|  Multiplan Corp. (x)\* | 165600 |  | 190440 |  |
|  NextGen Healthcare, Inc.\* | 30476 |  | 572339 |  |
|  Nutex Health, Inc. (x)\* | 130500 |  | 247950 |  |
|  OptimizeRx Corp.\* | 12900 |  | 216720 |  |
|  Pear Therapeutics, Inc. (x)\* | 7700 |  | 9086 |  |
|  Phreesia, Inc.\* | 24800 |  | 802528 |  |
|  Schrodinger, Inc.\* | 23495 |  | 439122 |  |
|  Sharecare, Inc.\* | 93900 |  | 150240 |  |
|  Simulations Plus, Inc. | 6900 |  | 252333 |  |
|  |  |  | 6359274 |  |
|  ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | ***Life Sciences Tools & Services (0.7%)*** | **** |
|  AbCellera Biologics, Inc.\* | 104400 |  | 1057572 |  |
|  Adaptive Biotechnologies Corp.\* | 56200 |  | 429368 |  |
|  Akoya Biosciences, Inc.\* | 8900 |  | 85173 |  |
|  Alpha Teknova, Inc.\* | 3200 |  | 18048 |  |
|  Berkeley Lights, Inc.\* | 49300 |  | 132124 |  |
|  BioLife Solutions, Inc.\* | 12800 |  | 232960 |  |
|  Bionano Genomics, Inc. (x)\* | 146100 |  | 213306 |  |
|  Codexis, Inc.\* | 35500 |  | 165430 |  |
|  CryoPort, Inc.\* | 19400 |  | 336590 |  |
|  Cytek Biosciences, Inc.\* | 49535 |  | 505752 |  |
|  Inotiv, Inc. (x)\* | 11000 |  | 54340 |  |
|  MaxCyte, Inc. (x)\* | 28300 |  | 154518 |  |
|  Medpace Holdings, Inc.\* | 13200 |  | 2803812 |  |
|  NanoString Technologies, Inc.\* | 21900 |  | 174543 |  |
|  Nautilus Biotechnology, Inc. (x)\* | 8000 |  | 14400 |  |
|  NeoGenomics, Inc.\* | 58200 |  | 537768 |  |
|  OmniAb, Inc. (x)\* | 47658 |  | 171569 |  |
|  Pacific Biosciences of California, Inc.\* | 97600 |  | 798368 |  |
|  Quanterix Corp.\* | 19700 |  | 272845 |  |
|  Quantum-Si, Inc. (x)\* | 25000 |  | 45750 |  |
|  Science 37 Holdings, Inc.\* | 19900 |  | 8263 |  |
|  Seer, Inc.\* | 28100 |  | 162980 |  |
|  Singular Genomics Systems, Inc. (x)\* | 11400 |  | 22914 |  |
|  SomaLogic, Inc.\* | 75400 |  | 189254 |  |
|  |  |  | 8587647 |  |
|  ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | ***Pharmaceuticals (1.7%)*** | **** |
|  Aclaris Therapeutics, Inc.\* | 33500 |  | 527625 |  |
|  Amneal Pharmaceuticals, Inc.\* | 80866 |  | 160923 |  |
|  Amphastar Pharmaceuticals, Inc.\* | 20500 |  | 574410 |  |
|  Amylyx Pharmaceuticals, Inc. (x)\* | 18057 |  | 667206 |  |
|  AN2 Therapeutics, Inc. (x)\* | 1700 |  | 16201 |  |
|  ANI Pharmaceuticals, Inc.\* | 6850 |  | 275576 |  |
|  Arvinas, Inc.\* | 23000 |  | 786830 |  |
|  Atea Pharmaceuticals, Inc.\* | 33500 |  | 161135 |  |
|  Athira Pharma, Inc. (x)\* | 54300 |  | 172131 |  |
|  Axsome Therapeutics, Inc. (x)\* | 18800 |  | 1450044 |  |
|  Cara Therapeutics, Inc.\* | 25500 |  | 273870 |  |
|  Cassava Sciences, Inc. (x)\* | 17700 |  | 522858 |  |
|  CinCor Pharma, Inc.\* | 6900 |  | 84801 |  |
|  Collegium Pharmaceutical, Inc.\* | 21600 |  | 501120 |  |
|  Corcept Therapeutics, Inc.\* | 44400 |  | 901764 |  |
|  DICE Therapeutics, Inc. (x)\* | 13100 |  | 408720 |  |
|  Edgewise Therapeutics, Inc. (x)\* | 16000 |  | 143040 |  |
|  Esperion Therapeutics, Inc.\* | 26800 |  | 166964 |  |
|  Evolus, Inc.\* | 33100 |  | 248581 |  |
|  EyePoint Pharmaceuticals, Inc. (x)\* | 5900 |  | 20650 |  |
|  Fulcrum Therapeutics, Inc.\* | 24800 |  | 180544 |  |
|  Harmony Biosciences Holdings, Inc.\* | 11500 |  | 633650 |  |
|  Innoviva, Inc.\* | 22000 |  | 291500 |  |
|  Intra-Cellular Therapies, Inc.\* | 46200 |  | 2444904 |  |
|  OmniAb, Inc. (r)\* | 7376 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 9726 |  | 649697 |  |
|  Liquidia Corp.\* | 37000 |  | 235690 |  |
|  Nektar Therapeutics\* | 91500 |  | 206790 |  |
|  NGM Biopharmaceuticals, Inc.\* | 18400 |  | 92368 |  |

---

See Notes to Financial Statements.

1349

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Nuvation Bio, Inc. (x)\* | 85880 | $| 164890 |  |
|  Ocular Therapeutix, Inc.\* | 50500 |  | 141905 |  |
|  Pacira BioSciences, Inc.\* | 22400 |  | 864864 |  |
|  Phathom Pharmaceuticals, Inc. (x)\* | 17600 |  | 197472 |  |
|  Phibro Animal Health Corp., Class A | 12550 |  | 168295 |  |
|  Prestige Consumer Healthcare, Inc.\* | 30000 |  | 1878000 |  |
|  Provention Bio, Inc. (x)\* | 51100 |  | 540127 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 14300 |  | 543257 |  |
|  Relmada Therapeutics, Inc. (x)\* | 9200 |  | 32108 |  |
|  Revance Therapeutics, Inc.\* | 35600 |  | 657176 |  |
|  SIGA Technologies, Inc. (x) | 33500 |  | 246560 |  |
|  Supernus Pharmaceuticals, Inc.\* | 26600 |  | 948822 |  |
|  Tarsus Pharmaceuticals, Inc.\* | 6400 |  | 93824 |  |
|  Theravance Biopharma, Inc.\* | 34900 |  | 391578 |  |
|  Theseus Pharmaceuticals, Inc.\* | 3000 |  | 14940 |  |
|  Tricida, Inc. (x)\* | 19700 |  | 3012 |  |
|  Ventyx Biosciences, Inc. (x)\* | 11600 |  | 380364 |  |
|  Xeris Biopharma Holdings, Inc. (x)\* | 30900 |  | 41097 |  |
|  |  |  | 20107883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 198780675 |  |
|  **Industrials (15.4%)** | **Industrials (15.4%)** | **Industrials (15.4%)** | **Industrials (15.4%)** |  |
|  ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | **** |
|  AAR Corp.\* | 19112 |  | 858129 |  |
|  Aerojet Rocketdyne Holdings, Inc.\* | 39500 |  | 2209235 |  |
|  AeroVironment, Inc.\* | 11721 |  | 1004021 |  |
|  AerSale Corp.\* | 5800 |  | 94076 |  |
|  Archer Aviation, Inc., Class A (x)\* | 17900 |  | 33473 |  |
|  Astronics Corp.\* | 11800 |  | 121540 |  |
|  Cadre Holdings, Inc. (x) | 5100 |  | 102714 |  |
|  Ducommun, Inc.\* | 3200 |  | 159872 |  |
|  Kaman Corp. | 16492 |  | 367772 |  |
|  Kratos Defense & Security Solutions, Inc.\* | 61400 |  | 633648 |  |
|  Maxar Technologies, Inc. | 39600 |  | 2048904 |  |
|  Moog, Inc., Class A | 18453 |  | 1619435 |  |
|  National Presto Industries, Inc. | 1200 |  | 82152 |  |
|  Park Aerospace Corp. | 10972 |  | 147134 |  |
|  Parsons Corp.\* | 13700 |  | 633625 |  |
|  Rocket Lab USA, Inc.\* | 107500 |  | 405275 |  |
|  Terran Orbital Corp. (x)\* | 2300 |  | 3634 |  |
|  Triumph Group, Inc.\* | 27800 |  | 292456 |  |
|  V2X, Inc.\* | 3400 |  | 140386 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 115100 |  | 400548 |  |
|  |  |  | 11358029 |  |
|  ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | **** |
|  Air Transport Services Group, Inc.\* | 29600 |  | 769008 |  |
|  Atlas Air Worldwide Holdings, Inc.\* | 14427 |  | 1454242 |  |
|  Forward Air Corp. | 17240 |  | 1808303 |  |
|  Hub Group, Inc., Class A\* | 19133 |  | 1520882 |  |
|  Radiant Logistics, Inc.\* | 18900 |  | 96201 |  |
|  |  |  | 5648636 |  |
|  ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | ***Airlines (0.3%)*** | **** |
|  Allegiant Travel Co.\* | 7677 |  | 521959 |  |
|  Frontier Group Holdings, Inc. (x)\* | 33000 |  | 338910 |  |
|  Hawaiian Holdings, Inc.\* | 30500 |  | 312930 |  |
|  Joby Aviation, Inc. (x)\* | 126600 |  | 424110 |  |
|  SkyWest, Inc.\* | 29600 |  | 488696 |  |
|  Spirit Airlines, Inc. | 50200 |  | 977896 |  |
|  Sun Country Airlines Holdings, Inc.\* | 16400 |  | 260104 |  |
|  |  |  | 3324605 |  |
|  ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | ***Building Products (1.3%)*** | **** |
|  AAON, Inc. | 23400 |  | 1762488 |  |
|  American Woodmark Corp.\* | 9600 |  | 469055 |  |
|  Apogee Enterprises, Inc. | 16000 |  | 711360 |  |
|  Caesarstone Ltd. | 11600 |  | 66236 |  |
|  CSW Industrials, Inc. | 8400 |  | 973812 |  |
|  Gibraltar Industries, Inc.\* | 18300 |  | 839604 |  |
|  Griffon Corp. | 26643 |  | 953553 |  |
|  Insteel Industries, Inc. | 9600 |  | 264192 |  |
|  Janus International Group, Inc.\* | 41200 |  | 392224 |  |
|  JELD-WEN Holding, Inc.\* | 38226 |  | 368881 |  |
|  Masonite International Corp. (x)\* | 13600 |  | 1096296 |  |
|  PGT Innovations, Inc.\* | 32500 |  | 583700 |  |
|  Quanex Building Products Corp. | 16667 |  | 394675 |  |
|  Resideo Technologies, Inc.\* | 71900 |  | 1182755 |  |
|  Simpson Manufacturing Co., Inc. | 24019 |  | 2129524 |  |
|  UFP Industries, Inc. | 34362 |  | 2723188 |  |
|  View, Inc. (x)\* | 4900 |  | 4728 |  |
|  Zurn Elkay Water Solutions Corp. | 61600 |  | 1302840 |  |
|  |  |  | 16219111 |  |
|  ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | ***Commercial Services & Supplies (1.5%)*** | **** |
|  ABM Industries, Inc. | 37032 |  | 1644961 |  |
|  ACCO Brands Corp. | 39186 |  | 219050 |  |
|  ACV Auctions, Inc., Class A\* | 56800 |  | 466328 |  |
|  Aris Water Solution, Inc., Class A | 2900 |  | 41789 |  |
|  Brady Corp., Class A | 26841 |  | 1264211 |  |
|  BrightView Holdings, Inc.\* | 13100 |  | 90259 |  |
|  Brink's Co. (The) | 28400 |  | 1525364 |  |
|  Casella Waste Systems, Inc., Class A\* | 24900 |  | 1974819 |  |
|  Cimpress plc (x)\* | 11300 |  | 311993 |  |
|  CoreCivic, Inc. (REIT)\* | 66800 |  | 772208 |  |
|  Deluxe Corp. | 28261 |  | 479872 |  |
|  Ennis, Inc. | 7056 |  | 156361 |  |
|  GEO Group, Inc. (The) (x)\* | 61400 |  | 672330 |  |
|  Harsco Corp.\* | 46800 |  | 294372 |  |
|  Healthcare Services Group, Inc. | 39869 |  | 478428 |  |
|  Heritage-Crystal Clean, Inc.\* | 7400 |  | 240352 |  |
|  HNI Corp. | 26241 |  | 746032 |  |
|  Interface, Inc. | 29998 |  | 296080 |  |
|  KAR Auction Services, Inc.\* | 75000 |  | 978750 |  |
|  Kimball International, Inc., Class B | 7700 |  | 50050 |  |
|  Li-Cycle Holdings Corp. (x)\* | 66700 |  | 317492 |  |
|  Matthews International Corp., Class A | 18459 |  | 561892 |  |
|  MillerKnoll, Inc. | 41589 |  | 873785 |  |
|  Montrose Environmental Group, Inc.\* | 11600 |  | 514924 |  |
|  NL Industries, Inc. | 4745 |  | 32314 |  |
|  Pitney Bowes, Inc. | 105800 |  | 402040 |  |
|  SP Plus Corp.\* | 11900 |  | 413168 |  |
|  Steelcase, Inc., Class A | 47972 |  | 339162 |  |
|  UniFirst Corp. | 8805 |  | 1699277 |  |
|  Viad Corp.\* | 8224 |  | 200583 |  |
|  VSE Corp. | 2500 |  | 117200 |  |
|  |  |  | 18175446 |  |

---

See Notes to Financial Statements.

1350

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Construction & Engineering (1.6%)*** | ***Construction & Engineering (1.6%)*** | ***Construction & Engineering (1.6%)*** | **** |
|  Ameresco, Inc., Class A\* | 14300 | $817102 |  |
|  API Group Corp.\* | 106700 | 2007027 |  |
|  Arcosa, Inc. | 27700 | 1505218 |  |
|  Argan, Inc. | 2300 | 84824 |  |
|  Comfort Systems USA, Inc. | 20943 | 2410120 |  |
|  Construction Partners, Inc., Class A\* | 14800 | 395012 |  |
|  Dycom Industries, Inc.\* | 17616 | 1648858 |  |
|  EMCOR Group, Inc. | 25599 | 3791468 |  |
|  Fluor Corp.\* | 81800 | 2835188 |  |
|  Granite Construction, Inc. | 26535 | 930583 |  |
|  Great Lakes Dredge & Dock Corp.\* | 31400 | 186830 |  |
|  IES Holdings, Inc.\* | 3500 | 124495 |  |
|  MYR Group, Inc.\* | 8500 | 782595 |  |
|  Northwest Pipe Co.\* | 200 | 6740 |  |
|  NV5 Global, Inc.\* | 7100 | 939472 |  |
|  Primoris Services Corp. | 21800 | 478292 |  |
|  Sterling Infrastructure, Inc.\* | 15300 | 501840 |  |
|  Tutor Perini Corp.\* | 13095 | 98867 |  |
|  |  | 19544531 |  |
|  ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | ***Electrical Equipment (1.3%)*** | **** |
|  Allied Motion Technologies, Inc. | 2750 | 95727 |  |
|  Array Technologies, Inc.\* | 78200 | 1511606 |  |
|  Atkore, Inc.\* | 21700 | 2461214 |  |
|  AZZ, Inc. | 14686 | 590377 |  |
|  Babcock & Wilcox Enterprises, Inc.\* | 8100 | 46737 |  |
|  Blink Charging Co. (x)\* | 18900 | 207333 |  |
|  Bloom Energy Corp., Class A\* | 82900 | 1585048 |  |
|  Encore Wire Corp. | 11728 | 1613304 |  |
|  Energy Vault Holdings, Inc. (x)\* | 17700 | 55224 |  |
|  EnerSys | 25239 | 1863648 |  |
|  Enovix Corp. (x)\* | 54800 | 681712 |  |
|  ESS Tech, Inc. (x)\* | 13600 | 33048 |  |
|  Fluence Energy, Inc. (x)\* | 24200 | 415030 |  |
|  FuelCell Energy, Inc. (x)\* | 160000 | 444800 |  |
|  GrafTech International Ltd. | 88500 | 421260 |  |
|  NuScale Power Corp. (x)\* | 19700 | 202122 |  |
|  Powell Industries, Inc. | 2800 | 98504 |  |
|  Preformed Line Products Co. | 100 | 8329 |  |
|  Shoals Technologies Group, Inc., Class A\* | 56400 | 1391388 |  |
|  Stem, Inc.\* | 74760 | 668354 |  |
|  SunPower Corp. (x)\* | 43100 | 777093 |  |
|  Thermon Group Holdings, Inc.\* | 8200 | 164656 |  |
|  TPI Composites, Inc.\* | 16400 | 166296 |  |
|  Vicor Corp.\* | 9500 | 510625 |  |
|  |  | 16013435 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  Brookfield Business Corp., Class A | 4400 | 82676 |  |
|  ***Machinery (3.9%)*** | ***Machinery (3.9%)*** | ***Machinery (3.9%)*** | **** |
|  3D Systems Corp. (x)\* | 61100 | 452140 |  |
|  Alamo Group, Inc. | 5500 | 778800 |  |
|  Albany International Corp., Class A | 16491 | 1625848 |  |
|  Altra Industrial Motion Corp. | 33731 | 2015427 |  |
|  Astec Industries, Inc. | 10643 | 432744 |  |
|  Barnes Group, Inc. | 29306 | 1197150 |  |
|  Blue Bird Corp.\* | 900 | 9639 |  |
|  Chart Industries, Inc.\* | 19621 | 2260928 |  |
|  CIRCOR International, Inc.\* | 2909 | 69700 |  |
|  Columbus McKinnon Corp. | 11200 | 363664 |  |
|  Desktop Metal, Inc., Class A (x)\* | 133300 | 181288 |  |
|  Douglas Dynamics, Inc. | 10900 | 394144 |  |
|  Energy Recovery, Inc.\* | 21100 | 432339 |  |
|  Enerpac Tool Group Corp. | 32713 | 832546 |  |
|  EnPro Industries, Inc. | 13054 | 1418839 |  |
|  ESCO Technologies, Inc. | 14652 | 1282636 |  |
|  Evoqua Water Technologies Corp.\* | 62370 | 2469852 |  |
|  Federal Signal Corp. | 34600 | 1607862 |  |
|  Franklin Electric Co., Inc. | 26652 | 2125497 |  |
|  Gorman-Rupp Co. (The) | 5237 | 134172 |  |
|  Greenbrier Cos., Inc. (The) | 16400 | 549892 |  |
|  Helios Technologies, Inc. | 21150 | 1151406 |  |
|  Hillenbrand, Inc. | 41738 | 1780960 |  |
|  Hillman Solutions Corp.\* | 67900 | 489559 |  |
|  Hydrofarm Holdings Group, Inc.\* | 19700 | 30535 |  |
|  Hyliion Holdings Corp. (x)\* | 60900 | 142506 |  |
|  Hyster-Yale Materials Handling, Inc. | 600 | 15186 |  |
|  Hyzon Motors, Inc. (x)\* | 15500 | 24025 |  |
|  John Bean Technologies Corp. | 18131 | 1655904 |  |
|  Kadant, Inc. | 6300 | 1119069 |  |
|  Kennametal, Inc. | 45000 | 1082700 |  |
|  Lindsay Corp. | 6175 | 1005599 |  |
|  Luxfer Holdings plc | 6500 | 89180 |  |
|  Manitowoc Co., Inc. (The)\* | 2075 | 19007 |  |
|  Microvast Holdings, Inc. (x)\* | 17200 | 26316 |  |
|  Miller Industries, Inc. | 3900 | 103974 |  |
|  Mueller Industries, Inc. | 32714 | 1930126 |  |
|  Mueller Water Products, Inc., Class A | 90093 | 969401 |  |
|  Nikola Corp. (x)\* | 147200 | 317952 |  |
|  Omega Flex, Inc. (x) | 1600 | 149312 |  |
|  Proterra, Inc. (x)\* | 111500 | 420355 |  |
|  Proto Labs, Inc.\* | 17000 | 434010 |  |
|  RBC Bearings, Inc.\* | 14400 | 3014640 |  |
|  REV Group, Inc. | 12800 | 161536 |  |
|  Shyft Group, Inc. (The) | 15500 | 385330 |  |
|  SPX Technologies, Inc.\* | 23700 | 1555905 |  |
|  Standex International Corp. | 7379 | 755683 |  |
|  Tennant Co. | 11331 | 697650 |  |
|  Terex Corp. | 36100 | 1542192 |  |
|  Titan International, Inc.\* | 26300 | 402916 |  |
|  Trinity Industries, Inc. | 45100 | 1333607 |  |
|  Velo3D, Inc. (x)\* | 14200 | 25418 |  |
|  Wabash National Corp. | 24300 | 549180 |  |
|  Watts Water Technologies, Inc., Class A | 16459 | 2406800 |  |
|  |  | 46423046 |  |
|  ***Marine (0.2%)*** | ***Marine (0.2%)*** | ***Marine (0.2%)*** | **** |
|  Costamare, Inc. | 26800 | 248704 |  |
|  Eagle Bulk Shipping, Inc. (x) | 6800 | 339592 |  |
|  Genco Shipping & Trading Ltd. | 16400 | 251904 |  |
|  Golden Ocean Group Ltd. (x) | 61900 | 537911 |  |
|  Matson, Inc. | 21100 | 1318961 |  |
|  |  | 2697072 |  |
|  ***Professional Services (1.6%)*** | ***Professional Services (1.6%)*** | ***Professional Services (1.6%)*** | **** |
|  Alight, Inc., Class A\* | 171200 | 1431232 |  |
|  ASGN, Inc.\* | 25500 | 2077740 |  |
|  Barrett Business Services, Inc. | 1500 | 139920 |  |
|  CBIZ, Inc.\* | 27600 | 1293060 |  |
|  CRA International, Inc. | 2100 | 257103 |  |

---

See Notes to Financial Statements.

1351

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Exponent, Inc. | 29492 | $| 2922362 |  |
|  First Advantage Corp.\* | 27900 |  | 362700 |  |
|  Forrester Research, Inc.\* | 4500 |  | 160920 |  |
|  Franklin Covey Co.\* | 5900 |  | 275943 |  |
|  Heidrick & Struggles International, Inc. | 3600 |  | 100692 |  |
|  HireRight Holdings Corp.\* | 4800 |  | 56928 |  |
|  Huron Consulting Group, Inc.\* | 12544 |  | 910694 |  |
|  ICF International, Inc. | 10500 |  | 1040025 |  |
|  Insperity, Inc. | 21574 |  | 2450807 |  |
|  Kelly Services, Inc., Class A | 18134 |  | 306465 |  |
|  Kforce, Inc. | 12200 |  | 668926 |  |
|  Korn Ferry | 33052 |  | 1673092 |  |
|  Legalzoom.com, Inc.\* | 49400 |  | 382356 |  |
|  Planet Labs PBC (x)\* | 78400 |  | 341040 |  |
|  Resources Connection, Inc. | 11295 |  | 207602 |  |
|  Skillsoft Corp. (x)\* | 4800 |  | 6240 |  |
|  Sterling Check Corp.\* | 7500 |  | 116025 |  |
|  TriNet Group, Inc.\* | 23000 |  | 1559400 |  |
|  TrueBlue, Inc.\* | 15915 |  | 311616 |  |
|  Upwork, Inc.\* | 60600 |  | 632664 |  |
|  Willdan Group, Inc.\* | 1200 |  | 21420 |  |
|  |  |  | 19706972 |  |
|  ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | **** |
|  ArcBest Corp. | 15500 |  | 1085620 |  |
|  Covenant Logistics Group, Inc. | 2300 |  | 79511 |  |
|  Daseke, Inc.\* | 2400 |  | 13656 |  |
|  Heartland Express, Inc. | 20155 |  | 309178 |  |
|  Marten Transport Ltd. | 33074 |  | 654204 |  |
|  PAM Transportation Services, Inc.\* | 600 |  | 15540 |  |
|  Saia, Inc.\* | 13500 |  | 2830680 |  |
|  TuSimple Holdings, Inc., Class A (x)\* | 70500 |  | 115620 |  |
|  Universal Logistics Holdings, Inc. | 4200 |  | 140448 |  |
|  Werner Enterprises, Inc. | 35366 |  | 1423835 |  |
|  |  |  | 6668292 |  |
|  ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | **** |
|  Alta Equipment Group, Inc. | 1900 |  | 25061 |  |
|  Applied Industrial Technologies, Inc. | 21088 |  | 2657721 |  |
|  Beacon Roofing Supply, Inc.\* | 28976 |  | 1529643 |  |
|  BlueLinx Holdings, Inc.\* | 4700 |  | 334217 |  |
|  Boise Cascade Co. | 22900 |  | 1572543 |  |
|  Custom Truck One Source, Inc. (x)\* | 17800 |  | 112496 |  |
|  Distribution Solutions Group, Inc.\* | 1600 |  | 58976 |  |
|  DXP Enterprises, Inc.\* | 5600 |  | 154280 |  |
|  GATX Corp. | 17900 |  | 1903486 |  |
|  Global Industrial Co. | 5771 |  | 135792 |  |
|  GMS, Inc.\* | 22600 |  | 1125480 |  |
|  H&E Equipment Services, Inc. | 18000 |  | 817200 |  |
|  Herc Holdings, Inc. | 14000 |  | 1841980 |  |
|  McGrath RentCorp | 13545 |  | 1337433 |  |
|  MRC Global, Inc.\* | 29400 |  | 340452 |  |
|  NOW, Inc.\* | 43000 |  | 546100 |  |
|  Rush Enterprises, Inc., Class A | 25550 |  | 1335754 |  |
|  Rush Enterprises, Inc., Class B | 5500 |  | 309485 |  |
|  Textainer Group Holdings Ltd. | 30000 |  | 930300 |  |
|  Titan Machinery, Inc.\* | 3900 |  | 154947 |  |
|  Transcat, Inc.\* | 500 |  | 35435 |  |
|  Triton International Ltd. | 34100 |  | 2345398 |  |
|  Veritiv Corp. | 8000 |  | 973680 |  |
|  |  |  | 20577859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 186439710 |  |
|  **Information Technology (12.6%)** | **Information Technology (12.6%)** | **Information Technology (12.6%)** | **Information Technology (12.6%)** |  |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | **** |
|  ADTRAN Holdings, Inc. | 36306 |  | 682190 |  |
|  Aviat Networks, Inc.\* | 1800 |  | 56142 |  |
|  Calix, Inc.\* | 30200 |  | 2066586 |  |
|  Cambium Networks Corp.\* | 3800 |  | 82346 |  |
|  Casa Systems, Inc. (x)\* | 29700 |  | 81081 |  |
|  Clearfield, Inc.\* | 6000 |  | 564840 |  |
|  CommScope Holding Co., Inc.\* | 103400 |  | 759990 |  |
|  Comtech Telecommunications Corp. | 11500 |  | 139610 |  |
|  Digi International, Inc.\* | 17900 |  | 654245 |  |
|  DZS, Inc.\* | 5500 |  | 69740 |  |
|  Extreme Networks, Inc.\* | 67200 |  | 1230432 |  |
|  Harmonic, Inc.\* | 47759 |  | 625643 |  |
|  Infinera Corp. (x)\* | 86761 |  | 584769 |  |
|  Inseego Corp. (x)\* | 34700 |  | 29235 |  |
|  NETGEAR, Inc.\* | 16829 |  | 304773 |  |
|  NetScout Systems, Inc.\* | 40854 |  | 1328163 |  |
|  Ondas Holdings, Inc. (x)\* | 8000 |  | 12720 |  |
|  Ribbon Communications, Inc.\* | 35448 |  | 98900 |  |
|  Viavi Solutions, Inc.\* | 133600 |  | 1404136 |  |
|  |  |  | 10775541 |  |
|  ***Electronic Equipment, Instruments & Components (2.4%)*** | ***Electronic Equipment, Instruments & Components (2.4%)*** | ***Electronic Equipment, Instruments & Components (2.4%)*** | ***Electronic Equipment, Instruments & Components (2.4%)*** | **** |
|  908 Devices, Inc. (x)\* | 11700 |  | 89154 |  |
|  Advanced Energy Industries, Inc. | 22903 |  | 1964619 |  |
|  Aeva Technologies, Inc. (x)\* | 87100 |  | 118456 |  |
|  AEye, Inc. (x)\* | 18500 |  | 8891 |  |
|  Akoustis Technologies, Inc. (x)\* | 18100 |  | 51042 |  |
|  Arlo Technologies, Inc.\* | 41490 |  | 145630 |  |
|  Badger Meter, Inc. | 17160 |  | 1870955 |  |
|  Belden, Inc. | 25235 |  | 1814396 |  |
|  Benchmark Electronics, Inc. | 28548 |  | 761946 |  |
|  Cepton, Inc.\* | 19000 |  | 24130 |  |
|  CTS Corp. | 18100 |  | 713502 |  |
|  ePlus, Inc.\* | 14700 |  | 650916 |  |
|  Evolv Technologies Holdings, Inc. (x)\* | 16000 |  | 41440 |  |
|  Fabrinet\* | 20200 |  | 2590044 |  |
|  FARO Technologies, Inc.\* | 10667 |  | 313716 |  |
|  Focus Universal, Inc. (x)\* | 3700 |  | 23717 |  |
|  Identiv, Inc.\* | 1400 |  | 10136 |  |
|  Insight Enterprises, Inc.\* | 15843 |  | 1588578 |  |
|  Itron, Inc.\* | 23300 |  | 1180145 |  |
|  Kimball Electronics, Inc.\* | 14000 |  | 316260 |  |
|  Knowles Corp.\* | 51000 |  | 837420 |  |
|  Lightwave Logic, Inc. (x)\* | 56400 |  | 243084 |  |
|  Methode Electronics, Inc. | 21000 |  | 931770 |  |
|  MicroVision, Inc. (x)\* | 82200 |  | 193170 |  |
|  Mirion Technologies, Inc. (x)\* | 69100 |  | 456751 |  |
|  Napco Security Technologies, Inc.\* | 12400 |  | 340752 |  |
|  nLight, Inc.\* | 19400 |  | 196716 |  |
|  Novanta, Inc.\* | 19500 |  | 2649465 |  |
|  OSI Systems, Inc. (x)\* | 10168 |  | 808559 |  |
|  Ouster, Inc. (x)\* | 43000 |  | 37109 |  |
|  PAR Technology Corp. (x)\* | 11600 |  | 302412 |  |
|  PC Connection, Inc. | 5100 |  | 239190 |  |
|  Plexus Corp.\* | 14175 |  | 1459033 |  |
|  Rogers Corp.\* | 10484 |  | 1251161 |  |
|  Sanmina Corp.\* | 31800 |  | 1821822 |  |
|  ScanSource, Inc.\* | 9939 |  | 290418 |  |
|  SmartRent, Inc. (x)\* | 72700 |  | 176661 |  |

---

See Notes to Financial Statements.

1352

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  TTM Technologies, Inc.\* | 53201 | $| 802271 |  |
|  Velodyne Lidar, Inc. (x)\* | 107700 |  | 79558 |  |
|  Vishay Intertechnology, Inc. | 77000 |  | 1660890 |  |
|  Vishay Precision Group, Inc.\* | 7700 |  | 297605 |  |
|  |  |  | 29353490 |  |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | **** |
|  AvidXchange Holdings, Inc.\* | 73900 |  | 734566 |  |
|  BigCommerce Holdings, Inc.\* | 24300 |  | 212382 |  |
|  Brightcove, Inc.\* | 18100 |  | 94663 |  |
|  Cantaloupe, Inc.\* | 4000 |  | 17400 |  |
|  Cass Information Systems, Inc. | 7978 |  | 365552 |  |
|  Cerberus Cyber Sentinel Corp. (x)\* | 15500 |  | 39525 |  |
|  Conduent, Inc.\* | 93400 |  | 378270 |  |
|  CSG Systems International, Inc. | 18465 |  | 1056198 |  |
|  Cyxtera Technologies, Inc. (x)\* | 31400 |  | 60288 |  |
|  DigitalOcean Holdings, Inc.\* | 38500 |  | 980595 |  |
|  Edgio, Inc.\* | 47300 |  | 53449 |  |
|  Evertec, Inc. | 38100 |  | 1233678 |  |
|  Evo Payments, Inc., Class A\* | 24000 |  | 812160 |  |
|  ExlService Holdings, Inc.\* | 16300 |  | 2761709 |  |
|  Fastly, Inc., Class A\* | 56300 |  | 461097 |  |
|  Flywire Corp.\* | 32054 |  | 784361 |  |
|  Grid Dynamics Holdings, Inc.\* | 21400 |  | 240108 |  |
|  Hackett Group, Inc. (The) | 14019 |  | 285567 |  |
|  I3 Verticals, Inc., Class A\* | 9700 |  | 236098 |  |
|  IBEX Holdings Ltd.\* | 500 |  | 12425 |  |
|  Information Services Group, Inc. | 6700 |  | 30820 |  |
|  International Money Express, Inc.\* | 12600 |  | 307062 |  |
|  Marqeta, Inc., Class A\* | 218900 |  | 1337479 |  |
|  Maximus, Inc. | 31868 |  | 2336881 |  |
|  MoneyGram International, Inc.\* | 45400 |  | 494406 |  |
|  Paya Holdings, Inc.\* | 41700 |  | 328179 |  |
|  Payoneer Global, Inc.\* | 109100 |  | 596777 |  |
|  Paysafe Ltd. (x)\* | 14208 |  | 197349 |  |
|  Perficient, Inc.\* | 16500 |  | 1152195 |  |
|  PFSweb, Inc. (x) | 2500 |  | 15375 |  |
|  Priority Technology Holdings, Inc.\* | 1600 |  | 8416 |  |
|  Rackspace Technology, Inc. (x)\* | 63300 |  | 186735 |  |
|  Remitly Global, Inc.\* | 42400 |  | 485480 |  |
|  Repay Holdings Corp.\* | 43900 |  | 353395 |  |
|  Sabre Corp. (x)\* | 164400 |  | 1015992 |  |
|  Squarespace, Inc., Class A\* | 16500 |  | 365805 |  |
|  StoneCo Ltd., Class A\* | 139700 |  | 1318768 |  |
|  TTEC Holdings, Inc. | 10525 |  | 464468 |  |
|  Tucows, Inc., Class A (x)\* | 4600 |  | 156032 |  |
|  Unisys Corp.\* | 34064 |  | 174067 |  |
|  Verra Mobility Corp.\* | 72100 |  | 997143 |  |
|  |  |  | 23142915 |  |
|  ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | ***Semiconductors & Semiconductor Equipment (2.5%)*** | **** |
|  ACM Research, Inc., Class A\* | 24200 |  | 186582 |  |
|  Alpha & Omega Semiconductor Ltd.\* | 9600 |  | 274272 |  |
|  Ambarella, Inc.\* | 18500 |  | 1521255 |  |
|  Amkor Technology, Inc. | 58100 |  | 1393238 |  |
|  Atomera, Inc. (x)\* | 3700 |  | 23014 |  |
|  Axcelis Technologies, Inc.\* | 16800 |  | 1333248 |  |
|  AXT, Inc.\* | 4800 |  | 21024 |  |
|  CEVA, Inc.\* | 11500 |  | 294170 |  |
|  Cohu, Inc.\* | 22731 |  | 728529 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 49384 |  | 657301 |  |
|  Diodes, Inc.\* | 22108 |  | 1683303 |  |
|  FormFactor, Inc.\* | 39781 |  | 884332 |  |
|  Ichor Holdings Ltd.\* | 14600 |  | 391572 |  |
|  Impinj, Inc.\* | 9300 |  | 1015374 |  |
|  indie Semiconductor, Inc., Class A (x)\* | 35100 |  | 204633 |  |
|  Kulicke & Soffa Industries, Inc. | 31800 |  | 1407468 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 23413 |  | 1474551 |  |
|  MaxLinear, Inc.\* | 41993 |  | 1425662 |  |
|  Onto Innovation, Inc.\* | 23832 |  | 1622721 |  |
|  PDF Solutions, Inc.\* | 11100 |  | 316572 |  |
|  Photronics, Inc.\* | 30800 |  | 518364 |  |
|  Power Integrations, Inc. | 32548 |  | 2334343 |  |
|  Rambus, Inc.\* | 62800 |  | 2249496 |  |
|  Rigetti Computing, Inc. (x)\* | 15800 |  | 11521 |  |
|  Rockley Photonics Holdings Ltd. (x)\* | 14000 |  | 1961 |  |
|  Semtech Corp.\* | 37396 |  | 1072891 |  |
|  Silicon Laboratories, Inc.\* | 17670 |  | 2397289 |  |
|  SiTime Corp.\* | 8200 |  | 833284 |  |
|  SkyWater Technology, Inc. (x)\* | 7200 |  | 51192 |  |
|  SMART Global Holdings, Inc.\* | 24800 |  | 369024 |  |
|  Synaptics, Inc.\* | 20337 |  | 1935269 |  |
|  Transphorm, Inc. (x)\* | 3800 |  | 20672 |  |
|  Ultra Clean Holdings, Inc.\* | 22300 |  | 739245 |  |
|  Veeco Instruments, Inc.\* | 26886 |  | 499542 |  |
|  |  |  | 29892914 |  |
|  ***Software (4.5%)*** | ***Software (4.5%)*** | ***Software (4.5%)*** | ***Software (4.5%)*** | **** |
|  8x8, Inc.\* | 58500 |  | 252720 |  |
|  A10 Networks, Inc. | 30500 |  | 507215 |  |
|  ACI Worldwide, Inc.\* | 66616 |  | 1532168 |  |
|  Adeia, Inc. | 59283 |  | 562003 |  |
|  Agilysys, Inc.\* | 10200 |  | 807228 |  |
|  Alarm.com Holdings, Inc.\* | 26300 |  | 1301324 |  |
|  Alkami Technology, Inc. (x)\* | 14300 |  | 208637 |  |
|  Altair Engineering, Inc., Class A\* | 26200 |  | 1191314 |  |
|  American Software, Inc., Class A | 12000 |  | 176160 |  |
|  Amplitude, Inc., Class A (x)\* | 28200 |  | 340656 |  |
|  Appfolio, Inc., Class A\* | 10500 |  | 1106490 |  |
|  Appian Corp., Class A\* | 20000 |  | 651200 |  |
|  Applied Digital Corp. (x)\* | 152800 |  | 281152 |  |
|  Arteris, Inc.\* | 2000 |  | 8600 |  |
|  Asana, Inc., Class A (x)\* | 38400 |  | 528768 |  |
|  Avaya Holdings Corp. (x)\* | 110400 |  | 21638 |  |
|  AvePoint, Inc. (x)\* | 48500 |  | 199335 |  |
|  Benefitfocus, Inc.\* | 19700 |  | 206062 |  |
|  Blackbaud, Inc.\* | 27287 |  | 1606113 |  |
|  Blackline, Inc.\* | 29100 |  | 1957557 |  |
|  Blend Labs, Inc., Class A\* | 75300 |  | 108432 |  |
|  Box, Inc., Class A\* | 72600 |  | 2260038 |  |
|  C3.ai, Inc., Class A (x)\* | 34700 |  | 388293 |  |
|  Cerence, Inc.\* | 21300 |  | 394689 |  |
|  Cipher Mining, Inc. (x)\* | 6500 |  | 3640 |  |
|  Cleanspark, Inc. (x)\* | 15700 |  | 32028 |  |
|  Clear Secure, Inc., Class A (x) | 31400 |  | 861302 |  |
|  CommVault Systems, Inc.\* | 22414 |  | 1408496 |  |
|  Consensus Cloud Solutions, Inc.\* | 7859 |  | 422500 |  |
|  Couchbase, Inc. (x)\* | 15100 |  | 200226 |  |
|  CS Disco, Inc.\* | 15800 |  | 99856 |  |

---

See Notes to Financial Statements.

1353

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Cvent Holding Corp. (x)\* | 32400 | $| 174960 |  |
|  Digimarc Corp. (x)\* | 5600 |  | 103544 |  |
|  Digital Turbine, Inc.\* | 47800 |  | 728472 |  |
|  Domo, Inc., Class B\* | 14100 |  | 200784 |  |
|  Duck Creek Technologies, Inc.\* | 38900 |  | 468745 |  |
|  E2open Parent Holdings, Inc. (x)\* | 124200 |  | 729054 |  |
|  Ebix, Inc. | 21000 |  | 419160 |  |
|  eGain Corp.\* | 1600 |  | 14448 |  |
|  Enfusion, Inc., Class A\* | 15700 |  | 151819 |  |
|  EngageSmart, Inc.\* | 15300 |  | 269280 |  |
|  Envestnet, Inc.\* | 30800 |  | 1900360 |  |
|  Everbridge, Inc.\* | 20000 |  | 591600 |  |
|  EverCommerce, Inc. (x)\* | 18500 |  | 137640 |  |
|  ForgeRock, Inc., Class A (x)\* | 14200 |  | 323334 |  |
|  Greenidge Generation Holdings, Inc. (x)\* | 4000 |  | 1157 |  |
|  Instructure Holdings, Inc.\* | 8100 |  | 189864 |  |
|  Intapp, Inc.\* | 8800 |  | 219472 |  |
|  InterDigital, Inc. | 20025 |  | 990837 |  |
|  IronNet, Inc. (x)\* | 20300 |  | 4669 |  |
|  Kaleyra, Inc. (x)\* | 3700 |  | 2794 |  |
|  KnowBe4, Inc., Class A\* | 36700 |  | 909426 |  |
|  Latch, Inc. (x)\* | 29000 |  | 20587 |  |
|  LivePerson, Inc.\* | 33300 |  | 337662 |  |
|  LiveRamp Holdings, Inc.\* | 37985 |  | 890368 |  |
|  LiveVox Holdings, Inc. (x)\* | 2000 |  | 5940 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 49600 |  | 169632 |  |
|  Matterport, Inc. (x)\* | 110400 |  | 309120 |  |
|  MeridianLink, Inc. (x)\* | 9000 |  | 123570 |  |
|  MicroStrategy, Inc., Class A (x)\* | 4809 |  | 680810 |  |
|  Mitek Systems, Inc.\* | 19100 |  | 185079 |  |
|  Model N, Inc.\* | 19800 |  | 803088 |  |
|  Momentive Global, Inc.\* | 69200 |  | 484400 |  |
|  N-able, Inc.\* | 34400 |  | 353632 |  |
|  NextNav, Inc. (x)\* | 20200 |  | 59186 |  |
|  Olo, Inc., Class A\* | 45300 |  | 283125 |  |
|  ON24, Inc.\* | 8500 |  | 73355 |  |
|  OneSpan, Inc.\* | 17800 |  | 199182 |  |
|  PagerDuty, Inc.\* | 41900 |  | 1112864 |  |
|  PowerSchool Holdings, Inc., Class A\* | 16600 |  | 383128 |  |
|  Progress Software Corp. | 28977 |  | 1461890 |  |
|  PROS Holdings, Inc.\* | 22700 |  | 550702 |  |
|  Q2 Holdings, Inc.\* | 28800 |  | 773856 |  |
|  Qualys, Inc.\* | 19400 |  | 2177262 |  |
|  Rapid7, Inc.\* | 27400 |  | 931052 |  |
|  Rimini Street, Inc.\* | 13700 |  | 52197 |  |
|  Riot Blockchain, Inc. (x)\* | 54600 |  | 185094 |  |
|  Sapiens International Corp. NV | 14100 |  | 260568 |  |
|  SecureWorks Corp., Class A\* | 18000 |  | 115020 |  |
|  ShotSpotter, Inc.\* | 6000 |  | 202980 |  |
|  SolarWinds Corp.\* | 21300 |  | 199368 |  |
|  Sprout Social, Inc., Class A\* | 23000 |  | 1298580 |  |
|  SPS Commerce, Inc.\* | 19400 |  | 2491542 |  |
|  Sumo Logic, Inc.\* | 42300 |  | 342630 |  |
|  Telos Corp.\* | 28400 |  | 144556 |  |
|  Tenable Holdings, Inc.\* | 55400 |  | 2113510 |  |
|  Terawulf, Inc. (x)\* | 4300 |  | 2862 |  |
|  Upland Software, Inc.\* | 18800 |  | 134044 |  |
|  UserTesting, Inc. (x)\* | 24800 |  | 186248 |  |
|  Varonis Systems, Inc.\* | 54400 |  | 1302336 |  |
|  Verint Systems, Inc.\* | 35951 |  | 1304302 |  |
|  Veritone, Inc. (x)\* | 7700 |  | 40810 |  |
|  Viant Technology, Inc., Class A (x)\* | 2200 |  | 8844 |  |
|  Weave Communications, Inc. (x)\* | 11200 |  | 51296 |  |
|  WM Technology, Inc.\* | 18600 |  | 18786 |  |
|  Workiva, Inc.\* | 24700 |  | 2074059 |  |
|  Xperi, Inc.\* | 23713 |  | 204169 |  |
|  Yext, Inc.\* | 63000 |  | 411390 |  |
|  Zeta Global Holdings Corp., Class A\* | 38000 |  | 310460 |  |
|  Zuora, Inc., Class A\* | 48500 |  | 308460 |  |
|  |  |  | 54290860 |  |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | **** |
|  Avid Technology, Inc.\* | 20900 |  | 555731 |  |
|  CompoSecure, Inc. (x)\* | 1100 |  | 5401 |  |
|  Corsair Gaming, Inc.\* | 19700 |  | 267329 |  |
|  Diebold Nixdorf, Inc.\* | 62900 |  | 89318 |  |
|  Eastman Kodak Co. (x)\* | 30800 |  | 93940 |  |
|  IonQ, Inc. (x)\* | 53400 |  | 184230 |  |
|  Super Micro Computer, Inc.\* | 25800 |  | 2118180 |  |
|  Turtle Beach Corp.\* | 8100 |  | 58077 |  |
|  Xerox Holdings Corp. | 57700 |  | 842420 |  |
|  |  |  | 4214626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 151670346 |  |
|  **Materials (4.2%)** | **Materials (4.2%)** | **Materials (4.2%)** | **Materials (4.2%)** |  |
|  ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | ***Chemicals (2.0%)*** | **** |
|  AdvanSix, Inc. | 13500 |  | 513270 |  |
|  American Vanguard Corp. | 9000 |  | 195390 |  |
|  Amyris, Inc. (x)\* | 78500 |  | 120105 |  |
|  Aspen Aerogels, Inc.\* | 3700 |  | 43623 |  |
|  Avient Corp. | 48500 |  | 1637360 |  |
|  Balchem Corp. | 18185 |  | 2220570 |  |
|  Cabot Corp. | 29200 |  | 1951728 |  |
|  Chase Corp. | 3600 |  | 310536 |  |
|  Diversey Holdings Ltd.\* | 38900 |  | 165714 |  |
|  Ecovyst, Inc.\* | 22700 |  | 201122 |  |
|  FutureFuel Corp. | 6800 |  | 55284 |  |
|  Hawkins, Inc. | 10100 |  | 389860 |  |
|  HB Fuller Co. | 29059 |  | 2081206 |  |
|  Ingevity Corp.\* | 24300 |  | 1711692 |  |
|  Innospec, Inc. | 13700 |  | 1409182 |  |
|  Intrepid Potash, Inc.\* | 5100 |  | 147237 |  |
|  Koppers Holdings, Inc. | 6313 |  | 178027 |  |
|  Kronos Worldwide, Inc. | 15300 |  | 143820 |  |
|  Livent Corp.\* | 84271 |  | 1674465 |  |
|  LSB Industries, Inc.\* | 14400 |  | 191520 |  |
|  Mativ Holdings, Inc. | 26977 |  | 563819 |  |
|  Minerals Technologies, Inc. | 19950 |  | 1211364 |  |
|  Origin Materials, Inc. (x)\* | 19400 |  | 89434 |  |
|  Orion Engineered Carbons SA | 33900 |  | 603759 |  |
|  Perimeter Solutions SA (x)\* | 61400 |  | 561196 |  |
|  PureCycle Technologies, Inc. (x)\* | 53600 |  | 362336 |  |
|  Quaker Chemical Corp. | 7500 |  | 1251750 |  |
|  Rayonier Advanced Materials, Inc.\* | 10900 |  | 104640 |  |
|  Sensient Technologies Corp. | 20925 |  | 1525851 |  |
|  Stepan Co. | 11388 |  | 1212366 |  |
|  Tredegar Corp. | 329 |  | 3362 |  |
|  Trinseo plc | 25600 |  | 581376 |  |
|  Tronox Holdings plc | 58700 |  | 804777 |  |
|  Valhi, Inc. | 800 |  | 17600 |  |
|  |  |  | 24235341 |  |

---

See Notes to Financial Statements.

1354

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | **** |
|  Summit Materials, Inc., Class A\* | 64669 | $1835953 |  |
|  United States Lime & Minerals, Inc. | 300 | 42228 |  |
|  |  | 1878181 |  |
|  ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | ***Containers & Packaging (0.3%)*** | **** |
|  Greif, Inc., Class A | 14800 | 992488 |  |
|  Greif, Inc., Class B | 3200 | 250336 |  |
|  Myers Industries, Inc. | 13300 | 295659 |  |
|  O-I Glass, Inc.\* | 91000 | 1507870 |  |
|  Pactiv Evergreen, Inc. | 13800 | 156768 |  |
|  Ranpak Holdings Corp.\* | 13700 | 79049 |  |
|  TriMas Corp. | 27000 | 748980 |  |
|  |  | 4031150 |  |
|  ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | ***Metals & Mining (1.6%)*** | **** |
|  5E Advanced Materials, Inc. (x)\* | 1400 | 11032 |  |
|  Alpha Metallurgical Resources, Inc. | 9000 | 1317510 |  |
|  Arconic Corp.\* | 57700 | 1220932 |  |
|  ATI, Inc.\* | 71300 | 2129018 |  |
|  Carpenter Technology Corp. | 28700 | 1060178 |  |
|  Century Aluminum Co.\* | 26100 | 213498 |  |
|  Coeur Mining, Inc.\* | 134836 | 453049 |  |
|  Commercial Metals Co. | 66300 | 3202290 |  |
|  Compass Minerals International, Inc. | 19500 | 799500 |  |
|  Constellium SE\* | 63800 | 754754 |  |
|  Haynes International, Inc. | 4833 | 220820 |  |
|  Hecla Mining Co. | 304409 | 1692514 |  |
|  Ivanhoe Electric, Inc. (x)\* | 2900 | 35235 |  |
|  Kaiser Aluminum Corp. | 10291 | 781704 |  |
|  Materion Corp. | 11545 | 1010303 |  |
|  Novagold Resources, Inc.\* | 131700 | 787566 |  |
|  Olympic Steel, Inc. | 4900 | 164542 |  |
|  Piedmont Lithium, Inc.\* | 8800 | 387376 |  |
|  Ryerson Holding Corp. | 9800 | 296548 |  |
|  Schnitzer Steel Industries, Inc., Class A | 10500 | 321825 |  |
|  SunCoke Energy, Inc. | 42510 | 366861 |  |
|  TimkenSteel Corp.\* | 23300 | 423361 |  |
|  Warrior Met Coal, Inc. | 24000 | 831360 |  |
|  Worthington Industries, Inc. | 20580 | 1023032 |  |
|  |  | 19504808 |  |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | **** |
|  Clearwater Paper Corp.\* | 5738 | 216954 |  |
|  Glatfelter Corp. | 20115 | 55920 |  |
|  Resolute Forest Products, Inc.\* | 23700 | 511683 |  |
|  Sylvamo Corp. | 17900 | 869761 |  |
|  |  | 1654318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 51303798 |  |
|  **Real Estate (6.3%)** | **Real Estate (6.3%)** | **Real Estate (6.3%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (5.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.6%)*** | ***Equity Real Estate Investment Trusts (REITs) (5.6%)*** | **** |
|  Acadia Realty Trust (REIT) | 45673 | 655407 |  |
|  Agree Realty Corp. (REIT) | 40900 | 2901037 |  |
|  Alexander & Baldwin, Inc. (REIT) | 42386 | 793890 |  |
|  Alexander's, Inc. (REIT) | 1075 | 236564 |  |
|  American Assets Trust, Inc. (REIT) | 24318 | 644427 |  |
|  Apartment Investment and Management Co. (REIT), Class A | 77400 | 551088 |  |
|  Apple Hospitality REIT, Inc. (REIT) | 109100 | 1721598 |  |
|  Armada Hoffler Properties, Inc. (REIT) | 33800 | 388700 |  |
|  Ashford Hospitality Trust, Inc. (REIT) (x)\* | 32200 | 143934 |  |
|  Bluerock Homes Trust, Inc. (REIT)\* | 1812 | 38614 |  |
|  Braemar Hotels & Resorts, Inc. (REIT) | 24400 | 100284 |  |
|  Brandywine Realty Trust (REIT) | 88100 | 541815 |  |
|  Broadstone Net Lease, Inc. (REIT) | 85300 | 1382713 |  |
|  BRT Apartments Corp. (REIT) | 5900 | 115876 |  |
|  CareTrust REIT, Inc. (REIT) | 54313 | 1009135 |  |
|  CBL & Associates Properties, Inc. (REIT) (x) | 13400 | 309272 |  |
|  Centerspace (REIT) | 7049 | 413565 |  |
|  Chatham Lodging Trust (REIT) | 20100 | 246627 |  |
|  City Office REIT, Inc. (REIT) | 24700 | 206986 |  |
|  Clipper Realty, Inc. (REIT) | 5200 | 33280 |  |
|  Community Healthcare Trust, Inc. (REIT) | 12300 | 440340 |  |
|  Corporate Office Properties Trust (REIT) | 58700 | 1522678 |  |
|  CTO Realty Growth, Inc. (REIT) | 11678 | 213474 |  |
|  DiamondRock Hospitality Co. (REIT) | 115998 | 950024 |  |
|  Diversified Healthcare Trust (REIT) | 150300 | 97214 |  |
|  Easterly Government Properties, Inc. (REIT) | 38300 | 546541 |  |
|  Elme Communities (REIT) | 42317 | 753243 |  |
|  Empire State Realty Trust, Inc. (REIT), Class A | 74300 | 500782 |  |
|  Equity Commonwealth (REIT) | 60900 | 1520673 |  |
|  Essential Properties Realty Trust, Inc. (REIT) | 65800 | 1544326 |  |
|  Farmland Partners, Inc. (REIT) | 20500 | 255430 |  |
|  Four Corners Property Trust, Inc. (REIT) | 46600 | 1208338 |  |
|  Franklin Street Properties Corp. (REIT) | 65399 | 178539 |  |
|  Getty Realty Corp. (REIT) (x) | 26575 | 899564 |  |
|  Gladstone Commercial Corp. (REIT) | 18900 | 349650 |  |
|  Gladstone Land Corp. (REIT) (x) | 15900 | 291765 |  |
|  Global Medical REIT, Inc. (REIT) | 30400 | 288192 |  |
|  Global Net Lease, Inc. (REIT) | 48066 | 604190 |  |
|  Hersha Hospitality Trust (REIT), Class A | 24519 | 208902 |  |
|  Independence Realty Trust, Inc. (REIT) | 112207 | 1891810 |  |
|  Indus Realty Trust, Inc. (REIT) (x) | 2519 | 159931 |  |
|  Industrial Logistics Properties Trust (REIT) | 45273 | 148043 |  |
|  Innovative Industrial Properties, Inc. (REIT) | 14000 | 1418900 |  |
|  InvenTrust Properties Corp. (REIT) | 34200 | 809514 |  |
|  iStar, Inc. (REIT) | 39600 | 302148 |  |
|  Kite Realty Group Trust (REIT) | 106522 | 2242288 |  |
|  LTC Properties, Inc. (REIT) | 21569 | 766347 |  |
|  LXP Industrial Trust (REIT) | 139586 | 1398652 |  |
|  Macerich Co. (The) (REIT) | 102600 | 1155276 |  |
|  National Health Investors, Inc. (REIT) | 23928 | 1249520 |  |
|  Necessity Retail REIT, Inc. (The) (REIT) | 60900 | 361137 |  |
|  NETSTREIT Corp. (REIT) | 31600 | 579228 |  |
|  NexPoint Residential Trust, Inc. (REIT) | 9700 | 422144 |  |

---

See Notes to Financial Statements.

1355

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** | |
|  Office Properties Income Trust (REIT) | 26331 | $| 351519 |  |
|  One Liberty Properties, Inc. (REIT) | 8433 |  | 187381 |  |
|  Orion Office REIT, Inc. (REIT) | 23900 |  | 204106 |  |
|  Outfront Media, Inc. (REIT) | 75600 |  | 1253448 |  |
|  Paramount Group, Inc. (REIT) (x) | 97000 |  | 576180 |  |
|  Pebblebrook Hotel Trust (REIT) | 61712 |  | 826324 |  |
|  Phillips Edison & Co., Inc. (REIT) | 57940 |  | 1844810 |  |
|  Physicians Realty Trust (REIT) | 118800 |  | 1719036 |  |
|  Piedmont Office Realty Trust, Inc. (REIT), Class A | 72000 |  | 660240 |  |
|  Plymouth Industrial REIT, Inc. (REIT) | 15900 |  | 304962 |  |
|  Postal Realty Trust, Inc. (REIT), Class A | 5400 |  | 78462 |  |
|  PotlatchDeltic Corp. (REIT) | 42809 |  | 1883168 |  |
|  Retail Opportunity Investments Corp. (REIT) | 62100 |  | 933363 |  |
|  RLJ Lodging Trust (REIT) | 97486 |  | 1032377 |  |
|  RPT Realty (REIT) | 28500 |  | 286140 |  |
|  Ryman Hospitality Properties, Inc. (REIT) | 28434 |  | 2325332 |  |
|  Sabra Health Care REIT, Inc. (REIT) | 120123 |  | 1493129 |  |
|  Safehold, Inc. (REIT) (x) | 13131 |  | 375809 |  |
|  Saul Centers, Inc. (REIT) | 5100 |  | 207468 |  |
|  Service Properties Trust (REIT) | 95200 |  | 694008 |  |
|  SITE Centers Corp. (REIT) | 88900 |  | 1214374 |  |
|  STAG Industrial, Inc. (REIT) | 90900 |  | 2936979 |  |
|  Summit Hotel Properties, Inc. (REIT) | 53600 |  | 386992 |  |
|  Sunstone Hotel Investors, Inc. (REIT) | 125578 |  | 1213083 |  |
|  Tanger Factory Outlet Centers, Inc. (REIT) | 51600 |  | 925704 |  |
|  Terreno Realty Corp. (REIT) | 37600 |  | 2138312 |  |
|  UMH Properties, Inc. (REIT) | 21500 |  | 346150 |  |
|  Uniti Group, Inc. (REIT) | 105400 |  | 582862 |  |
|  Universal Health Realty Income Trust (REIT) | 5750 |  | 274447 |  |
|  Urban Edge Properties (REIT) | 64500 |  | 908805 |  |
|  Urstadt Biddle Properties, Inc. (REIT), Class A | 12789 |  | 242351 |  |
|  Veris Residential, Inc. (REIT)\* | 51400 |  | 818802 |  |
|  Whitestone REIT (REIT) | 25200 |  | 242928 |  |
|  Xenia Hotels & Resorts, Inc. (REIT) | 63400 |  | 835612 |  |
|  |  |  | 68018278 |  |
|  ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | ***Real Estate Management & Development (0.7%)*** | **** |
|  American Realty Investors, Inc.\* | 200 |  | 5130 |  |
|  Anywhere Real Estate, Inc.\* | 64800 |  | 414072 |  |
|  Compass, Inc., Class A\* | 131400 |  | 306162 |  |
|  Cushman & Wakefield plc\* | 99396 |  | 1238474 |  |
|  DigitalBridge Group, Inc. | 84100 |  | 920054 |  |
|  Doma Holdings, Inc. (x)\* | 54000 |  | 24457 |  |
|  Douglas Elliman, Inc. | 42404 |  | 172584 |  |
|  eXp World Holdings, Inc. (x) | 32200 |  | 356776 |  |
|  Forestar Group, Inc.\* | 13633 |  | 210085 |  |
|  FRP Holdings, Inc.\* | 4000 |  | 215440 |  |
|  Kennedy-Wilson Holdings, Inc. | 70024 |  | 1101478 |  |
|  Marcus & Millichap, Inc. | 16000 |  | 551200 |  |
|  Newmark Group, Inc., Class A | 84624 |  | 674453 |  |
|  Offerpad Solutions, Inc. (x)\* | 49600 |  | 22841 |  |
|  RE/MAX Holdings, Inc., Class A | 12200 |  | 227408 |  |
|  Redfin Corp. (x)\* | 54197 |  | 229795 |  |
|  RMR Group, Inc. (The), Class A | 7926 |  | 223909 |  |
|  St Joe Co. (The) | 18200 |  | 703430 |  |
|  Stratus Properties, Inc. | 1800 |  | 34722 |  |
|  Tejon Ranch Co.\* | 9602 |  | 180902 |  |
|  Transcontinental Realty Investors, Inc.\* | 600 |  | 26508 |  |
|  |  |  | 7839880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 75858158 |  |
|  **Utilities (3.5%)** | **Utilities (3.5%)** | **Utilities (3.5%)** | **Utilities (3.5%)** |  |
|  ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | ***Electric Utilities (0.8%)*** | **** |
|  ALLETE, Inc. | 28623 |  | 1846470 |  |
|  MGE Energy, Inc. | 20279 |  | 1427641 |  |
|  Otter Tail Corp. | 22925 |  | 1345927 |  |
|  PNM Resources, Inc. | 46181 |  | 2253171 |  |
|  Portland General Electric Co. | 45732 |  | 2240868 |  |
|  Via Renewables, Inc. | 4300 |  | 21973 |  |
|  |  |  | 9136050 |  |
|  ***Gas Utilities (1.2%)*** | ***Gas Utilities (1.2%)*** | ***Gas Utilities (1.2%)*** | ***Gas Utilities (1.2%)*** | **** |
|  Brookfield Infrastructure Corp., Class A (x) | 48478 |  | 1885794 |  |
|  Chesapeake Utilities Corp. | 9050 |  | 1069529 |  |
|  New Jersey Resources Corp. | 49322 |  | 2447358 |  |
|  Northwest Natural Holding Co. | 17242 |  | 820547 |  |
|  ONE Gas, Inc. | 26800 |  | 2029296 |  |
|  South Jersey Industries, Inc. | 61952 |  | 2201154 |  |
|  Southwest Gas Holdings, Inc. | 37936 |  | 2347480 |  |
|  Spire, Inc. | 26152 |  | 1800827 |  |
|  |  |  | 14601985 |  |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | **** |
|  Altus Power, Inc. (x)\* | 34600 |  | 225592 |  |
|  Clearway Energy, Inc., Class A | 15400 |  | 460768 |  |
|  Clearway Energy, Inc., Class C | 41982 |  | 1337966 |  |
|  Montauk Renewables, Inc.\* | 32500 |  | 358475 |  |
|  Ormat Technologies, Inc. | 22500 |  | 1945800 |  |
|  Sunnova Energy International, Inc. (x)\* | 60600 |  | 1091406 |  |
|  |  |  | 5420007 |  |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | **** |
|  Avista Corp. | 37099 |  | 1644970 |  |
|  Black Hills Corp. | 34819 |  | 2449168 |  |
|  NorthWestern Corp. | 28178 |  | 1672083 |  |
|  Unitil Corp. | 8100 |  | 416016 |  |
|  |  |  | 6182237 |  |
|  ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | ***Water Utilities (0.5%)*** | **** |
|  American States Water Co. | 21158 |  | 1958173 |  |
|  Artesian Resources Corp., Class A | 4700 |  | 275326 |  |
|  California Water Service Group | 27800 |  | 1685792 |  |
|  Global Water Resources, Inc. | 2600 |  | 34528 |  |
|  Middlesex Water Co. | 11300 |  | 888971 |  |
|  Pure Cycle Corp.\* | 4100 |  | 42968 |  |
|  SJW Group | 15000 |  | 1217850 |  |
|  York Water Co. (The) | 5100 |  | 229398 |  |
|  |  |  | 6333006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 41673285 |  |
|  **Total Common Stocks (98.8%)**<br> *(Cost $938,460,937)* |  |  | 1191521368 |  |

---

See Notes to Financial Statements.

1356

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of**<br> **Rights** | **Value**<br> **(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
|  ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** | ***Textiles, Apparel & Luxury Goods (0.0%)*** |
|  PLBY Group, Inc., expiring 1/17/23 (x)\* | 12600 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Achillion Pharmaceuticals, Inc., CVR (r)(x)\* | 82700 | 28531 |
|  Aduro Biotech, Inc., CVR (r)(x)\* | 11260 |  |
|  Tobira Therapeutics, Inc., CVR (r)(x)\* | 2288 |  |
|  |  | 28531 |
|  ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** | ***Pharmaceuticals (0.0%)†*** |
|  Dova Pharmaceuticals, Inc., CVR (r)\* | 17500 | 7088 |
|  Zogenix, Inc., CVR\* | 32012 | 32012 |
|  |  | 39100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 67631 |
|  **Total Rights (0.0%)†**<br> *(Cost $57,120)* |  | 67631 |
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.4%)** | **Investment Company (0.4%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 5000000 | 5000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (4.1%)** | **Repurchase Agreements (4.1%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $5,002,378, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $5,102,425. (xx) | $5000000 | 5000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $12,190,136, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $12,428,139. (xx) | 12184450 | 12184450 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $1,000,478, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $1,020,530. (xx) | 1000000 | 1000000 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $5,004,326, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $5,444,143. (xx) | 5000000 | 5000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $5,002,450, collateralized by various Common Stocks; total market value $5,564,235. (xx) | 5000000 | 5000000 |
|  Societe Generale SA,<br>4.41%, dated 12/30/22, due 1/3/23, repurchase price $12,922,195, collateralized by various Common Stocks; total market value $14,373,384. (xx) | 12915866 | 12915866 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $8,003,911, collateralized by various Common Stocks; total market value $8,885,174. (xx) | 8000000 | 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 49100316 |
|  **Total Short-Term<br>Investments (4.5%)**<br> *(Cost $54,100,316)* |  | 54100316 |
|  **Total Investments in<br>Securities (103.3%)**<br> *(Cost $992,618,373)* |  | 1245689315 |
|  **Other Assets Less Liabilities (-3.3%)** | **Other Assets Less Liabilities (-3.3%)** | (39233382) |
|  **Net Assets (100%)** |  | $1206455933 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $558,558 or 0.0% of net assets.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $62,626,200. This was collateralized by $10,809,895 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.625%, maturing 1/10/23 – 5/15/52 and by cash of $54,100,316 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*CVR* *— Contingent Value Right* 

*USD* *— United States Dollar* 

See Notes to Financial Statements.

1357

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**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Russell 2000 E-Mini Index | 148 | 3/2023 | USD | 13104660 | (392409) |
|  |  |  |  |  | (392409) |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $30841468 | $— | $— | $30841468 |
|  Consumer Discretionary | 125786888 |  |  | 125786888 |
|  Consumer Staples | 43008285 |  |  | 43008285 |
|  Energy | 80725113 |  |  | 80725113 |
|  Financials | 205433642 |  |  | 205433642 |
|  Health Care | 198737813 |  | 42862 | 198780675 |
|  Industrials | 186439710 |  |  | 186439710 |
|  Information Technology | 151670346 |  |  | 151670346 |
|  Materials | 51303798 |  |  | 51303798 |
|  Real Estate | 75858158 |  |  | 75858158 |
|  Utilities | 41673285 |  |  | 41673285 |
|  **Rights** |  |  |  |  |
|  Consumer Discretionary |  | — (a) |  | — (a) |
|  Health Care |  | 32012 | 35619 | 67631 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 5000000 |  |  | 5000000 |
|  Repurchase Agreements |  | 49100316 |  | 49100316 |
|  **Total Assets** | $**1196478506** | $**49132328** | $**78481** | $**1245689315** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(392409) | $— | $— | $(392409) |
|  **Total Liabilities** | $**(392409)** | $**—** | $**—** | $**(392409)** |
|  **Total** | $**1196086097** | $**49132328** | $**78481** | $**1245296906** |

---

(a) Value is zero.

See Notes to Financial Statements.

1358

------

**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets –<br>Unrealized depreciation | $(392409) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392409 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(4086698) | $(4086698) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4086698) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4086698) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(550232) | $(550232) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550232) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550232) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $13,631,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $191725083 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195652687 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $472370193 |
|  Aggregate gross unrealized depreciation | (223084928) |
|  Net unrealized appreciation | $249285265 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996011641 |

---

See Notes to Financial Statements.

1359

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**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $943,518,057) | $1196588999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $49,100,316) | 49100316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 12323035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1420500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1442600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 533699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 143711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1261558086 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 54100316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 316976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 260995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 220530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 99219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 35152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 44847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 55102153 |
|  **NET ASSETS** | $1206455933 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $957769846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 248686087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1206455933 |
|  **Class IA** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $110,981,273 / 11,226,176 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.89 |
|  **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $1,019,651,095 / 103,030,675 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.90 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $75,823,565 / 7,670,484 shares outstanding (unlimited amount authorized: $0.01 par value) | $9.89 |

---

*(x)* *Includes value of securities on loan of $62,626,200.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $24,616 foreign withholding tax) | $17024542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 189576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1649925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18864043 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3213675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2711286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1192211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 300782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 94100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 84636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 53898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 41954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment fees | 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 177748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7874262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (3972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7870290 |
|  **NET INVESTMENT INCOME (LOSS)** | 10993753 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 41872771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4086698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37786073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (347761275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (550232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (348311507) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (310525434) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(299531681) |

---

See Notes to Financial Statements.

1360

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**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10993753 | $7709459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37786073 | 155153642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (348311507) | 44074089 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (299531681) | 206937190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (5130743) | (15583316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (46870919) | (136036402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3667700) | (10464951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (55669362) | (162084669) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 780,408 and 2,198,608 shares, respectively ] | 8473906 | 31226906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 502,845 and 1,229,966 shares, respectively ] | 5130743 | 15583316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1352495) and (2044658) shares, respectively ] | (14809621) | (29052399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (1204972) | 17757823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,915,053 and 6,941,139 shares, respectively ] | 86546756 | 99022325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 4,588,724 and 10,724,289 shares, respectively ] | 46870919 | 136036402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (8290400) and (11530605) shares, respectively ] | (90882544) | (164052429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 42535131 | 71006298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 763,383 and 847,667 shares, respectively ] | 8304479 | 12101587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 359,448 and 825,803 shares, respectively ] | 3667700 | 10464951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (900685) and (1258217) shares, respectively ] | (9942951) | (18022367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 2029228 | 4544171 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 43359387 | 93308292 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (311841656) | 138160813 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1518297589 | 1380136776 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1206455933 | $1518297589 |

---

See Notes to Financial Statements.

1361

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EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.90 | $12.58 | $10.97 | $9.43 | $11.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.07 (aa) | 0.05 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.63) | 1.78 | 2.10 | 2.26 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.54) | 1.85 | 2.15 | 2.36 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.09) | (0.11) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (1.44) | (0.43) | (0.70) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.53) | (0.54) | (0.82) | (1.15) |
|  Net asset value, end of year | $9.89 | $12.90 | $12.58 | $10.97 | $9.43 |
|  Total return | (19.76)% | 15.02% | 19.74% | 25.25% | (11.34)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $110981 | $145754 | $124684 | $113909 | $102582 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.63% | 0.62% | 0.64% | 0.63% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63% | 0.62% | 0.64% | 0.63% | 0.64% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.83% | 0.49 %(bb) | 0.51% | 0.92% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.83% | 0.49 %(bb) | 0.51% | 0.92% | 0.84% |
|  Portfolio turnover rate^ | 15% | 16% | 17% | 14% | 15% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.92 | $12.59 | $10.98 | $9.44 | $11.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.07 (aa) | 0.05 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.64) | 1.79 | 2.10 | 2.26 | (1.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.55) | 1.86 | 2.15 | 2.36 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.09) | (0.11) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (1.44) | (0.43) | (0.70) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.47) | (1.53) | (0.54) | (0.82) | (1.15) |
|  Net asset value, end of year | $9.90 | $12.92 | $12.59 | $10.98 | $9.44 |
|  Total return | (19.80)% | 15.10% | 19.73% | 25.22% | (11.33)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846806 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.63% | 0.62% | 0.64% | 0.63% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.63% | 0.62% | 0.64% | 0.63% | 0.64% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.84% | 0.49 %(bb) | 0.51% | 0.92% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.84% | 0.49 %(bb) | 0.51% | 0.92% | 0.84% |
|  Portfolio turnover rate^ | 15% | 16% | 17% | 14% | 15% |

---

See Notes to Financial Statements.

1362

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**EQ ADVISORS TRUST** 

EQ/SMALL COMPANY INDEX PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $12.90 | $12.58 | $10.96 | $9.43 | $11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.12 | 0.10 (aa) | 0.08 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.63) | 1.78 | 2.10 | 2.25 | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.51) | 1.88 | 2.18 | 2.38 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.12) | (0.13) | (0.14) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.37) | (1.44) | (0.43) | (0.70) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (1.56) | (0.56) | (0.85) | (1.18) |
|  Net asset value, end of year | $9.89 | $12.90 | $12.58 | $10.96 | $9.43 |
|  Total return | (19.55)% | 15.30% | 20.08% | 25.44% | (11.01)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96112 | $&nbsp;&nbsp;&nbsp;&nbsp;88460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54023 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.38% | 0.37% | 0.39% | 0.38% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.38% | 0.37% | 0.39% | 0.38% | 0.39% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.09% | 0.73 %(bb) | 0.76% | 1.18% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.09% | 0.73 %(bb) | 0.76% | 1.18% | 1.09% |
|  Portfolio turnover rate^ | 15% | 16% | 17% | 14% | 15% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the per share income amounts would be $0.06, $0.06 and $0.09 for Class IA, Class IB and Class K, respectively.* 

*(bb)* *Includes income resulting from a non-recurring non-cash dividend. Without this dividend, the ratios for each class would have been 0.08% lower.* 

See Notes to Financial Statements.

1363

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**EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> T. Rowe Price Associates, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g80e19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (38.64)% | 4.23% | 10.63 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (38.64) | 4.23 | 10.63 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (38.48) | 4.49 | 10.91 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | (29.14) | 10.96 | 14.10 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (38.64)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Growth Index, which returned (29.14)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Health Care was the only contributor to relative performance due to stock selection and an overweight allocation.

***What hurt performance during the year:***

• The Communication Services sector detracted from relative returns during the period, due to weak stock selection and an
overweight allocation.

• An overweight allocation and stock choices in the Consumer Discretionary sector also hampered relative results.

• Detrimental stock selection in the Information Technology sector further detracted from relative returns.

**Portfolio Positioning and Outlook — T. Rowe Price Associates, Inc.** 

At period end, we maintained an overweight to communication services, as we continue to find attractive opportunities in companies with innovative business models that we believe can take advantage of transformational change. We favor companies with durable business models that address large and growing markets, including internet search and advertising, social connectivity, and entertainment. We remained overweight consumer discretionary names and are constructive on stock-specific opportunities within the sector. We are focused on businesses benefitting from the secular shift of consumer spending to online retail, as well as select companies that stand to gain from growing demand for electric vehicles. Additionally, within the sector, we had select exposure to segments that we believe should hold up well in an economic downturn, such as off-price retail and fast-casual dining.

Heading into 2023, capital markets appear to have priced in a significant global economic slowdown. The key question is whether this deceleration will end in a "soft landing" — with slower but still positive growth — or in a full-fledged recession that drags down earnings. Much depends on the Federal Reserve and the world's other major central banks as they continue efforts to bring inflation under control by hiking interest rates and draining liquidity from the markets. Nevertheless, geopolitical risks will remain potential triggers for downside volatility in 2023. Structural factors, such as bank capital requirements that constrain market liquidity, could magnify price movements, both up and down. While there are good reasons for caution in 2023, excessive pessimism and volatility can create value for agile investors. In difficult markets, security selection will be critical.

1364

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**EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings<br>as of December 31, 2022** | **% of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 46.4% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 18.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 14.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 11.6 |
| &nbsp;&nbsp;&nbsp; Industrials | 3.5 |
| &nbsp;&nbsp;&nbsp; Investment Companies | 2.9 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.6 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.9 |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $952.30 | $4.92 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 952.20 | 4.92 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.16 | 5.09 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 953.70 | 3.69 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.43 | 3.82 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.00%, 1.00% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1365

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**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (11.6%)** | **Communication Services (11.6%)** | **Communication Services (11.6%)** |  |
|  ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** | ***Entertainment (3.0%)*** | **** |
|  Activision Blizzard, Inc. | 114013 | $8727695 |  |
|  Netflix, Inc.\* | 73422 | 21650679 |  |
|  Sea Ltd. (ADR)\* | 181333 | 9434756 |  |
|  Spotify Technology SA\* | 117045 | 9240703 |  |
|  |  | 49053833 |  |
|  ***Interactive Media & Services (8.1%)*** | ***Interactive Media & Services (8.1%)*** | ***Interactive Media & Services (8.1%)*** | **** |
|  Alphabet, Inc., Class A\* | 741920 | 65459602 |  |
|  Alphabet, Inc., Class C\* | 496461 | 44050985 |  |
|  Match Group, Inc.\* | 157272 | 6525215 |  |
|  Meta Platforms, Inc., Class A\* | 50000 | 6017000 |  |
|  Pinterest, Inc., Class A\* | 302637 | 7348026 |  |
|  |  | 129400828 |  |
|  ***Media (0.5%)*** | ***Media (0.5%)*** | ***Media (0.5%)*** | **** |
|  Trade Desk, Inc. (The), Class A\* | 172581 | 7736806 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 186191467 |  |
|  **Consumer Discretionary (18.3%)** | **Consumer Discretionary (18.3%)** | **Consumer Discretionary (18.3%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Mobileye Global, Inc., Class A (x)\* | 23817 | 835024 |  |
|  ***Automobiles (4.3%)*** | ***Automobiles (4.3%)*** | ***Automobiles (4.3%)*** | **** |
|  Dr Ing hc F Porsche AG (Preference) (q)\* | 156790 | 15902448 |  |
|  Ferrari NV | 108028 | 23141758 |  |
|  Rivian Automotive, Inc., Class A (x)\* | 1607735 | 29630556 |  |
|  |  | 68674762 |  |
|  ***Hotels, Restaurants & Leisure (4.1%)*** | ***Hotels, Restaurants & Leisure (4.1%)*** | ***Hotels, Restaurants & Leisure (4.1%)*** | **** |
|  Booking Holdings, Inc.\* | 6682 | 13466101 |  |
|  Chipotle Mexican Grill, Inc.\* | 9521 | 13210292 |  |
|  Expedia Group, Inc.\* | 87679 | 7680681 |  |
|  Las Vegas Sands Corp.\* | 393961 | 18937705 |  |
|  Wynn Resorts Ltd.\* | 143645 | 11846403 |  |
|  |  | 65141182 |  |
|  ***Internet & Direct Marketing Retail (6.6%)*** | ***Internet & Direct Marketing Retail (6.6%)*** | ***Internet & Direct Marketing Retail (6.6%)*** | **** |
|  Amazon.com, Inc.\* | 1164719 | 97836396 |  |
|  Coupang, Inc.\* | 516858 | 7602981 |  |
|  |  | 105439377 |  |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | **** |
|  Peloton Interactive, Inc., Class A (x)\* | 520300 | 4131182 |  |
|  ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** | **** |
|  Floor & Decor Holdings, Inc., Class A\* | 80682 | 5617888 |  |
|  Ross Stores, Inc. | 338660 | 39308266 |  |
|  |  | 44926154 |  |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | **** |
|  Lululemon Athletica, Inc.\* | 14521 | 4652238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 293799919 |  |
|  **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** |  |
|  ***Personal Products (0.6%)*** | ***Personal Products (0.6%)*** | ***Personal Products (0.6%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 40973 | 10165811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 10165811 |  |
|  **Health Care (14.8%)** | **Health Care (14.8%)** | **Health Care (14.8%)** |  |
|  ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | ***Biotechnology (0.7%)*** | **** |
|  Argenx SE (ADR)\* | 29654 | 11233825 |  |
|  ***Health Care Equipment & Supplies (3.0%)*** | ***Health Care Equipment & Supplies (3.0%)*** | ***Health Care Equipment & Supplies (3.0%)*** | **** |
|  Align Technology, Inc.\* | 20248 | 4270303 |  |
|  Insulet Corp.\* | 23203 | 6830731 |  |
|  Intuitive Surgical, Inc.\* | 99696 | 26454334 |  |
|  Stryker Corp. | 45896 | 11221113 |  |
|  |  | 48776481 |  |
|  ***Health Care Providers & Services (7.1%)*** | ***Health Care Providers & Services (7.1%)*** | ***Health Care Providers & Services (7.1%)*** | **** |
|  Cigna Corp. | 46403 | 15375170 |  |
|  HCA Healthcare, Inc. | 49626 | 11908255 |  |
|  Humana, Inc. | 37548 | 19231710 |  |
|  UnitedHealth Group, Inc. | 127421 | 67556066 |  |
|  |  | 114071201 |  |
|  ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | ***Life Sciences Tools & Services (1.4%)*** | **** |
|  Avantor, Inc.\* | 344853 | 7272949 |  |
|  Danaher Corp. | 22342 | 5930014 |  |
|  Illumina, Inc.\* | 18815 | 3804393 |  |
|  Sartorius AG (Preference) (q) | 14632 | 5785847 |  |
|  |  | 22793203 |  |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | **** |
|  AstraZeneca plc (ADR) | 81212 | 5506174 |  |
|  Eli Lilly and Co. | 97378 | 35624767 |  |
|  |  | 41130941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 238005651 |  |
|  **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** |  |
|  ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | ***Aerospace & Defense (1.0%)*** | **** |
|  Airbus SE | 140389 | 16684020 |  |
|  ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | ***Air Freight & Logistics (0.6%)*** | **** |
|  FedEx Corp. | 54073 | 9365444 |  |
|  ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | ***Commercial Services & Supplies (0.4%)*** | **** |
|  Cintas Corp. | 12309 | 5558990 |  |
|  ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** | ***Professional Services (0.9%)*** | **** |
|  TransUnion | 193571 | 10985154 |  |
|  Verisk Analytics, Inc. | 21762 | 3839252 |  |
|  |  | 14824406 |  |
|  ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | ***Road & Rail (0.6%)*** | **** |
|  Old Dominion Freight Line, Inc. | 34697 | 9846315 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 56279175 |  |
|  **Information Technology (46.4%)** | **Information Technology (46.4%)** | **Information Technology (46.4%)** |  |
|  ***Electronic Equipment, Instruments & Components (1.7%)*** | ***Electronic Equipment, Instruments & Components (1.7%)*** | ***Electronic Equipment, Instruments & Components (1.7%)*** | **** |
|  Teledyne Technologies, Inc.\* | 66872 | 26742782 |  |
|  ***IT Services (8.9%)*** | ***IT Services (8.9%)*** | ***IT Services (8.9%)*** | **** |
|  Adyen NV (m)\* | 1531 | 2111506 |  |
|  Fiserv, Inc.\* | 281538 | 28455046 |  |
|  Global Payments, Inc. | 53429 | 5306568 |  |
|  Mastercard, Inc., Class A | 143061 | 49746601 |  |
|  MongoDB, Inc.\* | 19432 | 3824995 |  |
|  Visa, Inc., Class A | 258899 | 53788856 |  |
|  |  | 143233572 |  |

---

See Notes to Financial Statements.

1366

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**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | |
|  ***Semiconductors & Semiconductor Equipment (7.6%)*** | ***Semiconductors & Semiconductor Equipment (7.6%)*** | ***Semiconductors & Semiconductor Equipment (7.6%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 367983 | $23834259 |  |
|  ASML Holding NV (Registered) (NYRS) | 81001 | 44258946 |  |
|  Lam Research Corp. | 25382 | 10668055 |  |
|  NVIDIA Corp. | 290995 | 42526009 |  |
|  |  | 121287269 |  |
|  ***Software (21.1%)*** | ***Software (21.1%)*** | ***Software (21.1%)*** | **** |
|  Atlassian Corp., Class A\* | 79124 | 10181676 |  |
|  Black Knight, Inc.\* | 90490 | 5587758 |  |
|  Ceridian HCM Holding, Inc.\* | 114733 | 7360122 |  |
|  HashiCorp, Inc., Class A (x)\* | 32358 | 884668 |  |
|  Intuit, Inc. | 108260 | 42136957 |  |
|  Microsoft Corp. | 805531 | 193182444 |  |
|  Monday.com Ltd. (x)\* | 23368 | 2850896 |  |
|  Roper Technologies, Inc. | 50243 | 21709498 |  |
|  Salesforce, Inc.\* | 157757 | 20917001 |  |
|  SentinelOne, Inc., Class A\* | 280873 | 4097937 |  |
|  ServiceNow, Inc.\* | 77985 | 30279236 |  |
|  |  | 339188193 |  |
|  ***Technology Hardware, Storage & Peripherals (7.1%)*** | ***Technology Hardware, Storage & Peripherals (7.1%)*** | ***Technology Hardware, Storage & Peripherals (7.1%)*** | **** |
|  Apple, Inc. | 869597 | 112986738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 743438554 |  |
|  **Total Common Stocks (95.2%)**<br> *(Cost $1,043,753,658)* |  | 1527880577 |  |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.9%)** | **Investment Companies (2.9%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 3000000 | 3000000 |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 43218549 | 43240159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 46240159 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  **Repurchase Agreements (1.0%)** | **Repurchase Agreements (1.0%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $10,374,595, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $10,577,150. (xx) | $10369755 | 10369755 |  |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $2,000,956, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $2,041,060. (xx) | 2000000 | 2000000 |  |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $2,001,731, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $2,177,657. (xx) | 2000000 | 2000000 |  |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $1,000,836, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $1,020,000. (xx) | 1000000 | 1000000 |  |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $200,098, collateralized by various Common Stocks; total market value $222,129. (xx) | 200000 | 200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 15569755 |  |
|  **Total Short-Term Investments (3.9%)**<br> *(Cost $61,808,903)* | **Total Short-Term Investments (3.9%)**<br> *(Cost $61,808,903)* | 61809914 |  |
|  **Total Investments in<br>Securities (99.1%)**<br> *(Cost $1,105,562,561)* |  | 1589690491 |  |
|  **Other Assets Less<br>Liabilities (0.9%)** |  | 14684709 |  |
|  **Net Assets (100%)** |  | $1604375200 |  |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $2,111,506 or 0.1% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $20,344,606. This was collateralized by $2,522,343 of various U.S. Government Treasury Securities, ranging from 0.000% – 3.875%, maturing 2/9/23 – 5/15/47 and by cash of $18,569,755 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

See Notes to Financial Statements.

1367

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**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $186191467 | $— | $— | $186191467 |
|  Consumer Discretionary | 277897471 | 15902448 |  | 293799919 |
|  Consumer Staples | 10165811 |  |  | 10165811 |
|  Health Care | 232219804 | 5785847 |  | 238005651 |
|  Industrials | 39595155 | 16684020 |  | 56279175 |
|  Information Technology | 741327048 | 2111506 |  | 743438554 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 46240159 |  |  | 46240159 |
|  Repurchase Agreements |  | 15569755 |  | 15569755 |
|  **Total Assets** | $**1533636915** | $**56053576** | $**—** | $**1589690491** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1533636915** | $**56053576** | $**—** | $**1589690491** |

---

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $695889593 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673308270 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $676283788 |
|  Aggregate gross unrealized depreciation | (197131876) |
|  Net unrealized appreciation | $479151912 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110538579 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $595 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1368

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EQ/T. ROWE PRICE GROWTH STOCK PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,089,992,806) | $1574120736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $15,569,755) | 15569755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 32698000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,876) | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1585753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 360596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 243120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1624593072 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 18569755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 890725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 270072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 268888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 134226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 37918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 46288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 20217872 |
|  **NET ASSETS** | $1604375200 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1197911442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 406463758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1604375200 |
|  **Class IA** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $171,400,853 / 3,795,170 shares outstanding (unlimited amount authorized: $0.01 par value) | $45.16 |
|  **Class IB** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $1,229,180,235 / 27,638,276 shares outstanding (unlimited amount authorized: $0.01 par value) | $44.47 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share, $203,794,112 / 4,357,791 shares outstanding (unlimited amount authorized: $0.01 par value) | $46.77 |

---

*(x)* *Includes value of securities on loan of $20,344,606.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $102,082 foreign withholding tax) | $7675159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 315188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 280547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8270894 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13507475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3604601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1751478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 540865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 104646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 81000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 76941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 64002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 48381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 19779389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1486490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 18292899 |
|  **NET INVESTMENT INCOME (LOSS)** | (10022005) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (73532478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 84095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (73448383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (903371138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (903371153) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (976819536) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(986841541) |

---

See Notes to Financial Statements.

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------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(10022005) | $(15451177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (73448383) | 252132385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (903371153) | 75782273 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (986841541) | 312463481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (5580855) | (26165238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (39187202) | (166630855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (6235659) | (21396653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (51003716) | (214192746) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 196,563 and 301,771 shares, respectively ] | 10848922 | 23050695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 114,900 and 344,158 shares, respectively ] | 5580855 | 26165238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (601724) and (503941) shares, respectively ] | (33245684) | (39516099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (16815907) | 9699834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,388,294 and 1,647,142 shares, respectively ] | 127562407 | 126781177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 819,297 and 2,224,507 shares, respectively ] | 39187202 | 166630855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1711650) and (1674941) shares, respectively ] | (92229155) | (129480740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 74520454 | 163931292 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,431,978 and 145,410 shares, respectively ] | 85172196 | 11706552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 124,056 and 272,865 shares, respectively ] | 6235659 | 21396653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (520489) and (543144) shares, respectively ] | (29777761) | (44073842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 61630094 | (10970637) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 119334641 | 162660489 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (918510616) | 260931224 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2522885816 | 2261954592 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1604375200 | $2522885816 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $75.83 | $72.72 | $54.83 | $42.80 | $47.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.31) | (0.52) | (0.27) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (28.89) | 10.52 | 20.21 | 13.37 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (29.20) | 10.00 | 19.94 | 13.27 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.47) | (6.89) | (2.05) | (1.24) | (3.86) |
|  Net asset value, end of year | $45.16 | $75.83 | $72.72 | $54.83 | $42.80 |
|  Total return | (38.64)% | 13.83% | 36.54% | 31.11% | (1.61) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $171401 | $309813 | $286784 | $227232 | $165111 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08% | 1.06% | 1.08% | 1.10% | 1.11 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.57)% | (0.66)% | (0.45)% | (0.20)% | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.64)% | (0.72)% | (0.53)% | (0.30)% | (0.12) |
|  Portfolio turnover rate^ | 36% | 29% | 38% | 30% | 45 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $74.71 | $71.74 | $54.10 | $42.25 | $46.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.30) | (0.51) | (0.27) | (0.10) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (28.47) | 10.37 | 19.96 | 13.19 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (28.77) | 9.86 | 19.69 | 13.09 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.47) | (6.89) | (2.05) | (1.24) | (3.86) |
|  Net asset value, end of year | $44.47 | $74.71 | $71.74 | $54.10 | $42.25 |
|  Total return | (38.64)% | 13.82% | 36.57% | 31.09% | (1.60) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942026 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08% | 1.06% | 1.08% | 1.10% | 1.11 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.56)% | (0.66)% | (0.45)% | (0.20)% | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.64)% | (0.72)% | (0.54)% | (0.30)% | (0.12) |
|  Portfolio turnover rate^ | 36% | 29% | 38% | 30% | 45 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $78.25 | $74.66 | $56.11 | $43.67 | $47.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.17) | (0.33) | (0.12) | 0.02 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (29.84) | 10.81 | 20.72 | 13.66 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (30.01) | 10.48 | 20.60 | 13.68 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.47) | (6.89) | (2.05) | (1.24) | (3.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.47) | (6.89) | (2.05) | (1.24) | (3.91) |
|  Net asset value, end of year | $46.77 | $78.25 | $74.66 | $56.11 | $43.67 |
|  Total return | (38.48)% | 14.11 | 36.88 | 31.43% | (1.36) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198399 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75 | 0.75 | 0.75% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.83% | 0.81 | 0.83 | 0.85% | 0.86 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.31)% | (0.41) | (0.20) | 0.04% | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.39)% | (0.47) | (0.28) | (0.06)% | 0.11 |
|  Portfolio turnover rate^ | 36% | 29 | 38 | 30% | 45 |

---

*#* *Per share amount is less than $0.005.* 

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.06), $(0.05) and $0.06 for Class IA, Class IB and Class K, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.11% lower.* 

See Notes to Financial Statements.

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**EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> T. Rowe Price Associates, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g28s98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **Since<br>Incept.** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | (13.38)% | 8.11 | % |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Health Care Index | (6.10) | 10.49 |  |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | (18.11) | 10.00 |  |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | <br>|

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (13.38)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the Russell 3000<sup>®</sup> Health Care Index and the S&P 500<sup>®</sup> Index, which returned (6.10)% and (18.11)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year:***

• Overall, sector allocation drove relative outperformance, which was partially offset by stock selection.

• Services was the leading contributor, driven by an overweight allocation. An overweight exposure to the services subsector,
particularly a larger exposure to managed care companies such as UnitedHealth Group, Inc. and Elevance Health, Inc., assisted relative returns. The group benefitted from strong fundamentals driven by a robust commercial pricing environment, broadly in-line health care utilization trends, and abating political overhangs. Additionally, these are largely U.S. domestic-oriented businesses with strong cash flows that have demonstrated the ability to adjust price
and/or benefits in response to cost inflation, which investors have appreciated.

• Pharmaceuticals outperformed due to an overweight allocation; however, this was partially offset by stock selection. An
overweight exposure to larger-cap pharmaceuticals, which benefitted from their more defensive characteristics, was another source of relative strength. Investor preference for companies with strong balance
sheets and cash flow generation in an environment with persistent inflation and rising interest rates benefitted firms.

***What hurt performance during the year:***

• Biotechnology was a detractor due to weak stock selection. Shares of Prometheus Biosciences, Inc. surged in early December
after the company announced proof-of-concept data for PRA023 from clinical trials in both ulcerative colitis and Crohn's disease. The data suggest the company
likely has an active drug with a novel mechanism for well-established blockbuster commercial markets. While we held the stock in the Portfolio, our underweight exposure to the name weighed on relative results.

• Life sciences also weighed on performance due to an overweight allocation. The Portfolio is overweight life sciences
companies, which develop the platforms, instrumentation, and technology that drives future discovery and the application of drugs and diagnostics. Fundamentals overall remain exceptional. While there are pockets of inventory destocking, we think
that can be offset by large, diversified companies in the space. Analytical instruments demand has remained well above historical trends for the second year in a row, driven by demand from biopharma, semiconductors, and reshoring.

**Portfolio Positioning and Outlook — T. Rowe Price Associates, Inc.** 

Macroeconomic factors dominated equity market performance in 2022, with higher interest rates, rapidly rising inflation, and growing recessionary fears weighing on investor confidence. While we expect the macroeconomic backdrop to remain challenging in the near term, we maintain an optimistic outlook for the Health Care sector going forward.

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We are seeing great progress across a number of therapeutic platforms, including oncology, neurology, ophthalmology, and autoimmune and infectious diseases, and the market environment for companies developing innovative therapies remains encouraging. Even with the ground-breaking developments we have seen over the last several years, there is still a strong pipeline for future innovation given the large number of disorders — such as cancer, Alzheimer's, obesity, and diabetes — affecting large populations in need of improved treatment options. As a result of ongoing scientific advancement and improvement, we believe we are on the cusp of a significant wave of innovation that should lead to meaningful drug launches in the coming years that will cure diseases or dramatically improve quality of life.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp; Health Care | 98.4 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.6 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.2 |
| &nbsp;&nbsp;&nbsp; Materials | 0.0 |
| &nbsp;&nbsp;&nbsp; Financials | 0.0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.2) |
|  | 100.0 |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1072.10 | $6.27 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.16 | 6.11 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.20%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.20%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.20%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.20%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

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EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** |  |
|  ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** | **** |
|  Warby Parker, Inc., Class A (x)\* | 25592 | $345236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 345236 |  |
|  **Financials (0.0%)†** | **Financials (0.0%)†** | **Financials (0.0%)†** |  |
|  ***Capital Markets (0.0%)†*** | ***Capital Markets (0.0%)†*** | ***Capital Markets (0.0%)†*** | **** |
|  Health Sciences Acquisitions Corp. 2\* | 9046 | 90370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 90370 |  |
|  **Health Care (98.4%)** | **Health Care (98.4%)** | **Health Care (98.4%)** |  |
|  ***Biotechnology (27.3%)*** | ***Biotechnology (27.3%)*** | ***Biotechnology (27.3%)*** | **** |
|  Aadi Bioscience, Inc. (x)\* | 1765 | 22645 |  |
|  AbbVie, Inc. | 20755 | 3354216 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 19179 | 305330 |  |
|  ADC Therapeutics SA\* | 16676 | 64036 |  |
|  Agios Pharmaceuticals, Inc.\* | 6406 | 179880 |  |
|  Akero Therapeutics, Inc. (x)\* | 8842 | 484542 |  |
|  Alector, Inc.\* | 8716 | 80449 |  |
|  Allakos, Inc.\* | 12150 | 102303 |  |
|  Allogene Therapeutics, Inc. (x)\* | 26259 | 165169 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 18529 | 4403417 |  |
|  Apellis Pharmaceuticals, Inc.\* | 8762 | 453083 |  |
|  Arcus Biosciences, Inc.\* | 6277 | 129808 |  |
|  Ardelyx, Inc.\* | 21600 | 61560 |  |
|  Argenx SE (ADR)\* | 8694 | 3293548 |  |
|  Ascendis Pharma A/S (ADR) (x)\* | 10778 | 1316317 |  |
|  Aura Biosciences, Inc.\* | 7297 | 76618 |  |
|  Avidity Biosciences, Inc.\* | 25440 | 564514 |  |
|  BeiGene Ltd. (ADR) (x)\* | 2022 | 444719 |  |
|  Bicycle Therapeutics plc (ADR) (x)\* | 3976 | 117690 |  |
|  Biogen, Inc.\* | 4622 | 1279924 |  |
|  Biohaven Ltd. (x)\* | 11029 | 153083 |  |
|  BioMarin Pharmaceutical, Inc.\* | 7653 | 792009 |  |
|  BioNTech SE (ADR) | 7284 | 1094202 |  |
|  Blueprint Medicines Corp.\* | 14277 | 625475 |  |
|  Burning Rock Biotech Ltd. (ADR) (x)\* | 8454 | 19021 |  |
|  C4 Therapeutics, Inc. (x)\* | 10181 | 60068 |  |
|  Celldex Therapeutics, Inc.\* | 8645 | 385308 |  |
|  Centessa Pharmaceuticals plc (ADR) (x)\* | 12694 | 39351 |  |
|  Cerevel Therapeutics Holdings, Inc.\* | 21690 | 684103 |  |
|  CRISPR Therapeutics AG\* | 4270 | 173575 |  |
|  CureVac NV\* | 5500 | 33165 |  |
|  Cytokinetics, Inc. (x)\* | 6114 | 280143 |  |
|  Day One Biopharmaceuticals, Inc. (x)\* | 8665 | 186471 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 8711 | 142773 |  |
|  Denali Therapeutics, Inc.\* | 14487 | 402883 |  |
|  Enanta Pharmaceuticals, Inc.\* | 2500 | 116300 |  |
|  Entrada Therapeutics, Inc. (x)\* | 8165 | 110391 |  |
|  EQRx, Inc. (x)\* | 29378 | 72270 |  |
|  Exact Sciences Corp.\* | 14127 | 699428 |  |
|  Exelixis, Inc.\* | 27768 | 445399 |  |
|  Exscientia plc (ADR) (x)\* | 2858 | 15233 |  |
|  Fate Therapeutics, Inc.\* | 14816 | 149493 |  |
|  FibroGen, Inc.\* | 6424 | 102912 |  |
|  F-star Therapeutics, Inc.\* | 888 | 5612 |  |
|  Galapagos NV (ADR)\* | 1200 | 53256 |  |
|  Generation Bio Co.\* | 30137 | 118438 |  |
|  Genmab A/S\* | 3940 | 1668040 |  |
|  Gossamer Bio, Inc. (x)\* | 7737 | 16789 |  |
|  Ideaya Biosciences, Inc.\* | 1299 | 23603 |  |
|  IGM Biosciences, Inc. (x)\* | 6624 | 112674 |  |
|  Immatics NV\* | 5800 | 50518 |  |
|  Immuneering Corp., Class A (x)\* | 22529 | 109266 |  |
|  Immunocore Holdings plc (ADR)\* | 13866 | 791333 |  |
|  Immunovant, Inc.\* | 2500 | 44375 |  |
|  Incyte Corp.\* | 11330 | 910026 |  |
|  Insmed, Inc.\* | 32344 | 646233 |  |
|  Intellia Therapeutics, Inc.\* | 5590 | 195035 |  |
|  Invivyd, Inc.\* | 4300 | 6450 |  |
|  Ionis Pharmaceuticals, Inc.\* | 16671 | 629664 |  |
|  Iovance Biotherapeutics, Inc.\* | 25319 | 161788 |  |
|  IVERIC bio, Inc.\* | 22989 | 492194 |  |
|  Karuna Therapeutics, Inc. (x)\* | 7302 | 1434843 |  |
|  Keros Therapeutics, Inc.\* | 2163 | 103867 |  |
|  Kodiak Sciences, Inc.\* | 9124 | 65328 |  |
|  Kronos Bio, Inc.\* | 1672 | 2709 |  |
|  Kymera Therapeutics, Inc.\* | 10725 | 267696 |  |
|  Legend Biotech Corp. (ADR)\* | 6891 | 343999 |  |
|  LianBio (ADR)\* | 27401 | 44938 |  |
|  Lyell Immunopharma, Inc. (x)\* | 26225 | 91001 |  |
|  MeiraGTx Holdings plc\* | 5798 | 37803 |  |
|  Mirati Therapeutics, Inc.\* | 7743 | 350835 |  |
|  Moderna, Inc.\* | 12942 | 2324642 |  |
|  Monte Rosa Therapeutics, Inc. (x)\* | 20464 | 155731 |  |
|  MoonLake Immunotherapeutics (x)\* | 5068 | 53214 |  |
|  Morphic Holding, Inc.\* | 4604 | 123157 |  |
|  Neurocrine Biosciences, Inc.\* | 4761 | 568654 |  |
|  Nurix Therapeutics, Inc.\* | 9400 | 103212 |  |
|  Nuvalent, Inc., Class A\* | 1660 | 49435 |  |
|  Prelude Therapeutics, Inc.\* | 2700 | 16308 |  |
|  Prime Medicine, Inc. (x)\* | 8982 | 166886 |  |
|  Prometheus Biosciences, Inc.\* | 4100 | 451000 |  |
|  Prothena Corp. plc\* | 8259 | 497605 |  |
|  PTC Therapeutics, Inc.\* | 4832 | 184437 |  |
|  RAPT Therapeutics, Inc. (x)\* | 12605 | 249579 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 8114 | 5854170 |  |
|  REGENXBIO, Inc.\* | 2900 | 65772 |  |
|  Relay Therapeutics, Inc.\* | 14966 | 223592 |  |
|  Replimune Group, Inc.\* | 18977 | 516174 |  |
|  REVOLUTION Medicines, Inc. (x)\* | 15613 | 371902 |  |
|  Rocket Pharmaceuticals, Inc.\* | 8647 | 169222 |  |
|  Sage Therapeutics, Inc.\* | 7376 | 281321 |  |
|  Sana Biotechnology, Inc. (x)\* | 20331 | 80307 |  |
|  Sarepta Therapeutics, Inc.\* | 5473 | 709191 |  |
|  Scholar Rock Holding Corp. (x)\* | 27312 | 247174 |  |
|  Seagen, Inc.\* | 6113 | 785582 |  |
|  Senti Biosciences, Inc. (x)\* | 31421 | 44304 |  |
|  SpringWorks Therapeutics, Inc.\* | 3927 | 102141 |  |
|  Stoke Therapeutics, Inc. (x)\* | 6584 | 60770 |  |
|  Tenaya Therapeutics, Inc. (x)\* | 21614 | 43444 |  |
|  Twist Bioscience Corp.\* | 5642 | 134336 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 16207 | 750870 |  |
|  Vertex Pharmaceuticals, Inc.\* | 15331 | 4427286 |  |
|  Voyager Therapeutics, Inc.\* | 7300 | 44530 |  |
|  Xencor, Inc.\* | 11773 | 306569 |  |
|  Zai Lab Ltd. (ADR)\* | 6723 | 206396 |  |
|  Zentalis Pharmaceuticals, Inc. (x)\* | 9570 | 192740 |  |
|  |  | 53022790 |  |

---

See Notes to Financial Statements.

1375

------

**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Health Care Equipment & Supplies (14.4%)*** | ***Health Care Equipment & Supplies (14.4%)*** | ***Health Care Equipment & Supplies (14.4%)*** | **** |
|  Becton Dickinson and Co. | 13484 | $3428981 |  |
|  Cooper Cos., Inc. (The) | 1587 | 524773 |  |
|  Dexcom, Inc.\* | 14090 | 1595552 |  |
|  GE HealthCare Technologies, Inc.\* | 2103 | 122773 |  |
|  Hologic, Inc.\* | 24532 | 1835239 |  |
|  Inari Medical, Inc.\* | 5134 | 326317 |  |
|  Insulet Corp.\* | 5407 | 1591767 |  |
|  Intuitive Surgical, Inc.\* | 21988 | 5834516 |  |
|  iRhythm Technologies, Inc.\* | 3145 | 294592 |  |
|  Lantheus Holdings, Inc.\* | 2955 | 150587 |  |
|  Nevro Corp.\* | 3398 | 134561 |  |
|  Novocure Ltd.\* | 15266 | 1119761 |  |
|  Penumbra, Inc.\* | 8287 | 1843526 |  |
|  PROCEPT BioRobotics Corp. (x)\* | 9735 | 404392 |  |
|  QuidelOrtho Corp.\* | 5441 | 466130 |  |
|  Shockwave Medical, Inc.\* | 7055 | 1450579 |  |
|  STERIS plc | 3138 | 579557 |  |
|  Stryker Corp. | 18161 | 4440183 |  |
|  Teleflex, Inc. | 4128 | 1030473 |  |
|  Zimmer Biomet Holdings, Inc. | 5783 | 737332 |  |
|  |  | 27911591 |  |
|  ***Health Care Providers & Services (20.8%)*** | ***Health Care Providers & Services (20.8%)*** | ***Health Care Providers & Services (20.8%)*** | **** |
|  Acadia Healthcare Co., Inc.\* | 2165 | 178223 |  |
|  agilon health, Inc.\* | 8831 | 142532 |  |
|  Alignment Healthcare, Inc.\* | 20187 | 237399 |  |
|  AmerisourceBergen Corp. | 1667 | 276239 |  |
|  Centene Corp.\* | 40754 | 3342236 |  |
|  Cigna Corp. | 8658 | 2868742 |  |
|  Elevance Health, Inc. | 11967 | 6138712 |  |
|  Guardant Health, Inc.\* | 13018 | 354090 |  |
|  HCA Healthcare, Inc. | 7542 | 1809778 |  |
|  Humana, Inc. | 8501 | 4354127 |  |
|  McKesson Corp. | 743 | 278714 |  |
|  Molina Healthcare, Inc.\* | 9100 | 3005002 |  |
|  Oak Street Health, Inc. (x)\* | 6994 | 150441 |  |
|  Option Care Health, Inc.\* | 8301 | 249777 |  |
|  Sema4 Holdings Corp. (x)\* | 24540 | 6474 |  |
|  Surgery Partners, Inc.\* | 5726 | 159526 |  |
|  UnitedHealth Group, Inc. | 31569 | 16737252 |  |
|  |  | 40289264 |  |
|  ***Health Care Technology (1.0%)*** | ***Health Care Technology (1.0%)*** | ***Health Care Technology (1.0%)*** | **** |
|  Certara, Inc.\* | 8127 | 130601 |  |
|  Doximity, Inc., Class A (x)\* | 17713 | 594448 |  |
|  Sophia Genetics SA\* | 18167 | 37424 |  |
|  Veeva Systems, Inc., Class A\* | 7479 | 1206961 |  |
|  |  | 1969434 |  |
|  ***Life Sciences Tools & Services (17.0%)*** | ***Life Sciences Tools & Services (17.0%)*** | ***Life Sciences Tools & Services (17.0%)*** | **** |
|  10X Genomics, Inc., Class A\* | 17580 | 640615 |  |
|  Adaptive Biotechnologies Corp.\* | 17654 | 134877 |  |
|  Agilent Technologies, Inc. | 26300 | 3935795 |  |
|  Avantor, Inc.\* | 54564 | 1150755 |  |
|  Azenta, Inc.\* | 1700 | 98974 |  |
|  Bio-Techne Corp. | 6320 | 523802 |  |
|  Bruker Corp. | 24059 | 1644433 |  |
|  Charles River Laboratories International, Inc.\* | 3803 | 828674 |  |
|  Danaher Corp. | 27849 | 7391682 |  |
|  Evotec SE\* | 8864 | 144794 |  |
|  Illumina, Inc.\* | 4429 | 895544 |  |
|  IQVIA Holdings, Inc.\* | 1137 | 232960 |  |
|  Mettler-Toledo International, Inc.\* | 604 | 873052 |  |
|  Olink Holding AB (ADR)\* | 25125 | 637672 |  |
|  Pacific Biosciences of California, Inc.\* | 35028 | 286529 |  |
|  Quanterix Corp.\* | 6125 | 84831 |  |
|  Rapid Micro Biosystems, Inc., Class A\* | 12042 | 13607 |  |
|  Repligen Corp.\* | 2811 | 475930 |  |
|  Sartorius AG (Preference) (q) | 3059 | 1209603 |  |
|  Seer, Inc.\* | 19184 | 111267 |  |
|  Thermo Fisher Scientific, Inc. | 18068 | 9949867 |  |
|  Waters Corp.\* | 1063 | 364163 |  |
|  West Pharmaceutical Services, Inc. | 4527 | 1065429 |  |
|  Wuxi Biologics Cayman, Inc. (m)\* | 45000 | 345047 |  |
|  |  | 33039902 |  |
|  ***Pharmaceuticals (17.9%)*** | ***Pharmaceuticals (17.9%)*** | ***Pharmaceuticals (17.9%)*** | **** |
|  Arvinas, Inc.\* | 7525 | 257430 |  |
|  AstraZeneca plc (ADR) | 96558 | 6546632 |  |
|  Catalent, Inc.\* | 11479 | 516670 |  |
|  CinCor Pharma, Inc.\* | 8330 | 102376 |  |
|  Daiichi Sankyo Co. Ltd. | 50000 | 1619171 |  |
|  DICE Therapeutics, Inc. (x)\* | 9714 | 303077 |  |
|  Eisai Co. Ltd. | 6200 | 411192 |  |
|  Elanco Animal Health, Inc.\* | 12213 | 149243 |  |
|  Eli Lilly and Co. | 23788 | 8702602 |  |
|  Johnson & Johnson | 6441 | 1137803 |  |
|  Longboard Pharmaceuticals, Inc.\* | 4498 | 14214 |  |
|  Merck & Co., Inc. | 60798 | 6745538 |  |
|  Nuvation Bio, Inc.\* | 7200 | 13824 |  |
|  Pfizer, Inc. | 86159 | 4414787 |  |
|  Pliant Therapeutics, Inc. (x)\* | 5803 | 112172 |  |
|  Relmada Therapeutics, Inc. (x)\* | 2774 | 9681 |  |
|  Roche Holding AG | 4975 | 1563010 |  |
|  Royalty Pharma plc, Class A | 21797 | 861417 |  |
|  Theseus Pharmaceuticals, Inc. (x)\* | 14238 | 70905 |  |
|  Third Harmonic Bio, Inc. (x)\* | 6379 | 27430 |  |
|  Ventyx Biosciences, Inc.\* | 5310 | 174115 |  |
|  Viatris, Inc. | 21196 | 235911 |  |
|  Zoetis, Inc. | 4607 | 675156 |  |
|  |  | 34664356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 190897337 |  |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |  |
|  ***Chemicals (0.0%)†*** | ***Chemicals (0.0%)†*** | ***Chemicals (0.0%)†*** | **** |
|  Ginkgo Bioworks Holdings, Inc. (x)\* | 53863 | 91028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 91028 |  |
|  **Total Common Stocks (98.6%)**<br> *(Cost $144,518,738)* |  | 191423971 |  |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |  |
|  RIGHTS: | RIGHTS: | RIGHTS: |  |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | **** |
|  Lantheus Holdings, Inc., CVR (r)(x)\* <br>*(Cost $—)* | 13100 | 11307 |  |

---

See Notes to Financial Statements.

1376

------

**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  EQRx, Inc., expiring 12/20/26\* | 3127 | $838 |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |
|  Sema4 Holdings Corp., expiring 7/22/26\* | 3332 | 63 |
|  ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** | ***Life Sciences Tools & Services (0.0%)†*** |
|  SomaLogic, Inc., expiring 8/31/26\* | 1418 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 1468 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—***)** |  | 1468 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (1.6%)** | **Repurchase Agreements (1.6%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $2,335,167, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $2,380,760. (xx) | $2334078 | 2334078 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $700,342, collateralized by various Common Stocks; total market value $777,453. (xx) | 700000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 3034078 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $3,034,078)* | **Total Short-Term Investments (1.6%)**<br> *(Cost $3,034,078)* | 3034078 |
|  **Total Investments in Securities (100.2%)**<br> *(Cost $147,552,816)* | **Total Investments in Securities (100.2%)**<br> *(Cost $147,552,816)* | 194470824 |
|  **Other Assets Less Liabilities (-0.2%)** | **Other Assets Less Liabilities (-0.2%)** | (457613) |
|  **Net Assets (100%)** |  | $194013211 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $345,047 or 0.2% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $4,080,698. This was collateralized by $1,166,675 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $3,034,078 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities(a)** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $345236 | $— | $— | $345236 |
|  Financials | 90370 |  |  | 90370 |
|  Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183936480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190897337 |
|  Materials | 91028 |  |  | 91028 |

---

See Notes to Financial Statements.

1377

------

**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities(a)** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Rights** |  |  |  |  |
|  Health Care | $— | $— | $11307 | $11307 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 3034078 |  | 3034078 |
|  **Warrants** |  |  |  |  |
|  Health Care | 1468 |  |  | 1468 |
|  **Total Assets** | $**184464582** | $**9994935** | $**11307** | $**194470824** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**184464582** | $**9994935** | $**11307** | $**194470824** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers from Level 3 are the result of observable inputs relevant to the fair value measurement of a security becoming available. A security with a market value of $6,474 transferred from Level 3 to Level 1 at the
end of the period due to observable market data.

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $46572620 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61512693 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $65936185 |
|  Aggregate gross unrealized depreciation | (19875124) |
|  Net unrealized appreciation | $46061061 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148409763 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $8 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1378

------

**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $144,518,738) | $191436746.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $3,034,078) | 3034078.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2818889.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $3,436) | 3665.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 189595.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 153252.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 66571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 11128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1259.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 197715183.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 3034078.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 309513.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 130043.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 113875.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 41698.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 15852.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56913.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3701972.0 |
|  **NET ASSETS** | $194013211.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $147622147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 46391064.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $194013211.0 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $194,013,211 / 3,315,098 shares outstanding (unlimited amount authorized: $0.01 par value) | $58.52 |

---

*(x)* *Includes value of securities on loan of $4,080,698.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $20,808 foreign withholding tax) | $1411494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 8788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 142072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1562354 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1872714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 492818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 182869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 64596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 32900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 17065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2681272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (316937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2364335 |
|  **NET INVESTMENT INCOME (LOSS)** | (801981) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2581278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2577085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (33951398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (2285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33953683) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (31376598) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(32178579) |

---

See Notes to Financial Statements.

1379

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**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(801981) | $(1315360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2577085 | 10515315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33953683) | 11828467 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (32178579) | 21028422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (4260093) | (8582559) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 311,941 and 389,994 shares, respectively ] | 18326018 | 26759481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 73,031 and 126,090 shares, respectively ] | 4260093 | 8582559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (529235) and (458699) shares, respectively ] | (31090426) | (31564612) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (8504315) | 3777428 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (44942987) | 16223291 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 238956198 | 222732907 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $194013211 | $238956198 |

---

See Notes to Financial Statements.

1380

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**EQ ADVISORS TRUST** 

EQ/T. ROWE PRICE HEALTH SCIENCES PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $69.08 | $65.47 | $52.58 | $40.98 | $45.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.24) | (0.39) | (0.23) | (0.18) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (9.03) | 6.57 | 14.37 | 11.78 | (4.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (9.27) | 6.18 | 14.14 | 11.60 | (4.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.29) | (2.57) | (1.25) |  |  |
|  Net asset value, end of period | $58.52 | $69.08 | $65.47 | $52.58 | $40.98 |
|  Total return (b) | (13.38)% | 9.51% | 26.91% | 28.31% | (10.17)% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158054 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.36% | 1.35% | 1.37% | 1.39% | 1.44% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | (0.41)% | (0.56)% | (0.42)% | (0.39)% | (0.43)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | (0.57)% | (0.71)% | (0.59)% | (0.58)% | (0.68)%(l) |
|  Portfolio turnover rate^ | 23% | 31% | 36% | 40% | 8 %(z) |

---

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

1381

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**EQ/VALUE EQUITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Aristotle Capital Management, LLC

PERFORMANCE RESULTS

![LOGO](g401674g12m27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (15.13)% | 4.44% | 8.43 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (15.11) | 4.44 | 8.43 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (14.86) | 4.70 | 8.71 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | (7.54) | 6.67 | 10.29 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (15.11)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 1000<sup>®</sup> Value Index, which returned (7.54)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Security selection within Industrials, Communication Services and Financials contributed the most to performance in 2022.

• An underweight to the Communication Services sector (just one position) was the largest positive contributor from a sector
allocation perspective.

• Corteva, Inc., Coterra Energy, Inc. and Phillips 66 were the largest individual contributors during the period.

***What hurt performance during the year:***

• Security selection and allocation effect detracted from performance during the year. Security selection within Information
Technology, Health Care and Consumer Discretionary detracted.

• An overweight to the Information Technology sector detracted the most value from a sector allocation perspective.

• Adobe, Inc., ANSYS, Inc. and Sony Group Corp. were the largest individual detractors during the period.

**Portfolio Positioning and Outlook – Aristotle Capital Management, LLC** 

2022 proved a tumultuous year for most investors, with no shortage of macroeconomic and geopolitical events gripping the world's attention and stirring volatility in markets. Global inflation reached multi-decade highs, central banks made drastic shifts in monetary policy, governments navigated instability and changes in leadership, and rising tensions between Eastern and Western nations came to a head with a ground war in Europe. This year serves as a staunch reminder that there is "always something" to consider in financial markets and economics. However, for us at Aristotle Capital, it is important to assess whether events are truly analyzable. In our opinion, macroeconomic factors and the market's corresponding reactions are impossible to predict consistently. We will therefore, as we always have, stay focused on what we do best — the continuous study and better understanding of individual businesses. We remain convinced this "bottom-up" approach will allow us to best serve our clients, as fundamentals, not headline news, reflect long-term value.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 17.1% |
| &nbsp;&nbsp;&nbsp; Financials | 16.5 |
| &nbsp;&nbsp;&nbsp; Health Care | 12.2 |
| &nbsp;&nbsp;&nbsp; Industrials | 11.7 |
| &nbsp;&nbsp;&nbsp; Materials | 10.5 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 8.9 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 7.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 5.1 |
| &nbsp;&nbsp;&nbsp; Energy | 4.4 |
| &nbsp;&nbsp;&nbsp; Real Estate | 3.5 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreement | 0.1 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 2.9 |
|  | 100.0% |

---

1382

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**EQ/VALUE EQUITY PORTFOLIO (Unaudited)** 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1044.50 | $4.72 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.59 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1044.30 | 4.72 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.59 | 4.67 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1046.00 | 3.44 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.85 | 3.40 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.92%, 0.92% and 0.67%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1383

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Consumer Discretionary (7.1%)** | **Consumer Discretionary (7.1%)** | **Consumer Discretionary (7.1%)** |  |
|  ***Auto Components (2.0%)*** | ***Auto Components (2.0%)*** | ***Auto Components (2.0%)*** | **** |
|  Cie Generale des Etablissements Michelin SCA (ADR) | 2036968 | $28293485 |  |
|  ***Household Durables (5.1%)*** | ***Household Durables (5.1%)*** | ***Household Durables (5.1%)*** | **** |
|  Lennar Corp., Class A | 453186 | 41013333 |  |
|  Sony Group Corp. (ADR) | 442671 | 33766944 |  |
|  |  | 74780277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 103073762 |  |
|  **Consumer Staples (8.9%)** | **Consumer Staples (8.9%)** | **Consumer Staples (8.9%)** |  |
|  ***Beverages (4.6%)*** | ***Beverages (4.6%)*** | ***Beverages (4.6%)*** | **** |
|  Coca-Cola Co. (The) | 596987 | 37974343 |  |
|  Constellation Brands, Inc., Class A | 124878 | 28940476 |  |
|  |  | 66914819 |  |
|  ***Food & Staples Retailing (1.9%)*** | ***Food & Staples Retailing (1.9%)*** | ***Food & Staples Retailing (1.9%)*** | **** |
|  Sysco Corp. | 378147 | 28909338 |  |
|  ***Household Products (2.4%)*** | ***Household Products (2.4%)*** | ***Household Products (2.4%)*** | **** |
|  Procter & Gamble Co. (The) | 229828 | 34832732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 130656889 |  |
|  **Energy (4.4%)** | **Energy (4.4%)** | **Energy (4.4%)** |  |
|  ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | ***Oil, Gas & Consumable Fuels (4.4%)*** | **** |
|  Coterra Energy, Inc. | 1414596 | 34756624 |  |
|  Phillips 66 | 275673 | 28692046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 63448670 |  |
|  **Financials (16.5%)** | **Financials (16.5%)** | **Financials (16.5%)** |  |
|  ***Banks (7.3%)*** | ***Banks (7.3%)*** | ***Banks (7.3%)*** | **** |
|  Commerce Bancshares, Inc. | 323932 | 22050051 |  |
|  Cullen/Frost Bankers, Inc. | 232305 | 31059178 |  |
|  Mitsubishi UFJ Financial Group, Inc. (ADR) (x) | 3143379 | 20966338 |  |
|  PNC Financial Services Group, Inc. (The) | 211256 | 33365773 |  |
|  |  | 107441340 |  |
|  ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | ***Capital Markets (4.8%)*** | **** |
|  Ameriprise Financial, Inc. | 137073 | 42680420 |  |
|  Blackstone, Inc., Class A | 364583 | 27048413 |  |
|  |  | 69728833 |  |
|  ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** | ***Consumer Finance (2.2%)*** | **** |
|  Capital One Financial Corp. | 353628 | 32873259 |  |
|  ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | ***Insurance (2.2%)*** | **** |
|  Cincinnati Financial Corp. | 308486 | 31585882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 241629314 |  |
|  **Health Care (12.2%)** | **Health Care (12.2%)** | **Health Care (12.2%)** |  |
|  ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | ***Biotechnology (2.8%)*** | **** |
|  Amgen, Inc. | 154899 | 40682673 |  |
|  ***Health Care Equipment & Supplies (3.7%)*** | ***Health Care Equipment & Supplies (3.7%)*** | ***Health Care Equipment & Supplies (3.7%)*** | **** |
|  Alcon, Inc. (x) | 431148 | 29555196 |  |
|  Medtronic plc | 311274 | 24192215 |  |
|  |  | 53747411 |  |
|  ***Life Sciences Tools & Services (3.0%)*** | ***Life Sciences Tools & Services (3.0%)*** | ***Life Sciences Tools & Services (3.0%)*** | **** |
|  Danaher Corp. | 167225 | 44384860 |  |
|  ***Pharmaceuticals (2.7%)*** | ***Pharmaceuticals (2.7%)*** | ***Pharmaceuticals (2.7%)*** | **** |
|  Merck & Co., Inc. | 358701 | 39797876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 178612820 |  |
|  **Industrials (11.7%)** | **Industrials (11.7%)** | **Industrials (11.7%)** |  |
|  ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | ***Aerospace & Defense (2.2%)*** | **** |
|  General Dynamics Corp. | 129652 | 32167958 |  |
|  ***Industrial Conglomerates (2.6%)*** | ***Industrial Conglomerates (2.6%)*** | ***Industrial Conglomerates (2.6%)*** | **** |
|  Honeywell International, Inc. | 174328 | 37358490 |  |
|  ***Machinery (6.9%)*** | ***Machinery (6.9%)*** | ***Machinery (6.9%)*** | **** |
|  Oshkosh Corp. | 247239 | 21804007 |  |
|  Parker-Hannifin Corp. | 142430 | 41447130 |  |
|  Xylem, Inc. | 344191 | 38057199 |  |
|  |  | 101308336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 170834784 |  |
|  **Information Technology (17.1%)** | **Information Technology (17.1%)** | **Information Technology (17.1%)** |  |
|  ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | ***IT Services (0.7%)*** | **** |
|  PayPal Holdings, Inc.\* | 154287 | 10988320 |  |
|  ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | ***Semiconductors & Semiconductor Equipment (5.1%)*** | **** |
|  Microchip Technology, Inc. | 580012 | 40745843 |  |
|  QUALCOMM, Inc. | 304977 | 33529171 |  |
|  |  | 74275014 |  |
|  ***Software (11.3%)*** | ***Software (11.3%)*** | ***Software (11.3%)*** | **** |
|  Adobe, Inc.\* | 116668 | 39262282 |  |
|  ANSYS, Inc.\* | 149919 | 36218931 |  |
|  Autodesk, Inc.\* | 171622 | 32071003 |  |
|  Microsoft Corp. | 239826 | 57515072 |  |
|  |  | 165067288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 250330622 |  |
|  **Materials (10.5%)** | **Materials (10.5%)** | **Materials (10.5%)** |  |
|  ***Chemicals (8.0%)*** | ***Chemicals (8.0%)*** | ***Chemicals (8.0%)*** | **** |
|  Corteva, Inc. | 930221 | 54678390 |  |
|  Ecolab, Inc. | 189515 | 27585804 |  |
|  RPM International, Inc. | 355762 | 34669007 |  |
|  |  | 116933201 |  |
|  ***Construction Materials (2.5%)*** | ***Construction Materials (2.5%)*** | ***Construction Materials (2.5%)*** | **** |
|  Martin Marietta Materials, Inc. | 109568 | 37030697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 153963898 |  |
|  **Real Estate (3.5%)** | **Real Estate (3.5%)** | **Real Estate (3.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (3.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (3.5%)*** | **** |
|  Crown Castle, Inc. (REIT) | 221340 | 30022558 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 318861 | 20598420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 50620978 |  |
|  **Utilities (5.1%)** | **Utilities (5.1%)** | **Utilities (5.1%)** |  |
|  ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | ***Electric Utilities (2.6%)*** | **** |
|  Xcel Energy, Inc. | 537624 | 37692819 |  |

---

See Notes to Financial Statements.

1384

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Gas Utilities (2.5%)*** | ***Gas Utilities (2.5%)*** | ***Gas Utilities (2.5%)*** | **** |
|  Atmos Energy Corp. | 327979 | $36756606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 74449425 |  |
|  **Total Common Stocks (97.0%)**<br> *(Cost $1,432,652,189)* |  | 1417621162 |  |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |  |
|  SHORT-TERM INVESTMENT: | SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (0.1%)** | **Repurchase Agreement (0.1%)** |  |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $830,562, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $846,779. (xx) | $830175 | 830175 |  |
|  **Total Short-Term Investment (0.1%)**<br> *(Cost $830,175)* | **Total Short-Term Investment (0.1%)**<br> *(Cost $830,175)* | 830175 |  |
|  **Total Investments in Securities (97.1%)**<br> *(Cost $1,432,875,702)* | **Total Investments in Securities (97.1%)**<br> *(Cost $1,432,875,702)* | 1418451337 |  |
|  **Other Assets Less Liabilities (2.9%)** | **Other Assets Less Liabilities (2.9%)** | 42821168 |  |
|  **Net Assets (100%)** |  | $1461272505 |  |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $811,086. This was collateralized by cash of $830,175 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $103073762 | $— | $— | $103073762 |
|  Consumer Staples | 130656889 |  |  | 130656889 |
|  Energy | 63448670 |  |  | 63448670 |
|  Financials | 241629314 |  |  | 241629314 |
|  Health Care | 178612820 |  |  | 178612820 |
|  Industrials | 170834784 |  |  | 170834784 |
|  Information Technology | 250330622 |  |  | 250330622 |
|  Materials | 153963898 |  |  | 153963898 |
|  Real Estate | 50620978 |  |  | 50620978 |
|  Utilities | 74449425 |  |  | 74449425 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 830175 |  | 830175 |
|  **Total Assets** | $**1417621162** | $**830175** | $**—** | $**1418451337** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1417621162** | $**830175** | $**—** | $**1418451337** |

---

See Notes to Financial Statements.

1385

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $233726031 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306914969 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $143927406 |
|  Aggregate gross unrealized depreciation | (158357674) |
|  Net unrealized depreciation | $(14430268) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432881605 |

---

See Notes to Financial Statements.

1386

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EQ/VALUE EQUITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,432,045,527) | $1417621162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $830,175) | 830175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 43654028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1388258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 52534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1463552977 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 830175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 693868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 383031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 218913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 119900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 27365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 5803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2280472 |
|  **NET ASSETS** | $1461272505 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1473100765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (11828260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1461272505 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $126,271,975 / 6,798,583 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.57 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,015,420,694 / 54,443,065 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.65 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $319,579,836 / 17,195,734 shares outstanding (unlimited amount authorized: $0.01 par value) | $18.58 |

---

*(x)* *Includes value of securities on loan of $811,086.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $369,595 foreign withholding tax) | $28626148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 430482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 24171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 29080801 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8573275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 2689040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1449282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 346879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 84285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 60500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 51027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 37327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13382186 |
|  **NET INVESTMENT INCOME (LOSS)** | 15698615 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 26436038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (315257549) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (288821511) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(273122896) |

---

See Notes to Financial Statements.

1387

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15698615 | $13081213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26436038 | 304661214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (315257549) | 75910998 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (273122896) | 393653425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (4255355) | (30223218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (33816715) | (224232988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (11538960) | (74191180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (49611030) | (328647386) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 139,418 and 245,425 shares, respectively ] | 2757061 | 6082932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 224,802 and 1,331,139 shares, respectively ] | 4255355 | 30223218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1004846) and (956167) shares, respectively ] | (19988145) | (23951946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (12975729) | 12354204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,256,173 and 1,249,745 shares, respectively ] | 24947720 | 30931567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,778,942 and 9,837,672 shares, respectively ] | 33816715 | 224232988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4110159) and (3927482) shares, respectively ] | (82053784) | (98526489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (23289349) | 156638066 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 758,631 and 114,350 shares, respectively ] | 15424293 | 2843951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 608,681 and 3,265,804 shares, respectively ] | 11538960 | 74191180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2288673) and (2953695) shares, respectively ] | (45857006) | (74083561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (18893753) | 2951570 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (55158831) | 171943840 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (377892757) | 236949879 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1839165262 | 1602215383 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1461272505 | $1839165262 |

---

See Notes to Financial Statements.

1388

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $22.62 | $21.94 | $23.46 | $20.32 | $24.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.17 | 0.37 | 0.44 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.61) | 5.34 | 0.18 | 4.28 | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.42) | 5.51 | 0.55 | 4.72 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.17) | (0.38) | (0.45) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (4.66) | (1.69) | (1.13) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.63) | (4.83) | (2.07) | (1.58) | (2.52) |
|  Net asset value, end of year | $18.57 | $22.62 | $21.94 | $23.46 | $20.32 |
|  Total return | (15.13)% | 25.37% | 2.82% | 23.41% | (7.99)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $126272 | $168268 | $149596 | $161168 | $143367 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.91% | 0.91% | 0.95% | 0.95% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.91% | 0.91% | 0.95% | 0.95% | 0.95% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.68% | 1.78% | 1.91% | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.95% | 0.68% | 1.78% | 1.91% | 1.58% |
|  Portfolio turnover rate^ | 15% | 106% | 88% | 47% | 36% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $22.71 | $22.01 | $23.53 | $20.37 | $24.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.17 | 0.36 | 0.44 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.62) | 5.36 | 0.19 | 4.30 | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.43) | 5.53 | 0.55 | 4.74 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.17) | (0.38) | (0.45) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (4.66) | (1.69) | (1.13) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.63) | (4.83) | (2.07) | (1.58) | (2.52) |
|  Net asset value, end of year | $18.65 | $22.71 | $22.01 | $23.53 | $20.37 |
|  Total return | (15.11)% | 25.38% | 2.81% | 23.46% | (8.01)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899385 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.91% | 0.91% | 0.95% | 0.95% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.91% | 0.91% | 0.95% | 0.95% | 0.95% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 0.68% | 1.78% | 1.90% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.95% | 0.68% | 1.78% | 1.90% | 1.58% |
|  Portfolio turnover rate^ | 15% | 106% | 88% | 47% | 36% |

---

See Notes to Financial Statements.

1389

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**EQ ADVISORS TRUST** 

EQ/VALUE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $22.63 | $21.94 | $23.46 | $20.31 | $24.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.23 | 0.42 | 0.50 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.61) | 5.35 | 0.18 | 4.29 | (2.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.37) | 5.58 | 0.60 | 4.79 | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.23) | (0.43) | (0.51) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.42) | (4.66) | (1.69) | (1.13) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.68) | (4.89) | (2.12) | (1.64) | (2.59) |
|  Net asset value, end of year | $18.58 | $22.63 | $21.94 | $23.46 | $20.31 |
|  Total return | (14.86)% | 25.68% | 3.05% | 23.76% | (7.78)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447298 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.66% | 0.66% | 0.70% | 0.70% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.66% | 0.66% | 0.70% | 0.70% | 0.70% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20% | 0.93% | 2.04% | 2.17% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.20% | 0.93% | 2.04% | 2.17% | 1.83% |
|  Portfolio turnover rate^ | 15% | 106% | 88% | 47% | 36% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

1390

------

**EQ/WELLINGTON ENERGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISER

<sub>⮚</sub> Wellington Management Company LLP

PERFORMANCE RESULTS

![LOGO](g401674g20o49.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |
|  | **1<br>Year** | **Since<br>Incept.** |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares\* | 32.53% | (6.11) |
| &nbsp;&nbsp;&nbsp; MSCI ACWI Energy (Net) Index | 33.12 | 5.03 |
| &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; *\* Date of inception 10/22/18.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned 32.53% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the MSCI ACWI Energy (Net) Index, which returned 33.12% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• Security selection contributed to relative performance due to strong selection within producers and refining &
marketing.

• Although sector allocation detracted overall, an underweight to refining & marketing contributed to performance.

• Not owning Gazprom PJSC, a Russian majority state-owned multinational energy corporation.

• Not owning Reliance Industries Ltd., an Indian multinational energy conglomerate.

• An overweight to Marathon Petroleum Corp., an American petroleum refining and transport company.

***What hurt performance during the year:***

• Sector allocation effects were the primary driver of relative underperformance, driven by an out-of-benchmark exposure to
electric utilities.

• While security selection contributed overall, negative selection in integrated oils detracted.

• An underweight to Exxon Mobil Corp., an American multinational oil and gas corporation.

• An overweight to LUKOIL PJSC, a Russian multinational energy corporation.

• An out-of-benchmark position in China Longyuan Power Group Corp. Ltd., the largest wind power producer in China.

**Portfolio Positioning and Outlook — Wellington Management Company LLP** 

While there are still uncertainties around the pace and shape of the global economic recovery, we believe that oil supply/demand balances will remain relatively tight as we enter 2023, offering a supportive backdrop for energy equities. We anticipate tight supply will be driven by ongoing discipline from OPEC, sanctions on Russian oil, and continuing capital discipline from U.S. shale producers, while China's earlier-than-expected emergence from its zero-COVID-19 policy could support stronger than expected full year demand. Enhanced focus on the energy transition is also shifting the supply curve upward, as environmental regulations, decarbonization legislation, and investor pressure are disincentivizing new oil production. Following Russia's invasion of Ukraine, European governments continue to seek alternative energy sources to Russia, supporting further supply tightness. While a warm start to winter has depressed near-term natural gas prices, the squeeze in Russian gas exports to Europe will likely keep natural gas prices elevated well above pre-war levels. Importantly, we believe the less-extreme, but still-high, natural gas prices could lessen political pressure, and offer a supportive backdrop for energy equities.

We continue to favor European oil majors vs. U.S. oil majors, as we believe the former offer more attractive valuations, lower dividend payout ratios, and more explicit ways to participate in the energy transition. During the period, we initiated a new position in Diamondback Energy, Inc., a pure-play Permian exploration and production (E&P) company and trimmed our position in Pioneer Natural Resources Co., also an E&P based in the Permian Basin. Shale

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**EQ/WELLINGTON ENERGY PORTFOLIO (Unaudited)** 

productivity/well degradation remains a focus for Permian operators, and Diamondback and Pioneer are increasingly developing multiple horizons at once, which could allow for better well productivity, and keep capital efficiencies high.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp; Energy | 87.6% |
| &nbsp;&nbsp;&nbsp; Utilities | 10.5 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 7.2 |
| &nbsp;&nbsp;&nbsp; Information Technology | 0.5 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (5.8) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1155.90 | $6.47 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.21 | 6.06 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.19%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.19%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.19%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IB shares annualized expense ratio of 1.19%, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Energy (87.6%)** | **Energy (87.6%)** | **Energy (87.6%)** |
|  ***Energy Equipment & Services (6.9%)*** | ***Energy Equipment & Services (6.9%)*** | ***Energy Equipment & Services (6.9%)*** |
|  Schlumberger Ltd. | 121700 | $6506082 |
|  Tenaris SA | 169836 | 2960628 |
|  Tenaris SA (ADR) | 19553 | 687484 |
|  |  | 10154194 |
|  ***Oil, Gas & Consumable Fuels (80.7%)*** | ***Oil, Gas & Consumable Fuels (80.7%)*** | ***Oil, Gas & Consumable Fuels (80.7%)*** |
|  ARC Resources Ltd. (x) | 243241 | 3278544 |
|  BP plc | 952146 | 5466559 |
|  BP plc (ADR) | 132888 | 4641778 |
|  Cenovus Energy, Inc. (x) | 326657 | 6340412 |
|  Chesapeake Energy Corp. | 65842 | 6213510 |
|  Chevron Corp. | 38415 | 6895108 |
|  ConocoPhillips | 53814 | 6350052 |
|  Coterra Energy, Inc. | 193777 | 4761101 |
|  Diamondback Energy, Inc. | 13181 | 1802897 |
|  Enbridge, Inc. | 112349 | 4391070 |
|  EOG Resources, Inc. | 49531 | 6415255 |
|  EQT Corp. | 31449 | 1063920 |
|  Equinor ASA | 147111 | 5282710 |
|  Exxon Mobil Corp. | 63096 | 6959489 |
|  LUKOIL PJSC (ADR) (r)\* | 41176 |  |
|  Marathon Petroleum Corp. | 58936 | 6859561 |
|  Petroleo Brasileiro SA | 441480 | 2344637 |
|  Pioneer Natural Resources Co. | 14859 | 3393647 |
|  Shell plc (London Stock Exchange) | 488341 | 13732235 |
|  Shell plc (ADR) | 2295 | 130700 |
|  Targa Resources Corp. | 42895 | 3152783 |
|  TC Energy Corp. (New York Stock Exchange) (x) | 3923 | 156371 |
|  TC Energy Corp. (Toronto Stock Exchange) (x) | 38716 | 1543493 |
|  TotalEnergies SE | 123801 | 7772461 |
|  TotalEnergies SE (ADR) (x) | 68183 | 4232801 |
|  Valero Energy Corp. | 14195 | 1800778 |
|  Williams Cos., Inc. (The) | 108467 | 3568564 |
|  |  | 118550436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 128704630 |
|  **Information Technology (0.5%)** | **Information Technology (0.5%)** | **Information Technology (0.5%)** |
|  ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** |
|  First Solar, Inc.\* | 4282 | 641401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 641401 |
|  **Utilities (10.5%)** | **Utilities (10.5%)** | **Utilities (10.5%)** |
|  ***Electric Utilities (7.0%)*** | ***Electric Utilities (7.0%)*** | ***Electric Utilities (7.0%)*** |
|  American Electric Power Co., Inc. | 7641 | 725513 |
|  Avangrid, Inc. (x) | 7483 | 321619 |
|  Constellation Energy Corp. | 13318 | 1148145 |
|  Duke Energy Corp. | 12149 | 1251225 |
|  Edison International | 11596 | 737738 |
|  Enel SpA | 106467 | 573257 |
|  Exelon Corp. | 24630 | 1064755 |
|  FirstEnergy Corp. | 23474 | 984500 |
|  Iberdrola SA | 82195 | 961683 |
|  NextEra Energy, Inc. | 15947 | 1333169 |
|  Southern Co. (The) | 16679 | 1191047 |
|  |  | 10292651 |
|  ***Independent Power and Renewable Electricity Producers (1.2%)*** | ***Independent Power and Renewable Electricity Producers (1.2%)*** | ***Independent Power and Renewable Electricity Producers (1.2%)*** |
|  China Longyuan Power Group Corp. Ltd., Class H | 894555 | 1093346 |
|  RWE AG | 15581 | 693666 |
|  |  | 1787012 |
|  ***Multi-Utilities (2.3%)*** | ***Multi-Utilities (2.3%)*** | ***Multi-Utilities (2.3%)*** |
|  CenterPoint Energy, Inc. | 16092 | 482599 |
|  Engie SA | 92761 | 1329375 |
|  National Grid plc | 59597 | 718625 |
|  Sempra Energy | 5602 | 865733 |
|  |  | 3396332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 15475995 |
|  **Total Common Stocks (98.6%)**<br> *(Cost $108,893,639)* |  | 144822026 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Repurchase Agreements (7.2%)** | **Repurchase Agreements (7.2%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,627,189, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,698,007. (xx) | 3625497 | 3625497 |
|  MetLife, Inc.,<br>4.30%, dated 12/30/22, due 1/3/23, repurchase price $6,002,867, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23-2/15/51; total market value $6,123,180. (xx) | 6000000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 10625497 |
|  **Total Short-Term Investments (7.2%)**<br> *(Cost $10,625,497)* | **Total Short-Term Investments (7.2%)**<br> *(Cost $10,625,497)* | 10625497 |
|  **Total Investments in Securities (105.8%)**<br> *(Cost $119,519,136)* | **Total Investments in Securities (105.8%)**<br> *(Cost $119,519,136)* | 155447523 |
|  **Other Assets Less Liabilities (-5.8%)** | **Other Assets Less Liabilities (-5.8%)** | (8510824) |
|  **Net Assets (100%)** |  | $146936699 |

---

*\** *Non-income producing.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

See Notes to Financial Statements.

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $10,341,703. This was collateralized by cash of $10,625,497 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Brazil | 1.6 |
| &nbsp;&nbsp;&nbsp; Canada | 10.7 |
| &nbsp;&nbsp;&nbsp; China | 0.7 |
| &nbsp;&nbsp;&nbsp; France | 9.1 |
| &nbsp;&nbsp;&nbsp; Germany | 0.5 |
| &nbsp;&nbsp;&nbsp; Italy | 0.4 |
| &nbsp;&nbsp;&nbsp; Netherlands | 9.4 |
| &nbsp;&nbsp;&nbsp; Norway | 3.6 |
| &nbsp;&nbsp;&nbsp; Russia | 0.0 |
| &nbsp;&nbsp;&nbsp; Spain | 0.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 7.4 |
| &nbsp;&nbsp;&nbsp; United States | 61.8 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (5.8) |
|  | 100.0 |

---

*#* *Percent shown is less than 0.05%.* 

------

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)(a)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Energy | $91145400 | $37559230 | $— (b) | $128704630 |
|  Information Technology | 641401 |  |  | 641401 |
|  Utilities | 10106043 | 5369952 |  | 15475995 |
|  **Short-Term Investments** |  |  |  |  |
|  Repurchase Agreements |  | 10625497 |  | 10625497 |
|  **Total Assets** | $**101892844** | $**53554679** | $**—** | $**155447523** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**101892844** | $**53554679** | $**—** | $**155447523** |

---

(a) It is the Portfolio's policy to recognize transfers of financial instruments between levels of hierarchy as of the
end of the period. Transfers to Level 3 are the result of unobservable inputs relevant to the fair value measurement of a security becoming available. Securities with a market value of $0 transferred from Level 1 to Level 3 at the end
of the period due to unobservable market data.

(b) Value is zero.

See Notes to Financial Statements.

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EQ/WELLINGTON ENERGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held no derivatives contracts during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $51769785 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20364346 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39540944 |
|  Aggregate gross unrealized depreciation | (3978423) |
|  Net unrealized appreciation | $35562521 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119885002 |

---

See Notes to Financial Statements.

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------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $108,893,639) | $144822026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $10,625,497) | 10625497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1756994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $294) | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 350191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 209621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 157777385 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 10625497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 92409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 30994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 50394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10840686 |
|  **NET ASSETS** | $146936699 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $163891527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (16954828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $146936699 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $146,936,699 / 37,574,734 shares outstanding (unlimited amount authorized: $0.01 par value) | $3.91 |

---

*(x)* *Includes value of securities on loan of $10,341,703.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $295,224 foreign withholding tax) | $7019542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 33939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 7074883 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1072406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 315412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 117247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 62595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 32100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 14486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1628295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (126124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1502171 |
|  **NET INVESTMENT INCOME (LOSS)** | 5572712 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 2605362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (69859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2535503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 22895859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 22896746 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 25432249 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $31004961 |

---

See Notes to Financial Statements.

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EQ/WELLINGTON ENERGY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5572712 | $2724399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2535503 | 439021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 22896746 | 19282681 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 31004961 | 22446101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (5695505) | (2772934) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 17,927,565 and 9,782,897 shares, respectively ] | 66742101 | 28192407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,469,294 and 921,121 shares, respectively ] | 5695505 | 2772934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11050005) and (7488297) shares, respectively ] | (40648167) | (21688390) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 31789439 | 9276951 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 57098895 | 28950118 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 89837804 | 60887686 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $146936699 | $89837804 |

---

See Notes to Financial Statements.

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EQ/WELLINGTON ENERGY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **October 22, 2018\*<br>to December 31,<br>2018** |
| <br>**Class IB** | **2022** | **2021** | **2020** | **2019** | **October 22, 2018\*<br>to December 31,<br>2018** |
|  Net asset value, beginning of period | $3.07 | $2.34 | $3.86 | $3.86 | $5.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.16 | 0.10 | 0.08 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.84 | 0.73 | (1.52) | 0.02 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.00 | 0.83 | (1.44) | 0.04 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.10) | (0.07) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.01) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.16) | (0.10) | (0.08) | (0.04) |  |
|  Net asset value, end of period | $3.91 | $3.07 | $2.34 | $3.86 | $3.86 |
|  Total return (b) | 32.53% | 35.48% | (37.39)% | 1.04% | (32.44) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72376 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.19 %(j) | 1.19 %(j) | 1.19 %(j) | 1.19 %(j) | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.29% | 1.33% | 1.42% | 1.35% | 1.36 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.41% | 3.41% | 3.17% | 0.40% | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 4.31% | 3.26% | 2.94% | 0.24% | 0.28 |
|  Portfolio turnover rate^ | 17% | 16% | 71% | 69 %(h) | 5 |

---

*\** *Commencement of operations.* 

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Portfolio are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 17%.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.19% for Class IB.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

See Notes to Financial Statements.

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**MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> 1832 Asset Management U.S. Inc.

<sub>⮚</sub> T. Rowe Price Associates, Inc.

<sub>⮚</sub> Westfield Capital Management Company, L.P.

(Effective August 31, 2022, ClearBridge was terminated as a Sub-Adviser to the Portfolio.)

PERFORMANCE RESULTS

![LOGO](g401674g74n85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (32.15)% | 8.59% | 12.39 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (32.15) | 8.60 | 12.39 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (31.98) | 8.87 | 12.64 |  |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Growth Index | (28.97) | 10.45 | 13.75 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (32.15)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Russell 3000<sup>®</sup> Growth Index, which returned (28.97)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year?***

• The Consumer Discretionary sector was the lone contributor to relative performance due to stock selection and an
underweight allocation. Within the sector, the largest global electric vehicle (EV) manufacturer and growing energy generation and storage provider, Tesla Inc, was the largest relative contributor within the segment over the period due to
underweight positioning versus the benchmark. The Portfolio benefitted as the stock significantly underperformed over the period due to a combination of weakening global demand signals for their EVs, primarily in China, and Tesla founder Elon
Musk's perceived distraction from the company and substantial stock sales related to his recent Twitter acquisition. Also contributing was a relative underweight position in Amazon, Inc., which has been negatively impacted by multiple waves of
cost pressure since the pandemic began.

• A relative overweight in energy technology company Enphase Energy, Inc. contributed to relative performance.

• Overweight exposure to the Health Care sector was a key contributor to relative performance. Within the sector, overweight
positions in Cigna Corp., Humana, Inc. and Biomarin Pharmaceutical, Inc. all contributed.

• A relative overweight in ConocoPhillips Co., an energy explorer & producer (E&P), was the top contributing stock
within the Energy sector. Shares rose over the period as investors came to appreciate the newfound investment discipline and very healthy return of capital programs E&P's have maintained, not to mention the material rise in oil prices over
the first quarter. Oil prices were already up double-digits prior to the Russian invasion of Ukraine, which applied further upward pressure on oil prices and in turn drove Conoco's stock price higher.

***What hurt performance during the year?***

• Both security selection and sector allocation were negative for the period.

• Information Technology was the primary detractor from relative results during the period. The relative underperformance was
primarily driven by stock specific weakness within Software. Atlassian Corp, an enterprise software company focused on products for software development, product management and content management, was the biggest relative detractor within the
sector. Shares traded lower after the company guided below consensus during the fourth quarter, citing a worsening macro environment. MongoDB, Inc., Bill.com Holdings, Inc. and Datadog Inc. were also notable detractors in the sector.

• The communication services sector detracted significantly from relative performance due to an overweight position and stock
selection. Snap, Inc. and TradeDesk, Inc. were notable detractors within the sector.

• An underweight position in the Consumer Staples sector further hindered relative performance. The sector provided investors
with less negative returns relative to the broader market during the period as investors sought out safer, more stable companies amidst the jump in volatility and heightened geo-political tensions over the period.

1399

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**MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO (Unaudited)** 

• An underweight exposure to the Industrials sector also weighed on relative results.

• Within the Health Care sector, overweight positioning in Repligen Corp. and underweight positioning in Abbvie, Inc. also
detracted from relative performance for the period.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Sector Weightings**<br> **as of December 31, 2022** | **% of**<br>**Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 35.4 |
| &nbsp;&nbsp;&nbsp; Investment Company | 13.8 |
| &nbsp;&nbsp;&nbsp; Health Care | 13.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.8 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 7.3 |
| &nbsp;&nbsp;&nbsp; Communication Services | 5.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 4.1 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 3.6 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.9 |
| &nbsp;&nbsp;&nbsp; Financials | 2.2 |
| &nbsp;&nbsp;&nbsp; Energy | 0.9 |
| &nbsp;&nbsp;&nbsp; Real Estate | 0.5 |
| &nbsp;&nbsp;&nbsp; Materials | 0.5 |
| &nbsp;&nbsp;&nbsp; Utilities | 0.0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (1.3) |
|  | 100.0 |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** | &nbsp;&nbsp;&nbsp; **Class IA** |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $965.90 | $4.88 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.24 | 5.01 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** | &nbsp;&nbsp;&nbsp; **Class IB** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 965.90 | 4.88 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.24 | 5.02 |  |
| &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** | &nbsp;&nbsp;&nbsp; **Class K** |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 967.20 | 3.64 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1021.50 | 3.74 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.98%, 0.98% and 0.73%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).* |  |

---

1400

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**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (5.5%)** | **Communication Services (5.5%)** | **Communication Services (5.5%)** |  |
|  ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | ***Diversified Telecommunication Services (0.0%)†*** | **** |
|  Cogent Communications Holdings, Inc. | 2600 | $148408 |  |
|  Iridium Communications, Inc.\* | 2400 | 123360 |  |
|  |  | 271768 |  |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | **** |
|  Electronic Arts, Inc. | 1100 | 134398 |  |
|  Live Nation Entertainment, Inc.\* | 15815 | 1102938 |  |
|  Netflix, Inc.\* | 12354 | 3642947 |  |
|  Playtika Holding Corp.\* | 10127 | 86181 |  |
|  ROBLOX Corp., Class A (x)\* | 8500 | 241910 |  |
|  Roku, Inc.\* | 1600 | 65120 |  |
|  Spotify Technology SA\* | 15969 | 1260753 |  |
|  Take-Two Interactive Software, Inc.\* | 3412 | 355292 |  |
|  Walt Disney Co. (The)\* | 2800 | 243264 |  |
|  Warner Bros Discovery, Inc.\* | 33600 | 318528 |  |
|  |  | 7451331 |  |
|  ***Interactive Media & Services (4.0%)*** | ***Interactive Media & Services (4.0%)*** | ***Interactive Media & Services (4.0%)*** | **** |
|  Alphabet, Inc., Class A\* | 388910 | 34313529 |  |
|  Alphabet, Inc., Class C\* | 89384 | 7931042 |  |
|  IAC, Inc.\* | 12989 | 576712 |  |
|  Match Group, Inc.\* | 18190 | 754703 |  |
|  Meta Platforms, Inc., Class A\* | 29668 | 3570247 |  |
|  Vimeo, Inc.\* | 3734 | 12808 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 7300 | 219803 |  |
|  |  | 47378844 |  |
|  ***Media (0.9%)*** | ***Media (0.9%)*** | ***Media (0.9%)*** | **** |
|  Charter Communications, Inc., Class A\* | 2118 | 718214 |  |
|  Liberty Broadband Corp., Class C\* | 1600 | 122032 |  |
|  Nexstar Media Group, Inc., Class A | 75 | 13127 |  |
|  Trade Desk, Inc. (The), Class A\* | 201640 | 9039521 |  |
|  |  | 9892894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 64994837 |  |
|  **Consumer Discretionary (10.8%)** | **Consumer Discretionary (10.8%)** | **Consumer Discretionary (10.8%)** |  |
|  ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | ***Auto Components (0.0%)†*** | **** |
|  Aptiv plc\* | 1500 | 139695 |  |
|  Fox Factory Holding Corp.\* | 1300 | 118599 |  |
|  |  | 258294 |  |
|  ***Automobiles (1.0%)*** | ***Automobiles (1.0%)*** | ***Automobiles (1.0%)*** | **** |
|  Rivian Automotive, Inc., Class A (x)\* | 147041 | 2709966 |  |
|  Tesla, Inc.\* | 69390 | 8547460 |  |
|  |  | 11257426 |  |
|  ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | ***Distributors (0.0%)†*** | **** |
|  Pool Corp. | 712 | 215259 |  |
|  ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | ***Diversified Consumer Services (0.0%)†*** | **** |
|  Chegg, Inc.\* | 4800 | 121296 |  |
|  H&R Block, Inc. | 4300 | 156993 |  |
|  |  | 278289 |  |
|  ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | ***Hotels, Restaurants & Leisure (2.7%)*** | **** |
|  Airbnb, Inc., Class A\* | 7600 | 649800 |  |
|  Bloomin' Brands, Inc. | 6400 | 128768 |  |
|  Booking Holdings, Inc.\* | 2001 | 4032575 |  |
|  Caesars Entertainment, Inc.\* | 2700 | 112320 |  |
|  Chipotle Mexican Grill, Inc.\* | 7060 | 9795680 |  |
|  Churchill Downs, Inc. | 700 | 148001 |  |
|  Darden Restaurants, Inc. | 1700 | 235161 |  |
|  Domino's Pizza, Inc. | 708 | 245251 |  |
|  DraftKings, Inc., Class A\* | 9100 | 103649 |  |
|  Expedia Group, Inc.\* | 2900 | 254040 |  |
|  Hilton Worldwide Holdings, Inc. | 3800 | 480168 |  |
|  Las Vegas Sands Corp.\* | 2300 | 110561 |  |
|  Marriott International, Inc., Class A | 30420 | 4529234 |  |
|  McDonald's Corp. | 3468 | 913922 |  |
|  MGM Resorts International | 147740 | 4953722 |  |
|  Starbucks Corp. | 8053 | 798858 |  |
|  Texas Roadhouse, Inc. | 1300 | 118235 |  |
|  Travel + Leisure Co. | 3300 | 120120 |  |
|  Vail Resorts, Inc. | 700 | 166845 |  |
|  Wingstop, Inc. | 27200 | 3743264 |  |
|  Yum! Brands, Inc. | 1300 | 166504 |  |
|  |  | 31806678 |  |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | **** |
|  DR Horton, Inc. | 4100 | 365474 |  |
|  Helen of Troy Ltd.\* | 1000 | 110910 |  |
|  PulteGroup, Inc. | 3700 | 168461 |  |
|  |  | 644845 |  |
|  ***Internet & Direct Marketing Retail (2.7%)*** | ***Internet & Direct Marketing Retail (2.7%)*** | ***Internet & Direct Marketing Retail (2.7%)*** | **** |
|  Amazon.com, Inc.\* | 360520 | 30283680 |  |
|  Coupang, Inc.\* | 73354 | 1079037 |  |
|  DoorDash, Inc., Class A\* | 5873 | 286720 |  |
|  eBay, Inc. | 3400 | 140998 |  |
|  Etsy, Inc.\* | 2500 | 299450 |  |
|  Stitch Fix, Inc., Class A\* | 3300 | 10263 |  |
|  Wayfair, Inc., Class A (x)\* | 1200 | 39468 |  |
|  |  | 32139616 |  |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | **** |
|  Brunswick Corp. | 2100 | 151368 |  |
|  Peloton Interactive, Inc., Class A (x)\* | 90736 | 720444 |  |
|  Polaris, Inc. | 1400 | 141400 |  |
|  YETI Holdings, Inc.\* | 3300 | 136323 |  |
|  |  | 1149535 |  |
|  ***Multiline Retail (0.8%)*** | ***Multiline Retail (0.8%)*** | ***Multiline Retail (0.8%)*** | **** |
|  Dollar General Corp. | 17288 | 4257170 |  |
|  Dollar Tree, Inc.\* | 1700 | 240448 |  |
|  Nordstrom, Inc. | 5700 | 91998 |  |
|  Target Corp. | 28960 | 4316198 |  |
|  |  | 8905814 |  |
|  ***Specialty Retail (2.6%)*** | ***Specialty Retail (2.6%)*** | ***Specialty Retail (2.6%)*** | **** |
|  Advance Auto Parts, Inc. | 800 | 117624 |  |
|  AutoZone, Inc.\* | 291 | 717658 |  |
|  Best Buy Co., Inc. | 1800 | 144378 |  |
|  Burlington Stores, Inc.\* | 1100 | 223036 |  |
|  CarMax, Inc.\* | 1700 | 103513 |  |
|  Five Below, Inc.\* | 47500 | 8401325 |  |
|  Floor & Decor Holdings, Inc., Class A\* | 2000 | 139260 |  |
|  Home Depot, Inc. (The) | 32144 | 10153004 |  |
|  Leslie's, Inc.\* | 8133 | 99304 |  |

---

See Notes to Financial Statements.

1401

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**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lowe's Cos., Inc. | 10662 | $| 2124297 |  |
|  Murphy USA, Inc. | 400 |  | 111816 |  |
|  O'Reilly Automotive, Inc.\* | 596 |  | 503042 |  |
|  RH\* | 500 |  | 133595 |  |
|  Ross Stores, Inc. | 44255 |  | 5136678 |  |
|  TJX Cos., Inc. (The) | 22786 |  | 1813766 |  |
|  Tractor Supply Co. | 2128 |  | 478736 |  |
|  Ulta Beauty, Inc.\* | 1004 |  | 470946 |  |
|  Victoria's Secret & Co.\* | 1366 |  | 48875 |  |
|  Williams-Sonoma, Inc. | 1600 |  | 183872 |  |
|  |  |  | 31104725 |  |
|  ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | ***Textiles, Apparel & Luxury Goods (0.8%)*** | **** |
|  Deckers Outdoor Corp.\* | 600 |  | 239496 |  |
|  Lululemon Athletica, Inc.\* | 5248 |  | 1681354 |  |
|  NIKE, Inc., Class B | 64340 |  | 7528424 |  |
|  Skechers USA, Inc., Class A\* | 4100 |  | 171995 |  |
|  Tapestry, Inc. | 4700 |  | 178976 |  |
|  |  |  | 9800245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  | 127560726 |  |
|  ***Consumer Staples (2.9%)*** | ***Consumer Staples (2.9%)*** | ***Consumer Staples (2.9%)*** | ***Consumer Staples (2.9%)*** | **** |
|  ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | **** |
|  Boston Beer Co., Inc. (The), Class A\* | 400 |  | 131808 |  |
|  Brown-Forman Corp., Class B | 2710 |  | 177993 |  |
|  Celsius Holdings, Inc.\* | 72000 |  | 7490880 |  |
|  Coca-Cola Co. (The) | 54296 |  | 3453768 |  |
|  Coca-Cola Consolidated, Inc. | 300 |  | 153708 |  |
|  Monster Beverage Corp.\* | 28775 |  | 2921526 |  |
|  National Beverage Corp.\* | 3300 |  | 153549 |  |
|  PepsiCo, Inc. | 21618 |  | 3905508 |  |
|  |  |  | 18388740 |  |
|  ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | ***Food & Staples Retailing (0.8%)*** | **** |
|  BJ's Wholesale Club Holdings, Inc.\* | 2500 |  | 165400 |  |
|  Costco Wholesale Corp. | 18266 |  | 8338429 |  |
|  Sysco Corp. | 9866 |  | 754256 |  |
|  |  |  | 9258085 |  |
|  ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | ***Food Products (0.1%)*** | **** |
|  Hershey Co. (The) | 2438 |  | 564567 |  |
|  Kellogg Co. | 3300 |  | 235092 |  |
|  Lamb Weston Holdings, Inc. | 3200 |  | 285952 |  |
|  Pilgrim's Pride Corp.\* | 5000 |  | 118650 |  |
|  |  |  | 1204261 |  |
|  ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | ***Household Products (0.4%)*** | **** |
|  Church & Dwight Co., Inc. | 2861 |  | 230625 |  |
|  Clorox Co. (The) | 1984 |  | 278415 |  |
|  Colgate-Palmolive Co. | 9900 |  | 780021 |  |
|  Kimberly-Clark Corp. | 3900 |  | 529425 |  |
|  Procter & Gamble Co. (The) | 18900 |  | 2864484 |  |
|  |  |  | 4682970 |  |
|  ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | ***Personal Products (0.1%)*** | **** |
|  Estee Lauder Cos., Inc. (The), Class A | 4482 |  | 1112029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  | 34646085 |  |
|  **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** | **Energy (0.9%)** |  |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | **** |
|  ChampionX Corp. | 3900 |  | 113061 |  |
|  Halliburton Co. | 7820 |  | 307717 |  |
|  Valaris Ltd.\* | 3200 |  | 216384 |  |
|  |  |  | 637162 |  |
|  ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | ***Oil, Gas & Consumable Fuels (0.9%)*** | **** |
|  Antero Resources Corp.\* | 5100 |  | 158049 |  |
|  Cheniere Energy, Inc. | 2800 |  | 419888 |  |
|  ConocoPhillips | 36200 |  | 4271600 |  |
|  Devon Energy Corp. | 6200 |  | 381362 |  |
|  Diamondback Energy, Inc. | 1900 |  | 259882 |  |
|  EOG Resources, Inc. | 8300 |  | 1075016 |  |
|  Hess Corp. | 4300 |  | 609826 |  |
|  Magnolia Oil & Gas Corp., Class A | 6400 |  | 150080 |  |
|  Matador Resources Co. | 3000 |  | 171720 |  |
|  Occidental Petroleum Corp. | 13100 |  | 825169 |  |
|  ONEOK, Inc. | 2800 |  | 183960 |  |
|  Ovintiv, Inc. | 4810 |  | 243915 |  |
|  PBF Energy, Inc., Class A | 4400 |  | 179432 |  |
|  PDC Energy, Inc. | 2400 |  | 152352 |  |
|  Pioneer Natural Resources Co. | 2500 |  | 570975 |  |
|  Range Resources Corp. | 5700 |  | 142614 |  |
|  SM Energy Co. | 4100 |  | 142803 |  |
|  Targa Resources Corp. | 4300 |  | 316050 |  |
|  Texas Pacific Land Corp. | 100 |  | 234423 |  |
|  |  |  | 10489116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 11126278 |  |
|  **Financials (2.2%)** | **Financials (2.2%)** | **Financials (2.2%)** | **Financials (2.2%)** |  |
|  ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | ***Banks (0.3%)*** | **** |
|  Bank of America Corp. | 83480 |  | 2764858 |  |
|  First Citizens BancShares, Inc., Class A | 200 |  | 151672 |  |
|  Signature Bank | 800 |  | 92176 |  |
|  SVB Financial Group\* | 1000 |  | 230140 |  |
|  Western Alliance Bancorp | 2100 |  | 125076 |  |
|  |  |  | 3363922 |  |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | **** |
|  Ameriprise Financial, Inc. | 1300 |  | 404781 |  |
|  Ares Management Corp. | 2900 |  | 198476 |  |
|  Blackstone, Inc., Class A | 13600 |  | 1008984 |  |
|  Brookfield Corp. | 97860 |  | 3078676 |  |
|  Charles Schwab Corp. (The) | 16400 |  | 1365464 |  |
|  FactSet Research Systems, Inc. | 676 |  | 271218 |  |
|  LPL Financial Holdings, Inc. | 1500 |  | 324255 |  |
|  MarketAxess Holdings, Inc. | 700 |  | 195223 |  |
|  Moody's Corp. | 2897 |  | 807162 |  |
|  Morningstar, Inc. | 800 |  | 173272 |  |
|  MSCI, Inc. | 1169 |  | 543784 |  |
|  S&P Global, Inc. | 7680 |  | 2572339 |  |
|  Tradeweb Markets, Inc., Class A | 2100 |  | 136353 |  |
|  |  |  | 11079987 |  |
|  ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | ***Consumer Finance (0.0%)†*** | **** |
|  American Express Co. | 1020 |  | 150705 |  |
|  Credit Acceptance Corp. (x)\* | 16 |  | 7590 |  |
|  |  |  | 158295 |  |

---

See Notes to Financial Statements.

1402

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | ***Diversified Financial Services (0.1%)*** | **** |
|  Apollo Global Management, Inc. | 6800 | $433772 |  |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | **** |
|  Aon plc, Class A | 3859 | 1158240 |  |
|  Arch Capital Group Ltd.\* | 2500 | 156950 |  |
|  Arthur J Gallagher & Co. | 900 | 169686 |  |
|  Erie Indemnity Co., Class A | 500 | 124360 |  |
|  Everest Re Group Ltd. | 500 | 165635 |  |
|  Kinsale Capital Group, Inc. | 400 | 104608 |  |
|  Lincoln National Corp. | 3200 | 98304 |  |
|  Markel Corp.\* | 100 | 131749 |  |
|  Marsh & McLennan Cos., Inc. | 8701 | 1439842 |  |
|  Progressive Corp. (The) | 54310 | 7044550 |  |
|  Ryan Specialty Holdings, Inc., Class A\* | 4100 | 170191 |  |
|  |  | 10764115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 25800091 |  |
|  **Health Care (13.8%)** | **Health Care (13.8%)** | **Health Care (13.8%)** |  |
|  ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | ***Biotechnology (3.8%)*** | **** |
|  AbbVie, Inc. | 32779 | 5297414 |  |
|  ACADIA Pharmaceuticals, Inc.\* | 4400 | 70048 |  |
|  Alnylam Pharmaceuticals, Inc.\* | 35200 | 8365280 |  |
|  Amgen, Inc. | 8320 | 2185165 |  |
|  Amicus Therapeutics, Inc.\* | 11000 | 134310 |  |
|  Arrowhead Pharmaceuticals, Inc.\* | 3800 | 154128 |  |
|  Ascendis Pharma A/S (ADR) (x)\* | 53660 | 6553496 |  |
|  Biohaven Ltd. (x)\* | 500 | 6940 |  |
|  BioMarin Pharmaceutical, Inc.\* | 95300 | 9862597 |  |
|  Deciphera Pharmaceuticals, Inc.\* | 3200 | 52448 |  |
|  Denali Therapeutics, Inc.\* | 2700 | 75087 |  |
|  Exact Sciences Corp.\* | 2427 | 120161 |  |
|  Exelixis, Inc.\* | 8600 | 137944 |  |
|  Fate Therapeutics, Inc.\* | 3000 | 30270 |  |
|  FibroGen, Inc.\* | 3200 | 51264 |  |
|  Halozyme Therapeutics, Inc.\* | 3600 | 204840 |  |
|  Horizon Therapeutics plc\* | 4000 | 455200 |  |
|  Incyte Corp.\* | 3092 | 248349 |  |
|  Intellia Therapeutics, Inc.\* | 2000 | 69780 |  |
|  Ionis Pharmaceuticals, Inc.\* | 2500 | 94425 |  |
|  Ironwood Pharmaceuticals, Inc.\* | 8500 | 105315 |  |
|  Karuna Therapeutics, Inc.\* | 600 | 117900 |  |
|  Madrigal Pharmaceuticals, Inc.\* | 600 | 174150 |  |
|  Moderna, Inc.\* | 500 | 89810 |  |
|  Natera, Inc.\* | 2200 | 88374 |  |
|  Neurocrine Biosciences, Inc.\* | 50446 | 6025270 |  |
|  Novavax, Inc. (x)\* | 2200 | 22616 |  |
|  Regeneron Pharmaceuticals, Inc.\* | 332 | 239535 |  |
|  Sangamo Therapeutics, Inc.\* | 1980 | 6217 |  |
|  Sarepta Therapeutics, Inc.\* | 1600 | 207328 |  |
|  Seagen, Inc.\* | 2600 | 334126 |  |
|  Twist Bioscience Corp.\* | 1500 | 35715 |  |
|  Ultragenyx Pharmaceutical, Inc.\* | 2600 | 120458 |  |
|  Vertex Pharmaceuticals, Inc.\* | 11509 | 3323569 |  |
|  |  | 45059529 |  |
|  ***Health Care Equipment & Supplies (3.4%)*** | ***Health Care Equipment & Supplies (3.4%)*** | ***Health Care Equipment & Supplies (3.4%)*** | **** |
|  Abbott Laboratories | 4400 | 483076 |  |
|  Align Technology, Inc.\* | 1520 | 320568 |  |
|  Atrion Corp. | 66 | 36924 |  |
|  Baxter International, Inc. | 2300 | 117231 |  |
|  Becton Dickinson and Co. | 11859 | 3015744 |  |
|  Dexcom, Inc.\* | 112820 | 12775737 |  |
|  Edwards Lifesciences Corp.\* | 11966 | 892783 |  |
|  Haemonetics Corp.\* | 2000 | 157300 |  |
|  IDEXX Laboratories, Inc.\* | 1600 | 652736 |  |
|  Inspire Medical Systems, Inc.\* | 500 | 125940 |  |
|  Insulet Corp.\* | 6402 | 1884685 |  |
|  Intuitive Surgical, Inc.\* | 24417 | 6479051 |  |
|  iRhythm Technologies, Inc.\* | 900 | 84303 |  |
|  LivaNova plc\* | 1800 | 99972 |  |
|  Masimo Corp.\* | 1000 | 147950 |  |
|  Neogen Corp.\* | 4400 | 67012 |  |
|  Nevro Corp.\* | 1100 | 43560 |  |
|  Novocure Ltd.\* | 3100 | 227385 |  |
|  NuVasive, Inc.\* | 2100 | 86604 |  |
|  Omnicell, Inc.\* | 1650 | 83193 |  |
|  Penumbra, Inc.\* | 700 | 155722 |  |
|  ResMed, Inc. | 2779 | 578393 |  |
|  Shockwave Medical, Inc.\* | 30500 | 6271105 |  |
|  STAAR Surgical Co.\* | 1400 | 67956 |  |
|  Stryker Corp. | 23611 | 5772653 |  |
|  |  | 40627583 |  |
|  ***Health Care Providers & Services (3.5%)*** | ***Health Care Providers & Services (3.5%)*** | ***Health Care Providers & Services (3.5%)*** | **** |
|  agilon health, Inc.\* | 4800 | 77472 |  |
|  AmerisourceBergen Corp. | 2900 | 480559 |  |
|  Chemed Corp. | 200 | 102086 |  |
|  Cigna Corp. | 24462 | 8105239 |  |
|  CorVel Corp.\* | 924 | 134285 |  |
|  DaVita, Inc.\* | 1800 | 134406 |  |
|  Elevance Health, Inc. | 1400 | 718158 |  |
|  HCA Healthcare, Inc. | 482 | 115661 |  |
|  HealthEquity, Inc.\* | 1600 | 98624 |  |
|  Humana, Inc. | 7003 | 3586867 |  |
|  LHC Group, Inc.\* | 1000 | 161690 |  |
|  McKesson Corp. | 543 | 203690 |  |
|  Molina Healthcare, Inc.\* | 900 | 297198 |  |
|  UnitedHealth Group, Inc. | 50991 | 27034408 |  |
|  |  | 41250343 |  |
|  ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | ***Health Care Technology (0.0%)†*** | **** |
|  Certara, Inc.\* | 692 | 11121 |  |
|  Veeva Systems, Inc., Class A\* | 2700 | 435726 |  |
|  |  | 446847 |  |
|  ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | ***Life Sciences Tools & Services (1.5%)*** | **** |
|  10X Genomics, Inc., Class A\* | 2400 | 87456 |  |
|  Adaptive Biotechnologies Corp.\* | 4889 | 37352 |  |
|  Agilent Technologies, Inc. | 5200 | 778180 |  |
|  Avantor, Inc.\* | 72028 | 1519071 |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 6150 | 2586013 |  |
|  Bio-Techne Corp. | 2800 | 232064 |  |
|  Bruker Corp. | 3100 | 211885 |  |
|  Charles River Laboratories International, Inc.\* | 1300 | 283270 |  |
|  Danaher Corp. | 1000 | 265420 |  |
|  ICON plc\* | 21480 | 4172490 |  |
|  Illumina, Inc.\* | 1726 | 348997 |  |
|  IQVIA Holdings, Inc.\* | 3600 | 737604 |  |
|  Maravai LifeSciences Holdings, Inc., Class A\* | 6719 | 96149 |  |

---

See Notes to Financial Statements.

1403

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Medpace Holdings, Inc.\* | 500 | $| 106205 |  |
|  Mettler-Toledo International, Inc.\* | 420 |  | 607089 |  |
|  Repligen Corp.\* | 1000 |  | 169310 |  |
|  Sotera Health Co.\* | 9561 |  | 79643 |  |
|  Syneos Health, Inc.\* | 369 |  | 13535 |  |
|  Thermo Fisher Scientific, Inc. | 7245 |  | 3989749 |  |
|  Waters Corp.\* | 1200 |  | 411096 |  |
|  West Pharmaceutical Services, Inc. | 1400 |  | 329490 |  |
|  |  |  | 17062068 |  |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | **** |
|  Amneal Pharmaceuticals, Inc.\* | 10300 |  | 20497 |  |
|  Catalent, Inc.\* | 1800 |  | 81018 |  |
|  Daiichi Sankyo Co. Ltd. (ADR) | 35141 |  | 1131189 |  |
|  Eli Lilly and Co. | 36979 |  | 13528397 |  |
|  Innoviva, Inc.\* | 3432 |  | 45474 |  |
|  OmniAb, Inc. (r)(x)\* | 690 |  |  |  |
|  OmniAb, Inc. (Nasdaq Stock Exchange)\* | 913 |  | 60988 |  |
|  Merck & Co., Inc. | 20600 |  | 2285570 |  |
|  Reata Pharmaceuticals, Inc., Class A (x)\* | 1200 |  | 45588 |  |
|  Zoetis, Inc. | 9147 |  | 1340493 |  |
|  |  |  | 18539214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 162985584 |  |
|  **Industrials (4.1%)** | **Industrials (4.1%)** | **Industrials (4.1%)** | **Industrials (4.1%)** |  |
|  ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | ***Aerospace & Defense (0.9%)*** | **** |
|  Axon Enterprise, Inc.\* | 1000 |  | 165930 |  |
|  Boeing Co. (The)\* | 3300 |  | 628617 |  |
|  BWX Technologies, Inc. | 1800 |  | 104544 |  |
|  HEICO Corp. | 800 |  | 122912 |  |
|  HEICO Corp., Class A | 1520 |  | 182172 |  |
|  Lockheed Martin Corp. | 4430 |  | 2155151 |  |
|  Northrop Grumman Corp. | 500 |  | 272805 |  |
|  TransDigm Group, Inc. | 11092 |  | 6984078 |  |
|  Virgin Galactic Holdings, Inc. (x)\* | 4900 |  | 17052 |  |
|  |  |  | 10633261 |  |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | **** |
|  CH Robinson Worldwide, Inc. | 1500 |  | 137340 |  |
|  Expeditors International of Washington, Inc. | 1554 |  | 161492 |  |
|  GXO Logistics, Inc.\* | 2400 |  | 102456 |  |
|  United Parcel Service, Inc., Class B | 12155 |  | 2113025 |  |
|  |  |  | 2514313 |  |
|  ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | **** |
|  Delta Air Lines, Inc.\* | 12400 |  | 407464 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  AAON, Inc. | 2449 |  | 184458 |  |
|  Advanced Drainage Systems, Inc. | 1700 |  | 139349 |  |
|  Allegion plc | 1345 |  | 141575 |  |
|  Armstrong World Industries, Inc. | 2100 |  | 144039 |  |
|  Carlisle Cos., Inc. | 1100 |  | 259215 |  |
|  Fortune Brands Innovations, Inc. | 2100 |  | 119931 |  |
|  Masco Corp. | 3100 |  | 144677 |  |
|  Masterbrand, Inc.\* | 2100 |  | 15855 |  |
|  Trane Technologies plc | 2600 |  | 437034 |  |
|  Trex Co., Inc.\* | 2400 |  | 101592 |  |
|  |  |  | 1687725 |  |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | **** |
|  Brink's Co. (The) | 2300 |  | 123533 |  |
|  Cintas Corp. | 1572 |  | 709947 |  |
|  Copart, Inc.\* | 8260 |  | 502952 |  |
|  IAA, Inc.\* | 4000 |  | 160000 |  |
|  Republic Services, Inc. | 1200 |  | 154788 |  |
|  Rollins, Inc. | 5900 |  | 215586 |  |
|  Tetra Tech, Inc. | 581 |  | 84355 |  |
|  Waste Management, Inc. | 7500 |  | 1176600 |  |
|  |  |  | 3127761 |  |
|  ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | ***Construction & Engineering (0.1%)*** | **** |
|  AECOM | 2300 |  | 195339 |  |
|  EMCOR Group, Inc. | 900 |  | 133299 |  |
|  Quanta Services, Inc. | 2100 |  | 299250 |  |
|  WillScot Mobile Mini Holdings Corp.\* | 2700 |  | 121959 |  |
|  |  |  | 749847 |  |
|  ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | ***Electrical Equipment (0.5%)*** | **** |
|  AMETEK, Inc. | 32020 |  | 4473835 |  |
|  Array Technologies, Inc. (x)\* | 185 |  | 3576 |  |
|  Emerson Electric Co. | 3600 |  | 345816 |  |
|  EnerSys | 2200 |  | 162448 |  |
|  Generac Holdings, Inc.\* | 1700 |  | 171122 |  |
|  Plug Power, Inc. (x)\* | 5000 |  | 61850 |  |
|  Rockwell Automation, Inc. | 1534 |  | 395112 |  |
|  Vertiv Holdings Co. | 8400 |  | 114744 |  |
|  |  |  | 5728503 |  |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | **** |
|  General Electric Co. | 2300 |  | 192717 |  |
|  Honeywell International, Inc. | 3800 |  | 814340 |  |
|  |  |  | 1007057 |  |
|  ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | **** |
|  Caterpillar, Inc. | 8919 |  | 2136635 |  |
|  Chart Industries, Inc.\* | 1000 |  | 115230 |  |
|  Deere & Co. | 5243 |  | 2247989 |  |
|  Donaldson Co., Inc. | 3200 |  | 188384 |  |
|  Graco, Inc. | 2226 |  | 149721 |  |
|  IDEX Corp. | 800 |  | 182664 |  |
|  Illinois Tool Works, Inc. | 5404 |  | 1190501 |  |
|  Ingersoll Rand, Inc. | 50981 |  | 2663757 |  |
|  Lincoln Electric Holdings, Inc. | 1700 |  | 245633 |  |
|  Middleby Corp. (The)\* | 1200 |  | 160680 |  |
|  Otis Worldwide Corp. | 2200 |  | 172282 |  |
|  Parker-Hannifin Corp. | 700 |  | 203700 |  |
|  Toro Co. (The) | 1944 |  | 220061 |  |
|  |  |  | 9877237 |  |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | **** |
|  Booz Allen Hamilton Holding Corp. | 2500 |  | 261300 |  |
|  Equifax, Inc. | 1416 |  | 275214 |  |
|  Robert Half International, Inc. | 2900 |  | 214107 |  |
|  TransUnion | 2700 |  | 153225 |  |
|  Verisk Analytics, Inc. | 2968 |  | 523614 |  |
|  |  |  | 1427460 |  |
|  ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | ***Road & Rail (0.9%)*** | **** |
|  CSX Corp. | 10500 |  | 325290 |  |
|  JB Hunt Transport Services, Inc. | 1700 |  | 296412 |  |

---

See Notes to Financial Statements.

1404

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Lyft, Inc., Class A\* | 8400 | $| 92568 |  |
|  Old Dominion Freight Line, Inc. | 4872 |  | 1382576 |  |
|  Saia, Inc.\* | 800 |  | 167744 |  |
|  Uber Technologies, Inc.\* | 31700 |  | 783941 |  |
|  Union Pacific Corp. | 33274 |  | 6890047 |  |
|  XPO, Inc.\* | 2400 |  | 79896 |  |
|  |  |  | 10018474 |  |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Applied Industrial Technologies, Inc. | 1100 |  | 138633 |  |
|  Fastenal Co. | 11204 |  | 530173 |  |
|  SiteOne Landscape Supply, Inc.\* | 900 |  | 105588 |  |
|  United Rentals, Inc.\* | 700 |  | 248794 |  |
|  Watsco, Inc. | 700 |  | 174580 |  |
|  WW Grainger, Inc. | 907 |  | 504519 |  |
|  |  |  | 1702287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 48881389 |  |
|  **Information Technology (35.4%)** | **Information Technology (35.4%)** | **Information Technology (35.4%)** | **Information Technology (35.4%)** |  |
|  ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** | **** |
|  Arista Networks, Inc.\* | 98659 |  | 11972270 |  |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | **** |
|  Amphenol Corp., Class A | 51736 |  | 3939179 |  |
|  Arrow Electronics, Inc.\* | 1400 |  | 146398 |  |
|  CDW Corp. | 2600 |  | 464308 |  |
|  Cognex Corp. | 5104 |  | 240449 |  |
|  Coherent Corp.\* | 546 |  | 19165 |  |
|  Corning, Inc. | 1181 |  | 37721 |  |
|  Jabil, Inc. | 3500 |  | 238700 |  |
|  Keysight Technologies, Inc.\* | 3200 |  | 547424 |  |
|  Zebra Technologies Corp., Class A\* | 600 |  | 153846 |  |
|  |  |  | 5787190 |  |
|  ***IT Services (7.8%)*** | ***IT Services (7.8%)*** | ***IT Services (7.8%)*** | ***IT Services (7.8%)*** | **** |
|  Accenture plc, Class A | 16362 |  | 4366036 |  |
|  Affirm Holdings, Inc. (x)\* | 24181 |  | 233830 |  |
|  Automatic Data Processing, Inc. | 7387 |  | 1764459 |  |
|  Broadridge Financial Solutions, Inc. | 2100 |  | 281673 |  |
|  Cass Information Systems, Inc. | 525 |  | 24055 |  |
|  Cloudflare, Inc., Class A\* | 50500 |  | 2283105 |  |
|  DigitalOcean Holdings, Inc.\* | 2900 |  | 73863 |  |
|  EPAM Systems, Inc.\* | 1100 |  | 360514 |  |
|  Euronet Worldwide, Inc.\* | 1400 |  | 132132 |  |
|  ExlService Holdings, Inc.\* | 600 |  | 101658 |  |
|  Fiserv, Inc.\* | 63222 |  | 6389848 |  |
|  FleetCor Technologies, Inc.\* | 1406 |  | 258254 |  |
|  Gartner, Inc.\* | 1511 |  | 507907 |  |
|  Global Payments, Inc. | 22480 |  | 2232714 |  |
|  Globant SA\* | 800 |  | 134528 |  |
|  Hackett Group, Inc. (The) | 2178 |  | 44366 |  |
|  International Business Machines Corp. | 11700 |  | 1648413 |  |
|  Jack Henry & Associates, Inc. | 1928 |  | 338480 |  |
|  Mastercard, Inc., Class A | 31820 |  | 11064769 |  |
|  MongoDB, Inc.\* | 72761 |  | 14322275 |  |
|  Okta, Inc.\* | 1700 |  | 116161 |  |
|  Paychex, Inc. | 6273 |  | 724908 |  |
|  PayPal Holdings, Inc.\* | 48605 |  | 3461648 |  |
|  Shift4 Payments, Inc., Class A\* | 2000 |  | 111860 |  |
|  Snowflake, Inc., Class A\* | 97375 |  | 13977207 |  |
|  StoneCo Ltd., Class A\* | 8500 |  | 80240 |  |
|  Toast, Inc., Class A (x)\* | 319200 |  | 5755176 |  |
|  Twilio, Inc., Class A\* | 1400 |  | 68544 |  |
|  Visa, Inc., Class A | 103262 |  | 21453713 |  |
|  Western Union Co. (The) | 9600 |  | 132192 |  |
|  WEX, Inc.\* | 1000 |  | 163650 |  |
|  Wix.com Ltd.\* | 1600 |  | 122928 |  |
|  |  |  | 92731106 |  |
|  ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | ***Semiconductors & Semiconductor Equipment (4.7%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 99143 |  | 6421492 |  |
|  Allegro MicroSystems, Inc.\* | 508 |  | 15250 |  |
|  Analog Devices, Inc. | 1962 |  | 321827 |  |
|  Applied Materials, Inc. | 42320 |  | 4121121 |  |
|  ASML Holding NV (Registered) (NYRS) | 7569 |  | 4135702 |  |
|  Broadcom, Inc. | 7300 |  | 4081649 |  |
|  Enphase Energy, Inc.\* | 35500 |  | 9406080 |  |
|  Entegris, Inc. | 2900 |  | 190211 |  |
|  GLOBALFOUNDRIES, Inc. (x)\* | 2074 |  | 111768 |  |
|  KLA Corp. | 2800 |  | 1055684 |  |
|  Lam Research Corp. | 9010 |  | 3786903 |  |
|  Lattice Semiconductor Corp.\* | 2600 |  | 168688 |  |
|  Marvell Technology, Inc. | 62580 |  | 2317963 |  |
|  Microchip Technology, Inc. | 8896 |  | 624944 |  |
|  Micron Technology, Inc. | 4600 |  | 229908 |  |
|  Monolithic Power Systems, Inc. | 900 |  | 318249 |  |
|  NVIDIA Corp. | 89189 |  | 13034080 |  |
|  ON Semiconductor Corp.\* | 5200 |  | 324324 |  |
|  QUALCOMM, Inc. | 20765 |  | 2282904 |  |
|  Synaptics, Inc.\* | 1000 |  | 95160 |  |
|  Teradyne, Inc. | 2800 |  | 244580 |  |
|  Texas Instruments, Inc. | 12281 |  | 2029067 |  |
|  Universal Display Corp. | 1518 |  | 164005 |  |
|  |  |  | 55481559 |  |
|  ***Software (16.0%)*** | ***Software (16.0%)*** | ***Software (16.0%)*** | ***Software (16.0%)*** | **** |
|  8x8, Inc.\* | 6300 |  | 27216 |  |
|  Adobe, Inc.\* | 8752 |  | 2945311 |  |
|  ANSYS, Inc.\* | 1100 |  | 265749 |  |
|  Appfolio, Inc., Class A\* | 1300 |  | 136994 |  |
|  Appian Corp., Class A\* | 1500 |  | 48840 |  |
|  AppLovin Corp., Class A (x)\* | 5900 |  | 62127 |  |
|  Asana, Inc., Class A (x)\* | 3400 |  | 46818 |  |
|  Aspen Technology, Inc.\* | 840 |  | 172536 |  |
|  Atlassian Corp., Class A\* | 48445 |  | 6233903 |  |
|  Autodesk, Inc.\* | 4197 |  | 784293 |  |
|  Bentley Systems, Inc., Class B | 4000 |  | 147840 |  |
|  Bill.com Holdings, Inc.\* | 87300 |  | 9512208 |  |
|  Black Knight, Inc.\* | 2300 |  | 142025 |  |
|  C3.ai, Inc., Class A\* | 539 |  | 6031 |  |
|  Cadence Design Systems, Inc.\* | 19797 |  | 3180190 |  |
|  Crowdstrike Holdings, Inc., Class A\* | 40662 |  | 4281302 |  |
|  Datadog, Inc., Class A\* | 134500 |  | 9885750 |  |
|  Digital Turbine, Inc.\* | 3500 |  | 53340 |  |
|  DocuSign, Inc.\* | 3700 |  | 205054 |  |
|  DoubleVerify Holdings, Inc.\* | 150500 |  | 3304980 |  |
|  Dropbox, Inc., Class A\* | 4900 |  | 109662 |  |
|  Dynatrace, Inc.\* | 3642 |  | 139489 |  |
|  Elastic NV\* | 2400 |  | 123600 |  |
|  Envestnet, Inc.\* | 2800 |  | 172760 |  |
|  Everbridge, Inc.\* | 1300 |  | 38454 |  |
|  Fair Isaac Corp.\* | 500 |  | 299290 |  |

---

See Notes to Financial Statements.

1405

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Fortinet, Inc.\* | 86392 | $| 4223705 |  |
|  Gitlab, Inc., Class A (x)\* | 194200 |  | 8824448 |  |
|  HashiCorp, Inc., Class A (x)\* | 11121 |  | 304048 |  |
|  HubSpot, Inc.\* | 900 |  | 260217 |  |
|  Informatica, Inc., Class A (x)\* | 6200 |  | 100998 |  |
|  Intuit, Inc. | 23523 |  | 9155622 |  |
|  LivePerson, Inc.\* | 630 |  | 6388 |  |
|  Microsoft Corp.# | 265575 |  | 63690196 |  |
|  nCino, Inc.\* | 18900 |  | 499716 |  |
|  New Relic, Inc.\* | 1900 |  | 107255 |  |
|  OneSpan, Inc.\* | 1452 |  | 16248 |  |
|  Oracle Corp. | 20159 |  | 1647797 |  |
|  Palantir Technologies, Inc., Class A\* | 34500 |  | 221490 |  |
|  Palo Alto Networks, Inc.\* | 45200 |  | 6307208 |  |
|  Paycom Software, Inc.\* | 1000 |  | 310310 |  |
|  Paylocity Holding Corp.\* | 50400 |  | 9790704 |  |
|  Pegasystems, Inc. | 1400 |  | 47936 |  |
|  Procore Technologies, Inc.\* | 2800 |  | 132104 |  |
|  PTC, Inc.\* | 2000 |  | 240080 |  |
|  Q2 Holdings, Inc.\* | 2400 |  | 64488 |  |
|  RingCentral, Inc., Class A\* | 2500 |  | 88500 |  |
|  Salesforce, Inc.\* | 98248 |  | 13026702 |  |
|  SentinelOne, Inc., Class A\* | 6400 |  | 93376 |  |
|  ServiceNow, Inc.\* | 53978 |  | 20958038 |  |
|  Splunk, Inc.\* | 3134 |  | 269806 |  |
|  Synopsys, Inc.\* | 3000 |  | 957870 |  |
|  Tyler Technologies, Inc.\* | 746 |  | 240518 |  |
|  UiPath, Inc., Class A\* | 7600 |  | 96596 |  |
|  Unity Software, Inc. (x)\* | 4422 |  | 126425 |  |
|  Varonis Systems, Inc.\* | 4200 |  | 100548 |  |
|  VMware, Inc., Class A\* | 1962 |  | 240855 |  |
|  Workday, Inc., Class A\* | 28608 |  | 4786977 |  |
|  Zoom Video Communications, Inc., Class A\* | 3400 |  | 230316 |  |
|  Zscaler, Inc.\* | 1600 |  | 179040 |  |
|  |  |  | 189672287 |  |
|  ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | ***Technology Hardware, Storage & Peripherals (5.4%)*** | **** |
|  Apple, Inc. | 485920 |  | 63135586 |  |
|  Dell Technologies, Inc., Class C | 4000 |  | 160880 |  |
|  HP, Inc. | 9100 |  | 244517 |  |
|  NetApp, Inc. | 5300 |  | 318318 |  |
|  Pure Storage, Inc., Class A\* | 7300 |  | 195348 |  |
|  |  |  | 64054649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 419699061 |  |
|  **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |  |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | **** |
|  Albemarle Corp. | 1200 |  | 260232 |  |
|  Axalta Coating Systems Ltd.\* | 6500 |  | 165555 |  |
|  CF Industries Holdings, Inc. | 3900 |  | 332280 |  |
|  Chemours Co. (The) | 4800 |  | 146976 |  |
|  Ecolab, Inc. | 4240 |  | 617174 |  |
|  FMC Corp. | 1000 |  | 124800 |  |
|  Linde plc | 2000 |  | 652360 |  |
|  Mosaic Co. (The) | 3000 |  | 131610 |  |
|  PPG Industries, Inc. | 3000 |  | 377220 |  |
|  Sherwin-Williams Co. (The) | 4618 |  | 1095990 |  |
|  Valvoline, Inc. | 5200 |  | 169780 |  |
|  |  |  | 4073977 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Vulcan Materials Co. | 1700 |  | 297687 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Avery Dennison Corp. | 1000 |  | 181000 |  |
|  Ball Corp. | 2800 |  | 143192 |  |
|  Berry Global Group, Inc. | 2800 |  | 169204 |  |
|  Crown Holdings, Inc. | 2000 |  | 164420 |  |
|  Sealed Air Corp. | 3400 |  | 169592 |  |
|  |  |  | 827408 |  |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | **** |
|  MP Materials Corp.\* | 4500 |  | 109260 |  |
|  Royal Gold, Inc. | 1400 |  | 157808 |  |
|  |  |  | 267068 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Louisiana-Pacific Corp. | 2900 |  | 171680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 5637820 |  |
|  **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** | **Real Estate (0.5%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** | **** |
|  American Tower Corp. (REIT) | 6867 |  | 1454843 |  |
|  Camden Property Trust (REIT) | 1100 |  | 123068 |  |
|  Crown Castle, Inc. (REIT) | 8332 |  | 1130152 |  |
|  Equinix, Inc. (REIT) | 1307 |  | 856124 |  |
|  Equity LifeStyle Properties, Inc. (REIT) | 3316 |  | 214214 |  |
|  Iron Mountain, Inc. (REIT) | 4000 |  | 199400 |  |
|  Lamar Advertising Co. (REIT), Class A | 2200 |  | 207680 |  |
|  Public Storage (REIT) | 2419 |  | 677780 |  |
|  SBA Communications Corp. (REIT) | 666 |  | 186686 |  |
|  Simon Property Group, Inc. (REIT) | 3062 |  | 359724 |  |
|  |  |  | 5409671 |  |
|  ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | ***Real Estate Management & Development (0.0%)†*** | **** |
|  CBRE Group, Inc., Class A\* | 4200 |  | 323232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 5732903 |  |
|  **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** | **Utilities (0.0%)†** |  |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | **** |
|  National Fuel Gas Co. | 2200 |  | 139260 |  |
|  Southwest Gas Holdings, Inc. | 1700 |  | 105196 |  |
|  |  |  | 244456 |  |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | **** |
|  Clearway Energy, Inc., Class C | 4500 |  | 143415 |  |
|  Vistra Corp. | 6500 |  | 150800 |  |
|  |  |  | 294215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 538671 |  |
|  **Total Common Stocks (76.6%)**<br> *(Cost $610,317,045)* |  |  | 907603445 |  |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |
|  **Equity (7.3%)** | **Equity (7.3%)** | **Equity (7.3%)** | **Equity (7.3%)** |  |
|  iShares Russell 1000 Growth ETF(x) | 101615 |  | 21769998 |  |
|  Vanguard Growth ETF (x) | 202684 |  | 43193987 |  |
|  Vanguard Russell 1000 Growth ETF (x) | 394791 |  | 21760880 |  |
|  **Total Exchange Traded Funds (7.3%)<br>(***Cost $101,489,212***)** | **Total Exchange Traded Funds (7.3%)<br>(***Cost $101,489,212***)** |  | 86724865 |  |

---

See Notes to Financial Statements.

1406

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (13.8%)** | **Investment Company (13.8%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 164364781 | $164446963 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (3.6%)** | **Repurchase Agreements (3.6%)** |  |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $3,370,383, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $3,436,187. (xx) | $3368811 | 3368811 |
|  National Bank of Canada,<br>4.45%, dated 12/30/22, due 1/6/23, repurchase price $4,003,461, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $4,355,314. (xx) | 4000000 | 4000000 |
|  Societe Generale SA,<br>4.30%, dated 12/30/22, due 1/6/23, repurchase price $7,005,853, collateralized by various U.S. Government Treasury Securities, ranging from 0.875%-1.750%, maturing 6/30/26-1/31/29; total market value $7,140,001. (xx) | 7000000 | 7000000 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $28,013,689, collateralized by various Common Stocks; total market value $31,098,109. (xx) | $28000000 | 28000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** |  | 42368811 |
|  **Total Short-Term Investments (17.4%)**<br> *(Cost $206,792,653)* |  | 206815774 |
|  **Total Investments in Securities (101.3%)**<br> *(Cost $918,598,910)* |  | 1201144084 |
|  **Other Assets Less Liabilities (-1.3%)** | **Other Assets Less Liabilities (-1.3%)** | (15673380) |
|  **Net Assets (100%)** |  | $1185470704 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $19,257,546.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $48,039,853. This was collateralized by $6,812,028 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.375%, maturing 1/19/23 – 11/15/51 and by cash of $42,368,811 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*NYRS* *— New York Registry Shares* 

*USD* *— United States Dollar* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading**<br>**Currency** | **Notional<br>Amount**<br>**($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  NASDAQ 100 E-Mini Index | 272 | 3/2023 | USD | 59961040 | (4006330) |
|  S&P 500 E-Mini Index | 417 | 3/2023 | USD | 80501850 | (2850092) |
|  S&P Midcap 400 E-Mini Index | 137 | 3/2023 | USD | 33463620 | (983152) |
|  |  |  |  |  | (7839574) |

---

See Notes to Financial Statements.

1407

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**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $64994837 | $— | $— | $64994837 |
|  Consumer Discretionary | 127560726 |  |  | 127560726 |
|  Consumer Staples | 34646085 |  |  | 34646085 |
|  Energy | 11126278 |  |  | 11126278 |
|  Financials | 25800091 |  |  | 25800091 |
|  Health Care | 162985584 |  | — (a) | 162985584 |
|  Industrials | 48881389 |  |  | 48881389 |
|  Information Technology | 419699061 |  |  | 419699061 |
|  Materials | 5637820 |  |  | 5637820 |
|  Real Estate | 5732903 |  |  | 5732903 |
|  Utilities | 538671 |  |  | 538671 |
|  **Exchange Traded Funds** | 86724865 |  |  | 86724865 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 164446963 |  |  | 164446963 |
|  Repurchase Agreements |  | 42368811 |  | 42368811 |
|  **Total Assets** | $**1158775273** | $**42368811** | $**—** | $**1201144084** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Futures** | $(7839574) | $— | $— | $(7839574) |
|  **Total Liabilities** | $**(7839574)** | $**—** | $**—** | $**(7839574)** |
|  **Total** | $**1150935699** | $**42368811** | $**—** | $**1193304510** |

---

(a) Value is zero.

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized<br>depreciation | $(7839574) |
|  **Total** |  | $(7839574) |

---

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

See Notes to Financial Statements.

1408

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(8418444) | $(8418444) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8418444) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8418444) |

---

---

| | | |
|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Total** |
|  Equity contracts | $(8274534) | $(8274534) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8274534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8274534) |

---

^ The Portfolio held futures contracts as a substitute for investing in conventional securities.

The Portfolio held futures contracts with an average notional balance of approximately $104,191,000 during the year ended December 31, 2022.

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $1090861414 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332345651 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $347956223 |
|  Aggregate gross unrealized depreciation | (81688868) |
|  Net unrealized appreciation | $266267355 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927037155 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $1,934 as brokerage commissions with Sanford C. Bernstein &

Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1409

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**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $876,230,099) | $1158775273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $42,368,811) | 42368811.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 27974066.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 839867.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 115354.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 66089.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16244.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1230161807.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 42368811.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 592884.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 500287.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker for futures variation margin | 464836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 312493.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 234239.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 135219.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 23829.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 440.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 58065.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 44691103.0 |
|  **NET ASSETS** | $1185470704.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $949430967.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 236039737.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1185470704.0 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $1,067,541,865 / 21,565,001 shares outstanding (unlimited amount authorized: $0.01 par value) | $49.5 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $108,681,723 / 2,272,734 shares outstanding (unlimited amount authorized: $0.01 par value) | $47.82 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $9,247,116 / 185,809 shares outstanding (unlimited amount authorized: $0.01 par value) | $49.77 |

---

*(x)* *Includes value of securities on loan of $48,039,853.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $15,209 foreign withholding tax) | $11122915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 310107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 149648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11582670 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8008533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 3195647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1744911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 321255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 180400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 116662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 91719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 47840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 38154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 13745121 |
|  **NET INVESTMENT INCOME (LOSS)** | (2162451) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 131983010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8418444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 123564566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (704091475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8274534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (712366009) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (588801443) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(590963894) |

---

See Notes to Financial Statements.

1410

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2162451) | $(6149318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 123564566 | 342048367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (712366009) | (3258566) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (590963894) | 332640483 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (158913808) | (290737036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (16694785) | (28345454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1353976) | (2275433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (176962569) | (321357923) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 164,724 and 141,058 shares, respectively ] | 10563382 | 12832401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 2,958,113 and 3,440,916 shares, respectively ] | 158913808 | 290737036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1660280) and (1567396) shares, respectively ] | (107899742) | (145320284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 61577448 | 158249153 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 275,551 and 177,382 shares, respectively ] | 18100914 | 15778291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 321,471 and 345,550 shares, respectively ] | 16694785 | 28345454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (299432) and (214341) shares, respectively ] | (18180795) | (19215632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 16614904 | 24908113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 18,029 and 18,599 shares, respectively ] | 1165491 | 1709718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions [ 25,087 and 26,882 shares, respectively ] | 1353976 | 2275433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (14826) and (20966) shares, respectively ] | (970515) | (1953982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | 1548952 | 2031169 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 79741304 | 185188435 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (688185159) | 196470995 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1873655863 | 1677184868 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1185470704 | $1873655863 |

---

See Notes to Financial Statements.

1411

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**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $84.48 | $84.51 | $66.71 | $54.88 | $61.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.10) | (0.32) | (0.06) | 0.49 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (26.58) | 17.41 | 25.63 | 17.64 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (26.68) | 17.09 | 25.57 | 18.13 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.51) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (8.30) | (17.12) | (7.77) | (5.79) | (6.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (8.30) | (17.12) | (7.77) | (6.30) | (6.82) |
|  Net asset value, end of year | $49.50 | $84.48 | $84.51 | $66.71 | $54.88 |
|  Total return | (32.15)% | 20.49% | 38.83% | 33.35 %(cc) | (0.22)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991788 |
|  Ratio of expenses to average net assets (f) | 0.97% | 0.95% | 0.97% | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets (f) | (0.16)% | (0.35)% | (0.09)% | 0.75% | 0.15% |
|  Portfolio turnover rate^ | 83 %(h) | 74% | 60% | 56% | 45% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $82.00 | $82.45 | $65.23 | $53.77 | $60.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.10) | (0.31) | (0.06) | 0.48 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (25.78) | 16.98 | 25.05 | 17.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (25.88) | 16.67 | 24.99 | 17.76 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.51) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (8.30) | (17.12) | (7.77) | (5.79) | (6.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (8.30) | (17.12) | (7.77) | (6.30) | (6.82) |
|  Net asset value, end of year | $47.82 | $82.00 | $82.45 | $65.23 | $53.77 |
|  Total return | (32.15)% | 20.49% | 38.82% | 33.35 %(cc) | (0.20)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $108682 | $161968 | $137403 | $107518 | $85486 |
|  Ratio of expenses to average net assets (f) | 0.97% | 0.95% | 0.97% | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets (f) | (0.15)% | (0.35)% | (0.09)% | 0.75% | 0.16% |
|  Portfolio turnover rate^ | 83 %(h) | 74% | 60% | 56% | 45% |

---

See Notes to Financial Statements.

1412

------

**EQ ADVISORS TRUST** 

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $84.66 | $84.45 | $66.50 | $54.71 | $61.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | (0.09) | 0.12 | 0.66 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (26.66) | 17.42 | 25.60 | 17.60 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (26.59) | 17.33 | 25.72 | 18.26 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  | (0.68) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (8.30) | (17.12) | (7.77) | (5.79) | (6.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (8.30) | (17.12) | (7.77) | (6.47) | (6.99) |
|  Net asset value, end of year | $49.77 | $84.66 | $84.45 | $66.50 | $54.71 |
|  Total return | (31.98) | 20.79% | 39.18 | 33.68 %(cc) | 0.05% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201 |
|  Ratio of expenses to average net assets (f) | 0.72 | 0.70% | 0.72 | 0.73% | 0.73% |
|  Ratio of net investment income (loss) to average net assets (f) | 0.10 | (0.10)% | 0.16 | 1.02% | 0.41% |
|  Portfolio turnover rate^ | 83 | 74% | 60 | 56% | 45% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

*(cc)* *Includes income resulting from a litigation payment. Without this income, the total return would have been 33.27% for Class IA, 33.27% for Class IB and 33.60% for Class K.* 

See Notes to Financial Statements.

1413

------

**MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> BlackRock Financial Management, Inc.

<sub>⮚</sub> DoubleLine Capital LP

<sub>⮚</sub> Pacific Investment Management Company LLC ("PIMCO")

<sub>⮚</sub> SSGA Funds Management, Inc.

PERFORMANCE RESULTS

![LOGO](g401674g58n74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (12.71)% | (0.45)% | 0.46 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (12.77) | (0.45) | 0.46 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (12.47) | (0.18) | 0.72 |  |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | (13.01) | 0.02 | 1.06 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (12.77)% for the year ended December 31, 2022. This compares to the Portfolio's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (13.01)% over the same period.

**Portfolio Highlights** 

***What helped performance during the year:***

• The Portfolio consistently maintained a lower duration than the benchmark, which helped performance during the year as 5-
and 10-year U.S. Treasury yields rose 274 basis points and 237 basis points, respectively.

• The best-performing sector in the Portfolio was Collateralized Loan Obligations (CLOs). These securities generated positive
performance on the year despite challenging market conditions. They benefitted from their floating rate coupons and relatively high levels of interest income.

• The TIPS allocation also contributed to performance.

***What hurt performance during the year:***

• The Portfolio held fewer U.S. Treasury securities than the Index, which hurt performance and ultimately resulted in some
slight relative underperformance for the 2022 calendar year. The Index typically maintains a roughly 40% allocation to U.S. Treasuries which only experienced duration-related price declines and are immune from spread-related declines.

• Asset-backed securities also detracted from performance as this consumer-centric asset class fell out-of-favor with
investors towards the end of the year.

• Interest rate strategies in the U.S. and Europe detracted from performance.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Characteristics**<br> **As of December 31, 2022** | | |
| &nbsp;&nbsp;&nbsp; Weighted Average Life (Years) | 7.21 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Coupon (%) | 3.10 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Effective Duration (Years)\* | 5.41 |  |
| &nbsp;&nbsp;&nbsp; Weighted Average Rating\*\* | AA- |  |
| &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | &nbsp;&nbsp;&nbsp; *\* Effective duration is a measure of the price sensitivity of the Portfolio to interest rate movements, taking into account specific features of the securities in which it invests.*<br>*\*\* Weighted Average Rating has been provided by the Investment Sub-Adviser. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.* | <br>|

---

1414

------

**MULTIMANAGER CORE BOND PORTFOLIO (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 32.8 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 21.8 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 9.2 |
| &nbsp;&nbsp;&nbsp; Financials | 8.3 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 7.8 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 6.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.9 |
| &nbsp;&nbsp;&nbsp; Information Technology | 2.3 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 2.2 |
| &nbsp;&nbsp;&nbsp; Energy | 1.7 |
| &nbsp;&nbsp;&nbsp; Communication Services | 1.5 |
| &nbsp;&nbsp;&nbsp; Health Care | 1.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 1.4 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 1 |
| &nbsp;&nbsp;&nbsp; Foreign Government Securities | 1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 0.7 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.7 |
| &nbsp;&nbsp;&nbsp; Supranational | 0.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0.7 |
| &nbsp;&nbsp;&nbsp; Materials | 0.5 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 0.2 |
| &nbsp;&nbsp;&nbsp; Foreign Government Treasury Bill | 0.2 |
| &nbsp;&nbsp;&nbsp; Options Purchased | 0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (6.8) |
|  | 100 |

---

*#* *Less than 0.05%* 

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $967.00 | $4.21 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.92 | 4.33 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 966.00 | 4.21 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.92 | 4.33 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 968.30 | 2.98 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1022.18 | 3.06 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.85%, 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.85%, 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.85%, 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 0.85%, 0.85% and 0.60%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

1415

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (7.8%)** |  |  |
|  AASET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>3.351%, 1/16/40§ | $498175 | $399054 |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE1 A2C<br>4.729%, 1/25/37 (l) | 1307817 | 754747 |
|  AIMCO CLO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-AA X<br>5.029%, 10/17/34 (l)§ | 250000 | 249993 |
|  Air Canada Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1 A<br>4.125%, 5/15/25§ | 222593 | 203381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1 AA<br>3.300%, 1/15/30§ | 15904 | 13447 |
|  Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>2 1.937%, 8/15/46§ | 750000 | 639797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>2.482%, 8/15/46§ | 500000 | 412752 |
|  American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1 A<br>4.000%, 7/15/25 | 218242 | 186178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2 A<br>4.950%, 1/15/23 | 9989 | 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2 AA<br>3.600%, 9/22/27 | 83051 | 74327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2 B<br>4.400%, 9/22/23 | 94278 | 91085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 B<br>4.375%, 6/15/24§ | 27600 | 26244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3 AA<br>3.000%, 10/15/28 | 220256 | 187451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.500%, 2/15/32 | 432215 | 313157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>3.150%, 2/15/32 | 64832 | 53639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A<br>2.875%, 7/11/34 | 800000 | 640416 |
|  Apidos CLO XXIV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A A1AL<br>5.193%, 10/20/30 (l)§ | 500000 | 492237 |
|  Apidos CLO XXVII, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-27A A1R<br>5.009%, 7/17/30 (l)§ | 250000 | 246683 |
|  Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., | Arbor Realty Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL2 A<br>6.186%, 5/15/37 (l)§ | 136000 | 132859 |
|  Ares XLII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-42A AR<br>5.245%, 1/22/28 (l)§ | 182757 | 180572 |
|  Atrium IX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A AR2<br>5.726%, 5/28/30 (l)§ | 248708 | 245017 |
|  Barings CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A<br>1 5.193%, 7/20/29 (l)§ | 146197 | 145044 |
|  BDS Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL4 B<br>6.076%, 8/15/36 (l)§ | 145000 | 143355 |
|  Benefit Street Partners CLO II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-IIA A1R2 4.949%, 7/15/29 (l)§ | 133633 | 132409 |
|  BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A C<br>3.080%, 2/20/35§ | 187000 | 159172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C A<br>5.320%, 10/17/35§ | 102141 | 101299 |
|  Blackbird Capital Aircraft, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A B<br>3.446%, 7/15/46§ | 703937 | 530712 |
|  BlueMountain CLO XXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A A1<br>5.159%, 7/15/31 (l)§ | 250000 | 245550 |
|  Capital One Multi-Asset Execution Trust, | Capital One Multi-Asset Execution Trust, | Capital One Multi-Asset Execution Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A5 A5<br>4.898%, 7/15/27 (l) | 600000 | 597324 |
|  Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., | Carlyle Global Market Strategies CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1R2<br>5.383%, 4/20/34 (l)§ | 500000 | 486679 |
|  CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A AR<br>5.288%, 4/23/29 (l)§ | 468698 | 464037 |
|  Citibank Credit Card Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A5 A5<br>4.981%, 4/22/26 (l) | 300000 | 299803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5 A5<br>4.827%, 8/7/27 (l) | 300000 | 298643 |
|  CLNC Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL1 B<br>6.339%, 8/20/35 (l)§ | 145000 | 137235 |
|  CPS Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A D<br>1.160%, 12/15/26§ | 750000 | 711235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A E<br>2.530%, 3/15/28§ | 500000 | 469686 |
|  CSAB Mortgage-Backed Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A1A<br>5.898%, 5/25/37 (l) | 5091300 | 1298016 |
|  DataBank Issuer, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>2 2.060%, 2/27/51§ | 900000 | 778247 |
|  Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, | Delta Air Lines Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 AA<br>2.000%, 6/10/28 | 42526 | 36603 |
|  Domino's Pizza Master Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A A<br>2 3.668%, 10/25/49§ | 486250 | 410862 |
|  Doric Nimrod Air Alpha Pass-Through Trust, | Doric Nimrod Air Alpha Pass-Through Trust, | Doric Nimrod Air Alpha Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1 A<br>5.250%, 5/30/23§ | 101602 | 99818 |
|  Elevation CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-9A A1<br>5.199%, 7/15/31 (l)§ | 500000 | 489052 |
|  FS RIALTO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2 A<br>5.546%, 5/16/38 (l)§ | 350000 | 332369 |
|  FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL5 A<br>6.628%, 6/19/37 (l)§ | 104000 | 100978 |

---

See Notes to Financial Statements.

1416

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL6 A<br>6.905%, 8/17/37 (l)§ | $100000 | $99415 |
|  Galaxy Xxiv CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A A<br>5.199%, 1/15/31 (l)§ | 250000 | 246476 |
|  Galaxy XXVII CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27A A<br>5.664%, 5/16/31 (l)§ | 250000 | 245614 |
|  Generate CLO 9 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9A A 5.443%,<br>10/20/34 (l)§ | 500000 | 482070 |
|  GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>1.980%, 8/15/25§ | 324592 | 318750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A<br>2 4.590%, 5/15/26§ | 600000 | 595099 |
|  GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, | GM Financial Consumer Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 A2<br>2.520%, 5/16/25 | 570189 | 564688 |
|  GoldenTree Loan Opportunities IX Ltd., | GoldenTree Loan Opportunities IX Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-9A AR2<br>5.525%, 10/29/29 (l)§ | 235633 | 233814 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3CS A<br>2.100%, 5/20/48§ | 653842 | 470179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS B<br>2.560%, 10/20/48§ | 381546 | 269804 |
|  Greystone Commercial Real Estate Notes Ltd., | Greystone Commercial Real Estate Notes Ltd., | Greystone Commercial Real Estate Notes Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL2 B<br>5.918%, 9/15/37 (l)§ | 145000 | 139560 |
|  Grippen Park CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A A<br>5.503%, 1/20/30 (l)§ | 227168 | 225061 |
|  GSAA Home Equity Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5 2A1<br>4.529%, 3/25/36 (l) | 10734 | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10 A2A<br>6.500%, 11/25/37 | 2059883 | 934848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8 A2<br>5.089%, 8/25/37 (l) | 88094 | 82024 |
|  Hertz Vehicle Financing III LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A C<br>2.520%, 12/27/27§ | 375000 | 301836 |
|  Hertz Vehicle Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A C<br>2.050%, 12/26/25§ | 375000 | 337615 |
|  Home Partners of America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 D<br>2.477%, 9/17/41§ | 580941 | 455563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 F<br>3.325%, 9/17/41§ | 495329 | 379138 |
|  HPS Loan Management 6-2015 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6A-2015 A1R<br>5.532%, 2/5/31 (l)§ | 248303 | 245297 |
|  HSI Asset Securitization Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE1 1A1<br>4.669%, 10/25/36 (l) | 7443357 | 2449738 |
|  JP Morgan Mortgage Acquisition Trust, | JP Morgan Mortgage Acquisition Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM1 A5<br>4.869%, 8/25/36 (l) | 4168026 | 1862959 |
|  Labrador Aviation Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A A1<br>4.300%, 1/15/42§ | 1310471 | 1032048 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3 A<br>5.768%, 11/15/38 (l)§ | 367000 | 350199 |
|  Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.900%, 11/20/31§ | 700000 | 591356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>5.120%, 7/20/32§ | 116000 | 113224 |
|  LL ABS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>3.760%, 11/15/29§ | 356167 | 350291 |
|  LoanCore Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CRE2 AS<br>5.818%, 5/15/36 (l)§ | 214948 | 213627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CRE2 B<br>6.018%, 5/15/36 (l)§ | 145000 | 142174 |
|  Long Beach Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 2A2<br>4.609%, 10/25/36 (l) | 2657557 | 815433 |
|  Madison Park Funding XI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-11A AR2<br>5.225%, 7/23/29 (l)§ | 242246 | 239168 |
|  Madison Park Funding XLI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12A AR<br>5.155%, 4/22/27 (l)§ | 209122 | 206861 |
|  Madison Park Funding XVIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-18A ARR<br>5.218%, 10/21/30 (l)§ | 250000 | 246460 |
|  Madison Park Funding XXIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A AR<br>5.328%, 7/27/31 (l)§ | 500000 | 493567 |
|  Madison Park Funding XXV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-25A A1R<br>5.328%, 4/25/29 (l)§ | 246364 | 243206 |
|  Madison Park Funding XXVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-26A AR<br>5.615%, 7/29/30 (l)§ | 250000 | 247622 |
|  Madison Park Funding XXXIV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A AR<br>5.478%, 4/25/32 (l)§ | 500000 | 493316 |
|  Marathon CLO V Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-5A A1R<br>5.545%, 11/21/27 (l)§ | 8300 | 8282 |
|  Marble Point CLO XXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>5.558%, 7/25/34 (l)§ | 500000 | 481566 |
|  Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA A<br>1.860%, 3/20/36§ | 700000 | 602716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA A<br>6.450%, 10/20/37§ | 107000 | 106112 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE4 A1<br>4.709%, 7/25/37 (l) | 3278740 | 1774344 |
|  MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9 A<br>6.471%, 6/19/37 (l)§ | 100000 | 97980 |

---

See Notes to Financial Statements.

1417

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Midocean Credit CLO IX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-9A A1<br>5.393%, 7/20/31 (l)§ | $500000 | $489434 |
|  Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, | Morgan Stanley IXIS Real Estate Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 A3<br>4.689%, 7/25/36 (l) | 3485860 | 1471150 |
|  Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>2.640%, 1/20/53§ | 635152 | 527782 |
|  Navient Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA A3<br>5.768%, 7/16/40 (l)§ | 604464 | 599353 |
|  NBC Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1 A2<br>2.989%, 7/30/51§ | 992500 | 839393 |
|  Neuberger Berman CLO XVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17A AR2<br>5.355%, 4/22/29 (l)§ | 495856 | 490116 |
|  NLY Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FL2 B<br>6.218%, 2/15/36 (l)§ | 145000 | 144326 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, | Nomura Home Equity Loan, Inc. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 2A1A<br>4.709%, 2/25/37 (l) | 1082318 | 968166 |
|  Northwoods Capital XI-B Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA A1<br>5.327%, 4/19/31 (l)§ | 492590 | 481198 |
|  NRZ Excess Spread-Collateralized Notes, | NRZ Excess Spread-Collateralized Notes, | NRZ Excess Spread-Collateralized Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1 A<br>3.844%, 12/25/25§ | 659008 | 600543 |
|  OCP CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A A1AR<br>5.039%, 7/15/30 (l)§ | 500000 | 492406 |
|  Octagon Investment Partners 18-R Ltd., | Octagon Investment Partners 18-R Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A A1A<br>5.039%, 4/16/31 (l)§ | 250000 | 246430 |
|  Octagon Investment Partners XIV Ltd., | Octagon Investment Partners XIV Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-1A AARR<br>5.029%, 7/15/29 (l)§ | 248710 | 245937 |
|  Octagon Investment Partners XV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A A1RR<br>5.197%, 7/19/30 (l)§ | 250000 | 246999 |
|  OFSI Fund IX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>5.229%, 7/15/31 (l)§ | 500000 | 488853 |
|  OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A A<br>3.140%, 10/14/36§ | 210000 | 187443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>3.840%, 5/14/32§ | 72014 | 71399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A<br>4.890%, 10/14/34§ | 116000 | 112054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A B<br>5.240%, 10/14/34§ | 115000 | 111639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A A<br>5.940%, 5/15/34§ | 118000 | 117283 |
|  Palmer Square Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A1<br>5.475%, 2/20/28 (l)§ | 68444 | 67966 |
|  Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, | Pennsylvania Higher Education Assistance Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-1 A1<br>5.258%, 7/25/29 (l) | 26703 | 26711 |
|  PPM CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>5.229%, 7/15/31 (l)§ | 500000 | 488116 |
|  Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR5 F<br>3.158%, 7/17/38§ | 2000000 | 1675226 |
|  Race Point IX CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-9A A1A2<br>5.019%, 10/15/30 (l)§ | 250000 | 246785 |
|  RASC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-EMX1 A13<br>4.589%, 1/25/37 (l) | 745542 | 707030 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A<br>3.070%, 3/15/32§ | 100000 | 90816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2B A<br>7.100%, 11/17/32§ | 130000 | 130045 |
|  Rockford Tower CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A<br>5.775%, 5/20/31 (l)§ | 500000 | 491610 |
|  Romark WM-R Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A A1<br>5.273%, 4/20/31 (l)§ | 247404 | 242711 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5 A2<br>3.980%, 1/15/25 | 600000 | 597505 |
|  SBA Tower Trust (REIT), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 10/8/24§ | 800000 | 764687 |
|  Scholar Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A A<br>5.039%, 1/30/45 (l)§ | 92326 | 88411 |
|  Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, | Securitized Asset-Backed Receivables LLC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FR4 A2B<br>4.729%, 8/25/36 (l) | 2286297 | 733384 |
|  Signal Peak CLO LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A AR2<br>5.223%, 4/20/29 (l)§ | 184003 | 182495 |
|  SLM Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C A5<br>9.068%, 10/15/41 (l)§ | 212601 | 229108 |
|  SLM Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7 A4<br>4.508%, 10/25/29 (l) | 97889 | 97549 |
|  SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B B<br>3.500%, 12/17/40§ | 100000 | 95868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C A2A<br>2.340%, 9/15/34§ | 119529 | 113970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA A2A<br>1.600%, 9/15/54§ | 169035 | 149300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A C<br>2.990%, 1/15/53§ | 240000 | 199416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A D1<br>3.860%, 1/15/53§ | 100000 | 89715 |
|  SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D A1<br>5.339%, 1/25/39 (l)§ | 20998 | 20933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F BFX<br>3.620%, 1/25/41§ | 1000000 | 847240 |

---

See Notes to Financial Statements.

1418

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Sound Point CLO XXI Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A A1A<br>5.507%, 10/26/31 (l)§ | $| 500000 | $| 487875 |
|  Sounds Point CLO IV-R Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3RA A<br>5.344%, 4/18/31 (l)§ |  | 500000 |  | 489396 |
|  Soundview Home Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1 2A1<br>6.959%, 2/25/37 (l) |  | 4226912 |  | 917718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT5 2A2<br>5.339%, 10/25/37 (l) |  | 3465355 |  | 2453369 |
|  STAR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 G<br>7.540%, 4/17/38 (l)§ |  | 2000000 |  | 1837680 |
|  Sunnova Helios IV Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA A<br>2.980%, 6/20/47§ |  | 339596 |  | 283296 |
|  Sunrun Demeter Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A A<br>2.270%, 1/30/57§ |  | 666039 |  | 521122 |
|  Symphony CLO XV Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-15A AR3<br>5.159%, 1/17/32 (l)§ |  | 250000 |  | 245246 |
|  Symphony CLO XVII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A AR<br>4.959%, 4/15/28 (l)§ |  | 269787 |  | 267268 |
|  Taco Bell Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A23<br>2.542%, 8/25/51§ |  | 495000 |  | 378957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A2I<br>1.946%, 8/25/51§ |  | 742500 |  | 622703 |
|  TICP CLO II-2 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-IIA A1<br>5.083%, 4/20/28 (l)§ |  | 214204 |  | 213219 |
|  TICP CLO III-2 Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3R A<br>5.083%, 4/20/28 (l)§ |  | 123868 |  | 123446 |
|  TIF Funding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A A<br>1.650%, 2/20/46§ |  | 857917 |  | 699685 |
|  Tricolor Auto Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br>3.300%, 2/18/25§ |  | 351416 |  | 348354 |
|  Tricon Residential Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1 E1<br>2.794%, 7/17/38§ |  | 1300000 |  | 1092310 |
|  Turkish Airlines Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 A<br>4.200%, 3/15/27§ |  | 498676 |  | 431617 |
|  Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, | Union Pacific Railroad Co. Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1<br>3.227%, 5/14/26 |  | 63058 |  | 59395 |
|  United Airlines Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1 A<br>4.000%, 4/11/26 |  | 117728 |  | 108219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1 AA<br>3.450%, 12/1/27 |  | 10286 |  | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 AA<br>2.875%, 10/7/28 |  | 14714 |  | 12597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2 B<br>3.650%, 10/7/25 |  | 2859 |  | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 AA<br>4.150%, 8/25/31 |  | 386604 |  | 338848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2 AA<br>2.700%, 5/1/32 |  | 176905 |  | 142121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>5.875%, 10/15/27 |  | 980075 |  | 965472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 B<br>4.875%, 1/15/26 |  | 38100 |  | 35859 |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20A 1<br>4.930%, 1/1/24 |  | 1090 |  | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-20C 1<br>4.340%, 3/1/24 |  | 17095 |  | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20B 1<br>4.625%, 2/1/25 |  | 3505 |  | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-20G 1<br>5.870%, 7/1/28 |  | 43538 |  | 43553 |
|  Upstart Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2 A<br>2.309%, 11/20/30§ |  | 83900 |  | 82061 |
|  Venture XVII CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17A ARR<br>4.959%, 4/15/27 (l)§ |  | 341714 |  | 337612 |
|  Vibrant CLO X Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-10A A1<br>5.443%, 10/20/31 (l)§ |  | 500000 |  | 488504 |
|  VOLT C LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL9 A1<br>1.992%, 5/25/51 (e)§ |  | 442765 |  | 400089 |
|  VOLT XCIX LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL8 A1<br>2.116%, 4/25/51 (e)§ |  | 350903 |  | 310729 |
|  VOLT XCVI LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL5 A1<br>2.116%, 3/27/51 (e)§ |  | 602971 |  | 545616 |
|  Voya CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A A1AR<br>5.289%, 10/15/30 (l)§ |  | 248973 |  | 246135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A AAR2<br>5.180%, 4/18/31 (l)§ |  | 248067 |  | 244513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A X<br>4.829%, 7/15/34 (l)§ |  | 166667 |  | 166655 |
|  VR Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A A<br>2.790%, 11/15/50§ |  | 726681 |  | 605030 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A A2B<br>4.937%, 8/15/25 (l)§ |  | 597410 |  | 598109 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  | 68299451 |
|  **Collateralized Mortgage Obligations (9.2%)** | **Collateralized Mortgage Obligations (9.2%)** | **Collateralized Mortgage Obligations (9.2%)** | **Collateralized Mortgage Obligations (9.2%)** | **Collateralized Mortgage Obligations (9.2%)** |
|  Ajax Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D A<br>2.250%, 6/25/60 (e)§ |  | 198599 |  | 185106 |
|  Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J14 A3<br>5.500%, 12/25/35 |  | 2289767 |  | 1501181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA22 A1<br>4.709%, 2/25/47 (l) |  | 26451 |  | 22392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA6 1A2<br>4.809%, 7/25/46 (l) |  | 17044 |  | 14775 |

---

See Notes to Financial Statements.

1419

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH1 A1D<br>4.599%, 4/25/47 (l) | $29324 | $23185 |
|  American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, | American Home Mortgage Investment Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3 11A1<br>4.749%, 12/25/46 (l) | 514447 | 417558 |
|  AMSR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR1 E<br>3.471%, 1/19/39§ | 3000000 | 2548737 |
|  Angel Oak Mortgage Trust I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4 A3<br>3.301%, 7/26/49 (l)§ | 3079 | 3056 |
|  Avon Finance NO 2 plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2X A<br>4.331%, 9/20/48 (l)(m) | 492951 | 585025 |
|  Barclays Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1 A1<br>4.550%, 7/25/52 (e)§ | $152005 | 145878 |
|  BDS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL12 A<br>6.461%, 8/19/38 (l)§ | 100000 | 98169 |
|  Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4 31A1<br>3.655%, 7/25/36 (l) | 1159224 | 760888 |
|  Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8 11A2<br>4.191%, 11/25/34 (l) | 127249 | 113280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1 2A1<br>3.372%, 3/25/35 (l) | 106463 | 98247 |
|  Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3 1A12<br>6.000%, 5/25/37 | 1598245 | 826371 |
|  CHL Mortgage Pass-Through Trust, | CHL Mortgage Pass-Through Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-17 1A6<br>5.500%, 9/25/35 | 306435 | 260998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-24 A1<br>5.500%, 11/25/35 | 293147 | 170507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9 A10<br>6.000%, 5/25/36 | 2737692 | 1367597 |
|  CitiMortgage Alternative Loan Trust, | CitiMortgage Alternative Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A4 1A8<br>6.000%, 9/25/36 | 1234532 | 1086494 |
|  COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2 M1<br>5.250%, 3/25/65 (l)§ | 100000 | 87134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3 A3<br>2.380%, 4/27/65 (l)§ | 14361 | 13448 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-17R 1A2<br>5.750%, 2/27/37§ | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JR1 A1<br>2.465%, 9/27/66 (l)§ | 251457 | 239199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JR2 A1<br>2.215%, 11/25/61 (l)§ | 362619 | 342505 |
|  Deutsche Alt-A Securities Mortgage Loan Trust, | Deutsche Alt-A Securities Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR3 2A5<br>4.789%, 6/25/37 (l) | 614776 | 536775 |
|  Eurohome UK Mortgages plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A<br>3.944%, 6/15/44 (l)(m) | 178189 | 206849 |
|  EuroMASTR plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1V A2<br>3.996%, 6/15/40 (l)(m) | 158083 | 175605 |
|  Eurosail-UK plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4X A3<br>4.502%, 6/13/45 (l)(m) | 421336 | 490256 |
|  FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2708 ZD<br>5.500%, 11/15/33 | $649858 | 658726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4116 AP<br>1.350%, 8/15/42 | 1006082 | 851601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4316 BZ<br>3.000%, 3/15/44 | 5289985 | 4599145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4438 B<br>3.000%, 10/15/43 | 183832 | 174535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4440 ZD<br>2.500%, 2/15/45 | 7296459 | 6205582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4790 F<br>4.508%, 10/15/43 (l) | 262882 | 253615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FA<br>3.106%, 8/15/40 (l) | 204842 | 198872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4989 FB<br>3.258%, 10/15/40 (l) | 152642 | 148445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5004 LS<br>1.761%, 7/25/50 IO (l) | 3654875 | 454292 |
|  Fingal Securities RMBS DAC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 A<br>2.578%, 7/28/55 (l)(m) | 660710 | 705644 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA3 A8<br>6.000%, 6/25/37 | $674997 | 277351 |
|  FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-86 NF<br>4.939%, 9/25/41 (l) | 88749 | 87250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-123 PZ<br>2.700%, 3/25/43 | 5163837 | 4511860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11 A<br>3.000%, 5/25/34 | 390755 | 374454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-72 PA<br>3.000%, 7/25/46 | 599561 | 541552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-81 PA<br>3.000%, 2/25/44 | 165927 | 160364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77 S<br>0.222%, 11/25/50 IO (l) | 7411475 | 322602 |
|  Formentera Issuer plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A<br>4.244%, 7/28/47 (l)(m) | 430118 | 508692 |
|  GCAT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM3 M1<br>3.450%, 11/25/59 (l)§ | $500000 | 384384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2 A5<br>3.000%, 4/25/52 (l)§ | 570127 | 476011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM4 A1<br>5.269%, 8/25/67 (e)§ | 154413 | 150973 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-74 LF<br>4.753%, 6/20/42 (l) | 616142 | 596595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-116 LS<br>1.797%, 8/20/43 IO (l) | 859013 | 81280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-26 MS<br>1.897%, 2/20/43 IO (l) | 822411 | 85464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-20 TS<br>1.747%, 2/20/44 IO (l) | 787981 | 74868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H15 FC<br>4.184%, 6/20/65 (l) | 226061 | 222529 |

---

See Notes to Financial Statements.

1420

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H16 FM<br>4.442%, 7/20/65 (l) | $359760 | $354187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H18 FB<br>4.442%, 7/20/65 (l) | 198093 | 195221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H19 FK<br>4.442%, 8/20/65 (l) | 374879 | 368838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FB<br>4.407%, 8/20/65 (l) | 238969 | 235159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H20 FC<br>4.462%, 8/20/65 (l) | 971237 | 956032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H22 FC<br>4.344%, 9/20/65 (l) | 484629 | 476599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H29 FA<br>4.542%, 10/20/65 (l) | 1445 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H11 F<br>4.642%, 5/20/66 (l) | 247456 | 244270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H14 FA<br>4.585%, 6/20/66 (l) | 240059 | 237657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15 FA<br>4.601%, 7/20/66 (l) | 305215 | 302350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16 KI<br>2.500%, 1/20/51 IO | 5195053 | 745672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160 TI<br>3.000%, 9/20/51 IO | 5336351 | 807744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165 ID<br>3.000%, 9/20/51 IO | 3238034 | 504851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30 KI<br>3.000%, 2/20/51 IO | 4609753 | 688164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-57 IA<br>2.500%, 12/20/50 IO | 5069735 | 653290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-174 AZ<br>3.500%, 5/20/51 | 5208923 | 4315412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H22 EF<br>4.576%, 10/20/72 (l) | 482215 | 481072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H25 FA<br>4.966%, 11/20/72 (l) | 500920 | 505195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H26 DF<br>4.770%, 12/20/72 (l) | 300000 | 300372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02 FA<br>5.020%, 1/20/73 (l)(r) | 300000 | 300293 |
|  Great Hall Mortgages No. 1 plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2X AC<br>4.868%, 6/18/39 (l)(m) | 181864 | 178228 |
|  GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6 2A1<br>3.767%, 9/25/35 (l) | 22811 | 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR2 2A1<br>3.161%, 4/25/36 (l) | 41587 | 28641 |
|  HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-10 3A1A<br>3.752%, 1/19/35 (l) | 151929 | 133383 |
|  Homeward Opportunities Fund Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BPL1 A1<br>3.228%, 8/25/25 (e)§ | 568547 | 566870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1 A1<br>5.082%, 7/25/67 (e)§ | 150828 | 146542 |
|  Impac CMB Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8 2A1<br>5.289%, 10/25/33 (l) | 225 | 221 |
|  IndyMac IMSC Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR1 2A1<br>3.324%, 6/25/37 (l) | 774744 | 530737 |
|  IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, | IndyMac INDX Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX1 A4<br>4.929%, 2/25/37 (l) | 922058 | 576391 |
|  JP Morgan Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-R2 A1<br>6.000%, 11/25/36 (l)§ | 1112560 | 646982 |
|  JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-S3 1A2<br>5.750%, 1/25/36 | 666222 | 328395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A3 6A1<br>3.748%, 8/25/34 (l) | 12431 | 11773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1 3A3<br>3.346%, 7/25/35 (l) | 19075 | 17607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7 A3<br>2.500%, 11/25/51 (l)§ | 597028 | 480483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5 A2A<br>2.500%, 12/25/51 (l)§ | 1220531 | 981479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A3A<br>2.500%, 2/25/52 (l)§ | 680613 | 582589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A4A<br>2.500%, 2/25/52 (l)§ | 257000 | 173285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7 A5A<br>2.500%, 2/25/52 (l)§ | 142284 | 108903 |
|  Legacy Mortgage Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GS1 A1<br>2.882%, 10/25/59 (e)§ | 471878 | 468984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GS4 A1<br>3.250%, 2/25/60 (e)§ | 576509 | 567620 |
|  Lehman Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 1A2<br>5.750%, 2/25/37 | 852369 | 811650 |
|  Ludgate Funding plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A2A<br>3.490%, 1/1/61 (l)(m) | 82985 | 93190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W1X A1<br>3.930%, 1/1/61 (l)(m) | 216489 | 249082 |
|  MASTR Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2 5A1<br>6.500%, 12/25/34 | $33659 | 31554 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1 3A<br>6.709%, 12/25/32 (l) | 6079 | 5365 |
|  MFA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM3 A1<br>5.570%, 9/25/67 (e)§ | 130738 | 128350 |
|  Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1 A1<br>2.693%, 10/25/60 (l)§ | 803410 | 772354 |
|  Mortgage Loan Resecuritization Trust, | Mortgage Loan Resecuritization Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-RS1 A85<br>4.460%, 4/16/36 (l)§ | 216959 | 202242 |
|  MortgageIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4 A1<br>4.949%, 10/25/35 (l) | 89463 | 82862 |
|  Mortimer BTL plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A<br>4.501%, 6/21/52 (l)(m) | 427421 | 515600 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A A1<br>3.750%, 5/28/52 (l)§ | $213437 | 198008 |

---

See Notes to Financial Statements.

1421

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1 A1<br>3.500%, 12/25/57 (l)§ | $| 294542 | $| 277815 |
|  Nomura Asset Acceptance Corp.,<br>5.515%, 1/25/36 (l) |  | 3156760 |  | 958587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AP1 A5<br>5.559%, 1/25/36 (e) |  | 2373124 |  | 719586 |
|  OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7 A1<br>5.110%, 8/25/62 (e)§ |  | 101792 |  | 99944 |
|  PRKCM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AFC2 A1<br>5.335%, 8/25/57 (l)§ |  | 158284 |  | 155309 |
|  PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 A1<br>2.115%, 3/25/26 (l)§ |  | 1544375 |  | 1423045 |
|  RALI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO3 A1<br>4.809%, 4/25/46 (l) |  | 3614135 |  | 1051968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS6 A29<br>6.000%, 4/25/37 |  | 1121145 |  | 877802 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL10 A<br>6.874%, 10/25/39 (l)§ |  | 614127 |  | 610741 |
|  Reperforming Loan REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-R2 1AF1<br>4.729%, 6/25/35 (l)§ |  | 31614 |  | 29753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1 AF1<br>4.729%, 1/25/36 (l)§ |  | 99583 |  | 94285 |
|  Residential Asset Securitization Trust, | Residential Asset Securitization Trust, | Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A12 A2<br>6.250%, 11/25/36 |  | 2860047 |  | 1122287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A9CB A7<br>6.000%, 9/25/36 |  | 3855498 |  | 1270015 |
|  Resloc UK plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1X A3B<br>3.712%, 12/15/43 (l)(m) | GBP | 84001 |  | 95810 |
|  RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S10 1A1<br>6.000%, 10/25/36 | $| 395385 |  | 313393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SA2 3A1<br>4.875%, 8/25/36 (l) |  | 63319 |  | 57765 |
|  Ripon 1RA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.595%, 8/28/56§ | GBP | 1000000 |  | 1143930 |
|  Ripon Mortgages plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1RA A<br>4.137%, 8/28/56 (l)§ |  | 1808406 |  | 2150279 |
|  Sequoia Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10 2A1<br>5.113%, 10/20/27 (l) | $| 868 |  | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4 2A1<br>5.053%, 7/20/33 (l) |  | 6175 |  | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6 A<br>4.979%, 4/19/27 (l) |  | 44957 |  | 42401 |
|  SG Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 B1<br>4.038%, 12/25/61 (l)§ |  | 1700000 |  | 966093 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 M1<br>2.878%, 2/25/50 (l)§ |  | 2500000 |  | 2075810 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4 2A<br>4.001%, 4/25/34 (l) |  | 121205 |  | 117854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-19XS 2A1<br>4.689%, 10/25/35 (l) |  | 1401 |  | 1400 |
|  Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, | Structured Asset Mortgage Investments II Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5 A1<br>4.839%, 7/19/35 (l) |  | 21280 |  | 18685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6 1A3<br>4.769%, 7/25/46 (l) |  | 627698 |  | 465797 |
|  Toorak Mortgage Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1 A2<br>3.228%, 3/25/23 (e)§ |  | 1200000 |  | 1137828 |
|  Towd Point Mortgage Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A13A A1<br>4.346%, 7/20/45 (l)§ | GBP | 671680 |  | 800091 |
|  Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, | Towd Point Mortgage Funding plc, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A14X A<br>4.339%, 5/20/45 (l)(m) |  | 1178310 |  | 1398283 |
|  Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 M1<br>3.722%, 3/25/58 (l)§ | $| 1500000 |  | 1187439 |
|  Uropa Securities plc, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1 A3A<br>3.768%, 10/10/40 (l)(m) | GBP | 453096 |  | 522961 |
|  UWM Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2 A9<br>4.521%, 9/25/51 (l)§ | $| 720848 |  | 657792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3 A9<br>4.471%, 11/25/51 (l)§ |  | 639453 |  | 584531 |
|  Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6 B1<br>4.047%, 10/25/66 (l)§ |  | 1000000 |  | 610591 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  |  |  | 80788689 |
|  **Commercial Mortgage-Backed Securities (6.6%)** | **Commercial Mortgage-Backed Securities (6.6%)** | **Commercial Mortgage-Backed Securities (6.6%)** | **Commercial Mortgage-Backed Securities (6.6%)** | **Commercial Mortgage-Backed Securities (6.6%)** |
|  1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, | 1211 Avenue of the Americas Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 C<br>4.142%, 8/10/35 (l)§ |  | 100000 |  | 87397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1211 D<br>4.142%, 8/10/35 (l)§ |  | 100000 |  | 83784 |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS B<br>3.100%, 5/15/35 (l)§ |  | 268000 |  | 243958 |
|  245 Park Avenue Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P XA<br>0.149%, 6/5/37 IO (l)§ |  | 1000000 |  | 7272 |
|  280 Park Avenue Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-280P D<br>5.773%, 9/15/34 (l)§ |  | 200000 |  | 182532 |
|  Alen Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACEN D<br>7.418%, 4/15/34 (l)§ |  | 100000 |  | 79985 |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 D<br>1.750%, 5/15/53§ |  | 100000 |  | 65236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1 E<br>1.750%, 5/15/53§ |  | 100000 |  | 61128 |
|  AREIT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5 A<br>5.419%, 11/17/38 (l)§ |  | 570660 |  | 544044 |

---

See Notes to Financial Statements.

1422

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Ashford Hospitality Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ASHF D<br>6.418%, 4/15/35 (l)§ | $16000 | $15066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KEYS A<br>5.318%, 6/15/35 (l)§ | 600000 | 581276 |
|  Atrium Hotel Portfolio Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-ATRM D<br>6.518%, 12/15/36 (l)§ | 290000 | 264670 |
|  BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, | BAMLL Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SCH AF<br>5.318%, 11/15/33 (l)§ | 100000 | 94062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SCH CL<br>5.818%, 11/15/32 (l)§ | 100000 | 92710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SCH DL<br>6.318%, 11/15/32 (l)§ | 100000 | 90212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DSNY C<br>5.668%, 9/15/34 (l)§ | 100000 | 95758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DSNY D<br>6.018%, 9/15/34 (l)§ | 200000 | 192856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-JACX A<br>5.368%, 9/15/38 (l)§ | 800000 | 758899 |
|  Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, | Banc of America Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS7 B<br>4.339%, 9/15/48 (l) | 350000 | 319715 |
|  BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5 C<br>4.191%, 6/15/60 (l) | 30000 | 25770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6 XA<br>0.769%, 7/15/60 IO (l) | 3192297 | 83518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10 XA<br>0.695%, 2/15/61 IO (l) | 3584015 | 100956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 AS<br>3.446%, 8/15/61 | 249000 | 216666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19 C<br>4.031%, 8/15/61 (l) | 215000 | 157212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 AS<br>3.243%, 9/15/62 (l) | 310000 | 268431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20 XB<br>0.368%, 9/15/62 IO (l) | 530000 | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21 A5<br>2.851%, 10/17/52 | 20000 | 17389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25 AS<br>2.841%, 1/15/63 | 22000 | 18402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30 XB<br>0.723%, 12/15/53 IO (l) | 5331000 | 232834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33 XB<br>0.481%, 5/15/64 IO (l) | 4550000 | 151262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35 A5<br>2.285%, 6/15/64 | 75323 | 61173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN37 A5<br>2.618%, 11/15/64 (l) | 25000 | 20767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40 A4<br>3.394%, 3/15/64 (l) | 600000 | 531397 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, | Bank of America Merrill Lynch Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10 C<br>4.838%, 7/15/49 (l) | 368000 | 328643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK3 XB<br>0.586%, 2/15/50 IO (l) | 1000000 | 21418 |
|  BBCCRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP A<br>3.966%, 8/10/33§ | 900000 | 842400 |
|  BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1 B<br>4.089%, 2/15/50 | 100000 | 88979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL A<br>5.040%, 3/15/37 (l)§ | 15000 | 13983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C9 XA<br>1.626%, 2/15/54 IO (l) | 2680669 | 240584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17 A5<br>4.441%, 9/15/55 | 14000 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C18 A5<br>5.710%, 12/15/55 (l) | 43000 | 45229 |
|  BBCMS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH A1<br>3.312%, 8/10/35§ | 70536 | 66495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SRCH XA<br>0.911%, 8/10/35 IO (l)§ | 934273 | 28900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10 XA<br>1.298%, 7/15/54 IO (l) | 3592179 | 258876 |
|  BB-UBS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-SHOW XA<br>0.596%, 11/5/36 IO (l)§ | 2277000 | 22291 |
|  Beast Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP A<br>5.068%, 4/15/36 (l)§ | 421000 | 403389 |
|  Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B5 A3<br>3.944%, 7/15/51 | 60000 | 55904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 A5<br>4.016%, 3/15/52 | 700000 | 661844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9 XA<br>1.031%, 3/15/52 IO (l) | 982365 | 46220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 A5<br>2.732%, 2/15/53 | 13000 | 11248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16 XA<br>0.926%, 2/15/53 IO (l) | 3943897 | 189530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17 XB<br>0.530%, 3/15/53 IO (l) | 1000000 | 27389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG3 XA<br>0.732%, 9/15/48 IO (l)§ | 6726453 | 155641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23 XA<br>1.272%, 2/15/54 IO (l) | 993248 | 65209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24 XA<br>1.151%, 3/15/54 IO (l) | 1156092 | 69907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27 XA<br>1.267%, 7/15/54 IO (l) | 3674710 | 258367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29 A5<br>2.388%, 9/15/54 | 38000 | 31007 |
|  BFLD Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EYP A<br>5.468%, 10/15/35 (l)§ | 700000 | 665045 |
|  BIG Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BIG A<br>5.678%, 2/15/39 (l)§ | 600000 | 576430 |
|  BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BOCA A<br>6.105%, 5/15/39 (l)§ | 100000 | 98208 |
|  BWAY Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 A2<br>3.454%, 3/10/33§ | 100000 | 94352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1515 C<br>3.446%, 3/10/33§ | 100000 | 93259 |

---

See Notes to Financial Statements.

1423

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1450 A<br>5.568%, 9/15/36 (l)§ | $700000 | $666179 |
|  BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL D<br>5.900%, 10/15/36 (l)§ | 221000 | 214038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV2 C 3.<br>542%, 3/9/44 (l)§ | 200000 | 153353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV3 B<br>3.544%, 3/9/44 (l)§ | 120000 | 98353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV4 A<br>2.843%, 3/9/44§ | 290000 | 234454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR D<br>5.718%, 6/15/38 (l)§ | 168722 | 159030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO D<br>5.670%, 5/15/38 (l)§ | 200000 | 187763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIV5 A<br>2.843%, 3/9/44 (l)§ | 140000 | 111983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT E<br>6.318%, 9/15/36 (l)§ | 247000 | 229786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT F<br>6.718%, 9/15/36 (l)§ | 247000 | 227336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 A<br>5.006%, 10/15/38 (l)§ | 463358 | 445419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2 E<br>6.163%, 10/15/38 (l)§ | 341958 | 321460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AHP A<br>5.326%, 1/17/39 (l)§ | 600000 | 574310 |
|  BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 A<br>3.202%, 12/9/41§ | 10000 | 8417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 D<br>3.944%, 12/9/41 (l)§ | 114000 | 91306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11 E<br>3.944%, 12/9/41 (l)§ | 325000 | 246190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA D<br>6.213%, 10/15/36 (l)§ | 102000 | 94357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SDMF A<br>4.907%, 9/15/34 (l)§ | 11000 | 10536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VIEW D<br>7.218%, 6/15/36 (l)§ | 120000 | 112587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FOX2 A2<br>5.085%, 4/15/39 (l)§ | 1000000 | 920800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-GPA A<br>6.501%, 10/15/39 (l)§ | 230000 | 228563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-GPA XCP<br>1.029%, 10/15/39 IO (l)§ | 1311000 | 8154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF A<br>5.186%, 1/15/39 (l)§ | 23000 | 21966 |
|  BXP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC D<br>3.552%, 8/13/37 (l)§ | 30000 | 23103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GM D<br>3.425%, 6/13/39 (l)§ | 80000 | 66716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L D<br>2.775%, 1/15/44 (l)§ | 102000 | 62914 |
|  CAMB Commercial Mortgage Trust, | CAMB Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIFE D<br>6.068%, 12/15/37 (l)§ | 100000 | 96504 |
|  Cassia SRL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A A<br> 4.321%, 5/22/34 (l)§ | 248168 | 253121 |
|  CD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3 A4<br>3.631%, 2/10/50 | $10000 | 9335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6 C<br>4.232%, 11/13/50 (l) | 371000 | 314314 |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3 A3<br>3.865%, 1/10/48 | 10000 | 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XA<br>1.607%, 5/10/58 IO (l) | 583369 | 22981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XB<br>0.692%, 5/10/58 IO (l) | 110000 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8 B<br>4.199%, 6/15/50 (l) | 37000 | 32903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN A<br>4.236%, 2/15/33§ | 100000 | 96623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN C<br>5.295%, 2/15/33§ | 100000 | 95206 |
|  CHC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CHC B<br>5.818%, 6/15/34 (l)§ | 101236 | 97251 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-375P A<br>3.251%, 5/10/35§ | 500000 | 461827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27 B<br>3.772%, 2/10/48 | 20000 | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4 A4<br>3.471%, 10/12/50 | 20000 | 18302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C6 A4<br>4.412%, 11/10/51 | 30000 | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PRM D<br>4.350%, 5/10/36§ | 100000 | 98589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K D<br>3.312%, 11/10/42 (l)§ | 150000 | 112210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K E<br>3.312%, 11/10/42 (l)§ | 150000 | 107929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K X<br>0.801%, 11/10/42 IO (l)§ | 1000000 | 50020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-KEYS A<br>5.498%, 10/15/36 (l)§ | 700000 | 664327 |
|  Cold Storage Trust, Series 2020-ICE5 A | Cold Storage Trust, Series 2020-ICE5 A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%, 11/15/37 (l)§ | 98299 | 95599 |
|  Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR6 XA<br>0.960%, 3/10/46 IO (l) | 291965 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR18 A4<br>3.550%, 7/15/47 | 8303 | 7951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21 A3<br>3.528%, 12/10/47 | 17559 | 16832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5 B<br>4.514%, 9/10/47 (l) | 130000 | 120965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP B<br>3.238%, 2/10/35 (l)§ | 300000 | 278396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP XA<br>0.060%, 2/10/35 IO (l)§ | 1287000 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22 C<br>4.070%, 3/10/48 (l) | 300000 | 272404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22 XA<br>0.821%, 3/10/48 IO (l) | 2646522 | 37834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24 B<br>4.344%, 8/10/48 (l) | 65000 | 59311 |

---

See Notes to Financial Statements.

1424

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26 ASB<br>3.373%, 10/10/48 | $1078116 | $1051270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1 XA 0.<br>983%, 2/10/48 IO (l) | 2478361 | 37263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23 A<br>4 3.774%, 10/10/48 | 20000 | 18911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1 ASB<br>2.972%, 10/10/49 | 766241 | 724340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3 XD<br>1.750%, 5/10/51 IO (l)§ | 50000 | 3667 |
|  Credit Suisse Mortgage Capital Certificates, | Credit Suisse Mortgage Capital Certificates, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4 B<br>5.548%, 5/15/36 (l)§ | 160000 | 157211 |
|  CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 C<br>4.258%, 4/15/50 (l) | 300000 | 258136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C1 XA<br>0.817%, 4/15/50 IO (l) | 3751106 | 46398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2 A4<br>3.504%, 6/15/57 | 10000 | 9473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4 D<br>3.558%, 11/15/48 (l) | 70000 | 59520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 B<br>4.463%, 11/15/48 (l) | 30000 | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5 C<br>4.645%, 11/15/48 (l) | 90000 | 80754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10 XB<br>0.174%, 11/15/50 IO (l) | 1000000 | 10424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12 A4<br>4.224%, 8/15/51 (l) | 10000 | 9476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12 C<br>4.739%, 8/15/51 (l) | 58000 | 47677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15 A4<br>4.053%, 3/15/52 | 50000 | 46360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16 C<br>4.237%, 6/15/52 (l) | 40000 | 33480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16 XA<br>1.551%, 6/15/52 IO (l) | 980739 | 69352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA<br>1.353%, 9/15/52 IO (l) | 4982119 | 299745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XB<br>0.556%, 9/15/52 IO (l) | 1000000 | 29877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 D<br> 2.500%, 12/15/52§ | 170000 | 111879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19 A3<br>2.561%, 3/15/53 | 79298 | 66690 |
|  CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-PFHP A<br>5.268%, 12/15/30 (l)§ | 50000 | 47835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME A<br>3.646%, 11/13/39§ | 100000 | 87370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT C<br>6.918%, 10/15/37 (l)§ | 303000 | 282575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET A<br>2.257%, 8/15/37§ | 275604 | 247495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET D<br>3.704%, 8/15/37 (l)§ | 200000 | 173821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-980M D<br>3.535%, 7/15/31 (l)§ | 321000 | 240192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ADV A<br>5.718%, 7/15/38 (l)§ | 800000 | 766308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A1<br>3.053%, 10/10/43§ | 100000 | 85943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B33 A2<br>3.167%, 10/10/43§ | 288000 | 226796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NWPT A<br>7.479%, 9/9/24 (l)§ | 100000 | 98772 |
|  CSWF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TOP F<br>7.068%, 8/15/35 (l)§ | 157925 | 156350 |
|  DBGS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5BP B<br>5.298%, 6/15/33 (l)§ | 100000 | 92261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1735 X<br>0.291%, 4/10/37 IO (l)§ | 1365000 | 22673 |
|  DBJPM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1 A4<br>3.276%, 5/10/49 | 20000 | 18580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6 XD<br>1.000%, 6/10/50 IO (l) | 300000 | 10812 |
|  DBUBS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BRBK D<br>3.530%, 10/10/34 (l)§ | 100000 | 90785 |
|  DOLP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC A<br>2.956%, 5/10/41§ | 1000000 | 799559 |
|  EQUS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EQAZ A<br>5.073%, 10/15/38 (l)§ | 499990 | 481259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH A<br>5.398%, 7/15/38 (l)§ | 2050004 | 1991331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH B<br>5.698%, 7/15/38 (l)§ | 302620 | 290905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH D<br>6.568%, 7/15/38 (l)§ | 195238 | 186949 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K053 A2<br>2.995%, 12/25/25 | 188000 | 179876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K120 X1<br>1.133%, 10/25/30 IO (l) | 2459573 | 144258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121 X1<br>1.120%, 10/25/30 IO (l) | 118802 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K148 A2<br>3.500%, 7/25/32 (l) | 50000 | 46240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-151 A2<br>3.800%, 10/25/32 (l) | 75000 | 71045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K722 X1<br>1.373%, 3/25/23 IO (l) | 531849 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL05 X1P<br>1.024%, 6/25/29 IO (l) | 662000 | 33695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06 XFX<br>1.364%, 12/25/29 IO (l) | 170000 | 12011 |
|  FNMA ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M15 X1<br>1.482%, 9/25/31 IO (l) | 3647500 | 204574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4 A1X<br>2.465%, 5/25/30 (l) | 2125138 | 1939399 |
|  FREMF Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K80 B<br>4.231%, 8/25/50 (l)§ | 20000 | 18348 |

---

See Notes to Financial Statements.

1425

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL7 A<br>6.808%, 10/19/39 (l)§ | $100000 | $99309 |
|  GCT Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GCT C<br>6.018%, 2/15/38 (l)§ | 120000 | 111288 |
|  GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30<br>0.529%, 9/16/53 IO (l) | 40980 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-22<br>0.527%, 3/16/55 IO (l) | 60621 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-96<br>0.772%, 12/16/57 IO (l) | 32178 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-143<br>0.966%, 10/16/63 IO (l) | 7298665 | 520767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-20<br>1.135%, 8/16/62 IO (l) | 5812205 | 458952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-208<br>0.753%, 6/16/64 IO (l) | 8816876 | 501394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22<br>0.976%, 5/16/63 IO (l) | 6552878 | 469598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52<br>0.718%, 4/16/63 IO (l) | 6530460 | 347609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-71<br>0.873%, 10/16/62 IO (l) | 7494782 | 497227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49<br>0.761%, 3/16/64 IO (l) | 8394659 | 502431 |
|  Grace Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GRCE D<br>2.680%, 12/10/40 (l)§ | 142000 | 97707 |
|  Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF E<br>7.050%, 12/15/36 (l)§ | 254000 | 240373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF F<br>7.449%, 12/15/36 (l)§ | 254000 | 238155 |
|  GS Mortgage Securities Corp. II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-ROCK A<br>5.366%, 5/3/32§ | 50000 | 48971 |
|  GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GPTX A<br>2.856%, 5/10/34§ | 100000 | 87928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TWR D<br>6.168%, 7/15/31 (l)§ | 110000 | 94850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AGSS A<br>7.028%, 11/15/27 (l)§ | 110000 | 109732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ECI A<br>6.531%, 8/15/39 (l)§ | 100000 | 99366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SHIP A<br>5.067%, 8/15/36 (l)§ | 111000 | 109466 |
|  GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GCJ9 C<br>4.448%, 11/10/45 (l)§ | 5135 | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC20 B<br>4.529%, 4/10/47 (l) | 30000 | 28175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC28 XA<br>0.971%, 2/10/48 IO (l) | 2590639 | 38835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32 C<br>4.411%, 7/10/48 (l) | 10000 | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 A3<br>3.734%, 11/10/48 | 10000 | 9458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1 XA<br>0.758%, 11/10/48 IO (l) | 1851891 | 33698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3 XA<br>1.196%, 10/10/49 IO (l) | 284250 | 9637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7 XA<br>1.083%, 8/10/50 IO (l) | 2390594 | 89395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1 C<br>3.808%, 11/10/52 (l) | 10000 | 7844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1 XA<br>0.810%, 11/10/52 IO (l) | 1156872 | 48598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45 XA<br>0.669%, 2/13/53 IO (l) | 3306978 | 107557 |
|  HIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HI32 A<br>6.727%, 7/15/24 (l)§ | 10000 | 9840 |
|  HMH Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-NSS A<br>3.062%, 7/5/31§ | 110000 | 92217 |
|  ILPT Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPF2 A<br>6.581%, 10/15/39 (l)§ | 100000 | 99969 |
|  IMT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-APTS AFX<br>3.478%, 6/15/34§ | 100000 | 94913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-APTS DFX<br>3.497%, 6/15/34 (l)§ | 100000 | 91490 |
|  INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-STAY A<br>6.825%, 8/15/39 (l)§ | 100000 | 99344 |
|  JP Morgan Chase Commercial Mortgage Securities Corp., | JP Morgan Chase Commercial Mortgage Securities Corp., | JP Morgan Chase Commercial Mortgage Securities Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CGSS A<br>6.772%, 12/15/36 (l)§ | 100000 | 99813 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, | JP Morgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1 C<br>4.725%, 1/15/49 (l) | 100000 | 89915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 B<br>3.397%, 8/15/49 (l) | 331000 | 284590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3 XC<br>0.750%, 8/15/49 IO (l)§ | 240000 | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON A<br>4.128%, 7/5/31§ | 23000 | 21620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-PHH A<br>5.528%, 6/15/35 (l)§ | 106599 | 99071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT EFX<br>5.363%, 7/5/33 (l)§ | 120000 | 105232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT FFX<br>5.363%, 7/5/33 (l)§ | 181000 | 157139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-609M D<br>7.088%, 10/15/33 (l)§ | 130000 | 116074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ACE C<br>3.694%, 1/10/37 (l)§ | 187000 | 167124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LOOP E<br>3.861%, 12/5/38 (l)§ | 181000 | 118927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC A<br>5.118%, 4/15/38 (l)§ | 9449 | 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC D<br>6.018%, 4/15/38 (l)§ | 90000 | 85505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DATA A<br> 3.916%, 6/10/42 (l)§ | 600000 | 532813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP A<br>4.932%, 4/15/37 (l)§ | 327476 | 302937 |

---

See Notes to Financial Statements.

1426

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NXSS A<br>6.515%, 8/15/39 (l)§ | $120000 | $119701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO D<br>3.450%, 1/5/39 (l)§ | 100000 | 72999 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23 D<br>3.982%, 9/15/47 (l)§ | 365000 | 315110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25 XA<br>0.808%, 11/15/47 IO (l) | 2779201 | 32836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 D<br>3.806%, 2/15/48 (l)§ | 300000 | 249984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32 XA<br>1.113%, 11/15/48 IO (l) | 1393557 | 24522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33 D1<br>4.120%, 12/15/48 (l)§ | 200000 | 169222 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 A5<br>3.490%, 7/15/50 | 20000 | 18506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6 C<br>3.708%, 7/15/50 (l) | 350000 | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP7 B<br>4.050%, 9/15/50 | 10000 | 8818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR5 A3<br>3.123%, 6/13/52 | 20000 | 17288 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2 XA<br>1.492%, 6/15/49 IO (l) | 1307107 | 47489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 XC<br>0.750%, 12/15/49 IO (l)§ | 1800000 | 41551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8 A4<br>4.211%, 6/15/51 | 10000 | 9468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR7 B<br>3.294%, 5/13/53 (l) | 298000 | 236567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR7 XA<br>1.650%, 5/13/53 IO (l) | 2541303 | 190178 |
|  KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, | KREST Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CHIP A<br>2.558%, 11/5/44§ | 700000 | 518537 |
|  Ladder Capital Commercial Mortgage Trust, | Ladder Capital Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GCP XA<br>1.159%, 2/15/36 IO (l)§ | 941176 | 43933 |
|  LCCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26 C<br>4.706%, 7/12/50§ | 300000 | 250335 |
|  LSTAR Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5 X<br>0.792%, 3/10/50 IO (l)§ | 2261928 | 46518 |
|  LUXE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TRIP A<br>5.368%, 10/15/38 (l)§ | 242270 | 231680 |
|  Med Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN G<br>9.568%, 11/15/38 (l)§ | 366000 | 330854 |
|  MF1 Multifamily Housing Mortgage Loan Trust, | MF1 Multifamily Housing Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL5 A<br>5.300%, 7/15/36 (l)§ | 329451 | 320604 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20 ASB<br>3.069%, 2/15/48 | 331172 | 321864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20 XA<br>1.248%, 2/15/48 IO (l) | 2000550 | 33250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23 A4<br>3.719%, 7/15/50 | 15000 | 14233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25 C<br>4.526%, 10/15/48 (l) | 70000 | 63260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 ASB<br>3.557%, 12/15/47 | 278034 | 270922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 ASB<br>2.952%, 11/15/49 | 753171 | 723114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31 C<br>4.266%, 11/15/49 (l) | 215000 | 174268 |
|  Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 B<br>4.075%, 6/15/50 | 198000 | 175043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1 XD<br> 2.152%, 6/15/50 IO (l)§ | 300000 | 23551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR2 D<br>2.730%, 12/15/50 | 210000 | 147929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-L1 A3<br>4.139%, 10/15/51 | 10000 | 9419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP A<br>4.276%, 7/11/40 (l)§ | 219000 | 195047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6 XB<br>0.715%, 6/15/52 IO (l) | 1000000 | 37376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2 XA<br>1.003%, 3/15/52 IO (l) | 2849121 | 134945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3 XA<br>0.637%, 11/15/52 IO (l) | 4511286 | 151302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4 B<br> 3.082%, 2/15/53 | 207000 | 166254 |
|  MSC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ILP D<br>5.894%, 11/15/23 (l)§ | 365790 | 342949 |
|  MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPFL A<br>5.733%, 3/15/39 (l)§ | 100000 | 97341 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-FL1 A<br>5.268%, 6/15/35 (l)§ | 112727 | 109411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX A<br>4.404%, 6/17/38§ | 100000 | 92713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-APPL A<br>5.268%, 8/15/38 (l)§ | 700000 | 666712 |
|  New Orleans Hotel Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HNLA A<br>5.307%, 4/15/32 (l)§ | 400000 | 375483 |
|  NYO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1290 A<br>5.413%, 11/15/38 (l)§ | 1100000 | 999752 |
|  Olympic Tower Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-OT XA<br>0.379%, 5/10/39 IO (l)§ | 1000000 | 14745 |
|  One Market Plaza Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XCP<br>0.000%, 2/10/32 IO (l)§ | 1000000 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1MKT XNCP<br>0.090%, 2/10/32 IO (l)§ | 200000 | 113 |
|  ONE Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK A<br>5.150%, 3/15/36 (l)§ | 600000 | 571404 |
|  PFP Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8 A<br>5.326%, 8/9/37 (l)§ | 584170 | 556818 |

---

See Notes to Financial Statements.

1427

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9 A<br>6.600%, 8/19/35 (l)§ | $120000 | $117398 |
|  Ready Capital Mortgage Financing LLC, | Ready Capital Mortgage Financing LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7 A<br>5.589%, 11/25/36 (l)§ | 687747 | 655856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9 A<br>6.790%, 6/25/37 (l)§ | 26555 | 26321 |
|  RIAL Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8 A<br>6.575%, 1/19/37 (l)§ | 203000 | 199481 |
|  SG Commercial Mortgage Securities Trust, | SG Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ D<br>3.477%, 9/15/39 (l)§ | 30000 | 23047 |
|  SLG Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA A<br>2.585%, 7/15/41§ | 179000 | 144071 |
|  SMRT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MINI D<br>6.286%, 1/15/39 (l)§ | 275000 | 255767 |
|  Soho Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOHO B<br>2.697%, 8/10/38 (l)§ | 371000 | 270830 |
|  SREIT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP D<br>5.896%, 11/15/38 (l)§ | 367000 | 346833 |
|  Taubman Centers Commercial Mortgage Trust, | Taubman Centers Commercial Mortgage Trust, | Taubman Centers Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DPM A<br>6.522%, 5/15/37 (l)§ | 136000 | 131882 |
|  TPGI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DGWD D<br>5.820%, 6/15/26 (l)§ | 270000 | 251625 |
|  UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2 C<br>4.295%, 8/15/50 (l) | 366000 | 301543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12 B<br>4.787%, 8/15/51 (l) | 75000 | 66146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8 C<br>4.709%, 2/15/51 (l) | 226000 | 193413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17 XA<br>1.469%, 10/15/52 IO (l) | 970769 | 67807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18 XA<br> 1.021%, 12/15/52 IO (l) | 971144 | 43400 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1 A<br>3.760%, 3/25/49 (l)§ | 370631 | 351092 |
|  VNDO Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-350P D<br>3.903%, 1/10/35 (l)§ | 100000 | 83084 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 C<br>3.894%, 2/15/48 | 150000 | 132305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27 XA<br>0.842%, 2/15/48 IO (l) | 2986340 | 41614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20 C<br>4.056%, 4/15/50 (l) | 219000 | 197500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS1 XA<br>1.073%, 5/15/48 IO (l) | 1855920 | 32409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2 XA<br>0.610%, 7/15/58 IO (l) | 3321512 | 41540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1 XD<br>1.250%, 8/15/49 IO (l)§ | 1000000 | 37538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32 A3FL<br>5.746%, 1/15/59 (l) | 35527 | 35586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C33 XA<br>1.583%, 3/15/59 IO (l) | 917959 | 36069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34 A3FL<br>5.366%, 6/15/49 (l)§ | 30000 | 28925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35 B<br>3.438%, 7/15/48 | 325000 | 273926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38 XA<br>0.969%, 7/15/50 IO (l) | 2321404 | 76806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39 XA<br>1.102%, 9/15/50 IO (l) | 2222897 | 77809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42 B<br>4.002%, 12/15/50 (l) | 250000 | 216319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HSDB A<br>5.370%, 12/13/31 (l)§ | 100000 | 98443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745 A<br>3.749%, 6/15/36 (l)§ | 600000 | 528280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45 C<br>4.727%, 6/15/51 | 20000 | 16823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46 B<br>4.633%, 8/15/51 | 24000 | 20791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49 B<br>4.546%, 3/15/52 | 90000 | 77818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49 C<br>4.866%, 3/15/52 (l) | 80000 | 67582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 B<br>4.192%, 5/15/52 | 150000 | 127466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50 XA<br>1.412%, 5/15/52 IO (l) | 861192 | 53252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 AS<br>2.937%, 2/15/53 | 207000 | 172467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55 XA<br>1.299%, 2/15/53 IO (l) | 4038002 | 258472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56 A5<br>2.448%, 6/15/53 | 10000 | 8366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56 XA<br>1.403%, 6/15/53 IO (l) | 3682817 | 241358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58 XA<br>1.866%, 7/15/53 IO (l) | 2274802 | 223064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SDAL D<br>6.408%, 2/15/37 (l)§ | 40000 | 37762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59 XA<br>1.537%, 4/15/54 IO (l) | 3000071 | 251005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT D<br>7.818%, 5/15/31 (l)§ | 110000 | 98538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE C<br>6.118%, 2/15/40 (l)§ | 159079 | 143420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE D<br>6.818%, 2/15/40 (l)§ | 159079 | 142670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE E<br>7.968%, 2/15/40 (l)§ | 159079 | 141093 |
|  WMRK Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK A<br>7.125%, 11/15/27 (l)§ | 100000 | 99626 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 57818582 |

---

See Notes to Financial Statements.

1428

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | | **Value<br>(Note 1)** | |
|  **Corporate Bonds (22.8%)** |  |  |  |  |
|  **Communication Services (1.5%)** |  |  |  |  |
|  ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | ***Diversified Telecommunication Services (0.6%)*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 2/15/27 | $100000 |  | $95666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/27 | 150000 |  | 146215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/15/28 | 220000 |  | 210034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/1/29 | 334000 |  | 318724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/15/30 | 130000 |  | 122762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/1/32 | 102000 |  | 80051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/1/33 | 122000 |  | 93846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/15/35 | 201000 |  | 183854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/41 | 119000 |  | 89321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 9/15/55 | 309000 |  | 207371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/61 (x) | 242000 |  | 159525 |  |
|  Level 3 Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/27§ | 600000 |  | 506394 |  |
|  Verizon Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 3/22/24 | 35000 |  | 33230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850%, 11/20/25 | 50000 |  | 44671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 3/20/26 | 40000 |  | 35937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/16/27 | 150000 |  | 146365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/22/28 | 60000 |  | 52253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 9/21/28 | 418000 |  | 403436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/18/30 | 667000 |  | 521523 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680%, 10/30/30 | 104000 |  | 81307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/20/31 | 175000 |  | 136440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 3/21/31 | 986000 |  | 813843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 11/1/34 | 162000 |  | 148336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 9/3/41 | 357000 |  | 247918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987%, 10/30/56 | 193000 |  | 119670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/20/60 | 86000 |  | 51894 |  |
|  |  |  | 5050586 |  |
|  ***Entertainment (0.1%)*** |  |  |  |  |
|  Activision Blizzard, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/27 | 10000 |  | 9466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 9/15/30 | 35000 |  | 27427 |  |
|  Electronic Arts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 2/15/31 | 700000 |  | 552893 |  |
|  TWDC Enterprises 18 Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/17/25 | 75000 |  | 71968 |  |
|  Walt Disney Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/22/30 | 250000 |  | 232615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/1/49 | 131000 |  | 86945 |  |
|  |  |  | 981314 |  |
|  ***Interactive Media & Services (0.0%)†*** | ***Interactive Media & Services (0.0%)†*** | **** |  |  |
|  Alphabet, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 8/15/25 | 110000 |  | 99204 |  |
|  Meta Platforms, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 8/15/52 | 263000 |  | 210768 |  |
|  |  |  | 309972 |  |
|  ***Media (0.5%)*** |  |  |  |  |
|  Charter Communications Operating LLC | Charter Communications Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 7/23/25 | 200000 |  | 195866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 5/1/47 | 30000 |  | 23434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/48 | 89000 |  | 72975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/1/49 | 53000 |  | 40280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/51 | 546000 |  | 335107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/52 | 130000 |  | 82550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/55 | 69000 |  | 63829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 4/1/61 | 900000 |  | 526833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/1/61 | 39000 |  | 25030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/30/62 | 145000 |  | 85826 |  |
|  Comcast Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/15/24 | 55000 |  | 54156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 3/1/26 | 125000 |  | 119122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 245000 |  | 235390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/1/30 | 550000 |  | 478340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/30 | 141000 |  | 135589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/15/32 (x) | 197000 |  | 205158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 8/15/34 | 361000 |  | 334058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/40 | 116000 |  | 96227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887%, 11/1/51 | 117000 |  | 76119 |  |
|  Cox Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/1/50§ | 92000 |  | 55144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/15/51§ | 98000 |  | 67787 |  |
|  Discovery Communications LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/13/24 | 50000 |  | 48657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/15/24 | 50000 |  | 48429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/19/27 | 108000 |  | 104227 |  |
|  Fox Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.709%, 1/25/29 | $100000 |  | 96732 |  |
|  Grupo Televisa SAB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/40 | 10000 |  | 10280 |  |
|  Interpublic Group of Cos., Inc. (The) | Interpublic Group of Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 10/1/28 | 15000 |  | 14359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/30/30 | 44000 |  | 41671 |  |
|  Omnicom Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 4/30/30 | 38000 |  | 31543 |  |
|  Paramount Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 1/15/31 | 200000 |  | 178448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/43 | 46000 |  | 31799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 9/1/43 | 42000 |  | 34981 |  |
|  |  |  | 3949946 |  |
|  ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | ***Wireless Telecommunication Services (0.3%)*** | **** |
|  Rogers Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/27§ | 65000 |  | 60135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/32§ | 574000 |  | 495542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/15/52§ | 54000 |  | 41885 |  |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/25 | 200000 |  | 192333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/15/27 | 200000 |  | 188715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 257000 |  | 218021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/15/30 | 953000 |  | 867636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 2/15/31 | 49000 |  | 40679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/15/52 | 700000 |  | 475606 |  |
|  |  |  | 2580552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  |  | 12872370 |  |
|  **Consumer Discretionary (1.0%)** |  |  |  |  |
|  ***Auto Components (0.0%)†*** |  |  |  |  |
|  Metalsa S A P I De Cv |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/4/31 (m) | 200000 |  | 156100 |  |
|  ***Automobiles (0.3%)*** |  |  |  |  |
|  General Motors Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/1/25 | 250000 |  | 254791 |  |

---

See Notes to Financial Statements.

1429

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 10/15/29 | $| 98000 |  | $| 93719 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/32 |  | 330000 |  |  | 308102 |  |
|  Hyundai Capital America |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/10/23§ |  | 135000 |  |  | 134609 |  |
|  Nissan Motor Acceptance Co. LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/9/28§ |  | 700000 |  |  | 565723 |  |
|  Nissan Motor Co. Ltd. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.201%, 9/17/28 (m) | EUR | 500000 |  |  | 467230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%, 9/17/30§ | $| 903000 |  |  | 768529 |  |
|  |  |  |  |  | 2592703 |  |
|  ***Hotels, Restaurants & Leisure (0.2%)*** | ***Hotels, Restaurants & Leisure (0.2%)*** | ***Hotels, Restaurants & Leisure (0.2%)*** | **** |  |  |  |
|  Choice Hotels International, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 12/1/29 (x) |  | 600000 |  |  | 522333 |  |
|  Expedia Group, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/1/25§ |  | 564000 |  |  | 568238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/15/30 |  | 200000 |  |  | 170324 |  |
|  Marriott International, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/27 |  | 55000 |  |  | 54470 |  |
|  Series FF |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/30 |  | 25000 |  |  | 23449 |  |
|  Series X |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/15/28 |  | 25000 |  |  | 23368 |  |
|  McDonald's Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/1/25 |  | 55000 |  |  | 50477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/26 |  | 75000 |  |  | 72966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/1/29 |  | 40000 |  |  | 35159 |  |
|  Starbucks Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 6/15/26 |  | 50000 |  |  | 46388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 8/15/29 (x) |  | 100000 |  |  | 92517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/14/32 |  | 20000 |  |  | 17184 |  |
|  |  |  |  |  | 1676873 |  |
|  ***Household Durables (0.0%)†*** |  |  |  |  |  |  |
|  DR Horton, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/15/25 |  | 50000 |  |  | 46587 |  |
|  Leggett & Platt, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/27 |  | 25000 |  |  | 22943 |  |
|  Lennar Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/29/27 |  | 100000 |  |  | 96241 |  |
|  Mohawk Industries, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/30 (x) |  | 25000 |  |  | 21618 |  |
|  Whirlpool Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/24 |  | 30000 |  |  | 29579 |  |
|  |  |  |  |  | 216968 |  |
|  ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | ***Internet & Direct Marketing Retail (0.3%)*** | **** |
|  Alibaba Group Holding Ltd. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/6/27 |  | 200000 |  |  | 183849 |  |
|  Amazon.com, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 5/12/24 |  | 25000 |  |  | 23596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/5/24 |  | 50000 |  |  | 49256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 12/3/25 |  | 100000 |  |  | 101666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 5/12/26 |  | 50000 |  |  | 44394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/13/27 |  | 100000 |  |  | 94939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/22/27 |  | 50000 |  |  | 47090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/12/28 |  | 50000 |  |  | 43117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 6/3/30 |  | 85000 |  |  | 68571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 5/12/31 |  | 50000 |  |  | 41140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/13/32 (x) |  | 100000 |  |  | 92107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/1/32 |  | 732000 |  |  | 725393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/3/50 |  | 194000 |  |  | 123706 |  |
|  eBay, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/11/25 |  | 70000 |  |  | 65584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/22/25 |  | 400000 |  |  | 408453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 5/10/26 |  | 100000 |  |  | 88741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%, 11/22/32 |  | 211000 |  |  | 219801 |  |
|  |  |  |  |  | 2421403 |  |
|  ***Leisure Products (0.0%)†*** |  |  |  |  |  |  |
|  Hasbro, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/27 |  | 15000 |  |  | 13920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/19/29 |  | 71000 |  |  | 63151 |  |
|  |  |  |  |  | 77071 |  |
|  ***Multiline Retail (0.1%)*** |  |  |  |  |  |  |
|  Dollar General Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/1/25 |  | 75000 |  |  | 73490 |  |
|  Dollar Tree, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/25 |  | 100000 |  |  | 97705 |  |
|  Target Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/15/29 |  | 100000 |  |  | 93083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/32 |  | 50000 |  |  | 48822 |  |
|  |  |  |  |  | 313100 |  |
|  ***Specialty Retail (0.1%)*** |  |  |  |  |  |  |
|  AutoNation, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/24 |  | 25000 |  |  | 24005 |  |
|  Home Depot, Inc. (The) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/15/26 |  | 65000 |  |  | 59592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/15/28 (x) |  | 65000 |  |  | 54055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/29 |  | 30000 |  |  | 27222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/15/31 (x) |  | 85000 |  |  | 68298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/15/32 |  | 45000 |  |  | 40176 |  |
|  Lowe's Cos., Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/15/26 |  | 100000 |  |  | 93073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/5/29 |  | 200000 |  |  | 185470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/30 |  | 501000 |  |  | 482077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/33 |  | 40000 |  |  | 39077 |  |
|  O'Reilly Automotive, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 6/1/28 |  | 50000 |  |  | 48574 |  |
|  Ross Stores, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 4/15/26 |  | 50000 |  |  | 43861 |  |
|  |  |  |  |  | 1165480 |  |
|  ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | ***Textiles, Apparel & Luxury Goods (0.0%)†*** | **** |  |  |  |
|  Ralph Lauren Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/15/30 |  | 15000 |  |  | 13008 |  |
|  VF Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/23/30 (x) |  | 200000 |  |  | 167113 |  |
|  |  |  |  |  | 180121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  |  | 8799819 |  |
|  **Consumer Staples (0.7%)** |  |  |  |  |  |  |
|  ***Beverages (0.3%)*** |  |  |  |  |  |  |
|  Anheuser-Busch Cos. LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 2/1/36 |  | 149000 |  |  | 140947 |  |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 1/23/29 |  | 600000 |  |  | 594174 |  |
|  Bacardi Ltd. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/15/25§ |  | 500000 |  |  | 485062 |  |
|  Coca-Cola Co. (The) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/25/27 |  | 50000 |  |  | 47134 |  |

---

See Notes to Financial Statements.

1430

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/6/29 (x) | $200000 |  | $| 171966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/5/31 (x) | 65000 |  |  | 53925 |  |
|  Constellation Brands, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 5/9/27 | 100000 |  |  | 97304 |  |
|  Diageo Capital plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/24/29 | 200000 |  |  | 171412 |  |
|  Keurig Dr Pepper, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/15/29 | 100000 |  |  | 93130 |  |
|  Molson Coors Beverage Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/26 | 100000 |  |  | 92995 |  |
|  PepsiCo, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/30/25 | 75000 |  |  | 71688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/27 | 100000 |  |  | 93949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 3/19/30 | 200000 |  |  | 177885 |  |
|  |  |  |  | 2291571 |  |
|  ***Food & Staples Retailing (0.1%)*** |  |  |  |  |  |
|  Costco Wholesale Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%, 4/20/30 | 200000 |  |  | 164412 |  |
|  Kroger Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/15/26 | 50000 |  |  | 45855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/29 | 25000 |  |  | 24145 |  |
|  Sysco Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/27 | 50000 |  |  | 46363 |  |
|  Walgreens Boots Alliance, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/18/24 | 50000 |  |  | 48836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 | 75000 |  |  | 71335 |  |
|  Walmart, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/22/24 | 37000 |  |  | 36272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 12/15/24 | 50000 |  |  | 48017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 7/8/26 (x) | 40000 |  |  | 38542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/8/29 | 200000 |  |  | 187348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/24/29 | 3000 |  |  | 2636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/22/31 (x) | 15000 |  |  | 12271 |  |
|  |  |  |  | 726032 |  |
|  ***Food Products (0.1%)*** |  |  |  |  |  |
|  Archer-Daniels-Midland Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/11/26 | 50000 |  |  | 46365 |  |
|  Bunge Ltd. Finance Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/14/31 | 25000 |  |  | 20608 |  |
|  Campbell Soup Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/15/28 | 25000 |  |  | 23841 |  |
|  Conagra Brands, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/1/28 | 225000 |  |  | 219559 |  |
|  General Mills, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 4/17/28 | 215000 |  |  | 208373 |  |
|  Hormel Foods Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 6/3/28 | 70000 |  |  | 60745 |  |
|  J M Smucker Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/15/30 | 15000 |  |  | 12429 |  |
|  JBS USA LUX SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28§ | 100000 |  |  | 95051 |  |
|  Mondelez International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/13/30 | 200000 |  |  | 172861 |  |
|  Unilever Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/5/27 | 100000 |  |  | 93543 |  |
|  |  |  |  | 953375 |  |
|  ***Household Products (0.0%)†*** |  |  |  |  |  |
|  Clorox Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 5/15/30 | 77000 |  |  | 61449 |  |
|  Colgate-Palmolive Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/24 | 62000 |  |  | 60929 |  |
|  Kimberly-Clark Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/1/28 | 10000 |  |  | 9662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/25/29 | 50000 |  |  | 45619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/2/31 (x) | 25000 |  |  | 20173 |  |
|  Procter & Gamble Co. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/29/25 | 50000 |  |  | 44898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/29/30 | 50000 |  |  | 39375 |  |
|  |  |  |  | 282105 |  |
|  ***Personal Products (0.0%)†*** |  |  |  |  |  |
|  Estee Lauder Cos., Inc. (The) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/24 | 10000 |  |  | 9488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 3/15/31 | 45000 |  |  | 36534 |  |
|  GSK Consumer Healthcare Capital US LLC | GSK Consumer Healthcare Capital US LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/24/27 | 250000 |  |  | 233006 |  |
|  |  |  |  | 279028 |  |
|  ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | ***Tobacco (0.2%)*** | **** |
|  Altria Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 2/14/29 | 40000 |  |  | 38527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/31 | 300000 |  |  | 265042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 2/14/39 | $53000 |  |  | 48799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/4/41 | 84000 |  |  | 56154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/2/43 | 73000 |  |  | 55729 |  |
|  BAT Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.222%, 8/15/24 | 50000 |  |  | 48242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557%, 8/15/27 | 100000 |  |  | 91078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259%, 3/25/28 | 225000 |  |  | 187367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540%, 8/15/47 | 111000 |  |  | 79237 |  |
|  Imperial Brands Finance plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/26/24§ | 500000 |  |  | 478602 |  |
|  Philip Morris International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/10/24 | 150000 |  |  | 144949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/17/27 | 199000 |  |  | 200299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 8/1/39 | 125000 |  |  | 75936 |  |
|  Reynolds American, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/12/25 | $100000 |  |  | 97853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 8/15/45 | 42000 |  |  | 36229 |  |
|  |  |  |  | 1904043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 6436154 |  |
|  **Energy (1.7%)** |  |  |  |  |  |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | **** |  |  |  |
|  Baker Hughes Holdings LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%, 12/15/27 | 100000 |  |  | 92207 |  |
|  Halliburton Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 11/15/25 | 2000 |  |  | 1945 |  |
|  Odebrecht Drilling Norbe VIII/IX Ltd. | Odebrecht Drilling Norbe VIII/IX Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 12/1/26 PIK (m) | 206166 |  |  | 110786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 12/1/26 PIK§ | 513 |  |  | 276 |  |
|  Odebrecht Offshore Drilling Finance Ltd. | Odebrecht Offshore Drilling Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.720%, 12/1/26 PIK§ | 625376 |  |  | 160512 |  |
|  Odebrecht Oil & Gas Finance Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Zero Coupon), 1/30/23 (y)§ | 163662 |  |  | 409 |  |
|  Schlumberger Finance Canada Ltd. | Schlumberger Finance Canada Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/17/25 | 25000 |  |  | 22934 |  |
|  Schlumberger Investment SA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/26/30 | 200000 |  |  | 171573 |  |
|  |  |  |  | 560642 |  |

---

See Notes to Financial Statements.

1431

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | ***Oil, Gas & Consumable Fuels (1.6%)*** | **** |
|  Boardwalk Pipelines LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/3/29 | $20000 | $18813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/15/31 | 500000 | 417510 |  |
|  BP Capital Markets America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.588%, 4/14/27 | 100000 | 93601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.234%, 11/6/28 | 200000 | 193321 |  |
|  BP Capital Markets plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%, 9/19/27 | 50000 | 47054 |  |
|  Cameron LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.302%, 1/15/35§ | 375000 | 307006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402%, 1/15/38§ | 363000 | 296055 |  |
|  Cenovus Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 114000 | 91138 |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/31/25 | 51000 | 51254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/30/27 | 687000 | 679280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/29 | 230000 | 208832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742%, 12/31/39 | 155000 | 120696 |  |
|  Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%, 3/3/24 | 150000 | 146471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.954%, 5/16/26 | 50000 | 47508 |  |
|  Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.687%, 8/12/25 | 65000 | 58747 |  |
|  ConocoPhillips Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 4/15/29 | 200000 | 221267 |  |
|  Continental Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ | 700000 | 653143 |  |
|  Coterra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 100000 | 93944 |  |
|  Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/23 | 21000 | 21281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/15/27 | 33000 | 32727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/30 | 110000 | 103003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/42 | 226000 | 192827 |  |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 12/1/26 | 218000 | 202789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/29 | 1180000 | 1037923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/24/31 | 153000 | 127352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/24/51 | 96000 | 73702 |  |
|  Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/18/23 | 8000 | 7936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/16/25 | 41000 | 38970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 4/29/30 | 106000 | 95930 |  |
|  Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/15/27 (x) | 50000 | 46916 |  |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 1/15/24 | 100000 | 100287 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 3/15/25 | 100000 | 96950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/25 | 100000 | 94221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 2/15/28 | 25000 | 24754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/15/30 | 100000 | 88528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/50 | 700000 | 561666 |  |
|  Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 2/15/26 | 100000 | 96326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 1/31/30 | 30000 | 25561 |  |
|  EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/15/30 | 200000 | 194373 |  |
|  EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/1/27 | 58000 | 53627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 4/1/28 | 85000 | 84745 |  |
|  Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/22/26 | 55000 | 50340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/10/28 (x) | 100000 | 94846 |  |
|  Exxon Mobil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.019%, 8/16/24 | 50000 | 47900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.043%, 3/1/26 | 50000 | 47710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275%, 8/16/26 (x) | 200000 | 185061 |  |
|  Greenko Power II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/13/28§ | 477500 | 398713 |  |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/1/24 | 75000 | 73648 |  |
|  Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/15/23§ | 300000 | 299572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 12/1/34 | 72000 | 67944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 8/1/52 | 131000 | 120534 |  |
|  Magellan Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/30 | 15000 | 13071 |  |
|  Marathon Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26 | 100000 | 99462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/28 | 15000 | 13866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/54 | 43000 | 36072 |  |
|  MPLX LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/15/25 | 100000 | 97001 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 200000 | 186439 |  |
|  NGPL PipeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 8/15/27§ | 178000 | 169354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/15/31§ | 764000 | 623641 |  |
|  Northwest Pipeline LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/27 | 399000 | 377801 |  |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 1/15/26 | 65000 | 65824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 3/15/29 | 50000 | 46299 |  |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/18/24 | 20000 | 19580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/16/25 | 26000 | 25290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 8/4/26 | 12000 | 11406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 6/2/29 | 71000 | 66443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 2/16/32 | 36000 | 28215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-2<br> 7.190%, 9/12/24 | 503000 | 23801 |  |
|  Phillips 66 Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/26§ | $25000 | 23453 |  |
|  Pioneer Natural Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 8/15/30 | 50000 | 39415 |  |
|  Plains All American Pipeline LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/26 | 50000 | 48029 |  |
|  Rio Oil Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 7/6/24§ | 102971 | 103956 |  |
|  Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/24 | 392000 | 392311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 3/1/25 | 906000 | 911281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/15/28 | 200000 | 188138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 9/15/37§ | 55000 | 55013 |  |
|  Spectra Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/24 | 50000 | 49717 |  |
|  Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 7/1/27 | 467000 | 458273 |  |
|  TotalEnergies Capital International SA | TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/10/24 | 75000 | 74006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455%, 2/19/29 | 100000 | 93198 |  |

---

See Notes to Financial Statements.

1432

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/28 | $100000 | $94982 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.850%, 2/1/26 | 368000 | 392637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 647000 | 608705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 3/15/48 | 108000 | 91417 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/29 (x) | 65000 | 61291 |
|  Williams Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/4/24 | 50000 | 49362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 6/24/24 | 25000 | 24735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 3/15/31 | 65000 | 52930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 6/15/31 | 192000 | 212836 |
|  |  | 14463552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 15024194 |
|  **Financials (8.2%)** |  |  |
|  ***Banks (4.5%)*** |  |  |
|  Banco Espirito Santo SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/21/19 (h)(m) | 900000 | 134877 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%, 5/24/24 | $200000 | 195828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749%, 12/3/30 | 200000 | 152094 |
|  Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%),<br> 3.466%, 9/23/36 (k)§ | 700000 | 550802 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/22/24 | 62000 | 61451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/24 | 50000 | 49407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/22/25 | 75000 | 73323 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.97%),<br> 3.458%, 3/15/25 (k) | 150000 | 146269 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br> 0.981%, 9/25/25 (k) | 50000 | 46141 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.64%),<br> 2.015%, 2/13/26 (k) | 100000 | 92792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/19/26 | 125000 | 119276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.00%),<br> 3.081%, 9/22/26 (k)(m) | 600000 | 633037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%),<br> 1.197%, 10/24/26 (k) | $50000 | 44559 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%),<br> 1.734%, 7/22/27 (k) | 250000 | 218875 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%), 3.705%, 4/24/28 (k) | 125000 | 115578 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%),<br> 4.376%, 4/27/28 (k) | 150000 | 143320 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%),<br> 6.204%, 11/10/28 (k) | 158000 | 162758 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.04%),<br> 3.419%, 12/20/28 (k) | 97000 | 88011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.06%),<br> 2.087%, 6/14/29 (k) | 100000 | 84095 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.31%),<br> 4.271%, 7/23/29 (k) | 50000 | 46758 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%),<br>2.884%, 10/22/30 (k) | 317000 | 266828 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 2.496%, 2/13/31 (k) | 300000 | 243400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.37%),<br> 1.922%, 10/24/31 (k) | 300000 | 229105 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br> 2.687%, 4/22/32 (k) | 428000 | 343244 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br> 2.572%, 10/20/32 (k) | 100000 | 78555 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.33%),<br> 2.972%, 2/4/33 (k) | 2124000 | 1719176 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.83%),<br> 4.571%, 4/27/33 (k) | 325000 | 297189 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.16%),<br> 5.015%, 7/22/33 (k)(x) | 268000 | 254312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%),<br> 3.846%, 3/8/37 (k) | 200000 | 165961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.93%),<br> 5.875%, 3/15/28 (k)(y) | 66000 | 57876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/21/25 | 100000 | 97361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br> 1.658%, 3/11/27 (k) | 420000 | 371280 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br> 2.651%, 3/11/32 (k) | 100000 | 80645 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/7/25 | 120000 | 116513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/15/26 (x) | 50000 | 43822 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.60%),<br> 0.949%, 1/22/27 (k) | 50000 | 44248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/5/24 (x) | 50000 | 49075 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 2/11/24 | 100000 | 98213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/16/25 | 100000 | 97964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 9/15/26 | 100000 | 87718 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.96%),<br> 5.203%, 7/20/23 (k)§ | 600000 | 600849 |
|  Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/16/25 | 200000 | 192086 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.71%),<br> 2.852%, 5/7/26 (k) | 200000 | 185662 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%),<br> 7.325%, 11/2/26 (k) | 300000 | 311187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/12/27 (m) | 500000 | 542096 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%),<br> 7.385%, 11/2/28 (k) | $300000 | 312485 |

---

See Notes to Financial Statements.

1433

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.00%), 5.746%, 8/9/33 (k) | $200000 | $188722 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.61%),<br> 1.904%, 9/30/28 (k)§ | 700000 | 585419 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 4/2/24 | 100000 | 97587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/22/26 | 50000 | 44064 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/16/24 | 75000 | 73918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/5/24 | 50000 | 49307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/10/25 | 100000 | 98137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/26 | 100000 | 94843 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br> 1.462%, 6/9/27 (k) | 200000 | 173638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 9/29/27 | 200000 | 191116 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br> 3.070%, 2/24/28 (k) | 400000 | 361576 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%),<br> 3.668%, 7/24/28 (k) | 125000 | 115087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%),<br> 4.075%, 4/23/29 (k) | 250000 | 228009 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.34%),<br> 3.980%, 3/20/30 (k) | 150000 | 135186 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.42%),<br> 2.976%, 11/5/30 (k) | 382000 | 320883 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.91%),<br> 4.412%, 3/31/31 (k) | 186000 | 171215 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br> 2.520%, 11/3/32 (k) | 477000 | 371556 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%),<br> 3.785%, 3/17/33 (k) | 100000 | 85941 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 7/27/26 | 100000 | 92650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/30 | 30000 | 26026 |
|  Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/1/29 | 50000 | 46941 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/21/26 | 250000 | 235707 |
|  Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/12/24§ | 500000 | 497337 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 1/28/25 | 50000 | 47349 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br> 4.055%, 4/25/28 (k)(x) | 60000 | 57617 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.19%),<br> 6.361%, 10/27/28 (k) | 400000 | 413090 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.23%),<br> 5.852%, 10/27/25 (k) | 400000 | 404021 |
|  Grupo Aval Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/4/30§ | 200000 | 161600 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.40%),<br> 2.633%, 11/7/25 (k) | 200000 | 188459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/8/26 | 200000 | 193540 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.35%),<br> 4.292%, 9/12/26 (k) | 200000 | 191158 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.35%),<br> 7.390%, 11/3/28 (k) | 400000 | 418908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.53%),<br> 4.583%, 6/19/29 (k) | 226000 | 208722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 3/31/30 | 400000 | 382510 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.19%),<br> 2.804%, 5/24/32 (k) | 200000 | 155001 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.87%),<br> 5.402%, 8/11/33 (k) | 208000 | 192436 |
|  Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.05%),<br> 5.023%, 5/17/33 (k) | 35000 | 33211 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.17%),<br> 2.487%, 8/15/36 (k) | 100000 | 72294 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 4/9/24 | 200000 | 195585 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/1/24 | 100000 | 98785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/10/24 | 50000 | 49007 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.42%),<br> 0.563%, 2/16/25 (k) | 30000 | 28296 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.16%),<br> 3.220%, 3/1/25 (k) | 55000 | 53569 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 0.58%),<br> 0.969%, 6/23/25 (k) | 50000 | 46660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 7/15/25 | 100000 | 97762 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%),<br> 5.546%, 12/15/25 (k) | 800000 | 798824 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.85%),<br> 2.083%, 4/22/26 (k) | 250000 | 231966 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br> 4.080%, 4/26/26 (k) | 100000 | 97195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/1/26 | 100000 | 93302 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.80%),<br> 1.045%, 11/19/26 (k) | 200000 | 176386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/26 | 125000 | 121000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.25%),<br> 3.960%, 1/29/27 (k) | 162000 | 154786 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%),<br> 1.470%, 9/22/27 (k) | 40000 | 34636 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.34%),<br> 3.782%, 2/1/28 (k) | 571000 | 535068 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.17%),<br> 2.947%, 2/24/28 (k) | 180000 | 163144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.38%),<br> 3.540%, 5/1/28 (k) | 75000 | 69340 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.89%),<br> 2.182%, 6/1/28 (k) | 700000 | 611252 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.02%),<br> 2.069%, 6/1/29 (k) | 55000 | 46046 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.75%),<br> 4.565%, 6/14/30 (k) | 234000 | 220266 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%),<br> 2.739%, 10/15/30 (k) | 200000 | 167704 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br> 2.522%, 4/22/31 (k) | 250000 | 205247 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.52%),<br> 2.956%, 5/13/31 (k) | 200000 | 165199 |
| &nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.11%),<br> 1.764%, 11/19/31 (k) | 111000 | 84429 |

---

See Notes to Financial Statements.

1434

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 2.580%, 4/22/32 (k) | $75000 | $60316 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br> 2.545%, 11/8/32 (k) | 65000 | 51251 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.963%, 1/25/33 (k) | 911000 | 745112 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.80%),<br> 4.586%, 4/26/33 (k) | 85000 | 78708 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br> 4.912%, 7/25/33 (k) | 99000 | 93758 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 3.878%, 5/23/25 (k) | 200000 | 195644 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 10/1/24 | 200000 | 190580 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 9/20/24 | 200000 | 186506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/20/24 | 125000 | 120376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/10/25 | 250000 | 242827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/22/26 | 135000 | 120988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/20/27 | 180000 | 172015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/3/28 (x) | 90000 | 84790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/30/30 | 105000 | 82366 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/13/25 | 75000 | 71481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/30/26 | 20000 | 17915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/27/26 | 75000 | 68819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/3/30 | 100000 | 78989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 37 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/15/27 | 50000 | 46447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/27/25 | 30000 | 27370 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/12/24 | 500000 | 490772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/4/24 | 200000 | 195313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 524935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ASX Australia Bank Bill Short Term Rates 3 Month Mid + 1.40%),<br> 4.518%, 3/7/25 (k) | 700000 | 470042 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.50%),<br> 3.870%, 7/9/25 (k) | $200000 | 194232 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%),<br> 2.438%, 2/5/26 (k) | 200000 | 186098 |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.801%, 7/18/24 | 200000 | 192495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193%, 2/25/25 | 200000 | 187054 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%),<br> 1.640%, 10/13/27 (k) | 200000 | 173142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.741%, 3/7/29 | 100000 | 92550 |
|  Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 1.241%, 7/10/24 (k) | 600000 | 585936 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.83%),<br>2.226%, 5/25/26 (k) | 600000 | 552600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663%, 2/28/27 | 200000 | 186425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%, 3/5/28 | 500000 | 470948 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%),<br> 3.261%, 5/22/30 (k) | 700000 | 607650 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/28/24 | 40000 | 39863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.91%),<br> 5.076%, 1/27/30 (k) | 200000 | 188609 |
|  Nordea Kredit Realkreditaktieselskab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 2 |  |
|  Norinchukin Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.080%, 9/22/31§ | $700000 | 541872 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/17/25 | 90000 | 80842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/3/25 | 35000 | 35204 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 7/26/28 | 250000 | 235951 |
|  PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/29/24 | 75000 | 74052 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.98%),<br> 2.307%, 4/23/32 (k) | 65000 | 52733 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.425%, 1/19/24 | 85000 | 81156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 7/16/24 | 25000 | 24134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 7/29/24 | 25000 | 23405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 1/27/26 | 75000 | 73971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 11/2/26 | 50000 | 44067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.240%, 8/3/27 | 150000 | 145708 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/2/25 | 50000 | 47596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/17/25 | 50000 | 48877 |
|  Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%),<br> 2.469%, 1/11/28 (k) | 200000 | 170870 |
|  Santander UK plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/13/24 | 50000 | 49331 |
|  Shinhan Bank Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/23/29§ | 500000 | 441813 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%),<br> 7.776%, 11/16/25 (k)§ | 400000 | 413202 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.448%, 9/27/24 | 700000 | 665791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.348%, 1/15/25 | 200000 | 188883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.474%, 7/8/25 | 600000 | 546033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784%, 3/9/26 | 100000 | 96383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.402%, 9/17/26 | 200000 | 174179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.364%, 7/12/27 | 100000 | 91966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.352%, 10/18/27 (x) | 100000 | 92368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202%, 9/17/29 | 50000 | 43127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.142%, 9/23/30 | 100000 | 77613 |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/28/26 | 100000 | 87329 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/11/24 (x) | 100000 | 98027 |

---

See Notes to Financial Statements.

1435

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/12/25 | $50000 | $45627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 1/6/26 | 200000 | 176665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 9/10/26 | 50000 | 43780 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/1/24 | 50000 | 48800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 12/6/24 | 250000 | 237725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 11/3/25 | 20000 | 19642 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 10/26/24 | 25000 | 24126 |
|  UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.830%, 12/4/23§ | 1000000 | 1009648 |
|  US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 1/30/24 | 75000 | 73963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 7/22/30 (x) | 200000 | 155173 |
|  Series V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/22/26 | 150000 | 138833 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/24/24 | 50000 | 49355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/19/25 | 100000 | 95860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 9/29/25 | 100000 | 96147 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.75%),<br> 2.164%, 2/11/26 (k) | 165000 | 153955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/22/26 | 50000 | 46739 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br> 3.908%, 4/25/26 (k) | 400000 | 388955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/23/26 | 100000 | 92576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 7/22/27 | 100000 | 96203 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.31%),<br> 3.584%, 5/22/28 (k) | 75000 | 69535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 1/24/29 | 200000 | 188539 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.572%, 2/11/31 (k) | 585000 | 484520 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%),<br> 3.350%, 3/2/33 (k) | 889000 | 751906 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/26/24 | 100000 | 98300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 6/3/26 | 50000 | 44185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/19/26 | 75000 | 69565 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%),<br> 2.894%, 2/4/30 (k) | 250000 | 229370 |
|  |  | 39747433 |
|  ***Capital Markets (2.2%)*** |  |  |
|  Affiliated Managers Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/24 | 50000 | 49486 |
|  Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/2/25 | 200000 | 191707 |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/26 | 100000 | 91833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/27 | 100000 | 85229 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 10/24/24 | 100000 | 95428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/17/26 | 75000 | 69049 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br> 3.992%, 6/13/28 (k) | 50000 | 48384 |
|  Series 0012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 2/4/24 | 50000 | 49307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.13%),<br>4.625%, 9/20/26 (k)(y) | 70000 | 59500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 1/25/29 | 50000 | 41921 |
|  BlackRock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/18/24 | 50000 | 49192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/30/29 | 15000 | 13859 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 12/15/26 | 50000 | 41375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/29 | 217000 | 178847 |
|  Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 1/25/28 (x) | 50000 | 46038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.724%, 4/15/31 (x) | 80000 | 64192 |
|  Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/19/29§ | 600000 | 509279 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/24 | 25000 | 24637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/21/25 | 50000 | 48941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/11/26 | 65000 | 57686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 4/1/27 | 30000 | 28340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/20/28 | 200000 | 175911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/13/31 | 50000 | 41058 |
|  CME Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/25 (x) | 75000 | 72547 |
|  Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/9/24 | 600000 | 573946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/9/25 (x) | 250000 | 225305 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.24%),<br> 4.207%, 6/12/24 (k)§ | 600000 | 586122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/17/26 | 250000 | 221089 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%),<br>3.961%, 11/26/25 (k) | 950000 | 908316 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%),<br>2.129%, 11/24/26 (k) | 700000 | 617675 |
|  FactSet Research Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/1/32 | 263000 | 221436 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/28 | 50000 | 40148 |
|  Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/13/27 (m) | 200000 | 200028 |
|  Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/3/24 | 92000 | 90829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.51%),<br> 0.657%, 9/10/24 (k)(x) | 394000 | 379360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/23/25 | 100000 | 96742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/25 | 153000 | 147155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/22/25 | 100000 | 96701 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.20%),<br> 3.272%, 9/29/25 (k) | 100000 | 96348 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 5.776%, 5/15/26 (k) | 291000 | 287616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/16/26 | 65000 | 60948 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.82%),<br> 1.542%, 9/10/27 (k) | 300000 | 258809 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%),<br> 1.948%, 10/21/27 (k) | 110000 | 96233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%),<br> 6.124%, 10/28/27 (k) | 600000 | 608717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%),<br> 2.640%, 2/24/28 (k) | 418000 | 372023 |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.51%),<br> 3.691%, 6/5/28 (k) | 65000 | 60351 |

---

See Notes to Financial Statements.

1436

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/30 | $| 500000 | $| 450367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%),<br> 2.615%, 4/22/32 (k) |  | 75000 |  | 59791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.25%),<br> 2.383%, 7/21/32 (k) |  | 268000 |  | 208559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.26%),<br> 2.650%, 10/21/32 (k) |  | 623000 |  | 493061 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.41%),<br> 3.102%, 2/24/33 (k) |  | 1421000 |  | 1155327 |  |
|  Golub Capital BDC, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/24/26 |  | 15000 |  | 12817 |  |
|  Intercontinental Exchange, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/1/25 |  | 30000 |  | 29177 |  |
|  JAB Holdings BV |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/23/30§ |  | 600000 |  | 452146 |  |
|  Jefferies Financial Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 10/15/31 |  | 100000 |  | 76917 |  |
|  Lehman Brothers Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/24/13 (h) |  | 5000000 |  | 5500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/30/16 (h) |  | 10200000 |  | 10200 |  |
|  Moody's Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/1/29 |  | 402000 |  | 385605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/19/31 |  | 100000 |  | 79448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 12/17/48 |  | 50000 |  | 44868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/50 |  | 4000 |  | 2781 |  |
|  Morgan Stanley |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.47%),<br> 4.789%, 11/10/23 (k) |  | 292000 |  | 291270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.46%),<br> 0.529%, 1/25/24 (k) |  | 448000 |  | 444948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.62%),<br> 0.731%, 4/5/24 (k) |  | 114000 |  | 112376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 10/23/24 |  | 100000 |  | 97643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.53%),<br> 0.790%, 5/30/25 (k) |  | 50000 |  | 46625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br> 2.720%, 7/22/25 (k) |  | 15000 |  | 14355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/23/25 (x) |  | 80000 |  | 78106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/27/26 |  | 65000 |  | 63027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.94%),<br> 2.630%, 2/18/26 (k) |  | 50000 |  | 47006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 7/27/26 |  | 125000 |  | 116630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%),<br> 0.985%, 12/10/26 (k) |  | 150000 |  | 131369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.88%),<br> 1.593%, 5/4/27 (k) |  | 95000 |  | 83393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.34%),<br> 3.591%, 7/22/28 (k) |  | 187000 |  | 172186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%),<br> 6.296%, 10/18/28 (k) |  | 114000 |  | 117309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.63%),<br> 4.431%, 1/23/30 (k) |  | 453000 |  | 423969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%),<br> 2.699%, 1/22/31 (k) |  | 951000 |  | 788226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.03%),<br> 1.794%, 2/13/32 (k) |  | 250000 |  | 187996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.18%),<br> 2.239%, 7/21/32 (k) |  | 382000 |  | 292065 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.20%),<br> 2.511%, 10/20/32 (k) |  | 699000 |  | 545135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%),<br> 2.943%, 1/21/33 (k) |  | 103000 |  | 83363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%),<br> 4.889%, 7/20/33 (k) |  | 49000 |  | 46165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.56%),<br> 6.342%, 10/18/33 (k) |  | 95000 |  | 99373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%),<br> 2.484%, 9/16/36 (k) |  | 150000 |  | 108782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F 3.875%, 4/29/24 |  | 75000 |  | 73818 |  |
|  Morgan Stanley Domestic Holdings, Inc. | Morgan Stanley Domestic Holdings, Inc. | Morgan Stanley Domestic Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/20/28 |  | 25000 |  | 24389 |  |
|  Nasdaq, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/30/26 |  | 100000 |  | 96648 |  |
|  Nomura Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.648%, 1/16/25 |  | 800000 |  | 756122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.679%, 7/16/30 |  | 200000 |  | 159664 |  |
|  Northern Trust Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/10/27 |  | 35000 |  | 34177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 5/3/29 |  | 25000 |  | 22755 |  |
|  Owl Rock Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/15/26 |  | 50000 |  | 43859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/11/28 |  | 725000 |  | 569559 |  |
|  Prospect Capital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/15/28 |  | 25000 |  | 19251 |  |
|  S&P Global, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/1/28§ |  | 180000 |  | 178111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/30 |  | 25000 |  | 19317 |  |
|  State Street Corp.<br>Series H<br>(ICE LIBOR USD 3 Month + 2.54%), 5.625%, 12/15/23 (k)(y) |  | 243000 |  | 225382 |  |
|  Stifel Financial Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/15/30 |  | 700000 |  | 607113 |  |
|  |  |  |  | 19067689 |  |
|  ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | ***Consumer Finance (0.8%)*** | **** |
|  AerCap Ireland Capital DAC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/29/24 |  | 150000 |  | 138525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/15/25 |  | 250000 |  | 252081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 10/29/26 |  | 150000 |  | 131275 |  |
|  Ally Financial, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 5/1/25 |  | 200000 |  | 199296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/2/28 |  | 700000 |  | 547696 |  |
|  American Express Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/30/24 |  | 25000 |  | 24189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 5/3/27 |  | 265000 |  | 248486 |  |
|  American Honda Finance Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/12/24 |  | 25000 |  | 24662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/9/24 (x) |  | 65000 |  | 60851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 9/10/24 |  | 100000 |  | 95531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/24/28 |  | 10000 |  | 8651 |  |
|  Capital One Financial Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 10/30/24 |  | 100000 |  | 96725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 |  | 250000 |  | 241981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%),<br> 1.878%, 11/2/27 (k) |  | 50000 |  | 43828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 1/31/28 |  | 200000 |  | 187478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%),<br> 3.273%, 3/1/30 (k) |  | 104000 |  | 89624 |  |
|  Caterpillar Financial Services Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/17/24 |  | 25000 |  | 24332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 11/8/24 (x) |  | 50000 |  | 47706 |  |

---

See Notes to Financial Statements.

1437

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 11/13/25 | $60000 | $| 53868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 3/2/26 | 100000 |  | 89127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100%, 9/14/27 (x) | 50000 |  | 42864 |  |
|  Discover Financial Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/6/24 | 75000 |  | 73107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 2/9/27 | 40000 |  | 37735 |  |
|  Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/16/25 | 700000 |  | 673547 |  |
|  General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/9/23 | 375000 |  | 372389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 10/15/24 | 25000 |  | 23161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/7/24 | 50000 |  | 48178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/25 | 75000 |  | 72809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 3/1/26 | 50000 |  | 49354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/17/27 | 200000 |  | 189433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 10/15/28 | 44000 |  | 36524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 4/6/29 | 171000 |  | 153716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 6/21/30 | 50000 |  | 42199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350%, 1/8/31 | 395000 |  | 298915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/10/31 | 163000 |  | 125084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 1/12/32 | 80000 |  | 62929 |  |
|  John Deere Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%, 6/7/24 | 35000 |  | 32915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/24/24 | 25000 |  | 24223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 9/10/24 | 30000 |  | 28008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 6/17/26 | 50000 |  | 44367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 4/18/29 | 200000 |  | 185674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/7/32 | 10000 |  | 9362 |  |
|  LeasePlan Corp. NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/24/24§ | 600000 |  | 562822 |  |
|  PACCAR Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 10/3/25 | 25000 |  | 25145 |  |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/19/24 | 10000 |  | 9822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/24 | 37000 |  | 36069 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/13/25 | 15000 |  | 14637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 8/4/26 | 50000 |  | 45960 |  |
|  Toyota Motor Credit Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.75%), 5.050%, 12/11/23 (k) | 300000 |  | 300471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/16/25 | 50000 |  | 44727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 6/18/26 | 35000 |  | 30921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/11/27 | 100000 |  | 94043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 4/6/28 (x) | 100000 |  | 87019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 4/1/30 | 200000 |  | 182189 |  |
|  |  |  | 6666230 |  |
|  ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | ***Diversified Financial Services (0.2%)*** | **** |
|  Berkshire Hathaway, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 3/15/26 | 35000 |  | 33575 |  |
|  Block Financial LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/15/28 | 10000 |  | 8497 |  |
|  Corebridge Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 4/5/32§ | 200000 |  | 175601 |  |
|  Corsair International Ltd.<br>(EURIBOR 6 Month + 5.20%, 5.20% Floor),<br>5.823%, 1/28/29 (k)§ | 600000 |  | 632636 |  |
|  National Rural Utilities Cooperative Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 1/27/25 | $100000 |  | 96020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 6/15/26 (x) | 50000 |  | 44062 |  |
|  Shell International Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/10/26 | 50000 |  | 47146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/12/26 | 50000 |  | 46381 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/13/28 | 133000 |  | 128310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/7/29 | 146000 |  | 126744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/6/30 | 200000 |  | 176396 |  |
|  Voya Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 6/15/26 | 50000 |  | 47300 |  |
|  |  |  | 1562668 |  |
|  ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | ***Insurance (0.4%)*** | **** |
|  American International Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/30/25 (x) | 34000 |  | 32046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/1/48 | 46000 |  | 41597 |  |
|  Aon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/15/28 | 205000 |  | 197561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/23/31 (x) | 100000 |  | 78743 |  |
|  Assurant, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32 | 50000 |  | 36650 |  |
|  Berkshire Hathaway Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/27 (x) | 50000 |  | 46179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 10/15/30 (x) | 40000 |  | 32008 |  |
|  Brighthouse Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/22/27 | 50000 |  | 46502 |  |
|  Brown & Brown, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 3/17/32 | 35000 |  | 30463 |  |
|  Chubb INA Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/3/26 | 75000 |  | 71885 |  |
|  CNA Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 8/15/30 | 20000 |  | 15714 |  |
|  Fairfax Financial Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/29/30 | 25000 |  | 22670 |  |
|  GA Global Funding Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 12/8/23§ | 700000 |  | 670253 |  |
|  Globe Life, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 50000 |  | 39693 |  |
|  Hanover Insurance Group, Inc. (The) | Hanover Insurance Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/26 | 50000 |  | 48871 |  |
|  Jackson National Life Global Funding | Jackson National Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.15%),<br> 5.452%, 6/28/24 (k)§ | 500000 |  | 500099 |  |
|  Kemper Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/30/30 | 25000 |  | 19387 |  |
|  Lincoln National Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/1/32 (x) | 50000 |  | 40548 |  |
|  Loews Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/26 | 50000 |  | 48424 |  |
|  Markel Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27 | 25000 |  | 22959 |  |
|  Marsh & McLennan Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/24 | 50000 |  | 49313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/15/29 | 10000 |  | 9683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/30 | 146000 |  | 119466 |  |
|  MassMutual Global Funding II |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 12/7/27§ | 500000 |  | 501990 |  |
|  MetLife, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/23/30 | 200000 |  | 197723 |  |
|  Principal Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 5/15/29 (x) | 10000 |  | 9315 |  |

---

See Notes to Financial Statements.

1438

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Prudential Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.38%),<br> 4.500%, 9/15/47 (k) | $70000 | $| 63700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%),<br> 5.125%, 3/1/52 (k) | 200000 |  | 180500 |  |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 5/15/29 | 10000 |  | 9155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 6/15/30 | 20000 |  | 16999 |  |
|  RenaissanceRe Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/15/29 | 50000 |  | 45017 |  |
|  Trinity Acquisition plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 3/15/26 | 50000 |  | 48510 |  |
|  |  |  | 3293623 |  |
|  ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | ***Thrifts & Mortgage Finance (0.1%)*** | **** |
|  BPCE SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/12/23§ | 600000 |  | 591863 |  |
|  Jyske Realkredit A/S |  |  |  |  |
|  Series CCE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 | 198795 |  | 20735 |  |
|  Nationwide Building Society<br>(ICE LIBOR USD 3 Month + 1.06%),<br>3.766%, 3/8/24 (k)§ | $600000 |  | 597038 |  |
|  Realkredit Danmark A/S |  |  |  |  |
|  Series 23S |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/53 (m) | 1559522 |  | 172141 |  |
|  |  |  | 1381777 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 71719420 |  |
|  **Health Care (1.4%)** | **Health Care (1.4%)** | **Health Care (1.4%)** | **Health Care (1.4%)** |  |
|  ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | ***Biotechnology (0.3%)*** | **** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 11/21/24 | $50000 |  | 47899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 3/15/25 | 350000 |  | 341626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/14/25 | 175000 |  | 169637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/15/35 | 207000 |  | 194820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/14/35 | 182000 |  | 169895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/48 | 161000 |  | 147452 |  |
|  Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/22/24 | 50000 |  | 49027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 8/18/29 | 223000 |  | 209408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/21/30 | 200000 |  | 168122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 5/1/45 | 150000 |  | 126437 |  |
|  Baxalta, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/23/25 | 38000 |  | 36998 |  |
|  Biogen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 5/1/30 | 377000 |  | 306783 |  |
|  Gilead Sciences, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/1/26 | 125000 |  | 120767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/1/30 (x) | 220000 |  | 175165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 10/1/40 | 92000 |  | 64532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 3/1/47 | 132000 |  | 110622 |  |
|  Regeneron Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/15/30 | 900000 |  | 699827 |  |
|  |  |  | 3139017 |  |
|  ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | ***Health Care Equipment & Supplies (0.1%)*** | **** |
|  Abbott Laboratories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/25 | 100000 |  | 96605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/30/26 | 28000 |  | 27333 |  |
|  Baxter International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.915%, 2/1/27 | 100000 |  | 88761 |  |
|  Becton Dickinson and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/6/27 | 33000 |  | 31257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823%, 5/20/30 | 35000 |  | 30175 |  |
|  Boston Scientific Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/1/24 | 11000 |  | 10795 |  |
|  GE HealthCare Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 11/15/25§ | 175000 |  | 176047 |  |
|  Medtronic Global Holdings SCA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/40 | 100000 |  | 68981 |  |
|  Stryker Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/15/26 | $50000 |  | 48170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 6/15/30 | 200000 |  | 163035 |  |
|  |  |  | 741159 |  |
|  ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | ***Health Care Providers & Services (0.5%)*** | **** |
|  AmerisourceBergen Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/27 (x) | 50000 |  | 46562 |  |
|  Cardinal Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/24 | 50000 |  | 48457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.410%, 6/15/27 | 75000 |  | 69955 |  |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/29 | 300000 |  | 274134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/15/30 | 198000 |  | 161865 |  |
|  Cigna Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/28 | 340000 |  | 328731 |  |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/12/24 | 75000 |  | 73199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/20/25 | 80000 |  | 78190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/21/27 | 65000 |  | 55246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/25/28 | 55000 |  | 53164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/29 (x) | 200000 |  | 179576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/30 | 264000 |  | 240576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 8/21/30 | 131000 |  | 103349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 7/20/45 | 185000 |  | 169267 |  |
|  Elevance Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 12/1/27 | 200000 |  | 188644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 3/15/51 | 109000 |  | 82919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 10/15/52 | 20000 |  | 21637 |  |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/24 | 30000 |  | 29745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/15/25 | 121000 |  | 120428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/15/26 | 25000 |  | 24710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/27 | 20000 |  | 19299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 6/15/29 | 20000 |  | 18166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/30 | 394000 |  | 339506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 7/15/31 | 793000 |  | 614575 |  |
|  Humana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 10/1/24 | 50000 |  | 48986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 2/3/27 | 25000 |  | 21655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/23/29 | 20000 |  | 18365 |  |
|  Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/1/25 | 200000 |  | 193662 |  |
|  McKesson Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 8/15/26 | 40000 |  | 35177 |  |
|  Quest Diagnostics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/26 | 30000 |  | 28561 |  |

---

See Notes to Financial Statements.

1439

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  UnitedHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 | $70000 | $| 67395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/15/25 | 75000 |  | 73334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 5/15/26 (x) | 100000 |  | 89368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 1/15/27 | 50000 |  | 47698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/15/27 | 100000 |  | 92384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/28 | 35000 |  | 35938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/41 | 23000 |  | 21495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/51 | 199000 |  | 145251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 2/15/63 | 56000 |  | 61189 |  |
|  |  |  | 4322358 |  |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | **** |
|  Agilent Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 9/22/26 | 60000 |  | 55775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 9/15/29 (x) | 25000 |  | 21627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 6/4/30 | 38000 |  | 30853 |  |
|  Illumina, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/12/25 | 500000 |  | 503657 |  |
|  PerkinElmer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/29 | 15000 |  | 13112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/15/31 (x) | 35000 |  | 27391 |  |
|  Thermo Fisher Scientific, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.215%, 10/18/24 | 75000 |  | 70418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/21/27 | 20000 |  | 20047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/28 | 35000 |  | 29734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 11/21/32 | 151000 |  | 154284 |  |
|  |  |  | 926898 |  |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | **** |
|  AstraZeneca plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/12/27 | 75000 |  | 70554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/6/30 | 200000 |  | 158548 |  |
|  Bayer US Finance II LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/25§ | 600000 |  | 582490 |  |
|  Bristol-Myers Squibb Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 7/26/24 | 99000 |  | 96220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/26 | 25000 |  | 23860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 2/20/28 | 50000 |  | 48120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/26/29 | 62000 |  | 57736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 3/15/52 | 168000 |  | 130009 |  |
|  Eli Lilly and Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/15/29 | 13000 |  | 12198 |  |
|  GlaxoSmithKline Capital plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/24 | 70000 |  | 68231 |  |
|  Johnson & Johnson |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 9/1/25 | 100000 |  | 90229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/1/26 | 125000 |  | 117387 |  |
|  Merck & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/7/24 | 100000 |  | 97746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/10/25 | 50000 |  | 47916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 3/7/29 | 100000 |  | 93215 |  |
|  Novartis Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/6/24 | 50000 |  | 49014 |  |
|  Pfizer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/15/24 | 50000 |  | 49119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/3/26 | 50000 |  | 47096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 9/15/28 | 25000 |  | 23931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/28/30 | 250000 |  | 206253 |  |
|  Royalty Pharma plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 9/2/25 | 70000 |  | 62753 |  |
|  Sanofi |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/19/28 | 25000 |  | 23861 |  |
|  Shire Acquisitions Investments Ireland DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/23/26 | 50000 |  | 46966 |  |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/26/28 | 400000 |  | 396358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/31/30 | 400000 |  | 327354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/9/40 | 125000 |  | 94388 |  |
|  Utah Acquisition Sub, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/15/26 | $50000 |  | 46706 |  |
|  Viatris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 6/22/30 | 200000 |  | 156291 |  |
|  Wyeth LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/1/34 | 114000 |  | 129369 |  |
|  Zoetis, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/12/27 | 50000 |  | 46126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 | 50000 |  | 40752 |  |
|  |  |  | 3440796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 12570228 |  |
|  **Industrials (1.4%)** | **Industrials (1.4%)** | **Industrials (1.4%)** | **Industrials (1.4%)** |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | **** |
|  BAE Systems plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/15/30§ | 264000 |  | 232443 |  |
|  Boeing Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 6/15/23 (x) | 300000 |  | 295196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/25 | 155000 |  | 153432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%, 2/4/26 | 400000 |  | 363476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/1/27 | 75000 |  | 67138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%, 5/1/27 | 100000 |  | 99049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 11/1/28 | 25000 |  | 22392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 5/1/30 | 100000 |  | 97480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/1/59 | 104000 |  | 70387 |  |
|  General Dynamics Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/1/30 | 200000 |  | 186956 |  |
|  Huntington Ingalls Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043%, 8/16/28 | 752000 |  | 621152 |  |
|  L3Harris Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/15/28 (x) | 520000 |  | 501659 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 1/15/31 | 501000 |  | 385642 |  |
|  Leidos, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/30 | 132000 |  | 119982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 2/15/31 | 64000 |  | 49146 |  |
|  Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 1/15/26 | 26000 |  | 25247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/15/63 | 166000 |  | 179376 |  |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.930%, 1/15/25 | 100000 |  | 95894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 | 108000 |  | 89557 |  |
|  Raytheon Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 3/15/24 | 75000 |  | 73513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/4/27 | 100000 |  | 93498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/1/28 | 143000 |  | 154387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/16/28 | 243000 |  | 233283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 7/1/30 | 138000 |  | 115192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030%, 3/15/52 | 270000 |  | 185524 |  |
|  Spirit AeroSystems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 6/15/28 | 500000 |  | 403750 |  |
|  Textron, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/26 | 25000 |  | 24085 |  |

---

See Notes to Financial Statements.

1440

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 9/17/29 | $| 219000 | $| 198793 |  |
|  |  |  |  | 5137629 |  |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | **** |
|  FedEx Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/17/28 |  | 100000 |  | 95162 |  |
|  United Parcel Service, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 11/15/26 |  | 50000 |  | 46300 |  |
|  |  |  |  | 141462 |  |
|  ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | ***Airlines (0.0%)†*** | **** |
|  Southwest Airlines Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 5/4/25 |  | 75000 |  | 75453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/15/27 |  | 50000 |  | 49617 |  |
|  |  |  |  | 125070 |  |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | **** |
|  Carrier Global Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.242%, 2/15/25 |  | 35000 |  | 32992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.722%, 2/15/30 |  | 250000 |  | 211181 |  |
|  Fortune Brands Innovations, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/29 |  | 50000 |  | 43238 |  |
|  Johnson Controls International plc |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/16/31 (x) |  | 30000 |  | 23773 |  |
|  Masco Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/28 |  | 700000 |  | 579256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/30 |  | 25000 |  | 19479 |  |
|  Owens Corning |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 8/15/29 |  | 100000 |  | 90840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/1/30 |  | 205000 |  | 182902 |  |
|  |  |  |  | 1183661 |  |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | **** |
|  Cintas Corp. No. 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 4/1/27 |  | 100000 |  | 96312 |  |
|  RELX Capital, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/18/29 |  | 103000 |  | 95645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/22/30 |  | 24000 |  | 20534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/20/32 |  | 20000 |  | 19270 |  |
|  Republic Services, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/15/24 |  | 100000 |  | 95933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/27 |  | 15000 |  | 13997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/15/28 |  | 109000 |  | 103929 |  |
|  Waste Management, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/27 |  | 50000 |  | 46856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.150%, 3/15/28 |  | 130000 |  | 108630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32 (x) |  | 50000 |  | 47705 |  |
|  |  |  |  | 648811 |  |
|  ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | ***Construction & Engineering (0.0%)†*** | **** |
|  Quanta Services, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 10/1/24 |  | 10000 |  | 9194 |  |
|  ***Electrical Equipment (0.0%)†*** |  |  |  |  |  |
|  Emerson Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/15/27 |  | 25000 |  | 21871 |  |
|  Rockwell Automation, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/1/25 |  | 75000 |  | 72026 |  |
|  |  |  |  | 93897 |  |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | **** |
|  3M Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/14/24 |  | 25000 |  | 24604 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/27 |  | 75000 |  | 69328 |  |
|  Honeywell International, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 8/15/24 |  | 100000 |  | 96149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 6/1/25 |  | 15000 |  | 13877 |  |
|  |  |  |  | 203958 |  |
|  ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | ***Machinery (0.2%)*** | **** |
|  Caterpillar, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/15/24 |  | 35000 |  | 34320 |  |
|  CNH Industrial Capital LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 1/15/24 |  | 1102000 |  | 1087850 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/15/26 |  | 25000 |  | 22672 |  |
|  Cummins, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/1/25 |  | 10000 |  | 9010 |  |
|  Dover Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/25 |  | 50000 |  | 47674 |  |
|  Illinois Tool Works, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 11/15/26 |  | 50000 |  | 46504 |  |
|  Parker-Hannifin Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/1/27 |  | 100000 |  | 93437 |  |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 6/15/25 |  | 600000 |  | 565583 |  |
|  |  |  |  | 1907050 |  |
|  ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | ***Professional Services (0.0%)†*** | **** |
|  Thomson Reuters Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 5/15/26 |  | 30000 |  | 28442 |  |
|  Verisk Analytics, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/29 |  | 25000 |  | 23442 |  |
|  |  |  |  | 51884 |  |
|  ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | ***Road & Rail (0.2%)*** | **** |
|  Burlington Northern Santa Fe LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 9/1/24 |  | 50000 |  | 48889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 9/15/51 |  | 95000 |  | 69616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/52 |  | 197000 |  | 132209 |  |
|  Canadian Pacific Railway Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/5/30 |  | 20000 |  | 16382 |  |
|  CSX Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/15/49 |  | 167000 |  | 121094 |  |
|  Norfolk Southern Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 6/15/26 |  | 35000 |  | 32818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 8/1/28 |  | 25000 |  | 23851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/31 |  | 25000 |  | 20618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/32 |  | 163000 |  | 139831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.155%, 5/15/55 |  | 298000 |  | 199846 |  |
|  Ryder System, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 3/18/24 |  | 25000 |  | 24510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/25 |  | 200000 |  | 196137 |  |
|  Union Pacific Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/25 |  | 100000 |  | 95900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/20/31 |  | 10000 |  | 8450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.839%, 3/20/60 |  | 146000 |  | 113990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.973%, 9/16/62 |  | 92000 |  | 59472 |  |
|  |  |  |  | 1303613 |  |

---

See Notes to Financial Statements.

1441

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | **** |
|  Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 2/15/24 | $50000 | $47212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/1/26 | 100000 | 93805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/30 | 50000 | 41666 |  |
|  Aircastle Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 5/1/24 | 10000 | 9699 |  |
|  Aviation Capital Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/27§ | 700000 | 611592 |  |
|  GATX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/15/26 | 50000 | 46237 |  |
|  |  | 850211 |  |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | **** |
|  Transurban Finance Co. Pty. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 3/16/31§ | 800000 | 631668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 12288108 |  |
|  **Information Technology (2.3%)** | **Information Technology (2.3%)** | **Information Technology (2.3%)** |  |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | **** |
|  Cisco Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/20/26 | 50000 | 46685 |  |
|  Juniper Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/30 | 45000 | 34304 |  |
|  Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/23/28 | 50000 | 48360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 5/23/29 | 141000 | 134477 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/24/31 | 586000 | 470032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 6/1/32 | 223000 | 218099 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/44 | 127000 | 114433 |  |
|  |  | 1066390 |  |
|  ***Electronic Equipment, Instruments & Components (0.0%)†*** | ***Electronic Equipment, Instruments & Components (0.0%)†*** | ***Electronic Equipment, Instruments & Components (0.0%)†*** | **** |
|  Allegion US Holding Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 10/1/27 | 50000 | 45319 |  |
|  Amphenol Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 9/15/31 | 60000 | 47652 |  |
|  Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 9/8/24 | 50000 | 48143 |  |
|  CDW LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670%, 12/1/26 | 70000 | 62016 |  |
|  Jabil, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/12/28 | 100000 | 93082 |  |
|  Keysight Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 4/6/27 | 75000 | 73333 |  |
|  |  | 369545 |  |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | **** |
|  Automatic Data Processing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700%, 5/15/28 (x) | 20000 | 17403 |  |
|  Broadridge Financial Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 5/1/31 | 100000 | 81791 |  |
|  DXC Technology Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 9/15/26 | 50000 | 43463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 9/15/28 | 39000 | 32770 |  |
|  Fidelity National Information Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600%, 3/1/24 | 15000 | 14189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 7/15/27 | 50000 | 48870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 12/3/28 | 250000 | 221981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/1/31 | $50000 | 39468 |  |
|  Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 7/1/24 | 100000 | 96517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/29 | 245000 | 221204 |  |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200%, 3/1/26 (x) | 530000 | 462816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 8/15/27 | 484000 | 471203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 8/15/29 | 778000 | 665570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 5/15/30 | 60000 | 49412 |  |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/24 | 100000 | 97301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 2/19/26 | 100000 | 95990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/15/29 | 350000 | 323164 |  |
|  Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/3/25 | 50000 | 47301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/21/26 | 50000 | 47241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/18/31 | 100000 | 80841 |  |
|  PayPal Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 10/1/26 | 100000 | 92495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 6/1/27 (x) | 20000 | 19294 |  |
|  Visa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/14/25 | 100000 | 96541 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/15/27 | 45000 | 38418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 4/15/30 | 65000 | 54886 |  |
|  |  | 3460129 |  |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | ***Semiconductors & Semiconductor Equipment (0.8%)*** | **** |
|  Analog Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/1/25 | 200000 | 192175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/15/27 (x)§ | 25000 | 23541 |  |
|  Applied Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/1/30 | 30000 | 24505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/1/47 | 32000 | 29044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 6/1/50 | 8000 | 5531 |  |
|  Broadcom Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/27 | 100000 | 94689 |  |
|  Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 11/15/25 | 40000 | 37883 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 9/15/26 | 26000 | 24455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110%, 9/15/28 | 106000 | 98491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/15/29 | 100000 | 95660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 2/15/31§ | 300000 | 237233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/32 | 61000 | 54167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%, 4/15/33§ | 69000 | 55676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 4/15/34§ | 1554000 | 1240694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/36§ | 500000 | 364356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 5/15/37§ | 600000 | 522782 |  |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 7/29/25 | 100000 | 97674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/5/27 | 100000 | 96330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 11/15/29 | 20000 | 17207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 8/5/32 (x) | 100000 | 93116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/49 | 166000 | 114036 |  |
|  KLA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 11/1/24 | 50000 | 49896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/29 | 226000 | 218235 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/49 | 27000 | 25522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 3/1/50 | 235000 | 170912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/62 | 107000 | 104352 |  |
|  Lam Research Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/15/26 | 50000 | 48434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/29 | 30000 | 28621 |  |

---

See Notes to Financial Statements.

1442

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 3/15/49 | $| 49000 | $| 47057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 6/15/50 |  | 101000 |  | 68427 |  |
|  Micron Technology, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.185%, 2/15/27 |  | 25000 |  | 23717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.703%, 4/15/32 |  | 78000 |  | 58519 |  |
|  NVIDIA Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.584%, 6/14/24 |  | 40000 |  | 37723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/31 |  | 50000 |  | 40319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/50 |  | 59000 |  | 45024 |  |
|  NXP BV |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/18/26 |  | 800000 |  | 762750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 6/1/27 (x) |  | 40000 |  | 38245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 6/18/29 (x) |  | 356000 |  | 329856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 5/1/30 |  | 354000 |  | 304285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/11/31 |  | 606000 |  | 477150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 2/15/32 |  | 174000 |  | 135372 |  |
|  QUALCOMM, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/20/27 |  | 75000 |  | 71462 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 5/20/30 |  | 100000 |  | 84664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 5/20/33 |  | 202000 |  | 209991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/20/53 |  | 161000 |  | 172752 |  |
|  Texas Instruments, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 3/12/25 |  | 15000 |  | 13983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/4/29 |  | 30000 |  | 26058 |  |
|  Xilinx, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 6/1/24 |  | 50000 |  | 48617 |  |
|  |  |  |  | 7161188 |  |
|  ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | ***Software (0.6%)*** | **** |
|  Adobe, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 2/1/25 |  | 30000 |  | 28368 |  |
|  Autodesk, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 12/15/31 |  | 179000 |  | 143423 |  |
|  Microsoft Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 2/12/25 |  | 75000 |  | 72093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/8/26 |  | 100000 |  | 93425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 2/6/27 |  | 100000 |  | 96404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921%, 3/17/52 |  | 159000 |  | 114068 |  |
|  Open Text Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 12/1/27§ |  | 700000 |  | 705250 |  |
|  Oracle Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 9/15/23 |  | 300000 |  | 295377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 7/8/24 |  | 75000 |  | 73192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 11/15/24 |  | 75000 |  | 72220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/25 |  | 200000 |  | 188744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 5/15/25 |  | 100000 |  | 95052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 3/25/26 |  | 25000 |  | 22404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 7/15/26 |  | 45000 |  | 41469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/25/28 |  | 70000 |  | 60647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/9/29 |  | 300000 |  | 311434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/25/31 |  | 250000 |  | 208257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/8/44 |  | 718000 |  | 580196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/15/46 |  | 382000 |  | 281624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 4/1/50 |  | 319000 |  | 218104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/55 |  | 65000 |  | 49600 |  |
|  Roper Technologies, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 12/15/26 |  | 30000 |  | 28705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 25000 |  | 21714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 2/15/31 |  | 200000 |  | 153974 |  |
|  Salesforce, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/24 |  | 30000 |  | 28187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 7/15/28 |  | 35000 |  | 29945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950%, 7/15/31 |  | 40000 |  | 32079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 7/15/61 |  | 65000 |  | 41827 |  |
|  ServiceNow, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 9/1/30 |  | 263000 |  | 201410 |  |
|  VMware, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400%, 8/15/26 |  | 20000 |  | 17461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 5/15/27 |  | 500000 |  | 484298 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 8/21/27 |  | 100000 |  | 93544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 8/15/28 |  | 25000 |  | 20480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 8/15/31 |  | 401000 |  | 305641 |  |
|  Workday, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/1/32 |  | 64000 |  | 56721 |  |
|  |  |  |  | 5267337 |  |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | **** |
|  Apple, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 5/11/24 |  | 200000 |  | 194824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/11/25 |  | 100000 |  | 91976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700%, 2/8/26 |  | 100000 |  | 88904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 2/23/26 |  | 110000 |  | 105838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 2/9/27 |  | 50000 |  | 47946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 9/12/27 (x) |  | 150000 |  | 140210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 5/11/30 |  | 90000 |  | 73956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/8/31 |  | 100000 |  | 80741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/8/41 |  | 66000 |  | 47008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 8/20/50 |  | 152000 |  | 95412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 8/20/60 |  | 131000 |  | 80985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/5/61 |  | 60000 |  | 39364 |  |
|  Dell International LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 7/15/25 |  | 500000 |  | 506247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%, 6/15/26 |  | 340000 |  | 347760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/1/26 |  | 243000 |  | 239547 |  |
|  Hewlett Packard Enterprise Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 10/15/25 (e) |  | 50000 |  | 49562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 10/15/45 (e) |  | 37000 |  | 37057 |  |
|  HP, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 6/17/25 |  | 100000 |  | 93457 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/17/26 |  | 50000 |  | 43872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 6/17/31 |  | 107000 |  | 83703 |  |
|  Seagate HDD Cayman |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.091%, 6/1/29 |  | 51000 |  | 42266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 1/15/31 |  | 217000 |  | 169531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 12/1/32§ |  | 306400 |  | 336060 |  |
|  Western Digital Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/1/29 |  | 74000 |  | 57892 |  |
|  |  |  |  | 3094118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 20418707 |  |
|  **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** | **Materials (0.5%)** |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | **** |
|  Ecolab, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 2/1/27 |  | 100000 |  | 88646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/18/55 |  | 78000 |  | 47517 |  |
|  Linde, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 12/5/25 |  | 50000 |  | 50079 |  |
|  Nutrien Ltd. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/7/25 |  | 20000 |  | 20411 |  |
|  PPG Industries, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 8/15/29 |  | 100000 |  | 86470 |  |

---

See Notes to Financial Statements.

1443

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  RPM International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 3/1/29 | 25000 | $| 23219 |  |
|  Sherwin-Williams Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/1/27 | 75000 |  | 70401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 5/15/30 | 87000 |  | 71738 |  |
|  Syngenta Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.441%, 4/24/23§ | 400000 |  | 398217 |  |
|  Westlake Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/30 | 30000 |  | 25885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/61 | 61000 |  | 35880 |  |
|  |  |  | 918463 |  |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | **** |
|  Martin Marietta Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 7/15/31 | 25000 |  | 20065 |  |
|  Series CB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/30 | 35000 |  | 28999 |  |
|  |  |  | 49064 |  |
|  ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | ***Containers & Packaging (0.1%)*** | **** |
|  Amcor Flexibles North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.690%, 5/25/31 | 35000 |  | 28527 |  |
|  Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.570%, 1/15/26 | 700000 |  | 625520 |  |
|  International Paper Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 6/15/44 | 60000 |  | 52382 |  |
|  Packaging Corp. of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 12/15/27 | 35000 |  | 32315 |  |
|  WRKCo., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/28 | 50000 |  | 46588 |  |
|  |  |  | 785332 |  |
|  ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | ***Metals & Mining (0.3%)*** | **** |
|  Anglo American Capital plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 4/10/27§ | 200000 |  | 192100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/16/29§ | 390000 |  | 350756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/1/30§ | 511000 |  | 506003 |  |
|  Freeport-McMoRan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/30 | 200000 |  | 185437 |  |
|  Newmont Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/1/30 (x) | 120000 |  | 96753 |  |
|  Nucor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 5/23/27 | 50000 |  | 48640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 5/1/28 | 118000 |  | 111698 |  |
|  Reliance Steel & Aluminum Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 8/15/30 | 600000 |  | 474149 |  |
|  Steel Dynamics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 6/15/25 | 15000 |  | 14066 |  |
|  Vale Overseas Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 7/8/30 | 100000 |  | 87362 |  |
|  |  |  | 2066964 |  |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | **** |
|  Fibria Overseas Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/17/27 | 25000 |  | 25028 |  |
|  Suzano Austria GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/15/31 | 100000 |  | 83488 |  |
|  |  |  | 108516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 3928339 |  |
|  **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** | **Real Estate (1.2%)** |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | ***Equity Real Estate Investment Trusts (REITs) (1.2%)*** | **** |
|  Agree LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/15/28 | 15000 |  | 12285 |  |
|  Alexandria Real Estate Equities, Inc. (REIT) | Alexandria Real Estate Equities, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/30/25 | 25000 |  | 24175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 4/15/26 | 50000 |  | 48324 |  |
|  American Homes 4 Rent LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 4/15/32 | 35000 |  | 29443 |  |
|  American Tower Corp. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/24 | 50000 |  | 49839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/24 | 100000 |  | 97409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/15/25 | 700000 |  | 657972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 9/15/31 (x) | 20000 |  | 15602 |  |
|  AvalonBay Communities, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/1/28 | 50000 |  | 41795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 6/1/29 | 15000 |  | 13481 |  |
|  Boston Properties LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/25 | 100000 |  | 95858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/1/26 | 50000 |  | 45126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/1/32 | 400000 |  | 306603 |  |
|  Brandywine Operating Partnership LP (REIT) | Brandywine Operating Partnership LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/27 | 25000 |  | 21094 |  |
|  Brixmor Operating Partnership LP (REIT) | Brixmor Operating Partnership LP (REIT) | Brixmor Operating Partnership LP (REIT) | Brixmor Operating Partnership LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 2/1/25 | 100000 |  | 96047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 3/15/27 | 500000 |  | 460691 |  |
|  Camden Property Trust (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 10/15/28 | 10000 |  | 9443 |  |
|  Corporate Office Properties LP (REIT) | Corporate Office Properties LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 3/15/26 (x) | 600000 |  | 527778 |  |
|  Crown Castle, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 7/15/25 | 10000 |  | 9091 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 6/15/26 | 500000 |  | 475590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/15/27 | 30000 |  | 27303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/27 | 50000 |  | 46559 |  |
|  Digital Realty Trust LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 1/15/28 | 50000 |  | 50240 |  |
|  EPR Properties (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/25 | 500000 |  | 472851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/31 | 700000 |  | 510045 |  |
|  Equinix, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/15/25 | 100000 |  | 89000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 7/15/27 | 20000 |  | 17000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/18/29 (x) | 25000 |  | 21813 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 700000 |  | 564094 |  |
|  Essex Portfolio LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/1/24 | 25000 |  | 24518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/29 | 25000 |  | 22797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 | 700000 |  | 555928 |  |
|  Federal Realty Investment Trust (REIT) | Federal Realty Investment Trust (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 1/15/24 | 50000 |  | 49337 |  |
|  GLP Capital LP (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 9/1/24 | 100000 |  | 95854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 6/1/25 | 410000 |  | 401800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/15/26 | 15000 |  | 14744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 6/1/28 | 10000 |  | 9758 |  |
|  Healthpeak Properties, Inc. (REIT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 12/1/28 | 65000 |  | 54685 |  |
|  Invitation Homes Operating Partnership LP (REIT) | Invitation Homes Operating Partnership LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/28 | 15000 |  | 12403 |  |

---

See Notes to Financial Statements.

1444

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Kilroy Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/24 | $| 25000 | $| 23920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/1/25 |  | 1000000 |  | 965256 |  |
|  Kimco Realty Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 3/1/28 |  | 50000 |  | 41915 |  |
|  Life Storage LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/15/27 |  | 25000 |  | 23192 |  |
|  Mid-America Apartments LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/15/29 |  | 50000 |  | 46604 |  |
|  Omega Healthcare Investors, Inc. (REIT) | Omega Healthcare Investors, Inc. (REIT) | Omega Healthcare Investors, Inc. (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/1/23 |  | 83000 |  | 82242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/25 |  | 500000 |  | 485574 |  |
|  Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) | Piedmont Operating Partnership LP (REIT) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/30 |  | 25000 |  | 18999 |  |
|  Prologis LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/26 |  | 30000 |  | 28470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/15/32 |  | 50000 |  | 39925 |  |
|  Public Storage (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 2/15/26 |  | 25000 |  | 22141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.094%, 9/15/27 |  | 600000 |  | 560575 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.385%, 5/1/29 |  | 15000 |  | 13740 |  |
|  Realty Income Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 2/6/24 |  | 10000 |  | 9951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/1/25 |  | 300000 |  | 297284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/26 |  | 10000 |  | 9958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/13/32 |  | 100000 |  | 101895 |  |
|  Regency Centers LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 9/15/29 |  | 25000 |  | 21057 |  |
|  Sabra Health Care LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 10/15/29 |  | 25000 |  | 20750 |  |
|  Simon Property Group LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 1/15/26 |  | 75000 |  | 71400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/15/27 |  | 100000 |  | 87248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/15/27 |  | 75000 |  | 69973 |  |
|  Spirit Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 1/15/27 |  | 300000 |  | 266683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100%, 3/15/28 |  | 50000 |  | 40760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 1/15/30 |  | 200000 |  | 167589 |  |
|  STORE Capital Corp. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 12/1/31 |  | 50000 |  | 36586 |  |
|  UDR, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/28 |  | 100000 |  | 90505 |  |
|  Unibail-Rodamco-Westfield SE (REIT) | Unibail-Rodamco-Westfield SE (REIT) | Unibail-Rodamco-Westfield SE (REIT) | Unibail-Rodamco-Westfield SE (REIT) | Unibail-Rodamco-Westfield SE (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 3/14/25 (m) | EUR | 500000 |  | 499300 |  |
|  Ventas Realty LP (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/24 | $| 25000 |  | 24335 |  |
|  Welltower, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/15/24 |  | 20000 |  | 19582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/25 |  | 100000 |  | 97423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 1/15/29 |  | 30000 |  | 24549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 1/15/31 |  | 600000 |  | 481246 |  |
|  WP Carey, Inc. (REIT) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 7/15/29 |  | 50000 |  | 45021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  |  | 10914023 |  |
|  **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** | **Utilities (2.9%)** |  |
|  ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | ***Electric Utilities (2.4%)*** | **** |
|  AEP Texas, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/1/28 |  | 353000 |  | 330015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 5/15/51 |  | 174000 |  | 123211 |  |
|  AEP Transmission Co. LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/15/49 |  | 157000 |  | 123103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 9/15/49 |  | 30000 |  | 20900 |  |
|  Alabama Power Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 10/1/49 |  | 94000 |  | 68194 |  |
|  Series 20-A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 9/15/30 |  | 50000 |  | 39056 |  |
|  American Electric Power Co., Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 11/13/27 |  | 25000 |  | 23041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/1/30 |  | 25000 |  | 20518 |  |
|  American Transmission Systems, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 1/15/32§ |  | 149000 |  | 122395 |  |
|  Appalachian Power Co.<br>Series AA<br>2.700%, 4/1/31 |  | 700000 |  | 578586 |  |
|  Atlantic City Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 3/15/31 |  | 26000 |  | 21207 |  |
|  Avangrid, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 12/1/24 |  | 25000 |  | 24002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 4/15/25 |  | 200000 |  | 191285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 6/1/29 |  | 700000 |  | 637243 |  |
|  Baltimore Gas & Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 8/15/47 |  | 202000 |  | 155030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 9/15/49 |  | 35000 |  | 24948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 6/15/50 |  | 190000 |  | 127293 |  |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/1/48 |  | 73000 |  | 60343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AE<br> 2.350%, 4/1/31 |  | 570000 |  | 475252 |  |
|  Commonwealth Edison Co.<br>Series 127<br>3.200%, 11/15/49 |  | 53000 |  | 37614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133<br> 3.850%, 3/15/52 |  | 144000 |  | 115841 |  |
|  DTE Electric Co. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 3/1/49 (x) |  | 264000 |  | 216702 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 1.900%, 4/1/28 (x) |  | 65000 |  | 56582 |  |
|  Duke Energy Carolinas LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 11/15/28 |  | 173000 |  | 166092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 8/15/29 |  | 25000 |  | 21502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 4/15/31 |  | 50000 |  | 41844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/46 |  | 123000 |  | 97213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 4/15/51 |  | 115000 |  | 85464 |  |
|  Duke Energy Corp. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/8/25 |  | 70000 |  | 69834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%, 9/1/26 |  | 75000 |  | 69060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 8/15/27 |  | 100000 |  | 92508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 3/15/28 |  | 22000 |  | 21163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 6/15/29 |  | 30000 |  | 27047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 6/15/31 |  | 25000 |  | 20491 |  |
|  Duke Energy Florida LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/29 |  | 750000 |  | 642497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/15/30 |  | 70000 |  | 55971 |  |
|  Duke Energy Progress LLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/15/25 |  | 50000 |  | 48068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 3/15/29 |  | 508000 |  | 468321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 4/1/32 |  | 700000 |  | 621853 |  |
|  Edison International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 11/15/24 |  | 400000 |  | 386292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 4/15/25 |  | 187000 |  | 184887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/29 |  | 787000 |  | 824197 |  |

---

See Notes to Financial Statements.

1445

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 6/15/26 | $50000 | $46920 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/15/27§ | 600000 | 567747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 7/12/31§ | 800000 | 585053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/15/32§ | 600000 | 542155 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 9/15/25 | 95000 | 84708 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 9/1/48 | 34000 | 28318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/15/52 | 123000 | 110458 |
|  Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 6/1/28 | 128000 | 113600 |
|  Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 9/15/24 | 35000 | 33282 |
|  Eversource Energy<br>Series M<br>3.300%, 1/15/28 | 150000 | 138609 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 6/15/25 | 75000 | 73272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 4/15/30 | 200000 | 185841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/15/45 | 52000 | 48978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 4/15/50 | 76000 | 67241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 3/15/52§ | 39000 | 31337 |
|  FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 3/1/25 | 22000 | 20432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 4.400%, 7/15/27 (e) | 143000 | 133289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 9/1/30 | 131000 | 103654 |
|  FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 1/15/25§ | 166000 | 161880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 4/1/49§ | 207000 | 171789 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990%, 3/1/49 | 79000 | 66892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/1/49 | 401000 | 293074 |
|  Fortis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%, 10/4/26 | 75000 | 69514 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 5/15/32 | 50000 | 48281 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 5/15/28 (x) | 25000 | 23585 |
|  IPALCO Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/1/30 | 600000 | 534936 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/15/27 | 25000 | 22986 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 4/15/29 | 403000 | 378793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 8/1/52 | 138000 | 89063 |
|  Mid-Atlantic Interstate Transmission LLC | Mid-Atlantic Interstate Transmission LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 5/15/28§ | 8000 | 7543 |
|  NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%, 3/21/24 | 160000 | 155907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255%, 9/1/24 | 50000 | 49328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 5/1/27 | 25000 | 23570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/15/27 | 100000 | 98452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/1/29 | 600000 | 519970 |
|  Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 3/1/50 | 41000 | 28367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 6/1/51 | 112000 | 72182 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450%, 12/2/27§ | 258000 | 214588 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 4/1/30 | 65000 | 61130 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q<br> 1.625%, 1/15/31 | 116000 | 90055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R<br> 2.900%, 10/1/51 | 39000 | 25598 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/1/30 | 200000 | 175299 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550%, 10/1/25 | 35000 | 31014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 11/15/28 | 144000 | 136002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 9/15/32§ | 234000 | 229038 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/15/25 | 600000 | 566962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 7/1/25 | 500000 | 473763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 1/1/26 | 500000 | 464121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/26 | 500000 | 458615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/1/31 | 900000 | 733339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 12/1/47 | 101000 | 67733 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/15/51 | 179000 | 124598 |
|  Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/28§ | 500000 | 448099 |
|  PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 5/15/26 | 50000 | 46420 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 11/15/24 | 50000 | 48234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 9/1/28 | 86000 | 80833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/15/29 | 100000 | 90967 |
|  Public Service Electric and Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 12/15/32 | 161000 | 160977 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 8/1/29 | 40000 | 34929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/1/30 (x) | 277000 | 228534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 11/1/32 | 218000 | 230751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br> 2.500%, 6/1/31 | 50000 | 41269 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 7/1/26 | 100000 | 93973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 8/1/27 (e) | 100000 | 99706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br> (United States SOFR Compounded Index + 0.37%),<br> 4.694%, 5/10/23 (k) | 700000 | 698088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 3.700%, 4/30/30 | 600000 | 543452 |
|  Southwestern Electric Power Co.<br>Series N<br>1.650%, 3/15/26 | 100000 | 89617 |
|  Southwestern Public Service Co.<br>Series 8<br>3.150%, 5/1/50 | 148000 | 103292 |
|  Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 6/15/49 | 26000 | 21581 |
|  Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 6/1/25§ | 365000 | 352130 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/30 | 250000 | 219926 |
|  Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 11/15/31 | 100000 | 80372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/43 | 95000 | 77269 |

---

See Notes to Financial Statements.

1446

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Wisconsin Power & Light Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 10/15/27 | $75000 | $| 69125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/1/32 | 47000 |  | 43365 |  |
|  Xcel Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 12/1/26 | 100000 |  | 94045 |  |
|  |  |  | 21116480 |  |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | **** |
|  Atmos Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 10/15/32 | 30000 |  | 31118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 3/15/49 | 38000 |  | 31330 |  |
|  CenterPoint Energy Resources Corp.<br>(ICE LIBOR USD 3 Month + 0.50%),<br>5.279%, 3/2/23 (k) | 460000 |  | 459741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/1/30 | 114000 |  | 90282 |  |
|  National Fuel Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 | 50000 |  | 46188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/1/31 | 800000 |  | 621580 |  |
|  ONE Gas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/15/30 | 63000 |  | 51314 |  |
|  Piedmont Natural Gas Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/15/31 | 65000 |  | 53187 |  |
|  Promigas SA ESP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 10/16/29 (x)§ | 200000 |  | 162750 |  |
|  Southern California Gas Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 4/15/27 | 700000 |  | 646887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX<br> 2.550%, 2/1/30 (x) | 200000 |  | 170483 |  |
|  |  |  | 2364860 |  |
|  ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | ***Multi-Utilities (0.2%)*** | **** |
|  Ameren Illinois Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 3/15/50 | 102000 |  | 73661 |  |
|  Black Hills Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.037%, 8/23/24 | 55000 |  | 51211 |  |
|  CenterPoint Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/24 | 25000 |  | 23956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450%, 6/1/26 | 30000 |  | 26616 |  |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 11/15/52 | 240000 |  | 262131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 3.125%, 11/15/27 | 25000 |  | 23000 |  |
|  Consumers Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/50 | 223000 |  | 176485 |  |
|  Dominion Energy, Inc.<br>(ICE LIBOR USD 3 Month + 3.06%),<br>5.750%, 10/1/54 (k) | 50000 |  | 47000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 1.450%, 4/15/26 | 40000 |  | 35643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br> 2.250%, 8/15/31 | 45000 |  | 35721 |  |
|  DTE Energy Co.<br>Series C<br>2.529%, 10/1/24 (e) | 20000 |  | 19106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F<br> 1.050%, 6/1/25 | 35000 |  | 31707 |  |
|  NiSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950%, 8/15/25 | 60000 |  | 54114 |  |
|  WEC Energy Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/15/27 | 600000 |  | 509961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 12/15/28 | 100000 |  | 84741 |  |
|  |  |  | 1455053 |  |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | **** |
|  American Water Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 6/1/31 | 100000 |  | 82152 |  |
|  Essential Utilities, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704%, 4/15/30 | 200000 |  | 168132 |  |
|  |  |  | 250284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 25186677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 200158039 |  |
|  **Foreign Government Securities (1.0%)** | **Foreign Government Securities (1.0%)** | **Foreign Government Securities (1.0%)** | **Foreign Government Securities (1.0%)** |  |
|  Bonos de la Tesoreria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | 2700000 |  | 625062 |  |
|  Canada Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/22/25 (x) | $100000 |  | 94522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 4/28/25 | 90000 |  | 87063 |  |
|  Export-Import Bank of Korea |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 2/9/24 (x) | 200000 |  | 190324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 2/9/26 | 200000 |  | 176402 |  |
|  Italian Republic Government Bond | Italian Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/17/24 | 200000 |  | 188407 |  |
|  Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation | Japan Bank for International Cooperation |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/25 | 200000 |  | 180856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/20/26 | 200000 |  | 186144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/4/26 | 50000 |  | 45785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/31/28 | 200000 |  | 188894 |  |
|  Japan International Cooperation Agency | Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/27/27 | 600000 |  | 556390 |  |
|  Mex Bonos Desarr Fix Rt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/5/26 | 1550000 |  | 71911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/3/27 | 1500000 |  | 72502 |  |
|  Series M 30 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/18/38 | 2200000 |  | 106548 |  |
|  Oriental Republic of Uruguay |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/27/27 | $112363 |  | 113262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100%, 6/18/50 | 77594 |  | 76508 |  |
|  Province of Alberta |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300%, 7/22/30 | 250000 |  | 202123 |  |
|  Province of British Columbia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 9/27/24 | 15000 |  | 14271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900%, 7/20/26 | 250000 |  | 220026 |  |
|  Province of Ontario |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 5/16/24 | 162000 |  | 158527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800%, 10/14/31 | 100000 |  | 81511 |  |
|  Province of Quebec |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/11/25 | 300000 |  | 281774 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/20/26 | 50000 |  | 47104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 4/12/27 | 50000 |  | 46934 |  |
|  Provincia de Buenos Aires<br>(Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.75%),<br>72.891%, 4/12/25 (k)(m)(r) | 310000 |  | 1006 |  |
|  Republic of Chile |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 1/21/26 | $100000 |  | 94644 |  |

---

See Notes to Financial Statements.

1447

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Republic of Indonesia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 2/14/30 | $| 200000 | $| 178350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050%, 3/12/51 (x) |  | 200000 |  | 144522 |
|  Republic of Korea |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 10/15/31 |  | 200000 |  | 163750 |
|  Republic of Panama |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/56 |  | 200000 |  | 146663 |
|  Republic of Peru |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.200%, 8/12/26 (m) | PEN | 2000000 |  | 550919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/25/27 | $| 122000 |  | 116914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.783%, 1/23/31 |  | 70000 |  | 57872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%, 3/10/51 |  | 117000 |  | 83129 |
|  Republic of Philippines |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.457%, 5/5/30 |  | 200000 |  | 173522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200%, 7/6/46 |  | 200000 |  | 145022 |
|  Republic of Poland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/22/24 |  | 75000 |  | 73912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/16/27 |  | 25000 |  | 25561 |
|  Republic of Serbia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 9/23/28§ | EUR | 700000 |  | 536837 |
|  Romania Government Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/7/28 (m) |  | 23000 |  | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/26/28 (m) |  | 14000 |  | 12933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/14/33 (m) |  | 800000 |  | 546893 |
|  Russian Federation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 7/18/35 | RUB | 6631000 |  | 24276 |
|  State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond | State of Israel Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 3/16/26 | $| 200000 |  | 189162 |
|  State of Qatar |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%, 4/23/48§ |  | 500000 |  | 499937 |
|  Svensk Exportkredit AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/26/25 |  | 200000 |  | 179984 |
|  Titulos de Tesoreria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/18/34 | COP | &nbsp;&nbsp;&nbsp;&nbsp;148000000 |  | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br> 7.000%, 3/26/31 |  | 85000000 |  | 12378 |
|  United Mexican States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/11/28 | $| 200000 |  | 188400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 4/16/30 (x) |  | 200000 |  | 173850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/31/50 |  | 400000 |  | 304325 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  |  | 8678100 |
|  **Loan Participation (0.1%)** |  |  |  |  |
|  **Financials (0.1%)** |  |  |  |  |
|  ***Consumer Finance (0.1%)*** |  |  |  |  |
|  Delos Finance Sarl, New Term Loan<br>(ICE LIBOR USD 3 Month + 1.75%),<br>6.480%, 10/6/23 (k) |  | 910000 |  | 907861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 907861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Loan Participation** |  |  |  | 907861 |
|  **Mortgage-Backed Securities (21.8%)** | **Mortgage-Backed Securities (21.8%)** | **Mortgage-Backed Securities (21.8%)** | **Mortgage-Backed Securities (21.8%)** | **Mortgage-Backed Securities (21.8%)** |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/27 |  | 7276 |  | 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/28 |  | 4021 |  | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/29 |  | 13324 |  | 12667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 |  | 11484 |  | 11014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/30 |  | 11042 |  | 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 |  | 29236 |  | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 |  | 23027 |  | 22065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/30 |  | 45316 |  | 43424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 |  | 10462 |  | 9868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 |  | 24626 |  | 23598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 |  | 34318 |  | 32369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 |  | 7570 |  | 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 |  | 43180 |  | 40727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/31 |  | 41049 |  | 38640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/31 |  | 1268 |  | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/1/31 (l) |  | 746 |  | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/32 |  | 2847 |  | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/32 |  | 4186 |  | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/32 |  | 2986 |  | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 |  | 4621 |  | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/39 |  | 9336 |  | 9264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/39 |  | 3948 |  | 3922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/40 |  | 4212 |  | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 |  | 10369 |  | 10070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/41 |  | 209 |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 |  | 19386 |  | 19270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/41 |  | 17530 |  | 18184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/41 |  | 37716 |  | 38284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 |  | 34965 |  | 32854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/42 |  | 27934 |  | 26223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/42 |  | 1756 |  | 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 |  | 23422 |  | 21323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/43 |  | 15467 |  | 14537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/43 |  | 6330 |  | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 |  | 29352 |  | 29179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 |  | 5023 |  | 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 |  | 24439 |  | 24326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/44 |  | 9030 |  | 8494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/44 |  | 18661 |  | 18147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/44 |  | 6285 |  | 5901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/44 |  | 4528 |  | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/45 |  | 1141274 |  | 1034719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/45 |  | 608658 |  | 551070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/45 |  | 3224 |  | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 |  | 25394 |  | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/45 |  | 9388 |  | 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 |  | 143738 |  | 129952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/47 |  | 36813 |  | 34537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/47 |  | 59239 |  | 58487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/47 |  | 21449 |  | 21262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/47 |  | 75893 |  | 75051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/1/47 |  | 45463 |  | 42667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 |  | 40982 |  | 38461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 |  | 14267 |  | 13367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 |  | 180888 |  | 179316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 |  | 319638 |  | 316858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/48 |  | 8356 |  | 8392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/49 |  | 34003 |  | 33625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/50 |  | 1253229 |  | 1092076 |
|  FHLMC UMBS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/34 |  | 42785 |  | 41053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/35 |  | 160932 |  | 154415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/36 |  | 112613 |  | 100907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/37 |  | 5184 |  | 4844 |

---

See Notes to Financial Statements.

1448

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/38 | $101889 | $95474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/41 | 2325152 | 2039436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 | 66831 | 56441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/45 | 287223 | 278414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/45 | 301364 | 293452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/46 | 120465 | 112869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/46 | 39548 | 36983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/47 | 58690 | 56598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 25465 | 23622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 | 208843 | 202990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 | 5728 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 53425 | 51805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/49 | 54322 | 53243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/49 | 6159 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/50 | 29147 | 27059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/50 | 76071 | 70501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 | 97233 | 93085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 | 47813 | 41168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/50 | 19420 | 17487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/1/50 | 79473 | 61541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 | 26178 | 21666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | 4247099 | 3670134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 1160982 | 1040501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/50 | 353181 | 318582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 199038 | 154127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 48886 | 40568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/51 | 363975 | 315325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 492495 | 405464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 183524 | 152182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/1/51 | 87449 | 72405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/51 | 1043348 | 901496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 1730696 | 1525830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 7/1/51 | 337197 | 279190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/51 | 111301 | 99475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/51 | 116929 | 96296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/51 | 369005 | 302873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/51 | 110962 | 98618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 906175 | 781797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 586749 | 482167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/51 | 442537 | 381105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 1295981 | 1069783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 2848984 | 2446089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 34230 | 28031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/52 | 82074 | 73431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 1394201 | 1240735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/52 | 250925 | 215857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 102739 | 99282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/52 | 99630 | 88570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 27311 | 26385 |
|  FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.706%, 1/1/28 (l) | 2666 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.740%, 7/1/29 | 4000000 | 3589183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.895%, 5/1/30 | 2500000 | 2081370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630%, 4/1/32 | 2519000 | 2107377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300%, 7/1/32 | 4934970 | 4426453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/1/33 (l) | 4455 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.080%, 10/1/33 | 2500000 | 1928859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.905%, 1/1/36 (l) | 22859 | 22945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.440%, 1/1/37 | 2057086 | 1840975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/1/39 | 7561 | 7820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/1/40 (l) | 1110 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/41 | 4546 | 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/1/44 (l) | 852584 | 861813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/44 | 287535 | 263852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 490766 | 450344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/45 | 334857 | 299646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/45 | 627953 | 561922 |
|  FNMA UMBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/27 | 9561 | 9094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/28 | 3183 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/28 | 9216 | 8754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/29 | 10574 | 10267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/29 | 15318 | 14695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/29 | 19790 | 18984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/29 | 17386 | 16678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/29 | 15926 | 15278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/29 | 10637 | 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/1/30 | 83539 | 80138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/30 | 4427 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/30 | 17335 | 16596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/1/30 | 8680 | 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/30 | 14147 | 13545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/1/30 | 4799 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/30 | 8119 | 7774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/30 | 16846 | 15875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/1/30 | 32605 | 31208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/30 | 49396 | 46626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/30 | 74398 | 71230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 8/1/30 | 11987 | 11628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/30 | 25777 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/30 | 33895 | 32428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/30 | 49775 | 46906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/31 | 5188 | 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/31 | 4584 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 6/1/31 | 15892 | 14926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/31 | 11600 | 10896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/31 | 1338 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/31 | 81377 | 77484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/31 | 3969 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/31 | 11726 | 11205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/31 | 4403 | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/31 | 88307 | 82873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/31 | 57819 | 52708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/31 | 38816 | 36411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/31 | 6038 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/32 | 2593 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/32 | 41409 | 37726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/1/32 | 10835 | 10163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/32 | 115495 | 111782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/32 | 82997 | 80381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/32 | 22251 | 21192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/32 | 62540 | 58662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/32 | 20064 | 19172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/33 | 105994 | 99885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/33 | 21617 | 21269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/34 | 12872 | 13329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/34 | 56582 | 57985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/1/34 | 6916 | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/34 | 900747 | 846846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/34 | 667225 | 638749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/35 | 60652 | 61069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/35 | 38887 | 39851 |

---

See Notes to Financial Statements.

1449

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/1/35 | $113181 | $117065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/35 | 67066 | 63423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/35 | 3795 | 3814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/35 | 135455 | 125109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/35 | 445113 | 410402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/35 | 58934 | 55700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/35 | 18794 | 19314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/36 | 26708 | 25926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/36 | 33898 | 31969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/36 | 2156 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/36 | 24587 | 23039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/36 | 39701 | 37201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/37 | 93232 | 83453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/38 | 4469 | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/38 | 1928 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/38 | 5479 | 5742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/1/38 | 1477 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/38 | 2655 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/39 | 9676 | 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/39 | 131380 | 130406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/39 | 22288 | 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/1/39 | 14091 | 14581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/40 | 1506 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/1/40 | 43843 | 46869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/40 | 11408 | 11323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/40 | 17581 | 17056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/1/40 | 266452 | 258306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/41 | 2830 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/41 | 990 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/41 | 1833 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/41 | 57007 | 57802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/41 | 2001 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/41 | 9969 | 9897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/41 | 3794 | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/41 | 1504313 | 1224112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/1/41 | 762533 | 620500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/42 | 16411 | 15412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/42 | 33211 | 32182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/42 | 465074 | 392771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/42 | 527124 | 445174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/42 | 60648 | 51219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/42 | 7519 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/42 | 891 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/42 | 36644 | 35502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/42 | 1828 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/1/42 | 2222 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/42 | 9205 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/42 | 13060 | 12957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/43 | 115473 | 105027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/43 | 67103 | 61032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/43 | 56818 | 51771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/43 | 28398 | 25927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/43 | 18205 | 18081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/43 | 85839 | 85711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/43 | 14658 | 14549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/43 | 97807 | 99149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/44 | 17009 | 16882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/44 | 118048 | 117319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/1/44 | 996283 | 905531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/45 | 166110 | 155754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/45 | 35176 | 34948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/45 | 55581 | 55226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/1/45 | 27070 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/46 | 12056 | 10923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/46 | 113619 | 113414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/46 | 1694 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 9/1/46 | 27860 | 25198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/46 | 2444 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/46 | 7293 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/1/46 | 18116 | 17442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/46 | 1169099 | 1053654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/47 | 903705 | 786727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/1/47 | 51314 | 46303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/47 | 952285 | 901260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/47 | 1184877 | 1067689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/1/47 | 34623 | 32388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/47 | 57571 | 55286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/47 | 29086 | 28040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/47 | 2140 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/47 | 25830 | 24785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/47 | 8573 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/1/47 | 42025 | 39036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/47 | 68434 | 67626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 12/1/47 | 42165 | 39140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/48 | 68956 | 64238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/48 | 25638 | 24572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/1/48 | 66786 | 65998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/48 | 19382 | 17980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 3/1/48 | 142202 | 131911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/48 | 7762 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/48 | 3861 | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/1/48 | 26516 | 26361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/48 | 4346 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/48 | 458025 | 453984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/48 | 698320 | 647350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/48 | 3173 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/48 | 3193 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/48 | 489887 | 480607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/1/48 | 41554 | 40030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/48 | 52993 | 52484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/1/48 | 4266 | 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/48 | 20549 | 19624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/1/48 | 14736 | 14736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/48 | 9297 | 8879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/48 | 43182 | 42662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/49 | 87339 | 84336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/1/49 | 156271 | 154780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/49 | 325562 | 323168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/1/49 | 41456 | 41587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/1/49 | 918893 | 853482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/49 | 85069 | 81194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/49 | 12240 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/50 | 39243 | 37262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/50 | 35163 | 33539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/50 | 79862 | 75831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/1/50 | 1001438 | 865951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/50 | 3530495 | 2909912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/1/50 | 670625 | 578893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/1/50 | 206398 | 184566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 9/1/50 | 149501 | 123222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/50 | 119739 | 114792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/1/50 | 208430 | 161400 |

---

See Notes to Financial Statements.

1450

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/1/50 | $202816 | $167166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/1/50 | 1488894 | 1284768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/1/50 | 180768 | 139979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/50 | 30040 | 24741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/50 | 185750 | 160923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/50 | 170497 | 141044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/51 | 48046 | 41436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/1/51 | 1765717 | 1632009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/1/51 | 274513 | 262276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/51 | 249398 | 205403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/1/51 | 94589 | 87426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 3/1/51 | 241509 | 187015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/51 | 131044 | 108317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/51 | 125375 | 119586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/1/51 | 276253 | 228910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/1/51 | 440381 | 420561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/1/51 | 2241529 | 1983761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/1/51 | 1380318 | 1134066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 9/1/51 | 2436879 | 2094788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/1/51 | 1786294 | 1634142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/51 | 473847 | 451114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/1/51 | 1573701 | 1293787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/1/51 | 89279 | 77108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/1/51 | 251139 | 222573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/1/51 | 847425 | 696524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/1/51 | 1156672 | 983815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/1/51 | 112450 | 100081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/1/52 | 550803 | 453929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/1/52 | 1919720 | 1650813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/1/52 | 2611364 | 2143358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/1/52 | 497905 | 428125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 3/1/52 | 773592 | 635832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/1/52 | 227860 | 201523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 4/1/52 | 55296 | 49157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/1/52 | 48238 | 45890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/1/52 | 87696 | 77769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/1/52 | 14994 | 14485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/1/52 | 6151138 | 5953547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/1/52 | 1171400 | 1131305 |
|  FNMA/FHLMC UMBS, 15 Year, Single Family | FNMA/FHLMC UMBS, 15 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/25/38 TBA | 797000 | 693141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/25/38 TBA | 2247400 | 2005453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/38 TBA | 299600 | 275023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/38 TBA | 87000 | 81658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/38 TBA | 125000 | 119883 |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/25/53 TBA | 1301008 | 1063981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/25/53 TBA | 192000 | 163140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/25/53 TBA | 1510769 | 1330067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/25/53 TBA | 592418 | 539702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/53 TBA | 16400000 | 15421125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/25/53 TBA | 560200 | 540681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/25/53 TBA | 9214000 | 9094505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/25/53 TBA | 36000000 | 31716561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/25/53 TBA | 12900000 | 11758149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/25/53 TBA | 3600000 | 3474562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/25/53 TBA | 200000 | 197344 |
|  GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 7/20/27 (l) | 245 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/33 | 453 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/38 | 2969 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 4/20/39 | 1189 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/39 | 11743 | 11787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/20/39 | 2758 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/39 | 2941 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 12/20/39 | 1149 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/20/40 | 1398 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/20/40 | 1149 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/20/40 | 96 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/40 | 14759 | 14259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/40 | 45118 | 43587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/40 | 10956 | 11005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/40 | 17987 | 17377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/20/41 | 15545 | 15017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/15/41 | 11551 | 11110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 7/20/41 | 6659 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/42 | 9407 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/42 | 81434 | 80306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/42 | 7940 | 8026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/15/43 | 13148 | 12336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/43 | 31240 | 29438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/20/44 | 99646 | 93898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/44 | 1169 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/20/44 | 486 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/20/45 | 205244 | 189365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/45 | 23152 | 21171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/45 | 19822 | 18667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/45 | 169574 | 154643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/20/45 | 264554 | 256683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/20/46 | 389746 | 365804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 5/20/46 | 18599 | 17439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 6/20/46 | 228816 | 214546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 7/20/46 | 79568 | 74606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/20/46 | 273491 | 256434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/20/46 | 39258 | 36503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/47 | 3962 | 3816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/20/47 | 38106 | 36663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/20/47 | 43695 | 41999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/20/47 | 21217 | 20393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/20/48 | 18937 | 18663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/20/49 | 4002 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/20/49 | 179197 | 180114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/20/49 | 77595 | 76327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/20/49 | 162069 | 162797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/20/49 | 47115 | 47327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 11/15/49 | 8505 | 7895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/20/49 | 43399 | 43566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 2/15/50 | 122541 | 113561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/20/50 | 28164 | 27510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/20/50 | 14154 | 13503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/20/50 | 561121 | 474963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/20/50 | 505108 | 427314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/20/51 | 1203365 | 1017654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/20/51 | 97602 | 82509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/20/51 | 2042542 | 1764515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/20/51 | 2539518 | 2198576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/20/51 | 620814 | 557213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/20/51 | 1877040 | 1629753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/20/51 | 741996 | 665516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/20/51 | 575509 | 500769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 12/20/51 | 1091385 | 948541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 12/20/51 | 201787 | 180720 |

---

See Notes to Financial Statements.

1451

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/20/52 | $| 275024 | $| 238662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/20/52 |  | 192741 |  | 167258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 1/15/53 TBA |  | 1117100 |  | 938888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/15/53 TBA |  | 863300 |  | 749317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 1/15/53 TBA |  | 997769 |  | 890431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 1/15/53 TBA |  | 774000 |  | 712261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/15/53 TBA |  | 764500 |  | 724841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/15/53 TBA |  | 662000 |  | 643123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/53 TBA |  | 606000 |  | 600982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  |  |  | 191398899 |
|  **Municipal Bonds (0.2%)** |  |  |  |  |
|  American Municipal Power, Inc.<br>8.084%, 2/15/50 |  | 55000 |  | 70753 |
|  City of New York Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds,<br>Series BB<br>5.882%, 6/15/44 |  | 60000 |  | 65668 |
|  City of San Antonio, Electric & Gas Systems, Revenue Bonds,<br>Series 2010A<br>5.808%, 2/1/41 |  | 60000 |  | 63927 |
|  County of Los Angeles Unified School District, General Obligation Bonds<br>6.758%, 7/1/34 |  | 80000 |  | 89497 |
|  Georgia Municipal Electric Authority, Revenue Bonds,<br>Series 2010A<br>6.637%, 4/1/57 |  | 45000 |  | 48138 |
|  Los Angeles Community College District<br>6.600%, 8/1/42 |  | 25000 |  | 29994 |
|  Metropolitan Transportation Authority, Revenue Bonds,<br>Series 2010E<br>6.814%, 11/15/40 |  | 55000 |  | 57469 |
|  New Jersey Turnpike Authority, Revenue Bonds,<br>Series 2009F<br>7.414%, 1/1/40 |  | 75000 |  | 92973 |
|  New York & New Jersey Port Authority, Consolidated Bonds,<br>Series 181<br>4.960%, 8/1/46 |  | 40000 |  | 38819 |
|  New York State Dormitory Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%, 3/15/40 |  | 45000 |  | 45635 |
|  Sales Tax Securitization Corp.<br>3.057%, 1/1/34 |  | 600000 |  | 475925 |
|  San Francisco Bay Area Toll Authority, Subordinate Toll Bridge, Revenue Bonds,<br>Series 2010-S1<br>7.043%, 4/1/50 |  | 60000 |  | 73757 |
|  State of California Federally Taxable General Obligation Refunding Bonds Various Purpose<br>4.600%, 4/1/38 |  | 100000 |  | 94137 |
|  State of California, Various Purposes, General Obligation Bonds,<br>Series 2009<br>7.550%, 4/1/39 |  | 130000 |  | 162712 |
|  State of Illinois, General Obligation Bonds<br>5.100%, 6/1/33 |  | 270000 |  | 259130 |
|  State of Texas<br>5.517%, 4/1/39 |  | 80000 |  | 84495 |
|  University of California<br>0.883%, 5/15/25 |  | 35000 |  | 32099 |
|  University of California, General Revenue Bonds,<br>Series 2012-AD<br>4.858%, 5/15/12 |  | 57000 |  | 48049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** |  |  |  | 1833177 |
|  **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** | **Supranational (0.7%)** |
|  African Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 7/7/25 |  | 100000 |  | 97544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 3/23/26 |  | 150000 |  | 134341 |
|  Asian Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 6/11/24 |  | 90000 |  | 84611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/4/26 |  | 200000 |  | 179845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 4/14/26 |  | 100000 |  | 89989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 1/12/27 |  | 50000 |  | 47189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/20/27 |  | 350000 |  | 316069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 1/24/30 |  | 200000 |  | 173006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/28/32 |  | 160000 |  | 158207 |
|  Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) | Asian Infrastructure Investment Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/28/25 |  | 100000 |  | 90974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 6/29/25 |  | 200000 |  | 194305 |
|  Corp. Andina de Fomento<br>5.250%, 11/21/25 |  | 100000 |  | 99530 |
|  Council of Europe Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/27/24 |  | 30000 |  | 29226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/22/26 |  | 50000 |  | 44100 |
|  European Bank for Reconstruction & Development<br>0.500%, 1/28/26 |  | 200000 |  | 177899 |
|  European Investment Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 1/29/24 |  | 50000 |  | 49166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 3/15/24 |  | 85000 |  | 82835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/24/24 (x) |  | 200000 |  | 193197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/10/25 |  | 100000 |  | 94947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 3/14/25 |  | 100000 |  | 94353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/25/25 |  | 250000 |  | 227908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/13/26 |  | 75000 |  | 70114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/26/26 |  | 139000 |  | 122105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/29 (x) |  | 53000 |  | 46331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/9/29 |  | 55000 |  | 47304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 9/23/30 |  | 100000 |  | 78672 |
|  Inter-American Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/21/24 |  | 75000 |  | 73499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 1/15/25 |  | 100000 |  | 95514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/14/25 |  | 300000 |  | 283835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/25 (x) |  | 1000000 |  | 911419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 6/18/29 |  | 50000 |  | 44776 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 3/19/24 |  | 100000 |  | 97285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 1/15/25 |  | 200000 |  | 189107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/22/25 |  | 250000 |  | 229413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 7/28/25 |  | 100000 |  | 90512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 7/29/25 |  | 75000 |  | 71677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/20/25 (x) |  | 25000 |  | 24173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 10/27/26 |  | 150000 |  | 137292 |

---

See Notes to Financial Statements.

1452

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 6/15/27 | $| 200000 | $| 192009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/24/27 |  | 95000 |  | 80965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 9/13/28 |  | 200000 |  | 170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/26/30 |  | 170000 |  | 133170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/3/31 |  | 238000 |  | 196180 |
|  International Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 10/16/24 |  | 90000 |  | 85175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/26 |  | 80000 |  | 69834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 8/27/30 |  | 100000 |  | 78900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Supranational** |  |  |  | 6278502 |
|  **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** | **U.S. Government Agency Securities (1.8%)** |
|  FFCB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%, 1/25/29 |  | 250000 |  | 203215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%, 1/14/31 |  | 250000 |  | 193300 |
|  FHLB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.05%), 4.345%, 3/6/23 (k) |  | 4000000 |  | 4000144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/13/24 |  | 200000 |  | 195592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 3/8/24 |  | 1000000 |  | 982989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/13/24 |  | 75000 |  | 72786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/4/25 |  | 120000 |  | 108051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/16/28 |  | 250000 |  | 240826 |
|  FHLMC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 9/23/25 |  | 230000 |  | 207146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 10/22/25 |  | 2600000 |  | 2329657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%, 10/27/25 |  | 2600000 |  | 2328657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.800%, 10/28/26 |  | 2600000 |  | 2268047 |
|  FNMA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/2/24 |  | 100000 |  | 95811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 9/6/24 |  | 332000 |  | 322274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 4/22/25 |  | 430000 |  | 395108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/17/25 (x) |  | 250000 |  | 227494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 8/25/25 |  | 240000 |  | 216335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 4/24/26 |  | 110000 |  | 103130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 9/24/26 |  | 100000 |  | 92303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 10/8/27 (x) |  | 500000 |  | 431207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 8/5/30 |  | 500000 |  | 399036 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 9/15/24 |  | 50000 |  | 48479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/15/25 |  | 335000 |  | 307079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Government Agency Securities** |  |  |  | 15768666 |
|  **U.S. Treasury Obligations (31.4%)** | **U.S. Treasury Obligations (31.4%)** | **U.S. Treasury Obligations (31.4%)** | **U.S. Treasury Obligations (31.4%)** | **U.S. Treasury Obligations (31.4%)** |
|  U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 8/15/25 |  | 200000 |  | 212611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 8/15/26 |  | 100000 |  | 108699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/39 |  | 132000 |  | 136591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 8/15/39 |  | 208000 |  | 221593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 |  | 908000 |  | 952573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/40 |  | 626000 |  | 676125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 |  | 755000 |  | 476244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 |  | 755000 |  | 472845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 8/15/40 |  | 526000 |  | 515799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 |  | 5995000 |  | 3925519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/40 |  | 526000 |  | 540493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 |  | 2300000 |  | 1636491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/41 |  | 3200000 |  | 3335344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 5/15/42 |  | 2600000 |  | 2296782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/15/43 |  | 780000 |  | 670154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/43 |  | 2680000 |  | 2205649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 8/15/43 |  | 2480000 |  | 2298101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 11/15/43 |  | 2180000 |  | 2057811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/44 |  | 1300000 |  | 1202420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 5/15/44 |  | 1200000 |  | 1065754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 |  | 800000 |  | 681138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 |  | 1000000 |  | 832626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/45# |  | 3083000 |  | 2343111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/45 |  | 300000 |  | 249281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/45 |  | 1800000 |  | 1461331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/46 |  | 600000 |  | 428980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/46 |  | 715000 |  | 578110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/47 |  | 1100000 |  | 908381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 11/15/47# |  | 2997000 |  | 2363250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48# |  | 4449000 |  | 3682866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 |  | 900000 |  | 731391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 5/15/50 |  | 1000000 |  | 544508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 |  | 2502000 |  | 1408252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 |  | 1700000 |  | 1023940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/51 |  | 4000 |  | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 |  | 10900000 |  | 7903342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 |  | 7000 |  | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 |  | 116000 |  | 93984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 |  | 18400000 |  | 15348055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 |  | 350000 |  | 353938 |
|  U.S. Treasury Inflation Linked Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 2/15/49 TIPS |  | 100000 |  | 99303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 2/15/50 TIPS |  | 100000 |  | 78461 |
|  U.S. Treasury Inflation Linked Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 1/15/24 TIPS |  | 3400000 |  | 4253778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 4/15/24 TIPS |  | 100000 |  | 114993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 7/15/31 TIPS |  | 1900000 |  | 1867513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 TIPS |  | 300000 |  | 282773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 TIPS |  | 1700000 |  | 1600545 |
|  U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/15/23 |  | 164000 |  | 163804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/15/23 |  | 4510000 |  | 4476467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/31/23 |  | 672000 |  | 665217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 4/15/23 |  | 4510000 |  | 4456712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 4/30/23 |  | 672000 |  | 662609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 5/31/23 |  | 672000 |  | 659977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/31/23 |  | 10000 |  | 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/24 |  | 4500000 |  | 4290700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 1/31/24 |  | 2250000 |  | 2190944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 1/31/24 |  | 1200000 |  | 1171928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/24 |  | 837000 |  | 818949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 2/29/24 |  | 1150000 |  | 1116975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 3/31/24 |  | 700000 |  | 678331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 4/15/24 |  | 1547000 |  | 1464179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 4/30/24 |  | 1475000 |  | 1423730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 4/30/24 |  | 114000 |  | 110750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/24 |  | 1387000 |  | 1346581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 5/31/24 |  | 2200000 |  | 2120162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 6/15/24 |  | 175000 |  | 164294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 6/30/24 |  | 508000 |  | 486996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 6/30/24 |  | 550000 |  | 529028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 6/30/24 |  | 1064000 |  | 1038677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 7/31/24 |  | 1019000 |  | 975035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 7/31/24 |  | 5310000 |  | 5109493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 8/15/24 |  | 2200000 |  | 2123621 |

---

See Notes to Financial Statements.

1453

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/31/24 | $1500000 | $1420743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 8/31/24 | 1800000 | 1722385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 8/31/24 | 147000 | 143997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 9/30/24 | 1682000 | 1597949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 9/30/24 | 650000 | 623942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 10/31/24 | 8801000 | 8342997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 10/31/24 | 1800000 | 1729660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 11/15/24 | 1000000 | 933922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/24 | 16000 | 15145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 11/30/24 | 300000 | 287310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/30/24 (x) | 122000 | 122073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 12/31/24 | 8230000 | 7816311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 12/31/24 | 850000 | 815073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/31/24 | 600000 | 598277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 1/31/25 | 352000 | 330943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/25 | 962000 | 915875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 3/15/25 | 75000 | 70914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 3/31/25 | 464000 | 426582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 4/30/25 | 4491000 | 4102398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 5/15/25 | 1653000 | 1572405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 5/15/25 | 131000 | 126390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 7/15/25 | 87000 | 84343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/25 | 1000000 | 945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/25 | 181000 | 175895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 8/31/25 | 1200000 | 1080423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 9/15/25 | 24000 | 23545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/25 | 3400000 | 3221491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/25 | 256000 | 257829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 11/30/25 | 1543000 | 1381670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/25 | 1300000 | 1293143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 12/31/25 | 2043000 | 1827198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 1/31/26 | 3100000 | 2761313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 2/15/26 | 3375000 | 3125388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 2/28/26 | 3000000 | 2676595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 4/30/26 | 6555000 | 5866686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 4/30/26 | 650000 | 614654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/26 | 6950000 | 6404323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 5/31/26 | 3468000 | 3096770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 6/30/26 | 2000000 | 1790143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/31/26 | 1950000 | 1724559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 8/15/26 | 10603000 | 9679857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 9/30/26 | 2000000 | 1778321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 11/15/26 | 3118000 | 2886419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/31/27 | 71000 | 64188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/27 | 3625000 | 3377163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 3/31/27 | 1750000 | 1520267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/27 | 2510000 | 2343141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 5/31/27 | 2228000 | 1913297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 6/30/27 | 750000 | 642360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/27 | 6675000 | 6183654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 8/31/27 | 1000000 | 852447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 9/30/27 | 13000 | 13069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 11/15/27 | 4710000 | 4346258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 11/30/27 | 875000 | 744133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/30/27 | 633000 | 630472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 12/31/27 | 800000 | 678999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/27 | 500000 | 498055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 2/15/28 | 3110000 | 2928890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 3/31/28 | 848000 | 738670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 4/30/28 | 231000 | 200829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/28 | 4510000 | 4264676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 6/30/28 | 500000 | 433167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 8/15/28 | 3290000 | 3103491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/28 | 3728000 | 3562123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 2/15/29 | 2224000 | 2060686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/29 | 3630000 | 3307537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 8/15/29 | 539000 | 468694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/30/29 | 16000 | 15920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/29 | 213000 | 213584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/15/29 | 530000 | 463526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/15/30 | 1851000 | 1580840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 5/15/30 | 2090000 | 1658235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 8/15/30 | 1622000 | 1280234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/30 | 1900000 | 1523590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 2/15/31 | 3000000 | 2452507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 5/15/31 | 2552000 | 2154022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 8/15/31 | 2000000 | 1628438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/31 | 4950000 | 4043377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/32 | 3200000 | 2722707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/32 | 1860900 | 1720916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 8/15/32 | 2028000 | 1852147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/32 | 8460000 | 8656115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 275757309 |
|  **Total Long-Term Debt Securities (103.4%)**<br> *(Cost $1,034,031,607)* |  | 907687275 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Commercial Paper (2.1%)** |  |  |
|  American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 1/4/23 (n)(p) | 300000 | 299810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 1/5/23 (n)(p) | 400000 | 399696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 1/19/23 (n)(p) | 400000 | 398967 |
|  AT&T, Inc.<br>6.06%, 1/3/23 (n)(p)§ | 400000 | 399798 |
|  CNH Industrial Capital LLC<br>5.18%, 2/21/23 (n)(p) | 300000 | 297770 |
|  Consolidated Edison Co. of New York, Inc.<br>4.90%, 1/20/23 (n)(p) | 600000 | 598371 |
|  Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 1/10/23 (n)(p)§ | 400000 | 399402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 1/12/23 (n)(p)§ | 500000 | 499114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 1/17/23 (n)(p)§ | 500000 | 498766 |
|  Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 1/4/23 (n)(p)§ | 300000 | 299798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 1/5/23 (n)(p)§ | 400000 | 399676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 1/31/23 (n)(p) | 500000 | 497786 |
|  Dominion Energy, Inc.<br>4.83%, 1/31/23 (n)(p) | 800000 | 796686 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 1/9/23 (n)(p)§ | 800000 | 798983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 1/11/23 (n)(p)§ | 400000 | 399388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p)§ | 400000 | 399072 |
|  Electricite de France SA<br>4.88%, 1/20/23 (n)(p)§ | 400000 | 398919 |
|  Enbridge US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 1/4/23 (n)(p)§ | 600000 | 599604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/9/23 (n)(p)§ | 400000 | 399471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 1/20/23 (n)(p)§ | 400000 | 398878 |
|  Entergy Corp.<br>5.04%, 1/12/23 (n)(p)§ | 400000 | 399329 |

---

See Notes to Financial Statements.

1454

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 1/9/23 (n)(p) | $500000 | $499361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 1/17/23 (n)(p) | 500000 | 498840 |
|  Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 1/17/23 (n)(p) | 400000 | 399065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 2/1/23 (n)(p)§ | 400000 | 398278 |
|  McCormick & Co., Inc.<br>4.89%, 1/27/23 (n)(p)§ | 500000 | 498173 |
|  Mercedes-Benz Finance North America LLC 4.89%, 1/30/23 (n)(p)§ | 500000 | 497970 |
|  National Grid North America, Inc. | National Grid North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/23/23 (n)(p)§ | 600000 | 598131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/24/23 (n)(p)§ | 400000 | 398700 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 1/26/23 (n)(p) | 500000 | 498271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 1/27/23 (n)(p) | 500000 | 498205 |
|  Parker-Hannifin Corp.<br>4.73%, 1/19/23 (n)(p)§ | 400000 | 399003 |
|  Quanta Services, Inc.<br>5.39%, 1/11/23 (n)(p)§ | 400000 | 399343 |
|  Republic Services, Inc.<br>4.99%, 1/12/23 (n)(p) | 500000 | 499170 |
|  Tampa Electric Co.<br>5.01%, 1/12/23 (n)(p)§ | 500000 | 499167 |
|  Targa Resources Corp.<br>4.65%, 1/13/23 (n)(p)§ | 500000 | 499161 |
|  TransCanada PipeLines Ltd.<br>4.91%, 1/19/23 (n)(p)§ | 400000 | 398967 |
|  Vodafone Group plc<br>5.55%, 1/5/23 (n)(p)§ | 500000 | 499615 |
|  VW Credit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/25/23 (n)(p)§ | 400000 | 398646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 1/27/23 (n)(p)§ | 500000 | 498173 |
|  Walgreens Boots Alliance, Inc.<br>5.09%, 1/11/23 (n)(p)§ | 500000 | 499224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Paper** | 18954747 |
|  **Foreign Government Treasury Bill (0.2%)** | **Foreign Government Treasury Bill (0.2%)** | **Foreign Government Treasury Bill (0.2%)** |
|  Japan Treasury Bills<br>0.27%, 2/27/23 (p) | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | 1523265 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Company (0.7%)** | **Investment Company (0.7%)** | **Investment Company (0.7%)** |
|  JPMorgan Prime Money Market Fund, IM Shares | 6329054 | 6332218 |
|  | **Principal<br>Amount** | **Value <br>(Note 1)** |
|  **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** | **Repurchase Agreements (0.7%)** |
|  Deutsche Bank Securities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, dated 12/30/22, due 1/3/23, repurchase price $1,426,156, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $1,454,000. (xx) | $1425491 | 1425491 |
|  National Bank of Canada, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, dated 12/30/22, due 1/6/23, repurchase price $2,001,731, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 3/2/23-5/15/52; total market value $2,177,657. (xx) | 2000000 | 2000000 |
|  TD Prime Services LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, dated 12/30/22, due 1/3/23, repurchase price $2,335,179, collateralized by various Common Stocks; total market value $2,592,291. (xx) | 2334037 | 2334037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 5759528 |
|  **U.S. Government Agency Security (0.4%)** | **U.S. Government Agency Security (0.4%)** | **U.S. Government Agency Security (0.4%)** |
|  FHLB<br>3.75%, 2/3/23 (o)(p) | 3700000 | 3686925 |
|  **U.S. Treasury Obligation (1.4%)** | **U.S. Treasury Obligation (1.4%)** | **U.S. Treasury Obligation (1.4%)** |
|  U.S. Treasury Bills<br>3.50%, 1/26/23 (p)(v) | 12100000 | 12069449 |
|  **Total Short-Term Investments (5.5%)**<br> *(Cost $48,226,877)* |  | 48326132 |
|  | **Number of<br>Contracts** | **Value<br>(Note 1)** |
|  OPTIONS PURCHASED: |  |  |
|  **Call Options Purchased (0.0%)†** | **Call Options Purchased (0.0%)†** | **Call Options Purchased (0.0%)†** |
|  ***Future Interest Rate Options (0.0%)†*** | ***Future Interest Rate Options (0.0%)†*** | ***Future Interest Rate Options (0.0%)†*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 Month SOFR 06/16/2023 at USD 97.00, American Style Notional Amount: USD 50,000,000 Exchange Traded\* | 200 | 78750 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10 Year Note 01/27/2023 at USD 114.50, American Style Notional Amount: USD 400,000 Exchange Traded\* | 4 | 812 |
|  **Total Options Purchased (0.0%)†**<br> *(Cost $133,148)* |  | 79562 |
|  **Total Investments Before Securities Sold Short (108.9%)**<br> *(Cost $1,082,391,632)* |  | 956092969 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  SECURITIES SOLD SHORT: |  |  |
|  ***Mortgage-Backed Security (0.0%)†*** | ***Mortgage-Backed Security (0.0%)†*** | ***Mortgage-Backed Security (0.0%)†*** |
|  FNMA/FHLMC UMBS, 30 Year, Single Family | FNMA/FHLMC UMBS, 30 Year, Single Family |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 1/25/53 TBA | $(95000) | (73477) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 1/25/53 TBA | (81100) | (76259) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/25/53 TBA | (100000) | (94047) |
|  **Total Securities Sold Short (0.0%)†**<br> *(Proceeds Received $247,207)* |  | (243783) |
|  **Total Investments after Securities Sold Short (108.9%)**<br> *(Cost $1,082,144,425)* |  | 955849186 |
|  **Other Assets Less Liabilities (-8.9%)** | **Other Assets Less Liabilities (-8.9%)** | (78433774) |
|  **Net Assets (100%)** |  | $877415412 |

---

See Notes to Financial Statements.

1455

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2022, the market value of these securities amounted to $148,622,928 or 16.9% of net assets. Securities denoted with "§" but without "b" have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.*  |

---

*#* *All, or a portion of security held by broker as collateral for financial futures contracts, with a total collateral value of $772,707.* 

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of December 31, 2022. Maturity date disclosed is the ultimate maturity date.* 

*(h)* *Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security's governing documents.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of December 31, 2022.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of December 31, 2022.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $9,773,026 or 1.1% of net assets.* 

*(n)* *Section 4(2) Commercial Paper. Private placement for non-current transactions. Notes are usually sold to accredited investors without the intent to freely re-sell their holding.* 

*(o)* *Discount Note Security. Effective rate calculated as of December 31, 2022.* 

*(p)* *Yield to maturity.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(v)* *All, or a portion of security held by broker as collateral for forward foreign currency contracts, with a total collateral value of $121,692.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $5,968,277. This was collateralized by $346,631 of various U.S. Government Treasury Securities, ranging from 0.125% - 6.250%, maturing 4/15/23 - 2/15/52 and by cash of $5,759,528 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022.* 

*Glossary:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *ARM* | | *—* | | *Adjustable Rate Mortgage* |
|  *ARS* | | *—* | | *Argentine Peso* |
|  *AUD* | | *—* | | *Australian Dollar* |
|  *BRL* | | *—* | | *Brazilian Real* |
|  *CAD* | | *—* | | *Canadian Dollar* |
|  *CLP* | | *—* | | *Chilean Peso* |
|  *CME* | | *—* | | *Chicago Mercantile Exchange* |
|  *CLO* | | *—* | | *Collateralized Loan Obligation* |
|  *COP* | | *—* | | *Colombian Peso* |
|  *DKK* | | *—* | | *Denmark Krone* |
|  *EUR* | | *—* | | *European Currency Unit* |
|  *EURIBOR* | | *—* | | *Euro Interbank Offered Rate* |
|  *FFCB* | | *—* | | *Federal Farm Credit Bank* |
|  *FHLB* | | *—* | | *Federal Home Loan Bank* |
|  *FHLMC* | | *—* | | *Federal Home Loan Mortgage Corp.* |
|  *FNMA* | | *—* | | *Federal National Mortgage Association* |
|  *GBP* | | *—* | | *British Pound* |
|  *GNMA* | | *—* | | *Government National Mortgage Association* |
|  *ICE* | | *—* | | *Intercontinental Exchange* |
|  *IDR* | | *—* | | *Indonesian Rupiah* |
|  *IO* | | *—* | | *Interest Only* |
|  *JPY* | | *—* | | *Japanese Yen* |
|  *LIBOR* | | *—* | | *London Interbank Offered Rate* |
|  *MXN* | | *—* | | *Mexican Peso* |
|  *MYR* | | *—* | | *Malaysian Ringgit* |
|  *PIK* | | *—* | | *Payment-in Kind Security* |
|  *PEN* | | *—* | | *Peruvian Sol* |
|  *REMIC* | | *—* | | *Real Estate Mortgage Investment Conduit* |
|  *RUB* | | *—* | | *Russian Ruble* |
|  *SOFR* | | *—* | | *Secured Overnight Financing Rate* |
|  *TBA* | | *—* | | *To Be Announced; Security is subject to delayed delivery* |
|  *TIPS* | | *—* | | *Treasury Inflation Protected Security* |
|  *UMBS* | | *—* | | *Uniform Mortgage-Backed Securities* |
|  *USD* | | *—* | | *United States Dollar* |

---

See Notes to Financial Statements.

1456

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Argentina | 0.0 |
| &nbsp;&nbsp;&nbsp; Australia | 0.1 |
| &nbsp;&nbsp;&nbsp; Austria | 0.1 |
| &nbsp;&nbsp;&nbsp; Belgium | 0.1 |
| &nbsp;&nbsp;&nbsp; Bermuda | 0.2 |
| &nbsp;&nbsp;&nbsp; Brazil | 0.1 |
| &nbsp;&nbsp;&nbsp; Canada | 0.6 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 1.9 |
| &nbsp;&nbsp;&nbsp; Chile | 0.0 |
| &nbsp;&nbsp;&nbsp; China | 0.3 |
| &nbsp;&nbsp;&nbsp; Colombia | 0.1 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.1 |
| &nbsp;&nbsp;&nbsp; France | 0.3 |
| &nbsp;&nbsp;&nbsp; Germany | 0.6 |
| &nbsp;&nbsp;&nbsp; Guernsey | 0.0 |
| &nbsp;&nbsp;&nbsp; India | 0.0 |
| &nbsp;&nbsp;&nbsp; Indonesia | 0.0 |
| &nbsp;&nbsp;&nbsp; Ireland | 0.2 |
| &nbsp;&nbsp;&nbsp; Israel | 0.0 |
| &nbsp;&nbsp;&nbsp; Italy | 0.4 |
| &nbsp;&nbsp;&nbsp; Ivory Coast | 0.1 |
| &nbsp;&nbsp;&nbsp; Japan | 1.3 |
| &nbsp;&nbsp;&nbsp; Mexico | 0.1 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.2 |
| &nbsp;&nbsp;&nbsp; Norway | 0.0 |
| &nbsp;&nbsp;&nbsp; Panama | 0.0 |
| &nbsp;&nbsp;&nbsp; Peru | 0.2 |
| &nbsp;&nbsp;&nbsp; Philippines | 0.0 |
| &nbsp;&nbsp;&nbsp; Poland | 0.0 |
| &nbsp;&nbsp;&nbsp; Portugal | 0.0 |
| &nbsp;&nbsp;&nbsp; Qatar | 0.1 |
| &nbsp;&nbsp;&nbsp; Romania | 0.1 |
| &nbsp;&nbsp;&nbsp; Russia | 0.0 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | 0.0 |
| &nbsp;&nbsp;&nbsp; Serbia | 0.1 |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |
| &nbsp;&nbsp;&nbsp; South Korea | 0.1 |
| &nbsp;&nbsp;&nbsp; Spain | 0.0 |
| &nbsp;&nbsp;&nbsp; Supranational | 0.7 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.0 |
| &nbsp;&nbsp;&nbsp; Switzerland | 0.2 |
| &nbsp;&nbsp;&nbsp; Thailand | 0.1 |
| &nbsp;&nbsp;&nbsp; Turkey | 0.0 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2.2 |
| &nbsp;&nbsp;&nbsp; United States | 98.2 |
| &nbsp;&nbsp;&nbsp; Uruguay | 0.0 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (8.9) |
|  | 100.0 |

---

*#* *Percent shown is less than 0.05%.* 

------

Futures contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount<br>($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro-Bund | 14 | 3/2023 | EUR | 1992129 | (128097) |
|  U.S. Treasury 2 Year Note | 271 | 3/2023 | USD | 55576172 | (13228) |
|  U.S. Treasury 5 Year Note | 315 | 3/2023 | USD | 33997852 | (6219) |
|  U.S. Treasury 10 Year Note | 88 | 3/2023 | USD | 9882125 | (23496) |
|  U.S. Treasury 10 Year Ultra Note | 11 | 3/2023 | USD | 1301094 | (1820) |
|  U.S. Treasury Long Bond | 23 | 3/2023 | USD | 2882906 | 1485 |
|  U.S. Treasury Ultra Bond | 16 | 3/2023 | USD | 2149000 | (3187) |
|  |  |  |  |  | (174562) |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Euro-BTP | (11) | 3/2023 | EUR | (1282528) | 94489 |
|  Euro-Buxl | (1) | 3/2023 | EUR | (144768) | 30048 |
|  Japan 10 Year Bond | (24) | 3/2023 | JPY | (26600427) | 481036 |
|  Long Gilt | (34) | 3/2023 | GBP | (4106320) | 266764 |
|  U.S. Treasury 10 Year Note | (19) | 3/2023 | USD | (2133641) | 5610 |
|  U.S. Treasury 10 Year Ultra Note | (55) | 3/2023 | USD | (6505469) | 86561 |
|  U.S. Treasury Long Bond | (29) | 3/2023 | USD | (3634969) | (2080) |
|  U.S. Treasury Ultra Bond | (15) | 3/2023 | USD | (2014688) | (4592) |
|  |  |  |  |  | 957836 |
|  |  |  |  |  | 783274 |

---

See Notes to Financial Statements.

1457

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Forward Foreign Currency Contracts outstanding as of December 31, 2022 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)**<br>**($)** |
|  BRL | 6119509 | USD | 1154820 | JPMorgan Chase Bank<sup>\*\*</sup> | 1/4/2023 | 4232 |
|  USD | 808497 | AUD | 1187000 | Bank of America | 1/10/2023 | 128 |
|  JPY | 34600000 | USD | 264459 | Bank of America | 2/16/2023 | 729 |
|  USD | 188129 | MXN | 3697339 | HSBC Bank plc | 2/21/2023 | 104 |
|  USD | 72850 | MXN | 1414890 | Toronto Dominion Bank | 2/21/2023 | 897 |
|  PEN | 516972 | USD | 131345 | Deutsche Bank AG<sup>\*\*</sup> | 3/14/2023 | 3916 |
|  CLP | 11704351 | USD | 13212 | Goldman Sachs Bank USA<sup>\*\*</sup> | 3/15/2023 | 461 |
|  BRL | 6119509 | USD | 1128134 | Goldman Sachs Bank USA<sup>\*\*</sup> | 4/4/2023 | 11046 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  | 21513 |
|  USD | 1148233 | BRL | 6119509 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/4/2023 | (10820) |
|  GBP | 189000 | USD | 229326 | Barclays Bank plc | 1/10/2023 | (798) |
|  GBP | 188000 | USD | 231171 | HSBC Bank plc | 1/10/2023 | (3852) |
|  USD | 319303 | AUD | 476344 | HSBC Bank plc | 1/10/2023 | (5096) |
|  USD | 316712 | DKK | 2265000 | Bank of America | 1/10/2023 | (9490) |
|  USD | 4171318 | EUR | 3980000 | HSBC Bank plc | 1/10/2023 | (90888) |
|  USD | 10253103 | GBP | 8491000 | JPMorgan Chase Bank | 1/10/2023 | (13721) |
|  USD | 167436 | MYR | 740401 | Goldman Sachs Bank USA<sup>\*\*</sup> | 1/18/2023 | (751) |
|  USD | 41062 | COP | 204830167 | HSBC Bank plc<sup>\*\*</sup> | 2/16/2023 | (833) |
|  USD | 2750 | EUR | 2583 | Bank of New York Mellon Corp. | 2/21/2023 | (24) |
|  USD | 32516 | EUR | 30291 | Deutsche Bank AG | 2/21/2023 | (18) |
|  USD | 71672 | MXN | 1435617 | JPMorgan Chase Bank | 2/21/2023 | (1336) |
|  USD | 1445855 | JPY | 200000000 | HSBC Bank plc | 2/27/2023 | (89198) |
|  IDR | 200664939 | USD | 12886 | HSBC Bank plc<sup>\*\*</sup> | 3/15/2023 | (8) |
|  USD | 53538 | CAD | 73000 | Toronto Dominion Bank | 3/15/2023 | (406) |
|  USD | 698106 | EUR | 654000 | UBS AG | 3/15/2023 | (5361) |
|  USD | 1496784 | PEN | 5955703 | Goldman Sachs Bank USA<sup>\*\*</sup> | 5/10/2023 | (54855) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | (287455) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  | (265942) |

---

*\*\** *Non-deliverable forward.* 

Written Call Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise**<br>**Price** | **Exercise**<br>**Price** | **Expiration**<br>**Date** | **Value<br>($)** |
|  3 Month SOFR | Exchange Traded | 200 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50000000) | USD | 97.63 | 6/16/2023 | (30000) |
|  U.S. Treasury 10 Year Note | Exchange Traded | 4 | USD | (400000) | USD | 116.50 | 1/27/2023 | (188) |
|  U.S. Treasury 5 Year Note | Exchange Traded | 1 | USD | (100000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.25 | 1/27/2023 | (484) |
|  |  |  |  |  |  |  |  | (30672) |

---

Written Put Options Contracts as of December 31, 2022 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  3 Month Eurodollar | Exchange Traded | 65 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16250000) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.50 | 12/18/2023 | (229125) |
|  Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | Total Written Options Contracts (Premiums Received ($137795)) | (259797) |

---

See Notes to Financial Statements.

1458

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $68299451 | $— | $68299451 |
|  **Collateralized Mortgage Obligations** |  | 80488396 | 300293 | 80788689 |
|  **Commercial Mortgage-Backed Securities** |  | 57818582 |  | 57818582 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 12872370 |  | 12872370 |
|  Consumer Discretionary |  | 8799819 |  | 8799819 |
|  Consumer Staples |  | 6436154 |  | 6436154 |
|  Energy |  | 15024194 |  | 15024194 |
|  Financials |  | 71719420 |  | 71719420 |
|  Health Care |  | 12570228 |  | 12570228 |
|  Industrials |  | 12288108 |  | 12288108 |
|  Information Technology |  | 20418707 |  | 20418707 |
|  Materials |  | 3928339 |  | 3928339 |
|  Real Estate |  | 10914023 |  | 10914023 |
|  Utilities |  | 25186677 |  | 25186677 |
|  **Foreign Government Securities** |  | 8677094 | 1006 | 8678100 |
|  **Forward Currency Contracts** |  | 21513 |  | 21513 |
|  **Futures** | 965993 |  |  | 965993 |
|  **Loan Participations** |  |  |  |  |
|  Financials |  | 907861 |  | 907861 |
|  **Mortgage-Backed Securities** |  | 191398899 |  | 191398899 |
|  **Municipal Bonds** |  | 1833177 |  | 1833177 |
|  **Options Purchased** |  |  |  |  |
|  Call Options Purchased | 79562 |  |  | 79562 |
|  **Short-Term Investments** |  |  |  |  |
|  Commercial Paper |  | 18954747 |  | 18954747 |
|  Foreign Government Treasury Bill |  | 1523265 |  | 1523265 |
|  Investment Company | 6332218 |  |  | 6332218 |
|  Repurchase Agreements |  | 5759528 |  | 5759528 |
|  U.S. Government Agency Security |  | 3686925 |  | 3686925 |
|  U.S. Treasury Obligation |  | 12069449 |  | 12069449 |
|  **Supranational** |  | 6278502 |  | 6278502 |
|  **U.S. Government Agency Securities** |  | 15768666 |  | 15768666 |
|  **U.S. Treasury Obligations** |  | 275757309 |  | 275757309 |
|  **Total Assets** | $**7377773** | $**949401403** | $**301299** | $**957080475** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Forward Currency Contracts** | $— | $(287455) | $— | $(287455) |
|  **Futures** | (182719) |  |  | (182719) |
|  **Mortgage-Backed Securities** |  | (243783) |  | (243783) |

---

See Notes to Financial Statements.

1459

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Options Written** |  |  |  |  |
|  Call Options Written | $(30672) | $— | $— | $(30672) |
|  Put Options Written | (229125) |  |  | (229125) |
|  **Total Liabilities** | $**(442516)** | $**(531238)** | $**—** | $**(973754)** |
|  **Total** | $**6935257** | $**948870165** | $**301299** | $**956106721** |

---

Fair Values of Derivative Instruments as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Receivables, Net assets – Unrealized appreciation | $1045555 |
|  Foreign exchange contracts | Receivables | 21513 |
|  **Total** |  | $1067068 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Payables, Net assets – Unrealized depreciation | $(442516) |
|  Foreign exchange contracts | Payables | (287455) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729971 |

---

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

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(102464) | $(3627321) | $— | $(3729785) |
|  Foreign exchange contracts |  |  | 1469992 | 1469992 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102464) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3627321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2259793) |
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Interest rate contracts | $(179699) | $554855 | $— | $375156 |
|  Foreign exchange contracts |  |  | 48475 | 48475 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179699) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423631 |

---

^ The Portfolio held forward foreign currency contracts, futures contracts and option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

1460

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $60,382,000, futures contracts with an average notional balance of approximately $155,825,000 and option contracts with an average notional balance of approximately $168,000 during the year ended December 31, 2022.

The following table presents the Portfolio's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Portfolio as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Bank of America | $857 | $(857) | $— | $— |
|  Deutsche Bank AG | 3916 | (18) |  | 3898 |
|  Goldman Sachs Bank USA | 11507 | (11507) |  |  |
|  HSBC Bank plc | 104 | (104) |  |  |
|  JPMorgan Chase Bank | 4232 | (4232) |  |  |
|  Toronto Dominion Bank | 897 | (406) |  | 491 |
|  **Total** | $21513 | $(17124) | $— | $4389 |
| **Counterparty** | **Gross Amount of<br>Derivative<br>Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Bank of America | $9490 | $(857) | $— | $8633 |
|  Bank of New York Mellon Corp. | 24 |  |  | 24 |
|  Barclays Bank plc | 798 |  |  | 798 |
|  Deutsche Bank AG | 18 | (18) |  |  |
|  Goldman Sachs Bank USA | 66426 | (11507) |  | 54919 |
|  HSBC Bank plc | 189875 | (104) | (121692) | 68079 |
|  JPMorgan Chase Bank | 15057 | (4232) |  | 10825 |
|  Toronto Dominion Bank | 406 | (406) |  |  |
|  UBS AG | 5361 |  |  | 5361 |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148639 |

---

*(a)* *For financial reporting purposes the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $2302650193 |
|  Long-term U.S. government debt securities | 144337900 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446988093 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2333254963 |
|  Long-term U.S. government debt securities | 135713580 |
|  | $2468968543 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4116923 |
|  Aggregate gross unrealized depreciation | (133024176) |
|  Net unrealized depreciation | $(128907253) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085013974 |

---

See Notes to Financial Statements.

1461

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $1,076,632,104) | $950333441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $5,759,528) | 5759528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 7098617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $821,066) | 832439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral at broker for futures | 1108000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for forward settling transactions | 66949869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4887689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker | 1012178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 138227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 116224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 21513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 10388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 7470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1038279691 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for forward settling transactions | 149904833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 5759528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1952025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward settling transactions | 1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 458172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 302893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 287455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $137,795) | 259797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short (Proceeds received $247,207) | 243783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 98100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 52289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of cash collateral on forward foreign currency contracts | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 247472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 221955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 160864279 |
|  **NET ASSETS** | $877415412 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1056408867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (178993455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $877415412 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $23,451,664 / 2,781,911 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.43 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $243,814,668 / 28,840,271 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.45 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $610,149,080 / 72,334,663 shares outstanding (unlimited amount authorized: $0.01 par value) | $8.44 |

---

*(x)* *Includes value of securities on loan of $5,968,277.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $207 foreign withholding tax) | $27019413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 100194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 58134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 27177741 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5166251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1166720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 655028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 268700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 105464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 66457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 43534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 31285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 152268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 7655707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (1258346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6397361 |
|  **NET INVESTMENT INCOME (LOSS)** | 20780380 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (37418481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3627321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1469992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (280359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (74983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 235395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (39695757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (114246479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 554855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 48475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (123401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (113753697) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (153449454) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(132669074) |

---

See Notes to Financial Statements.

1462

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

------

***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20780380 | $16860253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (39695757) | 1017516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (113753697) | (31270206) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (132669074) | (13392437) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (617131) | (480585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (6071097) | (4723055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (16934161) | (14016298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (23622389) | (19219938) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 274,684 and 308,325 shares, respectively ] | 2451214 | 3083962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 70,057 and 48,170 shares, respectively ] | 617131 | 480585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (632606) and (271364) shares, respectively ] | (5548050) | (2720143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | (2479705) | 844404 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,100,820 and 5,347,435 shares, respectively ] | 45381375 | 53764213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 687,264 and 472,094 shares, respectively ] | 6071097 | 4723055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7230741) and (2894917) shares, respectively ] | (64308760) | (29044371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | (12856288) | 29442897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,013,987 and 11,874,212 shares, respectively ] | 25662556 | 119478458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 1,919,641 and 1,403,883 shares, respectively ] | 16934161 | 14016298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9866514) and (7292851) shares, respectively ] | (89203796) | (73015060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (46607079) | 60479696 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (61943072) | 90766997 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (218234535) | 58154622 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1095649947 | 1037495325 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $877415412 | $1095649947 |

---

See Notes to Financial Statements.

1463

------

**EQ ADVISORS TRUST** 

MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.89 | $10.20 | $9.96 | $9.56 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.14 | 0.17 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.43) | (0.29) | 0.46 | 0.46 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.25) | (0.15) | 0.63 | 0.69 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.15) | (0.20) | (0.21) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.19) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.16) | (0.39) | (0.29) | (0.26) |
|  Net asset value, end of year | $8.43 | $9.89 | $10.20 | $9.96 | $9.56 |
|  Total return | (12.71)% | (1.47)% | 6.31% | 7.33% | (0.37)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $23452 | $30369 | $30439 | $27944 | $28429 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.89% | 0.90% | 0.93 %(g) | 0.96 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 0.97% | 1.00% | 1.03 %(g) | 1.06 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.02% | 1.38% | 1.66% | 2.35% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.89% | 1.30% | 1.56% | 2.24% | 2.20% |
|  Portfolio turnover rate^ | 251% | 246% | 324% | 314% | 312% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.92 | $10.23 | $9.99 | $9.58 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.18 | 0.14 | 0.17 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.44) | (0.29) | 0.46 | 0.47 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.26) | (0.15) | 0.63 | 0.70 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.15) | (0.20) | (0.21) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.19) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.16) | (0.39) | (0.29) | (0.26) |
|  Net asset value, end of year | $8.45 | $9.92 | $10.23 | $9.99 | $9.58 |
|  Total return | (12.77)% | (1.47)% | 6.29% | 7.42% | (0.37)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253339 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.89% | 0.90% | 0.93 %(g) | 0.96 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.98% | 0.97% | 1.00% | 1.03 %(g) | 1.06 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.02% | 1.38% | 1.67% | 2.35% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.89% | 1.30% | 1.57% | 2.24% | 2.20% |
|  Portfolio turnover rate^ | 251% | 246% | 324% | 314% | 312% |

---

See Notes to Financial Statements.

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MULTIMANAGER CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $9.90 | $10.20 | $9.97 | $9.56 | $9.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.20 | 0.16 | 0.20 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.43) | (0.28) | 0.44 | 0.47 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.23) | (0.12) | 0.64 | 0.73 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.17) | (0.22) | (0.24) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.01) | (0.19) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.18) | (0.41) | (0.32) | (0.28) |
|  Net asset value, end of year | $8.44 | $9.90 | $10.20 | $9.97 | $9.56 |
|  Total return | (12.47)% | (1.15)% | 6.46% | 7.71% | (0.12)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423776 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.60% | 0.64% | 0.65% | 0.68 %(g) | 0.71 %(g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.73% | 0.72% | 0.75% | 0.78 %(g) | 0.81 %(g) |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 2.27% | 1.63% | 1.91% | 2.59% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 2.14% | 1.55% | 1.81% | 2.48% | 2.45% |
|  Portfolio turnover rate^ | 251% | 246% | 324% | 314% | 312% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(g)* *Includes Interest Expense of 0.06% and 0.03% for the years ended December 31, 2018 and 2019, respectively.* 

See Notes to Financial Statements.

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**MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)** 

INVESTMENT MANAGER

<sub>⮚</sub> Equitable Investment Management Group, LLC

INVESTMENT SUB-ADVISERS

<sub>⮚</sub> AllianceBernstein L.P.

<sub>⮚</sub> Wellington Management Company LLP (Effective May 27, 2022, Allianz Global Investors U.S. LLC was terminated as a Sub-Adviser to the Portfolio.)

PERFORMANCE RESULTS

![LOGO](g401674g33m80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** | &nbsp;&nbsp;&nbsp;**Annualized Total Returns as of 12/31/22** |  |
|  | **1<br>Year** | **5<br>Years** | **10<br>Years** |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IA Shares | (37.28)% | 10.38% | 15.05 | % |
| &nbsp;&nbsp;&nbsp; Portfolio – Class IB Shares | (37.29) | 10.37 | 15.05 |  |
| &nbsp;&nbsp;&nbsp; Portfolio – Class K Shares | (37.13) | 10.64 | 15.37 |  |
| &nbsp;&nbsp;&nbsp; S&P North American Technology Sector Index | (35.36) | 11.73 | 16.60 |  |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | (19.13) | 9.13 | 12.37 |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Returns for periods greater than one year are annualized.* |  |

---

*Past performance is not indicative of future results.* 

PERFORMANCE SUMMARY

The Portfolio's Class IB shares returned (37.29)% for the year ended December 31, 2022. This compares to the returns of the following benchmarks over the same period: the S&P North American Technology Sector Index and the Russell 1000<sup>®</sup> Index, which returned (35.36)% and (19.13)%, respectively.

**Portfolio Highlights** 

***What helped performance during the year?***

• Allocation to the Internet Software & Services subsector contributed to relative performance, led by a relative
underweight in Shopify, Inc.

• Security selection in Electronic Equipment & Instruments was also positive, led by an out-of-benchmark position in Flex
Ltd.

• In Semiconductors & Semiconductor Equipment, underweighting Nvidia Corp. and overweighting ON Semiconductor Corp. aided
relative performance.

• Also, underweighting Paypal Holdings Inc. in IT Services was additive.

***What hurt performance during the year?***

• The IT Services subsector was the largest detractor from performance, both from a relative underweight to the benchmark and
security selection. Specific holdings which detracted included an overweight in MongoDB, Inc. and underweights in Mastercard, Inc. and Visa, Inc.

• The Software subsector was also negative from both an overweight position and security selection. Notably, a relative
overweight in Zscaler, Inc., a cloud security company, detracted.

• A Semiconductors & Semiconductor Equipment subsector overweight as well as security selection was also detrimental, led
by a relative overweight in Marvell Technology, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector Weightings <br>as of December 31, 2022** | **% of <br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Information Technology | 51.9% |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 33.2 |
| &nbsp;&nbsp;&nbsp; Communication Services | 7.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.7 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 1.2 |
| &nbsp;&nbsp;&nbsp; Health Care | 0.6 |
| &nbsp;&nbsp;&nbsp; Investment Company | 0.2 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (1.1) |
|  | 100.0% |

---

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including

1466

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**MULTIMANAGER TECHNOLOGY PORTFOLIO (Unaudited)** 

investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class IA and Class IB shares of the Portfolio), and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2022 and held for the entire six-month period.

**Actual Expenses** 

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

**Hypothetical Example for Comparison Purposes** 

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

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

EXAMPLE

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>7/1/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>Period\*<br>7/1/22 -<br>12/31/22** |  |
| &nbsp;&nbsp;&nbsp; **Class IA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $949.30 | $5.80 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.26 | 6.01 |  |
| &nbsp;&nbsp;&nbsp; **Class IB** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 949.00 | 5.80 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1019.26 | 6.01 |  |
| &nbsp;&nbsp;&nbsp; **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | 1000.00 | 950.30 | 4.57 |  |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% average annual return before expenses) | 1000.00 | 1020.52 | 4.74 |  |
| &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.18%, 1.18% and 0.93%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.18%, 1.18% and 0.93%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.18%, 1.18% and 0.93%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  | &nbsp;&nbsp;&nbsp; *\* Expenses are equal to the Portfolio's Class IA, Class IB and Class K shares annualized expense ratio of 1.18%, 1.18% and 0.93%, respectively, multiplied by the average account value over the period, and multiplied by 184/365 (to reflect the one-half year period).*  |  |

---

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |  |
|  **Communication Services (7.3%)** | **Communication Services (7.3%)** | **Communication Services (7.3%)** |  |
|  ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | ***Entertainment (0.9%)*** | **** |
|  Activision Blizzard, Inc. | 31213 | $2389355 |  |
|  Electronic Arts, Inc. | 11495 | 1404459 |  |
|  Netflix, Inc.\* | 19254 | 5677620 |  |
|  Playtika Holding Corp.\* | 3957 | 33674 |  |
|  ROBLOX Corp., Class A (x)\* | 15894 | 452343 |  |
|  Take-Two Interactive Software, Inc.\* | 6915 | 720059 |  |
|  |  | 10677510 |  |
|  ***Interactive Media & Services (6.4%)*** | ***Interactive Media & Services (6.4%)*** | ***Interactive Media & Services (6.4%)*** | **** |
|  Alphabet, Inc., Class A\* | 463682 | 40910663 |  |
|  Alphabet, Inc., Class C\* | 179245 | 15904409 |  |
|  Bumble, Inc., Class A\* | 3466 | 72959 |  |
|  Cargurus, Inc.\* | 179538 | 2515327 |  |
|  IAC, Inc.\* | 3422 | 151937 |  |
|  Match Group, Inc.\* | 12241 | 507879 |  |
|  Meta Platforms, Inc., Class A\* | 98553 | 11859868 |  |
|  Pinterest, Inc., Class A\* | 25751 | 625234 |  |
|  Shutterstock, Inc. | 1052 | 55461 |  |
|  Snap, Inc., Class A\* | 44070 | 394427 |  |
|  TripAdvisor, Inc.\* | 4592 | 82564 |  |
|  Yelp, Inc.\* | 3055 | 83524 |  |
|  Ziff Davis, Inc.\* | 2068 | 163579 |  |
|  ZipRecruiter, Inc., Class A\* | 2274 | 37339 |  |
|  ZoomInfo Technologies, Inc., Class A\* | 11853 | 356894 |  |
|  |  | 73722064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 84399574 |  |
|  **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** | **Consumer Discretionary (6.7%)** |  |
|  ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | ***Hotels, Restaurants & Leisure (0.7%)*** | **** |
|  Airbnb, Inc., Class A\* | 42477 | 3631783 |  |
|  Trainline plc (m)\* | 819020 | 2718964 |  |
|  Trip.com Group Ltd.\* | 57350 | 2010257 |  |
|  |  | 8361004 |  |
|  ***Internet & Direct Marketing Retail (6.0%)*** | ***Internet & Direct Marketing Retail (6.0%)*** | ***Internet & Direct Marketing Retail (6.0%)*** | **** |
|  Amazon.com, Inc.\* | 754057 | 63340788 |  |
|  Chewy, Inc., Class A (x)\* | 4057 | 150434 |  |
|  DoorDash, Inc., Class A\* | 11520 | 562406 |  |
|  eBay, Inc. | 23783 | 986281 |  |
|  Etsy, Inc.\* | 38998 | 4671180 |  |
|  Overstock.com, Inc.\* | 2005 | 38817 |  |
|  Qurate Retail, Inc.\* | 14910 | 24303 |  |
|  Revolve Group, Inc. (x)\* | 1785 | 39734 |  |
|  Wayfair, Inc., Class A (x)\* | 3390 | 111497 |  |
|  Xometry, Inc., Class A\* | 1294 | 41706 |  |
|  |  | 69967146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 78328150 |  |
|  **Health Care (0.6%)** | **Health Care (0.6%)** | **Health Care (0.6%)** |  |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | **** |
|  Hoya Corp. | 68976 | 6677386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 6677386 |  |
|  **Information Technology (51.9%)** | **Information Technology (51.9%)** | **Information Technology (51.9%)** |  |
|  ***Communications Equipment (3.5%)*** | ***Communications Equipment (3.5%)*** | ***Communications Equipment (3.5%)*** | **** |
|  ADTRAN Holdings, Inc. | 3097 | 58193 |  |
|  Arista Networks, Inc.\* | 84911 | 10303950 |  |
|  Calix, Inc.\* | 2495 | 170733 |  |
|  Cambium Networks Corp.\* | 498 | 10792 |  |
|  Ciena Corp.\* | 6493 | 331013 |  |
|  Cisco Systems, Inc. | 179952 | 8572913 |  |
|  Clearfield, Inc.\* | 501 | 47164 |  |
|  CommScope Holding Co., Inc.\* | 9131 | 67113 |  |
|  Digi International, Inc.\* | 1547 | 56543 |  |
|  DZS, Inc.\* | 698 | 8851 |  |
|  Extreme Networks, Inc.\* | 5756 | 105392 |  |
|  F5, Inc.\* | 53135 | 7625404 |  |
|  Harmonic, Inc.\* | 275125 | 3604138 |  |
|  Infinera Corp.\* | 8379 | 56474 |  |
|  Juniper Networks, Inc. | 14224 | 454599 |  |
|  Lumentum Holdings, Inc.\* | 2989 | 155936 |  |
|  Motorola Solutions, Inc. | 7328 | 1888499 |  |
|  NETGEAR, Inc.\* | 1267 | 22945 |  |
|  NetScout Systems, Inc.\* | 3008 | 97790 |  |
|  Nokia OYJ (ADR) | 1482545 | 6879009 |  |
|  Ribbon Communications, Inc.\* | 3905 | 10895 |  |
|  Viasat, Inc.\* | 3313 | 104856 |  |
|  Viavi Solutions, Inc.\* | 9921 | 104270 |  |
|  |  | 40737472 |  |
|  ***Electronic Equipment, Instruments & Components (2.4%)*** | ***Electronic Equipment, Instruments & Components (2.4%)*** | ***Electronic Equipment, Instruments & Components (2.4%)*** | **** |
|  Advanced Energy Industries, Inc. | 1638 | 140508 |  |
|  Amphenol Corp., Class A | 26011 | 1980478 |  |
|  Arrow Electronics, Inc.\* | 2696 | 281921 |  |
|  Avnet, Inc. | 4011 | 166777 |  |
|  Badger Meter, Inc. | 1283 | 139885 |  |
|  Belden, Inc. | 1876 | 134884 |  |
|  Benchmark Electronics, Inc. | 1542 | 41156 |  |
|  CDW Corp. | 5934 | 1059694 |  |
|  Celestica, Inc.\* | 4560 | 51391 |  |
|  Cognex Corp. | 7579 | 357047 |  |
|  Coherent Corp.\* | 6079 | 213370 |  |
|  Corning, Inc. | 33362 | 1065582 |  |
|  ePlus, Inc.\* | 1179 | 52206 |  |
|  Fabrinet\* | 1603 | 205537 |  |
|  Flex Ltd.\* | 484727 | 10402241 |  |
|  Hon Hai Precision Industry Co. Ltd. | 1347000 | 4378172 |  |
|  Insight Enterprises, Inc.\* | 1328 | 133159 |  |
|  IPG Photonics Corp.\* | 1409 | 133390 |  |
|  Itron, Inc.\* | 1980 | 100287 |  |
|  Jabil, Inc. | 5901 | 402448 |  |
|  Keysight Technologies, Inc.\* | 7836 | 1340505 |  |
|  Knowles Corp. (x)\* | 3986 | 65450 |  |
|  Littelfuse, Inc. | 1085 | 238917 |  |
|  Methode Electronics, Inc. | 1603 | 71125 |  |
|  Mirion Technologies, Inc.\* | 5350 | 35363 |  |
|  National Instruments Corp. | 5722 | 211142 |  |
|  Novanta, Inc.\* | 1564 | 212501 |  |
|  OSI Systems, Inc.\* | 687 | 54630 |  |
|  PC Connection, Inc. | 495 | 23215 |  |
|  Plexus Corp.\* | 1213 | 124854 |  |
|  Rogers Corp.\* | 824 | 98336 |  |
|  Sanmina Corp.\* | 2517 | 144199 |  |
|  TD SYNNEX Corp. | 1843 | 174551 |  |
|  TE Connectivity Ltd. | 13941 | 1600427 |  |
|  Teledyne Technologies, Inc.\* | 2054 | 821415 |  |
|  Trimble, Inc.\* | 10809 | 546503 |  |
|  TTM Technologies, Inc.\* | 4479 | 67543 |  |

---

See Notes to Financial Statements.

1468

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Vishay Intertechnology, Inc. | 5679 | $| 122496 |  |
|  Vontier Corp. | 6924 |  | 133841 |  |
|  Zebra Technologies Corp., Class A\* | 2263 |  | 580256 |  |
|  |  |  | 28107402 |  |
|  ***IT Services (12.8%)*** | ***IT Services (12.8%)*** | ***IT Services (12.8%)*** | ***IT Services (12.8%)*** | **** |
|  Accenture plc, Class A | 27614 |  | 7368520 |  |
|  Affirm Holdings, Inc. (x)\* | 9175 |  | 88722 |  |
|  Akamai Technologies, Inc.\* | 6891 |  | 580911 |  |
|  Automatic Data Processing, Inc. | 18181 |  | 4342714 |  |
|  AvidXchange Holdings, Inc.\* | 5835 |  | 58000 |  |
|  Block, Inc., Class A\* | 150024 |  | 9427508 |  |
|  Broadridge Financial Solutions, Inc. | 5156 |  | 691574 |  |
|  CGI, Inc.\* | 9264 |  | 797908 |  |
|  Cloudflare, Inc., Class A\* | 12477 |  | 564085 |  |
|  Cognizant Technology Solutions Corp., Class A | 22524 |  | 1288148 |  |
|  Concentrix Corp. | 1857 |  | 247278 |  |
|  Conduent, Inc.\* | 7287 |  | 29512 |  |
|  CSG Systems International, Inc. | 1329 |  | 76019 |  |
|  DigitalOcean Holdings, Inc.\* | 2659 |  | 67725 |  |
|  DXC Technology Co.\* | 10083 |  | 267200 |  |
|  EPAM Systems, Inc.\* | 2521 |  | 826233 |  |
|  Euronet Worldwide, Inc.\* | 2065 |  | 194895 |  |
|  Evertec, Inc. | 2858 |  | 92542 |  |
|  ExlService Holdings, Inc.\* | 1449 |  | 245504 |  |
|  Fastly, Inc., Class A\* | 4906 |  | 40180 |  |
|  Fidelity National Information Services, Inc. | 26006 |  | 1764507 |  |
|  Fiserv, Inc.\* | 27831 |  | 2812879 |  |
|  FleetCor Technologies, Inc.\* | 35420 |  | 6505946 |  |
|  Flywire Corp.\* | 2742 |  | 67097 |  |
|  Gartner, Inc.\* | 3463 |  | 1164053 |  |
|  Genpact Ltd. | 185395 |  | 8587496 |  |
|  Global Payments, Inc. | 113565 |  | 11279276 |  |
|  GoDaddy, Inc., Class A\* | 55668 |  | 4165080 |  |
|  Grid Dynamics Holdings, Inc.\* | 2270 |  | 25469 |  |
|  International Business Machines Corp. | 39625 |  | 5582766 |  |
|  Jack Henry & Associates, Inc. | 3197 |  | 561265 |  |
|  Kyndryl Holdings, Inc.\* | 8946 |  | 99480 |  |
|  Marqeta, Inc., Class A\* | 19338 |  | 118155 |  |
|  Mastercard, Inc., Class A | 37204 |  | 12936947 |  |
|  Maximus, Inc. | 2654 |  | 194618 |  |
|  MongoDB, Inc.\* | 3011 |  | 592685 |  |
|  Nuvei Corp. (Non-Voting) (m)\* | 2849 |  | 72393 |  |
|  Okta, Inc.\* | 34461 |  | 2354720 |  |
|  Paychex, Inc. | 14058 |  | 1624543 |  |
|  Payoneer Global, Inc.\* | 8748 |  | 47852 |  |
|  PayPal Holdings, Inc.\* | 127864 |  | 9106474 |  |
|  Perficient, Inc.\* | 1518 |  | 106002 |  |
|  Rackspace Technology, Inc. (x)\* | 2498 |  | 7369 |  |
|  Remitly Global, Inc.\* | 4263 |  | 48811 |  |
|  Repay Holdings Corp.\* | 3297 |  | 26541 |  |
|  Sabre Corp. (x)\* | 14391 |  | 88936 |  |
|  Shift4 Payments, Inc., Class A\* | 2323 |  | 129925 |  |
|  Shopify, Inc., Class A\* | 52156 |  | 1810335 |  |
|  Snowflake, Inc., Class A\* | 35584 |  | 5107727 |  |
|  Squarespace, Inc., Class A\* | 1794 |  | 39773 |  |
|  SS&C Technologies Holdings, Inc. | 9605 |  | 500036 |  |
|  TELUS International CDA, Inc.\* | 2917 |  | 57727 |  |
|  Thoughtworks Holding, Inc. (x)\* | 2864 |  | 29184 |  |
|  Toast, Inc., Class A\* | 13550 |  | 244307 |  |
|  TTEC Holdings, Inc. | 828 |  | 36540 |  |
|  Twilio, Inc., Class A\* | 7649 |  | 374495 |  |
|  VeriSign, Inc.\* | 23626 |  | 4853725 |  |
|  Verra Mobility Corp.\* | 6109 |  | 84488 |  |
|  Visa, Inc., Class A | 143309 |  | 29773878 |  |
|  Western Union Co. (The) | 16925 |  | 233057 |  |
|  WEX, Inc.\* | 50312 |  | 8233559 |  |
|  |  |  | 148745294 |  |
|  ***Semiconductors & Semiconductor Equipment (13.4%)*** | ***Semiconductors & Semiconductor Equipment (13.4%)*** | ***Semiconductors & Semiconductor Equipment (13.4%)*** | ***Semiconductors & Semiconductor Equipment (13.4%)*** | **** |
|  Advanced Micro Devices, Inc.\* | 230911 |  | 14956105 |  |
|  Allegro MicroSystems, Inc.\* | 2840 |  | 85257 |  |
|  Ambarella, Inc.\* | 1600 |  | 131568 |  |
|  Amkor Technology, Inc. | 4402 |  | 105560 |  |
|  Analog Devices, Inc. | 22542 |  | 3697564 |  |
|  Applied Materials, Inc. | 37705 |  | 3671713 |  |
|  ASPEED Technology, Inc. | 35000 |  | 1918791 |  |
|  Axcelis Technologies, Inc.\* | 1440 |  | 114278 |  |
|  Broadcom, Inc. | 17754 |  | 9926794 |  |
|  Cirrus Logic, Inc.\* | 2413 |  | 179720 |  |
|  Cohu, Inc.\* | 2087 |  | 66888 |  |
|  Credo Technology Group Holding Ltd. (x)\* | 3959 |  | 52694 |  |
|  Diodes, Inc.\* | 1993 |  | 151747 |  |
|  Enphase Energy, Inc.\* | 5957 |  | 1578367 |  |
|  Entegris, Inc. | 6532 |  | 428434 |  |
|  First Solar, Inc.\* | 4345 |  | 650838 |  |
|  FormFactor, Inc.\* | 3376 |  | 75048 |  |
|  Ichor Holdings Ltd.\* | 1262 |  | 33847 |  |
|  Impinj, Inc.\* | 931 |  | 101647 |  |
|  Intel Corp. | 319843 |  | 8453450 |  |
|  KLA Corp. | 36063 |  | 13596833 |  |
|  Kulicke & Soffa Industries, Inc. | 2545 |  | 112642 |  |
|  Lam Research Corp. | 5977 |  | 2512133 |  |
|  Lattice Semiconductor Corp.\* | 6007 |  | 389734 |  |
|  MACOM Technology Solutions Holdings, Inc.\* | 2239 |  | 141012 |  |
|  Marvell Technology, Inc. | 215218 |  | 7971675 |  |
|  MaxLinear, Inc.\* | 3168 |  | 107554 |  |
|  Microchip Technology, Inc. | 24105 |  | 1693376 |  |
|  Micron Technology, Inc. | 187918 |  | 9392142 |  |
|  MKS Instruments, Inc. | 2507 |  | 212418 |  |
|  Monolithic Power Systems, Inc. | 1954 |  | 690954 |  |
|  NVIDIA Corp. | 109129 |  | 15948112 |  |
|  NXP Semiconductors NV | 11357 |  | 1794747 |  |
|  ON Semiconductor Corp.\* | 226031 |  | 14097553 |  |
|  Onto Innovation, Inc.\* | 2170 |  | 147755 |  |
|  Power Integrations, Inc. | 2507 |  | 179802 |  |
|  Qorvo, Inc.\* | 4444 |  | 402804 |  |
|  QUALCOMM, Inc. | 49130 |  | 5401352 |  |
|  Rambus, Inc.\* | 4711 |  | 168748 |  |
|  Rohm Co. Ltd. | 57600 |  | 4182627 |  |
|  Semtech Corp.\* | 2784 |  | 79873 |  |
|  Silicon Laboratories, Inc.\* | 1459 |  | 197943 |  |
|  SiTime Corp.\* | 705 |  | 71642 |  |
|  Skyworks Solutions, Inc. | 7032 |  | 640826 |  |
|  SolarEdge Technologies, Inc.\* | 2450 |  | 694012 |  |
|  Synaptics, Inc.\* | 1747 |  | 166245 |  |
|  Teradyne, Inc. | 6826 |  | 596251 |  |
|  Texas Instruments, Inc. | 166776 |  | 27554731 |  |
|  Ultra Clean Holdings, Inc.\* | 1994 |  | 66101 |  |

---

See Notes to Financial Statements.

1469

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** | |
|  Universal Display Corp. | 1905 | $| 205816 |  |
|  Wolfspeed, Inc.\* | 5444 |  | 375854 |  |
|  |  |  | 156173577 |  |
|  ***Software (16.6%)*** | ***Software (16.6%)*** | ***Software (16.6%)*** | ***Software (16.6%)*** | **** |
|  A10 Networks, Inc. | 2801 |  | 46581 |  |
|  ACI Worldwide, Inc.\* | 4925 |  | 113275 |  |
|  Adeia, Inc. | 4604 |  | 43646 |  |
|  Adobe, Inc.\* | 20375 |  | 6856799 |  |
|  Agilysys, Inc.\* | 868 |  | 68694 |  |
|  Alarm.com Holdings, Inc.\* | 2187 |  | 108213 |  |
|  Altair Engineering, Inc., Class A\* | 2296 |  | 104399 |  |
|  Alteryx, Inc., Class A\* | 2682 |  | 135897 |  |
|  ANSYS, Inc.\* | 3818 |  | 922391 |  |
|  Appfolio, Inc., Class A\* | 823 |  | 86728 |  |
|  Appian Corp., Class A\* | 1799 |  | 58575 |  |
|  AppLovin Corp., Class A\* | 5394 |  | 56799 |  |
|  Asana, Inc., Class A\* | 3302 |  | 45469 |  |
|  Aspen Technology, Inc.\* | 1273 |  | 261474 |  |
|  Autodesk, Inc.\* | 9460 |  | 1767790 |  |
|  Bentley Systems, Inc., Class B | 8613 |  | 318336 |  |
|  Bill.com Holdings, Inc. (x)\* | 4168 |  | 454145 |  |
|  Black Knight, Inc.\* | 6838 |  | 422247 |  |
|  Blackbaud, Inc.\* | 1955 |  | 115071 |  |
|  BlackBerry Ltd.\* | 22776 |  | 74250 |  |
|  Blackline, Inc.\* | 2384 |  | 160372 |  |
|  Box, Inc., Class A\* | 6237 |  | 194158 |  |
|  C3.ai, Inc., Class A\* | 3681 |  | 41190 |  |
|  Cadence Design Systems, Inc.\* | 12022 |  | 1931214 |  |
|  Cerence, Inc.\* | 1726 |  | 31983 |  |
|  Ceridian HCM Holding, Inc.\* | 166761 |  | 10697718 |  |
|  Clear Secure, Inc., Class A | 3292 |  | 90300 |  |
|  CommVault Systems, Inc.\* | 1952 |  | 122664 |  |
|  Confluent, Inc., Class A\* | 6738 |  | 149853 |  |
|  Consensus Cloud Solutions, Inc.\* | 773 |  | 41556 |  |
|  Coupa Software, Inc.\* | 3328 |  | 263478 |  |
|  Crowdstrike Holdings, Inc., Class A\* | 9416 |  | 991411 |  |
|  Datadog, Inc., Class A\* | 10880 |  | 799680 |  |
|  Descartes Systems Group, Inc. (The)\* | 3716 |  | 258819 |  |
|  Digital Turbine, Inc.\* | 3949 |  | 60183 |  |
|  DocuSign, Inc.\* | 8800 |  | 487696 |  |
|  Dolby Laboratories, Inc., Class A | 2699 |  | 190387 |  |
|  DoubleVerify Holdings, Inc.\* | 3252 |  | 71414 |  |
|  Dropbox, Inc., Class A\* | 11819 |  | 264509 |  |
|  Duck Creek Technologies, Inc.\* | 3316 |  | 39958 |  |
|  Dynatrace, Inc.\* | 8831 |  | 338227 |  |
|  E2open Parent Holdings, Inc. (x)\* | 7551 |  | 44324 |  |
|  Elastic NV\* | 3375 |  | 173812 |  |
|  Envestnet, Inc.\* | 2425 |  | 149622 |  |
|  Everbridge, Inc.\* | 1750 |  | 51765 |  |
|  Fair Isaac Corp.\* | 1095 |  | 655445 |  |
|  Five9, Inc.\* | 28644 |  | 1943782 |  |
|  Fortinet, Inc.\* | 28419 |  | 1389405 |  |
|  Freshworks, Inc., Class A\* | 7061 |  | 103867 |  |
|  Gen Digital, Inc. | 25407 |  | 544472 |  |
|  Gitlab, Inc., Class A\* | 2631 |  | 119553 |  |
|  Guidewire Software, Inc.\* | 55360 |  | 3463322 |  |
|  HashiCorp, Inc., Class A (x)\* | 129490 |  | 3540257 |  |
|  HubSpot, Inc.\* | 10674 |  | 3086174 |  |
|  Intapp, Inc.\* | 663 |  | 16535 |  |
|  InterDigital, Inc. | 1300 |  | 64324 |  |
|  Intuit, Inc. | 12354 |  | 4808424 |  |
|  Jamf Holding Corp.\* | 1968 |  | 41918 |  |
|  Lightspeed Commerce, Inc. (x)\* | 5931 |  | 84813 |  |
|  LivePerson, Inc.\* | 3070 |  | 31130 |  |
|  LiveRamp Holdings, Inc.\* | 2913 |  | 68281 |  |
|  Manhattan Associates, Inc.\* | 2735 |  | 332029 |  |
|  Marathon Digital Holdings, Inc. (x)\* | 4863 |  | 16631 |  |
|  Matterport, Inc. (x)\* | 9700 |  | 27160 |  |
|  Microsoft Corp. | 321613 |  | 77129230 |  |
|  MicroStrategy, Inc., Class A (x)\* | 410 |  | 58044 |  |
|  Model N, Inc.\* | 1461 |  | 59258 |  |
|  Momentive Global, Inc.\* | 5603 |  | 39221 |  |
|  N-able, Inc.\* | 2930 |  | 30120 |  |
|  nCino, Inc.\* | 3352 |  | 88627 |  |
|  NCR Corp.\* | 6022 |  | 140975 |  |
|  New Relic, Inc.\* | 2546 |  | 143722 |  |
|  Nutanix, Inc., Class A\* | 10084 |  | 262688 |  |
|  Open Text Corp. | 11844 |  | 351056 |  |
|  Oracle Corp. | 67354 |  | 5505516 |  |
|  PagerDuty, Inc.\* | 3556 |  | 94447 |  |
|  Palantir Technologies, Inc., Class A\* | 77207 |  | 495669 |  |
|  Palo Alto Networks, Inc.\* | 50035 |  | 6981884 |  |
|  Paycom Software, Inc.\* | 2130 |  | 660960 |  |
|  Paycor HCM, Inc.\* | 2081 |  | 50922 |  |
|  Paylocity Holding Corp.\* | 1806 |  | 350834 |  |
|  Pegasystems, Inc. | 1801 |  | 61666 |  |
|  PowerSchool Holdings, Inc., Class A\* | 1398 |  | 32266 |  |
|  Procore Technologies, Inc.\* | 3024 |  | 142672 |  |
|  Progress Software Corp. | 1884 |  | 95048 |  |
|  PROS Holdings, Inc.\* | 1788 |  | 43377 |  |
|  PTC, Inc.\* | 4633 |  | 556145 |  |
|  Q2 Holdings, Inc.\* | 2521 |  | 67739 |  |
|  Qualtrics International, Inc., Class A\* | 159373 |  | 1654292 |  |
|  Qualys, Inc.\* | 1515 |  | 170028 |  |
|  Rapid7, Inc.\* | 32767 |  | 1113423 |  |
|  RingCentral, Inc., Class A\* | 3389 |  | 119971 |  |
|  Roper Technologies, Inc. | 4648 |  | 2008354 |  |
|  Salesforce, Inc.\* | 116359 |  | 15428040 |  |
|  SentinelOne, Inc., Class A\* | 86599 |  | 1263479 |  |
|  ServiceNow, Inc.\* | 27391 |  | 10635104 |  |
|  Smartsheet, Inc., Class A\* | 5724 |  | 225297 |  |
|  SolarWinds Corp.\* | 2055 |  | 19235 |  |
|  Splunk, Inc.\* | 6561 |  | 564836 |  |
|  Sprout Social, Inc., Class A\* | 2071 |  | 116929 |  |
|  SPS Commerce, Inc.\* | 1580 |  | 202919 |  |
|  Sumo Logic, Inc.\* | 4728 |  | 38297 |  |
|  Synopsys, Inc.\* | 6702 |  | 2139882 |  |
|  Tenable Holdings, Inc.\* | 4931 |  | 188118 |  |
|  Teradata Corp.\* | 4462 |  | 150191 |  |
|  Tyler Technologies, Inc.\* | 1825 |  | 588398 |  |
|  UiPath, Inc., Class A\* | 15355 |  | 195162 |  |
|  Unity Software, Inc. (x)\* | 10687 |  | 305541 |  |
|  Varonis Systems, Inc.\* | 4831 |  | 115654 |  |
|  Verint Systems, Inc.\* | 2858 |  | 103688 |  |
|  VMware, Inc., Class A\* | 9116 |  | 1119080 |  |
|  Workday, Inc., Class A\* | 55063 |  | 9213692 |  |
|  Workiva, Inc.\* | 2005 |  | 168360 |  |
|  Zeta Global Holdings Corp., Class A\* | 5496 |  | 44902 |  |
|  Zoom Video Communications, Inc., Class A\* | 9680 |  | 655723 |  |

---

See Notes to Financial Statements.

1470

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**EQ ADVISORS TRUST** 

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Zscaler, Inc.\* | 3699 | $413918 |
|  Zuora, Inc., Class A\* | 5426 | 34509 |
|  |  | 192483702 |
|  ***Technology Hardware, Storage & Peripherals (3.2%)*** | ***Technology Hardware, Storage & Peripherals (3.2%)*** | ***Technology Hardware, Storage & Peripherals (3.2%)*** |
|  Apple, Inc. | 250883 | 32597228 |
|  Avid Technology, Inc.\* | 1455 | 38689 |
|  Corsair Gaming, Inc.\* | 1683 | 22838 |
|  Dell Technologies, Inc., Class C | 11357 | 456779 |
|  Hewlett Packard Enterprise Co. | 56392 | 900016 |
|  HP, Inc. | 38797 | 1042475 |
|  NetApp, Inc. | 9526 | 572132 |
|  Pure Storage, Inc., Class A\* | 12315 | 329549 |
|  Seagate Technology Holdings plc | 8415 | 442713 |
|  Super Micro Computer, Inc.\* | 2018 | 165678 |
|  Western Digital Corp.\* | 13922 | 439239 |
|  Xerox Holdings Corp. | 4910 | 71686 |
|  |  | 37079022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 603326469 |
|  **Total Common Stocks (66.5%)**<br> *(Cost $627,535,454)* |  | 772731579 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (33.2%)** | **Equity (33.2%)** | **Equity (33.2%)** |
|  iShares Expanded Tech Sector ETF (x)‡ | 466150 | 130522000 |
|  Technology Select Sector SPDR Fund | 1022700 | 127264788 |
|  Vanguard Information Technology ETF (x) | 401000 | 128083410 |
|  **Total Exchange Traded Funds (33.2%)**<br> *(Cost $131,454,593)* | **Total Exchange Traded Funds (33.2%)**<br> *(Cost $131,454,593)* | 385870198 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Company (0.2%)** | **Investment Company (0.2%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 2000000 | 2000000 |
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreements (1.2%)** | **Repurchase Agreements (1.2%)** |  |
|  Amherst Pierpont,<br>4.28%, dated 12/30/22, due 1/3/23, repurchase price $1,000,476, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-4.497%, maturing 1/5/23-11/15/52; total market value $1,020,485. (xx) | $1000000 | 1000000 |
|  Deutsche Bank Securities, Inc.,<br>4.20%, dated 12/30/22, due 1/3/23, repurchase price $11,613,703, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24-11/15/50; total market value $11,840,451. (xx) | 11608286 | 11608286 |
|  TD Prime Services LLC,<br>4.40%, dated 12/30/22, due 1/3/23, repurchase price $1,908,249, collateralized by various Common Stocks; total market value $2,118,355. (xx) | 1907316 | 1907316 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Repurchase Agreements** | 14515602 |
|  **Total Short-Term Investments (1.4%)**<br> *(Cost $16,515,602)* | **Total Short-Term Investments (1.4%)**<br> *(Cost $16,515,602)* | 16515602 |
|  **Total Investments in Securities (101.1%)**<br> *(Cost $775,505,649)* | **Total Investments in Securities (101.1%)**<br> *(Cost $775,505,649)* | 1175117379 |
|  **Other Assets Less Liabilities (-1.1%)** | **Other Assets Less Liabilities (-1.1%)** | (12410307) |
|  **Net Assets (100%)** |  | $1162707072 |

---

*\** *Non-income producing.* 

*‡* *All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At December 31, 2022, the market value or fair value, as applicable, of these securities amounted to $2,791,357 or 0.2% of net assets.* 

*(x)* *All or a portion of security is on loan at December 31, 2022.* 

*(xx)* *At December 31, 2022, the Portfolio had loaned securities with a total value of $16,793,944. This was collateralized by $597,565 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.125%, maturing 1/10/23 – 5/15/52 and by cash of $16,515,602 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

See Notes to Financial Statements.

1471

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**EQ ADVISORS TRUST** 

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

------

Investments in companies which were affiliates for the year ended December 31, 2022, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>December 31,<br>2022** | **Market Value<br>December 31,<br>2021 ($)** | **Purchases<br>at Cost ($)** | **Proceeds<br>from<br>Sales ($)** | **Net<br>Realized<br>Gain<br>(Loss) ($)** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>December 31,<br>2022 ($)** | **Dividend/<br>Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |  |  |  |  |
|  iShares Expanded Tech Sector ETF (x) | 466150 | 203551623 | 17985598 | (17870062) | 727558 | (73872717) | 130522000 | 688942 |  |

---

The following is a summary of the inputs, summarized in three broad levels, used to value the Portfolio's assets and liabilities carried at fair value as of December 31, 2022:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Portfolio's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $84399574 | $— | $— | $84399574 |
|  Consumer Discretionary | 73598929 | 4729221 |  | 78328150 |
|  Health Care |  | 6677386 |  | 6677386 |
|  Information Technology | 592846879 | 10479590 |  | 603326469 |
|  **Exchange Traded Funds** | 385870198 |  |  | 385870198 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 2000000 |  |  | 2000000 |
|  Repurchase Agreements |  | 14515602 |  | 14515602 |
|  **Total Assets** | $**1138715580** | $**36401799** | $**—** | $**1175117379** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1138715580** | $**36401799** | $**—** | $**1175117379** |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Total** |
|  Foreign exchange contracts | $(18208) | $(18208) |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18208) |

---

^ The Portfolio held forward foreign currency contracts for hedging.

The Portfolio held forward foreign currency contracts with an average settlement value of approximately $1,470,000 during the year ended December 31, 2022.

See Notes to Financial Statements.

1472

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**EQ ADVISORS TRUST** 

MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2022

Investment security transactions for the year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $953212099 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013728922 |

---

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $399606509 |
|  Aggregate gross unrealized depreciation | (38005389) |
|  Net unrealized appreciation | $361601120 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813516259 |

---

For the year ended December 31, 2022, the Portfolio incurred approximately $413 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1473

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**EQ ADVISORS TRUST** 

MULTIMANAGER TECHNOLOGY PORTFOLIO

------

***STATEMENT OF ASSETS AND LIABILITIES***

***December 31, 2022***

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated Issuers (Cost $61,762,264) | $130522000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated Issuers (Cost $699,227,783) | 1030079777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (Cost $14,515,602) | 14515602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 5461171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $609) | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 408554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 146550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 12117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1181152496 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 16515602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees payable | 785139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares redeemed | 639352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IB | 244635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 132891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class IA | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 120653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18445424 |
|  **NET ASSETS** | $1162707072 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $810636936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 352070136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1162707072 |
|  **Class IA** |  |
|  Net asset value, offering and redemption price per share, $33,036,768 / 1,361,434 shares outstanding (unlimited amount authorized: $0.01 par value) | $24.27 |
|  **Class IB** |  |
|  Net asset value, offering and redemption price per share, $1,111,836,015 / 48,696,155 shares outstanding (unlimited amount authorized: $0.01 par value) | $22.83 |
|  **Class K** |  |
|  Net asset value, offering and redemption price per share, $17,834,289 / 706,586 shares outstanding (unlimited amount authorized: $0.01 par value) | $25.24 |

---

*(x)* *Includes value of securities on loan of $16,793,944.* 

***STATEMENT OF OPERATIONS***

***For the Year Ended December 31, 2022***

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends ($688,942 of dividend income received from affiliates) (net of $90,777 foreign withholding tax) | $8830182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 94597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 212477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9137256 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13180449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IB | 3409123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 1752517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 171900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 102071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class IA | 98403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 61235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 48953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 33999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 18858650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment manager | (2130081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16728569 |
|  **NET INVESTMENT INCOME (LOSS)** | (7591313) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($727,558 realized gain (loss) from affiliates) | 31599353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (18208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (18061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31563084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities ($(73872717) of change in unrealized appreciation (depreciation) from affiliates) | (744383138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (49360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (744432498) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (712869414) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(720460727) |

---

See Notes to Financial Statements.

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***STATEMENT OF CHANGES IN NET ASSETS***

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7591313) | $(13487727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 31563084 | 266789126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (744432498) | 101824144 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (720460727) | 355125543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IA | (3513307) | (6194887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class IB | (126716784) | (236381268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1810198) | (3504072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (132040289) | (246080227) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 736,874 and 413,191 shares, respectively ] | 22869683 | 17622583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 132,238 and 144,328 shares, respectively ] | 3513307 | 6194887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (739950) and (443586) shares, respectively ] | (22791597) | (18956797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IA transactions | 3591393 | 4860673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class IB** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,694,804 and 4,293,724 shares, respectively ] | 141811090 | 178714242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 5,060,680 and 5,810,405 shares, respectively ] | 126716784 | 236381268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7643338) and (8801058) shares, respectively ] | (231317523) | (364913044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class IB transactions | 37210351 | 50182466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 290,162 and 268,127 shares, respectively ] | 9722921 | 12018947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends and distributions [ 65,543 and 79,049 shares, respectively ] | 1810198 | 3504072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (342337) and (330381) shares, respectively ] | (11669565) | (14412570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class K transactions | (136446) | 1110449 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 40665298 | 56153588 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (811835718) | 165198904 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1974542790 | 1809343886 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1162707072 | $1974542790 |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class IA** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $42.88 | $40.24 | $30.86 | $24.48 | $26.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.17) | (0.31) | (0.18) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (15.64) | 8.57 | 16.32 | 9.26 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (15.81) | 8.26 | 16.14 | 9.16 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.80) | (5.62) | (6.76) | (2.78) | (3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.80) | (5.62) | (6.76) | (2.78) | (3.18) |
|  Net asset value, end of year | $24.27 | $42.88 | $40.24 | $30.86 | $24.48 |
|  Total return | (37.28)% | 20.82% | 53.28 | 37.84 | 2.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $33037 | $52839 | $45002 | $28567 | $23255 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.18% | 1.18% | 1.19 | 1.20 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33% | 1.31% | 1.33 | 1.34 | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.54)% | (0.72)% | (0.50) | (0.32) | (0.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.69)% | (0.84)% | (0.64) | (0.46) | (0.48)% |
|  Portfolio turnover rate^ | 67 %(h) | 47% | 78 | 52 | 52% |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Class IB** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $40.59 | $38.35 | $29.63 | $23.58 | $25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.16) | (0.30) | (0.18) | (0.09) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (14.80) | 8.16 | 15.66 | 8.92 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (14.96) | 7.86 | 15.48 | 8.83 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.80) | (5.62) | (6.76) | (2.78) | (3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.80) | (5.62) | (6.76) | (2.78) | (3.18) |
|  Net asset value, end of year | $22.83 | $40.59 | $38.35 | $29.63 | $23.58 |
|  Total return | (37.29)% | 20.81% | 53.26 | 37.88 | 2.30% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975006 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.18% | 1.18% | 1.19 | 1.20 | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33% | 1.31% | 1.33 | 1.34 | 1.35% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.54)% | (0.72)% | (0.50) | (0.32) | (0.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.69)% | (0.84)% | (0.64) | (0.46) | (0.48)% |
|  Portfolio turnover rate^ | 67 %(h) | 47% | 78 | 52 | 52% |

---

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Class K** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of year | $44.32 | $41.33 | $31.55 | $24.97 | $27.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.09) | (0.21) | (0.10) | (0.02) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (16.19) | 8.82 | 16.73 | 9.46 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (16.28) | 8.61 | 16.63 | 9.44 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.09) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.80) | (5.62) | (6.76) | (2.78) | (3.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.80) | (5.62) | (6.85) | (2.86) | (3.26) |
|  Net asset value, end of year | $25.24 | $44.32 | $41.33 | $31.55 | $24.97 |
|  Total return | (37.13)% | 21.12% | 53.66% | 38.19% | 2.55% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15384 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.93% | 0.93% | 0.94% | 0.95% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08% | 1.06% | 1.08% | 1.09% | 1.10% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | (0.29)% | (0.47)% | (0.26)% | (0.07)% | (0.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | (0.44)% | (0.59)% | (0.40)% | (0.21)% | (0.23)% |
|  Portfolio turnover rate^ | 67 %(h) | 47% | 78% | 52% | 52% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser.* 

See Notes to Financial Statements.

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December 31, 2022

Note 1 Organization and Significant Accounting Policies

EQ Advisors Trust (the "Trust") was organized as a Delaware statutory trust on October 31, 1996, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2022, the Trust offered ninety eight portfolios (each a "Portfolio"). The investment adviser to each Portfolio is Equitable Investment Management Group, LLC ("EIM" or the "Adviser"), a wholly-owned subsidiary of Equitable Financial Life Insurance Company ("Equitable Financial").

The Adviser and each of the investment sub-advisers (each, a "Sub-Adviser"), subject to the supervision of the Adviser, independently chooses and maintains a portfolio of securities for the Portfolio(s).

Each of EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio and Equitable Moderate Growth MF/ETF Portfolio is a type of mutual fund often described as a "fund-of-funds". Each Portfolio pursues its investment objectives by investing exclusively in other mutual funds managed by EIM and unaffiliated investment companies or exchange-traded funds ("ETFs").

Each of the EQ/Ultra Conservative Strategy Portfolio, EQ/Conservative Strategy Portfolio, EQ/ Conservative Growth Strategy Portfolio, EQ/Balanced Strategy Portfolio, EQ/Moderate Growth Strategy Portfolio, EQ/Growth Strategy Portfolio and EQ/Aggressive Growth Strategy Portfolio (each, a "Strategic Allocation Series Portfolio" and together, the "Strategic Allocation Series Portfolios") is a type of mutual fund often described as a "fund-of-funds." The Strategic Allocation Series Portfolios pursue their investment objectives by investing exclusively in other affiliated mutual funds managed by EIM.

Each of the 1290 VT Moderate Growth Allocation Portfolio and 1290 VT Multi-Alternative Strategies Portfolio, (each, an "ETF Portfolio" and together, the "ETF Portfolios") is a type of mutual fund often described as a "fund-of-funds." The ETF Portfolios pursue their investment objectives by investing exclusively in unaffiliated ETFs.

For each of the above-referenced fund-of-funds Portfolios, the underlying funds' financial statements are included in each underlying fund's annual report, which is filed with the SEC on Form N-CSR and publicly available through the SEC's EDGAR database (<u>https://www.sec.gov/edgar/ searchedgar/companysearch.html</u>).

Each of the ATM Large Cap Managed Volatility Portfolio, ATM Mid Cap Managed Volatility Portfolio, ATM Small Cap Managed Volatility Portfolio, ATM International Managed Volatility Portfolio, EQ/500 Managed Volatility Portfolio, EQ/400 Managed Volatility Portfolio, EQ/2000 Managed Volatility Portfolio and EQ/International Managed Volatility Portfolio (each, a "Tactical Portfolio" and together, the "Tactical Portfolios") and the 1290 VT High Yield Bond Portfolio, 1290 VT Micro Cap Portfolio, 1290 VT Small Cap Value Portfolio, EQ/ClearBridge Select Equity Managed Volatility Portfolio, EQ/Emerging Markets Equity PLUS Portfolio, EQ/Franklin Small Cap Value Managed Volatility Portfolio, EQ/Global Equity Managed Volatility Portfolio, EQ/International Core Managed Volatility Portfolio, EQ/International Value Managed Volatility Portfolio, EQ/Large Cap Core Managed Volatility Portfolio, EQ/Large Cap Growth Managed Volatility Portfolio, EQ/Large Cap Value Managed Volatility Portfolio, EQ/Mid Cap Value Managed Volatility Portfolio, EQ/Morgan Stanley Small Cap Growth Portfolio, EQ/Quality Bond PLUS Portfolio, Multimanager Aggressive Equity Portfolio, Multimanager Core Bond Portfolio and Multimanager Technology Portfolio may utilize multiple Sub-Advisers (each, a "Multiadviser Portfolio" and together, the "Multiadviser Portfolios"). Each of the Sub-Advisers independently chooses and maintains a portfolio of securities for the Multiadviser Portfolio and each is responsible for investing a specific allocated portion of the Multiadviser Portfolio's assets. Because each Sub-Adviser will invest its allocated portion of the Multiadviser Portfolio independently from the other Sub-Advisers, the same security may be held in different portions of the Multiadviser Portfolio, or may be acquired for one portion of the

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December 31, 2022

Multiadviser Portfolio at a time when the Sub-Adviser of another portion deems it appropriate to dispose of the security. Similarly, under some market conditions, one Sub-Adviser may believe that temporary defensive investments in short-term instruments or cash are appropriate when the other Sub-Adviser believes continued exposure to the equity or fixed income markets is appropriate for their allocated portions of the Multiadviser Portfolio. Because each Sub-Adviser is responsible for the trading for its own portion of the Multiadviser Portfolio, and does not aggregate its transactions with those of the other Sub-Adviser, the Multiadviser Portfolio may incur higher brokerage costs, and may have higher portfolio turnover, than would be the case if a single Sub-Adviser were managing the entire Multiadviser Portfolio.

The Trust issues three classes of shares, Class IA, Class IB and Class K, as shown in the respective Portfolio's Statement of Assets and Liabilities. The Class IA and Class IB shares are subject to distribution fees imposed under distribution plans ("Distribution Plans") adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust's multiple class distribution system, all three classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable Distribution Plan. The Trust's shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by Equitable Financial, Equitable Financial Life and Annuity Company and other affiliated or unaffiliated insurance companies, and to the Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other series of the Trust and to series of EQ Premier VIP Trust, a separate registered investment company managed by EIM.

EIM contributed seed capital to the Portfolios listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Commencement<br>Date** | **Class** | **Seed capital** |
|  Equitable Moderate Growth MF/ETF | 2/14/2022 | IB | $100000 |
|  Equitable Moderate Growth MF/ETF | 2/14/2022 | K | 9900000 |
|  Equitable Growth MF/ETF | 2/14/2022 | IB | 100000 |
|  Equitable Growth MF/ETF | 2/14/2022 | K | 9900000 |
|  EQ/AB Sustainable U.S.Thematic | 2/14/2022 | IB | 100000 |
|  EQ/AB Sustainable U.S.Thematic | 2/14/2022 | K | 9900000 |
|  EQ/Long-Term Bond | 7/30/2021 | IB | 100000 |
|  EQ/Long-Term Bond | 7/30/2021 | K | 24900000 |

---

EIM redeemed seed capital out of the following Portfolio as listed below:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Redemption<br>Date** | **Class** | **Seed Capital** |
|  EQ/Long-Term Bond | 12/8/2021 | K | $24593573 |

---

*The investment objectives of each Portfolio are as follows:* 

EQ/All Asset Growth Allocation Portfolio — Seeks long-term capital appreciation and current income.

EQ/Ultra Conservative Strategy Portfolio — Seeks current income.

EQ/Conservative Strategy Portfolio — Seeks a high level of current income.

EQ/Conservative Growth Strategy Portfolio — Seeks current income and growth of capital, with greater emphasis on current income.

EQ/Balanced Strategy Portfolio — Seeks long-term capital appreciation and current income.

EQ/Moderate Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

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EQ/Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

EQ/Aggressive Growth Strategy Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

Equitable Conservative Growth MF/ETF Portfolio (formerly, 1290 VT DoubleLine Dynamic Allocation Portfolio) — Seeks to achieve total return from long-term capital appreciation and income, with greater emphasis on current income. Effective August 19, 2022, the Portfolio was restructured and DoubleLine Capital LP was terminated as the Sub-Adviser to the Portfolio.

Equitable Moderate Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

Equitable Growth MF/ETF Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

1290 VT Moderate Growth Allocation Portfolio — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility.

1290 VT Multi-Alternative Strategies Portfolio — Seeks long-term growth of capital.

1290 VT Convertible Securities Portfolio (sub-advised by SSGA Funds Management, Inc. ("SSGA FM")) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Convertible Liquid Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Bloomberg U.S. Convertible Liquid Bond Index.

1290 VT DoubleLine Opportunistic Bond Portfolio (sub-advised by DoubleLine Capital LP ("DoubleLine")) — Seeks to maximize current income and total return.

1290 VT Equity Income Portfolio (sub-advised by Barrow, Hanley, Mewhinney & Strauss, LLC) — Seeks a combination of growth and income to achieve an above-average and consistent total return.

1290 VT GAMCO Mergers & Acquisitions Portfolio (sub-advised by GAMCO Asset Management, Inc. ("GAMCO")) — Seeks to achieve capital appreciation.

1290 VT GAMCO Small Company Value Portfolio (sub-advised by GAMCO) — Seeks to maximize capital appreciation.

1290 VT High Yield Bond Portfolio (sub-advised by AXA Investment Managers US Inc. and Post Advisory Group, LLC) — Seeks to maximize current income. Effective January 1, 2022, AXA Investment Managers, Inc. was renamed AXA Investment Managers US Inc.

1290 VT Micro Cap Portfolio (sub-advised by BlackRock Investment Management, LLC ("BlackRock") and Lord, Abbett & Co. LLC ("Lord Abbett")) — Seeks to achieve long-term growth of capital.

1290 VT Natural Resources Portfolio (sub-advised by AllianceBernstein L.P. ("AB"), an affiliate of EIM) — Seeks to achieve long-term growth of capital.

1290 VT Real Estate Portfolio (sub-advised by AB) — Seeks to provide long-term capital appreciation and current income.

1290 VT Small Cap Value Portfolio (sub-advised by BlackRock and Horizon Kinetics Asset Management LLC) — Seeks to achieve long-term growth of capital.

1290 VT SmartBeta Equity ESG Portfolio (formerly, 1290 VT SmartBeta Equity Portfolio) (sub-advised by AXA Investment Managers US Inc.) — Seeks to achieve long-term capital appreciation. Effective January 1, 2022, AXA Investment Managers US Inc. replaced AXA Rosenberg Investment Management LLC as the Sub-Adviser to the Portfolio.

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December 31, 2022

1290 VT Socially Responsible Portfolio (sub-advised by BlackRock) — Seeks to achieve long- term capital appreciation.

ATM Large Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Mid Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM Small Cap Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

ATM International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/500 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/400 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/2000 Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Managed Volatility Portfolio (sub-advised by AB and BlackRock) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/AB Dynamic Aggressive Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income, with a greater emphasis on growth of capital.

EQ/AB Dynamic Moderate Growth Portfolio (sub-advised by AB) — Seeks to achieve total return from long-term growth of capital and income.

EQ/AB Short Duration Government Bond Portfolio (sub-advised by AB) — Seeks to achieve a balance of current income and capital appreciation, consistent with a prudent level of risk.

EQ/AB Small Cap Growth Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/AB Sustainable U.S. Thematic Portfolio (sub-advised by AB) — Seeks to achieve long-term growth of capital.

EQ/American Century Mid Cap Value Portfolio (sub-advised by American Century Investment Management, Inc. ("American Century")) — Seeks to achieve long-term capital growth. Income is a secondary objective.

EQ/American Century Moderate Growth Allocation Portfolio (sub-advised by American Century) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Capital Group Research Portfolio (sub-advised by Capital International, Inc. ("Capital International")) — Seeks to achieve long-term growth of capital.

1481

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

EQ/ClearBridge Large Cap Growth ESG Portfolio (formerly, EQ/ClearBridge Large Cap Growth Portfolio) (sub-advised by ClearBridge Investments, LLC ("ClearBridge")) — Seeks to achieve long- term capital growth.

EQ/ClearBridge Select Equity Managed Volatility Portfolio (sub-advised by BlackRock and ClearBridge) — Seeks to achieve capital appreciation, which may occasionally be short-term, with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Common Stock Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000<sup>®</sup> Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000<sup>®</sup> Index.

EQ/Core Bond Index Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government/Credit Bond Index ("Intermediate Government Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Credit Index.

EQ/Emerging Markets Equity PLUS Portfolio (sub-advised by AB and EARNEST Partners, LLC ("EARNEST")) — Seeks to achieve long-term growth of capital.

EQ/Equity 500 Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's 500<sup>®</sup> Composite Stock Index ("S&P 500<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P 500<sup>®</sup> Index.

EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (sub-advised by FIAM LLC) — Seeks to achieve long-term capital appreciation.

EQ/Franklin Moderate Allocation Portfolio (sub-advised by Franklin Advisers) — Seeks long- term capital appreciation while managing portfolio volatility.

EQ/Franklin Rising Dividends Portfolio (sub-advised by Franklin Advisers) — Seeks to achieve long-term capital appreciation. Preservation of capital, while not a goal, is also an important consideration.

EQ/Franklin Small Cap Value Managed Volatility Portfolio (sub-advised by BlackRock and Franklin Mutual Advisers, LLC) — Seeks to achieve long-term total return with an emphasis on risk- adjusted returns and managing volatility in the Portfolio.

EQ/Global Equity Managed Volatility Portfolio (sub-advised by BlackRock, Morgan Stanley Investment Management, Inc. ("MSIM") and Invesco Advisers, Inc. ("Invesco") — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Goldman Sachs Growth Allocation Portfolio (sub-advised by Goldman Sachs Asset Management, L.P. ("GSAM")) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Goldman Sachs Mid Cap Value Portfolio (sub-advised by GSAM) — Seeks to achieve long- term capital appreciation.

EQ/Goldman Sachs Moderate Growth Allocation Portfolio (sub-advised by GSAM) — Seeks to achieve long-term capital appreciation under normal market conditions, while focusing on the preservation of capital in distressed market environments.

EQ/Intermediate Government Bond Portfolio (sub-advised by SSGA FM) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government Bond Index ("Intermediate Government Bond Index"), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Bond Index.

1482

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December 31, 2022

EQ/International Core Managed Volatility Portfolio (sub-advised by BlackRock, EARNEST, Federated Global Investment Management Corp. and Massachusetts Financial Services Company d/ b/a MFS Investment Management ("MFS")) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/International Equity Index Portfolio (sub-advised by AB) — Seeks to achieve a total return (before expenses) that approximates the total return performance of a composite index comprised of 40% DJ EuroSTOXX 50<sup>®</sup> Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index.

EQ/International Value Managed Volatility Portfolio (sub-advised by BlackRock and Harris Associates LP) — Seeks to provide current income and long-term growth of income, accompanied by growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Invesco Comstock Portfolio (sub-advised by Invesco) — Seeks to achieve capital growth and income.

EQ/Invesco Global Portfolio (sub-advised by Invesco) — Seeks to achieve capital appreciation.

EQ/Invesco Global Real Assets Portfolio (sub-advised by Invesco) — Seeks to achieve total return through growth of capital and current income.

EQ/Invesco Moderate Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Invesco Moderate Growth Allocation Portfolio (sub-advised by Invesco) — Seeks long-term capital appreciation while managing portfolio volatility.

EQ/Janus Enterprise Portfolio (sub-advised by Janus Henderson Investors US LLC, formerly, Janus Capital Management LLC) — Seeks to achieve capital growth.

EQ/JPMorgan Growth Allocation Portfolio (sub-advised by J.P. Morgan Investment Management Inc. ("JPMorgan")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/JPMorgan Value Opportunities Portfolio (sub-advised by JPMorgan) — Seeks to achieve long-term capital appreciation.

EQ/Large Cap Core Managed Volatility Portfolio (sub-advised by BlackRock, Capital International, Inc., GQG Partners LLC and Vaughan Nelson Investment Management) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Large Cap Growth Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Growth Index, including reinvestment of dividends, at a risk level consistent with the Russell 1000<sup>®</sup> Growth Index.

EQ/Large Cap Growth Managed Volatility Portfolio (sub-advised by BlackRock, HS Management Partners, LLC, Loomis, Sayles & Company, L.P. ("Loomis Sayles"), Polen Capital Management, LLC and T. Rowe Price Associates, Inc. ("T. Rowe Price")) — Seeks to provide long-term capital growth with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Large Cap Value Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000<sup>®</sup> Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000<sup>®</sup> Value Index.

EQ/Large Cap Value Managed Volatility Portfolio (sub-advised by AB, Aristotle Capital Management, LLC ("Aristotle Capital") and MFS) — Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

EQ/Lazard Emerging Markets Equity Portfolio (sub-advised by Lazard Asset Management LLC) — Seeks to achieve long-term capital appreciation.

EQ/Long-Term Bond Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Long Government/ Credit Bond Index ("Long Government/Credit Index"), including reinvestment of dividends, at a risk level consistent with that of the Long Government/Credit Index.

EQ/Loomis Sayles Growth Portfolio (sub-advised by Loomis Sayles) — Seeks to achieve capital appreciation.

EQ/MFS International Growth Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS International Intrinsic Value Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Mid Cap Focused Growth Portfolio (sub-advised by MFS) — Seeks to provide growth of capital.

EQ/MFS Technology Portfolio (sub-advised by MFS) — Seeks to achieve capital appreciation.

EQ/MFS Utilities Series Portfolio (sub-advised by MFS) — Seeks to achieve total return.

EQ/Mid Cap Index Portfolio (sub-advised by AB) — Seeks to achieve a total return before expenses that approximates the total return performance of the Standard & Poor's MidCap 400<sup>®</sup> Index ("S&P MidCap 400<sup>®</sup> Index"), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400<sup>®</sup> Index.

EQ/Mid Cap Value Managed Volatility Portfolio (sub-advised by BlackRock, Diamond Hill Capital Management, Inc., and Wellington Management Company, LLP ("Wellington")) — Seeks to achieve long-term capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio.

EQ/Money Market Portfolio (sub-advised by BNY Mellon Investment Adviser, Inc.) — Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

EQ/Morgan Stanley Small Cap Growth Portfolio (sub-advised by BlackRock and MSIM) — Seeks to achieve long-term growth of capital.

EQ/PIMCO Global Real Return Portfolio (sub-advised by Pacific Investment Management Company LLC ("PIMCO")) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Real Return Portfolio (sub-advised by PIMCO) — Seeks to achieve maximum real return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Total Return ESG Portfolio (formerly, EQ/PIMCO Total Return Portfolio) (sub-advised by PIMCO) — Seeks to achieve maximum total return, consistent with preservation of capital and prudent investment management.

EQ/PIMCO Ultra Short Bond Portfolio (sub-advised by PIMCO) — Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

EQ/Quality Bond PLUS Portfolio (sub-advised by AB and PIMCO) — Seeks to achieve high current income consistent with moderate risk to capital.

EQ/Small Company Index Portfolio (sub-advised by AB) — Seeks to replicate as closely as possible (before expenses) the total return of the Russell 2000<sup>®</sup> Index.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

EQ/T. Rowe Price Growth Stock Portfolio (sub-advised by T. Rowe Price) — Seeks to achieve long-term capital appreciation and secondarily, income.

EQ/T. Rowe Price Health Sciences Portfolio (sub-advised by T. Rowe Price) — Seeks to achieve long-term capital appreciation.

EQ/Value Equity Portfolio (sub-advised by Aristotle Capital) — Seeks to achieve capital appreciation.

EQ/Wellington Energy Portfolio (sub-advised by Wellington) — Seeks to provide capital growth and appreciation.

Multimanager Aggressive Equity Portfolio (sub-advised by AB, 1832 Asset Management U.S. Inc., T. Rowe Price and Westfield Capital Management Company, L.P.) — Seeks to achieve long-term growth of capital. Effective August 31, 2022, ClearBridge was terminated as a Sub-Adviser to the Portfolio.

Multimanager Core Bond Portfolio (sub-advised by BlackRock, DoubleLine, PIMCO and SSGA FM) — Seeks to achieve a balance of high current income and capital appreciation, consistent with a prudent level of risk.

Multimanager Technology Portfolio (sub-advised by AB and Wellington) — Seeks to achieve long-term growth of capital. Effective May 27, 2022, Allianz Global Investors U.S. LLC was terminated as a Sub-Adviser to the Portfolio.

*The following is a summary of the significant accounting policies of the Trust:* 

The preparation of financial statements in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Portfolios are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ stock market will be valued using the NASDAQ Official Closing Price ("NOCP"). Other unlisted stocks are generally valued at their last sale price or official closing price, or if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

Convertible preferred stocks listed on national securities exchanges are generally valued as of their last sale price or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are generally valued using prices obtained from a pricing service for such investments or, if a pricing service price is not available, fair valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

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December 31, 2022

Mortgage-backed and asset-backed securities are generally valued at evaluated prices obtained from a pricing service where available, or fair valued at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, collateral performance, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes may be obtained from a broker and converted to a price.

Options that are traded on an exchange are generally valued at their last sale price or official closing price on the date of valuation. Options not traded on an exchange or actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are generally valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker- dealers, yield curves and the spread over comparable U.S. Treasury issues in making evaluations.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts ("ADR") or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Portfolio are generally valued at the net asset value ("NAV") of the shares of such funds as described in the underlying funds' prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no sale, at the latest available bid price.

Forward foreign currency contracts are generally valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the fair value of the swap will be determined in good faith by the Trust's Valuation Committee (as discussed below).

Securities for which market quotations are readily available are valued at their market value. All other securities are valued at their fair value, as determined in good faith by the Board of the Trust. In accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated EIM, the investment adviser to the Trust, as its valuation designee (the "Valuation Designee"). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for making fair valuation determinations in accordance with procedures (the "Pricing Procedures") approved by the Board. EIM's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by EIM (the "Committee").

EIM has appointed Equitable Investment Management, LLC (the "Administrator") to oversee the calculation of the NAV of the Portfolios and their respective share classes. The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the "Sub-Administrator") to assist in performing certain duties, including the calculation of the Portfolios' NAVs.

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December 31, 2022

Due to the inherent uncertainty of the valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of each Portfolio's assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining the fair
value of investments)

A summary of inputs used to value each Portfolio's assets and liabilities carried at fair value as of December 31, 2022, is included in the Portfolio of Investments for each Portfolio. Changes in valuation techniques may result in transfers in or out of an investment's assigned level.

Transfers into and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Portfolio, if any. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Portfolio's NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

All securities held in the EQ/Money Market Portfolio are valued at amortized cost provided that certain conditions are met, including that the Board continues to believe that the amortized cost valuation method fairly reflects the market-based NAV per share of the Portfolio. The EQ/Money Market Portfolio seeks to maintain a constant NAV per share of $1.00, but there can be no assurance that it will be able to do so.

Events or circumstances affecting the values of Portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust's calculation of a NAV for each applicable Portfolio when the Committee deems that the particular event or circumstance would materially affect such Portfolio's NAV.

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December 31, 2022

Security Transactions and Investment Income:

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income (net of withholding taxes) and distributions to shareholders are recorded on the ex-dividend date, except that certain dividends from foreign securities, if any, are recognized as soon as the Portfolio is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the market value or fair value, as applicable, of the asset received. Interest income (including amortization of premium and accretion of discount on long-term securities using the effective yield method) and interest expense are accrued daily. The Trust records paydown gains and losses realized on prepayments received on mortgage-backed securities as an adjustment to interest income.

The Portfolios record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Those classified as short-term gain distributions are reflected as such for book but as ordinary income for tax. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolios adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Realized gains and losses on the sale of investments are computed on the basis of the specific identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities, if any, is presented net of deferred taxes on unrealized appreciation in the Statements of Assets and Liabilities.

Capital Gains Taxes:

Certain Portfolios may be subject to capital gains and repatriation taxes imposed by certain countries in which they invest. These Portfolios have recorded a deferred tax liability with respect to unrealized appreciation on foreign securities for potential capital gains and repatriation taxes at December 31, 2022. The accrual for capital gains and repatriation taxes is included in net unrealized appreciation (depreciation) on investments in the Statements of Assets and Liabilities for the Portfolios. The amounts related to capital gain taxes for securities that have been sold are included in the net realized gain (loss) on investments in the Statements of Operations for the Portfolios.

Allocation of Expenses and Income:

Expenses attributable to a single Portfolio or class are charged to that Portfolio or class. Expenses of the Trust not attributable to a single Portfolio or class are charged to each Portfolio or class in proportion to the average net assets of each Portfolio or other appropriate allocation methods.

All income earned and expenses incurred by each Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the daily net assets of such class, except for distribution fees which are charged on a class specific basis.

Offering costs incurred in connection with the offering of shares of a Portfolio will be amortized and recorded as an expense on a straight line basis over 12 months from the date of the Portfolio's commencement of public offering of shares. Amortized offering costs are disclosed in the Statement of Operations.

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December 31, 2022

Offering costs incurred during the year ended December 31, 2022 by the portfolios shown below were:

---

| | |
|:---|:---|
| **Portfolios:** | **Amounts** |
|  Equitable Moderate Growth MF/ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64838 |
|  Equitable Growth MF/ETF | 63627 |
|  EQ/AB Sustainable U.S.Thematic | 65754 |

---

Offering costs incurred during the year ended December 31, 2021 by the Portfolio shown below were:

---

| | |
|:---|:---|
| **Portfolio:** | **Amount** |
|  EQ/Long-Term Bond | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99330 |

---

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Market value or fair value, as applicable, of investment securities, other assets and liabilities — at the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases and sales of investment securities, income and expenses — at the date of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Portfolio's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

Taxes:

Each Portfolio intends to comply with the requirements of the Internal Revenue Code of 1986, as amended applicable to regulated investment companies ("RICs") and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal, state and local income tax provisions are required.

The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios' conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Portfolios did not incur any interest or penalties. Each of the tax years in the four-year period ended December 31, 2022 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Dividends from net investment income, if any, are declared and distributed at least annually for all Portfolios (EQ/Money Market declares and distributes daily and Multimanager Core Bond declares and distributes monthly). Dividends from net realized short-term and long-term capital gains are declared and distributed at least annually to the shareholders of a Portfolio to which such gains are attributable. All dividends are reinvested in additional full and fractional shares of the related Portfolios. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. For the Portfolios, the cumulative significant differences related to the tax composition of undistributed ordinary income and long term gains are primarily due to 1256 mark to market contracts (EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Growth Allocation, EQ/JPMorgan Growth Allocation, EQ/MFS Utilities Series, EQ/PIMCO Global Real Return and Multimanager Aggressive Equity), capital loss carryforwards (Equitable Moderate Growth MF/ETF, Equitable Growth MF/ETF, 1290 VT Convertible Securities, 1290 VT DoubleLine Opportunistic Bond, 1290 VT High Yield Bond, 1290 VT Micro Cap, 1290 VT Natural Resources, ATM Small Cap Managed Volatility, ATM International Managed Volatility, EQ/2000 Managed Volatility, EQ/International Managed Volatility, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/AB Short Duration Government Bond, EQ/AB Sustainable U.S. Thematic, EQ/ClearBridge Select Equity Managed Volatility, EQ/Core Bond Index, EQ/Franklin Moderate Allocation, EQ/Global Equity Managed Volatility, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation, EQ/JPMorgan Growth Allocation, EQ/Lazard Emerging Markets Equity, EQ/Long-Term Bond, EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology, EQ/Morgan Stanley Small Cap Growth, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, EQ/Quality Bond PLUS, EQ/T. Rowe Price Growth Stock, EQ/Wellington Energy and Multimanager Core Bond), deferral of losses on offsetting positions (ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility, ATM International Managed Volatility, EQ/500 Managed Volatility, EQ/400 Managed Volatility, EQ/2000 Managed Volatility, EQ/International Managed Volatility, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Moderate Allocation, EQ/Franklin Small Cap Value Managed Volatility, EQ/Global Equity Managed Volatility, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility, EQ/Mid Cap Value Managed Volatility and Multimanager Aggressive Equity), investments in passive foreign investment companies (1290 VT Real Estate, ATM International Managed Volatility, EQ/International Managed Volatility, EQ/Global Equity Managed Volatility, EQ/International Core Managed Volatility, EQ/International Equity Index, EQ/International Value Managed Volatility and EQ/MFS Utilities Series), ishares Trust (EQ/All Asset Growth Allocation), partnership basis adjustments (1290 VT Multi-Alternative Strategies and 1290 VT Small Cap Value), post-October loss deferrals (1290 VT Convertible Securities, 1290 VT Micro Cap, ATM International Managed Volatility, EQ/International Managed Volatility, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/AB Small Cap Growth, EQ/AB Sustainable U.S. Thematic, EQ/American Century Mid Cap Value, EQ/ClearBridge Select Equity Managed Volatility, EQ/Emerging Markets Equity PLUS, EQ/Goldman Sachs Mid Cap Value, EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Invesco Global, EQ/JPMorgan Growth Allocation, EQ/MFS Technology, EQ/Morgan Stanley Small Cap Growth, EQ/PIMCO Global Real Return, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, Multimanager Aggressive Equity and Multimanager Technology) and wash sale loss deferrals (1290 VT Moderate Growth Allocation, 1290 VT Micro Cap, 1290 VT Natural Resources, 1290 VT Real Estate, EQ/AB Small Cap Growth, EQ/American Century Moderate Growth Allocation, EQ/International Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility, EQ/Mid Cap Value Managed Volatility, EQ/Morgan Stanley Small Cap Growth, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return,

1490

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Multimanager Aggressive Equity and Multimanager Technology). In addition, short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. The tax character of distributions for the years ended December 31, 2022 and December 31, 2021 and the tax composition of undistributed ordinary income and undistributed long-term gains at December 31, 2022 are presented in the following table:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
| **Portfolios:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Accumulated<br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/All Asset Growth Allocation | $5928365 | $31264361 | $179301 | $5949429 | $26419330 | $58177510 |
|  EQ/Ultra Conservative Strategy | 21208349 | 17038447 | 683496 | 4543971 | 19398238 | 15804234 |
|  EQ/Conservative Strategy | 6636003 | 18436081 |  | 1124057 | 13135766 | 22745594 |
|  EQ/Conservative Growth Strategy | 11714383 | 64107498 |  | 9925696 | 28185509 | 73935365 |
|  EQ/Balanced Strategy | 35858152 | 146148599 |  | 20831661 | 93465918 | 154163761 |
|  EQ/Moderate Growth Strategy | 54438667 | 434531265 |  | 67319230 | 175897320 | 451817734 |
|  EQ/Growth Strategy | 43345373 | 357021426 |  | 62564266 | 160322535 | 303867754 |
|  EQ/Aggressive Growth Strategy | 44172708 | 374914946 |  | 76757917 | 190353619 | 270864013 |
|  Equitable Conservative Growth MF/ETF | 1583653 | 1544558 | 15974 |  | 4769371 | 1108712 |
|  Equitable Moderate Growth MF/ETF | 180490 |  |  |  |  |  |
|  Equitable Growth MF/ETF | 142365 |  |  |  |  |  |
|  1290 VT Moderate Growth Allocation | 1400101 | 920197 |  |  | 580448 |  |
|  1290 VT Multi-Alternative Strategies | 263286 | 151469 | 22446 |  | 247217 | 297517 |
|  1290 VT Convertible Securities | 524171 | 20815 | 191187 |  | 3819289 | 11245717 |
|  1290 VT DoubleLine Opportunistic Bond | 17984006 | 588736 |  |  | 14009914 | 650401 |
|  1290 VT Equity Income | 9622020 | 28562460 |  | 6170817 | 9191241 |  |
|  1290 VT GAMCO Mergers & Acquisitions | 697078 | 5362913 |  | 133769 | 1892927 | 4926333 |
|  1290 VT GAMCO Small Company Value | 18221962 | 154936909 | 46074 | 13235631 | 28432387 | 247242749 |
|  1290 VT High Yield Bond | 11747845 |  | 6672 |  | 10785746 |  |
|  1290 VT Micro Cap | 653042 | 4439556 |  |  | 21904262 | 33708310 |
|  1290 VT Natural Resources | 1403466 |  | 10697 |  | 775012 |  |
|  1290 VT Real Estate | 115279 |  | 138382 |  | 1431372 | 246591 |
|  1290 VT Small Cap Value | 1452664 | 33401661 |  | 21263603 | 18033413 | 46188650 |
|  1290 VT SmartBeta Equity ESG | 4814547 | 4369940 | 306612 |  | 19243390 | 7465073 |
|  1290 VT Socially Responsible | 1549070 | 1149491 | 7437 | 739892 | 1401304 | 2989023 |
|  ATM Large Cap Managed Volatility | 33730710 | 140887125 |  | 68425897 | 62985683 | 354548384 |
|  ATM Mid Cap Managed Volatility | 3343013 | 7955993 |  | 1240602 | 14820486 | 23735549 |
|  ATM Small Cap Managed Volatility | 9831836 | 18010478 |  |  | 75243858 | 144522687 |
|  ATM International Managed Volatility | 36326431 |  | 4592955 |  | 73212182 | 64471631 |
|  EQ/500 Managed Volatility | 100314806 | 419264744 |  | 109637544 | 199009377 | 840921896 |
|  EQ/400 Managed Volatility | 8863129 | 21932284 |  | 2825980 | 47785923 | 64322745 |
|  EQ/2000 Managed Volatility | 33202648 | 65472776 |  |  | 241636117 | 477694444 |
|  EQ/International Managed Volatility | 26943684 | 13421618 | 7214300 |  | 137281707 | 34976986 |
|  EQ/AB Dynamic Aggressive Growth | 847117 | 1572477 | 394814 |  | 7740158 | 10564759 |
|  EQ/AB Dynamic Growth | 55787311 | 11414711 | 690639 |  | 13641890 | 4851126 |
|  EQ/AB Dynamic Moderate Growth | 27538818 | 32228884 |  |  | 51363432 | 46559918 |
|  EQ/AB Short Duration Government Bond | 6726702 |  | 132013 |  | 6375343 |  |
|  EQ/AB Small Cap Growth | 3967640 | 73877015 |  |  | 107199012 | 292537244 |
|  EQ/AB Sustainable U.S. Thematic | 40198 |  | 6196 |  |  |  |
|  EQ/American Century Mid Cap Value | 27559945 | 49649565 | 2249243 | 4723947 | 36321090 | 34861094 |
|  EQ/American Century Moderate Growth Allocation | 1549636 | 1236828 |  |  | 1006173 | 145381 |
|  EQ/Capital Group Research | 5085114 | 59747432 | 47504 | 8600259 | 7176122 | 23890285 |
|  EQ/ClearBridge Large Cap Growth ESG | 218349 | 46079300 |  | 3024976 | 860401 | 29546003 |
|  EQ/ClearBridge Select Equity Managed Volatility | 3370678 | 1868746 | 90652 |  | 7748810 | 18759610 |
|  EQ/Common Stock Index | 49052756 | 340394545 | 7468466 | 28136815 | 56793784 | 473410544 |
|  EQ/Core Bond Index | 95332338 | 14070160 | 337736 |  | 108236877 | 36551598 |
|  EQ/Emerging Markets Equity PLUS | 1774562 | 3902648 | 142897 | 147179 | 1927506 | 1146563 |
|  EQ/Equity 500 Index | 82081848 | 114161616 |  | 8134922 | 79797160 | 237169012 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 7433275 | 49882286 |  | 1767843 | 55374636 | 61973787 |
|  EQ/Franklin Moderate Allocation | 2364761 | 2296 |  |  | 8861675 | 9114254 |
|  EQ/Franklin Rising Dividends | 2312853 | 3839813 | 23524 | 71196 | 1610274 | 789 |

---

1491

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2022** | **Year Ended**<br>**December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2021** |
| **Portfolios:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Accumulated<br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  EQ/Franklin Small Cap Value Managed Volatility | $1833847 | $9294288 | $— | $2542237 | $30475255 | $37234430 |
|  EQ/Global Equity Managed Volatility | 11132830 | 41503432 | 3134379 |  | 76395848 | 327524669 |
|  EQ/Goldman Sachs Growth Allocation | 1888433 | 899927 | 108015 |  | 9269633 | 9304852 |
|  EQ/Goldman Sachs Mid Cap Value | 1726784 | 13546085 |  |  | 9412789 | 5740233 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 3785520 |  | 1316963 |  | 38873405 | 40473466 |
|  EQ/Intermediate Government Bond | 79095605 | 6231189 | 119091 |  | 63618612 | 47976477 |
|  EQ/International Core Managed Volatility | 16084619 | 10025893 | 2486690 |  | 72773438 | 87937347 |
|  EQ/International Equity Index | 36843100 |  | 3743835 |  | 54008932 |  |
|  EQ/International Value Managed Volatility | 17471550 | 7658052 | 2579790 |  | 57160376 | 31253667 |
|  EQ/Invesco Comstock | 5810165 | 23809733 | 450171 | 1961544 | 5586151 | 9050728 |
|  EQ/Invesco Global |  | 11153202 |  |  |  | 16265569 |
|  EQ/Invesco Global Real Assets | 9214561 | 1449808 | 754061 | 2289 | 8726496 |  |
|  EQ/Invesco Moderate Allocation | 943779 |  | 33355 |  | 9389764 | 12367173 |
|  EQ/Invesco Moderate Growth Allocation | 1695347 |  | 45189 |  | 3326631 | 4006369 |
|  EQ/Janus Enterprise | 118344 | 89619148 |  | 32047969 | 24961333 | 141966139 |
|  EQ/JPMorgan Growth Allocation | 1820231 | 1173464 |  |  | 14778025 | 20324003 |
|  EQ/JPMorgan Value Opportunities | 10704394 | 71822441 | 278568 | 3972849 | 82079145 | 91431661 |
|  EQ/Large Cap Core Managed Volatility | 17986539 | 162317684 | 15294735 | 44135245 | 97348648 | 275386054 |
|  EQ/Large Cap Growth Index | 6068785 | 129470337 |  | 9374816 | 33352801 | 160593299 |
|  EQ/Large Cap Growth Managed Volatility | 2234577 | 491051673 |  | 37307621 | 210020056 | 1102061690 |
|  EQ/Large Cap Value Index | 14307933 | 13364992 |  | 176885 | 25522849 | 26118274 |
|  EQ/Large Cap Value Managed Volatility | 64016973 | 134047126 |  | 22856722 | 277742606 | 260744026 |
|  EQ/Lazard Emerging Markets Equity | 16620161 | 2048279 | 554919 |  | 14748553 | 19073603 |
|  EQ/Long-Term Bond | 76479629 |  | 20803 |  | 10328647 |  |
|  EQ/Loomis Sayles Growth |  | 78404045 |  | 1027669 | 3190709 | 76344458 |
|  EQ/MFS International Growth | 12178383 | 47652502 | 952065 | 22491036 | 14595538 | 144970055 |
|  EQ/MFS International Intrinsic Value | 4439502 | 37062443 | 189570 | 4243996 | 9289011 | 29941076 |
|  EQ/MFS Mid Cap Focused Growth |  | 841175 |  |  |  | 7858063 |
|  EQ/MFS Technology | 58307 | 14787609 |  |  | 23148484 | 42849175 |
|  EQ/MFS Utilities Series | 10344934 | 7056314 |  | 445366 | 3861005 | 2608301 |
|  EQ/Mid Cap Index | 21219806 | 139089789 |  | 25409901 | 50326668 | 169021325 |
|  EQ/Mid Cap Value Managed Volatility | 16727739 | 42362433 |  | 19833457 | 98104299 | 154170019 |
|  EQ/Money Market | 18666234 |  |  |  | 2913991 |  |
|  EQ/Morgan Stanley Small Cap Growth | 991243 | 2088637 |  |  | 215398121 | 68874045 |
|  EQ/PIMCO Global Real Return | 12359153 |  | 1014235 |  | 11679621 |  |
|  EQ/PIMCO Real Return | 5176033 |  | 539364 |  | 6362512 |  |
|  EQ/PIMCO Total Return ESG | 8761714 |  | 250426 |  | 6648558 |  |
|  EQ/PIMCO Ultra Short Bond | 13496505 |  | 453564 |  | 5263852 |  |
|  EQ/Quality Bond PLUS | 18467847 |  | 108697 |  | 13084487 | 10413010 |
|  EQ/Small Company Index | 11886214 | 43783148 |  |  | 37216309 | 124868360 |
|  EQ/T. Rowe Price Growth Stock | 2126027 | 48877689 |  |  | 48848870 | 165343876 |
|  EQ/T. Rowe Price Health Sciences |  | 4260093 |  | 414060 | 1718623 | 6863936 |
|  EQ/Value Equity | 27602133 | 22008897 |  | 2602007 | 249246242 | 79401144 |
|  EQ/Wellington Energy | 5695505 |  |  |  | 2772934 |  |
|  Multimanager Aggressive Equity | 662070 | 176300499 |  | 2215448 | 71561903 | 249796020 |
|  Multimanager Core Bond | 23622389 |  |  |  | 18410402 | 809536 |
|  Multimanager Technology | 9108553 | 122931736 |  |  | 64890188 | 181190039 |

---

None of the Portfolios had a Return of Capital during the year ended December 31, 2022.

Additionally, the following Portfolios had a Return of Capital during the year ended December 31, 2021:

---

| | |
|:---|:---|
| **Portfolios:** | **Return of Capital** |
|  1290 VT Real Estate | $16099091 |
|  EQ/AB Dynamic Moderate Growth | 2593147 |
|  EQ/PIMCO Global Real Return | 7366856 |
|  EQ/PIMCO Ultra Short Bond | 566724 |

---

1492

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at December 31, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **Undistributed<br>Net Investment<br>Income (Loss) (a)** | **Accumulated<br>Net Realized<br>Gain (Loss) (a)** | **Accumulated<br>Net Realized<br>Gain (Loss) (a)** | **Paid In<br>Capital** |
|  EQ/All Asset Growth Allocation | $2006044 | ($| 2006044) | $— |
|  EQ/Ultra Conservative Strategy | 327605 |  | (327605) |  |
|  EQ/Conservative Strategy | 175946 |  | (175946) |  |
|  EQ/Conservative Growth Strategy | 551502 |  | (551502) |  |
|  EQ/Balanced Strategy | 1950089 |  | (1950089) |  |
|  EQ/Moderate Growth Strategy | 3895849 |  | (3895849) |  |
|  EQ/Growth Strategy | 3493000 |  | (3493000) |  |
|  EQ/Aggressive Growth Strategy | 4300812 |  | (4300812) |  |
|  Equitable Conservative Growth MF/ETF | 160647 |  | (160647) |  |
|  Equitable Moderate Growth MF/ETF | 13740 |  | (72) | (13668) |
|  Equitable Growth MF/ETF | 13254 |  | (90) | (13164) |
|  1290 VT Moderate Growth Allocation | 358386 |  | (299533) | (58853) |
|  1290 VT Multi-Alternative Strategies | 21389 |  | (21389) |  |
|  1290 VT Convertible Securities | 173480 |  | (173480) |  |
|  1290 VT DoubleLine Opportunistic Bond | 1365348 |  | (1286560) | (78788) |
|  1290 VT Equity Income | 993739 |  | (416858) | (576881) |
|  1290 VT GAMCO Mergers & Acquisitions | 411388 |  | (435828) | 24440 |
|  1290 VT GAMCO Small Company Value | 1104517 |  | (1099548) | (4969) |
|  1290 VT High Yield Bond | 84916 |  | (84916) |  |
|  1290 VT Micro Cap | 22814 |  | (20907) | (1907) |
|  1290 VT Natural Resources | 178238 |  | (4720) | (173518) |
|  1290 VT Real Estate | (37111) |  | 41362 | (4251) |
|  1290 VT Small Cap Value | 56774 |  | (190148) | 133374 |
|  1290 VT SmartBeta Equity ESG | (302259) |  | 302259 |  |
|  1290 VT Socially Responsible | (45142) |  | 73783 | (28641) |
|  ATM Large Cap Managed Volatility | 622775 |  | (622773) | (2) |
|  ATM Mid Cap Managed Volatility | 202106 |  | (202106) |  |
|  ATM Small Cap Managed Volatility | 513507 |  | (265850) | (247657) |
|  ATM International Managed Volatility | 841961 |  | 727882 | (1569843) |
|  EQ/500 Managed Volatility | 2666106 |  | (2666106) |  |
|  EQ/400 Managed Volatility | 500392 |  | (500392) |  |
|  EQ/2000 Managed Volatility | 2673148 |  | (1995831) | (677317) |
|  EQ/International Managed Volatility | (3303050) |  | 5646462 | (2343412) |
|  EQ/AB Dynamic Aggressive Growth | (4141181) |  | 4141181 |  |
|  EQ/AB Dynamic Growth | (5799092) |  | 5799092 |  |
|  EQ/AB Dynamic Moderate Growth | (2026824) |  | (472235) | 2499059 |
|  EQ/AB Short Duration Government Bond | 349217 |  | (349217) |  |
|  EQ/AB Small Cap Growth | 1314945 |  | (921899) | (393046) |
|  EQ/AB Sustainable U.S. Thematic | 23797 |  |  | (23797) |
|  EQ/American Century Mid Cap Value | 2340223 |  | (2340342) | 119 |
|  EQ/American Century Moderate Growth Allocation | 128066 |  | 420 | (128486) |
|  EQ/Capital Group Research | 11249 |  | (11249) |  |
|  EQ/ClearBridge Large Cap Growth ESG | 1031337 |  |  | (1031337) |
|  EQ/ClearBridge Select Equity Managed Volatility | 355081 |  | (355081) |  |
|  EQ/Common Stock Index | 2147062 |  | (2147062) |  |
|  EQ/Core Bond Index | 20019 |  | (20019) |  |
|  EQ/Emerging Markets Equity PLUS | 25801 |  | (25801) |  |
|  EQ/Equity 500 Index | 2659963 |  | (2659963) |  |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | (31102) |  | 28722 | 2380 |
|  EQ/Franklin Moderate Allocation | 462143 |  | 14970 | (477113) |

---

1493

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Undistributed<br>Net Investment<br>Income (Loss) (a)** | **Accumulated<br>Net Realized<br>Gain (Loss) (a)** | **Paid In<br>Capital** |
|  EQ/Franklin Rising Dividends | $— |  | $— |
|  EQ/Franklin Small Cap Value Managed Volatility | 76682 | (76682) |  |
|  EQ/Global Equity Managed Volatility | (4176476) | 4176476 |  |
|  EQ/Goldman Sachs Growth Allocation | 86769 | (86769) |  |
|  EQ/Goldman Sachs Mid Cap Value | 96247 | (64267) | (31980) |
|  EQ/Goldman Sachs Moderate Growth Allocation | (116965) | 163653 | (46688) |
|  EQ/Intermediate Government Bond | (1837) | 1837 |  |
|  EQ/International Core Managed Volatility | (3284806) | 4094751 | (809945) |
|  EQ/International Equity Index | 3115301 | (1178144) | (1937157) |
|  EQ/International Value Managed Volatility | (840219) | 754293 | 85926 |
|  EQ/Invesco Comstock | 295955 | (295955) |  |
|  EQ/Invesco Global | 444500 | 1217870 | (1662370) |
|  EQ/Invesco Global Real Assets | 443440 | (478689) | 35249 |
|  EQ/Invesco Moderate Allocation | (4138) | 23144 | (19006) |
|  EQ/Invesco Moderate Growth Allocation | 3507 | (4690458) | 4686951 |
|  EQ/Janus Enterprise | 1347876 | 139876 | (1487752) |
|  EQ/JPMorgan Growth Allocation | 307478 | (8578532) | 8271054 |
|  EQ/JPMorgan Value Opportunities | 79388 | (79389) | 1 |
|  EQ/Large Cap Core Managed Volatility | (419784) | 419784 |  |
|  EQ/Large Cap Growth Index | 6133 | (6133) |  |
|  EQ/Large Cap Growth Managed Volatility | 467450 | (467450) |  |
|  EQ/Large Cap Value Index | 539630 | (563008) | 23378 |
|  EQ/Large Cap Value Managed Volatility | 1967038 | (1967038) |  |
|  EQ/Lazard Emerging Markets Equity | (308441) | 308441 |  |
|  EQ/Long-Term Bond | 44049 | (44049) |  |
|  EQ/Loomis Sayles Growth | 2861367 | (664633) | (2196734) |
|  EQ/MFS International Growth | (776962) | 776962 |  |
|  EQ/MFS International Intrinsic Value | (42983) | 42983 |  |
|  EQ/MFS Mid Cap Focused Growth | 1967949 | 222155 | (2190104) |
|  EQ/MFS Technology | 3533994 | 11471 | (3545465) |
|  EQ/MFS Utilities Series | 8436319 | (8436319) |  |
|  EQ/Mid Cap Index | 1867713 | (1867713) |  |
|  EQ/Mid Cap Value Managed Volatility | 2038701 | (2038701) |  |
|  EQ/Money Market |  | 548 | (548) |
|  EQ/Morgan Stanley Small Cap Growth | 1448802 | (1040959) | (407843) |
|  EQ/PIMCO Global Real Return | 9084848 | (8761120) | (323728) |
|  EQ/PIMCO Real Return | 576846 | (576845) | (1) |
|  EQ/PIMCO Total Return ESG | 1687952 | (1687952) |  |
|  EQ/PIMCO Ultra Short Bond | 415901 | (415901) |  |
|  EQ/Quality Bond PLUS | 1901675 | (1901675) |  |
|  EQ/Small Company Index | 1190396 | (892942) | (297454) |
|  EQ/T. Rowe Price Growth Stock | 6932640 | (72785) | (6859855) |
|  EQ/T. Rowe Price Health Sciences | 876395 | (2047) | (874348) |
|  EQ/Value Equity | 930815 | (930815) |  |
|  EQ/Wellington Energy | 65839 | 69796 | (135635) |
|  Multimanager Aggressive Equity | 2016805 | 282394 | (2299199) |
|  Multimanager Core Bond | 1876674 | (965164) | (911510) |
|  Multimanager Technology | 7587088 | 1731527 | (9318615) |

---

(a) These components of net assets are included in Total Distributable Earnings (Loss) in the Statement of Assets and
Liabilities.

To the extent book and tax differences in shareholder distributions are permanent in nature, such amounts are reclassified within the capital accounts based on their Federal tax basis treatment. Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at December 31, 2022 as

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December 31, 2022

follows: deferral of losses on offsetting positions (EQ/PIMCO Global Real Return), net operating losses (EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology and Multimanager Technology), reclass of tax attributes from merger (EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation), reclassification of dividends (EQ/MFS Utilities Series), reclassification of gain and losses from foreign currency transactions (EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/MFS Utilities Series, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return and EQ/PIMCO Total Return ESG) and reclassification of gains and losses from foreign currency transactions (EQ/International Core Managed Volatility and EQ/PIMCO Global Real Return).

Net capital and net specified gains/losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio's next taxable year. For the year ended December 31, 2022, the following Portfolios deferred to January 1, 2023 post-October losses of:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Specified<br>Loss** | **Short-Term<br>Capital<br>Loss (gain)** | **Long-Term<br>Capital<br>Loss (gain)** |
|  EQ/Conservative Strategy | $— | $387051 | $— |
|  EQ/Conservative Growth Strategy |  | 132043 |  |
|  EQ/Balanced Strategy |  | 2011228 |  |
|  Equitable Conservative Growth MF/ETF |  | 258312 | (73027) |
|  Equitable Moderate Growth MF/ETF |  | 36839 | (17782) |
|  Equitable Growth MF/ETF |  | 27811 | (26190) |
|  1290 VT Convertible Securities |  | 32500 | 300963 |
|  1290 VT DoubleLine Opportunistic Bond |  | 518835 | 1235610 |
|  1290 VT High Yield Bond |  | 90207 | 217649 |
|  1290 VT Micro Cap | 149257 | 3191939 | 1629254 |
|  1290 VT Natural Resources |  | (8102) | 37843 |
|  1290 VT Small Cap Value | 15029 |  |  |
|  1290 VT SmartBeta Equity ESG |  | 347688 |  |
|  1290 VT Socially Responsible |  | 81551 |  |
|  ATM Large Cap Managed Volatility |  | 673699 |  |
|  ATM Small Cap Managed Volatility | 30031 | (1438733) |  |
|  ATM International Managed Volatility |  | 12992358 | 21489060 |
|  EQ/500 Managed Volatility | 5 | 3514420 |  |
|  EQ/2000 Managed Volatility |  | 7435425 | 6141744 |
|  EQ/International Managed Volatility |  | 7157714 | 13334725 |
|  EQ/AB Dynamic Aggressive Growth |  | 1438111 | 1530578 |
|  EQ/AB Dynamic Growth |  | 3233930 | 4626241 |
|  EQ/AB Dynamic Moderate Growth | 3018006 | 7221269 | 15651582 |
|  EQ/AB Short Duration Government Bond |  | 1298587 | 2669125 |
|  EQ/AB Small Cap Growth |  | 20040685 | 1928127 |
|  EQ/AB Sustainable U.S. Thematic |  | 305833 |  |
|  EQ/American Century Mid Cap Value | 4329773 |  | 76389 |
|  EQ/American Century Moderate Growth Allocation |  | 347727 | 41830 |
|  EQ/Capital Group Research |  | 1825143 |  |
|  EQ/ClearBridge Select Equity Managed Volatility |  | 3497135 | 3396740 |
|  EQ/Common Stock Index | 34696 | 558191 |  |
|  EQ/Core Bond Index | 24966 | 574564 | 2919316 |
|  EQ/Emerging Markets Equity PLUS |  | 313228 | 73823 |
|  EQ/Equity 500 Index |  | 345587 |  |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 110784 | 718187 |  |
|  EQ/Franklin Small Cap Value Managed Volatility | 407 |  |  |
|  EQ/Global Equity Managed Volatility |  | 3623843 |  |
|  EQ/Goldman Sachs Mid Cap Value |  | 194222 | 490525 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 1002542 | 556986 | (1170244) |

---

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December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Specified<br>Loss** | **Short-Term<br>Capital<br>Loss (gain)** | **Long-Term<br>Capital<br>Loss (gain)** |
|  EQ/Intermediate Government Bond | $— | $5497147 | $22073998 |
|  EQ/International Core Managed Volatility |  | 9363327 | 15131838 |
|  EQ/International Value Managed Volatility |  | 4093472 | 12733041 |
|  EQ/Invesco Comstock | 358117 |  |  |
|  EQ/Invesco Global | 21442 | 701527 | 998657 |
|  EQ/Invesco Global Real Assets |  |  | 276792 |
|  EQ/Janus Enterprise |  | 514664 |  |
|  EQ/JPMorgan Growth Allocation |  | 3210772 | 4379851 |
|  EQ/Large Cap Growth Managed Volatility |  | 7230323 |  |
|  EQ/Large Cap Value Index | 134 | 45717 |  |
|  EQ/Large Cap Value Managed Volatility | 6336 |  |  |
|  EQ/Lazard Emerging Markets Equity | 346373 | 199087 |  |
|  EQ/Long-Term Bond |  | 1995292 | 4686723 |
|  EQ/Loomis Sayles Growth | 4543 |  |  |
|  EQ/MFS International Growth | 169218 |  |  |
|  EQ/MFS Technology |  | 2609632 | 1023586 |
|  EQ/Morgan Stanley Small Cap Growth | 12237 | 7701815 | 2816801 |
|  EQ/PIMCO Global Real Return | 3044728 | 60730 |  |
|  EQ/PIMCO Real Return | 331013 |  |  |
|  EQ/PIMCO Total Return ESG | 1525342 |  |  |
|  EQ/PIMCO Ultra Short Bond |  |  | 5977777 |
|  EQ/Quality Bond PLUS | 1414170 | 889130 | 1281715 |
|  EQ/Small Company Index | 31117 | 23065 | 465966 |
|  EQ/T. Rowe Price Growth Stock | 102968 |  |  |
|  EQ/T. Rowe Price Health Sciences | 87013 |  |  |
|  EQ/Wellington Energy |  | 9632 |  |
|  Multimanager Aggressive Equity |  | 24896788 | (7309066) |
|  Multimanager Core Bond | 1686034 | 858618 | 2039775 |
|  Multimanager Technology |  | 7962267 | 1566226 |

---

The following Portfolios have an India capital gains tax capital loss carryforward of approximately:

---

| | | |
|:---|:---|:---|
| **Portfolios:** | **INR<br>(as of March 31, 2022)** | **Converted to USD<br>(as of December 31, 2022)** |
|  EQ/Global Equity Managed Volatility | 65778586 | $795100 |
|  EQ/Invesco Global | 5093905 | 61573 |

---

The following Portfolios utilized net capital loss carryforwards during 2022 and/or have losses incurred that will be carried forward indefinitely as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long<br>Term** | **Short Term** | **Long Term** |
|  Equitable Moderate Growth MF/ETF | $— | $— | $164794 | $— |
|  Equitable Growth MF/ETF |  |  | 151021 |  |
|  1290 VT Moderate Growth Allocation | 203120 |  |  |  |
|  1290 VT Convertible Securities |  |  | 248097 | 652796 |
|  1290 VT DoubleLine Opportunistic Bond |  |  | 14648411 | 4709178 |
|  1290 VT Equity Income | 13163461 |  |  |  |
|  1290 VT GAMCO Mergers & Acquisitions | 52662 |  | 24440 |  |
|  1290 VT High Yield Bond |  |  | 2755693 | 12862000 |
|  1290 VT Micro Cap |  |  | 16517699 |  |

---

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December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Portfolios:** | **Short Term** | **Long Term** | **Short Term** | **Long Term** |
|  1290 VT Natural Resources | $35689 | $26977 | $534501 | $3450580 |
|  1290 VT Real Estate |  |  | 28084 |  |
|  1290 VT Small Cap Value | 419276 |  |  |  |
|  1290 VT SmartBeta Equity ESG |  |  | 974361 |  |
|  ATM Small Cap Managed Volatility |  |  | 6773089 |  |
|  ATM International Managed Volatility |  |  | 7333753 |  |
|  EQ/2000 Managed Volatility |  |  | 51815793 |  |
|  EQ/International Managed Volatility |  |  | 13806193 |  |
|  EQ/AB Dynamic Growth |  |  | 4947071 |  |
|  EQ/AB Dynamic Moderate Growth |  |  | 26367469 |  |
|  EQ/AB Short Duration Government Bond |  |  | 760146 | 4963723 |
|  EQ/AB Sustainable U.S. Thematic |  |  | 83758 |  |
|  EQ/ClearBridge Select Equity Managed Volatility |  |  | 29082852 | 15674941 |
|  EQ/Core Bond Index |  |  | 10995386 | 38917013 |
|  EQ/Franklin Moderate Allocation |  |  | 6446359 | 6122328 |
|  EQ/Global Equity Managed Volatility |  |  | 18934713 |  |
|  EQ/Goldman Sachs Growth Allocation |  |  | 4470584 | 6765794 |
|  EQ/Goldman Sachs Moderate Growth Allocation |  |  | 64712321 | 10197672 |
|  EQ/Intermediate Government Bond |  |  | 22144304 | 46877344 |
|  EQ/International Core Managed Volatility |  |  | 3454838 |  |
|  EQ/International Equity Index |  |  | 4073904 | 57776106 |
|  EQ/International Value Managed Volatility |  |  | 1639260 |  |
|  EQ/Invesco Global | 68753 | 2080 |  |  |
|  EQ/Invesco Moderate Allocation |  |  | 5550272 | 6811831 |
|  EQ/Invesco Moderate Growth Allocation |  |  | 2901186 | 8080369 |
|  EQ/JPMorgan Growth Allocation |  |  | 11709612 | 12214220 |
|  EQ/Lazard Emerging Markets Equity |  |  | 1902979 | 7161662 |
|  EQ/Long-Term Bond |  |  | 173803702 |  |
|  EQ/MFS Mid Cap Focused Growth |  |  | 10008538 | 810020 |
|  EQ/MFS Technology |  |  | 5467067 |  |
|  EQ/Morgan Stanley Small Cap Growth |  |  | 72303279 | 37023001 |
|  EQ/PIMCO Global Real Return |  | 144414 |  |  |
|  EQ/PIMCO Total Return ESG |  |  | 14477129 | 5725611 |
|  EQ/PIMCO Ultra Short Bond | 853196 | 11991820 | 687714 | 4657578 |
|  EQ/Quality Bond PLUS |  |  | 28622475 | 30270346 |
|  EQ/T. Rowe Price Growth Stock |  |  | 72585272 |  |
|  EQ/Wellington Energy | 241669 | 2471813 | 24065426 | 28420976 |
|  Multimanager Core Bond |  |  | 25729797 | 19473504 |

---

Short Sales Against the Box:

Certain Portfolios may enter into a "short sale" of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration, into at least an equal number of securities sold short. This kind of short sale, which is referred to as one "against the box," may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust's custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Liabilities for securities sold short are reported at market value or fair value, as applicable in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value or fair value, as applicable of the securities sold

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December 31, 2022

short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Portfolio's financial statements. The Portfolio bears the risk of potential inability of the brokers to meet their obligation to perform.

Unfunded Commitments:

Certain Portfolios entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Portfolios to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment. The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Portfolios may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

Private Investments in Public Equity (PIPEs):

A Portfolio may invest in securities issued in private investments in public equity transactions, commonly referred to as "PIPEs." A PIPE investment involves the sale of equity securities, or securities convertible into equity securities, in a private placement transaction by an issuer that already has outstanding, publicly traded equity securities of the same class. Shares acquired in PIPEs are commonly sold at a discount to the current market value per share of the issuer's publicly traded securities. Securities acquired in PIPEs generally are not registered with the SEC until after a certain period of time from the date the private sale is completed, which may be months and perhaps longer. PIPEs may contain provisions that require the issuer to pay penalties to the holder if the securities are not registered within a specified period. Until the public registration process is completed, securities acquired in PIPEs are restricted and, like investments in other types of restricted securities, may be illiquid. Any number of factors may prevent or delay a proposed registration. Prior to or in the absence of registration, it may be possible for securities acquired in PIPEs to be resold in transactions exempt from registration under the Securities Act of 1933, as amended. There is no guarantee, however, that an active trading market for such securities will exist at the time of disposition, and the lack of such a market could hurt the market value of a Portfolio's investments. Even if the securities acquired in PIPEs become registered, or a Portfolio is able to sell the securities through an exempt transaction, a Portfolio may not be able to sell all the securities it holds on short notice and the sale could impact the market price of the securities.

Special Purpose Acquisition Companies (SPACs):

A Portfolio may invest in a SPAC, a publicly traded company that raises investment capital in the form of a blind pool via an IPO for the purpose of acquiring an existing company. Until an acquisition is completed, a SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If a SPAC does not complete an acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the SPAC's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. In addition, the securities issued by a SPAC, which are typically traded in the over-the- counter market, may be considered illiquid and/or be subject to restrictions on resale.

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December 31, 2022

Accounting for Derivative Instruments:

Following is a description of how and why the Portfolios use derivative instruments, the type of derivatives utilized by the Portfolios during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Portfolios may use derivatives in an attempt to achieve an economic hedge, the Portfolio's derivatives are not accounted for as hedging instruments because the Portfolios account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statement of Operations. All open derivative positions at period end are reflected on each respective Portfolio's Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Portfolio's Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Portfolio or to enhance investment performance. Certain Portfolios purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Portfolios may purchase put options on securities to increase the Portfolio's total investment return or to protect its holdings against a substantial decline in market value or fair value, as applicable. The purchase of put options on securities will enable a Portfolio to preserve, at least partially, unrealized gains in an appreciated security in its portfolio without actually selling the security. In addition, the Portfolios will continue to receive interest or dividend income on the security. The Portfolios may also purchase call options on securities to protect against substantial increases in prices of securities that Portfolios intend to purchase pending their ability to invest in an orderly manner in those securities. The Portfolios may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

Futures Contracts, Options on Futures Contracts, and Foreign Currency Contracts:

The futures contracts used by the Portfolios are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Portfolios are rights to buy, or sell a futures contract for a set price in the future. Certain Portfolios buy or sell futures contracts for the purpose of protecting their Portfolio securities against future changes in interest rates and indices which might adversely affect the value of the Portfolios' securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other

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December 31, 2022

liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by "marking-to-market" at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from or cost of the closing transactions and the Portfolio's basis in the contract. The Portfolios enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, a Portfolio's credit risk is limited to failure of the exchange or board of trade.

During the year ended December 31, 2022, certain Portfolios held forward foreign currency contracts to either gain exposure to certain currencies or enter into an economic hedge against changes in the values of securities held in the Portfolio that do not qualify for hedge accounting under Accounting Standards Codification ("ASC") 815. The Statement of Operations for each Portfolio reflects realized gains or losses, if any, in forward currency transactions and change in unrealized gains or losses in forward foreign currency transactions. Further information on the impact of these positions on the Portfolios' financial statements can be found in the Statement of Operations and Portfolio of Investments for each Portfolio.

The Portfolios may be exposed to foreign currency risks associated with Portfolio investments. Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios enter into contracts to purchase or sell foreign currencies at a future date ("forward contracts"). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by "marking-to-market." The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency transactions in the Statements of Operations of the Portfolios. The Portfolios may engage in these forward contracts to protect against uncertainty in the level of future rates in connection with the purchase and sale of Portfolio securities ("transaction hedging") and to protect the value of specific portfolio positions ("position hedging"). The Portfolios also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation/(depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. Over-the-counter ("OTC") swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statements of Operations.

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any positive total

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December 31, 2022

return and would owe payments in the event of a negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

Credit default swap agreements involve greater risks than if a Portfolio had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Portfolio will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Portfolio's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Portfolio). In connection with credit default swaps in which a Portfolio is the buyer, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Portfolio's exposure (any accrued but unpaid net amounts owed by the Portfolio to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Portfolio is the seller, the Portfolio will segregate or "earmark" cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Portfolio). Such segregation or "earmarking" is intended to ensure that the Portfolio has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Portfolio. Such segregation or "earmarking" will not limit the Portfolio's exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute "senior securities" under the 1940 Act and, accordingly, will not treat them as being subject to the Portfolio's senior security and borrowing restrictions.

An option on a swap agreement, also called a "swaption," is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market based "premium." A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

A Portfolio may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Portfolio to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

1501

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**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Forward settling transactions:

Certain Portfolios may make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time ("forward settling transactions"). Portfolios may designate the segregation, either on their records or with the Trust's custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transaction may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Portfolio's other assets. Where such purchases or sales are made through dealers, a Portfolio relies on the dealer to consummate the sale. The dealer's failure to do so may result in the loss to a Portfolio of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Portfolios may enter into to-be-announced purchase or sale commitments ("TBA transactions"), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Portfolio are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. Portfolios may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, the portfolio maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, the portfolio maintains an entitlement to the security to be sold.

Each of the EQ/PIMCO Global Real Return Portfolio, EQ/PIMCO Real Return Portfolio, EQ/ PIMCO Ultra Short Bond Portfolio, EQ/Quality Bond PLUS Portfolio and Multimanager Core Bond Portfolio entered into financing transactions referred to as "sale-buybacks" during the year ended December 31, 2022. A sale-buyback transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Portfolio's Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed upon repurchase price. This is commonly referred to as the "price drop." A price drop consists of: (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold; and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Portfolio's Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Portfolio's Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio.

Master netting arrangements and collateral:

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Portfolios with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events

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of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third- party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale-buybacks by and between the Sub-Advisers on behalf of the Portfolios and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged and/or received, and the net exposure by counterparty as of period end is disclosed in the Portfolio of Investments.

ISDA Master Agreements and Master Forward Agreements are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Under most ISDA Master Agreements and Master Forward Agreements, collateral is routinely pledged if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 (on a per counterparty basis) depending on the counterparty and the type of master agreement.

Collateral on OTC derivatives, forward settling transactions and centrally cleared derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies or foreign governments. Cash pledged as collateral by a Portfolio is reflected as cash held as collateral at the broker in the accompanying financial statements and generally is restricted from withdrawal by the Portfolio; securities pledged as collateral by a Portfolio are so noted in the accompanying Portfolio of Investments; both remain in the Portfolio's assets. Securities received as collateral by counterparties are not included in the Portfolio's assets because the Portfolio does not obtain effective control over those securities. The obligation to return cash collateral received from counterparties is included as a liability in the accompanying financial statements. Collateral posted or received by the Portfolio may be held in a segregated account at the respective counterparty or Portfolio's custodian.

In connection with the adoption of Rule 18f-4 under the 1940 Act (the "Derivatives Rule" or "Rule 18f-4"), the SEC and its staff rescinded and withdrew applicable guidance and relief regarding the segregation of assets to cover derivatives transactions, effective as of August 19, 2022. On August 19, 2022, the Trust adopted and implemented a Derivatives Risk Management Program pursuant to Rule 18f-4 and Policies and Procedures for Limited Derivatives Users, in compliance with the Derivatives Rule. Accordingly, as of August 19, 2022, the Portfolios no longer segregate assets to cover derivatives transactions, as previously required and discussed above.

Cash and Statement of Cash Flows:

In accordance with U.S. GAAP, the Portfolios consider cash which is not readily investable or available for withdrawal, such as initial margin pledged for derivatives, to be restricted cash for the purposes of reporting in the Statement of Cash Flows.

Due to the volume of sale-buyback transactions during the year ended December 31, 2022, the EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Real Return Portfolio are presenting a Statement of Cash Flows. The Statement of Cash Flows, as applicable, has been prepared using the indirect method which requires increase (decrease) in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

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Repurchase Agreements:

During the year ended December 31, 2022, the EQ/Money Market Portfolio entered into repurchase agreements through an account at JPMorgan Chase Bank, N.A. ("JPMorgan"), the Portfolio's custodian, the daily aggregate balance of which is invested in one or more joint repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For a repurchase agreement, JPMorgan takes possession of the collateral pledged for investments in such repurchase agreement. The underlying collateral is valued daily on a mark-to-market basis to ensure that the value is equal to or greater than the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Repurchase agreements outstanding at period end, if any, including the underlying debt obligation (collateral) assigned to each agreement, are included within the Portfolio's Portfolio of Investments.

Securities Lending:

During the year ended December 31, 2022, certain Portfolios entered into securities lending transactions. To generate additional income, a Portfolio may lend its portfolio securities, up to 30% of the market value of the Portfolio's total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Portfolio or the borrower at any time.

The Portfolios' securities lending policies and procedures require that the borrower (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is generally invested in joint repurchase agreements or government money market funds and shown in the Portfolio of Investments and included in calculating the Portfolio's total assets. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan and cannot be sold or repledged by the Portfolio and accordingly are not reflected in the Portfolio's total assets. For additional information on the non-cash collateral received, please refer to note (xx) in the Portfolio of Investments. Certain of the securities on loan may have been sold prior to the close of the reporting period and are included in Receivables for Securities Sold on the Statements of Assets and Liabilities.

The Portfolios receive payments from the lending agent equivalent to any dividends and/or interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from the lending agent and reflected in the Statements of Operations under "Securities lending (net)." The Portfolios may invest cash collateral in joint repurchase agreements or government money market funds as indicated on the Portfolio of Investments, and record a liability in the Statements of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Such liabilities, if any, are reflected in the Statements of Assets and Liabilities under "Payable for return of collateral on securities loaned". There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities

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fail financially. Loans are made, however, only to borrowers deemed by the lending agent to be of good standing and creditworthy and approved by EIM. Loans are subject to termination by a Portfolio or the borrower at any time, and, therefore, are not considered to be illiquid investments. The lending agent receives a fee based on a percentage of earnings derived from the investment of cash collateral. The Portfolios receive 90% of the net earnings of the Repurchase Agreements up to $45 million of aggregate earnings across all Portfolios within a calendar year and 92% thereafter.

The Securities Lending Agreement between the Trust and JPMorgan provides that in the event of a default by a borrower with respect to any loan, a Portfolio may terminate the loan and JPMorgan will exercise any and all remedies provided under the applicable borrower agreement to make the Portfolio whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by JPMorgan to exercise these remedies, the Portfolio sustains losses as a result of a borrower's default, JPMorgan indemnifies the Portfolio by purchasing replacement securities at JPMorgan's expense, or paying the Portfolio an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agreement between the Portfolio and JPMorgan.

At December 31, 2022, the Securities Lending Agreement does not permit the Portfolio to enforce a netting arrangement.

Joint Repurchase Agreements:

During the year ended December 31, 2022, certain Portfolios have transferred cash collateral received from the securities lending program to a joint account at JPMorgan, the lending agent. The joint account aggregates cash collateral received from the participating Portfolios, along with other customers of JPMorgan, in order to execute joint repurchase agreement transactions with various counterparties (the "Joint Repurchase Agreements"). As such, each Portfolio has a proportionate interest in one or more of the Joint Repurchase Agreements. The Joint Repurchase Agreements can contractually be collateralized by U.S. Government Treasury Securities, U.S. Government Agency Securities, Supranational/Non-U.S. Agency or U.S. Equity Securities and are held at a financial institution acting as a tri-party custodian. In a Joint Repurchase Agreement, the seller of the security agrees to repurchase the security at a mutually agreed upon time and price, which reflects the effective rate of return for the term of the agreement. The underlying collateral is marked to market daily to ensure that the value of the collateral pledged is equal to or greater than the agreed upon repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Portfolio has the right to cause JPMorgan to liquidate the collateral. JPMorgan shall indemnify the Portfolios against a decline in the value of the collateral below the agreed upon repurchase price. However, the execution of such actions may result in the delay of realization of the collateral by the Portfolios. The details of the proportionate share of the Joint Repurchase Agreements open at December 31, 2022 for the Portfolios are reflected in each Portfolio's Portfolio of Investments. At December 31, 2022, the Joint Repurchase Agreements (on a gross basis, including other customers of JPMorgan) in which the Portfolios participated were as follows:

Amherst Pierpont, 4.28%, dated 12/30/22, due 1/3/23, repurchase price $100,047,556, collateralized by various U.S. Government Treasury Securities, ranging from 0.000% - 4.497%, maturing 1/5/23 - 11/15/52; total market value $102,048,507.

Deutsche Bank Securities, Inc., 4.20%, dated 12/30/22, due 1/3/23, repurchase price $400,186,667, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 5/15/24 - 11/15/50; total market value $408,000,000.

MetLife, Inc., 4.30%, dated 12/30/22, due 1/3/23, repurchase price $200,095,556, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 1/12/23 - 2/15/51; total market value $204,106,009.

National Bank of Canada, 4.45%, dated 12/30/22, due 1/6/23, repurchase price $1,000,865,278, collateralized by various Common Stocks, U.S. Government Treasury Securities, ranging from 0.000% - 4.497%, maturing 3/2/23 - 5/15/52; total market value $1,088,828,527.

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Societe Generale SA, 4.30%, dated 12/30/22, due 1/6/23, repurchase price $200,167,222, collateralized by various U.S. Government Treasury Securities, ranging from 0.875% - 1.750%, maturing 6/30/26 - 1/31/29; total market value $204,000,023.

Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $375,183,750, collateralized by various Common Stocks; total market value $417,317,658.

Societe Generale SA, 4.41%, dated 12/30/22, due 1/3/23, repurchase price $425,208,250, collateralized by various Common Stocks; total market value $472,960,013.

TD Prime Services LLC, 4.40%, dated 12/30/22, due 1/3/23, repurchase price $200,097,778, collateralized by various Common Stocks; total market value $222,129,347.

Market, Credit and Other Risks:

A Portfolio's investments in financial instruments expose the Portfolio to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

The market values of a Portfolio's investments may decline due to factors that are specifically related to a particular company or issuer, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, or adverse investor sentiment generally. The market values of a Portfolio's investments may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when markets perform well, there is no assurance that the investments held by a Portfolio will increase in value along with the broader market. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental and natural disasters or other catastrophes, public health crises (such as the COVID-19 pandemic, which has caused significant global market disruptions), social unrest, and cybersecurity incidents, and governments' reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Impacts from climate change may include significant risks to global financial assets and economic growth.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. When nominal interest rates decline, the value of certain fixed-income securities held by a Portfolio generally rises. Conversely, when nominal interest rates rise, the value of certain fixed income securities held by a Portfolio generally decreases. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Portfolio may lose money if these changes are not anticipated by Portfolio management. A Portfolio may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a security's market price to interest rate (i.e., yield) movements.

Interest rates had been unusually low in recent years in the United States and abroad, but the interest rate environment changed dramatically in 2022 as interest rates moved significantly higher. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, and supply

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chain disruptions contributed to a surge of inflation, and higher inflation often means higher interest rates. Due to concerns regarding high inflation in many sectors of the U.S. and global economy, the U.S. and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives that are intended to rein in inflation, and they are currently expected to continue to raise rates. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Portfolio's investments may not keep pace with inflation, and the value of an investment in a Portfolio may be eroded over time by inflation. Rising interest rates may present a particularly greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility.

Many debt securities, derivatives and other financial instruments utilize the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. The publication of most LIBOR settings was discontinued at the end of 2021, except for the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar-denominated LIBOR settings, which will continue through June 30, 2023. The Secured Overnight Financing Rate ("SOFR") has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a reference or benchmark rate in the United States. Other countries have undertaken similar initiatives to identify replacement reference or benchmark rates in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new reference or benchmark rate, as well as risks associated with using a new reference or benchmark rate with respect to new investments and transactions. The transition process, or a failure to transition properly, might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, a reduction in the values of some LIBOR-based investments, and reduced effectiveness of certain hedging strategies, which may adversely affect a Portfolio's performance or net asset value. In addition, the alternative reference or benchmark rate may be an ineffective substitute resulting in prolonged adverse market conditions for a Portfolio.

If a Portfolio invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Portfolio, or, in the case of hedging positions, that the Portfolio's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Portfolio's investments in foreign currency denominated securities may reduce the Portfolio's returns. The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with investment in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, foreign operations or holding can involve risks relating to conditions in foreign countries.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad- ranging economic sanctions on Russia and certain Russian individuals, banking entities and

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corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Portfolio has exposure to Russian investments or investments in countries affected by the invasion, the Portfolio's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Portfolio may have to counterparties in Russia or in countries affected by the invasion could negatively impact a Portfolio's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a Portfolio's performance and the value of an investment in a Portfolio beyond any direct exposure a Portfolio may have to Russian issuers or issuers in other countries affected by the invasion.

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Portfolio may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transaction may result in market risk to the Portfolios that is greater than if the Portfolios had engaged solely in transactions that settle in the customary time.

Should interest rates or indices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may incur a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Use of long futures contracts subjects the Portfolios to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Portfolios to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Portfolio will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Portfolio is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Portfolio's holding to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Portfolios may invest in below investment grade high-yield securities (commonly known as "junk bonds"). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors' claims. The retail

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secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating the Portfolio's NAV.

Because certain Portfolios invest in affiliated mutual funds, unaffiliated mutual funds and ETFs, the Portfolios indirectly pay a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Portfolios may be higher than the cost of investing in a Portfolio that invests directly in individual securities and financial instruments. The Portfolios are also subject to certain risks related to the underlying funds' and ETFs' investments in securities and financial instruments (such as fixed income securities, including high yield, asset-backed and mortgage- related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities) and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the underlying fund or ETF to meet its investment objective. With respect to the Portfolio's investments in ETFs, there is also the risk that an ETF's performance may not match that of the relevant index. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio's investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Portfolio's assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

Offsetting Assets and Liabilities:

The Portfolios may be subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types; they allow a Portfolio to close out and net its total exposure to counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Note 2 Management of the Trust

The Trust, on behalf of each Portfolio, has entered into an investment advisory agreement (the "Advisory Agreement") with EIM which provides that the Adviser is responsible for (i) providing a continuous investment program for the Portfolios; (ii) monitoring the implementation of the investment program for each Portfolio; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Portfolio; (iv) effecting transactions for each Portfolio and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Portfolios; (vi) making recommendations to the Board regarding the investment programs of the Portfolios, including any changes to the investment objectives and policies of a Portfolio; (vii) coordinating and/or implementing strategic initiatives approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. For its services under the Advisory Agreement, the Adviser is entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

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| | |
|:---|:---|
| **Portfolios:** | **Management Fee** |
|  EQ/All Asset Growth Allocation | 0.100% of average daily net assets |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  1290 VT DoubleLine Opportunistic Bond | 0.600% | 0.575% | 0.550% | 0.530% | 0.520% |
|  1290 VT Equity Income | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT GAMCO Mergers & Acquisitions | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  1290 VT GAMCO Small Company Value | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 VT High Yield Bond | 0.600 | 0.580 | 0.560 | 0.540 | 0.530 |
|  1290 VT Micro Cap | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  1290 VT Moderate Growth Allocation | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  1290 VT Small Cap Value | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  1290 VT SmartBeta Equity ESG | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/AB Dynamic Aggressive Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Dynamic Moderate Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/AB Sustainable U.S. Thematic | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/AB Short Duration Government Bond | 0.450 | 0.430 | 0.410 | 0.390 | 0.380 |
|  EQ/AB Small Cap Growth | 0.550 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/American Century Mid Cap Value | 0.900 | 0.850 | 0.825 | 0.800 | 0.775 |
|  EQ/American Century Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Capital Group Research | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/ClearBridge Large Cap Growth ESG | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Emerging Markets Equity PLUS | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 0.540 | 0.500 | 0.475 | 0.450 | 0.425 |
|  EQ/Franklin Moderate Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Franklin Rising Dividends | 0.600 | 0.550 | 0.510 | 0.490 | 0.475 |
|  EQ/Goldman Sachs Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Goldman Sachs Mid Cap Value | 0.770 | 0.750 | 0.725 | 0.680 | 0.670 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Comstock | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  EQ/Invesco Global | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/Invesco Global Real Assets | 0.735 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/Invesco Moderate Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Invesco Moderate Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/Janus Enterprise | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |
|  EQ/JPMorgan Growth Allocation | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/JPMorgan Value Opportunities | 0.600 | 0.550 | 0.525 | 0.500 | 0.475 |
|  EQ/Lazard Emerging Markets Equity | 1.000 | 0.950 | 0.925 | 0.900 | 0.875 |
|  EQ/Loomis Sayles Growth | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS International Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS International Intrinsic Value | 0.860 | 0.820 | 0.700 | 0.700 | 0.700 |
|  EQ/MFS Mid Cap Focused Growth | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  EQ/MFS Technology | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  EQ/MFS Utilities Series | 0.730 | 0.700 | 0.670 | 0.650 | 0.625 |
|  EQ/Money Market | 0.350 | 0.325 | 0.280 | 0.270 | 0.250 |
|  EQ/Morgan Stanley Small Cap Growth | 0.800 | 0.750 | 0.725 | 0.700 | 0.675 |
|  EQ/PIMCO Global Real Return | 0.600 | 0.575 | 0.550 | 0.530 | 0.520 |
|  EQ/PIMCO Real Return | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/PIMCO Total Return ESG | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/PIMCO Ultra Short Bond | 0.500 | 0.475 | 0.450 | 0.430 | 0.420 |
|  EQ/Quality Bond PLUS | 0.400 | 0.380 | 0.360 | 0.340 | 0.330 |

---

1510

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/T. Rowe Price Growth Stock | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  EQ/T. Rowe Price Health Sciences | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |
|  EQ/Value Equity | 0.560 | 0.540 | 0.520 | 0.500 | 0.475 |
|  EQ/Wellington Energy | 0.850 | 0.800 | 0.775 | 0.750 | 0.725 |
|  Multimanager Aggressive Equity | 0.580 | 0.550 | 0.525 | 0.500 | 0.475 |
|  Multimanager Core Bond | 0.550 | 0.530 | 0.510 | 0.490 | 0.480 |
|  Multimanager Technology | 0.950 | 0.900 | 0.875 | 0.850 | 0.825 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  EQ/ClearBridge Select Equity Managed Volatility | 0.700% | 0.665% | 0.635% | 0.610% | 0.560% | 0.540% |
|  EQ/Franklin Small Cap Value Managed Volatility | 0.700 | 0.665 | 0.635 | 0.610 | 0.560 | 0.540 |
|  EQ/Global Equity Managed Volatility | 0.740 | 0.720 | 0.690 | 0.665 | 0.615 | 0.590 |
|  EQ/International Core Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/International Value Managed Volatility | 0.600 | 0.575 | 0.550 | 0.525 | 0.475 | 0.450 |
|  EQ/Large Cap Core Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Growth Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Large Cap Value Managed Volatility | 0.500 | 0.475 | 0.450 | 0.425 | 0.375 | 0.350 |
|  EQ/Mid Cap Value Managed Volatility | 0.550 | 0.525 | 0.500 | 0.475 | 0.425 | 0.400 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  ATM International Managed Volatility | 0.450% | 0.425% | 0.400% | 0.375% | 0.350% | 0.325% |
|  ATM Large Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Mid Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  ATM Small Cap Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/500 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/400 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/2000 Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |
|  EQ/lnternational Managed Volatility | 0.450 | 0.425 | 0.400 | 0.375 | 0.350 | 0.325 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$1 Billion** | **Next<br>$1 Billion** | **Next<br>$3 Billion** | **Next<br>$4 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  EQ/Aggressive Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0825% | 0.0800% |
|  EQ/Balanced Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Moderate Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |
|  EQ/Ultra Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0825 | 0.0800 |

---

1511

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Thereafter** |
|  1290 VT Multi-Alternative Strategies | 0.500% | 0.450% | 0.425% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  1290 VT Convertible Securities | 0.500% | 0.450% | 0.425% | 0.400% |
|  1290 VT Natural Resources | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Real Estate | 0.500 | 0.450 | 0.425 | 0.400 |
|  1290 VT Socially Responsible | 0.500 | 0.450 | 0.425 | 0.400 |
|  EQ/Common Stock Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Core Bond Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Equity 500 Index | 0.250 | 0.200 | 0.175 | 0.150 |
|  EQ/Intermediate Government Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/International Equity Index | 0.400 | 0.350 | 0.325 | 0.300 |
|  EQ/Large Cap Growth Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Large Cap Value Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Long-Term Bond | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Mid Cap Index | 0.350 | 0.300 | 0.275 | 0.250 |
|  EQ/Small Company Index | 0.250 | 0.200 | 0.175 | 0.150 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  Equitable Conservative Growth MF/ETF | 0.1500% | 0.1425% | 0.1400% | 0.1375% | 0.1350% |
|  Equitable Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |
|  Equitable Moderate Growth MF/ETF | 0.1500 | 0.1425 | 0.1400 | 0.1375 | 0.1350 |

---

Prior to August 19, 2022, Equitable Conservative Growth MF/ETF Portfolio's management fees were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolio:** | **First<br>$750 Million** | **Next<br>$750 Million** | **Next<br>$1 Billion** | **Next<br>$2.5 Billion** | **Thereafter** |
|  Equitable Conservative Growth MF/ETF  | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |

---

Prior to October 1, 2022 the following Portfolios' management fees were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Portfolios:** | **First<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$2 Billion** | **Next<br>$3 Billion** | **Next<br>$3 Billion** | **Thereafter** |
|  EQ/Aggressive Growth Strategy | 0.100% | 0.0925% | 0.0900% | 0.0875% | 0.0850% | 0.0825% |
|  EQ/Balanced Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |
|  EQ/Conservative Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |
|  EQ/Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |
|  EQ/Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |
|  EQ/Moderate Growth Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |
|  EQ/Ultra Conservative Strategy | 0.100 | 0.0925 | 0.0900 | 0.0875 | 0.0850 | 0.0825 |

---

With the exception of the EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, Equitable Growth MF/ETF

1512

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Portfolio, ETF Portfolios, and Strategic Allocation Series Portfolios, the Adviser has entered into an investment advisory agreement ("Sub-Advisory Agreements") with each of the Sub-Advisers with respect to the Trust's Portfolios. Each of the Sub-Advisory Agreements obligates the Sub-Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the expenses of investment sub-advisory services provided to the Portfolios, including the fees of the Sub-Advisers.

Indemnification of Trustees and Officers:

Under the Trust's organizational documents, the Trust's officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that may provide for general indemnifications. A Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio. However, based on experience, the Trust and management expect the risk of loss to be remote.

Compensation of Officers:

Each officer of the Trust is an employee of Equitable Financial, EIM and/or Equitable Distributors, LLC ("Equitable Distributors" or the "Distributor"). No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the year ended December 31, 2022, the three trusts in the complex reimbursed EIM for $290,000 of the Chief Compliance Officer's compensation, including $250,121 reimbursed by the Trust.

Note 3 Administrative Fees

Equitable Investment Management, LLC (the "Administrator"), an affiliate of EIM, serves as Administrator to the Trust. The Administrator provides the Trust with necessary administrative, fund accounting, and compliance services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such services to the Trust. The Administrator may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, the Trust pays the Administrator monthly fees, as follows:

The 1290 VT Moderate Growth Allocation Portfolio, EQ/AB Dynamic Aggressive Growth Portfolio, EQ/AB Dynamic Growth Portfolio, EQ/AB Dynamic Moderate Growth Portfolio, EQ/AB Small Cap Growth Portfolio, EQ/American Century Moderate Growth Allocation Portfolio, EQ/ Goldman Sachs Growth Allocation Portfolio, EQ/Goldman Sachs Moderate Growth Allocation Portfolio, EQ/Invesco Moderate Allocation Portfolio, EQ/Invesco Moderate Growth Allocation Portfolio, EQ/ JPMorgan Growth Allocation Portfolio, EQ/Franklin Moderate Allocation Portfolio, the Tactical Portfolios, the Multiadviser Portfolios, the EQ/All Asset Growth Allocation Portfolio, Equitable Conservative Growth MF/ETF Portfolio, Equitable Growth MF/ETF Portfolio, Equitable Moderate Growth MF/ETF Portfolio, Strategic Allocation Series Portfolios, together with each series of the EQ Premier VIP Trust, a separate registered investment company managed by EIM, each pay a proportionate share of an asset-based administration fee based on aggregate average daily net assets of the above mentioned Portfolios ("Administration Group 1"), as follows:

0.140% on the first $60 billion

0.110% on the next $20 billion

0.0875% on the next $20 billion

0.0775% on the next $20 billion

0.0750% on the next $20 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 1 is subject to a minimum annual fee of $32,500.

1513

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

All other Portfolios ("Administration Group 2") pay a proportionate share of an asset-based administration fee based on aggregate average daily net assets of Administration Group 2 as follows:

0.100% on the first $30 billion

0.0975% on the next $10 billion

0.0950% on the next $5 billion

0.0775% on the next $10 billion

0.0750% on the next $30 billion

0.0725% on net assets thereafter

The asset-based administration fee is calculated and billed monthly, and each Portfolio in Administration Group 2 is subject to a minimum annual fee of $30,000.

Prior to August 19, 2022, Equitable Conservative Growth MF/ETF Portfolio was included in Administration Group 2.

Pursuant to a sub-administration arrangement with the Administrator and EIM, the Sub-Administrator assists the Administrator in providing the Trust with certain administrative services, including portfolio compliance and portfolio accounting support services, subject to the supervision of the Administrator.

Note 4 Custody Fees

The Trust has entered into a custody agreement (the "Custody Agreement") with JPMorgan Chase Bank, N.A. (in this capacity, the "Custodian"). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust's Portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Portfolio's account, cash, securities and other assets of the Portfolios. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities. As of December 31, 2022, certain of the Portfolios maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Portfolio's Statement of Assets and Liabilities.

Note 5 Distribution Plans

The Trust, on behalf of each Portfolio, has entered into distribution agreements with Equitable Distributors, LLC, an indirect wholly-owned subsidiary of Equitable Financial and an affiliate of EIM, pursuant to which the Distributor serves as the principal underwriter of the Class IA, Class IB and Class K shares of the Trust. The Trust has adopted in the manner prescribed under Rule 12b-1 under the 1940 Act a plan of distribution pertaining to each of Class IA and Class IB shares of the Trust ("Distribution Plans"). The Distribution Plans provide that the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to the Trust's Class IA and Class IB shares for which it provides service.

Note 6 Expense Limitation

EIM and the Administrator have contractually agreed to limit the expenses of certain Portfolios (exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses (with respect to certain Portfolios) and extraordinary expenses) through April 30, 2024 (unless the Board consents to an earlier revision or termination of this arrangement) ("Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, EIM has agreed to waive or limit its and its affiliates' fees and to assume other expenses so that the total annual operating expenses do not exceed the following annual rates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA<sup>+</sup>** |  | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/All Asset Growth Allocation | 1.25 | %\* | 1.25 | %\* | 1.00 | %\* |
|  EQ/Ultra Conservative Strategy | 0.95 | \* | 0.95 | \* | 0.70 | \* |

---

1514

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA<sup>+</sup>** |  | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/Conservative Strategy | 0.95 | %\* | 0.95 | %\* | 0.70 | %\* |
|  EQ/Conservative Growth Strategy | 1.00 | \* | 1.00 | \* | 0.75 | \* |
|  EQ/Balanced Strategy | 1.05 | \* | 1.05 | \* | 0.80 | \* |
|  EQ/Moderate Growth Strategy | 1.10 | \* | 1.10 | \* | 0.85 | \* |
|  EQ/Growth Strategy | 1.10 | \* | 1.10 | \* | 0.85 | \* |
|  EQ/Aggressive Growth Strategy | N/A |  | 1.15 | \* | 0.90 | \* |
|  Equitable Conservative Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Moderate Growth MF/ETF | N/A |  | 1.10 | \* | 0.85 | \* |
|  Equitable Growth MF/ETF | N/A |  | 1.15 | \* | 0.90 | \* |
|  1290 VT Moderate Growth Allocation | N/A |  | 1.10 | \* | 0.85 | \* |
|  1290 VT Multi-Alternative Strategies | N/A |  | 1.10 |  | 0.85 |  |
|  1290 VT Convertible Securities | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT DoubleLine Opportunistic Bond | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT Equity Income | 0.95 |  | 0.95 |  | 0.70 |  |
|  1290 VT GAMCO Mergers & Acquisitions | 1.25 |  | 1.25 |  | 1.00 |  |
|  1290 VT GAMCO Small Company Value | 1.07 |  | 1.07 |  | 0.82 |  |
|  1290 VT High Yield Bond | N/A |  | 1.00 |  | 0.75 |  |
|  1290 VT Micro Cap | N/A |  | 1.15 |  | 0.90 |  |
|  1290 VT Natural Resources | N/A |  | 0.90 | \* | 0.65 | \* |
|  1290 VT Real Estate | N/A |  | 0.90 |  | 0.65 |  |
|  1290 VT Small Cap Value | N/A |  | 1.15 |  | 0.90 |  |
|  1290 VT SmartBeta Equity ESG | N/A |  | 1.10 |  | 0.85 |  |
|  1290 VT Socially Responsible | 1.15 |  | 1.15 |  | 0.90 |  |
|  ATM Large Cap Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  ATM Mid Cap Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  ATM Small Cap Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  ATM International Managed Volatility | N/A |  | 0.90 |  | 0.65 |  |
|  EQ/500 Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  EQ/400 Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  EQ/2000 Managed Volatility | 0.85 |  | 0.85 |  | 0.60 |  |
|  EQ/International Managed Volatility | N/A |  | 0.90 |  | 0.65 |  |
|  EQ/AB Dynamic Aggressive Growth | N/A |  | 1.15 | \* | 0.90 | \* |
|  EQ/AB Dynamic Growth | N/A |  | 1.15 | \* | 0.90 | \* |
|  EQ/AB Dynamic Moderate Growth | 1.15 | \* | 1.15 | \* | 0.90 | \* |
|  EQ/AB Short Duration Government Bond | 0.77 |  | 0.77 |  | 0.52 |  |
|  EQ/AB Sustainable U.S. Thematic | N/A |  | 1.00 |  | 0.75 |  |
|  EQ/AB Small Cap Growth | 1.00 |  | 1.00 |  | 0.75 |  |
|  EQ/American Century Mid Cap Value | N/A |  | 1.00 | \* | 0.75 | \* |
|  EQ/American Century Moderate Growth Allocation | N/A |  | 1.15 | \* | 0.90 | \* |
|  EQ/Capital Group Research | 0.97 |  | 0.97 |  | 0.72 |  |
|  EQ/ClearBridge Large Cap Growth ESG | 1.00 |  | 1.00 |  | 0.75 |  |
|  EQ/Clearbridge Select Equity Managed Volatility | 1.05 |  | 1.05 |  | 0.80 |  |
|  EQ/Common Stock Index | 0.68 |  | 0.68 |  | 0.43 |  |
|  EQ/Core Bond Index | 0.645 |  | 0.645 |  | 0.395 |  |
|  EQ/Emerging Markets Equity PLUS | N/A |  | 1.20 |  | 0.95 |  |
|  EQ/Equity 500 Index | 0.54 |  | 0.54 |  | 0.29 |  |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | N/A |  | 0.87 | \* | 0.62 | \* |
|  EQ/Franklin Moderate Allocation | N/A |  | 1.15 | \* | 0.90 | \* |
|  EQ/Franklin Rising Dividends | N/A |  | 0.87 | \* | 0.62 | \* |
|  EQ/Franklin Small Cap Value Managed Volatility | 1.05 |  | 1.05 |  | 0.80 |  |
|  EQ/Global Equity Managed Volatility | 1.10 |  | 1.10 |  | 0.85 |  |

---

1515

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |  |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** |  | **Class K** |  |
|  EQ/Goldman Sachs Growth Allocation | N/A | 1.15 | %\* | 0.90 | %\* |
|  EQ/Goldman Sachs Mid Cap Value | N/A | 1.09 | \* | 0.84 | \* |
|  EQ/Goldman Sachs Moderate Growth Allocation | N/A | 1.15 | \* | 0.90 | \* |
|  EQ/Intermediate Government Bond | 0.645% | 0.645 |  | 0.395 |  |
|  EQ/International Core Managed Volatility | 1.05 | 1.05 |  | 0.80 |  |
|  EQ/International Equity Index | 0.75 \* | 0.75 | \* | 0.50 | \* |
|  EQ/International Value Managed Volatility | 1.05 | 1.05 |  | 0.80 |  |
|  EQ/Invesco Comstock | 1.00 | 1.00 |  | 0.75 |  |
|  EQ/Invesco Global | 1.15 | 1.15 |  | 0.90 |  |
|  EQ/Invesco Global Real Assets | N/A | 1.20 | \* | 0.95 | \* |
|  EQ/Invesco Moderate Allocation | N/A | 1.15 | \* | 0.90 | \* |
|  EQ/Invesco Moderate Growth Allocation | N/A | 1.15 | \* | 0.90 | \* |
|  EQ/Janus Enterprise | 1.05 | 1.05 |  | 0.80 |  |
|  EQ/JPMorgan Growth Allocation | N/A | 1.15 | \* | 0.90 | \* |
|  EQ/JPMorgan Value Opportunities | 1.00 | 1.00 |  | 0.75 |  |
|  EQ/Large Cap Core Managed Volatility | 0.90 | 0.90 |  | 0.65 |  |
|  EQ/Large Cap Growth Index | 0.73 | 0.73 |  | 0.48 |  |
|  EQ/Large Cap Growth Managed Volatility | 0.90 | 0.90 |  | 0.65 |  |
|  EQ/Large Cap Value Index | 0.75 | 0.75 |  | 0.50 |  |
|  EQ/Large Cap Value Managed Volatility | 0.90 | 0.90 |  | 0.65 |  |
|  EQ/Lazard Emerging Markets Equity | N/A | 1.35 | \* | 1.10 | \* |
|  EQ/Long-Term Bond | N/A | 0.65 |  | 0.40 |  |
|  EQ/Loomis Sayles Growth | 1.05 | 1.05 |  | 0.80 |  |
|  EQ/MFS International Growth | 1.10 | 1.10 |  | 0.85 |  |
|  EQ/MFS International Intrinsic Value | N/A | 1.15 | \* | 0.90 | \* |
|  EQ/MFS Mid Cap Focused Growth | N/A | 1.10 | \* | 0.85 | \* |
|  EQ/MFS Technology | N/A | 1.14 | \* | 0.89 | \* |
|  EQ/MFS Utilities Series | N/A | 1.05 | \* | 0.80 | \* |
|  EQ/Mid Cap Index | 0.66 | 0.66 |  | 0.41 |  |
|  EQ/Mid Cap Value Managed Volatility | 1.00 | 1.00 |  | 0.75 |  |
|  EQ/Morgan Stanley Small Cap Growth | N/A | 1.15 |  | 0.90 |  |
|  EQ/PIMCO Global Real Return | N/A | 0.85 |  | 0.60 |  |
|  EQ/PIMCO Real Return | N/A | 0.75 | \* | 0.50 | \* |
|  EQ/PIMCO Total Return ESG | N/A | 0.75 | \* | 0.50 | \* |
|  EQ/PIMCO Ultra Short Bond | 0.79 | 0.79 |  | 0.54 |  |
|  EQ/Quality Bond PLUS | 0.85 | 0.85 |  | 0.60 |  |
|  EQ/Small Company Index | 0.64 | 0.64 |  | 0.39 |  |
|  EQ/T. Rowe Price Growth Stock | 1.00 | 1.00 |  | 0.75 |  |
|  EQ/T. Rowe Price Health Sciences | N/A | 1.20 | \* | 0.95 | \* |
|  EQ/Value Equity | 0.95 | 0.95 |  | 0.70 |  |
|  EQ/Wellington Energy | N/A | 1.19 | \* | 0.94 | \* |
|  Multimanager Aggressive Equity | 1.00 | 1.00 |  | 0.75 |  |
|  Multimanager Core Bond | 0.85 | 0.85 |  | 0.60 |  |
|  Multimanager Technology | 1.18 | 1.18 |  | 0.93 |  |

---

\* For purposes of calculating the Maximum Annual Operating Expense Limit, Acquired Fund Fees and Expenses are included in Portfolio Operating Expenses.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Prior to August 19, 2022, EIM had agreed to make payments or waive its management, administrative and other fees so that the annual operating expenses of the Equitable Conservative

1516

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Growth MF/ETF Portfolio (other than interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures that are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Portfolio's business), did not exceed the following annualized rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  Equitable Conservative Growth MF/ETF | N/A | 1.20 \* | 0.95 \* |

---

\* For purposes of calculating the Maximum Annual Operating Expense Limit, Acquired Fund Fees and Expenses are included in Portfolio Operating Expenses.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

Prior to October 1, 2022, EIM had agreed to make payments or waive its management, administrative and other fees so that the annual operating expenses of the 1290 VT GAMCO Small Company Value Portfolio, EQ/AB Dynamic Aggressive Growth Portfolio, EQ/AB Dynamic Growth Portfolio, EQ/AB Dynamic Moderate Growth Portfolio, EQ/American Century Moderate Growth Allocation Portfolio, EQ/Core Bond Index Portfolio, EQ/Equity 500 Index Portfolio, EQ/Franklin Moderate Allocation Portfolio, EQ/Goldman Sachs Growth Allocation Portfolio, EQ/Goldman Sachs Moderate Growth Allocation Portfolio, EQ/Intermediate Government Bond Portfolio, EQ/International Equity Index Portfolio, EQ/Invesco Moderate Allocation Portfolio, EQ/Invesco Moderate Growth Allocation Portfolio, EQ/JPMorgan Growth Allocation Portfolio, EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Ultra Short Bond Portfolio (other than interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, acquired fund fees and expenses, other expenditures that are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Portfolio's business), did not exceed the following annualized rates:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolios:** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** | **Maximum Annual Operating Expense Limit** |
| **Portfolios:** | **Class IA<sup>+</sup>** | **Class IB<sup>+</sup>** | **Class K** |
|  1290 VT GAMCO Small Company Value | 1.10% | 1.10% | 0.85% |
|  EQ/AB Dynamic Aggressive Growth | N/A | 1.20 \* | 0.95 \* |
|  EQ/AB Dynamic Growth | N/A | 1.20 \* | 0.95 \* |
|  EQ/AB Dynamic Moderate Growth | 1.20 \* | 1.20 \* | 0.95 \* |
|  EQ/American Century Moderate Growth Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/Core Bond Index | 0.65 | 0.65 | 0.40 |
|  EQ/Equity 500 Index | 0.55 | 0.55 | 0.30 |
|  EQ/Franklin Moderate Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/Goldman Sachs Growth Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/Goldman Sachs Moderate Growth Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/Intermediate Government Bond | 0.65 | 0.65 | 0.40 |
|  EQ/International Equity Index | 0.79 \* | 0.79 \* | 0.54 \* |
|  EQ/Invesco Moderate Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/Invesco Moderate Growth Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/JPMorgan Growth Allocation | N/A | 1.20 \* | 0.95 \* |
|  EQ/PIMCO Global Real Return | N/A | 0.90 | 0.65 |
|  EQ/PIMCO Ultra Short Bond | 0.80 | 0.80 | 0.55 |

---

\* For purposes of calculating the Maximum Annual Operating Expense Limit, Acquired Fund Fees and Expenses are included in Portfolio Operating Expenses.

---

| | |
|:---|:---|
| + | Includes amounts payable pursuant to Rule 12b-1 under the 1940 Act.  |

---

N/A This class of shares of the Portfolio either is not registered or is registered but not currently offered for sale.

1517

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

Investment advisory fees are waived first, administration fees are waived next, and then EIM reimburses the Portfolio's expenses out of its own resources. Each Portfolio may at a later date reimburse EIM for fees waived (including fees waived by EIM's affiliates, including the Administrator) or other expenses assumed and paid for by EIM pursuant to the Expense Limitation Agreement within three years of payments or waivers being recorded, provided such Portfolio has reached a sufficient asset size to permit such reimbursement to be made without causing the total annual expense ratio of each Portfolio to exceed the percentage limits mentioned above for the respective period. Consequently, no reimbursement by a Portfolio will be made unless the Portfolio's total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement will be based on the earliest fees waived or assumed by EIM.

Reimbursements during the period are presented as Recoupment Fees in the Statement of Operations. During the year ended December 31, 2022, the following Portfolios incurred Recoupment Fees:

---

| | |
|:---|:---|
| **Portfolios:** | **Recoupment<br>Fees** |
|  1290 VT SmartBeta Equity ESG | $18958 |
|  EQ/AB Dynamic Aggressive Growth | 51242 |
|  EQ/Common Stock Index | 44157 |
|  EQ/International Equity Index | 23868 |
|  EQ/Small Company Index | 3972 |
|  | $142197 |

---

At December 31, 2022, under the Expense Limitation Agreement, the amount eligible for potential recoupment from each Portfolio, and its respective expiration year, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **2023** | **2024** | **2025** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/Conservative Strategy | $— | $— | $3136 | $3136 |
|  Equitable Conservative Growth MF/ETF | 39568 | 41529 | 43047 | 124144 |
|  Equitable Moderate Growth MF/ETF |  |  | 154534 | 154534 |
|  Equitable Growth MF/ETF |  |  | 152733 | 152733 |
|  1290 VT Moderate Growth Allocation | 48374 | 85862 | 101711 | 235947 |
|  1290 VT Multi-Alternative Strategies | 51043 | 62695 | 65928 | 179666 |
|  1290 VT Convertible Securities | 69915 | 113588 | 111005 | 294508 |
|  1290 VT DoubleLine Opportunistic Bond | 144446 | 319935 | 499410 | 963791 |
|  1290 VT Equity Income | 445267 | 992576 | 947671 | 2385514 |
|  1290 VT GAMCO Mergers & Acquisitions | 31231 | 113653 | 143266 | 288150 |
|  1290 VT High Yield Bond | 88513 | 103265 | 134713 | 326491 |
|  1290 VT Micro Cap | 183391 | 335701 | 310864 | 829956 |
|  1290 VT Natural Resources | 89186 | 120203 | 134340 | 343729 |
|  1290 VT Real Estate | 112277 | 123937 | 234901 | 471115 |
|  1290 VT Small Cap Value | 183230 | 276477 | 312901 | 772608 |
|  1290 VT SmartBeta Equity ESG | 45713 | 18134 | 48869 | 112716 |
|  ATM Mid Cap Managed Volatility | 53007 | 73360 | 126153 | 252520 |
|  ATM Small Cap Managed Volatility |  |  | 45606 | 45606 |
|  EQ/400 Managed Volatility |  |  | 18740 | 18740 |
|  EQ/AB Dynamic Aggressive Growth | 26242 | 178743 | 102278 | 307263 |
|  EQ/AB Dynamic Growth |  |  | 78596 | 78596 |
|  EQ/AB Short Duration Government Bond | 47929 | 118379 | 431930 | 598238 |
|  EQ/AB Sustainable U.S. Thematic |  |  | 165317 | 165317 |
|  EQ/American Century Mid Cap Value | 766842 | 1638002 | 1653559 | 4058403 |
|  EQ/American Century Moderate Growth Allocation | 60293 | 99239 | 113487 | 273019 |

---

1518

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **2023** | **2024** | **2025** | **Total Eligible<br>For<br>Recoupment** |
|  EQ/Capital Group Research | $169450 | $294138 | $287319 | $750907 |
|  EQ/ClearBridge Large Cap Growth ESG | 35372 | 103612 | 122994 | 261978 |
|  EQ/ClearBridge Select Equity Managed Volatility | 113659 | 220928 | 399353 | 733940 |
|  EQ/Common Stock Index |  |  | 50212 | 50212 |
|  EQ/Core Bond Index | 405875 | 1167061 | 1659837 | 3232773 |
|  EQ/Emerging Markets Equity PLUS | 73167 | 50389 | 212658 | 336214 |
|  EQ/Equity 500 Index | 393382 | 834752 | 1337997 | 2566131 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 233598 | 309481 | 347520 | 890599 |
|  EQ/Franklin Moderate Allocation | 73050 | 98625 | 138534 | 310209 |
|  EQ/Franklin Rising Dividends | 132668 | 273704 | 284895 | 691267 |
|  EQ/Franklin Small Cap Value Managed Volatility | 82732 | 300326 | 323305 | 706363 |
|  EQ/Global Equity Managed Volatility | 557277 | 761254 | 1029854 | 2348385 |
|  EQ/Goldman Sachs Growth Allocation | 74636 | 135313 | 206441 | 416390 |
|  EQ/Goldman Sachs Mid Cap Value | 66826 | 128415 | 129099 | 324340 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 115758 | 31133 | 178804 | 325695 |
|  EQ/Intermediate Government Bond | 367371 | 1055528 | 1416126 | 2839025 |
|  EQ/International Equity Index | 33414 | 96260 | 310101 | 439775 |
|  EQ/Invesco Comstock | 57413 | 99582 | 116615 | 273610 |
|  EQ/Invesco Global | 188677 | 400667 | 373422 | 962766 |
|  EQ/Invesco Moderate Allocation | 81781 | 93869 | 168429 | 344079 |
|  EQ/Invesco Moderate Growth Allocation | 73076 | 95037 | 131490 | 299603 |
|  EQ/JPMorgan Growth Allocation | 83208 | 150502 | 256707 | 490417 |
|  EQ/Lazard Emerging Markets Equity | 194130 | 523608 | 403119 | 1120857 |
|  EQ/Long-Term Bond |  | 292602 | 1353805 | 1646407 |
|  EQ/Loomis Sayles Growth | 279474 | 508475 | 477707 | 1265656 |
|  EQ/MFS International Growth | 421201 | 1514849 | 1376554 | 3312604 |
|  EQ/MFS International Intrinsic Value | 428573 | 808078 | 816231 | 2052882 |
|  EQ/MFS Mid Cap Focused Growth | 282065 | 546136 | 501413 | 1329614 |
|  EQ/MFS Utilities Series | 125251 | 202888 | 212569 | 540708 |
|  EQ/Mid Cap Index |  | 217331 | 1026029 | 1243360 |
|  EQ/Morgan Stanley Small Cap Growth | 230097 | 394300 | 359774 | 984171 |
|  EQ/PIMCO Global Real Return | 135057 | 237753 | 278279 | 651089 |
|  EQ/PIMCO Real Return | 157024 | 278427 | 285744 | 721195 |
|  EQ/PIMCO Total Return ESG | 297275 | 567774 | 547077 | 1412126 |
|  EQ/PIMCO Ultra Short Bond | 478065 | 731077 | 641016 | 1850158 |
|  EQ/T. Rowe Price Growth Stock | 809417 | 1572606 | 1486490 | 3868513 |
|  EQ/T. Rowe Price Health Sciences | 172362 | 344974 | 316937 | 834273 |
|  EQ/Wellington Energy | 72601 | 115110 | 126124 | 313835 |
|  Multimanager Core Bond | 487265 | 860698 | 1258346 | 2606309 |
|  Multimanager Technology | 1147346 | 2412135 | 2130081 | 5689562 |

---

During the year ended December 31, 2022, EIM voluntarily waived fees for certain Portfolios. These amounts are included in voluntary waiver from investment adviser on the Statement of Operations for each Portfolio and are not eligible for recoupment.

During the year ended December 31, 2022, the Distributor voluntarily waived $1,314,223 of distribution fees for the EQ/Money Market Portfolio's Class IA and Class IB shares. This amount is not eligible for recoupment.

1519

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | |
|:---|:---|
| Note 7 | Percentage of Ownership by Affiliates  |

---

The following table shows the percentage of ownership in net assets of the Portfolios listed held by Equitable Financial at December 31, 2022:

---

| | |
|:---|:---|
| **Portfolios:** | **Percentage of<br>Ownership** |
|  Equitable Moderate Growth MF/ETF | 89% |
|  Equitable Growth MF/ETF | 78 |
|  1290 VT Multi-Alternative Strategies | 70 |
|  1290 VT Convertible Securities | 34 |
|  EQ/AB Sustainable U.S. Thematic | 96 |

---

Shares of the Portfolios may be held as underlying investments by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios of the Trust, and certain series of EQ Premier VIP Trust ("VIP Trust"). The following tables show the percentage of ownership in net assets of the Portfolios listed held by EQ/All Asset Growth Allocation Portfolio, the Strategic Allocation Series Portfolios, and certain series of VIP Trust at December 31, 2022.

---

| | |
|:---|:---|
| **Portfolios:** | **EQ/All<br>Asset Growth<br>Allocation** |
|  1290 VT Convertible Securities Portfolio | 32.43% |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 1.87 |
|  1290 VT Equity Income Portfolio | 1.92 |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio | 13.61 |
|  1290 VT GAMCO Small Company Value Portfolio | 0.85 |
|  1290 VT High Yield Bond Portfolio | 6.29 |
|  1290 VT Natural Resources Portfolio | 20.35 |
|  1290 VT Real Estate Portfolio | 49.79 |
|  1290 VT SmartBeta Equity ESG Portfolio | 3.32 |
|  EQ/AB Small Cap Growth Portfolio | 1.52 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 12.75 |
|  EQ/Intermediate Government Bond Portfolio | 0.05 |
|  EQ/International Equity Index Portfolio | 0.83 |
|  EQ/Invesco Comstock Portfolio | 6.76 |
|  EQ/Janus Enterprise Portfolio | 0.36 |
|  EQ/JPMorgan Value Opportunities Portfolio | 1.88 |
|  EQ/Loomis Sayles Growth Portfolio | 3.18 |
|  EQ/MFS International Growth Portfolio | 2.83 |
|  EQ/PIMCO Global Real Return Portfolio | 13.85 |
|  EQ/PIMCO Ultra Short Bond Portfolio | 1.04 |
|  EQ/T. Rowe Price Growth Stock Portfolio | 1.14 |
|  EQ/Value Equity Portfolio | 1.10 |
|  Multimanager Core Bond Portfolio | 0.90 |
|  EQ/Core Plus Bond Portfolio | 3.04 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Ultra<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Growth<br>Strategy** | **EQ/<br>Balanced<br>Strategy** | **EQ/<br>Moderate<br>Growth<br>Strategy** | **EQ/<br>Growth<br>Strategy** | **EQ/<br>Aggressive<br>Growth<br>Strategy** |
|  EQ/500 Managed Volatility Portfolio | 1.93% | 0.98% | 3.49% | 12.28% | 25.03% | 24.08% | 29.60% |
|  EQ/400 Managed Volatility Portfolio | 0.99 | 0.76 | 2.32 | 7.99 | 16.89 | 15.34 | 17.71 |

---

1520

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Ultra<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Strategy** | **EQ/<br>Conservative<br>Growth<br>Strategy** | **EQ/<br>Balanced<br>Strategy** | **EQ/<br>Moderate<br>Growth<br>Strategy** | **EQ/<br>Growth<br>Strategy** | **EQ/<br>Aggressive<br>Growth<br>Strategy** |
|  EQ/2000 Managed Volatility Portfolio | 1.92% | 0.87% | 3.12% | 10.97% | 22.47% | 21.82% | 25.94% |
|  EQ/International Managed Volatility Portfolio | 1.98 | 0.97 | 3.45 | 12.43 | 25.12 | 23.82 | 27.88 |
|  EQ/AB Short Duration Government Bond Portfolio |  | 4.01 | 5.22 | 12.03 | 16.11 | 10.05 | 6.85 |
|  EQ/Core Bond Index Portfolio |  | 3.79 | 4.84 | 11.06 | 14.71 | 8.71 | 5.90 |
|  EQ/Intermediate Government Bond Portfolio | 33.30 | 3.18 | 4.08 | 9.28 | 12.30 | 7.27 | 4.90 |
|  EQ/Long-Term Bond Portfolio |  | 2.34 | 4.28 | 11.67 | 17.05 | 11.45 | 8.14 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Conservative<br>Allocation** | **EQ/Conservative-<br>Plus Allocation** | **EQ/Moderate<br>Allocation** | **EQ/Moderate-Plus<br>Allocation** | **EQ/Aggressive<br>Allocation** |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | 8.80% | 7.55% | 38.44% | 28.13% | 3.85% |
|  1290 VT Equity Income Portfolio | 0.82 | 1.74 | 13.22 | 26.39 | 14.50 |
|  1290 VT GAMCO Small Company Value Portfolio | 0.04 | 0.14 | 1.70 | 3.74 | 2.35 |
|  1290 VT High Yield Bond Portfolio | 5.80 | 4.91 | 25.32 | 18.07 | 2.51 |
|  1290 VT Micro Cap Portfolio | 1.24 | 2.89 | 24.71 | 45.33 | 20.48 |
|  1290 VT Small Cap Value Portfolio |  | 1.25 | 11.05 | 20.01 | 9.60 |
|  ATM Large Cap Managed Volatility Portfolio | 1.95 | 3.71 | 24.87 | 44.05 | 25.42 |
|  ATM Mid Cap Managed Volatility Portfolio | 5.24 | 8.23 | 32.22 | 36.09 | 18.22 |
|  ATM Small Cap Managed Volatility Portfolio | 0.57 | 2.37 | 23.29 | 49.23 | 24.54 |
|  ATM International Managed Volatility Portfolio | 0.96 | 2.86 | 27.60 | 44.66 | 23.91 |
|  EQ/AB Small Cap Growth Portfolio | 0.20 | 0.66 | 6.73 | 12.90 | 5.25 |
|  EQ/American Century Mid Cap Value Portfolio | 0.58 | 0.63 | 3.79 | 4.13 | 2.09 |

---

1521

------

**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Conservative<br>Allocation** | **EQ/Conservative-<br>Plus Allocation** | **EQ/Moderate<br>Allocation** | **EQ/Moderate-Plus<br>Allocation** | **EQ/Aggressive<br>Allocation** |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | 1.40% | 2.48% | 16.73% | 26.46% | 16.11% |
|  EQ/Core Bond Index Portfolio | 2.51 | 1.81 | 8.87 | 6.16 | 0.70 |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio |  | 1.11 | 13.13 | 28.23 | 15.00 |
|  EQ/Global Equity Managed Volatility Portfolio | 0.27 | 0.80 | 7.68 | 12.61 | 7.33 |
|  EQ/Intermediate Government Bond Portfolio | 2.47 | 1.88 | 9.12 | 6.38 | 0.73 |
|  EQ/International Core Managed Volatility Portfolio | 0.24 | 0.77 | 7.46 | 11.70 | 5.69 |
|  EQ/International Equity Index Portfolio | 0.04 | 0.10 | 0.47 | 0.46 | 0.46 |
|  EQ/International Value Managed Volatility Portfolio | 0.43 | 1.27 | 12.88 | 19.68 | 9.79 |
|  EQ/Janus Enterprise Portfolio | 0.48 | 0.82 | 2.92 | 3.14 | 1.26 |
|  EQ/JPMorgan Value Opportunities Portfolio | 0.45 | 0.94 | 7.12 | 13.04 | 7.18 |
|  EQ/Large Cap Core Managed Volatility Portfolio | 0.65 | 1.02 | 6.96 | 13.38 | 8.01 |
|  EQ/Large Cap Growth Index Portfolio | 0.08 | 0.10 | 0.41 | 0.46 | 0.29 |
|  EQ/Large Cap Value Managed Volatility Portfolio | 0.15 | 0.32 | 2.40 | 4.76 | 2.79 |
|  EQ/Long-Term Bond Portfolio | 2.62 | 3.23 | 19.75 | 16.22 | 2.23 |
|  EQ/Loomis Sayles Growth Portfolio | 0.84 | 1.41 | 9.66 | 15.24 | 7.88 |
|  EQ/MFS International Growth Portfolio | 0.39 | 1.18 | 12.01 | 19.70 | 10.84 |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | 0.53 | 1.69 | 16.89 | 31.69 | 13.89 |
|  EQ/PIMCO Ultra Short Bond Portfolio | 8.90 | 6.70 | 32.26 | 23.84 | 3.04 |
|  EQ/Quality Bond PLUS Portfolio | 3.25 | 2.87 | 14.71 | 10.82 | 1.31 |

---

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**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **EQ/Conservative<br>Allocation** | **EQ/Conservative-<br>Plus Allocation** | **EQ/Moderate<br>Allocation** | **EQ/Moderate-Plus<br>Allocation** | **EQ/Aggressive<br>Allocation** |
|  EQ/T. Rowe Price Growth Stock Portfolio | 0.20% | 0.39% | 2.60% | 3.69% | 1.59% |
|  EQ/Value Equity Portfolio | 0.27 | 0.60 | 4.55 | 9.07 | 5.17 |
|  Multimanager Core Bond Portfolio | 6.68 | 5.80 | 30.26 | 22.17 | 2.76 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **Target<br>2015<br>Allocation** | **Target<br>2025<br>Allocation** | **Target<br>2035<br>Allocation** | **Target<br>2045<br>Allocation** | **Target<br>2055<br>Allocation** |
|  1290 VT High Yield Bond Portfolio | 1.41% | 4.38% | 3.94% | 2.25% | 0.44% |
|  EQ/American Century Mid Cap Value Portfolio | 0.12 | 0.79 | 0.62 | 0.71 | 0.21 |
|  EQ/Core Bond Index Portfolio | 0.05 | 0.15 | 0.12 | 0.06 | 0.01 |
|  EQ/Emerging Markets Equity PLUS Portfolio | 1.10 | 7.32 | 11.71 | 11.34 | 5.17 |
|  EQ/Equity 500 Index Portfolio | 0.05 | 0.45 | 0.87 | 0.91 | 0.41 |
|  EQ/International Equity Index Portfolio | 0.11 | 0.97 | 1.58 | 1.60 | 0.71 |
|  EQ/Janus Enterprise Portfolio | 0.10 | 0.43 | 0.42 | 0.29 | 0.07 |
|  EQ/Long-Term Bond Portfolio | 0.11 | 0.37 | 0.33 | 0.18 | 0.02 |
|  EQ/MFS International Growth Portfolio | 0.07 | 0.59 | 1.03 | 1.00 | 0.57 |
|  EQ/PIMCO Ultra Short Bond Portfolio | 0.24 | 0.71 | 0.54 | 0.29 | 0.02 |
|  EQ/Quality Bond PLUS Portfolio | 0.23 | 0.62 | 0.50 | 0.26 | 0.02 |
|  EQ/Small Company Index Portfolio | 0.04 | 0.69 | 1.45 | 1.52 | 0.76 |
|  EQ/Value Equity Portfolio | 0.04 | 0.19 | 0.31 | 0.35 | 0.22 |
|  Multimanager Aggressive Equity Portfolio | 0.04 | 0.18 | 0.20 | 0.20 | 0.16 |

---

The Portfolios are permitted to purchase or sell securities from or to certain affiliated entities under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any such securities transactions comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the independent current market price. The 17a-7 transactions which are material to the Portfolios are reflected in the Portfolio of Investments.

Note 8 Reorganization Transactions

The following transactions occurred during 2022:

After the close of business on November 4, 2022, EQ/JPMorgan Growth Allocation Portfolio, acquired the net assets of the EQ/Franklin Growth Allocation Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 28, 2022. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/JPMorgan Growth Allocation Portfolio issuing 7,074,851 Class IB shares (valued at $70,694,650) in exchange for 7,305,065 Class IB shares of EQ/Franklin Growth Allocation Portfolio. The securities held by EQ/Franklin Growth Allocation Portfolio, with a fair value of $44,586,817 and identified cost of $43,923,240, and cash in the amount of $26,164,307 at November 4, 2022, were the principal assets acquired by EQ/JPMorgan Growth Allocation Portfolio. For U.S. GAAP purposes, assets received and shares issued by EQ/JPMorgan Growth Allocation Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/Franklin Growth Allocation Portfolio was carried forward to align ongoing reporting of EQ/JPMorgan Growth Allocation Portfolio's realized and unrealized gains and losses with amounts distributable to contract holders for tax purposes. EQ/Franklin Growth Allocation Portfolio net assets at the merger date of $70,694,650, including $663,577 of unrealized appreciation, $(67,513) of undistributed net investment loss and $(8,513,134) of undistributed net realized loss on investments,

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**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

were combined with those of EQ/JPMorgan Growth Allocation Portfolio. Assuming the acquisition had been completed January 1, 2022, the beginning of the annual reporting period of EQ/JPMorgan Growth Allocation Portfolio, pro forma results of operations for the year ended December 31, 2022 would have resulted in a net investment income of $2,050,770 and net realized and unrealized loss of $(66,349,530) resulting in a decrease in net assets from operations of $(64,298,760). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Franklin Growth Allocation Portfolio that have been included in EQ/JPMorgan Growth Allocation Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the EQ/JPMorgan Growth Allocation Portfolio totaled $347,355,219. Immediately after the combination, the net assets of the EQ/JPMorgan Growth Allocation Portfolio totaled $418,049,869.

After the close of business on November 4, 2022, EQ/Invesco Moderate Growth Allocation Portfolio, acquired the net assets of the EQ/First Trust Moderate Growth Allocation Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 28, 2022. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the EQ/Invesco Moderate Growth Allocation Portfolio issuing 10,916,089 Class IB shares (valued at $103,979,580) in exchange for 10,235,035 Class IB shares of EQ/First Trust Moderate Growth Allocation Portfolio. The securities held by EQ/First Trust Moderate Growth Allocation Portfolio, with a fair value of $86,920,322 and identified cost of $92,218,973, and cash in the amount of $17,117,889, at November 4, 2022, were the principal assets acquired by EQ/Invesco Moderate Growth Allocation Portfolio. For U.S. GAAP purposes, assets received and shares issued by EQ/Invesco Moderate Growth Allocation Portfolio were recorded at fair value; however, the cost basis of the investments from EQ/First Trust Moderate Growth Allocation Portfolio was carried forward to align ongoing reporting of EQ/Invesco Moderate Growth Allocation Portfolio's realized and unrealized gains and losses with amounts distributable to contract holders for tax purposes. EQ/First Trust Moderate Growth Allocation Portfolio's net assets at the merger date of $103,979,580, including $(5,298,651) of unrealized depreciation, $5,061 of undistributed net investment income and $(4,689,010) of undistributed net realized loss on investments, were combined with those of EQ/Invesco Moderate Growth Allocation Portfolio. Assuming the acquisition had been completed January 1, 2022, the beginning of the annual reporting period of EQ/Invesco Moderate Growth Allocation Portfolio, pro forma results of operations for the year ended December 31, 2022 would have resulted in a net investment income of $2,327,500 and net realized and unrealized loss of $(36,658,261) resulting in a decrease in net assets from operations of $(34,330,761). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/First Trust Moderate Growth Allocation Portfolio that have been included in EQ/Invesco Moderate Growth Allocation Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the EQ/Invesco Moderate Growth Allocation Portfolio totaled $109,040,864. Immediately after the combination, the net assets of the EQ/Invesco Moderate Growth Allocation Portfolio totaled $213,020,444.

After the close of business on November 4, 2022, 1290 VT Moderate Growth Allocation Portfolio acquired the net assets of the EQ/AXA Investment Managers Moderate Allocation Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 28, 2022. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a taxable exchange resulting in the 1290 VT Moderate Growth Allocation Portfolio issuing 3,075,788 Class IB shares (valued at $32,119,785) in exchange for 3,197,444 Class IB shares of EQ/AXA Investment Managers Moderate Allocation Portfolio. Cash in the amount of $848,474 in addition to securities held by EQ/AXA Investment Managers Moderate Allocation Portfolio which had a fair value of $31,290,631 at November 4, 2022, were the principal assets acquired by 1290 VT Moderate Growth Allocation Portfolio. For U.S. GAAP purposes, assets received and shares issued by 1290 VT Moderate Growth Allocation Portfolio were

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

recorded at fair value. EQ/AXA Investment Managers Moderate Allocation Portfolio's net assets at the merger date of $32,119,785, were combined with those of 1290 VT Moderate Growth Allocation Portfolio. Assuming the acquisition had been completed January 1, 2022, the beginning of the annual reporting period of 1290 VT Moderate Growth Allocation Portfolio, pro forma results of operations for the year ended December 31, 2022 would have resulted in a net investment income of $1,629,406 and net realized and unrealized loss of $(21,588,295) resulting in a decrease in net assets from operations of $(19,958,889). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/AXA Investment Managers Moderate Allocation Portfolio that have been included in 1290 VT Moderate Growth Allocation Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the 1290 VT Moderate Growth Allocation Portfolio totaled $80,741,583. Immediately after the combination, the net assets of the 1290 VT Moderate Growth Allocation Portfolio totaled $112,861,368.

After the close of business on November 11, 2022, EQ/Common Stock Index Portfolio acquired the net assets of the 1290 VT Low Volatility Global Equity Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 28, 2022. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a taxable exchange resulting in the EQ/Common Stock Index Portfolio issuing 118,063 Class IB shares (valued at $4,680,495) in exchange for 955,437 Class IB shares of 1290 VT Low Volatility Global Equity Portfolio. Cash, in the amount of $4,732,023 at November 11, 2022 was the principal asset acquired by EQ/Common Stock Index Portfolio. For U.S. GAAP purposes, assets received and shares issued by EQ/Common Stock Index Portfolio were recorded at fair value. 1290 VT Low Volatility Global Equity Portfolio's net assets at the merger date of $4,680,495, were combined with those of EQ/Common Stock Index Portfolio. Assuming the acquisition had been completed January 1, 2022, the beginning of the annual reporting period of EQ/Common Stock Index Portfolio, pro forma results of operations for the year ended December 31, 2022 would have resulted in a net investment income of $60,438,821 and net realized and unrealized loss of $(1,540,937,327) resulting in a decrease in net assets from operations of $(1,480,498,506). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the 1290 VT Low Volatility Global Equity Portfolio that have been included in EQ/Common Stock Index Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the EQ/Common Stock Index Portfolio totaled $6,130,013,934. Immediately after the combination, the net assets of the EQ/Common Stock Index Portfolio totaled $6,134,694,430.

After the close of business on November 11, 2022, EQ/MFS International Growth Portfolio acquired the net assets of the EQ/Invesco International Growth Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 28, 2022. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a taxable exchange resulting in the EQ/MFS International Growth Portfolio issuing 23,197,788 Class IB shares (valued at $162,120,470) in exchange for 4,975,634 Class IB shares of EQ/Invesco International Growth Portfolio. Cash in the amount of $109,170,902 in addition to securities held by EQ/Invesco International Growth Portfolio which had a fair value of $52,638,867 at November 11, 2022, were the principal assets acquired by EQ/MFS International Growth Portfolio. For U.S. GAAP purposes, assets received and shares issued by EQ/MFS International Growth Portfolio were recorded at fair value. EQ/Invesco International Growth Portfolio's net assets at the merger date of $162,120,470, were combined with those of EQ/MFS International Growth Portfolio. Assuming the acquisition had been completed January 1, 2022, the beginning of the annual reporting period of EQ/MFS International Growth Portfolio, pro forma results of operations for the year ended December 31, 2022 would have resulted in a net investment income of $12,353,158 and net realized and unrealized loss of $(264,323,925) resulting in a decrease in net assets from operations of $(251,970,767). Because the combined investment

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**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2022

portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Invesco International Growth Portfolio that have been included in EQ/MFS International Growth Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the EQ/MFS International Growth Portfolio totaled $1,082,685,044. Immediately after the combination, the net assets of the EQ/MFS International Growth Portfolio totaled $1,244,805,514.

The following transactions occurred during 2021:

After the close of business on June 18, 2021, 1290 VT Natural Resources Portfolio acquired the net assets of the 1290 VT Energy Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination approved by shareholders on June 4, 2021. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a taxable exchange resulting in the 1290 VT Natural Resources Portfolio issuing 919,240 Class IB shares and 83,729 Class K Shares (valued at $6,860,121 and $625,596, respectively) in exchange for 1,267,019 Class IB shares and 115,561 Class K shares, respectively, of 1290 VT Energy Portfolio. Cash, in the amount of $7,485,717 at June 18, 2021, was the principal asset acquired by 1290 VT Natural Resources Portfolio. For U.S. GAAP purposes, assets received and shares issued by 1290 VT Natural Resources Portfolio were recorded at fair value. 1290 VT Energy Portfolio's net assets of $7,485,717 at June 18, 2021, were combined with those of 1290 VT Natural Resources Portfolio. Assuming the acquisition had been completed January 1, 2021, the beginning of the annual reporting period of 1290 VT Natural Resources Portfolio, pro forma results of operations for the year ended December 31, 2021 would have resulted in net investment income of $802,626 and net realized and unrealized gain of $5,613,747 resulting in an increase in net assets from operations of $6,416,373. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the 1290 VT Energy Portfolio that have been included in 1290 VT Natural Resources Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the 1290 VT Natural Resources Portfolio totaled $15,321,509. Immediately after the combination, the net assets of the 1290 VT Natural Resources Portfolio totaled $22,807,226.

After the close of business on June 18, 2021, EQ/Balanced Strategy Portfolio acquired the net assets of the EQ/Franklin Balanced Managed Volatility Portfolio, a series of the Trust, pursuant to a Plan of Reorganization and Termination approved by shareholders on June 4, 2021. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by EIM with similar investment objectives. The reorganization was accomplished by a taxable exchange resulting in the EQ/Balanced Strategy Portfolio issuing 192,600 Class IA shares and 39,881,495 Class IB Shares (valued at $3,449,858 and $715,354,048, respectively) in exchange for 402,558 Class IA shares and 83,464,013 Class IB shares, respectively, of EQ/Franklin Balanced Managed Volatility Portfolio. Cash, in the amount of $718,803,906 at June 18, 2021 was the principal asset acquired by EQ/Balanced Strategy Portfolio. For U.S. GAAP purposes, assets received and shares issued by EQ/Balanced Strategy Portfolio were recorded at fair value. EQ/Franklin Balanced Managed Volatility Portfolio's net assets at the merger date of $718,803,906, were combined with those of EQ/Balanced Strategy Portfolio. Assuming the acquisition had been completed January 1, 2021, the beginning of the annual reporting period of EQ/ Balanced Strategy Portfolio, pro forma results of operations for the year ended December 31, 2021 would have resulted in net investment income of $31,802,048 and net realized and unrealized gain of $393,610,341 resulting in an increase in net assets from operations of $425,412,389. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the EQ/Franklin Balanced Managed Volatility Portfolio that have been included in EQ/Balanced Strategy Portfolio's Statement of Operations since the merger date. Prior to the combination, the net assets of the EQ/Balanced Strategy Portfolio totaled $3,738,804,279. Immediately after the combination, the net assets of the EQ/Balanced Strategy Portfolio totaled $4,457,608,185.

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**EQ ADVISORS TRUST** 

NOTES TO FINANCIAL STATEMENTS (Concluded)

December 31, 2022

Note 9 Subsequent Events

The Adviser evaluated subsequent events from December 31, 2022, the date of these financial statements, through the date these financial statements were issued. The subsequent events include the following:

Effective January 1, 2023, a newly established entity, Equitable Investment Management, LLC ("EIM II"), an affiliate of EIM, became the administrator for the Trust and the Portfolios. The transfer of administration services to EIM II did not result in any change in the nature, scope or quality of the administration services being provided to the Trust and the Portfolios, or the personnel providing such services, and did not result in any change in the administration fees paid by the Portfolios.

Effective February 10, 2023, FIAM LLC became a Sub-Adviser to an allocated portion of the Multimanager Technology Portfolio.

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![LOGO](g401674g37m01.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of EQ Advisors Trust and Shareholders of each of the ninety-eight funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting EQ Advisors Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations, the statements of changes in net assets, and for EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Real Return Portfolio the statements of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets, and for EQ/PIMCO Global Real Return Portfolio and EQ/PIMCO Real Return Portfolio each of their cash flows, for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;EQ/All Asset Growth Allocation Portfolio (1) | EQ/Franklin Moderate Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Ultra Conservative Strategy Portfolio (1) | EQ/Franklin Rising Dividends Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Strategy Portfolio (1) | EQ/Franklin Small Cap Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Conservative Growth Strategy Portfolio (1) | EQ/Global Equity Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio (1) | EQ/Goldman Sachs Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Moderate Growth Strategy Portfolio (1) | EQ/Goldman Sachs Mid Cap Value Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Growth Strategy Portfolio (1) | EQ/Goldman Sachs Moderate Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio (1) | EQ/Intermediate Government Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Conservative Growth MF/ETF Portfolio (1) | EQ/International Core Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Moderate Growth MF/ETF Portfolio (3) | EQ/International Equity Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;Equitable Growth MF/ETF Portfolio (3) | EQ/International Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Moderate Growth Allocation Portfolio (1) | EQ/Invesco Comstock Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Multi-Alternative Strategies Portfolio (1) | EQ/Invesco Global Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Convertible Securities Portfolio (1) | EQ/Invesco Global Real Assets Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT DoubleLine Opportunistic Bond Portfolio (1) | EQ/Invesco Moderate Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Equity Income Portfolio (1) | EQ/Invesco Moderate Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers & Acquisitions Portfolio (1) | EQ/Janus Enterprise Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio (1) | EQ/JPMorgan Growth Allocation Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT High Yield Bond Portfolio (1) | EQ/JPMorgan Value Opportunities Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Micro Cap Portfolio (1) | EQ/Large Cap Core Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Natural Resources Portfolio (1) | EQ/Large Cap Growth Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Real Estate Portfolio (1) | EQ/Large Cap Growth Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT Small Cap Value Portfolio (1) | EQ/Large Cap Value Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio (1) | EQ/Large Cap Value Managed Volatility Portfolio (1) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio (1) | EQ/Lazard Emerging Markets Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM Large Cap Managed Volatility Portfolio (1) | EQ/Long-Term Bond Portfolio (4) |
| &nbsp;&nbsp;&nbsp;ATM Mid Cap Managed Volatility Portfolio (1) | EQ/Loomis Sayles Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM Small Cap Managed Volatility Portfolio (1) | EQ/MFS International Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;ATM International Managed Volatility Portfolio (1) | EQ/MFS International Intrinsic Value Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/500 Managed Volatility Portfolio (1) | EQ/MFS Mid Cap Focused Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio (1) | EQ/MFS Technology Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio (1) | EQ/MFS Utilities Series Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/International Managed Volatility Portfolio (1) | EQ/Mid Cap Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Aggressive Growth Portfolio (1) | EQ/Mid Cap Value Managed Volatility Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Growth Portfolio (1) | EQ/Money Market Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Dynamic Moderate Growth Portfolio (1) | EQ/Morgan Stanley Small Cap Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio (1) | EQ/PIMCO Global Real Return Portfolio (2) |
| &nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio (1) | EQ/PIMCO Real Return Portfolio (2) |
| &nbsp;&nbsp;&nbsp;EQ/AB Sustainable U.S. Thematic Portfolio (3) | EQ/PIMCO Total Return ESG Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/American Century Mid Cap Value Portfolio (1) | EQ/PIMCO Ultra Short Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/American Century Moderate Growth Allocation Portfolio (1) | EQ/Quality Bond PLUS Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Capital Group Research Portfolio (1) | EQ/Small Company Index Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/ClearBridge Large Cap Growth ESG Portfolio (1) | EQ/T. Rowe Price Growth Stock Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio (1) | EQ/T. Rowe Price Health Sciences Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio (1) | EQ/Value Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio (1) | EQ/Wellington Energy Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Emerging Markets Equity PLUS Portfolio (1) | Multimanager Aggressive Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio (1) | Multimanager Core Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio (1) | Multimanager Technology Portfolio (1) |

---

(1) Statement of operations for the year ended December 31, 2022 and statement of changes in net assets for each of the
two years in the period ended December 31, 2022

(2) Statements of operations and cash flows for the year ended December 31, 2022 and statement of changes in net assets
for each of the two years in the period ended December 31, 2022

(3) Statements of operations and changes in net assets for the period February 15, 2022 (commencement of operations)
through December 31, 2022

(4) Statement of operations for the year ended December 31, 2022 and statement of changes in net assets for the year
ended December 31, 2022 and for the period August 2, 2021 (commencement of operations) through December 31, 2021

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

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also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 17, 2023

We have served as the auditor of one or more investment companies in the EIM LLC – advised mutual fund complex since 1997.

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**<u>EQ ADVISORS TRUST</u>**

**<u>DISCLOSURE REGARDING ADVISORY CONTRACT APPROVALS</u>**

**APPROVALS OF INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2022 (UNAUDITED)** 

At an in-person meeting held on July 12-13, 2022, the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to any Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Equitable Investment Management Group, LLC ("EIM" or the "Adviser") and, as applicable, the renewal of the Investment Sub-Advisory Agreement(s) (each, a "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") between the Adviser and each investment sub-adviser (each, a "Sub-Adviser" and together, the "Sub-Advisers"), as shown in the table below with respect to the series of the Trust (each, a "Portfolio" and together, the "Portfolios") listed below, for an additional one-year term.

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|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Portfolios** |
|  1290 VT Low Volatility Global Equity Portfolio<br> 1290 VT Moderate Growth Allocation Portfolio<br> 1290 VT Multi-Alternative Strategies Portfolio<br> EQ/All Asset Growth Allocation Portfolio<br>EQ/Aggressive Growth Strategy Portfolio<br> EQ/Balanced Strategy Portfolio<br> EQ/Conservative Growth Strategy Portfolio<br> EQ/Conservative Strategy Portfolio<br> EQ/Growth Strategy Portfolio<br> EQ/Moderate Growth Strategy Portfolio<br> EQ/Ultra Conservative Strategy Portfolio<br> (collectively, the "Strategic Allocation Portfolios") | Advisory Agreement with EIM |
|  1290 VT Convertible Securities Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with SSGA Funds Management, Inc. ("SSGA") |
|  1290 VT DoubleLine Dynamic Allocation Portfolio^ | Advisory Agreement with EIM |
|  1290 VT DoubleLine Opportunistic Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with DoubleLine Capital LP ("DoubleLine") |
|  1290 VT Equity Income Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, LLC |
|  1290 VT GAMCO Mergers & Acquisitions Portfolio<br> 1290 VT GAMCO Small Company Value Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with GAMCO Asset Management, Inc. ("GAMCO") |
|  1290 VT High Yield Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AXA Investment Managers US Inc. ("AXA IM")<br> Sub-Advisory Agreement with Post Advisory Group, LLC |
|  1290 VT Micro Cap Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock Investment Management, LLC ("BlackRock")<br> Sub-Advisory Agreement with Lord, Abbett & Co. LLC ("Lord Abbett") |

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|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Portfolios** |
|  1290 VT Natural Resources Portfolio<br> 1290 VT Real Estate Portfolio<br> EQ/AB Dynamic Aggressive Growth Portfolio<br> EQ/AB Dynamic Growth Portfolio<br> EQ/AB Dynamic Moderate Growth Portfolio<br> EQ/AB Short Duration Government Bond Portfolio<br> EQ/AB Small Cap Growth Portfolio<br> EQ/Common Stock Index Portfolio<br> EQ/Equity 500 Index Portfolio<br> EQ/International Equity Index Portfolio<br> EQ/Large Cap Growth Index Portfolio<br> EQ/Long-Term Bond Portfolio<br> EQ/Small Company Index Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein, L.P. ("AllianceBernstein") |
|  1290 VT Small Cap Value Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Horizon Kinetics Asset Management LLC |
|  1290 VT SmartBeta Equity ESG Portfolio (formerly known as 1290 VT SmartBeta Equity Portfolio) | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AXA IM |
|  1290 VT Socially Responsible Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock |
|  ATM International Managed Volatility Portfolio<br> ATM Large Cap Managed Volatility Portfolio<br> ATM Mid Cap Managed Volatility Portfolio<br> ATM Small Cap Managed Volatility Portfolio<br> EQ/400 Managed Volatility Portfolio<br> EQ/500 Managed Volatility Portfolio<br> EQ/2000 Managed Volatility Portfolio<br> EQ/International Managed Volatility Portfolio<br> (collectively, the "EQ Tactical Manager Portfolios") | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with BlackRock |
|  EQ/American Century Mid Cap Value Portfolio<br> EQ/American Century Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with American Century Investment Management Inc. |
|  EQ/AXA Investment Managers Moderate Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AXA IM |
|  EQ/Capital Group Research Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Capital International, Inc. ("Capital International") |
|  EQ/ClearBridge Large Cap Growth ESG Portfolio (formerly known as EQ/ClearBridge Large Cap Growth Portfolio) | Advisory Agreement with EIM<br> Sub-Advisory Agreement with ClearBridge Investments, LLC ("ClearBridge") |
|  EQ/ClearBridge Select Equity Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with ClearBridge |
|  EQ/Core Bond Index Portfolio<br> EQ/Intermediate Government Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with SSGA |

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|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Portfolios** |
|  EQ/Emerging Markets Equity PLUS Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with EARNEST Partners, LLC ("EARNEST") |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with FIAM, LLC ("FIAM")\* |
|  EQ/First Trust Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with First Trust Advisors L.P. |
|  EQ/Franklin Growth Allocation Portfolio<br> EQ/Franklin Moderate Allocation Portfolio<br> EQ/Franklin Rising Dividends Portfolio<br> EQ/Franklin Strategic Income Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Franklin Advisers, Inc. |
|  EQ/Franklin Small Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Franklin Mutual Advisers, LLC |
|  EQ/Global Equity Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Invesco Advisers, Inc. ("Invesco")<br> Sub-Advisory Agreement with Morgan Stanley Investment Management, Inc. ("Morgan Stanley")\*\* |
|  EQ/Goldman Sachs Growth Allocation Portfolio<br> EQ/Goldman Sachs Mid Cap Value Portfolio<br> EQ/Goldman Sachs Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Goldman Sachs Asset Management, L.P. |
|  EQ/International Core Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with EARNEST<br> Sub-Advisory Agreement with Federated Global Investment Management Corp.<br> Sub-Advisory Agreement with Massachusetts Financial Services Company (dba MFS Investment Management) ("MFS Investment Management") |
|  EQ/International Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Harris Associates L.P. |
|  EQ/Invesco Comstock Portfolio<br> EQ/Invesco Global Portfolio<br> EQ/Invesco Global Real Assets Portfolio<br> EQ/Invesco International Growth Portfolio<br> EQ/Invesco Moderate Allocation Portfolio<br> EQ/Invesco Moderate Growth Allocation Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Invesco\*\*\* |
|  EQ/Janus Enterprise Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Janus Henderson Investors US LLC |
|  EQ/JPMorgan Growth Allocation Portfolio<br> EQ/JPMorgan Value Opportunities Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with JPMorgan Investment Management Inc. |

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|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Portfolios** |
|  EQ/Large Cap Core Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Capital International<br> Sub-Advisory Agreement with GQG Partners LLC<br> Sub-Advisory Agreement with Vaughan Nelson Investment Management |
|  EQ/Large Cap Growth Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with HS Management Partners, LLC<br> Sub-Advisory Agreement with Loomis, Sayles & Co., L.P. ("Loomis Sayles")<br> Sub-Advisory Agreement with Polen Capital Management, LLC<br> Sub-Advisory Agreement with T. Rowe Price Associates, Inc. ("T. Rowe Price") |
|  EQ/Large Cap Value Index Portfolio<br> EQ/Mid Cap Index Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein |
|  EQ/Large Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with Aristotle Capital Management, LLC ("Aristotle")<br> Sub-Advisory Agreement with MFS Investment Management |
|  EQ/Lazard Emerging Markets Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Lazard Asset Management LLC ("Lazard") |
|  EQ/Loomis Sayles Growth Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Loomis Sayles |
|  EQ/MFS International Growth Portfolio<br> EQ/MFS International Intrinsic Value Portfolio<br> EQ/MFS Mid Cap Focused Growth Portfolio<br> EQ/MFS Technology Portfolio<br> EQ/MFS Utilities Series Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with MFS Investment Management |
|  EQ/Mid Cap Value Managed Volatility Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Diamond Hill Capital Management, Inc.<br> Sub-Advisory Agreement with Wellington Management Company, LLP ("Wellington") |
|  EQ/Money Market Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BNY Mellon Investment Adviser, Inc. |
|  EQ/Morgan Stanley Small Cap Growth Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock<br> Sub-Advisory Agreement with Morgan Stanley |
|  EQ/PIMCO Global Real Return Portfolio<br> EQ/PIMCO Real Return Portfolio<br> EQ/PIMCO Total Return ESG Portfolio (formerly known as EQ/PIMCO Total Return Portfolio)<br> EQ/PIMCO Ultra Short Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Pacific Investment Management Company LLC ("PIMCO") |

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| | |
|:---|:---|
| **Portfolios** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Portfolios** |
|  EQ/Quality Bond PLUS Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with PIMCO |
|  EQ/T. Rowe Price Growth Stock Portfolio<br> EQ/T. Rowe Price Health Sciences Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with T. Rowe Price |
|  EQ/Value Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Aristotle |
|  EQ/Wellington Energy Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Wellington |
|  Multimanager Aggressive Equity Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with 1832 Asset Management U.S. Inc.<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with T. Rowe Price<br> Sub-Advisory Agreement with Westfield Capital Management Company, L.P. |
|  Multimanager Core Bond Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with BlackRock Financial Management, Inc. ("BFM")\*\*\*\*<br> Sub-Advisory Agreement with DoubleLine<br> Sub-Advisory Agreement with PIMCO<br> Sub-Advisory Agreement with SSGA |
|  Multimanager Technology Portfolio | Advisory Agreement with EIM<br> Sub-Advisory Agreement with AllianceBernstein<br> Sub-Advisory Agreement with Wellington |

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^ Effective on or about August 19, 2022, in connection with a restructuring (described below), the Portfolio's name changed to "Equitable Conservative Growth MF/ETF Portfolio."

\* In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and FIAM with respect to the EQ/Fidelity Institutional AM<sup>®</sup> Large Cap Portfolio, the Board also considered and approved a new investment sub-sub-advisory agreement between FIAM and its affiliate. FIAM retains an affiliate to provide certain services to this Portfolio. 

\*\* In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and Morgan Stanley with respect to the EQ/Global Equity Managed Volatility Portfolio, the Board also considered and approved the renewal of an investment sub-sub-advisory agreement between Morgan Stanley and its affiliate. Morgan Stanley retains an affiliate to provide certain services to this Portfolio. 

\*\*\* In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and Invesco with respect to the EQ/Invesco Global Real Assets Portfolio, the Board also considered and approved the renewal of an investment sub-sub-advisory agreement between Invesco and its affiliate. Invesco retains an affiliate to provide certain services to this Portfolio. 

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|:---|:---|
| \*\*\*\* | In connection with its consideration and approval of the renewal of the Sub-Advisory Agreement between the Adviser and BFM with respect to the Multimanager Bond Portfolio, the Board also considered and approved the renewal of investment sub-sub-advisory agreements between BFM and two of its affiliates. BFM retains two affiliates to provide certain services to this Portfolio.  |

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In reaching its decision to renew the Agreement(s) with respect to each Portfolio, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to each Portfolio, including: (1) the nature, quality and extent of the overall services to be provided to the Portfolio by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates, including the investment performance of the Portfolio (and, where applicable, each allocated portion of the Portfolio advised by a different Sub-Adviser); (2) the level of the Portfolio's advisory fee and, where applicable, sub-advisory fee(s), and the Portfolio's expense ratios relative to those of peer funds; (3) the costs of the services to be provided by, and the profits to be realized by, the Adviser and its affiliates from their relationships with the Portfolio; (4) the anticipated effect of growth and size on the Portfolio's performance and expenses, including any potential economies of scale and, if so, whether any such economies of scale are equitably shared with investors; and (5) "fall-out" benefits that may accrue to the Adviser, the relevant Sub-Adviser(s) and their respective affiliates (that is, indirect benefits that they would not receive but for their relationships with the Portfolio). In considering each Agreement, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may have had a different basis for his or her decision.

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In connection with its deliberations, the Board took into account a broad range of information (both written and oral) provided to the Board, including its various committees, throughout the year, as well as information provided specifically in connection with the annual renewal process. The Trustees also recognized that the contractual arrangements for the Portfolios have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees' conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process.

Information provided and discussed throughout the year included investment performance reports and related financial and general market outlook information for each Portfolio, as well as periodic reports on, among other matters, brokerage allocation and execution; pricing and valuation; legal and compliance matters; shareholder and other services and support provided to the Portfolios by the Adviser, the relevant Sub-Adviser(s) and their respective affiliates; actual and potential conflicts of interest that could impact the business operations and relationships of the Adviser and the Trust or affect the Adviser's recommendations about Sub-Advisers; sales and marketing activity; and risk management. In addition, the sub-groups of the Board's Investment Committee, composed of Independent Trustees, met individually with, and engaged in extensive discussions along with management representatives and outside legal counsel with, Sub-Advisers during presentations made at regularly scheduled Investment Committee meetings during the year.

Information provided and discussed specifically in connection with the annual renewal process included a report prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of mutual fund industry data, as well as additional substantial material prepared by management. Broadridge provided its report directly to the Independent Trustees and included in its report comparative fee and expense information for each Portfolio and comparative investment performance information for each Portfolio with at least one year of operating history as of March 31, 2022. The Independent Trustees, in consultation with their independent legal counsel, annually review and assess and, as they deem appropriate, request revisions to, the materials provided by Broadridge to ensure that the Independent Trustees continue to receive comparative fee, expense, and investment performance information in a format that facilitates and enhances their review of the Portfolios' investment advisory arrangements. The additional material prepared by management generally included Portfolio-by-Portfolio information showing each Portfolio's average net assets; advisory fees and, where applicable, sub-advisory fees; expense ratios; expense limitation arrangements; investment performance (in addition to the performance information prepared by Broadridge); and profitability information, including information regarding the profitability of the Adviser's operations on an overall Trust basis, as well as on a Portfolio-by-Portfolio basis. In addition, for each Portfolio, the Adviser and, where applicable, the relevant Sub-Adviser(s) provided separate materials describing the Portfolio's investment performance over various time periods and the services provided and the fees charged with respect to the Portfolio, and discussing whether the Portfolio had performed as expected over time and other matters. In 2022, at the Board's request, management, in collaboration with fund counsel and Independent Trustees' counsel, engaged in a review of materials provided to the Board by Sub-Advisers in response to past years' requests, as part of an ongoing effort to streamline and enhance the quality of the materials and other information provided by the Sub-Advisers in connection with the Board's annual consideration of the renewal of the investment sub-advisory arrangements, to facilitate and enhance the Board's review.

The annual renewal process extends over at least two regular meetings of the Board in June and July, although the Independent Trustees believe that in fact the process extends year-round, to ensure that the Adviser and the Sub-Advisers have time to respond to any questions the Independent Trustees may have on their initial review of the materials and that the Independent Trustees have time to consider those responses. The Independent Trustees also held a conference call in advance of the meeting at which the Board approved the renewal of the Agreements to review the information provided and communicated follow-up questions for management to address at the renewal meeting. The Independent Trustees also met in executive sessions during the meeting to discuss the Agreements and the information provided. When invited, management representatives attended portions of the executive sessions to review and discuss matters relating to the Agreements and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions and negotiations regarding the Agreements. As noted below, as a result of these extensive discussions and negotiations, the Adviser (i) agreed to implement revisions to the breakpoints for the advisory fee rate schedule for the Strategic Allocation Portfolios that are expected to lower these Portfolios' advisory fees at current and/or higher asset levels, and (ii) proposed to lower the contractual expense limitation arrangements for

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certain other Portfolios. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting and during their deliberations regarding the Agreements, and also received from legal counsel materials addressing, among other things, the legal standards applicable to their consideration of the proposed renewal of the Agreements. In addition, the Independent Trustees requested and reviewed information and met during the year to discuss information relevant to their annual consideration of the Agreements.

The Board also noted that the Trust is an affiliated investment company of EQ Premier VIP Trust and 1290 Funds, which are also managed by the Adviser, and that all of the Board members also currently serve on the Boards of Trustees of EQ Premier VIP Trust and 1290 Funds. The Board also noted that certain of the Sub-Advisers currently serve as investment sub-advisers for one or more series, or allocated portion(s) of series, of EQ Premier VIP Trust and 1290 Funds (such Sub-Advisers together, the "EQ Sub-Advisers").<sup>1</sup> The Trustees took into account information relating to the Adviser and the EQ Sub-Advisers provided to the Trustees, in their capacities as Trustees of EQ Premier VIP Trust and 1290 Funds, at prior meetings of the Boards of Trustees of EQ Premier VIP Trust and 1290 Funds, and the Trustees noted their experience and familiarity with the Adviser, the EQ Sub-Advisers, and the series of EQ Premier VIP Trust and 1290 Funds gained from their service on the Boards of Trustees of EQ Premier VIP Trust, 1290 Funds, and the Trust.

Although the Board approved the renewal of the Agreements for all of the Portfolios at the same Board meeting, the Board considered each Portfolio separately. In approving the renewal of the relevant Agreement(s) with respect to each Portfolio, each Trustee, including the Independent Trustees, after considering all factors they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the advisory fee and, where applicable, sub-advisory fee(s) were fair and reasonable and that the renewal of the Agreement(s) was in the best interests of the applicable Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors it deemed relevant to its decision to renew the Agreements.

**Nature, Quality and Extent of Services** 

The Board evaluated the nature, quality and extent of the overall services to be provided to each Portfolio and its investors by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates. In addition to the investment performance and expense information discussed below, the Board considered the Adviser's and each relevant Sub-Adviser's responsibilities with respect to each Portfolio and the Adviser's and each relevant Sub-Adviser's experience in serving as an investment adviser for the Portfolio(s) and for funds and accounts similar to the Portfolio(s) each advises, including, as applicable, series (or allocated portion(s) of series) of EQ Premier VIP Trust and 1290 Funds.

With respect to the Adviser, the Board considered that the Adviser is responsible for, among other things, developing investment strategies for the Portfolios (and the portions thereof); researching, selecting and hiring Sub-Advisers, conducting ongoing due diligence on and monitoring Sub-Advisers, and, when necessary or advisable, terminating or replacing Sub-Advisers; allocating and rebalancing Portfolio assets among Sub-Advisers; overseeing the selection of investments for the Portfolios (or the portions thereof) that the Sub-Advisers sub-advise; making investment decisions for the Portfolios (or the portions thereof) that it manages directly; managing the tactical volatility management strategy for certain of the Portfolios that employ such a strategy; monitoring and evaluating the performance of the Portfolios (or the portions thereof); monitoring the investment operations and composition of the Portfolios (or the portions thereof) and, in connection therewith, monitoring compliance with the Portfolios' investment objectives, policies and restrictions, as well as the Portfolios' compliance with applicable law and the Trust's compliance policies and procedures; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters; coordinating and managing the flow of information and communications relating to the Portfolios among the Sub-Advisers and other applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Adviser and the Trust; and implementing Board directives as they relate to the Portfolios. The Board also considered information regarding the Adviser's process for selecting and monitoring the Sub-Advisers and the other service providers to the Portfolios and its process for making investment decisions for the Portfolios (or the portions thereof) that it manages directly, as well as information regarding the qualifications and experience of, and resources available to, the personnel who perform those

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<sup>1</sup> The EQ Sub-Advisers are AXA IM, GAMCO, and Loomis Sayles.

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functions with respect to the Portfolios. In addition, the Board considered the quality of the Adviser's communications with the Board and the Adviser's responsiveness to Board inquiries and requests made from time to time with respect to the Portfolios. The Board further considered that the Adviser also provides the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities and is responsible for coordinating the development of new initiatives and evaluating the impact of proposed products and services on the Trust and its assets. The Board also considered that the Adviser assumes significant entrepreneurial risk in sponsoring new or restructured Portfolios and that the Adviser also bears and assumes significant ongoing risks, including investment, operational, enterprise, litigation, regulatory and compliance risks, with respect to all Portfolios. The Board considered that the Adviser's responsibilities with respect to all Portfolios include daily monitoring of investment, operational, enterprise, litigation, regulatory and compliance risks as they relate to the Portfolios. The Board also considered periodic reports provided to the Board regarding the Adviser's ongoing risk management activities. The Board also noted increased regulatory risk.

With respect to the Sub-Advisers, the Board considered that each Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Portfolio(s) (or the portion(s) thereof) that it sub-advises; placing with brokers or dealers orders for the purchase and sale of investments for the Portfolio(s) (or the portion(s) thereof) that it sub-advises; and performing certain related administrative functions. The Board also reviewed information regarding each Sub-Adviser's process for selecting investments for the Portfolio(s) (or the portion(s) thereof) that it sub-advises, as well as information regarding the qualifications and experience of the Sub-Adviser's portfolio managers who provide services to the Portfolio(s) that it sub-advises, as well as information on succession planning. The Board also considered information regarding each Sub-Adviser's policies for executing portfolio transactions for the Portfolio(s) (or the portion(s) thereof) that it sub-advises and, where applicable, information regarding a Sub-Adviser's policies for obtaining research from brokers and dealers.

In addition, the Board considered the allocation of Portfolio brokerage, including allocations to broker-dealers affiliated with the Adviser or a Sub-Adviser. The Board also considered the use of "soft" commission dollars to pay for research services, as applicable. In this regard, the Board also considered the Adviser's and each Sub-Adviser's trading experience and received information regarding how the Adviser and each Sub-Adviser seek to achieve "best execution" on behalf of a Portfolio (or portion thereof), including a report by an independent portfolio trading analytical firm and reports from the Trust's Chief Compliance Officer regarding the monitoring of execution quality.

The Board also considered the Trust's Chief Compliance Officer's evaluation of the Adviser's and each Sub-Adviser's compliance programs, policies and procedures, including those relating to cybersecurity and business continuity, and any compliance matters involving the Adviser and any applicable Sub-Adviser that had been brought to the Board's attention during the year. In addition, the Board considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Adviser and the Sub-Advisers and reviewed information regarding the Adviser's and each Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Portfolios. The Board also considered information as to the overall amount of assets sub-advised by each Sub-Adviser and noted the largest Sub-Adviser relationships, both in terms of aggregate net assets sub-advised and, for smaller Sub-Advisers, net assets sub-advised as a percentage of the Sub-Adviser's total assets under management. In addition to periodic reports throughout the year, the Independent Trustees received information about business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Portfolios. In this regard, the Board also received materials regarding the practices, policies and procedures adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with those additional business relationships.

The Board also considered periodic reports provided to the Board regarding the services provided by the Adviser, the Sub-Advisers and, where applicable, their affiliates. The Board also considered actions taken by the Adviser and the Sub-Advisers in response to recent market conditions and considered the overall performance of the Adviser and the Sub-Advisers in this context, including the Adviser's and the Sub-Advisers' response to the market dislocation caused by Russia's invasion of Ukraine, as well as the recently increasing inflationary environment. The Board also considered information about the continuing impact of the COVID-19 pandemic and the Adviser's and each Sub-Adviser's plans with respect to its continued operation in an in-person, remote or hybrid work environment and the Adviser's and each Sub-Adviser's ability to continue to provide the same scope and quality of services to its respective Portfolio(s). The Board noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with regular updates on market volatility, the operation of the Trust

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and the Portfolios, developments related to the Adviser's business, and the Adviser's ongoing oversight of the Portfolios' Sub-Advisers, including enhanced supervisory measures taken, in light of the market and business disruptions resulting from a variety of recent market factors. The Board also noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with periodically updated EIM assets under management and Portfolio average net assets information, as well as updated investment performance information, including the impact of volatility management strategies on the performance of the Portfolios that pursue volatility management strategies either directly or through investments in underlying portfolios that pursue such strategies.

The Board also considered strategic and other actions taken by the Adviser in response to recent events within the mutual fund industry, including actions taken in response to legal and regulatory developments, including new U.S. Securities and Exchange Commission rulemaking, affecting the mutual fund industry. The Board also requested and received throughout the past year information from the Adviser and various service providers on various topics impacting mutual funds generally, including the COVID-19 pandemic; pricing and valuation of portfolio securities; liquidity and derivatives risk management; cybersecurity; trustee independence; mutual fund board governance "best practices"; new reporting requirements for mutual funds; and environmental, social and governance ("ESG") investing. The Board noted that certain of these topics may present significant ongoing challenges for mutual funds and result in an increase in the responsibilities and costs of mutual fund service providers, including the Adviser.

The Board also considered the benefits to investors from participation in a Portfolio sponsored by the Adviser, including the benefits of investing in a fund that is part of a large fund complex that offers a wide range of portfolios, sub-advisers and investment styles. The Board likewise considered that investors have chosen to invest in mutual funds sponsored by the Adviser. In addition, the Board considered the nature, quality and extent of the administrative, investor servicing and distribution services that the Adviser and its affiliates provide to the Portfolios and their shareholders. The Board also noted that, throughout the past year, the Adviser and its affiliates had continued or undertaken strategic and other actions and initiatives intended to enhance various aspects of the Trust's and the Board's operations and investors' experience with the mutual funds sponsored by the Adviser. In this regard, the Board also noted that the Adviser continually reviews the overall line-up of investment options and conducts in-depth analysis of its entire fund complex to provide recommendations to the Board to streamline and strengthen the fund complex's line-up. The Board recognized that certain of these strategic and other actions and initiatives may also have a positive impact on the profitability and financial position of the Adviser and its affiliates.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Portfolio, the Board also took into account discussions with the Adviser and, where applicable, the relevant Sub-Adviser(s) about Portfolio investment performance that occur at Board and Investment Committee meetings throughout the year. In this regard, the Board noted that, as part of regularly scheduled Portfolio reviews and other detailed reports to the Board on Portfolio performance, the Board periodically considered information regarding each Portfolio's performance over various time periods on both an absolute basis and relative to an appropriate broad-based securities market index ("benchmark") and/or a custom blended index developed by the Adviser that comprises broad-based indexes ("blended benchmark"), and one or more peer groups of other mutual funds deemed by Broadridge to be comparable to the Portfolio (each, a "peer group"). The performance information generally included, among other information, annual total returns, average annual total returns, cumulative returns and/or rolling period total returns. The Board also reviewed information about performance attribution and reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. The Board also considered the Adviser's effectiveness in monitoring the performance of the Sub-Advisers, and the Adviser's responses to performance issues when identified. The Board also considered certain information, reflected in Appendix A, provided to the Board regarding each Portfolio's performance relative to a benchmark and/or a blended benchmark and a peer group for the one-, three-, five- and ten-year periods, as applicable, and since inception periods ended March 31, 2022. The Board noted that this information supplemented other performance information provided to the Board throughout the year and in connection with the annual renewal process. For each Portfolio with at least one year of operating history as of March 31, 2022, the Board also considered information, provided directly to the Board by Broadridge, regarding each Portfolio's performance over various time periods relative to a benchmark and/or a blended benchmark and Broadridge's "performance universe" consisting of a peer group of funds. The Board also noted that, at the Independent Trustees' request, the Adviser had provided the Board with updated performance information for all of the Portfolios for periods ended June 30, 2022, and would continue to provide updated performance and market commentary, in light of the significant market volatility resulting from the tightening of the Federal Reserve's monetary policy and other developments.

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The Board received a description of, and factored into its evaluation of each Portfolio's performance the limitations inherent in, Broadridge's methodology for developing and constructing peer groups and determining, from year to year, which mutual funds should be included in which peer groups, among other things. In this regard, the Board also noted that Broadridge's methodology may result in a Portfolio's being included in one peer group one year and in a different peer group the next, and in similar Portfolios being included in different peer groups. The Board also noted that the number of mutual funds included in a peer group may be relatively small and may differ significantly from peer group to peer group and from year to year and that the constituent mutual funds included in a peer group also may differ from year to year, which, among other factors, can limit the relevance of the comparisons. While recognizing these inherent limitations, the Board believed the independent analysis conducted by Broadridge provided a useful measure of comparative performance.

In evaluating the Portfolios' performance, the Board generally considered longer-term performance to be more important than short-term performance and also took into account factors including general market conditions (including the amount of volatility in the market over the past year); expectations for interest rate and inflation levels and credit conditions; the "style" in which the Portfolios are managed, as applicable, and whether that style is in or out of favor in the market; the relative sizes of the Portfolios; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations (for example, whether a one-year period is from December to December or March to March) can produce significantly different results in terms of a Portfolio's returns and peer ranking on a relative basis. The Board further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Portfolio's operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.

<u>Allocation Portfolios</u> 

With respect to the performance of the Strategic Allocation Portfolios and the 1290 VT Moderate Growth Allocation, EQ/All Asset Growth Allocation and EQ/First Trust Moderate Growth Allocation Portfolios, the Board considered that each Portfolio operates as a fund-of-funds and invests in securities of other mutual funds and/or exchange traded securities of other investment companies or investment vehicles (referred to collectively as "underlying portfolios") and recognized, therefore, that each Portfolio's performance is based, in part, on the total returns of the underlying portfolios in which it invests. The Board also considered that each Portfolio allocates its assets between equity and fixed income investments (and, in the case of the EQ/All Asset Growth Allocation Portfolio, alternative investments) through its investments in underlying portfolios. The Board also considered that the EQ/First Trust Moderate Growth Allocation Portfolio is advised by a single Sub-Adviser.

With respect to the performance of the EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/AXA Investment Managers Moderate Allocation, EQ/Franklin Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios, the Board considered that each Portfolio allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser.

The Board also took into account that each of the EQ/AXA Investment Managers Moderate Allocation, EQ/First Trust Moderate Growth Allocation, and EQ/Franklin Growth Allocation Portfolios was proposed to be acquired by another series of EQ Advisors Trust in a reorganization transaction, if the shareholders of the relevant Portfolio approve its proposed reorganization.<sup>2</sup>

With respect to the performance of the 1290 VT DoubleLine Dynamic Allocation Portfolio, the Board considered that the Portfolio currently allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser. The Board also noted that, in connection with a restructuring of the Portfolio anticipated to occur on or about August 19, 2022, the Portfolio would change its investment objective, policies and strategy, fee and expense structure, performance benchmark, and name, at which time the Portfolio would begin operating as a fund of funds managed by EIM.

The Board further considered that certain of the underlying portfolios in which each of the Strategic Allocation Portfolios invests may employ a tactical volatility management strategy that is intended to reduce the volatility

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<sup>2</sup> Shareholders of each Portfolio approved its proposed reorganization at a shareholder meeting held on September 28, 2022. Each reorganization occurred in November 2022.

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associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that the funds in a Strategic Allocation Portfolio's peer group may or may not employ a tactical volatility management strategy like that employed by underlying portfolios in which the Portfolio invests.

The Board further considered that, in connection with its investment strategy, each of the 1290 VT Moderate Growth Allocation, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/AXA Investment Managers Moderate Allocation, EQ/First Trust Moderate Growth Allocation, EQ/Franklin Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios may employ distinct volatility management techniques. The Board also noted that the funds in a Portfolio's peer group may or may not employ an investment strategy similar to the Portfolio's that includes a volatility management component.

The Board also factored into its evaluation of a Portfolio's performance the limitations inherent in comparing the performance of asset allocation funds, such as the Portfolios, which may invest in equity and fixed income (and, as applicable, alternative) investments, to the performance of a peer group that includes funds that may allocate their assets between equity and fixed income investments in different percentages over time than the Portfolio and among other asset classes. In this respect, the Board noted that, for each Portfolio, the Adviser had developed and implemented a custom blended benchmark that comprises broad-based indexes and has weighted levels of exposure to equity and fixed income (and, as applicable, alternative) securities. The Board considered each Portfolio's blended benchmark in evaluating the Portfolio's performance.

The Board and the Adviser discussed the performance of each Portfolio, including whether the Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's underperformance for certain periods relative to its peer group and/or benchmark and/or blended benchmark, as applicable, and efforts to improve the Portfolio's performance. Where applicable, the Board also considered, with respect to each sub-advised Portfolio, steps that the Adviser and the Sub-Adviser had taken to address a Portfolio's performance, including any changes to the Sub-Adviser or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, including, for certain Sub-Advisers, enhancements to their volatility management model, and the performance results of the Portfolio since the date of such changes. Where applicable, the Board also considered, with respect to each fund-of-funds Portfolio, steps that the Adviser had taken to address a Portfolio's performance, including any changes to the investment strategies of a Portfolio or to the underlying portfolios in which a Portfolio invests, and the performance results of the Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and, where applicable, the relevant Sub-Adviser's continued management of the Portfolio.

<u>"Passive" with Managed Volatility Portfolios</u> 

With respect to the performance of the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility, EQ/400 Managed Volatility, EQ/500 Managed Volatility, EQ/2000 Managed Volatility and EQ/International Managed Volatility Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio is normally divided into two portions, one of which uses a "passive" or indexing strategy to seek to track the performance (before fees and expenses) of the Portfolio's benchmark, and the other of which seeks to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The Board further considered that each Portfolio's tactical volatility management strategy is intended to reduce the volatility associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that the funds in a Portfolio's peer group may or may not employ a tactical volatility management strategy like that employed by the Portfolios. The Board also noted that each Portfolio has the ability to invest in ETFs.

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The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Advisers had taken to address a Portfolio's performance, including any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

<u>"Passive" without Managed Volatility Portfolios</u> 

With respect to the performance of the 1290 VT Natural Resources and 1290 VT Real Estate Portfolios, the Board considered that each Portfolio seeks to track the performance (before fees and expenses) of its benchmark. With respect to the performance of the 1290 VT Socially Responsible Portfolio, the Board considered that the Portfolio seeks to track the investment results of a benchmark consisting of a universe of securities that have positive ESG characteristics. With respect to the performance of the 1290 VT Convertible Securities, EQ/Common Stock Index, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Large Cap Growth Index, EQ/Large Cap Value Index, EQ/Long-Term Bond, EQ/Mid Cap Index and EQ/Small Company Index Portfolios, the Board considered that each Portfolio seeks to achieve a total return (before fees and expenses) that approximates the total return performance of its benchmark. The Board noted that each Portfolio uses a "passive" or indexing strategy. The Board also noted that each Portfolio's performance was expected to vary from (and generally was expected to be lower than) that of its benchmark due to fees, management of cash flows, transaction costs, valuation and other factors, which affect the Portfolio but not the benchmark.

The Board also took into account that peer groups in which Broadridge placed certain Portfolios for comparison purposes include only funds with passive management strategies, whereas peer groups in which Broadridge placed other Portfolios for comparison purposes include funds with active management strategies.

In evaluating the performance of the 1290 VT Convertible Securities Portfolio, the Board also noted that, in connection with a restructuring of the Portfolio in June 2021, the Portfolio had converted from an investment strategy under which the Portfolio's assets normally were allocated between two portions, one of which was actively managed and the other of which was invested in passively managed ETFs, to an entirely passive management strategy; the Portfolio had replaced its Sub-Adviser; and the Portfolio had changed its investment objective, performance benchmark, and fee and expense structure. Therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the 1290 VT Socially Responsible Portfolio, the Board also took into account that the Portfolio is a specialty portfolio that offers a unique investment strategy and enhances the range of investment options available to investors.

In evaluating the performance of the EQ/Large Cap Value Index and EQ/Mid Cap Index Portfolios, the Board also noted that each Portfolio had replaced its Sub-Adviser in November 2018 and, therefore, the Board focused on the Portfolio's performance since that time.

The Board also noted that the EQ/Long-Term Bond Portfolio had only a short operating history on which to evaluate performance.

The Board and the Adviser discussed the performance of each Portfolio, including whether each Portfolio had performed as expected over time, and the extent to which each Portfolio had achieved its objective, as described above. In this connection, the Board also considered information on the correlation and tracking error between each Portfolio and its respective benchmark over various time periods, as well as the Adviser's and the relevant Sub-Adviser's views and explanations of this information.

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Based on its review and the explanations provided by the Adviser and the relevant Sub-Adviser regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and the Sub-Adviser's continued management of the Portfolio.

<u>"Pactive" with Managed Volatility Portfolios</u> 

With respect to the performance of the EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Small Cap Value Managed Volatility, EQ/Global Equity Managed Volatility, EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. The Board noted that each Portfolio uses a combination of active and passive (or "pactive") investment strategies. The Board also noted that each of the EQ/International Core Managed Volatility, EQ/International Value Managed Volatility, EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios also has the ability to invest in ETFs.

The Board also considered that, in connection with the pactive investment strategy, each Portfolio may employ various volatility management techniques, including the use of futures and options to manage equity exposure. The Board further considered that each Portfolio's volatility management strategy is intended to reduce the volatility associated with investing in equity securities in an effort to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that the funds in a Portfolio's peer group may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components, as well as a tactical volatility management component.

In evaluating the performance of the EQ/ClearBridge Select Equity Managed Volatility Portfolio, the Board also noted that the Portfolio had replaced a Sub-Adviser and modified its active investment strategies in October 2018 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/International Value Managed Volatility Portfolio, the Board also noted that the Portfolio had replaced a Sub-Adviser and modified its investment strategy in December 2018 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/Large Cap Core Managed Volatility Portfolio, the Board also noted that the Portfolio had replaced a Sub-Adviser in July 2020 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/Large Cap Value Managed Volatility Portfolio, the Board also noted that the Portfolio had replaced a Sub-Adviser in February 2021 and, therefore, the Board focused on the Portfolio's performance since that time.

In addition, the Board considered the performance of the allocated portions of each Portfolio managed by different Sub-Advisers and whether the performance of the portions allocated to each of the Sub-Advisers met the Board's expectations as to the compatibility of the Sub-Advisers' different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance.

The Board and the Adviser discussed the performance of each Portfolio and each allocated portion thereof, including whether each Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's or an allocated portion's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's or allocated portion's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Advisers had taken to address a Portfolio's or an allocated portion's performance, including any changes or additions to the Sub-Advisers or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio or allocated portion since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

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<u>"Pactive" without Managed Volatility Portfolios</u> 

With respect to the performance of the 1290 VT High Yield Bond Portfolio, the Board considered that the Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated between two portions, one of which is actively managed and the other of which is invested in ETFs that are passively managed. With respect to the performance of the 1290 VT Micro Cap, 1290 VT Small Cap Value, EQ/Emerging Markets Equity PLUS, EQ/Morgan Stanley Small Cap Growth and EQ/Quality Bond PLUS Portfolios, the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy, whereby one portion is actively managed and the other portion seeks to track the performance of a particular index. With respect to the performance of the EQ/AB Small Cap Growth Portfolio, the Board considered that the Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated between two portions, one of which is actively managed and the other of which seeks to track the performance of a particular index. With respect to the performance of the Multimanager Aggressive Equity, Multimanager Core Bond, and Multimanager Technology Portfolios (the "Multimanager Portfolios"), the Board considered that each Portfolio follows an investment strategy under which the Portfolio's assets normally are allocated among multiple Sub-Advisers, each of which manages its portion of the Portfolio using a different but complementary investment strategy, whereby one portion of a Portfolio seeks to track the performance of a particular index, one portion of the Multimanager Technology Portfolio has the ability to invest in ETFs, and one or more other portions of a Portfolio are actively managed. The Board noted that each Portfolio uses a combination of active and passive (or "pactive") investment strategies. The Board also noted that the funds in a Portfolio's peer group may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components.

In evaluating the performance of the Multimanager Technology Portfolio, the Board also noted that the Portfolio had replaced a Sub-Adviser in November 2018 and, therefore, the Board focused on the Portfolio's performance since that time.

In addition, the Board considered the performance of the allocated portions of each Portfolio managed by different Sub-Advisers and whether the performance of the portions allocated to each of the Sub-Advisers met the Board's expectations as to the compatibility of the Sub-Advisers' different investment strategies and styles and the contributions of each to the overall Portfolio strategy and performance.

The Board and the Adviser discussed the performance of each Portfolio and each allocated portion thereof, including whether each Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's or an allocated portion's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's or allocated portion's performance. Where applicable, the Board also considered steps that the Adviser and the Sub-Advisers had taken to address a Portfolio's or an allocated portion's performance, including any changes or additions to the Sub-Advisers or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio or allocated portion since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreements and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and the relevant Sub-Advisers regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and each Sub-Adviser's continued management of the Portfolio.

<u>Active Portfolios</u> 

With respect to the performance of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Equity Income, 1290 VT GAMCO Mergers & Acquisitions, 1290 VT GAMCO Small Company Value, 1290 VT SmartBeta Equity ESG, EQ/AB Short Duration Government Bond, EQ/American Century Mid Cap Value, EQ/Capital Group Research, EQ/ClearBridge Large Cap Growth ESG, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap, EQ/Franklin Rising Dividends, EQ/Franklin Strategic Income, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Comstock, EQ/Invesco Global, EQ/Invesco Global Real Assets, EQ/Invesco International Growth, EQ/Janus Enterprise, EQ/JPMorgan Value Opportunities, EQ/Lazard Emerging Markets Equity, EQ/Loomis Sayles Growth, EQ/MFS International Growth, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology, EQ/MFS Utilities Series,

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EQ/Money Market, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, EQ/T. Rowe Price Growth Stock, EQ/T. Rowe Price Health Sciences, EQ/Value Equity and EQ/Wellington Energy Portfolios, the Board considered that each Portfolio is actively managed and advised by a single Sub-Adviser.

With respect to the performance of the 1290 VT Low Volatility Global Equity and 1290 VT Multi-Alternative Strategies Portfolios, the Board considered that each Portfolio operates as a fund-of-funds and invests in securities of other mutual funds and/or ETFs (referred to collectively as "underlying portfolios") and recognized, therefore, that each Portfolio's performance is based, in part, on the total returns of the underlying portfolios in which it invests.

The Board also took into account that each of the 1290 VT Low Volatility Global Equity, EQ/Franklin Strategic Income, and EQ/Invesco International Growth Portfolios was proposed to be acquired by another series of EQ Advisors Trust or a series of EQ Premier VIP Trust, as applicable, in a reorganization transaction, if the shareholders of the relevant Portfolio approve its proposed reorganization.<sup>3</sup>

In evaluating the performance of the 1290 VT Equity Income Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser and modified its investment strategy in January 2018 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the 1290 VT GAMCO Mergers & Acquisitions Portfolio, the Board also took into account that the Portfolio is a specialty portfolio that offers a unique investment strategy and enhances the range of investment options available to investors and that the peer group in which the Portfolio was placed for comparison purposes includes a wider range of fund types.

In evaluating the performance of the 1290 VT SmartBeta Equity ESG Portfolio, the Board also noted that, prior to January 2018, the Portfolio did not integrate ESG filters into its portfolio construction process.

In evaluating the performance of the EQ/ClearBridge Large Cap Growth ESG Portfolio, the Board also noted that, prior to March 2022, the Portfolio did not integrate ESG considerations into its portfolio construction process.

In evaluating the performance of the EQ/Invesco Global Real Assets Portfolio, the Board also noted that the Portfolio had modified its investment strategy in May 2021 and changed its benchmark in June 2021 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/MFS International Intrinsic Value Portfolio, the Board also noted that the Portfolio had changed its benchmark in December 2020.

In evaluating the performance of the EQ/MFS Mid Cap Focused Growth Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser and modified its investment strategy in November 2019 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/MFS Utilities Series Portfolio, the Board also noted that the Portfolio had changed its benchmark in May 2020.

In evaluating the performance of the EQ/Money Market Portfolio, the Board also considered the low (but recently rising) interest rate environment.

In evaluating the performance of the EQ/PIMCO Total Return ESG Portfolio, the Board also noted that, prior to March 2022, the Portfolio did not integrate ESG considerations into its portfolio construction process.

In evaluating the performance of the EQ/Value Equity Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser, modified its investment strategy, and changed its fee structure in February 2021 and, therefore, the Board focused on the Portfolio's performance since that time.

In evaluating the performance of the EQ/Wellington Energy Portfolio, the Board also noted that the Portfolio had replaced its Sub-Adviser and modified its investment strategy in November 2019 and changed its benchmark in May 2020 and, therefore, the Board focused on the Portfolio's performance since the change in Sub-Adviser.

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<sup>3</sup> Shareholders of each Portfolio approved its proposed reorganization at a shareholder meeting held on September 28, 2022. Each reorganization occurred in November 2022.

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The Board and the Adviser discussed the performance of each Portfolio, including whether the Portfolio had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Portfolio's underperformance for certain periods relative to its peer group and/or benchmark, as applicable, and efforts to improve the Portfolio's performance. Where applicable, the Board also considered, with respect to each sub-advised Portfolio, steps that the Adviser and the Sub-Adviser had taken to address a Portfolio's performance, including any changes to the Sub-Adviser or portfolio managers advising a Portfolio and any changes to the investment strategies of a Portfolio, and the performance results of the Portfolio since the date of such changes. Where applicable, the Board also considered, with respect to each fund-of-funds Portfolio, steps that the Adviser had taken to address a Portfolio's performance, including any changes to the investment strategies of a Portfolio or to the underlying portfolios in which a Portfolio invests, and the performance results of the Portfolio since the date of such changes. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Portfolio's Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Portfolio's relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser regarding the performance of each Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Adviser's and, where applicable, the relevant Sub-Adviser's continued management of the Portfolio.

<u>All Portfolios</u> 

Based on its review, the Board determined, with respect to each Portfolio, that the nature, quality and extent of the overall services provided by the Adviser, the relevant Sub-Adviser(s) and, where applicable, their respective affiliates were appropriate for the Portfolio in light of its investment objective(s) and, thus, supported a decision to approve the renewal of the Agreement(s).

**Expenses** 

The Board considered each Portfolio's advisory fee and, where applicable, sub-advisory fee(s) in light of the nature, quality and extent of the overall services provided by the Adviser and, where applicable, the relevant Sub-Adviser(s). The Board also reviewed comparative fee and expense information for each Portfolio provided directly to the Board by Broadridge. The information provided by Broadridge included an analysis of how each Portfolio's contractual advisory fee, actual advisory fee, other expense components, and total expense ratio compared with those of peer groups of other mutual funds selected by Broadridge as constituting an appropriate expense comparison for the Portfolio (typically, both a smaller expense "group" of funds selected for similarity in terms of asset size as well as other factors, and a broader expense "universe" consisting of a larger group of funds more broadly comparable to the Portfolio) (a Portfolio's "Broadridge category"). For each Portfolio, Broadridge provided information on the Portfolio's contractual advisory fee in comparison with the contractual advisory fee that would have been charged by other funds within a Broadridge category assuming the other funds were similar in size to the Portfolio, as well as information on the Portfolio's actual advisory fee and total expense ratio in comparison with those of other funds within a Broadridge category. The advisory fee analysis includes within such fee any separate administrative fee paid by a fund, including the administrative fee a Portfolio paid to Equitable Investment Management, LLC, an affiliate of the Adviser, in its capacity as administrator<sup>4</sup> for the Portfolio. The contractual advisory fee analysis does not take into account any fee reimbursements or waivers, whereas the actual advisory fee analysis does take into account any advisory (including any administrative) fee reimbursements or waivers that benefit a fund. The total expense ratio represents a fund's total net operating expenses and takes into account any expense reimbursements or fee waivers that benefit a fund. Broadridge provided, and the Board considered, total expense ratio comparisons including and excluding any 12b-1 or non 12b-1 service fees and, as applicable, including fees and expenses of any underlying funds in which a fund invests. Broadridge also provided, and the Board considered, comparisons to managed volatility Broadridge categories for the Portfolios that pursue volatility management strategies either directly or through investments in underlying portfolios that pursue such strategies.

The Broadridge expense data was based upon information taken from each Portfolio's audited annual report for the period ended December 31, 2021, which reflects historical asset levels that may be quite different from

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<sup>4</sup> The Adviser served as the administrator for the Trust and its Portfolios prior to August 1, 2021.

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those currently existing, particularly in a period of market volatility. Broadridge provided expense data for Class IB shares of each Portfolio other than the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility and ATM Small Cap Managed Volatility Portfolios (the "ATM Portfolios"). The Board reviewed the expense data for Class IB shares as a proxy for all of a Portfolio's operational share classes. In this regard, the Board noted that the expenses for a Portfolio's Class IB shares are generally equal to the expenses for a Portfolio's Class IA shares (as applicable) and higher than the expenses for a Portfolio's Class K shares (as applicable) and that the expense comparisons may differ for different classes. For the ATM Portfolios, Broadridge provided expense data for Class K shares, the Portfolios' only operational share class. Portfolio-specific contractual advisory fee and total expense ratio comparisons are provided below. The total expense ratio comparisons exclude any 12b-1 or non 12b-1 service fees. For the funds-of-funds Portfolios and certain other Portfolios as noted below, the total expense ratio comparisons include fees and expenses of any underlying funds in which a fund invests.

The Board received a description of, and factored into its evaluation of each Portfolio's fees and expenses the limitations inherent in, Broadridge's methodology for developing and constructing Broadridge categories and for determining, from year to year, which mutual funds should be included in which Broadridge categories, among other things. In this regard, the Board also noted that Broadridge's methodology may result in a Portfolio's being included in one peer group one year and in a different peer group the next, and in similar Portfolios being included in different peer groups. The Board recognized these inherent limitations and, taking into account commentary and supporting data presented by management, also recognized that comparisons between a Portfolio and other mutual funds in a Broadridge category may not be as relevant in certain circumstances, given that in some cases a Portfolio may exhibit notable differences (for example, in its objective(s), management techniques, relative size, and operating structure) when compared to other mutual funds in a Broadridge category. The Board also noted that the number of mutual funds included in a Broadridge category may be relatively small and may differ significantly from category to category and from year to year and that the constituent mutual funds included in a Broadridge category (as well as their respective advisory/administrative fees and total expense ratios) also may differ from year to year, which can limit the relevance of the comparisons. The Board noted that it generally considered the more-narrow expense "group" comparisons to be more important in the first instance than the broader expense "universe" comparisons, but took into account the broader expense universe comparisons as well, including, among other circumstances, when the number of funds in the more-narrow expense group was small or other aspects of the Portfolio differed appreciably from those of the funds in the more-narrow expense group. For uniformity, the Portfolio-specific contractual advisory fee and total expense ratio comparisons provided below are relative to the broader expense universe. The Board also noted that there is no standard definition of advisory and administrative services, meaning that different mutual funds may receive different services, rendering fee and expense comparisons more difficult. Nonetheless, the Board believed that the independent analysis conducted by Broadridge assisted the Board in evaluating the reasonableness of each Portfolio's advisory fee and total expense ratio. The Board also considered that the full effects of certain fee and expense changes that the Adviser had agreed to implement during 2021 were not reflected in the Broadridge expense data, but that all current fees and expenses of each Portfolio are explicitly disclosed in Portfolio offering documents.

In addition, with respect to each sub-advised Portfolio, the Board further considered the relative levels of the sub-advisory fee(s) paid to the relevant Sub-Adviser(s) and the advisory fee retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the relevant Sub-Adviser(s), and the information prepared by management regarding the level of profits realized by the Adviser in connection with its operation of the Portfolio. The Board also considered the sub-advisory fee paid to each Sub-Adviser in light of fees charged by the Sub-Adviser to similar funds, if any, advised or sub-advised by the Sub-Adviser, including explanations of differences among funds where relevant.

<u>Allocation Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/AB Dynamic Moderate Growth, EQ/Aggressive Growth Strategy, EQ/All Asset Growth Allocation, EQ/Conservative Growth Strategy, EQ/Conservative Strategy and EQ/Ultra Conservative Strategy Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was at or below the median for the Portfolio's respective Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of underlying portfolios in which the Portfolio may invest.

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The Board considered that the contractual advisory fee for each of the EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/Balanced Strategy, EQ/Growth Strategy and EQ/Moderate Growth Strategy Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/AB Dynamic Growth and EQ/Growth Strategy Portfolios was at or below the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of the EQ/AB Dynamic Aggressive Growth, EQ/Balanced Strategy and EQ/Moderate Growth Strategy Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of the underlying portfolios in which the Portfolio may invest.

The Board considered that the contractual advisory fee for each of the 1290 VT DoubleLine Dynamic Allocation, 1290 VT Moderate Growth Allocation, EQ/American Century Moderate Growth Allocation, EQ/AXA Investment Managers Moderate Allocation, EQ/First Trust Moderate Growth Allocation, EQ/Franklin Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of the EQ/Franklin Growth Allocation Portfolio was at the median for the Portfolio's Broadridge category, the total expense ratio for the Class IB shares of each of the EQ/American Century Moderate Growth Allocation, EQ/AXA Investment Managers Moderate Allocation, EQ/First Trust Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the 1290 VT DoubleLine Dynamic Allocation and 1290 VT Moderate Growth Allocation Portfolios was above the median for the Portfolio's respective Broadridge category. For each Portfolio, the total expense ratio included the fees and expenses of underlying portfolios in which the Portfolio may invest.

The Board also considered that, for the 1290 VT DoubleLine Dynamic Allocation Portfolio, the Broadridge expense data was based upon the Portfolio's current fee and expense structure, but that, as noted above, in connection with a restructuring of the Portfolio anticipated to occur on or about August 19, 2022, the Portfolio would change its fee and expense structure, among other things, as noted above.

With respect to each of the Strategic Allocation Portfolios and the 1290 VT Moderate Growth Allocation, EQ/All Asset Growth Allocation and EQ/First Trust Moderate Growth Allocation Portfolios, the Board also considered each Portfolio's advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Portfolios, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between a Portfolio and other funds-of-funds managed by the Adviser.

With respect to the 1290 VT Moderate Growth Allocation, EQ/AB Dynamic Aggressive Growth, EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/AXA Investment Managers Moderate Allocation, EQ/First Trust Moderate Growth Allocation, EQ/Franklin Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios, the Board also noted that the funds in a Portfolio's Broadridge category may or may not employ an investment strategy similar to the Portfolio's that includes a volatility management component.

The Board further considered that the advisory fee rate schedule for each Portfolio other than the EQ/All Asset Growth Allocation Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered (a) that the administrative fee rate schedule applicable to all of the Portfolios other than the 1290 VT DoubleLine Dynamic Allocation Portfolio aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust and in the portfolios of EQ Premier VIP Trust, and that the administrative fee rate schedule currently applicable to the 1290 VT DoubleLine Dynamic Allocation Portfolio aggregates the assets managed by the Adviser in this Portfolio and several other Portfolios of the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) that the administrative fee rate schedules applicable to all of the Portfolios include breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser

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had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each Portfolio's total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that each Portfolio's expense limitation arrangement includes the fees and expenses of underlying portfolios in which the Portfolio invests and, thus, such fees and expenses would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of these expense limitation arrangements, the actual advisory fee for each Portfolio (except the Strategic Allocation Portfolios and the EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth and EQ/All Asset Growth Allocation Portfolios) was lower than the Portfolio's contractual advisory fee.

The Board also considered that, as funds-of-funds that indirectly bear the expenses charged by the underlying portfolios in which they invest, the Strategic Allocation Portfolios and the 1290 VT Moderate Growth Allocation, EQ/All Asset Growth Allocation and EQ/First Trust Moderate Growth Allocation Portfolios would benefit from any breakpoints in the advisory and administrative fee rate schedules for the underlying portfolios, in particular the underlying portfolios managed by the Adviser.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2022, to implement revisions to the breakpoints for the advisory fee rate schedule for the Strategic Allocation Portfolios that are expected to lower these Portfolios' advisory fees at current and/or higher asset levels. The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had proposed to lower the existing contractual expense limitation arrangement for each of the EQ/AB Dynamic Growth, EQ/AB Dynamic Moderate Growth, EQ/American Century Moderate Growth Allocation, EQ/Franklin Moderate Allocation, EQ/Goldman Sachs Growth Allocation, EQ/Goldman Sachs Moderate Growth Allocation, EQ/Invesco Moderate Allocation, EQ/Invesco Moderate Growth Allocation and EQ/JPMorgan Growth Allocation Portfolios, effective October 1, 2022.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and, where applicable, the Sub-Adviser's sub-advisory fee are fair and reasonable.

<u>Passive with Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the ATM International Managed Volatility, ATM Large Cap Managed Volatility, ATM Mid Cap Managed Volatility, ATM Small Cap Managed Volatility, EQ/400 Managed Volatility, EQ/500 Managed Volatility, EQ/2000 Managed Volatility and EQ/International Managed Volatility Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class K or Class IB shares (as applicable) of each of the Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also noted that the funds in a Portfolio's Broadridge category may or may not employ a tactical volatility management strategy like that employed by the Portfolios.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust and in the portfolios of EQ Premier VIP Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each Portfolio's total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of these expense limitation arrangements, the actual advisory fee for the ATM Mid Cap Managed Volatility Portfolio was lower than the Portfolio's contractual advisory fee.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

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<u>Passive without Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the 1290 VT Convertible Securities, 1290 VT Natural Resources, 1290 VT Real Estate, 1290 VT Socially Responsible, EQ/Large Cap Growth Index and EQ/Small Company Index Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was at or below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/Common Stock Index, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Large Cap Value Index, EQ/Long-Term Bond and EQ/Mid Cap Index Portfolios was above (but, in the case of each of the EQ/Common Stock Index and EQ/Large Cap Value Index Portfolios, within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of the EQ/Common Stock Index Portfolio was below the median for the Portfolio's Broadridge category, and the total expense ratio for the Class IB shares of each of the EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Large Cap Value Index, EQ/Long-Term Bond and EQ/Mid Cap Index Portfolios was above (but, in the case of the EQ/Equity 500 Index Portfolio, within five basis points of) the median for the Portfolio's respective Broadridge category.

The Board also took into account that peer groups in which certain Portfolios were placed for comparison purposes include only funds with passive management strategies, whereas peer groups in which other Portfolios were placed for comparison purposes include funds with active management strategies.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each Portfolio's total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that the expense limitation arrangement for each of the 1290 VT Natural Resources and EQ/International Equity Index Portfolios includes the fees and expenses of underlying portfolios in which the Portfolio may invest and, thus, such fees and expenses, if any, would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of these expense limitation arrangements, the actual advisory fee for each of the 1290 VT Convertible Securities, 1290 VT Natural Resources, 1290 VT Real Estate, EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond, EQ/International Equity Index, EQ/Long-Term Bond and EQ/Mid Cap Index Portfolios was lower than the Portfolio's contractual advisory fee.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had proposed to lower the existing contractual expense limitation arrangement for each of the EQ/Core Bond Index, EQ/Equity 500 Index, EQ/Intermediate Government Bond and EQ/International Equity Index Portfolios, effective October 1, 2022.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Adviser's sub-advisory fee are fair and reasonable.

<u>Pactive with Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility, EQ/Large Cap Value Managed Volatility and EQ/Mid Cap Value Managed Volatility Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/Large Cap Core Managed Volatility, EQ/Large Cap Growth Managed Volatility and EQ/Large Cap Value Managed Volatility Portfolios was below the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of the EQ/Mid Cap Value Managed Volatility Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category.

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The Board considered that the contractual advisory fee for each of the EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Small Cap Value Managed Volatility, EQ/Global Equity Managed Volatility, EQ/International Core Managed Volatility and EQ/International Value Managed Volatility Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was above (but, in the case of each of the EQ/International Core Managed Volatility and EQ/International Value Managed Volatility Portfolios, within five basis points of) the median for the Portfolio's respective Broadridge category.

The Board also noted that the funds in a Portfolio's Broadridge category may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components, as well as a tactical volatility management component.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust and in the portfolios of EQ Premier VIP Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each Portfolio's total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of these expense limitation arrangements, the actual advisory fee for each of the EQ/ClearBridge Select Equity Managed Volatility, EQ/Franklin Small Cap Value Managed Volatility and EQ/Global Equity Managed Volatility Portfolios was lower than the Portfolio's contractual advisory fee.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

<u>Pactive without Managed Volatility Portfolios</u> 

The Board considered that the contractual advisory fee for each of the EQ/AB Small Cap Growth, EQ/Emerging Markets Equity PLUS and Multimanager Aggressive Equity Portfolios was below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was at or below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for the EQ/Quality Bond PLUS Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of the Portfolio was above (but within five basis points of) the median for the Portfolio's Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 VT High Yield Bond, 1290 VT Micro Cap, 1290 VT Small Cap Value, EQ/Morgan Stanley Small Cap Growth, Multimanager Core Bond and Multimanager Technology Portfolios was above the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was at (in the case of the Multimanager Technology Portfolio) or above the median for the Portfolio's respective Broadridge category.

The Board also noted that the funds in a Portfolio's Broadridge category may or may not employ an investment strategy similar to the Portfolio's that includes active, passive and (in the case of certain Portfolios) ETF components.

The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust and in the portfolios of EQ Premier VIP Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or

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administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each Portfolio's total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. The Board also noted that, as a result of these expense limitation arrangements, the actual advisory fee for each Portfolio (except the EQ/AB Small Cap Growth, EQ/Quality Bond PLUS and Multimanager Aggressive Equity Portfolios) was lower than the Portfolio's contractual advisory fee.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and the Sub-Advisers' sub-advisory fees are fair and reasonable.

<u>Active Portfolios</u> 

The Board considered that the contractual advisory fee for each of the 1290 VT GAMCO Mergers & Acquisitions, 1290 VT GAMCO Small Company Value, 1290 VT SmartBeta Equity ESG, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap, EQ/Janus Enterprise and EQ/MFS Technology Portfolios was at or below the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of these Portfolios was below the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the EQ/Franklin Rising Dividends, EQ/Franklin Strategic Income, EQ/Invesco Comstock, EQ/Invesco Global Real Assets, EQ/Invesco International Growth, EQ/JPMorgan Value Opportunities and EQ/Value Equity Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category. The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/Franklin Rising Dividends and EQ/Franklin Strategic Income Portfolios was below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of each of the EQ/JPMorgan Value Opportunities and EQ/Value Equity Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the EQ/Invesco Comstock, EQ/Invesco Global Real Assets and EQ/Invesco International Growth Portfolios was above the median for the Portfolio's respective Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Equity Income, 1290 VT Low Volatility Global Equity, 1290 VT Multi-Alternative Strategies, EQ/AB Short Duration Government Bond, EQ/American Century Mid Cap Value, EQ/Capital Group Research, EQ/ClearBridge Large Cap Growth ESG, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Global, EQ/Lazard Emerging Markets Equity, EQ/Loomis Sayles Growth, EQ/MFS International Growth, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Utilities Series, EQ/Money Market, EQ/PIMCO Global Real Return, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/PIMCO Ultra Short Bond, EQ/T. Rowe Price Growth Stock, EQ/T. Rowe Price Health Sciences and EQ/Wellington Energy Portfolios was above the median for the Portfolio's respective Broadridge category.

The Board also considered that the total expense ratio for the Class IB shares of each of the EQ/Money Market, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG and EQ/Wellington Energy Portfolios was at or below the median for the Portfolio's respective Broadridge category, the total expense ratio for the Class IB shares of each of the EQ/AB Short Duration Government Bond, EQ/American Century Mid Cap Value, EQ/ClearBridge Large Cap Growth ESG, EQ/Lazard Emerging Markets Equity, EQ/MFS Mid Cap Focused Growth, EQ/MFS Utilities Series, EQ/T. Rowe Price Growth Stock and EQ/T. Rowe Price Health Sciences Portfolios was above (but within five basis points of) the median for the Portfolio's respective Broadridge category, and the total expense ratio for the Class IB shares of each of the 1290 VT DoubleLine Opportunistic Bond, 1290 VT Equity Income, 1290 VT Low Volatility Global Equity, 1290 VT Multi-Alternative Strategies, EQ/Capital Group Research, EQ/Invesco Global, EQ/Goldman Sachs Mid Cap Value, EQ/Loomis Sayles Growth, EQ/MFS International Growth, EQ/MFS International Intrinsic Value, EQ/PIMCO Global Real Return and EQ/PIMCO Ultra Short Bond Portfolios was above the median for the Portfolio's respective Broadridge category. For the 1290 VT Low Volatility Global Equity Portfolio, the total expense ratio included the fees and expenses of underlying portfolios in which the Portfolio may invest.

With respect to the 1290 VT Low Volatility Global Equity and 1290 VT Multi-Alternative Strategies Portfolios, the Board also considered each Portfolio's advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Portfolios, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between a Portfolio and other funds-of-funds managed by the Adviser.

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The Board further considered that the advisory fee rate schedule for each Portfolio includes breakpoints that reduce the fee rate as a Portfolio's assets increase above certain levels. The Board also considered that the administrative fee rate schedule for each Portfolio (a) aggregates the assets managed by the Adviser in these Portfolios and several other Portfolios of the Trust, which is expected to reduce the likelihood that a Portfolio's administrative fee would increase in the future if the Portfolio's assets decline over time, and (b) includes breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board noted that any such reduction in a Portfolio's effective advisory and/or administrative fee would result in corresponding reductions in the Portfolio's total expense ratios. In addition, the Board considered that, for each Portfolio (except the EQ/Money Market Portfolio), the Adviser had contractually agreed to make payments or waive all or a portion of its and its affiliates' advisory, administrative and other fees so that each of these Portfolios' total expense ratios do not exceed certain levels as set forth in the Portfolio's prospectus. In this regard, the Board also noted that the expense limitation arrangement for each of the 1290 VT Low Volatility Global Equity, EQ/American Century Mid Cap Value, EQ/Fidelity Institutional AM<sup>®</sup> Large Cap, EQ/Franklin Rising Dividends, EQ/Franklin Strategic Income, EQ/Goldman Sachs Mid Cap Value, EQ/Invesco Global Real Assets, EQ/Invesco International Growth, EQ/Lazard Emerging Markets Equity, EQ/MFS International Intrinsic Value, EQ/MFS Mid Cap Focused Growth, EQ/MFS Technology, EQ/MFS Utilities Series, EQ/PIMCO Real Return, EQ/PIMCO Total Return ESG, EQ/T. Rowe Price Health Sciences and EQ/Wellington Energy Portfolios includes the fees and expenses of underlying portfolios in which the Portfolio may invest and, thus, such fees and expenses, if any, would not cause the Portfolio's annual operating expenses to exceed its expense limitation. The Board noted that, as a result of these expense limitation arrangements, the actual advisory fee for each Portfolio (except the 1290 VT GAMCO Small Company Value, EQ/Invesco Global Real Assets, EQ/Invesco International Growth, EQ/Janus Enterprise, EQ/JPMorgan Value Opportunities, EQ/MFS Technology and EQ/Value Equity Portfolios) was lower than the Portfolio's contractual advisory fee. In addition, the Board considered that the Adviser had voluntarily agreed to make payments or waive a portion of its and its affiliates' advisory, administrative and other fees to enable the EQ/Money Market Portfolio to maintain a stable net asset value of $1.00 per share and to prevent a negative yield.

The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had proposed to lower the existing contractual expense limitation arrangement for each of the 1290 VT GAMCO Small Company Value, EQ/PIMCO Global Real Return and EQ/PIMCO Ultra Short Bond Portfolios, effective October 1, 2022.

Based on its review, the Board determined, with respect to each Portfolio, that the Adviser's advisory fee and, where applicable, the Sub-Adviser's sub-advisory fee are fair and reasonable.

**Profitability and Costs** 

The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of each Portfolio. In this respect, the Board reviewed profitability information setting forth the overall profitability of the Trust to the Adviser and its affiliates, as well as the Adviser's and its affiliates' profits in providing management and other services to each of the individual Portfolios during the 12-month period ended December 31, 2021, which was the most recent fiscal year for the Adviser. The Board also considered a year-over-year comparison of profitability information for the one-year periods ended December 31, 2021, 2020, and 2019.

In reviewing the Adviser's profitability analysis, attention was given to the methodology the Adviser followed in determining and allocating costs to each Portfolio. The Board recognized that there is no uniform methodology within the asset management industry regarding the allocation of firm-wide or complex-wide expenses for determining profitability for this purpose; cost allocation methodologies are inherently subjective; and various cost allocation methodologies may each be reasonable while producing different results. In this regard, the Board noted that the Adviser's cost allocation methodology was consistent with the cost allocation methodology followed in the profitability report presentations for the Portfolios beginning with the July 2018 annual renewal process. The Board also noted that, in consultation with and through independent legal counsel, the Board's Audit Committee has engaged an outside consultant to conduct periodic assessments of the cost allocation methodology, including adjustments to the methodology, as part of the Board's review of the Adviser's profitability analysis in connection with the annual renewal process. In addition to the annual profitability report presentation and extensive discussions with management, the Board took into account the series of assessments and noted that, following each such assessment, the consultant found that the Adviser's overall cost allocation methodology was reasonable in all material respects and generally consistent with observed industry practices. The Board also took into account management's ongoing costs and expenditures in providing and improving services for the Portfolios, as well as

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the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations and to adapt to other challenges impacting the mutual fund industry. In addition, the Board considered information prepared by management and from third party sources comparing the profitability of the Adviser on an overall basis to the profitability of other publicly held asset managers (including asset managers similar to the Adviser) over various time periods.

In addition, with respect to the sub-advised Portfolios, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Advisers to other clients (this information having been provided to the Board and the Adviser by the Sub-Advisers in conjunction with the proposed renewal of the Sub-Advisory Agreements) and that the Adviser believes that the fees agreed upon with the Sub-Advisers are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. The Board acknowledged that, because each Sub-Adviser's fee is paid by the Adviser, the Adviser is incentivized to negotiate a favorable fee. The Adviser advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Sub-Advisory Agreements. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Advisers are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Advisers based on the particular circumstances for each of them. The Board further noted that each Sub-Adviser's fee is paid by the Adviser and not the sub-advised Portfolio and that many responsibilities related to the advisory function are retained by the Adviser. The Board also noted that, with respect to AllianceBernstein, which is an affiliate of the Adviser, the Adviser provides additional information regarding the entity's impact on the Adviser's profitability. The Board also noted that the sub-advisory fees paid by the Adviser to AllianceBernstein are considered as possible fall-out benefits.

Based on its consideration of the factors above, the Board determined that the level of profits realized by the Adviser and its affiliates from providing services to each Portfolio was not excessive in view of the nature, quality and extent of the services provided and the risks assumed.

**Economies of Scale** 

The Board also considered whether economies of scale or efficiencies are realized by the Adviser as the Portfolios grow larger, the extent to which this is reflected in the level of advisory and administrative fees charged, and whether there is potential for realization of any further economies of scale or efficiencies. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any realized economies of scale or efficiencies may be shared with portfolios and their shareholders in a variety of ways, including: (i) breakpoints in the advisory fee or other fees so that a portfolio's effective fee rate declines as the portfolio grows in size, (ii) subsidizing a portfolio's expenses by making payments or waiving all or a portion of the advisory fee or other fees so that the portfolio's total expense ratio does not exceed certain levels, (iii) setting the advisory fee or other fees so that a portfolio is priced to scale, which assumes that the portfolio has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that the manager and its affiliates provide to a portfolio and its shareholders. The Board noted that the advisory fee rate schedules for all Portfolios other than the EQ/All Asset Growth Allocation Portfolio include breakpoints that reduce the fee rate as Portfolio assets increase above certain levels, and also considered whether such breakpoints are set at appropriate asset levels. The Board also noted that the administrative fee rate schedules for all of the Portfolios aggregate the assets managed by the Adviser in a Portfolio and in several other Portfolios (and, for certain of the Portfolios, several portfolios of EQ Premier VIP Trust) and include breakpoints that reduce the fee rate as aggregate Portfolio assets increase above certain levels. The Board also noted that the Adviser was subsidizing certain Portfolios' expenses by making payments or waiving all or a portion of its and its affiliates' advisory, administrative and other fees so that the Portfolios' total expense ratios do not exceed certain contractual levels as set forth in their prospectuses. The Board recognized that expense limitation arrangements can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if a Portfolio's assets decline. In this connection, the Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had agreed, effective October 1, 2022, to implement certain lower breakpoint levels and fee rates in the advisory fee rate schedule for the Strategic Allocation Portfolios. The Board also considered that, after extensive discussions and negotiations with the Adviser, the Adviser had proposed to lower the contractual expense limitation arrangements for certain of the Portfolios, as noted above, effective October 1, 2022. In addition, the Board considered that the Adviser shares any realized economies of scale with the Portfolios in other ways, which may include setting a Portfolio's fees so that they are priced to scale.

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The Board considered that the effect of this pricing strategy is that the Adviser could lose money in the early stages of a Portfolio's operation (and bear the risk that the Portfolio will never become profitable), while shareholders of the Portfolio receive the benefit of economies of scale that the Adviser expects the Portfolio will achieve as it grows. The Board further considered that the Adviser shares any realized economies of scale with the Portfolios through reinvestment in, and enhancements to, the services that the Adviser and its affiliates provide to the Portfolios and their shareholders, such as hiring additional personnel, providing additional resources in areas relating to management and administration of the Portfolios, and the ongoing development of the Adviser's infrastructure and information technology to support the Portfolios through, among other things, cybersecurity, business continuity planning, and risk management. In this regard, the Board also considered information about the operation of the Trust's securities lending program. The Board also noted that the Adviser can share economies of scale with Portfolios by maintaining existing expense structures in the face of a rising cost environment.

In addition, the Board noted that the sub-advisory fee schedules for certain Sub-Advisers aggregate the assets managed by the Sub-Adviser in a Portfolio and in one or more other mutual funds for which the Sub-Adviser serves as investment sub-adviser and the Adviser serves as investment adviser. The Board also noted that the sub-advisory fee schedules for certain Sub-Advisers include breakpoints that reduce the sub-advisory fee rate as applicable Portfolio assets under the Sub-Adviser's management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee schedule may result in savings to the Adviser and not to investors. The Board also noted that the aggregation of assets may result in the affected Portfolio(s) reaching a breakpoint sooner than if the sub-advisory fee schedule did not aggregate assets, which also has the potential to benefit the Adviser. With respect to sub-advisory fees that do not include breakpoints, the Board considered the Sub-Advisers' explanations that the sub-advisory fees are priced at a competitive level.

Based on its consideration of the factors above, the Board determined that there was a reasonable sharing of any realized economies of scale or efficiencies under the advisory, administrative and, as applicable, sub-advisory fee schedules at the present time.

**Fall-Out and Other Benefits** 

The Board also considered the extent to which fall-out benefits may accrue to the Adviser and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that Equitable Investment Management, LLC, an affiliate of the Adviser, currently serves as the administrator for the Portfolios and receives compensation for acting in this capacity. In addition, the Board recognized that AllianceBernstein, also an affiliate of the Adviser, serves as Sub-Adviser to certain of the Portfolios and receives sub-advisory fees that are paid by the Adviser out of the fees that it earns from those Portfolios. The Board also recognized that Equitable Distributors, LLC, also an affiliate of the Adviser, serves as the underwriter for the Trust and receives from the Portfolios payments pursuant to Rule 12b-1 plans with respect to their Class IA and Class IB shares to compensate it for providing shareholder services and selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Adviser and may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also recognized that the EQ/All Asset Growth Allocation Portfolio and the Strategic Allocation Portfolios invest in other (underlying) portfolios managed by the Adviser, and in certain cases advised by an affiliated Sub-Adviser, and that these underlying portfolios pay advisory fees to the Adviser, who may in certain cases pay sub-advisory fees to an affiliated Sub-Adviser, and also pay administrative fees and distribution fees to the Adviser's administrative services and distribution affiliates. The Board also noted that the Adviser's affiliated insurance companies, as depositors of the insurance company separate accounts investing in the Portfolios, receive certain significant tax benefits associated with such investments, including a dividend received deduction (which is a tax deduction received by a corporation, such as an insurance company, on the dividends paid to it by companies in which it has an ownership stake, such as the Portfolios whose shares are held by insurance company separate accounts), a foreign tax credit (which is a tax credit received by a shareholder for foreign income taxes paid by a Portfolio to a foreign country) and tax benefits associated with Portfolios making elections pursuant to Section 382 of the Internal Revenue Code (which limits a corporation's use of its existing loss carryforwards following an ownership change of the corporation absent certain elections by entities that it is deemed to control, such as the Portfolios, to increase the limitations with respect to their use of their own loss carryforwards), as well as other potential benefits. The Board also considered that the Portfolios are offered as

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investment options through variable insurance contracts offered and sold by the Adviser's affiliated insurance companies and that the performance of each Portfolio may impact, positively or negatively, each insurance company's ability to hedge the risks associated with guarantees that each insurance company may provide as the issuer of such contracts. The Board also noted that the Adviser's affiliated insurance companies and Equitable Distributors, LLC receive compensation, which may include sales charges, separate account fees and charges, and other variable contract fees and charges, from the sale and administration of these variable insurance contracts. The Board also considered that certain Portfolios are subject to certain investment controls that are designed to reduce volatility for investors and that may benefit both investors and the Adviser and its affiliates (including by making it easier for the insurance companies to hedge their risks under the guarantees). Based on its review, the Board determined that any "fall-out" benefits and other types of benefits that may accrue to the Adviser are fair and reasonable.

The Board also considered possible fall-out benefits and other types of benefits that may accrue to a Sub-Adviser, including the following. The Board considered that a Sub-Adviser, through its position as a Sub-Adviser to its respective Portfolio(s), may engage in "soft dollar" transactions. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers who may, from time to time, receive brokerage commissions from a Portfolio in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. In cases where a Sub-Adviser's affiliate executed a substantial portion of its respective Portfolio's trades, the Board also considered the Sub-Adviser's trading experience and discussed with the Adviser its monitoring of the Sub-Adviser's brokerage selection, commission and other trading costs, and quality of execution. The Board also noted that certain Sub-Advisers currently serve as investment sub-advisers for other funds advised by the Adviser and receive sub-advisory fees with respect to those funds. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, insurance products issued by the Adviser's affiliated insurance companies and that the proceeds of those sales may be invested in a Portfolio. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, other investment products issued by the Adviser or its affiliates. In addition, the Board noted that a Sub-Adviser may benefit from greater exposure in the marketplace with respect to the Sub-Adviser's investment process and from expanding its level of assets under management, and a Sub-Adviser may derive benefits from its association with the Adviser. Based on its review, the Board determined that any "fall-out" benefits and other types of benefits that may accrue to the Sub-Advisers are fair and reasonable.

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**Appendix A** 

The Board noted that the following information regarding each Portfolio's performance relative to a benchmark and/or a blended benchmark and a peer group for the one-, three-, five- and ten-year periods, as applicable, and since inception periods ended March 31, 2022, supplemented other performance information (including performance based on rolling time periods) provided to the Board throughout the year and in connection with the annual renewal process. The performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report. The performance results do not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts, which would reduce the performance results.

**EQ Advisors Trust Investment Performance** 

**For periods ended March 31, 2022** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
| <br> **Large Cap Value** | | | | | | |
|  **1290 VT Equity Income - IA** | **12/13/2004** | **14.92** | **11.19** | **8.71** | **10.05** | **7.29** |
|  **1290 VT Equity Income - IB** | **12/1/1998** | **14.79** | **11.18** | **8.69** | **10.06** | **6.39** |
|  **1290 VT Equity Income - K** | **8/25/2011** | **15.13** | **11.51** | **8.97** | **10.34** | **11.88** |
|  Lipper Equity Income Funds |  | 12.67 | 12.76 | 10.25 | 10.91 | 7.37 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 7.59 |
|  **EQ/Franklin Rising Dividends - IB** | **10/19/2018** | **14.57** | **16.11** |  |  | **16.02** |
|  Lipper Equity Income Funds |  | 12.67 | 12.76 |  |  | 12.45 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 17.41 |
|  **EQ/Invesco Comstock - IA** | **4/29/2005** | **18.30** | **15.35** | **11.69** | **11.69** | **8.13** |
|  **EQ/Invesco Comstock - IB** | **4/29/2005** | **18.28** | **15.35** | **11.69** | **11.68** | **8.02** |
|  **EQ/Invesco Comstock - K** | **10/28/2013** | **18.59** | **15.65** | **11.97** |  | **10.42** |
|  Lipper Multi-Cap Value Funds |  | 12.77 | 13.90 | 10.74 | 11.36 | 8.34 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 8.40 |
|  **EQ/JPMorgan Value Opportunities - IA** | **10/2/2002** | **12.21** | **18.28** | **12.19** | **13.29** | **10.08** |
|  **EQ/JPMorgan Value Opportunities - IB** | **5/1/1997** | **12.20** | **18.28** | **12.19** | **13.29** | **7.52** |
|  **EQ/JPMorgan Value Opportunities - K** | **11/30/2011** | **12.51** | **18.60** | **12.48** | **13.57** | **14.58** |
|  Lipper Multi-Cap Value Funds |  | 12.77 | 13.90 | 10.74 | 11.36 | 8.18 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 8.61 |
|  **EQ/Large Cap Value Index - IA** | **10/3/2005** | **10.92** | **12.28** | **9.55** | **10.92** | **4.21** |
|  **EQ/Large Cap Value Index - IB** | **10/3/2005** | **10.97** | **12.29** | **9.56** | **10.93** | **4.11** |
|  Lipper Multi-Cap Value Funds |  | 12.77 | 13.90 | 10.74 | 11.36 | 8.12 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 8.15 |
|  **EQ/Large Cap Value Managed Volatility - IA** | **5/18/2001** | **9.64** | **12.96** | **9.77** | **10.89** | **6.30** |
|  **EQ/Large Cap Value Managed Volatility - IB** | **1/1/1998** | **9.61** | **12.96** | **9.76** | **10.88** | **6.34** |
|  **EQ/Large Cap Value Managed Volatility - K** | **8/25/2011** | **9.92** | **13.24** | **10.03** | **11.16** | **12.17** |
|  Lipper Multi-Cap Value Funds |  | 12.77 | 13.90 | 10.74 | 11.36 | 7.53 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 7.80 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/Value Equity - IA** | **10/2/2002** | **5.47** | **9.90** | **7.93** | **9.52** | **8.91** |
|  **EQ/Value Equity - IB** | **5/1/1997** | **5.45** | **9.91** | **7.94** | **9.52** | **8.12** |
|  **EQ/Value Equity - K** | **8/25/2011** | **5.74** | **10.19** | **8.21** | **9.80** | **11.27** |
|  Lipper Large-Cap Value Funds |  | 12.34 | 13.52 | 10.58 | 11.23 | 7.97 |
|  Russell 1000 Value Index |  | 11.67 | 13.02 | 10.29 | 11.70 | 8.61 |
|  **Large Cap Blend** |  |  |  |  |  |  |
|  **EQ/ClearBridge Select Equity Managed Volatility - IA** | **9/15/2006** | **5.54** | **20.37** | **14.79** | **12.94** | **8.23** |
|  **EQ/ClearBridge Select Equity Managed Volatility - IB** | **9/15/2006** | **5.56** | **20.41** | **14.80** | **12.95** | **8.15** |
|  Lipper Multi-Cap Growth Funds |  | (1.06) | 17.47 | 17.07 | 14.14 | 11.12 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 10.48 |
|  **EQ/Capital Group Research - IA** | **3/25/2002** | **8.70** | **16.58** | **15.46** | **14.34** | **8.94** |
|  **EQ/Capital Group Research - IB** | **5/1/1999** | **8.69** | **16.57** | **15.45** | **14.34** | **8.12** |
|  Lipper Multi-Cap Core Funds |  | 9.50 | 15.85 | 13.18 | 12.51 | 7.89 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 7.49 |
|  **EQ/Common Stock Index - IA** | **1/13/1976** | **11.64** | **17.46** | **14.66** | **13.53** | **11.41** |
|  **EQ/Common Stock Index - IB** | **10/2/1996** | **11.65** | **17.47** | **14.66** | **13.53** | **8.45** |
|  Lipper Multi-Cap Core Funds |  | 9.50 | 15.85 | 13.18 | 12.51 | 11.40 |
|  Russell 3000 Index |  | 11.92 | 18.24 | 15.40 | 14.28 | N/A |
|  **EQ/Equity 500 Index - IA** | **3/1/1994** | **14.99** | **18.26** | **15.31** | **13.94** | **10.06** |
|  **EQ/Equity 500 Index - IB** | **5/1/1997** | **15.00** | **18.26** | **15.32** | **13.94** | **8.58** |
|  **EQ/Equity 500 Index - K** | **8/25/2011** | **15.27** | **18.56** | **15.61** | **14.22** | **15.58** |
|  Lipper S&P 500 Index Funds |  | 15.22 | 18.49 | 15.55 | 14.22 | 10.25 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 10.56 |
|  **EQ/Fidelity Institutional AM Large Cap - IB** | **10/19/2018** | **11.23** | **20.06** |  |  | **17.60** |
|  **EQ/Fidelity Institutional AM Large Cap - K** | **10/19/2018** | **11.50** | **20.37** |  |  | **17.90** |
|  Lipper Multi-Cap Core Funds |  | 9.50 | 15.85 |  |  | 15.41 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 17.41 |
|  **EQ/Large Cap Core Managed Volatility - IA** | **3/25/2002** | **15.19** | **17.45** | **14.52** | **13.29** | **8.08** |
|  **EQ/Large Cap Core Managed Volatility - IB** | **1/1/1999** | **15.10** | **17.44** | **14.52** | **13.29** | **6.31** |
|  **EQ/Large Cap Core Managed Volatility - K** | **8/25/2011** | **15.42** | **17.72** | **14.82** | **13.56** | **14.51** |
|  Lipper Large-Cap Core Funds |  | 12.69 | 16.78 | 14.30 | 13.30 | 7.45 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 7.78 |
|  **Large Cap Growth** |  |  |  |  |  |  |
|  **1290 VT Socially Responsible - IA** | **10/2/2002** | **13.84** | **18.63** | **15.65** | **14.03** | **9.91** |
|  **1290 VT Socially Responsible - IB** | **9/1/1999** | **13.84** | **18.64** | **15.65** | **14.03** | **6.20** |
|  Lipper Large-Cap Core Funds |  | 12.69 | 16.78 | 14.30 | 13.30 | 7.45 |
|  MSCI KLD 400 Social Index |  | 14.94 | 19.82 | 16.78 | 14.90 | 7.49 |
|  Russell 1000 Growth Index |  | 14.98 | 23.60 | 20.88 | 17.04 | 7.72 |
|  **EQ/ClearBridge Large Cap Growth ESG - IA** | **10/2/2002** | **7.28** | **17.00** | **16.87** | **13.23** | **11.74** |
|  **EQ/ClearBridge Large Cap Growth ESG - IB** | **1/1/1999** | **7.26** | **16.97** | **16.87** | **13.24** | **7.28** |
|  **EQ/ClearBridge Large Cap Growth ESG - K** | **8/28/2012** | **7.57** | **17.28** | **17.16** |  | **14.26** |
|  Lipper Large-Cap Growth Funds |  | 5.72 | 19.43 | 18.43 | 15.48 | 8.32 |
|  Russell 1000 Growth Index |  | 14.98 | 23.60 | 20.88 | 17.04 | 7.92 |

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|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/Loomis Sayles Growth - IA** | **12/13/2004** | **2.99** | **15.91** | **16.84** | **14.77** | **10.90** |
|  **EQ/Loomis Sayles Growth - IB** | **12/1/1998** | **2.88** | **15.89** | **16.85** | **14.77** | **7.80** |
|  **EQ/Loomis Sayles Growth - K** | **2/6/2015** | **3.25** | **16.23** | **17.15** |  | **15.86** |
|  Lipper Multi-Cap Growth Funds |  | (1.06) | 17.47 | 17.07 | 14.14 | 8.25 |
|  Russell 3000 Growth Index |  | 12.86 | 22.68 | 20.16 | 16.64 | 8.19 |
|  **EQ/Large Cap Growth Index - IA** | **5/1/1999** | **14.18** | **22.68** | **19.97** | **16.20** | **7.12** |
|  **EQ/Large Cap Growth Index - IB** | **5/1/1999** | **14.18** | **22.70** | **19.99** | **16.21** | **6.97** |
|  **EQ/Large Cap Growth Index - K** | **8/25/2011** | **14.43** | **22.99** | **20.28** | **16.50** | **17.87** |
|  Lipper Large-Cap Growth Funds |  | 5.72 | 19.43 | 18.43 | 15.48 | 7.97 |
|  Russell 1000 Growth Index |  | 14.98 | 23.60 | 20.88 | 17.04 | 7.74 |
|  **EQ/Large Cap Growth Managed Volatility - IA** | **11/24/1998** | **10.19** | **19.76** | **17.95** | **15.02** | **8.02** |
|  **EQ/Large Cap Growth Managed Volatility - IB** | **5/1/1997** | **10.17** | **19.75** | **17.95** | **15.02** | **8.98** |
|  **EQ/Large Cap Growth Managed Volatility - K** | **8/25/2011** | **10.48** | **20.06** | **18.25** | **15.31** | **16.34** |
|  Lipper Large-Cap Growth Funds |  | 5.72 | 19.43 | 18.43 | 15.48 | 9.79 |
|  Russell 1000 Growth Index |  | 14.98 | 23.60 | 20.88 | 17.04 | 9.65 |
|  **EQ/T. Rowe Price Growth Stock - IA** | **5/16/2007** | **(1.04)** | **15.03** | **15.86** | **14.51** | **10.47** |
|  **EQ/T. Rowe Price Growth Stock - IB** | **8/1/1988** | **(1.04)** | **15.03** | **15.86** | **14.51** | **10.13** |
|  **EQ/T. Rowe Price Growth Stock - K** | **11/30/2011** | **(0.78)** | **15.32** | **16.15** | **14.79** | **16.14** |
|  Lipper Large-Cap Growth Funds |  | 5.72 | 19.43 | 18.43 | 15.48 | 11.00 |
|  Russell 1000 Growth Index |  | 14.98 | 23.60 | 20.88 | 17.04 | 11.56 |
|  **Multimanager Aggressive Equity - IA** | **1/27/1986** | **7.02** | **19.95** | **19.02** | **15.39** | **10.41** |
|  **Multimanager Aggressive Equity - IB** | **10/2/1996** | **7.01** | **19.96** | **19.02** | **15.39** | **6.29** |
|  **Multimanager Aggressive Equity - K** | **8/25/2011** | **7.29** | **20.25** | **19.32** | **15.64** | **16.69** |
|  Lipper Multi-Cap Growth Funds |  | (1.06) | 17.47 | 17.07 | 14.14 | 9.91 |
|  Russell 3000 Growth Index |  | 12.86 | 22.68 | 20.16 | 16.64 | 11.22 |
|  **Small/Mid Cap Value** |  |  |  |  |  |  |
|  **1290 VT GAMCO Small Company Value - IA** | **7/13/2007** | **6.29** | **11.88** | **9.00** | **10.85** | **9.23** |
|  **1290 VT GAMCO Small Company Value - IB** | **8/1/1988** | **6.29** | **11.88** | **9.00** | **10.85** | **12.27** |
|  **1290 VT GAMCO Small Company Value - K** | **8/25/2011** | **6.57** | **12.16** | **9.28** | **11.13** | **12.50** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 8.59 |
|  Russell 2000 Value Index |  | 3.32 | 12.73 | 8.57 | 10.54 | 10.51 |
|  **1290 VT Small Cap Value - IB** | **4/18/2014** | **4.27** | **12.70** | **11.15** |  | **8.74** |
|  **1290 VT Small Cap Value - K** | **4/18/2014** | **4.61** | **13.01** | **11.43** |  | **9.01** |
|  Lipper Small-Cap Growth Funds |  | (9.79) | 12.75 | 12.98 |  | 11.09 |
|  Russell 2000 Value Index |  | 3.32 | 12.73 | 8.57 |  | 8.51 |
|  **EQ/American Century Mid Cap Value - IB** | **10/19/2018** | **12.31** | **13.22** |  |  | **11.84** |
|  **EQ/American Century Mid Cap Value - K** | **6/9/2020** | **12.61** |  |  |  | **21.97** |
|  Lipper Multi-Cap Value Funds |  | 12.77 | 13.90 |  |  | 13.07 |
|  Russell Midcap Value Index |  | 11.45 | 13.69 |  |  | 12.57 |
|  **EQ/Franklin Small Cap Value Managed Volatility - IA** | **9/15/2006** | **(2.68)** | **12.27** | **9.03** | **10.21** | **6.97** |
|  **EQ/Franklin Small Cap Value Managed Volatility - IB** | **9/15/2006** | **(2.74)** | **12.25** | **9.01** | **10.20** | **6.88** |
|  **EQ/Franklin Small Cap Value Managed Volatility - K** | **8/25/2011** | **(2.51)** | **12.54** | **9.29** | **10.48** | **11.76** |
|  Lipper Small-Cap Value Funds |  | 4.71 | 13.86 | 9.12 | 10.49 | 7.68 |
|  Russell 2000 Value Index |  | 3.32 | 12.73 | 8.57 | 10.54 | 7.32 |

---

1559

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/Goldman Sachs Mid Cap Value - IB** | **10/19/2018** | **14.15** | **16.18** |  |  | **15.13** |
|  Lipper Mid-Cap Core Funds |  | 8.21 | 13.32 |  |  | 13.42 |
|  Russell Midcap Value Index |  | 11.45 | 13.69 |  |  | 12.57 |
|  **EQ/Mid Cap Value Managed Volatility - IA** | **11/24/1998** | **9.21** | **13.06** | **9.12** | **10.89** | **7.70** |
|  **EQ/Mid Cap Value Managed Volatility - IB** | **5/1/1997** | **9.15** | **13.05** | **9.12** | **10.89** | **7.24** |
|  **EQ/Mid Cap Value Managed Volatility - K** | **11/30/2011** | **9.44** | **13.33** | **9.39** | **11.15** | **12.21** |
|  Lipper Mid-Cap Value Funds |  | 11.98 | 14.36 | 10.13 | 11.38 | 9.84 |
|  Russell Midcap Value Index |  | 11.45 | 13.69 | 9.99 | 12.01 | 10.48 |
|  **Small/Mid Cap Blend** |  |  |  |  |  |  |
|  **1290 VT Micro Cap - IB** | **4/18/2014** | **(18.06)** | **16.74** | **16.51** |  | **12.36** |
|  **1290 VT Micro Cap - K** | **4/18/2014** | **(17.91)** | **17.04** | **16.76** |  | **12.58** |
|  Lipper Small-Cap Growth Funds |  | (9.79) | 12.75 | 12.98 |  | 11.09 |
|  Russell Microcap Index |  | (10.99) | 13.03 | 9.86 |  | 8.62 |
|  **EQ/Mid Cap Index - IA** | **3/25/2002** | **3.87** | **13.36** | **10.35** | **11.43** | **8.50** |
|  **EQ/Mid Cap Index - IB** | **9/1/2000** | **3.82** | **13.37** | **10.35** | **11.42** | **6.99** |
|  **EQ/Mid Cap Index - K** | **8/25/2011** | **4.15** | **13.67** | **10.62** | **11.71** | **13.20** |
|  Lipper S&P Midcap 400 Index Funds |  | 4.04 | 13.56 | 10.55 | 11.61 | 8.80 |
|  S&P MidCap 400 Index |  | 4.59 | 14.14 | 11.10 | 12.20 | 9.18 |
|  **EQ/Small Company Index - IA** | **3/25/2002** | **(5.31)** | **11.81** | **9.58** | **10.70** | **8.50** |
|  **EQ/Small Company Index - IB** | **1/1/1998** | **(5.31)** | **11.80** | **9.57** | **10.70** | **7.60** |
|  **EQ/Small Company Index - K** | **8/25/2011** | **(5.07)** | **12.09** | **9.86** | **10.98** | **12.61** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 8.48 |
|  Russell 2000 Index |  | (5.79) | 11.74 | 9.74 | 11.04 | 8.03 |
|  **Small/Mid Cap Growth** |  |  |  |  |  |  |
|  **EQ/AB Small Cap Growth - IA** | **5/1/1997** | **(7.94)** | **13.09** | **12.85** | **11.87** | **9.07** |
|  **EQ/AB Small Cap Growth - IB** | **5/1/1997** | **(7.93)** | **13.10** | **12.85** | **11.87** | **8.92** |
|  **EQ/AB Small Cap Growth - K** | **8/25/2011** | **(7.69)** | **13.39** | **13.13** | **12.15** | **14.03** |
|  Lipper Small-Cap Growth Funds |  | (9.79) | 12.75 | 12.98 | 11.80 | 9.27 |
|  Russell 2000 Growth Index |  | (14.33) | 9.88 | 10.33 | 11.21 | 7.83 |
|  **EQ/Janus Enterprise - IA** | **4/29/2005** | **3.71** | **14.19** | **15.54** | **9.85** | **10.16** |
|  **EQ/Janus Enterprise - IB** | **4/29/2005** | **3.69** | **14.20** | **15.54** | **9.85** | **10.05** |
|  **EQ/Janus Enterprise - K** | **11/30/2011** | **3.95** | **14.49** | **15.83** | **10.13** | **11.04** |
|  Lipper Mid-Cap Growth Funds |  | (2.60) | 14.72 | 14.88 | 12.56 | 10.73 |
|  Russell Midcap Growth Index |  | (0.89) | 14.81 | 15.10 | 13.52 | 11.20 |
|  **EQ/MFS Mid Cap Focused Growth - IB** | **10/19/2018** | **3.06** | **13.54** |  |  | **14.91** |
|  Lipper Mid-Cap Growth Funds |  | (2.60) | 14.72 |  |  | 16.04 |
|  Russell Midcap Growth Index |  | (0.89) | 14.81 |  |  | 16.13 |
|  **EQ/Morgan Stanley Small Cap Growth - IB** | **4/18/2014** | **(29.35)** | **20.36** | **19.50** |  | **13.51** |
|  **EQ/Morgan Stanley Small Cap Growth - K** | **4/18/2014** | **(29.14)** | **20.68** | **19.80** |  | **13.76** |
|  Lipper Small-Cap Growth Funds |  | (9.79) | 12.75 | 12.98 |  | 11.09 |
|  Russell 2000 Growth Index |  | (14.33) | 9.88 | 10.33 |  | 9.60 |

---

1560

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
| <br> **Specialty** | | | | | | |
|  **1290 VT Convertible Securities - IB** | **10/28/2013** | **(7.34)** | **12.88** | **10.78** |  | **8.92** |
|  **1290 VT Convertible Securities - K** | **10/28/2013** | **(7.13)** | **13.15** | **11.04** |  | **9.19** |
|  Lipper Specialty/Miscellaneous Funds |  | 4.59 | 13.96 | 10.38 |  | 8.92 |
|  ICE BofA US Convertible Index |  | (2.21) | 18.00 | 14.39 |  | 11.54 |
|  **1290 VT GAMCO Mergers & Acquisitions - IA** | **6/8/2007** | **2.74** | **3.33** | **3.10** | **4.13** | **3.62** |
|  **1290 VT GAMCO Mergers & Acquisitions - IB** | **5/1/2003** | **2.68** | **3.32** | **3.08** | **4.12** | **4.84** |
|  **1290 VT GAMCO Mergers & Acquisitions - K** | **8/25/2011** | **3.02** | **3.59** | **3.36** | **4.38** | **4.60** |
|  Lipper Specialty/Miscellaneous Funds |  | 4.59 | 13.96 | 10.38 | 9.54 | 8.94 |
|  S&P Long-Only Merger Arbitrage Index |  | 2.60 | 4.20 | 4.09 | 3.97 | N/A |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 11.01 |
|  **1290 VT Multi-Alternative Strategies - IB** | **11/13/2017** | **0.35** | **3.39** |  |  | **2.55** |
|  **1290 VT Multi-Alternative Strategies - K** | **11/13/2017** | **0.59** | **3.63** |  |  | **2.81** |
|  Lipper Alternative Other Funds |  | 0.83 | 6.38 |  |  | 5.28 |
|  ICE BofA US 3-Month Treasury Bill Index |  | 0.06 | 0.81 |  |  | 1.16 |
|  **1290 VT Natural Resources - IB** | **2/8/2013** | **43.84** | **11.13** | **9.02** |  | **3.04** |
|  **1290 VT Natural Resources - K** | **2/8/2013** | **44.10** | **11.42** | **9.30** |  | **3.30** |
|  Lipper Natural Resources Funds |  | 41.75 | 11.55 | 5.29 |  | 1.63 |
|  MSCI World Commodity Producers (Net) Index |  | 46.43 | 12.23 | 9.85 |  | 3.61 |
|  **1290 VT Real Estate - IB** | **2/8/2013** | **13.85** | **5.22** | **6.37** |  | **5.51** |
|  **1290 VT Real Estate - K** | **2/8/2013** | **14.13** | **5.47** | **6.64** |  | **5.77** |
|  Lipper Global Real Estate Funds |  | 15.07 | 7.17 | 7.52 |  | 6.07 |
|  FTSE EPRA/NAREIT Developed Index |  | 15.35 | 6.39 | 7.49 |  | 6.73 |
|  **EQ/Invesco Global Real Assets - IB** | **10/19/2018** | **17.48** | **5.23** |  |  | **8.46** |
|  Lipper Global Real Estate Funds |  | 15.07 | 7.17 |  |  | 10.16 |
|  S&P Real Assets Equity Index |  | 21.30 | 9.81 |  |  | 10.85 |
|  **EQ/MFS Technology - IB** | **10/19/2018** | **(0.60)** | **18.62** |  |  | **18.26** |
|  Lipper Science & Technology Funds |  | 0.98 | 20.92 |  |  | 21.53 |
|  S&P North American Technology Sector Index |  | 8.72 | 24.73 |  |  | 23.88 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 17.41 |
|  **EQ/MFS Utilities Series - IB** | **10/19/2018** | **16.23** | **11.36** |  |  | **12.42** |
|  **EQ/MFS Utilities Series - K** | **10/19/2018** | **16.52** | **11.63** |  |  | **12.70** |
|  Lipper Utility Funds |  | 18.02 | 10.85 |  |  | 12.55 |
|  MSCI ACWI Utilities (Net) Index |  | 10.69 | 8.54 |  |  | 10.15 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 17.41 |
|  **EQ/T. Rowe Price Health Sciences - IB** | **10/19/2018** | **0.56** |  |  | **11.93** | **11.42** |
|  Lipper Health/Biotechnology Funds |  | 5.50 | 13.05 |  |  | 13.32 |
|  Russell 3000 Health Care Index |  | 10.83 | 14.92 |  |  | 13.45 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 17.41 |

---

1561

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/Wellington Energy - IB** | **10/19/2018** | **39.33** | **(4.21)** |  |  | **(10.12)** |
|  Lipper Natural Resources Funds |  | 41.75 | 11.55 |  |  | 9.54 |
|  MSCI ACWI Energy (Net) Index |  | 40.02 | 5.18 |  |  | 3.30 |
|  **Multimanager Technology - IA** | **12/31/2001** | **6.14** | **23.35** | **23.30** | **18.52** | **11.08** |
|  **Multimanager Technology - IB** | **12/31/2001** | **6.16** | **23.36** | **23.30** | **18.52** | **10.94** |
|  **Multimanager Technology - K** | **8/28/2012** | **6.41** | **23.66** | **23.60** |  | **20.05** |
|  Lipper Science & Technology Funds |  | 0.98 | 20.92 | 19.72 | 16.16 | 9.62 |
|  S&P North American Technology Sector Index |  | 8.72 | 24.73 | 24.10 | 19.94 | 11.69 |
|  Russell 1000 Index |  | 13.27 | 18.71 | 15.82 | 14.53 | 9.34 |
|  **International/Global Stocks** |  |  |  |  |  |  |
|  **1290 VT Low Volatility Global Equity - IB** | **10/28/2013** | **7.88** | **6.56** | **7.43** |  | **7.11** |
|  **1290 VT Low Volatility Global Equity - K** | **10/28/2013** |  |  |  |  |  |
|  Lipper Global Multi-Cap Core Funds |  | 5.31 | 11.54 | 9.38 |  | 7.75 |
|  MSCI ACWI Minimum Volatility (Net) Index |  | 8.63 | 7.70 | 8.55 |  | 8.28 |
|  MSCI ACWI (Net) Index |  | 7.28 | 13.75 | 11.64 |  | 9.15 |
|  **1290 VT SmartBeta Equity ESG - IB** | **10/28/2013** | **11.58** | **13.60** | **12.00** |  | **9.89** |
|  **1290 VT SmartBeta Equity ESG - K** | **10/28/2013** | **11.86** | **13.89** | **12.29** |  | **10.16** |
|  Lipper Global Large-Cap Core |  | 6.00 | 12.49 | 11.25 |  | 8.97 |
|  MSCI World (Net) Index |  | 10.12 | 14.98 | 12.42 |  | 9.88 |
|  **EQ/Emerging Markets Equity PLUS - IB** | **2/8/2013** | **(9.37)** | **4.72** | **5.12** |  | **1.88** |
|  **EQ/Emerging Markets Equity PLUS - K** | **2/8/2013** | **(9.23)** | **4.96** | **5.35** |  | **2.12** |
|  Lipper Emerging Markets Funds |  | (14.36) | 4.50 | 5.26 |  | 2.81 |
|  MSCI Emerging Markets (Gross Dividends) Index |  | (11.08) | 5.31 | 6.35 |  | 3.57 |
|  **EQ/Global Equity Managed Volatility - IA** | **10/2/2002** | **1.94** | **10.73** | **9.25** | **8.21** | **11.63** |
|  **EQ/Global Equity Managed Volatility - IB** | **8/20/1997** | **1.94** | **10.72** | **9.23** | **8.21** | **6.47** |
|  **EQ/Global Equity Managed Volatility - K** | **8/25/2011** | **2.24** | **11.01** | **9.52** | **8.48** | **8.91** |
|  Lipper Global Multi-Cap Core Funds |  | 5.31 | 11.54 | 9.38 | 8.78 | 6.24 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | N/A |
|  MSCI ACWI (Net) Index |  | 7.28 | 13.75 | 11.64 | 10.00 | N/A |
|  **EQ/International Core Managed Volatility - IA** | **3/25/2002** | **(0.94)** | **7.15** | **6.28** | **4.97** | **4.81** |
|  **EQ/International Core Managed Volatility - IB** | **5/1/1999** | **(1.02)** | **7.11** | **6.28** | **4.97** | **3.61** |
|  **EQ/International Core Managed Volatility - K** | **8/25/2011** | **(0.79)** | **7.37** | **6.53** | **5.23** | **5.32** |
|  Lipper International Multi-Cap Core Funds |  | (0.78) | 6.74 | 6.02 | 5.72 | 4.57 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | N/A |
|  MSCI EAFE Index |  | 1.16 | 7.78 | 6.72 | 6.27 | 4.27 |
|  **EQ/International Equity Index - IA** | **4/3/1995** | **(0.82)** | **6.23** | **5.17** | **5.14** | **3.64** |
|  **EQ/International Equity Index - IB** | **5/1/1997** | **(0.74)** | **6.27** | **5.19** | **5.16** | **2.98** |
|  **EQ/International Equity Index - K** | **8/25/2011** | **(0.60)** | **6.51** | **5.44** | **5.41** | **5.85** |
|  Lipper International Large-Cap Core Funds |  | (1.80) | 6.08 | 5.21 | 4.99 | 5.45 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | N/A |
|  MSCI EAFE Index |  | 1.16 | 7.78 | 6.72 | 6.27 | 5.16 |

---

1562

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/International Value Managed Volatility - IA** | **3/25/2002** | **(3.79)** | **5.90** | **4.53** | **4.37** | **4.21** |
|  **EQ/International Value Managed Volatility - IB** | **5/1/1997** | **(3.79)** | **5.87** | **4.51** | **4.37** | **4.82** |
|  **EQ/International Value Managed Volatility - K** | **8/25/2011** | **(3.56)** | **6.15** | **4.78** | **4.63** | **4.91** |
|  Lipper International Large-Cap Core Funds |  | (1.80) | 6.08 | 5.21 | 4.99 | 4.21 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | N/A |
|  MSCI EAFE Index |  | 1.16 | 7.78 | 6.72 | 6.27 | 5.03 |
|  **EQ/Invesco Global - IA** | **8/31/2006** | **(4.24)** | **11.36** | **11.41** | **10.28** | **7.47** |
|  **EQ/Invesco Global - IB** | **8/31/2006** | **(4.24)** | **11.36** | **11.40** | **10.27** | **7.37** |
|  Lipper Global Large-Cap Growth |  | (1.17) | 12.93 | 12.71 | 10.98 | 8.24 |
|  MSCI ACWI (Net) Index |  | 7.28 | 13.75 | 11.64 | 10.00 | 7.08 |
|  **EQ/Invesco International Growth - IB** | **10/19/2018** | **(8.34)** | **6.39** |  |  | **7.99** |
|  Lipper International Large-Cap Growth Funds |  | (4.19) | 8.65 |  |  | 10.11 |
|  MSCI ACWI ex USA Growth (Net) Index |  | (6.16) | 9.12 |  |  | 9.99 |
|  **EQ/Lazard Emerging Markets Equity - IB** | **10/19/2018** | **(3.16)** | **3.34** |  |  | **4.72** |
|  Lipper Emerging Markets Funds |  | (14.36) | 4.50 |  |  | 7.37 |
|  MSCI Emerging Markets (Net Dividends) Index |  | (11.37) | 4.94 |  |  | 7.11 |
|  **EQ/MFS International Growth - IA** | **9/26/2008** | **(0.30)** | **9.32** | **10.31** | **7.34** | **7.28** |
|  **EQ/MFS International Growth - IB** | **11/18/1994** | **(0.30)** | **9.34** | **10.32** | **7.34** | **5.82** |
|  **EQ/MFS International Growth - K** | **8/25/2011** | **(0.08)** | **9.60** | **10.59** | **7.62** | **8.47** |
|  Lipper International Large-Cap Growth Funds |  | (4.19) | 8.65 | 8.29 | 6.75 | 6.75 |
|  MSCI ACWI ex USA Growth (Net) Index |  | (6.16) | 9.12 | 8.60 | 6.70 | N/A |
|  **EQ/MFS International Intrinsic Value - IB** | **10/19/2018** | **(2.65)** | **8.67** |  |  | **9.76** |
|  Lipper International Multi-Cap Growth Funds |  | (6.97) | 8.42 |  |  | 9.57 |
|  MSCI EAFE Index |  | 1.16 | 7.78 |  |  | 7.54 |
|  **Investment Grade Bonds** |  |  |  |  |  |  |
|  **1290 VT DoubleLine Opportunistic Bond - IB** | **4/30/2015** | **(3.73)** | **1.07** | **1.68** |  | **1.73** |
|  **1290 VT DoubleLine Opportunistic Bond - K** | **4/30/2015** | **(3.51)** | **1.35** | **1.95** |  | **1.98** |
|  Lipper Core Plus Bond Funds |  | (4.34) | 2.34 | 2.52 |  | 2.35 |
|  Bloomberg U.S. Aggregate Bond Index |  | (4.15) | 1.69 | 2.14 |  | 1.95 |
|  **EQ/AB Short Duration Government Bond - IB** | **5/20/2013** | **(1.84)** | **0.29** | **0.60** |  | **0.18** |
|  **EQ/AB Short Duration Government Bond - K** | **5/20/2013** | **(1.50)** | **0.56** | **0.86** |  | **0.42** |
|  Lipper Short Investment Grade Debt Funds |  | (2.73) | 0.97 | 1.26 |  | 1.04 |
|  ICE BofA 1-year US Treasury Note Index |  | (0.94) | 1.01 | 1.22 |  | 0.84 |
|  **EQ/Core Bond Index - IA** | **3/25/2002** | **(4.66)** | **0.95** | **1.24** | **1.21** | **2.22** |
|  **EQ/Core Bond Index - IB** | **1/1/1998** | **(4.65)** | **0.98** | **1.24** | **1.22** | **2.82** |
|  **EQ/Core Bond Index - K** | **8/25/2011** | **(4.43)** | **1.23** | **1.51** | **1.47** | **1.51** |
|  Lipper Core Bond Funds |  | (4.39) | 1.90 | 2.19 | 2.32 | 4.23 |
|  Bloomberg U.S. Intermediate Government/Credit Bond Index |  | (4.10) | 1.50 | 1.81 | 1.85 | 4.05 |

---

1563

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/Franklin Strategic Income - IB** | **10/19/2018** | **(3.15)** | **1.58** |  |  | **2.29** |
|  Lipper Global Income Funds |  | (5.51) | 0.30 |  |  | 1.29 |
|  Bloomberg U.S. Aggregate Bond Index |  | (4.15) | 1.69 |  |  | 3.07 |
|  **EQ/Intermediate Government Bond - IA** | **4/1/1991** | **(4.46)** | **0.26** | **0.60** | **0.56** | **3.65** |
|  **EQ/Intermediate Government Bond - IB** | **5/1/1997** | **(4.48)** | **0.27** | **0.61** | **0.56** | **2.75** |
|  **EQ/Intermediate Government Bond - K** | **8/25/2011** | **(4.23)** | **0.51** | **0.85** | **0.82** | **0.80** |
|  Lipper Intermediate U.S. Government Funds |  | (3.93) | 1.28 | 1.52 | 1.39 | 4.73 |
|  Bloomberg U.S. Intermediate Government Bond Index |  | (4.16) | 1.03 | 1.34 | 1.28 | 4.47 |
|  **EQ/Long-Term Bond - IB** | **7/30/2021** |  |  |  |  | **(12.21)** |
|  **EQ/Long-Term Bond - K** | **7/30/2021** |  |  |  |  | **(12.03)** |
|  Lipper General Bond Funds |  |  |  |  |  | (5.68) |
|  Bloomberg U.S. Long Government/Credit Bond Index |  |  |  |  |  | (11.43) |
|  **EQ/PIMCO Global Real Return - IB** | **2/8/2013** | **4.24** | **5.18** | **4.01** |  | **3.27** |
|  **EQ/PIMCO Global Real Return - K** | **2/8/2013** | **4.51** | **5.46** | **4.27** |  | **3.53** |
|  Lipper Inflation Protected Bond Funds |  | 3.76 | 5.54 | 4.03 |  | 2.03 |
|  Bloomberg World Government Inflation-linked Bond Index |  | 5.02 | 5.41 | 4.56 |  | 3.84 |
|  **EQ/PIMCO Real Return - IB** | **10/19/2018** | **4.59** | **6.27** |  |  | **6.57** |
|  Lipper Inflation Protected Bond Funds |  | 3.76 | 5.54 |  |  | 6.05 |
|  Bloomberg U.S. Treasury Inflation-Linked Bond Index |  | 4.29 | 6.22 |  |  | 6.62 |
|  **EQ/PIMCO Total Return ESG - IB** | **10/19/2018** | **(4.25)** | **2.02** |  |  | **3.12** |
|  Lipper Core Plus Bond Funds |  | (4.34) | 2.34 |  |  | 3.56 |
|  Bloomberg U.S. Aggregate Bond Index |  | (4.15) | 1.69 |  |  | 3.07 |
|  **EQ/PIMCO Ultra Short Bond - IA** | **3/30/2007** | **(1.61)** | **0.41** | **0.86** | **0.73** | **1.45** |
|  **EQ/PIMCO Ultra Short Bond - IB** | **1/24/2002** | **(1.61)** | **0.41** | **0.84** | **0.73** | **2.07** |
|  **EQ/PIMCO Ultra Short Bond - K** | **8/25/2011** | **(1.38)** | **0.65** | **1.09** | **0.98** | **0.99** |
|  Lipper Ultra-Short Obligations Funds |  | (1.05) | 0.36 | 0.76 | 0.40 | 1.01 |
|  ICE BofA US 3-Month Treasury Bill Index |  | 0.06 | 0.81 | 1.13 | 0.63 | 1.27 |
|  **EQ/Quality Bond PLUS - IA** | **10/1/1993** | **(4.72)** | **0.74** | **1.02** | **1.03** | **3.31** |
|  **EQ/Quality Bond PLUS - IB** | **7/8/1998** | **(4.62)** | **0.79** | **1.02** | **1.03** | **2.63** |
|  **EQ/Quality Bond PLUS - K** | **4/17/2014** | **(4.38)** | **1.03** | **1.29** |  | **1.39** |
|  Lipper Core Bond Funds |  | (4.39) | 1.90 | 2.19 | 2.32 | 4.60 |
|  Bloomberg U.S. Intermediate Government Bond Index |  | (4.16) | 1.03 | 1.34 | 1.28 | 3.93 |
|  **Multimanager Core Bond - IA** | **12/31/2001** | **(4.47)** | **1.16** | **1.56** | **1.68** | **3.48** |
|  **Multimanager Core Bond - IB** | **12/31/2001** | **(4.36)** | **1.19** | **1.58** | **1.69** | **3.36** |
|  **Multimanager Core Bond - K** | **8/25/2011** | **(4.13)** | **1.44** | **1.83** | **1.95** | **2.07** |
|  Lipper Core Bond Funds |  | (4.39) | 1.90 | 2.19 | 2.32 | 3.86 |
|  Bloomberg U.S. Aggregate Bond Index |  | (4.15) | 1.69 | 2.14 | 2.24 | 3.96 |
|  **High Yield** |  |  |  |  |  |  |
|  **1290 VT High Yield Bond - IB** | **2/8/2013** | **(0.43)** | **4.02** | **4.09** |  | **4.28** |
|  **1290 VT High Yield Bond - K** | **2/8/2013** | **(0.20)** | **4.27** | **4.37** |  | **4.54** |
|  Lipper High Yield Funds |  | 0.03 | 4.09 | 4.06 |  | 4.31 |
|  ICE BofA US High Yield Index |  | (0.29) | 4.40 | 4.56 |  | 5.04 |

---

1564

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
| <br> **Money Market** | | | | | | |
|  **EQ/Money Market - IA** | **7/13/1981** | **0.16** | **0.49** | **0.70** | **0.35** | **3.90** |
|  **EQ/Money Market - IB** | **10/2/1996** | **0.16** | **0.49** | **0.70** | **0.35** | **1.78** |
|  Lipper U.S. Government Money Market Funds |  | 0.02 | 0.49 | 0.72 | 0.37 | 3.69 |
|  ICE BofA US 3-Month Treasury Bill Index |  | 0.06 | 0.81 | 1.13 | 0.63 | 4.09 |
|  **EQ Tactical Manager Portfolios** |  |  |  |  |  |  |
|  **EQ/2000 Managed Volatility - IB** | **10/29/2009** | **(6.81)** | **10.88** | **8.83** | **10.13** | **10.65** |
|  **EQ/2000 Managed Volatility - K** | **8/25/2011** | **(6.60)** | **11.15** | **9.10** | **10.41** | **11.44** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 12.07 |
|  Russell 2000 Index |  | (5.79) | 11.74 | 9.74 | 11.04 | 12.27 |
|  **EQ/400 Managed Volatility - IB** | **10/29/2009** | **2.79** | **13.10** | **9.97** | **11.04** | **11.58** |
|  **EQ/400 Managed Volatility - K** | **8/25/2011** | **3.03** | **13.38** | **10.24** | **11.32** | **12.28** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 12.07 |
|  S&P MidCap 400 Index |  | 4.59 | 14.14 | 11.10 | 12.20 | 13.46 |
|  **EQ/500 Managed Volatility - IB** | **10/29/2009** | **14.03** | **17.59** | **14.51** | **13.35** | **12.77** |
|  **EQ/500 Managed Volatility - K** | **8/25/2011** | **14.33** | **17.88** | **14.80** | **13.63** | **14.52** |
|  Lipper Large-Cap Core Funds |  | 12.69 | 16.78 | 14.30 | 13.30 | 13.57 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 14.62 |
|  **EQ/International Managed Volatility - IB** | **10/29/2009** | **(1.02)** | **6.41** | **5.57** | **5.07** | **3.93** |
|  **EQ/International Managed Volatility - K** | **8/25/2011** | **(0.78)** | **6.69** | **5.83** | **5.34** | **5.45** |
|  Lipper International Multi-Cap Core Funds |  | (0.78) | 6.74 | 6.02 | 5.72 | 5.60 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | 5.13 |
|  MSCI EAFE Index |  | 1.16 | 7.78 | 6.72 | 6.27 | 5.63 |
|  **ATM International Managed Volatility - K** | **8/25/2011** | **(0.92)** | **6.47** | **5.71** | **5.27** | **5.25** |
|  Lipper International Multi-Cap Core Funds |  | (0.78) | 6.74 | 6.02 | 5.72 | 5.76 |
|  40% EuroSTOXX50 / 25% FTSE 100 / 25% TOPIX / 10% S&P ASX 200 |  | 0.71 | 7.32 | 6.16 | 6.00 | 6.44 |
|  MSCI EAFE Index |  | 1.16 | 7.78 | 6.72 | 6.27 | 6.72 |
|  **ATM Large Cap Managed Volatility - K** | **8/25/2011** | **14.02** | **17.59** | **14.51** | **13.46** | **14.23** |
|  Lipper Large-Cap Core Funds |  | 12.69 | 16.78 | 14.30 | 13.30 | 14.04 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 16.01 |
|  **ATM Mid Cap Managed Volatility - K** | **8/25/2011** | **2.62** | **13.20** | **10.08** | **11.22** | **12.03** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 11.48 |
|  S&P MidCap 400 Index |  | 4.59 | 14.14 | 11.10 | 12.20 | 13.69 |
|  **ATM Small Cap Managed Volatility - K** | **8/25/2011** | **(6.42)** | **10.95** | **8.91** | **10.37** | **11.22** |
|  Lipper Small-Cap Core Funds |  | 1.13 | 12.25 | 8.98 | 10.59 | 11.48 |
|  Russell 2000 Index |  | (5.79) | 11.74 | 9.74 | 11.04 | 12.67 |

---

1565

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
| <br> **EQ Allocation Portfolios** | | | | | | |
|  **EQ/All Asset Growth Allocation - IA** | **10/29/2009** | **2.50** | **8.94** | **7.86** | **6.77** | **7.38** |
|  **EQ/All Asset Growth Allocation - IB** | **8/1/1988** | **2.49** | **8.95** | **7.86** | **6.77** | **8.60** |
|  **EQ/All Asset Growth Allocation - K** | **8/28/2012** | **2.72** | **9.22** | **8.13** |  | **7.43** |
|  Lipper Alternative Other Funds |  | 0.83 | 6.38 | 5.76 | 5.10 | 5.37 |
|  EQ/All Asset Growth Allocation Index |  | 3.01 | 8.58 | 7.44 | 7.17 | N/A |
|  **EQ/Ultra Conservative Strategy - IB** | **9/28/2011** | **(3.54)** | **1.59** | **1.58** | **1.50** | **1.57** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds |  | (0.30) | 5.39 | 5.02 | 4.87 | 5.47 |
|  90% BB U.S. Intmd Govt Bd / 1.5% MSCI EAFE / 1.5% S&P 400 / 5.5% S&P 500 / 1.5% Russell 2000 |  | (2.91) | 2.59 | 2.60 | 2.46 | 2.59 |
|  **EQ/Conservative Strategy - IB** | **4/30/2009** | **(3.12)** | **3.02** | **2.87** | **2.73** | **3.54** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds |  | (0.30) | 5.39 | 5.02 | 4.87 | 6.38 |
|  66% BB U.S. Intmd Govt Bd / 3% MSCI EAFE / 3% S&P 400 / 11% S&P 500 / 3% Russell 2000 / 14% ICE BofA US 3-Mo T Bill |  | (1.05) | 4.08 | 3.81 | 3.54 | 4.22 |
|  **EQ/Conservative Growth Strategy - IB** | **4/30/2009** | **(0.94)** | **5.90** | **5.17** | **4.90** | **5.79** |
|  Lipper Mixed-Asset Target Allocation Conservative Funds |  | (0.30) | 5.39 | 5.02 | 4.87 | 6.38 |
|  50% BB U.S. Intmd Govt Bd / 7% MSCI EAFE / 7% S&P 400 / 19% S&P 500 / 7% Russell 2000 / 10% ICE BofA US 3-Mo T Bill |  | 0.86 | 6.90 | 6.05 | 5.74 | 6.70 |
|  **EQ/Balanced Strategy - IB** | **4/30/2009** | **0.22** | **7.36** | **6.31** | **5.97** | **6.81** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 | 7.14 | 8.85 |
|  42% BB U.S. Intmd Govt Bd / 8% MSCI EAFE / 8% S&P 400 / 26% S&P 500 / 8% Russell 2000 / 8% ICE BofA US 3-Mo T Bill |  | 2.25 | 8.47 | 7.33 | 6.95 | 8.02 |
|  **EQ/Moderate Growth Strategy - IB** | **4/30/2009** | **1.33** | **8.80** | **7.46** | **7.05** | **8.06** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 | 7.14 | 8.85 |
|  33% BB U.S. Intmd Govt Bd / 10% MSCI EAFE / 10% S&P 400 / 30% S&P 500 / 10% Russell 2000 / 7% ICE BofA US 3-Mo T Bill |  | 3.24 | 9.81 | 8.40 | 8.02 | 9.21 |
|  **EQ/Growth Strategy - IA** | **9/11/2009** | **2.51** | **10.26** | **8.59** | **8.13** | **8.06** |
|  **EQ/Growth Strategy - IB** | **4/30/2009** | **2.50** | **10.25** | **8.59** | **8.13** | **9.00** |
|  Lipper Mixed-Asset Target Allocation Growth Funds |  | 3.69 | 9.81 | 8.53 | 8.31 | 10.25 |
|  25% BB U.S. Intmd Govt Bd / 12% MSCI EAFE / 12% S&P 400 / 34% S&P 500 / 12% Russell 2000 / 5% ICE BofA US 3-Mo T Bill |  | 4.18 | 11.12 | 9.44 | 9.08 | 10.40 |
|  **EQ/Aggressive Growth Strategy - IB** | **4/12/2012** | **3.76** | **11.65** | **9.69** |  | **9.44** |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds |  | 4.48 | 11.55 | 10.05 |  | 9.50 |
|  17% BB U.S. Intmd Govt Bd / 13% MSCI EAFE / 13% S&P 400 / 41% S&P 500 / 13% Russell 2000 / 3% ICE BofA US 3-Mo T Bill |  | 5.57 | 12.63 | 10.66 |  | 10.45 |

---

1566

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **1290 VT DoubleLine Dynamic Allocation - IB** | **8/29/2012** | **3.27** | **9.02** | **7.32** |  | **6.39** |
|  **1290 VT DoubleLine Dynamic Allocation - K** | **8/29/2012** | **3.41** | **9.27** | **7.58** |  | **6.65** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 |  | 7.24 |
|  60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Bond Index |  | 7.50 | 12.14 | 10.59 |  | 9.98 |
|  **1290 VT Moderate Growth Allocation - IB** | **1/31/2019** | **2.69** | **7.16** |  |  | **7.99** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 |  |  | 8.65 |
|  40% BB U.S. Credit Corporate 5-10 Year Index / 18% MSCI EAFE Index / 5% S&P MidCap 400 Index / 35% S&P 500 Index / 2% Russell 2000 Index |  | 3.74 | 10.27 |  |  | 11.00 |
|  **EQ/AB Dynamic Moderate Growth - IB** | **2/18/2011** | **3.06** | **6.19** | **5.62** | **5.68** | **5.30** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 | 7.14 | 6.94 |
|  40% BB U.S. Intmd Govt Bd Index / 18% MSCI EAFE Index / 4% S&P MidCap 400 Index / 34% S&P 500 Index / 4% Russell 2000 Index |  | 3.70 | 9.57 | 8.27 | 7.73 | 7.31 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 | 14.64 | 13.81 |
|  Bloomberg U.S. Intermediate Government Bond Index |  | (4.16) | 1.03 | 1.34 | 1.28 | 1.71 |
|  **EQ/AB Dynamic Growth - IB** | **4/30/2015** | **4.45** | **7.04** | **6.30** |  | **5.15** |
|  Lipper Mixed-Asset Target Allocation Growth Funds |  | 3.69 | 9.81 | 8.53 |  | 7.22 |
|  30% BB U.S. Intmd Govt Bd Index / 21% MSCI EAFE Index / 4% S&P MidCap 400 Index / 41% S&P 500 Index / 4% Russell 2000 Index |  | 5.23 | 10.99 | 9.43 |  | 8.08 |
|  S&P 500 Index |  | 15.65 | 18.92 | 15.99 |  | 14.02 |
|  Bloomberg U.S. Intermediate Government Bond Index |  | (4.16) | 1.03 | 1.34 |  | 1.20 |
|  **EQ/AB Dynamic Aggressive Growth - IB** | **11/13/2017** | **5.50** | **7.67** |  |  | **5.92** |
|  Lipper Mixed-Asset Target Allocation Aggressive Growth Funds |  | 4.48 | 11.55 |  |  | 9.06 |
|  20% BB U.S. Intmd Govt Bd Index / 24% MSCI EAFE Index / 5% S&P MidCap 400 Index / 46% S&P 500 Index / 5% Russell 2000 Index |  | 6.44 | 12.28 |  |  | 9.90 |
|  S&P 500 Index |  | 15.65 | 18.92 |  |  | 15.73 |
|  Bloomberg U.S. Intermediate Government Bond Index |  | (4.16) | 1.03 |  |  | 1.37 |
|  **EQ/American Century Moderate Growth Allocation - IB** | **1/31/2019** | **0.43** | **5.34** |  |  | **6.28** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 |  |  | 8.65 |
|  40% BB U.S. Credit Corporate 5-10 Year Index / 18% MSCI EAFE Index / 3% S&P MidCap 400 Index / 36% S&P 500 Index / 3% Russell 2000 Index |  | 3.74 | 10.29 |  |  | 11.02 |
|  **EQ/AXA Investment Managers Moderate Allocation - IB** | **1/31/2019** | **0.86** | **5.59** |  |  | **6.29** |
|  **EQ/AXA Investment Managers Moderate Allocation - K** | **1/31/2019** | **1.08** | **5.82** |  |  | **6.54** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 |  |  | 8.65 |
|  45% BB U.S. Credit Corporate 5-10 Year Index / 13% MSCI EAFE Index / 5% S&P MidCap 400 Index / 33% S&P 500 Index / 4% Russell 2000 Index |  | 3.01 | 9.90 |  |  | 10.62 |

---

1567

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception<br>Date** | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since<br>Inception** |
|  **EQ/First Trust Moderate Growth Allocation - IB** | **1/31/2019** | **0.26** | **6.56** |  |  | **7.34** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 |  |  | 8.65 |
|  40% BB U.S. Credit Corporate 5-10 Year Index / 11.66% MSCI EAFE Index / 11.67% S&P MidCap 400 Index / 25% S&P 500 Index / 11.67% Russell 2000 Index |  | 1.90 | 10.08 |  |  | 10.76 |
|  **EQ/Franklin Moderate Allocation - IB** | **2/19/2016** | **(0.55)** | **4.12** | **3.95** |  | **4.92** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 |  | 8.13 |
|  45% BB U.S. Treasury 3-7 Year Index / 26.5% MSCI EAFE Index / 7.5% S&P MidCap 400 Index / 17% S&P 500 Index / 4% Russell 2000 Index |  | 0.69 | 7.67 | 6.69 |  | 7.54 |
|  **EQ/Franklin Growth Allocation - IB** | **1/31/2019** | **1.82** | **5.47** |  |  | **6.33** |
|  Lipper Mixed-Asset Target Allocation Growth Funds |  | 3.69 | 9.81 |  |  | 10.40 |
|  35% Bloomberg U.S. Credit Corporate 5-10 Year Index / 65% MSCI World (Net) Index |  | 4.83 | 10.87 |  |  | 11.60 |
|  **EQ/Goldman Sachs Moderate Growth Allocation - IB** | **4/30/2015** | **1.99** | **6.08** | **5.48** |  | **4.80** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 |  | 6.10 |
|  60% MSCI World 100% Hedged to USD (Net) Index / 40% Bloomberg U.S. Treasury 7-10 Year Index |  | 5.43 | 11.45 | 8.84 |  | 7.47 |
|  **EQ/Goldman Sachs Growth Allocation - IB** | **1/31/2019** | **3.07** | **6.94** |  |  | **7.94** |
|  Lipper Mixed-Asset Target Allocation Growth Funds |  | 3.69 | 9.81 |  |  | 10.40 |
|  30% Bloomberg U.S. Credit Corporate 5-10 Year Index / 70% MSCI World 100% Hedged to USD (Net) Index |  | 6.74 | 11.86 |  |  | 12.75 |
|  **EQ/Invesco Moderate Allocation - IB** | **4/30/2015** | **0.99** | **6.10** | **5.17** |  | **4.10** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 | 7.16 |  | 6.10 |
|  50% BB U.S. Intmd Govt Bd Index / 20% MSCI EAFE Index / 3.5% S&P MidCap 400 Index / 23% S&P 500 Index / 3.5% Russell 2000 Index |  | 1.64 | 7.65 | 6.70 |  | 5.70 |
|  **EQ/Invesco Moderate Growth Allocation - IB** | **1/31/2019** | **2.04** | **7.38** |  |  | **8.12** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds |  | 2.27 | 8.04 |  |  | 8.65 |
|  40% BB U.S. Credit Corporate 5-10 Year Index / 24% MSCI EAFE Index / 4% S&P MidCap 400 Index / 28% S&P 500 Index / 4% Russell 2000 Index |  | 2.59 | 9.54 |  |  | 10.25 |
|  **EQ/JPMorgan Growth Allocation - IB** | **11/13/2017** | **2.63** | **8.24** |  |  | **6.29** |
|  Lipper Mixed-Asset Target Allocation Growth Funds |  | 3.69 | 9.81 |  |  | 7.80 |
|  65% MSCI World 100% Hedged to USD (Net) Index / 35% Bloomberg U.S. Intermediate Treasury Index |  | 6.15 | 10.68 |  |  | 8.80 |

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**<u>EQ ADVISORS TRUST</u>**

**<u>DISCLOSURE REGARDING ADVISORY CONTRACT APPROVAL</u>**

**APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2022 (UNAUDITED)** 

At an in-person meeting held on December 14-15, 2022, the Board of Trustees (the "Board") of EQ Advisors Trust (the "Trust"), including those Trustees who are not parties to the New Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved a proposal from Equitable Investment Management Group, LLC (the "Adviser"), which serves as the Trust's investment adviser, to: (1) appoint FIAM LLC ("FIAM" or the "New Sub-Adviser") as a sub-adviser to a portion of the Active Allocated Portion of the Multimanager Technology Portfolio (the "Portfolio") (the "FIAM Allocated Portion"); and (2) approve an amended and restated investment sub-advisory agreement between EIM and FIAM with respect to the Portfolio. In this regard, the Board noted that FIAM currently serves as the investment sub-adviser with respect to another portfolio of the Trust pursuant to an existing investment sub-advisory agreement between EIM and FIAM dated July 16, 2020, with respect to that portfolio, and that the Portfolio would be added, by amendment and restatement, to that agreement ("New Agreement").

At that same meeting, the Board also considered that, if appointed, FIAM would enter into an investment sub-sub-advisory agreement with FIL Investment Advisors ("FIA"), pursuant to which FIAM may delegate certain of its investment advisory services to FIA, and that FIA, in turn, would enter into an investment sub-sub-sub-advisory agreement with its affiliate FIL Investment Advisors (UK) Limited ("FIA (UK)"), pursuant to which FIA, in turn, may delegate certain of its investment advisory services to FIA (UK). Thus, in connection with the appointment of FIAM, the Board, including the Independent Trustees, also considered and unanimously approved the Adviser's proposal to: (1) appoint FIA and FIA (UK) as Sub-Sub-Adviser and Sub-Sub-Sub-Adviser, respectively, with respect to the FIAM Allocated Portion; (2) approve a new investment sub-sub-advisory agreement between FIAM and FIA; and (3) approve a new investment sub-sub-sub-advisory agreement between FIA and FIA (UK). The Board noted that, subject to FIAM's oversight and supervision, FIA and FIA (UK) would be responsible for providing discretionary investment advisory services with respect to the FIAM Allocated Portion. Except where context dictates otherwise, all references herein to the New Sub-Adviser include FIA and FIA (UK), and all references herein to the New Agreement include the new agreement between FIAM and FIA and the new agreement between FIA and FIA (UK). Pursuant to the New Agreement, the New Sub-Adviser will implement a Global Technology strategy in managing the FIAM Allocated Portion. FIAM, FIA and FIA (UK) are not affiliates of EIM. The New Sub-Adviser became a new sub-adviser to the Portfolio effective on or about February 10, 2023.

In reaching its decision to approve the New Agreement with respect to the Portfolio, the Board considered the overall fairness of the New Agreement and whether the New Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to the Portfolio and the New Agreement, including: (1) the nature, quality and extent of the overall services to be provided to the Portfolio by the New Sub-Adviser; (2) comparative performance information; (3) the level of the proposed sub-advisory fee to be paid by the Adviser to FIAM; (4) economies of scale that may be realized by the Portfolio; and (5) "fall-out" benefits that may accrue to the New Sub-Adviser and its affiliates (*i.e.*, indirect benefits that the New Sub-Adviser or its affiliates would not receive but for the relationship with the Portfolio). The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry). In considering the New Agreement, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may have had a different basis for his or her decision.

In connection with its deliberations, the Board took into account information requested by the Independent Trustees and prepared by the Adviser and the New Sub-Adviser, including memoranda and other materials addressing the factors set out above, and provided to the Trustees prior to the meeting. The Board also took into account information provided to the Trustees at prior Board meetings. The information provided to the Trustees described, among other things, the services to be provided by the New Sub-Adviser, as well as the New Sub-Adviser's investment personnel, proposed sub-advisory fee, performance information, and other matters. The Board considered that the Adviser had conducted extensive due diligence on the New Sub-Adviser from an investment management, operational and compliance perspective, and the Board had received materials including the Adviser's due diligence questionnaire indicating the New Sub-Adviser's responses to the Adviser's due

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diligence questions. The Board also noted the Adviser's familiarity with FIAM's operational and compliance structure as FIAM currently serves as an investment sub-adviser with respect to another portfolio of the Trust. During the meeting, the Trustees met with senior representatives of the Adviser to discuss the New Agreement and the information provided. The Independent Trustees also met in executive session during the meeting to discuss the New Agreement and the information provided. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting and during their deliberations regarding the New Agreement and also received from legal counsel materials addressing, among other things, the legal standards applicable to their consideration of the New Agreement.

The Board noted that it had most recently considered and approved the existing investment sub-advisory agreement between the Adviser and FIAM with respect to another portfolio of the Trust at a meeting held on July 12-13, 2022, in connection with the annual renewal of the agreement. In connection with its approval of the New Agreement between the Adviser and FIAM with respect to the Portfolio, the Board considered its conclusions in connection with its prior approval of the existing investment sub-advisory agreement between the Adviser and FIAM with respect to that other portfolio of the Trust, including its satisfaction with the nature and quality of services being provided to that other portfolio by FIAM. The Board also noted that the terms of the New Agreement are materially identical to the terms of the existing investment sub-advisory agreement, except as to the effective date, the addition of the Portfolio as a sub-advised portfolio, and the addition of the compensation to be paid by the Adviser to FIAM with respect to the FIAM Allocated Portion of the Portfolio.

In approving the New Agreement, each Trustee, including the Independent Trustees, after considering all factors they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the proposed sub-advisory fee was fair and reasonable and that the approval of the New Agreement was in the best interests of the Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors it deemed relevant to its decision to approve the New Agreement.

**Nature, Quality and Extent of Services** 

The Board evaluated the nature, quality, and extent of the overall services to be provided to the Portfolio and its investors by the New Sub-Adviser. In addition to the investment performance and expense information discussed below, the Board considered the New Sub-Adviser's responsibilities with respect to the Portfolio (or the allocated portion thereof) pursuant to the New Agreement, and FIAM's experience in serving as an investment sub-adviser for another portfolio of the Trust. The Board considered that the New Sub-Adviser, subject to the oversight of the Adviser, would be responsible for making investment decisions with respect to the Portfolio (or the allocated portion thereof); placing with brokers or dealers orders for the purchase and sale of investments for the Portfolio (or the allocated portion thereof); and performing certain related administrative functions. The Board also reviewed information regarding the New Sub-Adviser's processes for selecting investments for the Portfolio (or the allocated portion thereof), as well as information regarding the qualifications and experience of the New Sub-Adviser's portfolio manager who would provide services to the Portfolio (or the allocated portion thereof). The Board also considered information regarding the New Sub-Adviser's procedures for executing portfolio transactions for the Portfolio (or the allocated portion thereof), and the New Sub-Adviser's policies and procedures for selecting brokers and dealers. In addition, the Board considered information regarding the New Sub-Adviser's trading experience and how the New Sub-Adviser would seek to achieve "best execution" on behalf of the Portfolio (or the allocated portion thereof). In this regard, the Board noted that, subject to FIAM's oversight and supervision, FIA and FIA (UK) would be responsible for providing discretionary investment advisory services with respect to the Portfolio (or the allocated portion thereof). The Board also noted that the Adviser would continue to conduct regular periodic reviews of the New Sub-Adviser and its operations in regard to the Portfolio, including regarding investment processes and organizational and staffing matters. The Board also considered information about the impact of the coronavirus pandemic on the New Sub-Adviser's operations and its ability to provide services to the Portfolio (or the allocated portion thereof).

The Board also factored into its review its familiarity with FIAM's compliance program, policies and procedures. The Board also considered that the Trust's compliance team and the Adviser had performed due diligence on the New Sub-Adviser, and that the New Sub-Adviser had provided relevant information about its operations, compliance, and cybersecurity procedures. The Board also considered the Trust's Chief Compliance Officer's evaluation of the New Sub-Adviser's compliance programs, policies and procedures, and certifications

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that they were consistent with applicable legal standards. The Board also considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the New Sub-Adviser and reviewed information regarding the New Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Portfolio (or the allocated portion thereof).

The Board also received and reviewed performance data for a Global Technology composite consisting of all accounts that the New Sub-Adviser advises or sub-advises with investment objectives, policies and strategies similar to those proposed for the FIAM Allocated Portion, as compared to an appropriate benchmark and peer group. The Board generally considered longer-term performance to be more important than shorter-term performance. The Board also considered the Adviser's representation that the Global Technology strategy would be a good complement to other strategies utilized in the Portfolio with respect to the construction of the overall Portfolio. The Board also considered the New Sub-Adviser's expertise, resources, and personnel for advising the FIAM Allocated Portion. The Board also noted the New Sub-Adviser's statement that it does not currently advise or sub-advise other U.S. registered mutual funds with investment objectives, policies and strategies similar to those proposed for the FIAM Allocated Portion.

Based on its review, the Board determined that the nature, quality, and extent of the overall services to be provided by the New Sub-Adviser were appropriate for the Portfolio in light of its investment objective and, thus, supported a decision to approve the New Agreement.

**Expenses** 

The Board also considered the proposed sub-advisory fee for FIAM in light of the nature, quality, and extent of the overall services to be provided. In addition, the Board considered the relative levels of the sub-advisory fee to be paid by the Adviser to FIAM with respect to the FIAM Allocated Portion and the advisory fee to be retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained, and risks assumed by the Adviser and not delegated to or assumed by FIAM. The Board noted that the Adviser, and not the Portfolio, would pay FIAM and that the proposed sub-advisory fee was negotiated between FIAM and the Adviser. Moreover, the Board noted that the Adviser generally is aware of the fees charged by sub-advisers to other clients and that the Adviser believes that the fee agreed upon with FIAM is reasonable in light of the nature, quality, and extent of the investment sub-advisory services to be provided. The Board acknowledged that, because the proposed sub-advisory fee would be paid by the Adviser, the Adviser is incentivized to negotiate a favorable fee. Based on its review, the Board determined that the proposed sub-advisory fee for FIAM is fair and reasonable. The Board also noted that FIAM, in turn, would pay FIA for the services that FIA provides to the FIAM Allocated Portion, and FIA, in turn, would pay FIA (UK) for the services that FIA (UK) provides to the FIAM Allocated Portion. The Board further noted that the appointment of the New Sub-Adviser would not result in a change in the investment advisory fee paid by the Portfolio to the Adviser.

**Profitability and Costs** 

The Board also considered the estimated impact of the proposed sub-advisory fee on the Adviser's profitability with respect to the Portfolio. In this regard, the Board noted that the appointment of the New Sub-Adviser is expected to have a positive impact on the Adviser's annual profitability at the Portfolio's then current asset levels. The Adviser advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the New Agreement. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fee and that the fee to be paid to FIAM is the product of negotiations with the Adviser and reflects levels of profitability acceptable to the Adviser and FIAM based on the particular circumstances for each of them. The Board noted again that FIAM's fee would be paid by the Adviser and not the Portfolio and that many responsibilities related to the advisory function are retained by the Adviser. In light of all the factors considered, the Board determined that the anticipated profitability to the Adviser remained within the reasonable range of profitability levels previously reported.

**Economies of Scale** 

The Board also considered whether economies of scale would be realized as the Portfolio grows larger and the extent to which this is reflected in the proposed sub-advisory fee rate schedule for the FIAM Allocated Portion. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that the proposed sub-advisory fee rate schedule includes breakpoints that would reduce the sub-advisory fee rate as Portfolio assets under FIAM's management increase above certain levels. In this regard,

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the Board acknowledged that, at some levels, breakpoints in a sub-advisory fee rate schedule may result in savings to the Adviser and not to investors. The Board considered these factors, and the relationship they bear to the fee structure charged to the Portfolio by the Adviser, and concluded that there would be a reasonable sharing of benefits from any economies of scale with the Portfolio.

**Fall-Out and Other Benefits** 

The Board also considered possible fall-out benefits and other types of benefits that may accrue to the New Sub-Adviser, including the following. The Board considered that the New Sub-Adviser may benefit from greater exposure in the marketplace with respect to its investment process and from expanding its level of assets under management, and the New Sub-Adviser may derive benefits from its association with the Adviser and other sub-advisers to the Portfolio. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the New Sub-Adviser are fair and reasonable.

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**Federal Income Tax Information (Unaudited)** 

For the year ended December 31, 2022, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **70% Dividend<br>Received<br>Reduction** | **Foreign<br>Taxes** | **Foreign<br>Source Income** | **Long Term<br>Capital Gain** |
|  EQ/All Asset Growth Allocation | 38.67% | $8679 | $585935 | $31264361 |
|  EQ/Ultra Conservative Strategy | 12.14 | 68988 | 517121 | 17038447 |
|  EQ/Conservative Strategy | 20.38 | 35247 | 264206 | 18436081 |
|  EQ/Conservative Growth Strategy | 40.71 | 125339 | 939517 | 64107498 |
|  EQ/Balanced Strategy | 46.63 | 450972 | 3380395 | 146148599 |
|  EQ/Moderate Growth Strategy | 62.51 | 911215 | 6830293 | 434531265 |
|  EQ/Growth Strategy | 75.11 | 862954 | 6468534 | 357021426 |
|  EQ/Aggressive Growth Strategy | 89.21 | 1008120 | 7556673 | 374914946 |
|  Equitable Conservative Growth MF/ETF | 1.83 |  |  | 1544558 |
|  Equitable Moderate Growth MF/ETF | 15.15 |  |  |  |
|  Equitable Growth MF/ETF | 26.81 |  |  |  |
|  1290 VT Moderate Growth Allocation | 16.06 | 27746 | 311058 | 920197 |
|  1290 VT Multi-Alternative Strategies | 0.71 |  |  | 151469 |
|  1290 VT Convertible Securities | 1.76 |  |  | 20815 |
|  1290 VT DoubleLine Opportunistic Bond | 0.00 |  |  | 588736 |
|  1290 VT Equity Income | 100.00 |  |  | 28562460 |
|  1290 VT GAMCO Mergers & Acquisitions | 100.00 |  |  | 5362913 |
|  1290 VT GAMCO Small Company Value | 100.00 |  |  | 154936909 |
|  1290 VT High Yield Bond | 0.00 |  |  |  |
|  1290 VT Micro Cap | 100.00 |  |  | 4440625 |
|  1290 VT Natural Resources | 42.08 |  | 1117103 |  |
|  1290 VT Real Estate | 5.13 |  |  |  |
|  1290 VT Small Cap Value | 100.00 |  |  | 33401661 |
|  1290 VT SmartBeta Equity ESG | 77.72 |  |  | 4369940 |
|  1290 VT Socially Responsible | 100.00 |  |  | 1149491 |
|  ATM Large Cap Managed Volatility | 100.00 |  |  | 140887125 |
|  ATM Mid Cap Managed Volatility | 93.93 |  |  | 7955993 |
|  ATM Small Cap Managed Volatility | 99.58 |  |  | 18012167 |
|  ATM International Managed Volatility | 0.00 | 658849 | 42186620 |  |
|  EQ/500 Managed Volatility | 100.00 |  |  | 419264744 |
|  EQ/400 Managed Volatility | 100.00 |  |  | 21932284 |
|  EQ/2000 Managed Volatility | 96.41 |  |  | 65472776 |
|  EQ/International Managed Volatility | 0.00 | 4147468 | 63672466 | 13421618 |
|  EQ/AB Dynamic Aggressive Growth | 100.00 |  |  | 1572477 |
|  EQ/AB Dynamic Growth | 8.87 |  |  | 11414711 |
|  EQ/AB Dynamic Moderate Growth | 35.74 |  |  | 32228884 |
|  EQ/AB Short Duration Government Bond | 0.00 |  |  |  |
|  EQ/AB Small Cap Growth | 100.00 |  |  | 73877015 |
|  EQ/AB Sustainable U.S. Thematic | 100.00 |  |  |  |
|  EQ/American Century Mid Cap Value | 42.12 |  |  | 49649565 |
|  EQ/American Century Moderate Growth Allocation | 7.61 | 32400 | 355860 | 1236828 |
|  EQ/Capital Group Research | 100.00 |  |  | 59747432 |
|  EQ/ClearBridge Large Cap Growth ESG | 100.00 |  |  | 46079300 |
|  EQ/ClearBridge Select Equity Managed Volatility | 100.00 |  |  | 1868746 |
|  EQ/Common Stock Index | 100.00 |  |  | 340394545 |
|  EQ/Core Bond Index | 0.00 |  |  | 14070160 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolios:** | **70% Dividend<br>Received<br>Reduction** | **Foreign<br>Taxes** | **Foreign<br>Source Income** | **Long Term<br>Capital Gain** |
|  EQ/Emerging Markets Equity PLUS | 0.00% | $— | $— | $3902648 |
|  EQ/Equity 500 Index | 100.00 |  |  | 114161616 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 100.00 |  |  | 49882286 |
|  EQ/Franklin Moderate Allocation | 35.07 |  |  | 2296 |
|  EQ/Franklin Rising Dividends | 100.00 |  |  | 3839813 |
|  EQ/Franklin Small Cap Value Managed Volatility | 100.00 |  |  | 9294288 |
|  EQ/Global Equity Managed Volatility | 69.66 |  |  | 41503432 |
|  EQ/Goldman Sachs Growth Allocation | 24.29 |  |  | 899927 |
|  EQ/Goldman Sachs Mid Cap Value | 100.00 |  |  | 13546085 |
|  EQ/Goldman Sachs Moderate Growth Allocation | 94.51 |  |  |  |
|  EQ/Intermediate Government Bond | 0.00 |  |  | 6231189 |
|  EQ/International Core Managed Volatility | 0.00 |  |  | 10025893 |
|  EQ/International Equity Index | 0.00 |  |  |  |
|  EQ/International Value Managed Volatility | 0.00 |  |  | 7658052 |
|  EQ/Invesco Comstock | 100.00 |  |  | 23809733 |
|  EQ/Invesco Global | 0.00 |  |  | 11153202 |
|  EQ/Invesco Global Real Assets | 9.85 |  |  | 1449808 |
|  EQ/Invesco Moderate Allocation | 100.00 |  |  |  |
|  EQ/Invesco Moderate Growth Allocation | 41.05 |  |  |  |
|  EQ/Janus Enterprise | 100.00 |  |  | 89619148 |
|  EQ/JPMorgan Growth Allocation | 0.00 |  |  | 1173464 |
|  EQ/JPMorgan Value Opportunities | 100.00 |  |  | 71822441 |
|  EQ/Large Cap Core Managed Volatility | 100.00 |  |  | 162317684 |
|  EQ/Large Cap Growth Index | 100.00 |  |  | 129470337 |
|  EQ/Large Cap Growth Managed Volatility | 100.00 |  |  | 491051673 |
|  EQ/Large Cap Value Index | 100.00 |  |  | 13364992 |
|  EQ/Large Cap Value Managed Volatility | 100.00 |  |  | 134047126 |
|  EQ/Lazard Emerging Markets Equity | 0.00 |  |  | 2048279 |
|  EQ/Long-Term Bond | 0.00 |  |  |  |
|  EQ/Loomis Sayles Growth | 0.00 |  |  | 78404045 |
|  EQ/MFS International Growth | 0.72 | 276317 | 22099666 | 47652502 |
|  EQ/MFS International Intrinsic Value | 10.17 | 2007781 | 13449340 | 37062443 |
|  EQ/MFS Mid Cap Focused Growth | 0.00 |  |  | 841175 |
|  EQ/MFS Technology | 100.00 |  |  | 14788630 |
|  EQ/MFS Utilities Series | 38.39 |  |  | 7056314 |
|  EQ/Mid Cap Index | 100.00 |  |  | 139089789 |
|  EQ/Mid Cap Value Managed Volatility | 100.00 |  |  | 42362433 |
|  EQ/Money Market | 0.00 |  |  |  |
|  EQ/Morgan Stanley Small Cap Growth | 100.00 |  |  | 2088637 |
|  EQ/PIMCO Global Real Return | 0.00 |  |  |  |
|  EQ/PIMCO Real Return | 0.00 |  |  |  |
|  EQ/PIMCO Total Return ESG | 0.00 |  |  |  |
|  EQ/PIMCO Ultra Short Bond | 0.00 |  |  |  |
|  EQ/Quality Bond PLUS | 0.00 |  |  |  |
|  EQ/Small Company Index | 100.00 |  |  | 43783148 |
|  EQ/T. Rowe Price Growth Stock | 100.00 |  |  | 48878994 |
|  EQ/T. Rowe Price Health Sciences | 0.00 |  |  | 4260093 |
|  EQ/Value Equity | 91.31 |  |  | 22008897 |
|  EQ/Wellington Energy | 49.35 |  |  |  |
|  Multimanager Aggressive Equity | 100.00 |  |  | 176300499 |
|  Multimanager Core Bond | 0.00 |  |  |  |
|  Multimanager Technology | 65.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 122931736 |

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**MANAGEMENT OF THE TRUST (UNAUDITED)** 

The Trust's Board is responsible for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios' investment activities and their conformity with federal and state law as well as the stated policies of the Portfolios. The Board elects the officers of the Trust who are responsible for administering the Trust's day-to-day operations. The Trustees of the Trust are identified in the table below along with information as to their principal business occupations held during the last five years and certain other information are shown below.

**The Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br>Year of Birth** | **Position(s) Held<br>With Fund** | **Term of Office\*\*<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen**<br> **by Trustee†** | **Other Directorships<br>Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;&nbsp; Steven M. Joenk\*<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1958) | Trustee and Chief Executive Officer | Trustee from September 2004 to present; Chief Executive Officer from December 2002 to present; President from December 2002 to present; Chairman of the Board from September 2004 through September 2017 | From May 2011 to present, Chairman of the Board, Chief Executive Officer and President, EIM; from July 2021 to present, Chairman of the Board, Chief Executive Officer and President, Equitable Investment Management, LLC; from April 2017 to 2019, Senior Vice President and Chief Investment Officer of AXA Financial Inc.; from April 2017 to present, Chief Investment Officer and from September 1999 to November 2021, Managing Director, Equitable Financial. | 125 | None. |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp; Mark A. Barnard<br> c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1949) | Trustee | From April 2017 to present | Retired. Previously, Managing Director — Private Investments, Howard Hughes Medical Institute, 2001 to 2016 (and, prior thereto, Director of Private Investments from 1998 to 2001, and Manager of Private Investments from 1995 to 1998). | 125 | None. |
| &nbsp;&nbsp;&nbsp; Thomas W. Brock<br> c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1947) | Trustee | From January 2016 to present | Retired. Previously, Director, President and Chief Executive Officer of Silver Bay Realty Trust Corp., June 2016 to May 2017 (and, prior thereto, Director and interim President and Chief Executive Officer from January 2016 to June 2016); Chief Executive Officer and Co-Founder of Stone Harbor Investment Partners, 2006 to 2012. | 125 | Liberty All-Star Funds (2) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br>Year of Birth** | **Position(s) Held<br>With Fund** | **Term of Office\*\*<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen**<br> **by Trustee†** | **Other Directorships<br>Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** |
| &nbsp;&nbsp;&nbsp; Michael B. Clement<br>c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, New York 10104<br>(1957) | Trustee | From January 2019 to present | Professor of Accounting, University of Texas, from 1997 to 2002 and from 2004 to present (Department of Accounting Chair from 2018 to 2022); Visiting Professor, Harvard Business School, 2023 to present. | 125 | New York Mortgage Trust |
| &nbsp;&nbsp;&nbsp; Donald E. Foley<br> c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1951) | Trustee | From January 2014 to present | Retired. Previously, Chairman of the Board and Chief Executive Officer, Wilmington Trust Corporation, 2010 to 2011; Senior Vice President, Treasurer and Director of Tax, ITT Corporation, 1996 to 2010. | 125 | BioSig Technologies, Inc.; Wilmington Funds (12) |
| &nbsp;&nbsp;&nbsp; H. Thomas McMeekin<br> c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1953) | Trustee | From January 2014 to present | Managing Partner and Founder, Griffin Investments, LLC, 2000 to present; CEO of Blue Key Services, LLC., 2015 to present; previously, Chief Investment Officer, AIG Life & Retirement and United Guaranty Corporation and Senior Managing Director of AIG Asset Management, 2009 to 2012. | 125 | Blue Key Services, LLC; Achaean Financial Group |
| &nbsp;&nbsp;&nbsp; Gary S. Schpero<br> c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br> New York, NY 10104<br> (1953) | Chairman of the Board | From May 2000 to present, Independent Trustee; from September 2011 through September 2017, Lead Independent Trustee; and from October 1, 2017 to present, Chairman of the Board. | Retired. Prior to January 1, 2000, Partner of Simpson Thacher & Bartlett (law firm) and Managing Partner of the Investment Management and Investment Company Practice Group. | 125 | Blackstone Funds (4) |
| &nbsp;&nbsp;&nbsp; Kathleen Stephansen<br>c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br>New York, New York 10104<br> (1954) | Trustee | From January 2019 to present | Senior Economist, Haver Analytics, 2019 to present; Senior Economic Advisor, Boston Consulting Group, 2018 to 2019 and in 2016; Chief Economist, Huawei Technologies USA Inc., 2016 to 2018; various positions at American International Group, including Chief Economist and Senior Managing Director and Senior Investment Strategies and Global Head of Sovereign Research — AIG Asset Management from 2010 to 2016. | 125 | None. |

---

1576

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Address and<br>Year of Birth** | **Position(s) Held<br>With Fund** | **Term of Office\*\*<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen**<br> **by Trustee†** | **Other Directorships<br>Held by Trustee**<br> **During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** | &nbsp;&nbsp;&nbsp;**Independent Trustees (Continued)** |
| &nbsp;&nbsp;&nbsp; Patricia M. Haverland<br>c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br>New York, New York 10104<br> (1956) | Trustee | April 2022 to present | Retired. Previously, Vice President and Chief Investment Officer North America Pensions, SIEMENS, 2009 to 2018. | 125 |  |
| &nbsp;&nbsp;&nbsp; Jeffery S. Perry<br>c/o EQ Advisors Trust<br> 1290 Avenue of the Americas<br>New York, NY 10104 (1965) | Trustee | April 2022 to present | Founder and Chief Executive Officer, Lead Mandates LLC (business and leadership advisory firm). Retired, Global Client Service Partner, Ernst & Young LLP, 2004 to 2020. | 125 | Fortune Brands Innovations, Inc.;<br> MasterBrand, Inc. |

---

\* Affiliated with the Manager and/or Distributor

\*\* Each Trustee serves during the lifetime of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. The Board has adopted a policy that currently provides that each Independent Trustee shall retire from the Board as of the last day of the calendar year in which he or she attains the age of 75 years. The Trust's retirement policy is subject to periodic review by the Trust's Governance Committee, which may recommend for Board approval any changes to the policy that it determines to be appropriate. 

† The registered investment companies in the fund complex include the Trust, EQ Premier VIP Trust, and 1290 Funds.

Additional information about the Trustees is available in the Portfolios' Statement of Additional Information, which can be obtained, without charge, by calling 1-877-222-2144.

1577

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**The Trust's Officers** 

No officer of the Trust, other than the Chief Compliance Officer, receives any compensation paid by the Trust. Each officer of the Trust is an employee of Equitable Financial, EIM, and/or Equitable Distributors. The Trust's principal officers are:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and Address\*** | **Position(s) Held <br>With the Trust\*\*** | **Term of Office\*\*\*<br>and Length of <br>Time Served** | **Principal Occupation(s) <br>During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;Steven M. Joenk <br>(1958) | Trustee and Chief Executive Officer | Trustee from September 2004 to present; Chief Executive Officer from December 2002 to present; and Chairman of the Board from September 2004 through September 2017 | Chairman of the Board and Chief Executive Officer (May 2011 to present) and President (May 2011 to November 2021) of EIM; Chairman of the Board and Chief Executive Officer of Equitable Investment Management, LLC (January 2023 to present); Senior Vice President and Chief Investment Officer of AXA Financial, Inc. (April 2017 to 2019); and Chief Investment Officer (April 2017 to present) and employee (September 1999 to present) of Equitable Financial. |
| &nbsp;&nbsp;&nbsp;Brian Walsh <br>(1968) | Chief Financial Officer and Treasurer | From June 2007 to present | Director (February 2011 to present) and Senior Vice President (May 2011 to present) of EIM; Senior Vice President of Equitable Investment Management, LLC (January 2023 to present); and Signatory Officer (November 2021 to present) and employee (February 2003 to present) of Equitable Financial. |
| &nbsp;&nbsp;&nbsp;Joseph J. Paolo<br>(1970) | Chief Compliance Officer, Vice President and Anti- Money Laundering Compliance Officer | Chief Compliance Officer from May 2007 to present, Vice President and Anti-Money Laundering Compliance Officer from November 2005 to present | Chief Compliance Officer (June 2007 to present) and Senior Vice President (May 2011 to present) of EIM; Vice President and Chief Compliance Officer of Equitable Investment Management, LLC (January 2023 to present); and Signatory Officer (November 2021 to present) and employee (June 2007 to present) of Equitable Financial. |
| &nbsp;&nbsp;&nbsp;Kenneth Kozlowski <br>(1961) | Senior Vice President and Chief Investment Officer | Vice President from June 2010 to June 2016; Senior Vice President and Chief Investment Officer from June 2016 to present | Executive Vice President and Chief Investment Officer (June 2012 to present) and Director (May 2017 to present) of EIM; Executive Vice President of Equitable Investment Management, LLC (January 2023 to present); and Signatory Officer (November 2021 to present) and employee (February 2001 to present) of Equitable Financial. |
| &nbsp;&nbsp;&nbsp;Alwi Chan <br>(1974) | Vice President and Deputy Chief Investment Officer | Vice President from June 2007 to present; Deputy Chief Investment Officer from June 2016 to present | Senior Vice President and Deputy Chief Investment Officer of EIM (June 2012 to present); and employee of Equitable Financial (June 1999 to present). |
| &nbsp;&nbsp;&nbsp;Michal Levy <br>(1979) | President | From February 2023 to present | Director (December 2014 to present), President (December 2021 to present), and Chief Operating Officer (March 2017 to present) of EIM; Executive Vice President and Chief Operating Officer of Equitable Investment Management, LLC (January 2023 to present); and Signatory Officer (November 2021 to present) and employee (October 2011 to present) of Equitable Financial. |
| &nbsp;&nbsp;&nbsp;James Chen <br>(1988) | Vice President and Director of Risk | From August 2022 to present | Vice President of EIM (July 2022 to present); Vice President of Equitable Investment Management, LLC (January 2023 to present); employee of Equitable Financial (2015 to present). |
| &nbsp;&nbsp;&nbsp;James Kelly <br>(1968) | Controller | From June 2007 to present | Vice President of EIM (May 2011 to present); Vice President of Equitable Investment Management, LLC (January 2023 to present); and employee of Equitable Financial (September 2008 to present). |

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1578

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and Address\*** | **Position(s) Held <br>With the Trust\*\*** | **Term of Office\*\*\*<br>and Length of <br>Time Served** | **Principal Occupation(s) <br>During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;Andrew Houston <br>(1990) | Vice President | From September 2022 to present | Vice President of EIM (July 2022 to present), Vice President of Equitable Investment Management, LLC (January 2023 to present); and employee of Equitable Financial (2017 to present). |
| &nbsp;&nbsp;&nbsp;Miao Hu <br>(1978) | Vice President | From June 2016 to present | Assistant Portfolio Manager (May 2016 to present) and Vice President (June 2016 to present) of EIM; and employee of Equitable Financial (November 2013 to present). |
| &nbsp;&nbsp;&nbsp;Kevin McCarthy <br>(1983) | Vice President | From September 2019 to present | Assistant Portfolio Manager (December 2018 to present) and Vice President (July 2022) of EIM; and employee of Equitable Financial (August 2015 to present). |
| &nbsp;&nbsp;&nbsp;Xavier Poutas <br>(1977) | Vice President | From June 2016 to present | Assistant Portfolio Manager (May 2011 to present) and Vice President (June 2016 to present) of EIM; and employee of Equitable Financial (August 2002 to present). |
| &nbsp;&nbsp;&nbsp;Maureen E. Kane, Esq. <br>(1962) | Chief Legal Officer, Senior Vice President and Secretary | From November 2022 to present | Executive Vice President, Secretary and General Counsel of EIM (October 2022 to present); Executive Vice President, Secretary and General Counsel of Equitable Investment Management, LLC (January 2023 to present); employee of Equitable Financial (February 2019 to present); and Managing Director and Managing Counsel of The Bank of New York Mellon (July 2014 to February 2019). |
| &nbsp;&nbsp;&nbsp;Kristina B. Magolis, Esq. <br>(1985) | Vice President and Assistant Secretary | From November 2022 to present | Vice President, Assistant Secretary and Associate General Counsel of EIM (October 2022 to present); Vice President, Assistant Secretary and Associate General Counsel of Equitable Investment Management, LLC (January 2023 to present); employee of Equitable Financial (October 2022 to present); and Vice President, Legal and Compliance, Morgan Stanley Investment Management (August 2017 to September 2022). |
| &nbsp;&nbsp;&nbsp;Nadia Persaud, Esq. <br>(1977) | Vice President<br> and Assistant Secretary | From December 2021 to present | Vice President, Assistant Secretary and Associate General Counsel of EIM (December 2021 to present); Vice President, Assistant Secretary and Associate General Counsel of Equitable Investment Management, LLC (January 2023 to present); employee of Equitable Financial (December 2021 to present); Director and Senior Counsel of ICE Data Services (August 2020 to October 2021); Vice President of BlackRock (July 2019 to July 2020); and Vice President and Associate General Counsel of OppenheimerFunds (January 2017 to May 2019). |
| &nbsp;&nbsp;&nbsp;Artemis Brannigan <br>(1974) | Vice President | From September 2019 to present | Vice President of EIM (August 2019 to present); Vice President of Equitable Investment Management, LLC (January 2023 to present); employee of Equitable Financial (August 2019 to present); and Director of Prudential Financial (January 2016 to July 2019). |
| &nbsp;&nbsp;&nbsp;Aysha Pride <br>(1988) | Vice President | From August 2022 to present | Vice President of EIM (July 2022 to present); Vice President of Equitable Investment Management, LLC (January 2023 to present); and employee of Equitable Financial (2014 to present). |
| &nbsp;&nbsp;&nbsp;Helen Lai <br>(1973) | Assistant Vice President | From June 2016 to present | Employee of Equitable Financial (March 2013 to present). |
| &nbsp;&nbsp;&nbsp;Roselle Ibanga <br>(1978) | Assistant Controller | From March 2009 to present | Employee of Equitable Financial (February 2009 to present). |
| &nbsp;&nbsp;&nbsp;Lisa Perrelli <br>(1974) | Assistant Controller | From March 2009 to present | Employee of Equitable Financial (November 2002 to present). |
| &nbsp;&nbsp;&nbsp;Jennifer Mastronardi <br>(1985) | Assistant Vice President | From March 2012 to present | Vice President of EIM (April 2015 to present); Vice President of Equitable Investment Management, LLC (January 2023 to present); and employee of Equitable Financial (February 2009 to present). |

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1579

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name, Year of Birth and Address\*** | **Position(s) Held <br>With the Trust\*\*** | **Term of Office\*\*\*<br>and Length of <br>Time Served** | **Principal Occupation(s) <br>During Past 5 Years** |
| &nbsp;&nbsp;&nbsp;Helen Espaillat <br>(1963) | Assistant Secretary | From March 2009 to present | Assistant Vice President and Assistant Secretary of EIM (March 2015 to present); Assistant Vice President and Assistant Secretary of Equitable Investment Management, LLC (January 2023 to present); and employee of Equitable Financial (July 2004 to present). |
| &nbsp;&nbsp;&nbsp;Lorelei Fajardo <br>(1978) | Assistant Secretary | From June 2016 to present | Employee of Equitable Financial (July 2013 to present). |
| &nbsp;&nbsp;&nbsp;Cheryl Cherian <br>(1979) | Assistant Secretary | From June 2019 to present | Employee of Equitable Financial (April 2019 to present); and Compliance Associate at Manifold Fund Advisors (November 2016 to March 2018). |
| &nbsp;&nbsp;&nbsp;Monica Giron <br>(1976) | Assistant Secretary | From July 2019 to present | Employee of Equitable Financial (June 2019 to present); and Senior Paralegal at Gemini Fund Services (August 2015 to May 2019). |

---

\* The business address of each officer is 1290 Avenue of the Americas, New York, New York 10104.

\*\* The officers in the table above hold similar positions with EQ Premier VIP Trust and the 1290 Funds, the other registered investment companies in the fund complex.

\*\*\* Each officer is elected on an annual basis.

1580

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**Shareholder Meeting Voting Results (Unaudited)** 

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved an Agreement and Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the EQ/Common Stock Index Portfolio, a series of EQ Advisors Trust (the "Trust"). The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;1290 VT Low Volatility Global Equity Portfolio | 316593.769 | 1893.264 | 8294.198 |

---

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved a Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the EQ/JPMorgan Growth Allocation Portfolio, a series of the Trust. The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Growth Allocation Portfolio | 6033086.635 | 54106.286 | 565732.247 |

---

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved a Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the EQ/Invesco Moderate Growth Allocation Portfolio, a series of the Trust. The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;EQ/First Trust Moderate Growth Allocation Portfolio | 8343691.258 | 141977.929 | 615996.000 |

---

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved an Agreement and Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the 1290 VT Moderate Growth Allocation Portfolio, a series of the Trust. The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;EQ/AXA Investment Managers Moderate Allocation Portfolio | 3796715.711 | 252064.043 | 0.000 |

---

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved an Agreement and Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the EQ/MFS International Growth Portfolio, a series of the Trust. The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;EQ/Invesco International Growth Portfolio | 4340456.166 | 232599.491 | 193523.634 |

---

At a Joint Special Meeting of Shareholders held on September 28, 2022, shareholders of the Portfolio listed below approved an Agreement and Plan of Reorganization and Termination with respect to the reorganization of the Portfolio into the EQ/Core Plus Bond Portfolio, a series of the EQ Premier VIP Trust. The shareholder voting results were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio** | **Votes For** | **Votes Against** | **Abstentions** |
| &nbsp;&nbsp;&nbsp;EQ/Franklin Strategic Income Portfolio | 9306793.015 | 401956.367 | 243166.285 |

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1581

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**Liquidity Risk Management Program (Unaudited)** 

Consistent with Rule 22e-4 under the 1940 Act, the Portfolios have established a liquidity risk management program to govern their approach to managing liquidity risk (the "Program"). The Board has approved the designation of the Portfolios' Adviser as the program administrator (the "Program Administrator"). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the "Committee") to assess and review, on an ongoing basis, each Portfolio's liquidity risk. The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Portfolio's investments into categories (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Committee's assessment of the investments' liquidity under current market conditions. The Committee also utilizes Portfolio-specific data including information about a Portfolio's investment strategy, the characteristics of its investments, and historical redemptions to determine whether a Portfolio will be able to meet its redemption obligations in a timely manner.

At a meeting of the Board held on November 14-15, 2022, the Trustees received a report from the Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The report concluded that based on its experience administering the Program, the Program Administrator considers the Program to be operating effectively to assess and manage each Portfolio's liquidity risk, including during any periods of market volatility and net redemptions, and believes that the Program has been and continues to be adequately and effectively implemented to monitor and respond to the Portfolios' liquidity developments.

During the period covered by this report, the Program supported the Portfolios' ability to honor redemption requests in accordance with their obligations and the Program Administrator's management of each Portfolio's liquidity risk, including during any periods of market volatility and net redemptions. There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Portfolio's prospectus for more information about the Portfolio's exposure to liquidity risk and other risks.

1582

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**CONTROL PERSON AND PRINCIPAL HOLDERS OF SECURITIES (UNAUDITED)** 

Shares of the Trust are offered to separate accounts of insurance companies in connection with the Contracts and may be offered to tax-qualified retirement plans and other qualified investors. Equitable Financial may be deemed to be a control person with respect to the Trust by virtue of its record ownership of the Trust's shares as of December 31, 2022. Shareholders owning more than 25% of the outstanding shares of a Portfolio may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

**PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)** 

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-877-222-2144 and (ii) on the Securities and Exchange Commission's website at http://www.sec.gov. Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge (i) on the Trust's website at www.equitable-funds.com and (ii) on the Securities and Exchange Commission's website at http://www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)** 

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Portfolios' Form N-PORT reports are available on the Securities and Exchange Commission's website at http://www.sec.gov

1583

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Item 1(b):

Not applicable.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a "code of ethics," as defined in Item 2, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant's code of ethics is filed as an exhibit pursuant to Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that Michael Clement and Donald E. Foley serve on its audit committee as "audit committee financial experts" as defined in Item 3. Messrs. Clement and Foley are considered to be "independent" for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees for fiscal year 2022 were $4,245,402 and for fiscal year 2021 were $4,226,860.

(b) Audit-Related Fees for fiscal year 2022 were $39,000 and for fiscal year 2021 were $19,500.

(c) Tax Fees for fiscal year 2022 were $1,010,115 and for fiscal year 2021 were $1,889,038. Tax fees include
amounts related to tax compliance, tax advice and tax planning.

(d) All Other Fees for fiscal year 2022 were $488,000 and for fiscal year 2021 were $139,500.

All other fees include amounts related to consultation on or review of the registrant's various regulatory filings.

(e)(1) The registrant's Audit Committee has adopted policies and procedures relating to the pre-approval of services performed by the registrant's principal accountant. Audit, audit-related and non-audit services (including tax services) provided to the registrant require pre-approval by the Audit Committee. In the event that the estimated fees for such pre-approved audit, audit-related and non-audit services exceed the pre-approved estimated fees for such services, the excess amount must be approved by the Audit Committee or its delegate prior to payment.

(e)(2) None of the services included in (b) – (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For fiscal year 2022: $5,565,947

For fiscal year 2021: $4,256,077

------

(h) The registrant's audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-advisers whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

A schedule of investments for each series of the Trust is included in each report to shareholders

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders. <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 11. Controls and Procedures.

(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are
effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act.

(b) The registrant's certifying officers are not aware of any changes in the registrant's internal
control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

------

Item 13. Exhibits.

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| | |
|:---|:---|
| (a)(1) | [The Code of Ethics for Senior Officers of the Registrant is filed herewith.](d401674dex99codeeth.htm) |
| (a)(2) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d401674dex99cert.htm) |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d401674dex99906cert.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| EQ Advisors Trust | EQ Advisors Trust |
| By: | /s/ Steven M. Joenk |
| Steven M. Joenk | Steven M. Joenk |
| Chief Executive Officer | Chief Executive Officer |

---

March 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| /s/ Steven M. Joenk |
| Steven M. Joenk |
| Chief Executive Officer |

---

March 3, 2023

---

| |
|:---|
| /s/ Brian E. Walsh |
| Brian E. Walsh |
| Chief Financial Officer and Treasurer |

---

March 3, 2023

## Ex-99.Code

Exhibit (a)(1)

**CODE OF ETHICS FOR SENIOR OFFICERS OF** 

**EQ PREMIER VIP TRUST** 

**EQ ADVISORS TRUST** 

**1290 FUNDS** 

**(individually a "Trust" and collectively, the "Trusts")** 

**(Effective as of June 10, 2014)** 

This Code of Ethics for Senior Officers ("Code") has been adopted by each of the investment companies for which Equitable Investment Management Group, LLC and Equitable Investment Management, LLC (collectively, "EIM" or "Adviser") acts as investment adviser to effectuate compliance with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to each Trust's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions corresponding to Covered Officers is attached as Exhibit A.<sup>1</sup> Equitable Investment Management, LLC ("Administrator") serves as administrator to the Trusts and is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trusts, and thus assists in monitoring compliance with applicable requirements pursuant to this Code.

1. <u>Purpose of the Code of Ethics for Senior Officers of the Trusts</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Trust files with, or
submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to the Code Administrator identified below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

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<sup>1</sup> The obligations imposed by this Code on Covered Officers are in addition to any obligations imposed on such persons as Covered Persons under the Code of Ethics adopted by the Trusts pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended, and any other code of conduct (*e.g.*, Equitable Financial's Policy Statement on Ethics) applicable to Covered Officers. This Code does not incorporate by reference any of such other codes and, accordingly, violations of those codes will not be necessarily considered violations of this Code and waivers granted under those codes will not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes, however, will be considered in determining sanctions under this Code. 

------

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Covered Officer to place the interests of the Trusts ahead of personal economic issues; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; and (3) the duty to assure that a Trust's financial statements are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards.

2. <u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u> 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position in a Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of a Trust. The Trusts' and the Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts also arise from, or as a result of, the contractual relationship between a Trust and the Adviser, of which the Covered Officers are also officers or employees. This Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and a Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. If addressed in conformity with the provisions of the Investment Company Act and Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the prohibitions listed in Section 3 below, Covered Officers should keep in mind that the list is not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

3. <u>Prohibitions</u> 

A Covered Officer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her position with a Trust for private economic gain to himself or herself, his or her family or
friends or any other person, or in a manner detrimental to the interests of any Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships to influence the preparation and issuance of
financial reports of a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust and its shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with his or her official acts on behalf of a Trust that causes a
Trust to violate applicable laws, rules and regulations.

Specifically, a Covered Officer shall not, in connection with carrying out his or her official duties and responsibilities on behalf of a Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally cause a Trust to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, filings, financial statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally cause a Trust to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement to provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Commission and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) intentionally mislead or omit to provide material information to a Trust's independent auditors or Board of Trustees or other officers of the Trust or its Adviser in connection with financial reporting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fail to notify the Code Administrator promptly if he or she becomes aware of any existing or potential violation of this Code or applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Code or applicable laws;<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) serve as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) have any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than its Adviser, principal underwriter, administrator or any affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fail to acknowledge or certify compliance with this Code.

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<sup>2</sup> Covered Officers should make clear to officers and other employees that the Covered Officers maintain an "open door" policy that encourages the exchange of information, including the reporting of concerns of the type that this Code is designed to address.

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4. <u>Reports of Conflicts of Interest</u> 

If a Covered Officer becomes aware of a conflict of interest or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code Administrator. Failure to do so is itself a violation of this Code.

Upon receipt of such a report of a conflict, the Code Administrator will take proper steps to determine whether a conflict exists. If the Code Administrator determines that an actual conflict exists, the Code Administrator will take steps to resolve the conflict in the interests of the Trust and its shareholders. If the Code Administrator determines that no conflict exists and informs the Covered Officer of that conclusion, no further action is required.

In lieu of the procedures described above, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

5. <u>Waivers</u> 

Any Covered Officer may request a waiver of any of the provisions of this Code by submitting a written request for such waiver to the Code Administrator, setting forth the basis of such request and explaining how the waiver would be consistent with the standards of conduct described herein. The Code Administrator shall review such request and make a determination thereon in writing, which shall be binding.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would permit a Covered Officer to engage in activities that are prohibited by Section 3 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will result in a conflict of interest between the Covered Officer's personal and professional relationships.

In lieu of determining whether to grant a waiver, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

6. <u>Reporting and Accountability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Covered Officers shall be provided with a copy of the Code and shall, at least annually, certify in writing that they have read and understands the Code and recognize that they are subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Covered Officers shall certify annually in writing that they have complied with the requirements of the Code and that they have disclosed or reported any violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Code Administrator, with the assistance of the Administrator, shall submit a report to the Board of Trustees of each Trust no less frequently than annually containing: (i) a description of any report of a conflict of interest or apparent conflict of interest and the disposition thereof; (ii) a description of any request for a waiver from the Code and the disposition thereof; (iii) any violation and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code, including any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Code Administrator, with the assistance of Administrator, will arrange for any required disclosure of any waivers granted or any "implicit waivers." An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Trust or EIM or the Code Administrator.

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7. <u>Periodic Review</u> 

The Board of Trustees of each Trust shall periodically review, as necessary, the Code and determine whether any amendments are necessary or desirable.

8. <u>Sanctions</u> 

Any violation of this Code shall be subject to the imposition of such sanctions by the Code Administrator as may be deemed appropriate under the circumstances to achieve the purposes of this Code, and taking into account sanctions imposed under any other code of conduct applicable to the Covered Officer, and may include a letter of censure, suspension from employment or termination of employment, in the discretion of the Code Administrator.

9. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The administration of this Code shall be the responsibility of the (1) General Counsel of the Adviser or other designated senior legal officer of each Trust's Adviser ("Code Administrator") and (2) Chief Compliance Officer ("CCO") of the Trust, acting under the terms of this Code and the oversight of each Trust's Board of Trustees. Administrator shall provide assistance with this process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The duties of such Code Administrator and the CCO, with the assistance of Administrator, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Continuous maintenance of a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Furnishing all Covered Officers with a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintaining or supervising the maintenance of all records required by the Code, as set forth in Section 10 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issuing any interpretation of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conducting such inspections or investigations as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code to Equitable and to the Trustees or the affected Trusts or any committee appointed by them to deal with such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In rendering decisions and interpretations and in conducting inspections or investigations under the Code, the Code Administrator and CCO may consult at his or her discretion with such persons as he or she determines to be appropriate, including, but not limited to, counsel to a Trust and independent auditors or other consultants, subject to any requirement to seek pre-approval from the appropriate Trust's audit committee for the retention of independent auditors to perform permissible non-audit services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Trust shall protect, indemnify and hold harmless the Code Administrator and CCO from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgement.

10. <u>Required Records</u> 

The Code Administrator, with the assistance of Administrator, shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of a Trust in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any Code that has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of such Code and of any action taken as a result of such violation during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each annual report made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of each report made by the Code Administrator during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any request to waive any requirement of the Code, the decision thereon and the reasons supporting the decision during the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A record of any report of a conflict of interest or appearance of a conflict of interest made during the period, the decision thereon and the reasons supporting the decision during the period.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or by the Code, such matters shall not be disclosed to anyone other than the Adviser, each Trust's Board of Trustees, counsel to the Independent Trustees of each Trust, and counsel to each Trust.

11. <u>Amendments and Modifications</u> 

This Code may not be amended or modified except in a written form that is specifically approved by a majority vote of the Independent Trustees of each Trust.

12. <u>Internal Use</u> 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted by the EQ Premier VIP Trust Board of Trustees: March 16, 2011

Predecessor Procedures of the Investment Manager Adopted: September 17; 2003

Amendment Approved: July 24, 2008

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Adopted by the EQ Advisors Trust Board of Trustees March 1, 2011

Predecessor Procedures of the Investment Manager Adopted: September 10, 2003

Amendment Approved: July 9, 2008

Adopted by the 1290 Funds Board of Trustees June 10, 2014

Amended: August 2021

Amended: January 2023

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**Exhibit A** 

**Positions Covered by the Code of Ethics for Senior Officers** 

<u>Each Trust (as appropriate)</u>

Chief Executive Officer

Chief Financial Officer

Treasurer

Assistant Treasurer

Controller

## Ex-99.Cert

Exhibit (a)(2)

I, Steven M. Joenk, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: March 3, 2023 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer |

---

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I, Brian E. Walsh, certify that:

1. I have reviewed this report on Form N-CSR of EQ Advisors Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: March 3, 2023 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

Exhibit (b)

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the periodic report on Form N-CSR for the period ended December 31, 2022 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 3, 2023

---

| |
|:---|
|  /s/ Steven M. Joenk |
|  Steven M. Joenk |
|  Chief Executive Officer |

---

In connection with the periodic report on Form N-CSR for the period ended December 31, 2022 (the "Report") for EQ Advisors Trust (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 3, 2023

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| |
|:---|
|  /s/ Brian E. Walsh |
|  Brian E. Walsh |
| Chief Financial Officer and Treasurer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to EQ Advisors Trust and will be retained by EQ Advisors Trust and furnished to the Securities and Exchange Commission or its staff upon request.

These certifications are being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and are not being filed as part of the Report with the Securities and Exchange Commission.